Axos Financial Files Q1 2025 10-Q

TL;DR

**AXOS Q1 24 RESULTS ARE IN - CHECK THE 10-Q FOR DETAILS**

AI Summary

Axos Financial, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position. Key financial data and disclosures relevant to investors and regulators are presented in this report.

Why It Matters

This 10-Q filing provides crucial insights into Axos Financial's financial health and operational performance for the first quarter of fiscal year 2025, impacting investor decisions.

Risk Assessment

Risk Level: medium — As a financial institution, Axos Financial is subject to various regulatory and market risks inherent in the banking sector.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-10-30 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Axos Financial, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-30 (date) — Filing date
• BofI Holding, Inc. (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• ax-20240930.htm (10-Q) — 2753KB
• ex1012024093010-qexhibitq1.htm (EX-10.1) — 13KB
• ex3112024093010-qexhibitq1.htm (EX-31.1) — 11KB
• ex3122024093010-qexhibitq1.htm (EX-31.2) — 11KB
• ex3212024093010-qexhibitq1.htm (EX-32.1) — 6KB
• ex3222024093010-qexhibitq1.htm (EX-32.2) — 6KB
• ax-20240930_g1.jpg (GRAPHIC) — 29KB
• 0001299709-24-000216.txt ( ) — 14029KB
• ax-20240930.xsd (EX-101.SCH) — 54KB
• ax-20240930_cal.xml (EX-101.CAL) — 144KB
• ax-20240930_def.xml (EX-101.DEF) — 367KB
• ax-20240930_lab.xml (EX-101.LAB) — 814KB
• ax-20240930_pre.xml (EX-101.PRE) — 610KB
• ax-20240930_htm.xml (XML) — 3200KB

– 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) 5 Notes to Condensed Consolidated Financial Statements (unaudited) 6 1. Summary of Significant Accounting Policies 6 2. Fair Value 8 3. Available-for-Sale Securities 12 4. Loans & Allowance for Credit Losses 14 5. Derivatives 19 6. Offsetting of Derivatives and Securities Financing Agreements 20 7. Stockholders' Equity and Stock-Based Compensation 21 8. Earnings per Common Share 22 9. Commitments and Contingencies 23 10. Segment Reporting and Revenue Information 24 11. Borrowings, Subordinated Notes and Debentures 25 12. Other Assets 25

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 26 SELECTED FINANCIAL INFORMATION 29 RESULTS OF OPERATIONS 31 SEGMENT RESULTS 34 FINANCIAL CONDITION 35 LIQUIDITY 39 CAPITAL RESOURCES AND REQUIREMENTS 40

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 42

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 45

– OTHER INFORMATION

PART II – OTHER INFORMATION 46

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 46

RISK FACTORS

ITEM 1A. RISK FACTORS 46

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 46

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 46

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 46

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 46

EXHIBITS

ITEM 6. EXHIBITS 47

SIGNATURES

SIGNATURES 48 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) September 30, 2024 June 30, 2024 ASSETS Cash and cash equivalents $ 2,570,506 $ 1,979,979 Restricted cash 233,350 205,797 Total cash, cash equivalents and restricted cash 2,803,856 2,185,776 Trading securities 594 353 Available-for-sale securities 137,996 141,611 Stock of regulatory agencies 34,417 21,957 Loans held for sale, carried at fair value 14,566 16,482 Loans—net of allowance for credit losses of $ 263,854 as of September 30, 2024 and $ 260,542 as of June 30, 2024 19,280,609 19,231,385 Servicing rights, carried at fair value 27,335 28,924 Securities borrowed 84,326 67,212 Customer, broker-dealer and clearing receivables 262,774 240,028 Goodwill and other intangible assets—net 139,215 141,769 Other assets 783,396 779,837 TOTAL ASSETS $ 23,569,084 $ 22,855,334 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Non-interest-bearing $ 3,055,605 $ 2,975,631 Interest bearing 16,917,724 16,383,586 Total deposits 19,973,329 19,359,217 Advances from the Federal Home Loan Bank 90,000 90,000 Borrowings, subordinated notes and debentures 313,519 325,679 Securities loaned 95,883 74,177 Customer, broker-dealer and clearing payables 315,985 301,127 Accounts payable and other liabilities 374,640 414,538 Total liabilities 21,163,356 20,564,738 COMMITMENTS AND CONTINGENCIES (Note 9) STOCKHOLDERS' EQUITY: Common stock—$ 0.01 par value; 150,000,000 shares authorized; 70,562,333 shares issued and 57,092,216 shares outstanding as of September 30, 2024; 70,221,632 shares issued and 56,894,565 shares outstanding as of June 30, 2024 706 702 Additional paid-in capital 520,795 510,232 Accumulated other comprehensive income (loss)—net of income tax ( 765 ) ( 2,466 ) Retained earnings 2,297,957 2,185,617 Treasury stock, at cost; 13,470,117 shares as of September 30, 2024 and 13,327,067 shares as of J

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View this 10-Q filing on SEC EDGAR