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Axos Financial, Inc. (AX) SEC Filing 10-K Annual report for the fiscal year ending Sunday, June 30, 2019

Axos Financial, Inc.

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CIK: 1299709 Ticker: AX


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Axos Financial, Inc. Announces Record Net Income of $155.1 million for Fiscal 2019
Earnings Per Share for the Fourth Quarter of Fiscal 2019 up 13.8% Year-over-Year
SAN DIEGO, CA – (BUSINESS WIRE) – July 30, 2019 – Axos Financial, Inc. (NYSE: AX) (“Axos”), parent company of Axos Bank (the “Bank”), today announced unaudited financial results for the fourth fiscal quarter ended June 30, 2019. Net income was $40.6 million, an increase of 9.5% over net income of $37.1 million for the quarter ended June 30, 2018. Earnings attributable to Axos’ common stockholders were $40.6 million or $0.66 per diluted share for the fourth quarter of fiscal 2019, an increase of 9.5% from $37.0 million or $0.58 per diluted share for the fourth quarter ended June 30, 2018.
Adjusted earnings and adjusted earnings per diluted common share (“adjusted EPS”), non-GAAP measures, which excludes non-cash amortization expenses and non-recurring costs related to mergers and acquisitions, and other non-recurring costs increased 11.2% to $42.2 million and increased 15.3% to $0.68, respectively, for the quarter ended June 30, 2019 compared to $37.9 million and $0.59, respectively, for the quarter ended June 30, 2018.

Fourth Quarter Fiscal 2019 Financial Summary:
 
Three Months Ended 
June 30,
 
 
(Dollars in thousands, except per share data)
2019
 
2018
 
% Change
Net interest income
$
100,437

 
$
87,048

 
15.4
%
Non-interest income
$
23,224

 
$
16,977

 
36.8
%
Net income
$
40,634

 
$
37,117

 
9.5
%
Adjusted Earnings (Non-GAAP)1
$
42,158

 
$
37,921

 
11.2
%
Net income attributable to common stockholders
$
40,557

 
$
37,040

 
9.5
%
Diluted EPS
$
0.66

 
$
0.58

 
13.8
%
Adjusted EPS (Non-GAAP)1
$
0.68

 
$
0.59

 
15.3
%
 
 
 
 
 
 
1See “Use of Non-GAAP Financial Measures”
For the fiscal year ended June 30, 2019, net income was a record $155.1 million, an increase of 1.8% over net income of $152.4 million for the twelve months ended June 30, 2018. Earnings attributable to Axos’ common stockholders were $154.8 million or $2.48 per diluted share for the twelve months ended June 30, 2019, an increase of 1.8% from $152.1 million or $2.37 per diluted share for the twelve months ended June 30, 2018. Record earnings for the fiscal year ended June 30, 2019 were primarily the result of growth in the Bank’s loan and lease portfolio, growth in fee income and a reduced income tax rate. Operating expenses increased due to higher levels of loan originations and deposit activities and expenses from our acquired businesses.

“We ended fiscal 2019 with solid momentum, with ending loan and deposit balances increasing by 12.4% and 15.2% annualized on a linked quarter basis, respectively” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “This growth reflects the successful diversification of our lending and deposit franchises. Our efficiency and returns remain best-in-class, with a bank-only efficiency ratio of 40.51% and consolidated return on assets of 1.51% for the year. The investments we are making in our organic and acquired businesses position us well for profitable growth.”



