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美國
證券交易委員會
華盛頓特區20549
表格 10-Q
☒根據1934年證券交易法第13或15(d)節的季度報告
截至季度結束日期的財務報告2024年9月30日
☐根據1934年證券交易法第13或15(d)節的轉型報告書
委託文件號碼：001-37709
axosfina13.jpg
axos financial, INC.
(根據其章程規定的註冊人準確名稱)
特拉華州33-0867444
（國家或其他管轄區的
公司成立或組織）		（IRS僱主
唯一識別號碼）
9205西拉塞爾路，400號套房, 拉斯維加斯市, 內華達州 89148
(主要執行辦公室地址) (郵政編碼)
公司電話號碼，包括區號：（858) 649-2218
每個交易所的名稱
每一類的名稱交易標誌在其上註冊的交易所的名稱
普通股，每股面值$0.01AX請使用moomoo賬號登錄查看New York Stock Exchange
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請勾選以下方框：申報人（1）在證券交易所法的過去12個月內（或申報人必須提交此類報告的較短期間內）是否已提交所有要求提交的報告，並（2）在過去90天內是否已受到申報要求的限制。☒  是    ☐否
請表明，註冊人在過去12個月（或註冊人需要提交此類文件的更短期間）在規章S-t（本章第232.405節）第405條規定下提交了每個交互式數據文件。   ☒  是    ☐否
請勾選標記以說明註冊人是大型快速申報人、加速申報人、非加速申報人、較小的報告公司還是新興成長型公司。請查看《交易所法》第120億.2條中「大型快速申報人」、「加速申報人」、「較小的報告公司」和「新興成長型公司」的定義。
大型加速報告人☒加速文件提交人☐
非加速股票交易所申報人☐較小的報告公司☐
新興成長公司☐
如果是新興成長公司，請打勾表示註冊人已選擇不使用根據交易所法第13(a)節提供的任何新的或修訂後的財務會計準則延長過渡期符合要求。☐
請在複選框中表示註冊人是否是殼公司（如《交易所法》第120億.2條所定義）.    ☐是☒否
申報人普通股的未流通股份數量截至最近可行日期爲: 57,092,434 截至2024年10月18日，每股面值爲$0.01的普通股股份。

目錄
axos financial, INC.
指數

目錄
第一部分 - 財務信息
項目1。基本報表
axos financial, INC.
簡明合併資產負債表
（未經審計）
（以千美元爲單位，股票份額除外）
截至2023年9月30日年 度報告
2024		6月30日
2024
資產
現金及現金等價物$2,570,506 $1,979,979 
受限現金
233,350 205,797 
現金、現金等價物和受限制的現金總額
2,803,856 2,185,776 
交易證券
594 353 
可供出售證券
137,996 141,611 
監管機構的股票34,417 21,957 
按公允價值計量的待售貸款14,566 16,482 
貸款-淨額爲信貸損失準備金$263,854 截至2024年9月30日，爲$260,542 美元。
19,280,609 19,231,385 
服務權利，計價公允值
27,335 28,924 
證券借入84,326 67,212 
客戶、經紀商和結算應收款項262,774 240,028 
商譽和其他無形資產淨額139,215 141,769 
其他783,396 779,837 
資產總計$23,569,084 $22,855,334 
負債和股東權益
存款：
非利息負債$3,055,605 $2,975,631 
人形機器人-軸承利息16,917,724 16,383,586 
存款總額19,973,329 19,359,217 
從聯邦住房貸款銀行獲得的借款90,000 90,000 
借款、次級票據和債券313,519 325,679 
證券借貸95,883 74,177 
客戶、經紀商和清算應付款315,985 301,127 
應付賬款和其他負債374,640 414,538 
負債合計21,163,356 20,564,738 
業務承諾和或有事項（注9）
6.40
普通股— $18,342,797持有並流通股0.01每股面值; 150,000,000 70,562,333股份發行量爲57,092,216 截至2024年9月30日, 流通股數 70,221,632股份發行量爲56,894,565Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
706 702 
額外實收資本520,795 510,232 
累計其他綜合收益（損失）-稅後
(765)(2,466)
保留盈餘2,297,957 2,185,617 
即期收購庫藏股；截至2022年9月25日，共計157,773股，截至2022年6月26日，共計157,087股。13,470,117 截至2024年9月30日的股份和 13,327,067 截至2024年6月30日的股份
(412,965)(403,489)
股東權益總額2,405,728 2,290,596 
負債和股東權益總計$23,569,084 $22,855,334 

請參見簡明合併財務報表的附註。
1
目錄
axos financial, INC.
簡明合併利潤表
(未經審計) 
三個月之內結束
截至2023年9月30日年 度報告
(以千美元爲單位，每股普通股盈利除外)20242023
利息和分紅收入：
包括費用在內的貸款$438,229 $326,974 
證券借入和客戶應收款6,271 4,995 
投資和其他
39,762 31,983 
利息和股息收入合計484,262 363,952 
利息支出：
存款187,269 146,110 
從聯邦住房貸款銀行獲得的借款529 529 
證券借貸540 449 
其他借款3,876 5,709 
總利息支出192,214 152,797 
淨利息收入292,048 211,155 
撥備14,000 7,000 
淨利息收益，在扣除信貸損失準備金後278,048 204,155 
非利息收入：
經紀商費收入11,060 12,477 
諮詢費收入7,945 8,219 
銀行和服務費8,613 8,350 
按揭銀行和服務權益收入
450 3,878 
提前還款罰金收入541 1,583 
總非利息收入28,609 34,507 
非利息費用：
薪資及相關成本74,293 55,811 
數據和運營處理
18,985 16,084 
折舊和攤銷7,450 5,878 
廣告和促銷費用14,253 10,375 
專業服務9,895 9,811 
租賃和設備4,318 3,846 
FDIC和監管費用5,956 4,449 
經紀商結算費用4,307 4,012 
總務費用8,008 10,240 
非利息支出總額147,465 120,506 
稅前收入159,192 118,156 
所得稅46,852 35,511 
淨利潤$112,340 $82,645 
基本每股收益$1.97 $1.40 
稀釋每股收益$1.93 $1.38 

