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Axos Financial, Inc. (AX) SEC Filing 10-K Annual Report for the fiscal year ending Wednesday, June 30, 2021

Axos Financial, Inc.

CIK: 1299709 Ticker: AX

axosfina24a.jpg
Axos Financial, Inc. Announces Record Net Income of $215.7 million for Fiscal 2021
Earnings Per Share for the Fourth Quarter of Fiscal 2021 up 20.0% Year-over-Year
SAN DIEGO, CA – (BUSINESS WIRE) – July 29, 2021 – 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, 2021. Net income for the quarter was $54.3 million, an increase of 19.8% over net income of $45.3 million for the quarter ended June 30, 2020. Earnings attributable to Axos’ common stockholders were $54.3 million or $0.90 per diluted share for the fourth quarter of fiscal 2021, an increase of 20.0% from $45.2 million or $0.75 per diluted share for the fourth quarter ended June 30, 2020.
Adjusted earnings and adjusted earnings per diluted common share (“Adjusted EPS”), non-GAAP measures, which exclude non-cash amortization expenses and other non-recurring costs increased 18.6% to $55.8 million and 17.9% to $0.92, respectively, for the quarter ended June 30, 2021 compared to $47.1 million and $0.78, respectively, for the quarter ended June 30, 2020.

Fourth Quarter Fiscal 2021 Financial Summary:
Three Months Ended 
June 30,
(Dollars in thousands, except per share data)20212020% Change
Net interest income$141,654 $117,272 20.8 %
Non-interest income$16,801 $28,702 (41.5)%
Net income$54,255 $45,300 19.8 %
Adjusted Earnings (Non-GAAP)1
$55,811 $47,052 18.6 %
Net income attributable to common stockholders$54,255 $45,223 20.0 %
Diluted EPS$0.90 $0.75 20.0 %
Adjusted EPS (Non-GAAP)1
$0.92 $0.78 17.9 %
1 See “Use of Non-GAAP Financial Measures”
For the fiscal year ended June 30, 2021, net income was a record $215.7 million, an increase of 17.6% over net income of $183.4 million for the twelve months ended June 30, 2020. Earnings attributable to Axos’ common stockholders were $215.5 million or $3.56 per diluted share for the twelve months ended June 30, 2021, an increase of 17.7% from $183.1 million or $2.98 per diluted share for the twelve months ended June 30, 2020. Record earnings for the fiscal year ended June 30, 2021 were primarily the result of growth in interest-earning assets and reduced cost of interest-earning liabilities. Operating expenses increased to support growth of the Bank due to higher levels of loan originations and deposit activities.

“We finished the year with strong net interest income growth of 4.4% over the linked quarter and 20.8% year-over-year as a result of solid growth in average assets and a stable net interest margin,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “Our Securities Business generated double-digit growth in margin balances and stock lending, resulting in a $0.5 million pretax income contribution this quarter. We see tremendous opportunities to deliver positive operating leverage in our securities clearing and custody businesses as we expand our product capabilities and scale.”

“We generated solid loan growth of 3.4% over the linked quarter and 20.3% year-over-year excluding single-family jumbo mortgages and single-family warehouse loans,” stated Andy Micheletti, Executive Vice President and Chief Financial Officer of Axos. “Our credit quality remains good, with 7 basis points of net annualized charge-offs to average loans excluding seasonal tax loan products in our fiscal 2021. We had another strong year in returns, with a ROE of 16.51% and a ROA of 1.52% for the twelve months ended June 30, 2021.”



The following information was filed by Axos Financial, Inc. (AX) on Thursday, July 29, 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-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 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 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 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 (Tables)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Supplemental Balance Sheet Information (Details)
Loans &Amp; Allowance For Credit Losses-Loans
Loans &Amp; Allowance For Credit Losses-Loans (Tables)
Loans &Amp; Allowance For Credit Losses-Loans - Activity For Allowance For Credit Losses-Loans (Details)
Loans &Amp; Allowance For Credit Losses-Loans - Activity For Allowance For Credit Losses-Loans By Portfolio Classes (Details)
Loans &Amp; Allowance For Credit Losses-Loans - Allowance For Loan Loss And Reserve For Unfunded Loan Commitments (Details)
Loans &Amp; Allowance For Credit Losses-Loans - Composition Of Loan Portfolio (Details)
Loans &Amp; Allowance For Credit Losses-Loans - Loans By Amortized Cost Basis By Year Of Origination And Credit Quality Indicator (Details)
Loans &Amp; Allowance For Credit Losses-Loans - Narrative (Details)
Loans &Amp; Allowance For Credit Losses-Loans - Nonaccrual Loans (Details)
Loans &Amp; Allowance For Credit Losses-Loans - Past Due Loans And Leases (Details)
Loans &Amp; Allowance For Credit Losses-Loans - 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 (Tables)
Organizations And Summary Of Significant Accounting Policies - Narrative (Details)
Organizations And Summary Of Significant Accounting Policies - Schedule Of Impact Of Adoption Of Asc 326 (Details)
Organizations And Summary Of Significant Accounting Policies - Schedule Of Reclassification Impact Of Adoption Of Asc 326 (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)
Securities
Securities (Tables)
Securities - Carrying Amount And Fair Value Of Securities (Details)
Securities - Narrative (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)
Subsequent Event
Subsequent Event (Details)
Ticker: AX
CIK: 1299709
Form Type: 10-K Annual Report
Accession Number: 0001299709-21-000155
Submitted to the SEC: Wed Aug 25 2021 8:16:08 PM EST
Accepted by the SEC: Thu Aug 26 2021
Period: Wednesday, June 30, 2021
Industry: Savings Institution Federally Chartered

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