Axos Financial, Inc. (AX) 10-Q Quarterly Report Thu Jan 28 2021

Cover Page - shares	6 Months Ended
Cover Page - shares	Dec. 31, 2020	Jan. 22, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-37709
Entity Registrant Name	AXOS FINANCIAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0867444
Entity Address, Address Line One	9205 West Russell Road, STE 400
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89148
City Area Code	858
Local Phone Number	649-2218
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		59,077,145
Entity Central Index Key	0001299709
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	AX
Security Exchange Name	NYSE
6.25% Subordinated Notes Due 2026
Document Information [Line Items]
Title of 12(b) Security	6.25% Subordinated Notes Due 2026
Trading Symbol	AXO
Security Exchange Name	NYSE

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Inside Axos Financial, Inc.'s 10-Q Quarterly Report:

M & A - Other Highlight
Factors that could cause actual results to differ from these forward-looking statements include uncertainties surrounding the severity, duration, and effects of the COVID-19 pandemic, our ability to successfully integrate acquisitions and realize the anticipated benefits of the transactions, changes in the interest rate environment, inflation, government regulation, general economic conditions, changes in the competitive marketplace, conditions in the real estate markets in which we operate, risks associated with credit quality, the outcome and effects of pending class action litigation filed against the Company and other risk factors discussed under the heading "Item 1A.

Financial - Earnings Highlight
Net interest margin, defined as annualized net interest income divided by average earning assets, increased 7 basis points to 3.94% for the three months ended December 31, 2020 from 3.87% for the three months ended December 31, 2019, and increased 8 basis points to 3.89% for the six months ended December 31, 2020 from 3.81% for the six months ended December 31, 2019.
Revenue - Product Highlight
Increased sales on favorable terms during the three and six months ended December 31, 2019 resulted in an increase in gain on sale from structured settlement annuity and state lottery receivables.
Financial - Earnings Highlight
We believe the non-GAAP measures of adjusted earnings and adjusted EPS provide useful information about the Bank's operating performance.
Other - Other Highlight
The increase in the provision for the six months ended December 31, 2020 compared to the provision for the six months ended December 31, 2019 was due to taking net additional reserves of $3.1 million on seasonal tax product loans that continue to have delays in collection due to IRS processing delays, loan growth, changes in loan mix and a change in the provision for credit losses methodology from the incurred loss model to a current expected credit loss model as described under "Critical Accounting Policies."
Other - Other
Failure by our Company or...Read more
Financial - Expense
For the six months ended...Read more
M & A - Other
We believe excluding the non-recurring...Read more
Financial - Earnings
We define "adjusted earnings", a...Read more
Other - Other
Although we believe the non-GAAP...Read more
Other - Other
However, actual results may differ...Read more
Financial - Income
Information is provided with respect...Read more
Financial - Earnings
Securities services includes fully disclosed...Read more
Financial - Dividend
The increases in interest and...Read more
Other - Other
Borrowings The following table sets...Read more
Financial - Expense
Occupancy and equipment expense was...Read more
Financial - Earnings
These forward-looking statements relate to,...Read more
Financial - Expense
39 Table of Contents Total...Read more
Financial - Expense
Total interest expense was $43.8...Read more
Financial - Income
Provisions for credit losses are...Read more
Financial - Income
Information is provided with respect...Read more
Financial - Income
The growth of net interest...Read more
Financial - Expense
For the three months ended...Read more
Financial - Earnings
Below is a reconciliation of...Read more
Financial - Expense
Other general and administrative costs...Read more
Other - Other
These payments are high credit...Read more
Financial - Expense
Our cost of FDIC and...Read more
Revenue - Product
Typically, the gain received upon...Read more
Other - Other
We believe that the lower...Read more
Financial - Income
Other key comparisons between our...Read more
Other - Other
51 Table of Contents Selected...Read more
Financial - Income
For the three and six...Read more
Financial - Expense
Advertising and promotional expense decreased...Read more
Financial - Income
Our effective income tax rates...Read more
Financial - Expense
Depreciation and amortization expense decreased...Read more
Financial - Earnings
Adjusted earnings and adjusted EPS...Read more
Other - Other
Total liabilities increased $484.7 million,...Read more
Other - Other
Non-GAAP financial measures have inherent...Read more
Other - Other
The decreases were primarily related...Read more
Financial - Income
The decrease was primarily the...Read more
Other - Other
Refer to Note 1 -...Read more
Other - Other
Information presented for December 31,...Read more
Other - Other
The change was primarily due...Read more
Financial - Income
Provision for Income Taxes Our...Read more
Other - Other
The increase in the provision...Read more
Other - Other
At December 31, 2020, the...Read more
Financial - Income
The change in effective income...Read more
Financial - Income
The Banking segment's non-interest income...Read more
Financial - Income
The $20.5 million increase in...Read more
Financial - Dividend
Total interest and dividend income...Read more
Financial - Earnings
Adjusted earnings and adjusted EPS,...Read more
Financial - Income
The increase was primarily the...Read more
Other - Other
At December 31, 2020, we...Read more
Revenue - Product
These activities involve borrowing securities...Read more
Other - Other
The decrease in rates was...Read more
Financial - Income
Non-interest income increased $7.5 million...Read more
Financial - Income
Non-interest income increased $21.8 million...Read more
Other - Other
We believe we have the...Read more
Revenue - Product
Securities Business Our Securities Business...Read more
Financial - Income
For purposes of modeling net...Read more
Other - Other
Non-performing assets consisted of the...Read more
Revenue - Product
Included in gain on sale...Read more
Financial - Shares
Tangible book value is calculated...Read more
Other - Other
A third derivative action, DeYoung...Read more
Other - Other
Readers should be aware of...Read more
Other - Other
59 Table of Contents Securities...Read more
Other - Other
The Company has taken proactive...Read more
Financial - Expense
44 Table of Contents Non-Interest...Read more
Other - Other
The allowance for credit losses...Read more
Financial - Income
During a period of falling...Read more
Financial - Income
43 Table of Contents Non-Interest...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 3.1.8: Articles Of Incorporation

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: 0001299709-21-000012
Submitted to the SEC: Thu Jan 28 2021 4:11:03 PM EST
Accepted by the SEC: Thu Jan 28 2021
Period: Thursday, December 31, 2020
Industry: Savings Institution Federally Chartered

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Axos Financial, Inc. (AX) SEC Filing 10-Q Quarterly report for the period ending Thursday, December 31, 2020

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