See accompanying notes to the condensed consolidated financial statements.
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Table of Contents
AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended
September 30,
(Dollars in thousands)20242023
NET INCOME$112,340 $82,645 
Net unrealized gain (loss) from available-for-sale securities, net of income tax1,319 222 
Net unrealized gain (loss) on cash flow hedges, net of income tax382 — 
Other comprehensive income (loss)1,701 222 
COMPREHENSIVE INCOME$114,041 $82,867 

See accompanying notes to the condensed consolidated financial statements.
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AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
For the Three Months Ended September 30, 2024
Common StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss), Net of Income TaxRetained EarningsTreasury
Stock		Total
Number of Shares
(Dollars in thousands)IssuedTreasuryOutstandingAmount
BALANCE—June 30, 2024
70,221,632 (13,327,067)56,894,565 $702 $510,232 $(2,466)$2,185,617 $(403,489)$2,290,596 
Net income— — — — — — 112,340 — 112,340 
Other comprehensive income (loss)— — — — — 1,701 — — 1,701 
Stock-based compensation activity340,701 (143,050)197,651 4 10,563 — — (9,476)1,091 
BALANCE—September 30, 2024
70,562,333 (13,470,117)57,092,216 $706 $520,795 $(765)$2,297,957 $(412,965)$2,405,728 

For the Three Months Ended September 30, 2023
Common StockAdditional Paid-in CapitalAccumulated
Other
Comprehensive
Income (Loss),
Net of Income Tax		Retained EarningsTreasury
Stock		Total
Number of Shares
(Dollars in thousands)IssuedTreasuryOutstandingAmount
BALANCE—June 30, 2023
69,465,446 (10,522,411)58,943,035 $695 $479,878 $(6,610)$1,735,609 $(292,413)$1,917,159 
Net income— — — — — — 82,645 — 82,645 
Other comprehensive income (loss)— — — — — 222 — — 222 
Purchase of treasury stock— (648,208)(648,208)— — — — (24,536)(24,536)
Stock-based compensation activity360,817 (151,668)209,149 3 6,798 — — (6,083)718 
BALANCE—September 30, 2023
69,826,263 (11,322,287)58,503,976 $698 $486,676 $(6,388)$1,818,254 $(323,032)$1,976,208 

See accompanying notes to the condensed consolidated financial statements.



.
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Table of Contents
AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Three Months Ended
September 30,
(Dollars in thousands)20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$112,340 $82,645 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization7,450 5,878 
Other accretion and amortization(37,358)(3,101)
Stock-based compensation expense10,239 6,802 
Trading activity(241)118 
Provision for credit losses14,000 7,000 
Deferred income taxes464 3,526 
Origination of loans held for sale(69,570)(50,607)
Unrealized and realized gains on loans held for sale(2,881)(1,796)
Proceeds from sale of loans held for sale74,532 65,138 
Change in the fair value of servicing rights1,765 (3,448)
Gain on repurchase of subordinated notes(604)— 
Net change in assets and liabilities which provide (use) cash:
Securities borrowed(17,114)37,915 
Customer, broker-dealer and clearing receivables(22,746)88,651 
Other Assets4,243 (86,716)
Securities loaned21,706 (43,386)
Customer, broker-dealer and clearing payables14,858 (103,562)
Accounts payable and other liabilities(40,295)29,130 
Net cash provided by operating activities70,788 34,187 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale securities(16,000)(4,796)
Proceeds from sale and repayment of available-for-sale securities21,564 718 
Purchase of stock of regulatory agencies(12,446)— 
Net change in loans held for investment(48,333)(444,421)
Proceeds from sale of loans originally classified as held for investment27,800 — 
Proceeds from sale of other real estate owned and repossessed assets2,202 918 
Purchase of loans and leases, net of discounts and premiums— (51,892)
Purchases of furniture, equipment, software and intangibles(17,770)(6,492)
Purchases of other investments(2,558)(910)
Distributions received from other investments— 593 
Net cash used in investing activities(45,541)(506,282)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits614,112 442,633 
Net (repayment) proceeds of other borrowings— 85,700 
Payments related to settlement of restricted stock units(9,476)(6,083)
Purchase of treasury stock— (18,472)
Repurchase of subordinated notes(11,803)— 
Net cash provided by financing activities592,833 503,778 
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
618,080 31,683 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of year
$2,185,776 $2,382,086 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of period
$2,803,856 $2,413,769 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid on interest-bearing liabilities192,306 152,359 
Income taxes paid40,158 52,664 
Transfers to other real estate and repossessed vehicles from loans held for investment585 1,847 
Transfers from loans held for investment to loans held for sale28,140 2,783 
Operating lease liabilities from obtaining right of use assets212 — 

See accompanying notes to the condensed consolidated financial statements.
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Table of Contents
AXOS FINANCIAL, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTH PERIODS ENDED SEPTEMBER 30, 2024 AND 2023
(Unaudited)

