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Axos Financial, Inc. (AX) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Axos Financial, Inc.

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CIK: 1299709 Ticker: AX

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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-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
Acquisitions
Acquisitions (Details)
Acquisitions (Tables)
Acquisitions - Fair Value Of Assets Acquired (Details)
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)
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)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Ticker: AX
CIK: 1299709
Form Type: 10-Q Quarterly Report
Accession Number: 0001299709-21-000271
Submitted to the SEC: Thu Oct 28 2021 4:08:57 PM EST
Accepted by the SEC: Thu Oct 28 2021
Period: Thursday, September 30, 2021
Industry: Savings Institution Federally Chartered

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