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Axos Financial, Inc. (AX) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Axos Financial, Inc.

CIK: 1299709 Ticker: AX


axosfina07.jpg

Axos Financial, Inc. Reports First Quarter 2020 Results
Diluted Earnings Per Share Increased 14%

SAN DIEGO, CA – (BUSINESS WIRE) – October 29, 2019 – 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, 2019. Net income was $40.8 million, an increase of 10.7% from $36.8 million for the quarter ended September 30, 2018. Earnings attributable to Axos’ common stockholders were $40.7 million or $0.66 per diluted share for the first quarter of fiscal 2020, an increase of 10.7% from $36.8 million or $0.58 per diluted share for the first quarter ended September 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 9.2% to $42.0 million and increased 11.5% to $0.68, respectively, for the quarter ended September 30, 2019 compared to $38.4 million and $0.61, respectively, for the quarter ended September 30, 2018.
First Quarter Fiscal 2020 Financial Summary:
 
Three Months Ended September 30
 
 
(Dollars in thousands, except per share data)
Q1 Fiscal 2020
 
Q1 Fiscal 2019
 
% Change
Net interest income
$
103,303

 
$
86,279

 
19.7%
Non-interest income
$
21,536

 
$
16,543

 
30.2%
Net income
$
40,786

 
$
36,841

 
10.7%
Adjusted earnings (Non-GAAP)1
$
41,971

 
$
38,418

 
9.2%
Net income attributable to common stockholders
$
40,709

 
$
36,764

 
10.7%
Diluted EPS
$
0.66

 
$
0.58

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

 
$
0.61

 
11.5%
1 See “Use of Non-GAAP Financial Measures”
 
 
 
 
 

“We delivered another solid quarter for our shareholders, with diluted earnings per share increasing by 13.8% and book value per share increasing 14.5%,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. ““Strong loan growth and a stable net interest margin contributed to net interest income increasing by almost 20% year-over-year. We continue to invest in future growth initiatives while keeping non-interest expenses roughly flat for the linked quarters.”








The following information was filed by Axos Financial, Inc. (AX) on Wednesday, October 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-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

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Income
Condensed Consolidated Statements Of Stockholders' Equity
Acquisitions
Acquisitions (Details)
Acquisitions (Tables)
Acquisitions - Fair Value Of Assets Acquired (Details)
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)
Leases
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Cash Flow Information (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 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)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Non-Interest Income Segregated By Revenue Streams (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)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Narrative (Details)

Material Contracts, Statements, Certifications & more

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

Ticker: AX
CIK: 1299709
Form Type: 10-Q Quarterly Report
Accession Number: 0001299709-19-000183
Submitted to the SEC: Tue Oct 29 2019 4:28:16 PM EST
Accepted by the SEC: Wed Oct 30 2019
Period: Monday, September 30, 2019
Industry: Savings Institution Federally Chartered

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