1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The condensed consolidated financial statements include the accounts of Axos Financial, Inc. and its wholly owned subsidiaries (“Axos” or the “Company”). Axos Bank (the “Bank”), its wholly owned subsidiaries, and the activities of two lending-related trust entities constitute the Banking Business Segment, and Axos Securities, LLC and its wholly owned subsidiaries constitute the Securities Business Segment. All significant intercompany balances and transactions have been eliminated in consolidation. The Notes to the Condensed Consolidated Financial Statements are an integral part of the Company’s financial statements. On December 7, 2023, the Company acquired from the Federal Deposit Insurance Corporation (“FDIC”) two loan portfolios with an aggregate unpaid principal balance of $1.3 billion at a 37% discount to par. For additional information on the “FDIC Loan Purchase,” see Note 2—“Acquisitions” in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (“2024 Form 10-K”) filed with the Securities and Exchange Commission (“SEC”).
The accompanying interim condensed consolidated financial statements, presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), are unaudited and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of financial condition and results of operations for the interim periods. All adjustments are of a normal and recurring nature. Certain amounts reported in prior periods have been reclassified to conform with the current presentation. Results for the three months ended September 30, 2024 are not necessarily indicative of results that may be expected for any other interim period or for the year as a whole. Certain information and note disclosures normally included in the audited annual financial statements prepared in accordance with GAAP have been condensed or not repeated herein pursuant to the rules and regulations of the SEC with respect to interim financial reporting. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended June 30, 2024 included in the 2024 Form 10-K.
Significant Accounting Policies
For further information regarding the Company’s significant accounting policies, see Note 1—“Organizations and Summary of Significant Accounting Policies” in the 2024 Form 10-K. During the three months ended September 30, 2024, there were no significant updates to the Company’s significant accounting policies, other than as noted below and the adoption of the accounting standards noted herein.
Stock of Regulatory Agencies. The Bank is a member of the Federal Home Loan Bank (“FHLB”) system and the Federal Reserve System (the “Federal Reserve”). FHLB members are required to own a certain amount of FHLB stock based on the level of borrowings and other factors while Federal Reserve members are required to own a certain amount of Federal Reserve Bank stock based on the member’s equity capital and surplus. FHLB and Federal Reserve Bank stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Axos Securities, LLC is a member of the Depository Trust & Clearing Corporation (“DTCC”), a financial services company providing clearing and settlement services to the financial markets. Members are required to own a certain amount of DTCC stock based on the clearing levels and other factors. DTCC stock is valued based on information provided by the DTCC, classified as a restricted security, and periodically evaluated for impairment based on the ultimate recovery of carrying value.
Comprehensive Income. Comprehensive income consists of net income and other comprehensive income (“OCI”). OCI includes unrealized gains and losses on available-for-sale securities and gains and losses on derivatives in designated cash flow hedge accounting relationships.
Derivatives. Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to economically hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in “Mortgage banking income” on the Consolidated Statements of Income.
The Company makes markets in interest rate swap and cap derivatives to facilitate customer demand. The Company enters into offsetting derivative transactions to offset its interest rate risk associated with this customer transaction activity. The Company acquired as part of the FDIC Loan Purchase certain customer-facing interest rate derivatives and related market-facing derivatives which offset the Company’s interest rate risk. For additional information on these derivatives see Note 2—
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Table of Contents
“Acquisitions” in the 2024 Form 10-K and Note 5— “Derivatives.” Changes in the fair values of these derivatives, and related fees, are included in “Banking and service fees” on the Consolidated Statements of Income.
Derivative assets and liabilities are not subject to any counterparty netting and are presented at fair value on a gross basis in “Other assets” and “Accounts payable and other liabilities”, respectively, in the Consolidated Balance Sheets and cash flows related to derivative assets and liabilities are presented in “Net change in assets and liabilities which provide (use) cash - Other Assets” and “Net change in assets and liabilities which provide (use) cash - Accounts payable and other liabilities,” respectively, in the Consolidated Statements of Cash Flows.
The Company applies hedge accounting to certain derivative instruments for interest rate risk management purposes. The Company uses such derivative instruments to hedge forecasted variable cash flows from floating-rate deposits. For designated cash flow hedges, changes in the fair value of the derivatives are initially recorded in OCI and subsequently recognized in earnings once the hedged item affects earnings. Derivative gains and losses reclassified to earnings are recognized in interest expense on the condensed Consolidated Statements of Income, consistent with the hedged floating-rate deposits.
Hedge accounting relationships, including the associated risk management objective and strategy, are formally documented at inception. Additionally, the effectiveness of hedge accounting relationships is monitored throughout the duration of the hedge period. Hedge accounting treatment is discontinued either when the derivative is terminated, when it is determined that a derivative is not expected to be, or has ceased to be, effective as a hedge or if the Company removes the cash flow hedge designation. If a hedge accounting relationship is terminated and the original hedged transaction remains probable to occur, the amount in accumulated other comprehensive income is recognized in earnings on a straight-line basis over the remaining term of the derivative. If the original hedged transaction no longer remains probable to occur, any amount in accumulated other comprehensive income is immediately recognized in income.
New Accounting Standards
Recently Adopted Accounting Standards
On July 1, 2024, the Company adopted Accounting Standards Update (“ASU”) 2023-02 which permits an election, if certain conditions are met, to account for tax equity investments using the proportional amortization method, which was previously limited to low-income housing tax credit (“LIHTC”) investments. As the Company’s tax equity investments solely comprise LIHTC investments accounted for under the proportional amortization method, there was no impact on its financial condition or results of operations upon adoption. For additional information on the Company’s LIHTC investments, see Note 12 – “Other Assets.”
Accounting Standards Issued But Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07 which requires disclosure of significant business segment expenses and a description of the composition of other segment expenses by business segment. The ASU also requires disclosure of the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company does not expect any impact on its financial condition or results of operations upon adoption.
In December 2023, the FASB issued ASU 2023-09 which requires further granularity on the disclosure of income taxes, including:
•Certain prescribed line items in the income tax rate reconciliation presented both in dollar and percentage terms;
•Income taxes paid, income before income taxes and income taxes disaggregated by federal, state and foreign taxes; and
•Further disaggregation of income taxes paid by any individual jurisdiction equal to or exceeding five percent of total income taxes paid.
This standard is effective for fiscal years beginning after December 15, 2024. The Company does not expect any impact on its financial condition or results of operations upon adoption.

