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Axos Financial, Inc. (AX) SEC Filing 10-Q Quarterly report for the period ending Monday, December 31, 2018

Axos Financial, Inc.

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CIK: 1299709 Ticker: AX


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Axos Financial, Inc. Reports Second Quarter 2019 Net Income, Up 22.7%
Total Assets Reached $9.8 billion At December 31, 2018
SAN DIEGO, CA – (BUSINESS WIRE) – January 29, 2019 – Axos Financial, Inc. (NYSE: AX) (“Axos”), parent company of Axos Bank (the “Bank”), today announced financial results for the second fiscal quarter ended December 31, 2018. Net income was $38.8 million, an increase of 22.7% from $31.7 million for the quarter ended December 31, 2017. Earnings attributable to Axos’ common stockholders were $38.8 million or $0.62 per diluted share for the second quarter of fiscal 2019, an increase of 22.7% from $31.6 million or $0.49 per diluted share for the second quarter ended December 31, 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 24.6% to $39.6 million and 28.6% to $0.63, respectively, for the quarter ended December 31, 2018 compared to $31.8 million and $0.49, respectively, for the quarter ended December 31, 2017.
Second Quarter Fiscal 2019 Financial Summary:
 
Three Months Ended December 31
 
 
(Dollars in thousands, except per share data)
Q2 Fiscal 2019
 
Q2 Fiscal 2018
 
% Change
Net interest income
$
92,720

 
$
84,213

 
10.1%
Non-interest income
$
16,892

 
$
17,099

 
(1.2)%
Net income
$
38,835

 
$
31,658

 
22.7%
Adjusted earnings (Non-GAAP)1
$
39,604

 
$
31,777

 
24.6%
Net income attributable to common stockholders
$
38,757

 
$
31,580

 
22.7%
Diluted EPS
$
0.62

 
$
0.49

 
26.5%
Adjusted EPS (Non-GAAP)1
$
0.63

 
$
0.49

 
28.6%
1 See “Use of Non-GAAP Financial Measures”
 
 
 
 
 

“We are starting to see the benefits from some of our recent acquisitions and strategic investments,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “The additions of approximately $2.4 billion of deposits from Nationwide and deposit balances from some Epiq bankruptcy trustees helped drive expansion in our net interest margin compared to the September 30, 2018 quarter. The rollout of our Universal Digital Banking platform to our consumer brands was instrumental in our ability to secure a multi-year co-branded relationship agreement with Nationwide. We expect to realize additional benefits from our COR acquisition, which closed yesterday, and the MWABank acquisition which will close later this quarter.”

“Our strong returns and excess capital position allowed us to fund organic loan growth, up 16.8% linked-quarter annualized, and buy back approximately $47.9 million of stock,” explained Andy Micheletti, Executive Vice President and Chief Financial Officer of Axos. “Despite higher amortization and depreciation costs, expenses related to Axos Fiduciary Services and Nationwide, deal-related expenses and investments in technology and personnel, non-interest expense fell by approximately $2.0 million compared to the September 30, 2018 quarter. The higher provision for loan losses this quarter compared to last, reflects the seasonal H&R Block-related loans and growth in our core loan portfolio. Overall credit remains strong, with two basis points of annualized charge-offs to average loans and leases for the first six months of fiscal 2019.”




The following information was filed by Axos Financial, Inc. (AX) on Tuesday, January 29, 2019 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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Axos Financial, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

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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
Acquisitions (Details)
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
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Details)
Goodwill And Other Intangible Assets - Estimated Future Amortization Expense Of Acquired Intangible Assets (Details)
Goodwill And Other Intangible Assets - Summary Of Acquired Intangible Assets (Details)
Goodwill And Other Intangible Assets - Weighted Average Useful Life 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)
Subsequent Events

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: 0001299709-19-000009
Submitted to the SEC: Tue Jan 29 2019 11:34:24 AM EST
Accepted by the SEC: Tue Jan 29 2019
Period: Monday, December 31, 2018
Industry: Savings Institution Federally Chartered

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