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Axos Financial, Inc. (AX) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Axos Financial, Inc.

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CIK: 1299709 Ticker: AX

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Axos Financial, Inc. Reports Record Fiscal Second Quarter 2021 Results
Diluted Earnings Per Share in Second Quarter 2021 up 35.8% Year-Over-Year
SAN DIEGO, CA – (BUSINESS WIRE) – January 28, 2021 – Axos Financial, Inc. (NYSE: AX) (
“Axos”), parent company of Axos Bank (the “Bank”), today announced financial results for the second fiscal quarter ended December 31, 2020. Net income was $54.8 million, an increase of 32.7% from $41.3 million for the quarter ended December 31, 2019. Earnings attributable to Axos’ common stockholders were $54.7 million or $0.91 per diluted share for the second quarter of fiscal 2021, an increase of 32.6% from $41.2 million or $0.67 per diluted share for the second quarter ended December 31, 2019.
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 31.7% to $56.6 million and increased 36.2% to $0.94, respectively, for the quarter ended December 31, 2020 compared to $42.9 million and $0.69, respectively, for the quarter ended December 31, 2019.
Second Quarter Fiscal 2021 Financial Summary:
Three Months Ended December 31
(Dollars in thousands, except per share data)Q2 Fiscal 2021Q2 Fiscal 2020% Change
Net interest income$134,092 $108,420 23.7%
Non-interest income$28,718 $21,207 35.4%
Net income$54,785 $41,295 32.7%
Adjusted earnings (Non-GAAP)1
$56,566 $42,949 31.7%
Net income attributable to common stockholders$54,672 $41,217 32.6%
Diluted EPS$0.91 $0.67 35.8%
Adjusted EPS (Non-GAAP)1
$0.94 $0.69 36.2%
1 See “Use of Non-GAAP Financial Measures”

For the six months ended December 31, 2020, net income was a record $107.8 million, an increase of 31.3% over net income of $82.1 million for the six months ended December 31, 2019. Earnings attributable to Axos’ common stockholders were $107.6 million or $1.79 per diluted share for the six months ended December 31, 2020, an increase of 31.4% from $81.9 million or $1.32 per diluted share for the six months ended December 31, 2019. Record earnings for the fiscal second quarter and for the six months ended December 31, 2020 were primarily the result of growth in the Bank’s loan and lease portfolio, exceptional performance in mortgage banking and lower deposit rates paid.

“We achieved record second quarter earnings, despite maintaining a conservative level of loan loss reserves,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “Net interest income and non-interest income increased by more than 20% year-over-year as a result of solid loan growth and mortgage banking fees, as well as strong net interest margin expansion. With a diverse set of lending and fee-based businesses, we feel good about our ability to generate good risk-adjusted returns for our shareholders.”


The following information was filed by Axos Financial, Inc. (AX) on Thursday, January 28, 2021 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 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 Reclassification Impact Of Adoption Of Asc 326 (Details)

Material Contracts, Statements, Certifications & more

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

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: 0001299709-21-000104
Submitted to the SEC: Thu Apr 29 2021 4:17:45 PM EST
Accepted by the SEC: Thu Apr 29 2021
Period: Wednesday, March 31, 2021
Industry: Savings Institution Federally Chartered

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