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Table of Contents
2.     FAIR VALUE
The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at September 30, 2024 and June 30, 2024. Assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement:
September 30, 2024
(Dollars in thousands)Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
ASSETS:
Trading securities
$594 $— $594 
Available-for-sale securities:
Agency MBS43,120 — 43,120 
Non-Agency MBS— 91,309 91,309 
Municipal3,567 — 3,567 
Total—Available-for-sale securities:
$46,687 $91,309 $137,996 
Loans held for sale$14,566 $— $14,566 
Servicing rights$— $27,335 $27,335 
Other assets—Derivative instruments$66,172 $— $66,172 
LIABILITIES:
Accounts payable and other liabilities—Derivative instruments$63,225 $— $63,225 

June 30, 2024
(Dollars in thousands)Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
ASSETS:
Trading securities$353 $— $353 
Available-for-sale securities:
Agency MBS
27,259 — 27,259 
Non-Agency MBS
— 110,928 110,928 
Municipal3,424 — 3,424 
Total—Available-for-sale securities:$30,683 $110,928 $141,611 
Loans held for sale$16,482 $— $16,482 
Servicing rights$— $28,924 $28,924 
Other assets—Derivative instruments
$106,796 $— $106,796 
LIABILITIES:
Accounts payable and other liabilities—Derivative instruments$102,949 $— $102,949 

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The following tables present additional information about assets measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:
For the Three Months Ended
September 30, 2024
(Dollars in thousands)
Available-for-sale Securities:
Non-Agency MBS
Servicing Rights1
Total
Opening Balance$110,928 $28,924 $139,852 
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income— (1,852)(1,852)
Included in other comprehensive income782 — 782 
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions— 263 263 
Settlements(20,401)— (20,401)
Closing balance$91,309 $27,335 $118,644 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$— $(1,852)$(1,852)
1 Earnings from servicing rights were attributable to: time and payoffs, representing a decrease in servicing rights value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period of $0.2 million for the three months ended September 30, 2024 and a decrease in servicing rights value resulting from market-driven changes in interest rates of $1.6 million for the three months ended September 30, 2024. Additions to servicing rights were related to purchases and servicing rights retained upon sale of loans held for sale.

For the Three Months Ended
September 30, 2023
(Dollars in thousands)
Available-for-sale Securities:
Non-Agency MBS
Servicing Rights1
Total
Opening Balance$205,005 $25,443 $230,448 
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income— 1,858 1,858 
Included in other comprehensive income1,316 — 1,316 
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions— 2,037 2,037 
Settlements(245)— (245)
Closing balance$206,076 $29,338 $235,414 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$— $1,858 $1,858 
1 Earnings from servicing rights were attributable to: time and payoffs, representing a decrease in servicing rights value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period of $0.2 million for the three months ended September 30, 2023, and an increase in servicing rights value resulting from market-driven changes in interest rates of $2.1 million for the three months ended September 30, 2023. Additions to servicing rights were related to purchases and servicing rights retained upon sale of loans held for sale.