The following information was filed by Axos Financial, Inc. (AX) on Tuesday, July 30, 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Acquisitions
Acquisitions (Tables)
Acquisitions - Fair Value Of Assets Acquired (Details)
Acquisitions - Fair Value Of Assets And Liabilities Acquired (Details)
Acquisitions - Narrative (Details)
Advances From The Federal Home Loan Bank
Advances From The Federal Home Loan Bank (Tables)
Advances From The Federal Home Loan Bank - Narrative (Details)
Advances From The Federal Home Loan Bank - Scheduled Maturities (Details)
Borrowings, Subordinated Notes And Debentures
Borrowings, Subordinated Notes And Debentures (Tables)
Borrowings, Subordinated Notes And Debentures - Narrative (Details)
Borrowings, Subordinated Notes And Debentures - Schedule Of Borrowings, Subordinated Notes And Debentures (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Future Minimum Lease Payments (Details)
Commitments And Contingencies - Narrative (Details)
Customer, Broker-Dealer And Clearing Receivables And Payables
Customer, Broker-Dealer And Clearing Receivables And Payables (Details)
Customer, Broker-Dealer And Clearing Receivables And Payables (Tables)
Deposits
Deposits (Tables)
Deposits - Scheduled Maturities Of Time Deposits (Details)
Deposits - Summary Of Deposit Accounts (Details)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share - Calculation Of Basic And Diluted Eps (Details)
Employee Benefit Plan
Employee Benefit Plan (Details)
Fair Value
Fair Value (Tables)
Fair Value - Assets And Liabilities Measured On Recurring Basis (Details)
Fair Value - Assets Measured Nonrecurring Basis (Details)
Fair Value - Fair Value By Balance Sheet Grouping (Details)
Fair Value - Level 3 Assets Measured On Recurring Basis (Details)
Fair Value - Level 3 Unrealized Gain (Loss) (Details)
Fair Value - Loans Held-For-Sale (Details)
Fair Value - Narrative (Details)
Fair Value - Quantitative Information For Level 3 Fair Value Measurments (Nonrecurring) (Details)
Fair Value - Quantitative Information For Level 3 Fair Value Measurments (Recurring) (Details)
Furniture, Equipment And Software
Furniture, Equipment And Software (Details)
Furniture, Equipment And Software (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Activity In Goodwill Balance (Details)
Goodwill And Intangible Assets - Estimated Future Amortization Expense Of Acquired Intangible Assets (Details)
Goodwill And Intangible Assets - Summary Of Acquired Intangible Assets (Details)
Goodwill And Intangible Assets - Weighted Average Useful Life Of Acquired Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Income Taxes (Details)
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Narrative (Details)
Income Taxes - Net Deferred Tax Asset (Details)
Income Taxes - Unrecognized Tax Benefits (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 - Activity For Allowance For Loan Losses (Details)
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 Class (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 - Composition Of Loans (Details)
Loans, Leases &Amp; Allowance For Loan And Lease Losses - Impaired Loans (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 - Loans Narrative (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)
Minimum Regulatory Capital Requirements
Minimum Regulatory Capital Requirements (Tables)
Minimum Regulatory Capital Requirements - Capital Amounts, Ratios, And Requirements Under Basel Iii (Details)
Minimum Regulatory Capital Requirements - Net Capital Position (Details)
Minimum Regulatory Capital Requirements - Securities Business Narrative (Details)
Off-Balance-Sheet Activities
Off-Balance-Sheet Activities (Details)
Offsetting Of Securities Financing Agreements
Offsetting Of Securities Financing Agreements (Details)
Offsetting Of Securities Financing Agreements (Tables)
Organizations And Summary Of Significant Accounting Policies
Organizations And Summary Of Significant Accounting Policies (Policies)
Organizations And Summary Of Significant Accounting Policies (Tables)
Organizations And Summary Of Significant Accounting Policies - Narrative (Details)
Organizations And Summary Of Significant Accounting Policies - Schedule Of Non-Interest Income, Segregated By Revenue Stream (Details)
Parent-Only Condensed Financial Information
Parent-Only Condensed Financial Information (Tables)
Parent-Only Condensed Financial Information - Condensed Balance Sheets (Details)
Parent-Only Condensed Financial Information - Statement Of Cash Flows (Details)
Parent-Only Condensed Financial Information - Statements Of Income (Details)
Quarterly Financial Information (Unaudited)
Quarterly Financial Information (Unaudited) (Details)
Quarterly Financial Information (Unaudited) (Tables)
Securities
Securities (Tables)
Securities - Carrying Amount And Fair Value Of Securities (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 Investments (Details)
Securities - Schedule Of Securities In Continuous Unrealized Loss Position (Details)
Securities - Unrealized Gain (Loss) On Investments (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Status Of Change In Restricted Stock Grants (Details)
Stock-Based Compensation - Unrecognized Compensation Expense (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Changes In Common Stock (Details)
Stockholders' Equity - Narrative (Details)
Ticker: AX
CIK: 1299709
Form Type: 10-K Annual Report
Accession Number: 0001299709-19-000139
Submitted to the SEC: Tue Aug 27 2019 5:39:25 PM EST
Accepted by the SEC: Wed Aug 28 2019
Period: Sunday, June 30, 2019
Industry: Savings Institution Federally Chartered

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