Axos Financial, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Axos Financial, Inc. has filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing its financial performance and position.</b>

AI Summary

Axos Financial, Inc. (AX) filed a Quarterly Report (10-Q) with the SEC on January 30, 2024. Axos Financial, Inc. filed its 10-Q report for the period ending December 31, 2023. The filing covers the period from July 1, 2023, to December 31, 2023. The company was formerly known as BofI Holding, Inc. and changed its name on August 5, 2004. Axos Financial, Inc. is incorporated in Delaware. The company's standard industrial classification is 'Savings Institution, Federally Chartered'.

Why It Matters

For investors and stakeholders tracking Axos Financial, Inc., this filing contains several important signals. This 10-Q filing provides investors with a detailed look at Axos Financial's financial health and operational performance during the second quarter of its fiscal year. Understanding the specifics of this filing is crucial for assessing the company's current financial standing, identifying trends, and making informed investment decisions.

Risk Assessment

Risk Level: low — Axos Financial, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain new, significant risks beyond those typically associated with financial institutions.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Axos Financial's performance and outlook.

Key Numbers

• 2023-12-31 — Reporting Period End Date (Axos Financial, Inc. 10-Q filing)
• 2024-01-30 — Filing Date (Axos Financial, Inc. 10-Q filing)
• 2023-07-01 — Reporting Period Start Date (Axos Financial, Inc. 10-Q filing)
• 06/30 — Fiscal Year End (Axos Financial, Inc.)

Key Players & Entities

• Axos Financial, Inc. (company) — Filer and reporting entity
• BofI Holding, Inc. (company) — Former name of Axos Financial, Inc.
• 2023-12-31 (date) — End of reporting period
• 2024-01-30 (date) — Filing date
• 2023-07-01 (date) — Start of reporting period
• DE (jurisdiction) — State of incorporation
• NV (state) — State of business address
• 9205 WEST RUSSELL ROAD (address) — Business and mailing address

FAQ

Industry Context

Axos Financial, Inc. operates as a savings institution, federally chartered, within the financial services sector.

Regulatory Implications

As a federally chartered savings institution, Axos Financial is subject to regulations from relevant financial authorities.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ended December 31, 2023.
2. Review any disclosures related to mortgage banking and servicing fees.
3. Examine changes in Accumulated Other Comprehensive Income (AOCI) and its components.

Key Dates

• 2024-01-30: 10-Q Filing — Report for the period ending December 31, 2023
• 2023-12-31: Reporting Period End — End date for the financial data presented in the 10-Q
• 2023-07-01: Reporting Period Start — Start date for the financial data presented in the 10-Q

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending December 31, 2023. No prior period comparison data is available within this specific document excerpt.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value AX New York Stock Exchange

Filing Documents

• ax-20231231.htm (10-Q) — 3512KB
• ex3112023123110-qexhibitq2.htm (EX-31.1) — 11KB
• ex3122023123110-qexhibitq2.htm (EX-31.2) — 11KB
• ex3212023123110-qexhibitq2.htm (EX-32.1) — 6KB
• ex3222023123110-qexhibitq2.htm (EX-32.2) — 6KB
• ax-20231231_g1.jpg (GRAPHIC) — 29KB
• 0001299709-24-000008.txt (&nbsp;) — 15111KB
• ax-20231231.xsd (EX-101.SCH) — 56KB
• ax-20231231_cal.xml (EX-101.CAL) — 114KB
• ax-20231231_def.xml (EX-101.DEF) — 356KB
• ax-20231231_lab.xml (EX-101.LAB) — 725KB
• ax-20231231_pre.xml (EX-101.PRE) — 531KB
• ax-20231231_htm.xml (XML) — 3673KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 1 Condensed Consolidated Balance Sheets (unaudited) 1 Condensed Consolidated Statements of Income (unaudited) 2 Condensed Consolidated Statements of Comprehensive Income (unaudited) 3 Condensed Consolidated Statements of Stockholders' Equity (unaudited) 4 Condensed Consolidated Statements of Cash Flows (unaudited) 6 Notes to Condensed Consolidated Financial Statements 7 1. Summary of Significant Accounting Policies 7 2. Acquisitions 9 3. Fair Value 10 4. Available-for-Sale Securities 16 5. Loans & Allowance for Credit Losses 18 6. Derivatives 2 3 7. Stockholders' Equity and Stock-Based Compensation 25 8. Earnings per Common Share 26 9. Commitments and Contingencies 26 10. Segment Reporting and Revenue Information 28

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30 SELECTED FINANCIAL INFORMATION 33 RESULTS OF OPERATIONS 35 FINANCIAL CONDITION 45 LIQUIDITY 48 OFF-BALANCE SHEET COMMITMENTS 49 CAPITAL RESOURCES AND REQUIREMENTS 49

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 51

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 53

– OTHER INFORMATION

PART II – OTHER INFORMATION 54

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 54

RISK FACTORS

ITEM 1A. RISK FACTORS 54

UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES 54

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 54

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 54

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 54

EXHIBITS

ITEM 6. EXHIBITS 55

SIGNATURES

SIGNATURES 56 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS AXOS FINANCIAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands, except par and stated value) December 31, 2023 June 30, 2023 ASSETS Cash and cash equivalents $ 1,568,768 $ 2,233,027 Cash segregated for regulatory purposes 194,955 149,059 Total cash, cash equivalents and cash segregated 1,763,723 2,382,086 Trading securities 329 758 Available-for-sale securities 239,812 232,350 Stock of regulatory agencies 21,534 21,510 Loans held for sale, carried at fair value 13,468 23,203 Loans held for sale, lower of cost or fair value — 776 Loans—net of allowance for credit losses of $ 251,749 as of December 31, 2023 and $ 166,680 as of June 30, 2023 18,264,354 16,456,728 Servicing rights, carried at fair value 28,043 25,443 Securities borrowed 145,176 134,339 Customer, broker-dealer and clearing receivables 265,857 374,074 Goodwill and other intangible assets—net 146,793 152,149 Other assets 734,675 545,053 TOTAL ASSETS $ 21,623,764 $ 20,348,469 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Non-interest bearing 2,833,657 2,898,150 Interest bearing 15,370,255 14,224,958 Total deposits 18,203,912 17,123,108 Advances from the Federal Home Loan Bank 90,000 90,000 Borrowings, subordinated notes and debentures 341,086 361,779 Securities loaned 155,492 159,832 Customer, broker-dealer and clearing payables 368,885 445,477 Accounts payable and other liabilities 386,165 251,114 Total liabilities 19,545,540 18,431,310 COMMITMENTS AND CONTINGENCIES (Note 9) STOCKHOLDERS' EQUITY: Common stock—$ 0.01 par value; 150,000,000 shares authorized; 69,828,709 shares issued and 56,898,377 shares outstanding as of December 31, 2023; 69,465,446 shares issued and 58,943,035 shares outstanding as of June 30, 2023 698 695 Additional paid-in capital 493,268 479,878 Accumulated other comprehensive income (loss)—net of income tax ( 3,919 ) ( 6,610 ) Retained earnings 1,970,025 1,735,609 Treasury st

View Full Filing

View this 10-Q filing on SEC EDGAR