9
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The table below summarizes the quantitative information about Level 3 fair value measurements:
September 30, 2024
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable Input
Range (Weighted Average)1
Available-for-sale securities: Non-Agency MBS
$91,309 Discounted Cash Flow
Projected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate over SOFR Swaps,
Credit Enhancement
0.0 to 69.6% (34.5%)
0.0 to 5.5% (2.6%)
0.0 to 68.9% (32.6%)
2.5 to 4.9% (2.6%)
0.0 to 64.3% (26.1%)
Servicing Rights
$27,335 Discounted Cash FlowProjected Constant Prepayment Rate,
Life (in years),
Discount Rate
5.2 to 24.2% (10.9%)
2.4 to 11.1 (8.3)
9.5 to 11.2% (9.8%)
June 30, 2024
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable Input
Range (Weighted Average)1
Available-for-sale securities: Non-Agency MBS$110,928 Discounted Cash Flow
Projected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate over SOFR Swaps,
Credit Enhancement
0.0 to 72.1% (38.0%)
0.0 to 13.7% (2.8%)
0.0 to 68.9% (32.9%)
2.5 to 4.9% (2.5%)
0.0 to 64.9% (22.8%)
Servicing Rights
$28,924 Discounted Cash FlowProjected Constant Prepayment Rate,
Life (in years),
Discount Rate
5.5 to 95.2% (11.8%)
0.4 to 14.9 (7.9)
9.5 to 11.2% (9.8%)
1 The weighted average for Available-for-sale securities: Non-agency MBS is based on the relative fair value of the securities and for Servicing Rights is based on the relative unpaid principal of the loans being serviced.
For non-agency mortgage-backed securities, significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the projected loss severity and a directionally opposite change in the assumption used for projected prepayment rates. For servicing rights, significant increases in projected prepayment rates or discount rates in isolation would result in a significantly lower fair value measurement, while a significant increase in expected life in isolation would result in a significantly higher fair value measurement. Generally, a change in the projected prepayment rates is accompanied by a directionally opposite change in expected life.
The aggregate fair value of loans held for sale, carried at fair value, the contractual balance (including accrued interest), and the unrealized gain were:
(Dollars in thousands)September 30, 2024June 30, 2024
Aggregate fair value$14,566 $16,482 
Contractual balance13,977 15,966 
Unrealized gain$589 $516 
The total interest income and amount of gains and losses from changes in fair value included in earnings for loans held for sale were:
September 30,
(Dollars in thousands)20242023
Interest income$288 $189 
Change in fair value17 (129)
Total $305 $60 
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Fair Value of Financial Instruments
Carrying amounts and estimated fair values of financial instruments at September 30, 2024 and June 30, 2024 were:
September 30, 2024
Fair Value
(Dollars in thousands)Carrying
Amount		Level 1Level 2Level 3Total Fair Value
Financial assets:
Cash, cash equivalents and restricted cash
$2,803,856 $2,803,856 $— $— $2,803,856 
Trading securities
594 — 594 — 594 
Available-for-sale securities
137,996 — 46,687 91,309 137,996 
Stock of regulatory agencies34,417 — 34,417 — 34,417 
Loans held for sale, at fair value14,566 — 14,566 — 14,566 
Loans held for investment—net19,280,609 — — 19,563,846 19,563,846 
Securities borrowed84,326 — — 83,501 83,501 
Customer, broker-dealer and clearing receivables262,774 — — 261,163 261,163 
Servicing rights
27,335 — — 27,335 27,335 
Other assets - derivative instruments66,172 — 66,172 — 66,172 
Financial liabilities:
Total deposits19,973,329 — 19,743,134 — 19,743,134 
Advances from the Federal Home Loan Bank90,000 — 86,700 — 86,700 
Borrowings, subordinated notes and debentures313,519 — 285,114 — 285,114 
Securities loaned95,883 — — 95,398 95,398 
Customer, broker-dealer and clearing payables315,985 — — 315,985 315,985 
Accounts payable and other liabilities - derivative instruments63,225 — 63,225 — 63,225 
June 30, 2024
Fair Value
(Dollars in thousands)Carrying
Amount		Level 1Level 2Level 3Total Fair Value
Financial assets:
Cash, cash equivalents and restricted cash
$2,185,776 $2,185,776 $— $— $2,185,776 
Trading securities
353 — 353 — 353 
Available-for-sale securities
141,611 — 30,683 110,928 141,611 
Stock of regulatory agencies
21,957 — 21,957 — 21,957 
Loans held for sale, at fair value16,482 — 16,482 — 16,482 
Loans held for investment—net19,231,385 — — 19,209,442 19,209,442 
Securities borrowed67,212 — — 71,480 71,480 
Customer, broker-dealer and clearing receivables240,028 — — 249,317 249,317 
Servicing rights
28,924 — — 28,924 28,924 
Other assets - derivative instruments
106,796 — 106,796 — 106,796 
Financial liabilities:
Total deposits19,359,217 — 19,217,281 — 19,217,281 
Advances from the Federal Home Loan Bank90,000 — 84,201 — 84,201 
Borrowings, subordinated notes and debentures325,679 — 302,487 — 302,487 
Securities loaned74,177 — — 74,021 74,021 
Customer, broker-dealer and clearing payables301,127 — — 301,127 301,127 
Accounts payable and other liabilities - derivative instruments102,949 — 102,949 — 102,949 
The carrying amount represents the estimated fair value for cash, cash equivalents and restricted cash, stock of regulatory agencies, interest bearing deposits, accrued interest receivable and payable, demand deposits, short-term debt, and variable rate loans or deposits that reprice frequently and fully. For fixed rate loans, deposits, borrowings or subordinated debt and for variable rate loans, deposits, borrowings or subordinated debt with infrequent repricing or repricing limits, fair value is based on discounted cash flows using current market rates applied to the estimated life and credit risk. A discussion of the methods of valuing trading securities, available-for-sale securities, loans held for sale and derivatives can be found in Note 3—“Fair Value” in the 2024 Form 10-K. The fair value of off-balance sheet items is not considered material.
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3.         AVAILABLE-FOR-SALE SECURITIES
The amortized cost and fair value of available-for-sale securities were:
September 30, 2024
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
Agency1
$44,702 $359 $(1,941)$43,120 
Non-agency2
90,258 1,295 (244)91,309 
Total mortgage-backed securities134,960 1,654 (2,185)134,429 
Municipal3,822 — (255)3,567 
Total available-for-sale securities
$138,782 $1,654 $(2,440)$137,996 
June 30, 2024
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
Agency1
$29,835 $83 $(2,659)$27,259 
Non-agency2
110,658 838 (568)110,928 
Total mortgage-backed securities140,493 921 (3,227)138,187 
Municipal3,788 — (364)3,424 
Total available-for-sale securities
$144,281 $921 $(3,591)$141,611 
1 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac.
2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by prime, Alt-A or pay-option ARM mortgages.
The Company evaluates available-for-sale securities in an unrealized loss position based on an analysis of a number of factors, including, but not limited to: (1) the credit characteristics of the securities, such as the forecasted cash flows, credit ratings, credit enhancement, and government agency or government sponsored enterprise backing, as applicable, and (2) whether the Company intends to sell or will be required to sell any of the securities before recovering the amortized cost basis. Based on its analysis, the Company determined the unrealized losses on available-for-sale securities are primarily driven by the increase in interest rates since the securities were purchased and, accordingly, no credit losses were recognized on available-for-sale securities in the three months ended September 30, 2024 and September 30, 2023. There was no amount in the allowance for credit losses for available-for-sale securities at September 30, 2024 and June 30, 2024.
The face amounts of available-for-sale securities pledged to secure borrowings were $0.8 million as of September 30, 2024 and June 30, 2024.
There were no sales of available-for-sale securities during the three months ended September 30, 2024 and September 30, 2023.
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Securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were:
September 30, 2024
Available-for-sale securities in loss position for
Less Than
12 Months		More Than
12 Months		Total
(Dollars in thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
MBS:
Agency
$15,991 $(8)$18,741 $(1,933)$34,732 $(1,941)
Non-agency— — 58,565 (244)58,565 (244)
Total MBS15,991 (8)77,306 (2,177)93,297 (2,185)
Municipal— — 3,567 (255)3,567 (255)
Total available-for-sale securities
$15,991 $(8)$80,873 $(2,432)$96,864 $(2,440)
June 30, 2024
Available-for-sale securities in loss position for
Less Than
12 Months		More Than
12 Months		Total
(Dollars in thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
MBS:
Agency
$2,644 $(31)$19,298 $(2,628)$21,942 $(2,659)
Non-agency15 — 78,364 (568)78,379 (568)
Total MBS2,659 (31)97,662 (3,196)100,321 (3,227)
Municipal— — 3,424 (364)3,424 (364)
Total available-for-sale securities
$2,659 $(31)$101,086 $(3,560)$103,745 $(3,591)
The following table sets forth the expected maturity distribution of our mortgage-backed securities, which is based on assumed prepayment rates, and the maturity distribution of our non-MBS, which is based on the contractual maturity:
As of September 30, 2024
(Dollars in thousands)Total AmountDue Within One YearDue after One but within Five YearsDue after Five but within Ten YearsDue After Ten Years
MBS:
Agency$44,702 $10,367 $25,954 $6,323 $2,058 
Non-Agency$90,258 $86,452 $1,817 $1,389 $600 
Total MBS$134,960 $96,819 $27,771 $7,712 $2,658 
Municipal$3,822 $— $— $— $3,822 
Available-for-sale—Amortized cost
$138,782 $96,819 $27,771 $7,712 $6,480 
Available-for-sale—Fair value$137,996 $96,543 $27,421 $7,735 $6,297 

