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Axos Financial, Inc. (AX) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Axos Financial, Inc.

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CIK: 1299709 Ticker: AX

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Axos Financial, Inc. Reports Fiscal First Quarter 2021 Results
Diluted Earnings Per Share in First Quarter 2021 up 33.3% Year-Over-Year
SAN DIEGO, CA – (BUSINESS WIRE) – October 29, 2020 – Axos Financial, Inc. (NYSE: AX) (
“Axos”), parent company of Axos Bank (the “Bank”), today announced unaudited financial results for the first fiscal quarter ended September 30, 2020. Net income was $53.0 million, an increase of 30.0% from $40.8 million for the quarter ended September 30, 2019. Earnings attributable to Axos’ common stockholders was $52.9 million or $0.88 per diluted share for the first quarter of fiscal 2021, an increase of 30.1% from $40.7 million and 33.3% from $0.66 per diluted share for the first quarter ended September 30, 2019.
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 other non-recurring costs increased 30.7% to $54.8 million and 33.8% to $0.91, respectively, for the quarter ended September 30, 2020 compared to $42.0 million and $0.68, respectively, for the quarter ended September 30, 2019.
First Quarter Fiscal 2021 Financial Summary
  Three Months Ended September 30
(Dollars in thousands, except per share data)Q1 Fiscal 2021Q1 Fiscal 2020% Change
Net interest income$127,327 $103,303 23.3%
Non-interest income$35,855 $21,536 66.5%
Net income$53,022 $40,786 30.0%
Adjusted earnings (Non-GAAP)1
$54,841 $41,971 30.7%
Net income attributable to common stockholders$52,945 $40,709 30.1%
Diluted EPS$0.88 $0.66 33.3%
Adjusted EPS (Non-GAAP)1
$0.91 $0.68 33.8%
1 See “Use of Non-GAAP Financial Measures”
Net income growth was the result of increases in net interest income attributable to loan portfolio growth and lower interest costs as well as growth in mortgage banking income in non-interest income.
“Our diverse consumer and commercial banking and securities businesses continue to generate strong earnings growth, as reflected in the 33.3% and 14.7% year-over-year increases in our earnings per share and our book value per share, respectively” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “We achieved a record quarter in mortgage banking as a result of 148% year-over-year increase in single-family agency loan originations and robust gain-on-sale margins. Additionally, we added to our strong capital position by issuing $175 million of subordinated debt at an attractive rate. We remain focused on prudently managing our credit and capital and growing our lending and fee-based businesses.”
“Our credit quality remains healthy, with none of our loans on forbearance and only $5.3 million of loans on deferral at September 30, 2020. We adopted the CECL accounting standard this quarter, and our day 1 increase to our allowance and reserve for credit losses totaled $53.0 million,” stated Andy Micheletti, Executive Vice President and Chief Financial Officer of Axos. “Our loan loss provision this quarter ended September 30, 2020, was $11.8 million, consisting of $6.5 million for H&R Block Refund Advance loans due to IRS processing delays, and $5.3 million for our non-RA loans. We ended the quarter with $132.9 million in our allowance for credit losses, representing 1.2% of our total loan and lease balances. Due to the highly collateralized and low loan-to-values of our secured loan portfolios, we believe we are well positioned from a credit perspective for a variety of economic scenarios.”


The following information was filed by Axos Financial, Inc. (AX) on Thursday, October 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-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
Commitment And Contingencies (Tables)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Maturities Of Lease Liabilities (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)
Loans &Amp; Allowance For Credit Losses
Loans &Amp; Allowance For Credit Losses (Tables)
Loans &Amp; Allowance For Credit Losses - Allowance For Loan And Lease Losses Narrative (Details)
Loans &Amp; Allowance For Credit Losses - Allowance For Loan Loss And Reserve For Unfunded Loan Commitments (Details)
Loans &Amp; Allowance For Credit Losses - Allowance For Loan Loss By Portfolio Class (Details)
Loans &Amp; Allowance For Credit Losses - Loan Portfolio Composition (Details)
Loans &Amp; Allowance For Credit Losses - Loans By Amortized Cost Basis By Year Of Origination And Credit Quality Indicator (Details)
Loans &Amp; Allowance For Credit Losses - Nonaccrual Loans (Details)
Loans &Amp; Allowance For Credit Losses - Nonaccrual Loans Narrative (Details)
Loans &Amp; Allowance For Credit Losses - Past Due Loans (Details)
Loans &Amp; Allowance For Credit 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 - Narrative (Details)
Securities - Schedule Of Unrealized Loss On Investments (Details)
Securities - Unrealized Gain (Loss) On Investments (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Subordinated Notes
Subornidated Notes - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Schedule Of Impact Of Adoption Of Asc 326 (Details)
Summary Of Significant Accounting Policies - Schedule Of Reclassification Impact Of Adoption Of Asc 326 (Details)
Ticker: AX
CIK: 1299709
Form Type: 10-Q Quarterly Report
Accession Number: 0001299709-20-000256
Submitted to the SEC: Thu Oct 29 2020 5:05:55 PM EST
Accepted by the SEC: Thu Oct 29 2020
Period: Wednesday, September 30, 2020
Industry: Savings Institution Federally Chartered

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