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Axos Financial, Inc. (AX) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, June 30, 2020

Axos Financial, Inc.

CIK: 1299709 Ticker: AX


axosfina24.jpg
Axos Financial, Inc. Announces Record Net Income of $183.4 million for Fiscal 2020
Earnings Per Share for the Fourth Quarter of Fiscal 2020 up 13.6% Year-over-Year

SAN DIEGO, CA – (BUSINESS WIRE) – July 29, 2020 – Axos Financial, Inc. (NYSE: AX) (Axos), parent company of Axos Bank (the Bank), today announced unaudited financial results for the fourth fiscal quarter and full fiscal year ended June 30, 2020. Net income for the quarter was $45.3 million, an increase of 11.5% over net income of $40.6 million for the quarter ended June 30, 2019. Earnings attributable to Axos’ common stockholders were $45.2 million or $0.75 per diluted share for the fourth quarter of fiscal 2020, an increase of 11.5% from $40.6 million or $0.66 per diluted share for the fourth quarter ended June 30, 2019.
Adjusted earnings and adjusted earnings per diluted common share (“adjusted EPS”), non-GAAP measures, which exclude non-cash amortization expenses, non-recurring costs related to mergers and acquisitions, and other non-recurring costs increased 11.6% to $47.1 million and 14.7% to $0.78, respectively, for the quarter ended June 30, 2020 compared to $42.2 million and $0.68, respectively, for the quarter ended June 30, 2019.

Fourth Quarter Fiscal 2020 Financial Summary:
 
Three Months Ended 
June 30,
 
 
(Dollars in thousands, except per share data)
2020
 
2019
 
% Change
Net interest income
$
117,272

 
$
100,437

 
16.8
%
Non-interest income
$
28,702

 
$
23,224

 
23.6
%
Net income
$
45,300

 
$
40,634

 
11.5
%
Adjusted Earnings (Non-GAAP)1
$
47,052

 
$
42,158

 
11.6
%
Net income attributable to common stockholders
$
45,223

 
$
40,557

 
11.5
%
Diluted EPS
$
0.75

 
$
0.66

 
13.6
%
Adjusted EPS (Non-GAAP)1
$
0.78

 
$
0.68

 
14.7
%
 
 
 
 
 
 
1. See “Use of Non-GAAP Financial Measures”
For the fiscal year ended June 30, 2020, net income was a record $183.4 million, an increase of 18.2% over net income of $155.1 million for the twelve months ended June 30, 2019. Earnings attributable to Axos’ common stockholders were $183.1 million or $2.98 per diluted share for the twelve months ended June 30, 2020, an increase of 18.3% from $154.8 million or $2.48 per diluted share for the twelve months ended June 30, 2019. Record earnings for the fiscal year ended June 30, 2020 were primarily the result of growth in the Bank’s loan and lease portfolio, growth in mortgage banking income and a full year’s activity in broker-dealer fee income. Operating expenses increased to support growth of the bank due to higher levels of loan originations and deposit activities.

“We delivered another strong quarter, with double digit percentage increases in net interest income and non-interest income and disciplined expense controls resulting in a 22.8% increase in our pretax income,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “We continue to grow our deposit balances while reducing our funding costs, as reflected in the $2.2 billion sequential increase in our checking and savings balances and 52 basis point decline in our interest-bearing liabilities costs. The reduction in funding costs helped drive our net interest margin higher to 3.89% compared to 3.81% in fourth quarter of 2019.”

“Excluding the H&R Block seasonal loan products, our annualized net charge-offs to total loans and leases were 5 basis points for the fourth fiscal quarter of fiscal 2020” said Andy Micheletti, Executive Vice President and Chief Financial Officer of Axos. We ended the quarter with approximately $75.8 million of loan loss reserves, representing 71 basis points of total loans and leases. We remain well-capitalized, with a Tier 1 leverage ratio of 9.25% at the bank and 8.97% at the holding company on June 30, 2020.”



The following information was filed by Axos Financial, Inc. (AX) on Wednesday, July 29, 2020 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, Contingencies, And Off-Balance-Sheet Activities
Commitments, Contingencies, And Off-Balance-Sheet Activities - 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 - 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)
Leases
Leases - Components Of Lease Expense (Details)
Leases (Tables)
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 - 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 - Doubtful Loans Narrative (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)
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 - Narrative (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)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Non-Interest Income Segregated By Revenue Streams (Details)
Securities
Securities (Tables)
Securities - Carrying Amount And Fair Value Of Securities (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 - Narrative (Details)
Ticker: AX
CIK: 1299709
Form Type: 10-K Annual Report
Accession Number: 0001299709-20-000156
Submitted to the SEC: Wed Aug 26 2020 5:24:48 PM EST
Accepted by the SEC: Wed Aug 26 2020
Period: Tuesday, June 30, 2020
Industry: Savings Institution Federally Chartered

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