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4.    LOANS & ALLOWANCE FOR CREDIT LOSSES
The Company categorizes the loan portfolio into five segments: Single Family - Mortgage & Warehouse, Multifamily and Commercial Mortgage, Commercial Real Estate, Commercial & Industrial - Non Real Estate (“Non-RE”) and Auto & Consumer. For further detail of the segments of the Company’s loan portfolio, see Note 1—“Organizations and Summary of Significant Accounting Policies” in the 2024 Form 10-K.
The following table sets forth the composition of the loan portfolio:
(Dollars in thousands)September 30, 2024June 30, 2024
Single Family - Mortgage & Warehouse$4,151,583 $4,178,832 
Multifamily and Commercial Mortgage1
3,647,469 3,861,931 
Commercial Real Estate1
6,256,265 6,088,622 
Commercial & Industrial - Non-RE5,354,752 5,241,766 
Auto & Consumer415,765 431,660 
Total gross loans19,825,834 19,802,811 
Allowance for credit losses - loans(263,854)(260,542)
Unaccreted premiums (discounts) and loan fees(281,371)(310,884)
Total net loans$19,280,609 $19,231,385 
1 Includes purchased credit deteriorated (“PCD”) loans of $282.6 million and $284.0 million in Multifamily and Commercial Mortgage and $44.5 million and $44.5 million in Commercial Real Estate as of September 30, 2024 and June 30, 2024, respectively. For further detail on PCD loans, see Note 1—“Organizations and Summary of Significant Accounting Policies” in the 2024 Form 10-K.
Accrued interest receivable on loans held for investments totaled $120.1 million and $119.8 million as of September 30, 2024 and June 30, 2024, respectively.
At September 30, 2024 and June 30, 2024, the Company has pledged certain loans totaling $4,680.7 million and $4,942.8 million, respectively, to the FHLB and $8,194.2 million and $8,197.2 million, respectively, to the Federal Reserve Bank of San Francisco (“FRBSF”).
The following table presents loan-to-value (“LTV”) for the Company’s real estate loans outstanding as of September 30, 2024:
Total Real Estate LoansSingle Family - Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real Estate
Weighted-Average LTV47.9 %55.8 %52.1 %40.1 %
Median LTV52.0 %54.0 %50.0 %43.5 %
The Company’s effective weighted-average LTV was 50.9% for loans within its real estate portfolio originated during the three months ended September 30, 2024.
The following table presents the components of the provision for credit losses:
September 30,
(Dollars in thousands)
20242023
Provision for credit losses - loans
$11,500 $5,750 
Provision for credit losses - unfunded lending commitments
2,500 1,250 
    Total provision for credit losses
$14,000 $7,000 
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The following tables summarize activity in the allowance for credit losses - loans by portfolio segment:
For the Three Months Ended September 30, 2024
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerTotal
Balance at July 1, 2024
$16,943 $70,771 $87,780 $76,032 $9,016 $260,542 
Provision (benefit) for credit losses - loans464 (1,806)7,252 3,555 2,035 11,500 
Charge-offs— (3,357)— (3,032)(2,849)(9,238)
Recoveries46 — — — 1,004 1,050 
Balance at September 30, 2024
$17,453 $65,608 $95,032 $76,555 $9,206 $263,854 
For the Three Months Ended September 30, 2023
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerTotal
Balance at July 1, 2023
$17,503 $16,848 $72,755 $46,347 $13,227 $166,680 
Provision (benefit) for credit losses - loans(10)(974)(1,400)8,245 (111)5,750 
Charge-offs(80)— — — (2,281)(2,361)
Recoveries13 — — — 788 801 
Balance at September 30, 2023
$17,426 $15,874 $71,355 $54,592 $11,623 $170,870 
For the three months ended September 30, 2024, the allowance for credit losses for loans increased as a result of the provision for credit losses, partially offset by net charge-offs. The provision for credit losses was primarily due to the quantitative impact of macroeconomic variables in the allowance for credit losses model, primarily the U.S. unemployment rate, and increases in specific reserves, mainly in the commercial & industrial - non-RE portfolio.
Loan products within each portfolio contain varying collateral types which impact the estimate of the loss given default utilized in the calculation of the allowance. For further discussion of the model method of estimating expected lifetime credit losses, see Note 1—“Organizations and Summary of Significant Accounting Policies” in the 2024 Form 10-K. The following tables present a summary of the activity in the allowance for credit losses for off-balance sheet lending commitments:
Three Months Ended September 30,
(Dollars in thousands)20242023
Balance at July 1,
$10,223 $10,473 
Provision for credit losses - unfunded lending commitments
2,500 1,250 
Balance at September 30,
$12,723 $11,723 
The increase in the allowance for off-balance sheet lending commitments for the three months ended September 30, 2024, was primarily driven by unfunded lending commitment growth, primarily in the commercial & industrial - non-RE portfolio.



