Axos Financial Files 2024 10-K

TL;DR

Axos Financial dropped its 2024 10-K. Looks solid.

AI Summary

Axos Financial, Inc. filed its 10-K for the fiscal year ending June 30, 2024, reporting on its financial performance and operations. The company, formerly known as BofI Holding, Inc., is a federally chartered savings institution based in Las Vegas, Nevada. The filing details its assets, liabilities, and other financial metrics relevant to its business as a savings institution.

Why It Matters

This filing provides a comprehensive overview of Axos Financial's financial health and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess its performance and future outlook.

Risk Assessment

Risk Level: medium — As a financial institution, Axos is subject to regulatory changes, interest rate fluctuations, and credit risks inherent in the banking sector.

Key Numbers

• 2024 — Fiscal Year End (The report covers the fiscal year ending June 30, 2024.)
• 0001299709 — Central Index Key (Unique identifier for Axos Financial, Inc. with the SEC.)

Key Players & Entities

• Axos Financial, Inc. (company) — Filer of the 10-K
• BofI Holding, Inc. (company) — Former name of Axos Financial, Inc.
• June 30, 2024 (date) — Fiscal year end date
• August 22, 2024 (date) — Filing date
• Las Vegas, Nevada (location) — Business address of Axos Financial, Inc.

FAQ

Key Financial Figures

• $54.60 — stock on the New York Stock Exchange of $54.60 on December 29, 2023 was $ 1,982,756,90
• $22.9 billion — ial services company with approximately $22.9 billion in assets and approximately $35.7 billi
• $35.7 billion — 2.9 billion in assets and approximately $35.7 billion of assets under custody and/or administ

Filing Documents

• ax-20240630.htm (10-K) — 4441KB
• ex1912024063010-kexhibitq4.htm (EX-19) — 45KB
• ex2112024063010-kexhibitq4.htm (EX-21) — 10KB
• ex2312024063010-kexhibitq4.htm (EX-23) — 3KB
• ex3112024063010-qexhibitq4.htm (EX-31.1) — 11KB
• ex3122024063010-qexhibitq4.htm (EX-31.2) — 11KB
• ex3212024063010-qexhibitq4.htm (EX-32.1) — 6KB
• ex3222024063010-qexhibitq4.htm (EX-32.2) — 6KB
• ex9712024063010-kexhibitq4.htm (EX-97) — 23KB
• ax-20240630_g1.jpg (GRAPHIC) — 105KB
• 0001299709-24-000113.txt ( ) — 22022KB
• ax-20240630.xsd (EX-101.SCH) — 104KB
• ax-20240630_cal.xml (EX-101.CAL) — 197KB
• ax-20240630_def.xml (EX-101.DEF) — 592KB
• ax-20240630_lab.xml (EX-101.LAB) — 1317KB
• ax-20240630_pre.xml (EX-101.PRE) — 994KB
• ax-20240630_htm.xml (XML) — 4610KB

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 29

Cybersecurity

Item 1C. Cybersecurity 29

Properties

Item 2. Properties 29

Legal Proceedings

Item 3. Legal Proceedings 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30 PART II 31

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31

[Reserved]

Item 6. [Reserved] 33

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 34

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 54

Financial Statements and Supplementa ry Data

Item 8. Financial Statements and Supplementa ry Data 57

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 57

Controls and Procedures

Item 9A. Controls and Procedures 57

Other Information

Item 9B. Other Information 59

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 59 PART III 59

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 59

Executive Compensation

Item 11. Executive Compensation 59

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 59

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 59

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 59 PART IV 60

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 60

Form 10-K Summary

Item 16. Form 10-K Summary 63

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS References in this Annual Report on Form 10-K (this "report") to the "Company," "us," "we," "our," "Axos Financial," or "Axos" are all to Axos Financial, Inc. and its subsidiaries on a consolidated basis. References in this report to "Axos Bank," the "Bank," or "our bank" are to Axos Bank, one of our consolidated subsidiaries. This report may contain various forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward-looking statements can be identified by the use of terminology such as "estimate," "project," "anticipate," "expect," "intend," "believe," "will," or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy that involve risks and uncertainties. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Forward-looking statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are difficult to predict and beyond the control of Axos or the Bank, which could cause our actual results to differ materially from the results expressed or implied in such forward-looking statements. These and other risks, uncertainties and contingencies are described in this report, including under "Item 1A. Risk Factors", and the Company's other reports filed with the Securities and Exchange Commission (the "SEC") from time to time. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. All forward-looking statements are qualified in their entirety by this cautionary statement, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All written and oral forward-looking

BUSINESS

ITEM 1. BUSINESS Overview Our Company is a technology-driven, diversified financial services company with approximately $22.9 billion in assets and approximately $35.7 billion of assets under custody and/or administration at Axos Clearing LLC ("Axos Clearing"). Our client-centric, technology platforms provide secure and scalable banking, clearing and custody, and investment advisory solutions to retail and business customers. Axos Bank (the "Bank") provides consumer and commercial banking products through its digital online and mobile banking platforms, low-cost distribution channels and affinity partners. Our Bank offers deposit and lending products to customers nationwide including consumer and business checking, savings and time deposit accounts and single family and multifamily residential mortgages, commercial real estate mortgages and loans, fund and lender finance loans, asset-based loans, auto loans, retail and floor plan marine loans and other consumer loans. Our Bank generates non-interest income from consumer and business products, including fees from loans originated for sale, deposit account service fees, prepayment fees, loan servicing fees, as well as technology and payment transaction processing fees. We offer securities products and services to independent registered investment advisors ("RIAs") and introducing broker dealers ("IBDs") through Axos Clearing and Axos Advisor Services ("AAS") and direct-to-consumer securities trading and digital investment management products through Axos Invest, Inc. ("Axos Invest"). AAS and Axos Clearing generate interest and asset- and transaction-based fee income by providing comprehensive securities custody services to RIAs and clearing, stock lending, and margin lending services to IBDs respectively. Axos Invest generates fee income from self-directed securities trading and digital wealth management services. Our common stock is listed on the New York Stock Exchange under the ticker symbol "AX" and is a compone

View Full Filing

View this 10-K filing on SEC EDGAR