Axos Financial Files 10-Q for Q2 2025

TL;DR

AXOS 10-Q filed: Q2 2025 results in, check mortgage banking & other comprehensive income.

AI Summary

Axos Financial, Inc. filed its 10-Q for the period ending December 31, 2024. The company reported its financial performance, including details on its mortgage banking and servicing income and expenses, and other comprehensive income/loss. The filing provides a snapshot of the company's financial health and operational activities for the quarter.

Why It Matters

This filing provides investors and analysts with crucial financial data for Axos Financial, Inc., enabling them to assess the company's performance and make informed investment decisions.

Risk Assessment

Risk Level: medium — Quarterly filings like 10-Qs are standard for public companies and carry inherent risks related to financial performance and market conditions.

Key Numbers

• Q2 2025 — Fiscal Quarter (Reporting period for the 10-Q)

Key Players & Entities

• Axos Financial, Inc. (company) — Filer of the 10-Q
• 20241231 (date) — End of reporting period
• 20250128 (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-20241231.htm (10-Q) — 3340KB
• ex3112024123110-qexhibitq2.htm (EX-31.1) — 11KB
• ex3122024123110-qexhibitq2.htm (EX-31.2) — 11KB
• ex3212024123110-qexhibitq2.htm (EX-32.1) — 6KB
• ex3222024123110-qexhibitq2.htm (EX-32.2) — 6KB
• ax-20241231_g1.jpg (GRAPHIC) — 29KB
• 0001299709-25-000011.txt ( ) — 15775KB
• ax-20241231.xsd (EX-101.SCH) — 56KB
• ax-20241231_cal.xml (EX-101.CAL) — 146KB
• ax-20241231_def.xml (EX-101.DEF) — 369KB
• ax-20241231_lab.xml (EX-101.LAB) — 825KB
• ax-20241231_pre.xml (EX-101.PRE) — 616KB
• ax-20241231_htm.xml (XML) — 3794KB

– 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. Fair Value 10 3. Available-for-Sale Securities 15 4. Loans & Allowance for Credit Losses 17 5. Derivatives 23 6. Offsetting of Derivatives and Securities Financing Agreements 24 7. Stockholders' Equity and Stock-Based Compensation 25 8. Earnings per Common Share 27 9. Commitments and Contingencies 27 10. Segment Reporting and Revenue Information 28 11. Borrowings, Subordinated Notes and Debentures 30 12. Other Assets 30

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 32 USE OF NON-GAAP MEASURES 34 SELECTED FINANCIAL INFORMATION 35 RESULTS OF OPERATIONS 37 SEGMENT RESULTS 42 FINANCIAL CONDITION 44 LIQUIDITY 47 CAPITAL RESOURCES AND REQUIREMENTS 48

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 49

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 52

– OTHER INFORMATION

PART II – OTHER INFORMATION 53

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 53

RISK FACTORS

ITEM 1A. RISK FACTORS 53

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 53

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 53

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 53

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 53

EXHIBITS

ITEM 6. EXHIBITS 54

SIGNATURES

SIGNATURES 55 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) December 31, 2024 June 30, 2024 ASSETS Cash and cash equivalents $ 2,438,073 $ 1,979,979 Restricted cash 235,358 205,797 Total cash, cash equivalents and restricted cash 2,673,431 2,185,776 Trading securities 241 353 Available-for-sale securities 97,848 141,611 Stock of regulatory agencies 34,298 21,957 Loans held for sale, carried at fair value 25,436 16,482 Loans—net of allowance for credit losses of $ 270,605 as of December 31, 2024 and $ 260,542 as of June 30, 2024 19,486,727 19,231,385 Servicing rights, carried at fair value 28,045 28,924 Securities borrowed 114,672 67,212 Customer, broker-dealer and clearing receivables 298,887 240,028 Goodwill and other intangible assets—net 137,570 141,769 Other assets 812,267 779,837 TOTAL ASSETS $ 23,709,422 $ 22,855,334 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Non-interest-bearing $ 2,989,759 $ 2,975,631 Interest bearing 16,945,145 16,383,586 Total deposits 19,934,904 19,359,217 Advances from the Federal Home Loan Bank 60,000 90,000 Borrowings, subordinated notes and debentures 358,692 325,679 Securities loaned 135,258 74,177 Customer, broker-dealer and clearing payables 309,593 301,127 Accounts payable and other liabilities 389,013 414,538 Total liabilities 21,187,460 20,564,738 COMMITMENTS AND CONTINGENCIES (Note 9) STOCKHOLDERS' EQUITY: Common stock—$ 0.01 par value; 150,000,000 shares authorized; 70,571,332 shares issued and 57,097,632 shares outstanding as of December 31, 2024; 70,221,632 shares issued and 56,894,565 shares outstanding as of June 30, 2024 706 702 Additional paid-in capital 528,862 510,232 Accumulated other comprehensive income (loss)—net of income tax 3,007 ( 2,466 ) Retained earnings 2,402,644 2,185,617 Treasury stock, at cost; 13,473,700 shares as of December 31, 2024 and 13,327,067 shares as of June 3

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View this 10-Q filing on SEC EDGAR