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Credit Quality Disclosures. The following tables provide the composition of loans that are performing and nonaccrual by portfolio segment:
September 30, 2024
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerTotal
Performing$4,092,504 $3,616,032 $6,215,663 $5,311,156 $413,781 $19,649,136 
Nonaccrual59,079 31,437 40,602 43,596 1,984 176,698 
Total$4,151,583 $3,647,469 $6,256,265 $5,354,752 $415,765 $19,825,834 
Nonaccrual loans to total loans0.89 %
June 30, 2024
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerTotal
Performing$4,133,121 $3,826,877 $6,062,520 $5,237,746 $429,188 $19,689,452 
Nonaccrual45,711 35,054 26,102 4,020 2,472 113,359 
Total$4,178,832 $3,861,931 $6,088,622 $5,241,766 $431,660 $19,802,811 
Nonaccrual loans to total loans0.57 %
There were no nonaccrual loans without an allowance for credit losses as of September 30, 2024 and June 30, 2024. There was no interest income recognized on nonaccrual loans in the three months ended September 30, 2024 and 2023. Loans reaching 90 days past due are generally placed on nonaccrual status and risk rated as substandard or doubtful. Loans not yet reaching 90 days past due may be placed on nonaccrual status based on management’s assessment of the aging of contractual principal amounts due, among other factors.
Credit Quality Indicators. The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends. In addition to the borrower’s primary source of repayment, in its risk rating process the Company considers all available sources of repayment, including obligor guaranties and liquidations of pledged collateral, where individually or together such sources would fully repay the loan on a timely basis. The Company analyzes loans individually by classifying the loans based on credit risk. The Company uses the following internally-defined risk ratings.
Pass. Loans where repayment in full is expected through any of the borrower’s sources of repayment.
Special Mention. Loans where any credit risk is not considered significant yet require management’s attention given certain currently identified characteristics of the borrower, collateral securing the loan and the obligor’s net worth and paying capacity. If the identified credit risks are not adequately monitored or mitigated, the loan may weaken and the Company’s credit position with respect to the loan may deteriorate in the future.
Substandard. Loans where currently identified characteristics of the borrower, collateral securing the loan and the obligor’s net worth and paying capacity, taken together, could jeopardize the repayment of the debt. A loan not fully supported by at least one available source of repayment and involves a distinct possibility that the Company will sustain some loss in that loan if the weakness is not cured. A loan supported by a guaranty, collateral sufficient to incentivize a sale or refinance, or cash flow that is sufficient for timely repayment in full will not be classified as substandard even if the loan has a well-defined weakness in other sources of repayment.
Doubtful. Loans reflecting the same characteristics as those classified as substandard, but for which repayment in full in accordance with the contractual terms is currently considered highly unlikely.
The Company reviews and grades loans following a continuous review process, featuring coverage of all loan types and business lines at least quarterly. Continuous reviewing provides more effective risk monitoring because it immediately tests for potential impacts caused by changes in personnel, policy, products or underwriting standards.
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The following tables present the composition of loans by portfolio segment, fiscal year of origination and credit quality indicator, and the amount of year-to-date gross charge-offs.
September 30, 2024
Loans Held for Investment by Fiscal Year of Origination
Revolving Loans Total
(Dollars in thousands)20252024202320222021Prior
Single Family-Mortgage & Warehouse
Pass$123,052 $434,335 $550,071 $1,171,584 $476,230 $912,453 $345,288 $4,013,013 
Special Mention— 31,000 — 7,374 5,394 34,621 — 78,389 
Substandard— — 1,085 9,668 — 49,428 — 60,181 
Doubtful— — — — — — — — 
Total123,052 465,335 551,156 1,188,626 481,624 996,502 345,288 4,151,583 
Year-to-date gross charge-offs— — — — — — — — 
Multifamily and Commercial Mortgage
Pass6,410 30,848 652,262 1,023,889 493,090 1,221,788 — 3,428,287 
Special Mention— — 23,774 41,030 8,975 52,624 — 126,403 
Substandard— — 9,166 7,435 29,396 46,782 — 92,779 
Doubtful— — — — — — — — 
Total6,410 30,848 685,202 1,072,354 531,461 1,321,194 — 3,647,469 
Year-to-date gross charge-offs— — — — — 3,357 — 3,357 
Commercial Real Estate
Pass725,167 1,939,760 1,144,414 1,234,466 143,009 45,487 871,853 6,104,156 
Special Mention— 63,389 — — — — — 63,389 
Substandard— — 14,608 43,700 11,650 14,852 3,910 88,720 
Doubtful— — — — — — — — 
Total725,167 2,003,149 1,159,022 1,278,166 154,659 60,339 875,763 6,256,265 
Year-to-date gross charge-offs— — — — — — — — 
Commercial & Industrial - Non-RE
Pass201,920 923,047 465,232 151,653 42,580 31,291 3,299,654 5,115,377 
Special Mention— 13,500 386 678 3,893 — 4,284 22,741 
Substandard— 243 32,942 128,295 — 2,989 42,165 206,634 
Doubtful— — — 10,000 — — — 10,000 
Total201,920 936,790 498,560 290,626 46,473 34,280 3,346,103 5,354,752 
Year-to-date gross charge-offs— — — — 1,032 — 2,000 3,032 
Auto & Consumer
Pass28,400 62,125 103,149 158,952 38,274 21,978 — 412,878 
Special Mention— 34 275 390 69 26 — 794 
Substandard— 9 567 1,108 234 175 — 2,093 
Doubtful— — — — — — — — 
Total28,400 62,168 103,991 160,450 38,577 22,179 — 415,765 
Year-to-date gross charge-offs— 197 626 1,354 494 178 — 2,849 
Total
Pass1,084,949 3,390,115 2,915,128 3,740,544 1,193,183 2,232,997 4,516,795 19,073,711 
Special Mention— 107,923 24,435 49,472 18,331 87,271 4,284 291,716 
Substandard— 252 58,368 190,206 41,280 114,226 46,075 450,407 
Doubtful— — — 10,000 — — — 10,000 
Total$1,084,949 $3,498,290 $2,997,931 $3,990,222 $1,252,794 $2,434,494 $4,567,154 $19,825,834 
As a % of total gross loans5.5%17.6%15.1%20.1%6.3%12.3%23.1%100.0%
Total year-to-date gross charge-offs$— $197 $626 $1,354 $1,526 $3,535 $2,000 $9,238 
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June 30, 2024
Loans Held for Investment by Fiscal Year of Origination
Revolving Loans Total
(Dollars in thousands)20242023202220212020Prior
Single Family-Mortgage & Warehouse
Pass$491,822 $590,060 $1,200,230 $487,132 $291,047 $720,049 $256,778 $4,037,118 
Special Mention31,000 — 24,489 665 6,591 26,873 — 89,618 
Substandard— 283 6,728 — 14,720 30,365 — 52,096 
Doubtful— — — — — — — — 
Total522,822 590,343 1,231,447 487,797 312,358 777,287 256,778 4,178,832 
Year-to-date gross charge-offs— — — — — 172 — 172 
Multifamily and Commercial Mortgage
Pass36,058 700,163 994,004 595,299 510,341 811,184 — 3,647,049 
Special Mention— 29,325 46,194 17,478 9,011 10,277 — 112,285 
Substandard— 13,489 12,509 15,507 41,013 20,079 — 102,597 
Doubtful— — — — — — — — 
Total36,058 742,977 1,052,707 628,284 560,365 841,540 — 3,861,931 
Year-to-date gross charge-offs— — — — 640 — — 640 
Commercial Real Estate
Pass1,952,001 1,419,399 1,456,643 221,061 7,741 53,000 866,686 5,976,531 
Special Mention— — 27,452 — — — — 27,452 
Substandard— 5,600 43,700 5,000 — 30,339 — 84,639 
Doubtful— — — — — — — — 
Total1,952,001 1,424,999 1,527,795 226,061 7,741 83,339 866,686 6,088,622 
Year-to-date gross charge-offs— — — — — — — — 
Commercial & Industrial - Non-RE
Pass991,497 458,454 238,397 44,923 10,422 12,867 3,295,425 5,051,985 
Special Mention— 1,613 731 1,818 — — 5,349 9,511 
Substandard— 34,433 122,729 1,031 — 2,988 19,089 180,270 
Doubtful— — — — — — — — 
Total991,497 494,500 361,857 47,772 10,422 15,855 3,319,863 5,241,766 
Year-to-date gross charge-offs— — — — — 84 — 84 
Auto & Consumer
Pass65,766 114,615 177,043 43,287 13,402 14,056 — 428,169 
Special Mention33 213 422 176 — 61 — 905 
Substandard142 547 1,264 410 114 109 — 2,586 
Doubtful— — — — — — — — 
Total65,941 115,375 178,729 43,873 13,516 14,226 — 431,660 
Year-to-date gross charge-offs202 3,471 5,212 1,556 303 269 — 11,013 
Total
Pass3,537,144 3,282,691 4,066,317 1,391,702 832,953 1,611,156 4,418,889 19,140,852 
Special Mention31,033 31,151 99,288 20,137 15,602 37,211 5,349 239,771 
Substandard142 54,352 186,930 21,948 55,847 83,880 19,089 422,188 
Doubtful— — — — — — — — 
Total$3,568,319 $3,368,194 $4,352,535 $1,433,787 $904,402 $1,732,247 $4,443,327 $19,802,811 
As a % of total gross loans18.0%17.0%22.0%7.2%4.6%8.8%22.4%100.0%
Total year-to-date gross charge-offs$202 $3,471 $5,212 $1,556 $943 $525 $— $11,909 


