Axos Financial, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Axos Financial, Inc. has filed its Q3 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

Axos Financial, Inc. (AX) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Axos Financial, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024, and compares it to the same period in 2023. The company's fiscal year ends on June 30. Axos Financial, Inc. was formerly known as BofI Holding, Inc. and changed its name on August 5, 2004. The company is incorporated in Delaware and its primary business address is in Las Vegas, Nevada.

Why It Matters

For investors and stakeholders tracking Axos Financial, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial data for Axos Financial, Inc., enabling them to assess the company's performance and make informed investment decisions. Understanding the details within this report is crucial for tracking the company's financial health, operational efficiency, and strategic direction in the current fiscal year.

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 contain significant new risks or material adverse events.

Analyst Insight

Monitor future 10-Q filings for trends in revenue, net income, and debt-to-equity ratios to assess Axos Financial's ongoing financial performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-04-30 — Filing Date (10-Q filing)
• 06/30 — Fiscal Year End (Company information)

Key Players & Entities

• Axos Financial, Inc. (company) — Filer and subject of the report
• BofI Holding, Inc. (company) — Former name of Axos Financial, Inc.
• 2024-03-31 (date) — End of the reporting period
• 2024-04-30 (date) — Filing date
• Las Vegas, NV (location) — Business and mailing address
• Delaware (location) — State of incorporation

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company must comply with various federal and state banking regulations, which can change and impact operations.
• Interest Rate Sensitivity [medium — market]: Changes in interest rates can affect the company's net interest income and the value of its investment securities.
• Cybersecurity Risks [medium — operational]: As a financial institution, the company is exposed to risks related to data breaches and cybersecurity threats.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-04-30: Filing Date — Date the 10-Q was officially filed with the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial condition and performance.)

Fiscal Year End

The last day of a company's fiscal year. (Helps in understanding the timing of annual financial reporting and performance cycles.)

Key Financial Figures

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

Filing Documents

• ax-20240331.htm (10-Q) — 3487KB
• ex1012024033110-qexhibitq3.htm (EX-10.1) — 25KB
• ex3112024033110-qexhibitq3.htm (EX-31.1) — 11KB
• ex3122024033110-qexhibitq3.htm (EX-31.2) — 11KB
• ex3212024033110-qexhibitq3.htm (EX-32.1) — 6KB
• ex3222024033110-qexhibitq3.htm (EX-32.2) — 6KB
• ax-20240331_g1.jpg (GRAPHIC) — 29KB
• 0001299709-24-000093.txt (&nbsp;) — 14990KB
• ax-20240331.xsd (EX-101.SCH) — 58KB
• ax-20240331_cal.xml (EX-101.CAL) — 116KB
• ax-20240331_def.xml (EX-101.DEF) — 364KB
• ax-20240331_lab.xml (EX-101.LAB) — 685KB
• ax-20240331_pre.xml (EX-101.PRE) — 543KB
• ax-20240331_htm.xml (XML) — 3585KB

– 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 (unaudited) 8 1. Summary of Significant Accounting Policies 8 2. Acquisitions 10 3. Fair Value 11 4. Available-for-Sale Securities 16 5. Loans & Allowance for Credit Losses 18 6. Derivatives 23 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 1 1. B o rrowings, Subordinated Notes and Debentures 29

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 SEGMENT RESULTS 40 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 50

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 value) March 31, 2024 June 30, 2023 ASSETS Cash and cash equivalents $ 2,129,772 $ 2,233,027 Restricted cash 216,139 149,059 Total cash, cash equivalents and restricted cash 2,345,911 2,382,086 Trading securities 592 758 Available-for-sale securities 207,582 232,350 Stock of regulatory agencies 22,264 21,510 Loans held for sale, carried at fair value 16,239 23,203 Loans held for sale, lower of cost or fair value — 776 Loans—net of allowance for credit losses of $ 257,522 as of March 31, 2024 and $ 166,680 as of June 30, 2023 18,733,455 16,456,728 Servicing rights, carried at fair value 28,130 25,443 Securities borrowed 105,853 134,339 Customer, broker-dealer and clearing receivables 292,630 374,074 Goodwill and other intangible assets—net 144,324 152,149 Other assets 745,153 545,053 TOTAL ASSETS $ 22,642,133 $ 20,348,469 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Non-interest bearing $ 2,758,596 $ 2,898,150 Interest bearing 16,344,936 14,224,958 Total deposits 19,103,532 17,123,108 Advances from the Federal Home Loan Bank 90,000 90,000 Borrowings, subordinated notes and debentures 330,389 361,779 Securities loaned 119,800 159,832 Customer, broker-dealer and clearing payables 387,176 445,477 Accounts payable and other liabilities 414,943 251,114 Total liabilities 20,445,840 18,431,310 COMMITMENTS AND CONTINGENCIES (Note 9) STOCKHOLDERS' EQUITY: Common stock—$ 0.01 par value; 150,000,000 shares authorized; 70,033,523 shares issued and 57,079,429 shares outstanding as of March 31, 2024; 69,465,446 shares issued and 58,943,035 shares outstanding as of June 30, 2023 700 695 Additional paid-in capital 502,489 479,878 Accumulated other comprehensive income (loss)—net of income tax ( 3,064 ) ( 6,610 ) Retained earnings 2,080,745 1,735,609 Treasury stock, at cost; 12,954,094 shares as of

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