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Axos Financial, Inc. (AX) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Axos Financial, Inc.

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CIK: 1299709 Ticker: AX


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Axos Financial, Inc. Reports First Quarter 2019 Net Income
Loan Portfolio up 15.2%, Year-over-Year
SAN DIEGO, CA – (BUSINESS WIRE) – October 24, 2018 – Axos Financial, Inc. (NYSE: AX) (“Axos”), parent company of Axos Bank (the “Bank”), today announced financial results for the first fiscal quarter ended September 30, 2018. Net income was $36.8 million, an increase of 13.8% from $32.4 million for the quarter ended September 30, 2017. Earnings attributable to Axos’ common stockholders were $36.8 million or $0.58 per diluted share for the first quarter of fiscal 2019, an increase of 13.8% from $32.3 million or $0.50 per diluted share for the first quarter ended September 30, 2017.
Adjusted earnings and adjusted earnings per diluted common share (“adjusted EPS”), non-GAAP measures, which exclude non-cash amortization expenses and non-recurring costs related to mergers and acquisitions and excess FDIC expense, increased 18.6% to $38.4 million and 22.0% to $0.61, respectively, for the quarter ended September 30, 2018 compared to $32.4 million and $0.50, respectively, for the quarter ended September 30, 2017.
First Quarter Fiscal 2019 Financial Summary:
 
Three Months Ended September 30
 
 
(Dollars in thousands, except per share data)
Q1 Fiscal 2019
 
Q1 Fiscal 2018
 
% Change
Net interest income
$
86,279

 
$
80,550

 
7.1%
Non-interest income
$
16,543

 
$
13,340

 
24.0%
Net income
$
36,841

 
$
32,383

 
13.8%
Adjusted earnings (Non-GAAP)1
$
38,418

 
$
32,390

 
18.6%
Net income attributable to common stockholders
$
36,764

 
$
32,306

 
13.8%
Diluted EPS
$
0.58

 
$
0.50

 
16.0%
Adjusted EPS (Non-GAAP)1
$
0.61

 
$
0.50

 
22.0%
1 See “Use of Non-GAAP Financial Measures”
 
 
 
 
 

“We successfully completed several key initiatives this quarter, including the launch of our new online banking platform and the rebranding to Axos,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “We received regulatory approval to acquire deposits from Nationwide and announced an agreement to provide co-branded banking products to Nationwide’s associates and customers. Our opportunistic deployment of capital across a variety of strategic initiatives, including investments in business banking and commercial lending verticals and our acquisitions of COR Clearing and Nationwide Bank’s deposits will further diversify our lending and funding and position Axos to sustain solid earnings growth in 2019 and beyond.”

“We repositioned our balance sheet in preparation for the pending transfer of deposits from Nationwide,” explained Andy Micheletti, Executive Vice President and Chief Financial Officer of Axos. “We intend to repay approximately $2.5 billion of higher cost borrowings using the cash generated from the deposits we are acquiring from Nationwide in mid-November.”

Mr. Micheletti continued, “Non-interest expense for the quarter reflects higher amortization and depreciation costs, expenses related to Axos Fiduciary Services, deal-related expenses, and investments in rebranding, technology and personnel. Excluding approximately $1.6 million of non-cash amortization expense and non-recurring expenses related to our merger and acquisition activity, our non-GAAP adjusted earnings and adjusted EPS are $38.4 million and $0.61, respectively.”


The following information was filed by Axos Financial, Inc. (AX) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Axos Financial, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Stockholders' Equity
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Income
Acquisitions (Details)
Acquisitions (Notes)
Basis Of Presentation
Commitments And Contingencies
Commitments And Contingencies (Details)
Earnings Per Common Share
Earnings Per Common Share (Details)
Earnings Per Common Share (Tables)
Equity And Stock-Based Compensation
Equity And Stock-Based Compensation (Tables)
Equity And Stock-Based Compensation - Changes In Restricted Stock Unit Grants (Details)
Equity And Stock-Based Compensation - Narrative (Details)
Equity And Stock-Based Compensation - Unrecognized Compensation Expense Related To Non-Vested Awards (Details)
Fair Value
Fair Value (Tables)
Fair Value - Assets And Liabilities Measured On Recurring Basis (Details)
Fair Value - Assets Measured For Impairment On Nonrecurring Basis (Details)
Fair Value - Fair Value By Balance Sheet Grouping (Details)
Fair Value - Level 3 Assets Measured On Recurring Basis (Details)
Fair Value - Loans Held-For-Sale (Details)
Fair Value - Narrative (Details)
Fair Value - Quantitative Information About Level 3 Fair Value Measurments (Nonrecurring) (Details)
Fair Value - Quantitative Information About Level 3 Fair Value Measurments (Recurring) (Details)
Goodwill And Other Intangible Assets (Notes)
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Details)
Goodwill And Other Intangible Assets - Summary Of Acquired Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses
Loans, Leases &Amp; Allowance For Loan And Lease Losses (Tables)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Allowance For Credit Loss Narrative (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Allowance For Loan Loss By Portfolio Class (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Allowance For Loan Loss By Portfolio Segment (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Loan Portfolio Composition (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Loans By Credit Quality Indicator (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Loans Individually Evaluated For Impairment (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Nonaccrual Loans (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Nonaccrual Loans Narrative (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Past Due Loans (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Unpaid Principal Balance For Performing And Nonaccrual (Details)
Related Party Transactions
Related Party Transactions (Details)
Securities
Securities (Tables)
Securities - Amortized Cost, Carrying Amount And Fair Value Disclosures (Details)
Securities - Investments Classified By Contractual Maturity Date (Details)
Securities - Narrative (Details)
Securities - Other Than Temporary Impairment, Credit Losses Recognized In Earnings (Details)
Securities - Realized Gain (Loss) On Sale Of Securities (Details)
Securities - Schedule Of Unrealized Loss On Investments (Details)
Securities - Unrealized Gain (Loss) On Investments (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Narrative (Details)
Significant Accounting Policies - Non-Interest Income Segregated By Revenue Streams (Details)
Significant Accounting Policies - Revisions Of Calculations Of Basic And Diluted Earnigs Per Common Share (Details)
Significant Accounting Policies - Revisions Of Classifications Of Proceeds Of Loans Held For Sale (Details)

Material Contracts, Statements, Certifications & more

Axos Financial, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: AX
CIK: 1299709
Form Type: 10-Q Quarterly Report
Accession Number: 0001299709-18-000129
Submitted to the SEC: Wed Oct 24 2018 4:53:45 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Savings Institution Federally Chartered

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