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The following tables provide the aging of loans by portfolio segment:
September 30, 2024
(Dollars in thousands)Current30-59 Days60-89 Days90+ DaysTotal
Single Family-Mortgage & Warehouse$4,059,299 $20,107 $13,715 $58,462 $4,151,583 
Multifamily and Commercial Mortgage3,572,637 29,631 9,648 35,553 3,647,469 
Commercial Real Estate6,179,503 7,610 5,000 64,152 6,256,265 
Commercial & Industrial - Non-RE5,348,357 6,395 — — 5,354,752 
Auto & Consumer408,728 4,992 1,043 1,002 415,765 
Total$19,568,524 $68,735 $29,406 $159,169 $19,825,834 
As a % of total gross loans98.70 %0.35 %0.15 %0.80 %100 %
June 30, 2024
(Dollars in thousands)Current30-59 Days60-89 Days90+ DaysTotal
Single Family-Mortgage & Warehouse$4,070,186 $46,387 $18,401 $43,858 $4,178,832 
Multifamily and Commercial Mortgage3,795,387 13,074 8,554 44,916 3,861,931 
Commercial Real Estate6,024,470 — 25,950 38,202 6,088,622 
Commercial & Industrial - Non-RE
5,240,734 — — 1,032 5,241,766 
Auto & Consumer424,555 4,644 996 1,465 431,660 
Total$19,555,332 $64,105 $53,901 $129,473 $19,802,811 
As a % of total gross loans98.75 %0.33 %0.27 %0.65 %100 %
Loans reaching 90 or more days past due are generally placed on nonaccrual. As of September 30, 2024 and June 30, 2024, there were loans of $34.1 million and $20.2 million, respectively, over 90 days past due and still accruing interest as the Company expects to collect the principal and interest amounts due.
Single family mortgage loans in process of foreclosure were $23.0 million and $20.1 million as of September 30, 2024 and June 30, 2024, respectively.
Loan Modifications to Borrowers Experiencing Financial Difficulty. The Company may grant certain modifications of loans to borrowers experiencing financial difficulty, which effective following the adoption of ASU 2022-02, are reported as financial difficulty modifications (“FDMs”). The Company’s modification programs provide various modifications to borrowers experiencing financial difficulty which may include interest rate reductions, term extensions, payment delays and/or principal forgiveness. For the three months ended September 30, 2024 and 2023, there were no FDMs.
5.    DERIVATIVES
For additional information on the Company’s derivative instruments, see Note 1—“Organizations and Summary of Significant Accounting Policies”, Note 3—“Fair Value” and Note 6—“Derivatives” in the 2024 Form 10-K and Note 2—“Fair Value”.
The following table presents the notional amounts and fair values of the Company’s derivative instruments. While the notional amounts give an indication of the volume of the Company’s derivatives activity, the notional amounts significantly exceed, in the Company’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged, rather it is a reference amount used to calculate payments. As of June 30, 2024, there were no derivatives designated in hedge accounting relationships.
September 30, 2024June 30, 2024
Fair ValueFair Value
(Dollars in thousands)Notional AmountDerivative AssetsDerivative LiabilitiesNotional AmountDerivative AssetsDerivative Liabilities
Derivatives designated as hedging instruments
Interest rate contracts
$400,000 $401 $— $— $— $— 
Derivatives not designated as hedging instruments
Interest rate contracts
2,516,173 65,771 63,225 $2,435,874 106,796 102,949 
Total derivatives$2,916,173 $66,172 $63,225 $2,435,874 $106,796 $102,949 
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Derivatives designated as hedging instruments
The following table presents pre-tax gains/(losses) on derivative instruments used in cash flow hedge accounting relationships.
For the Three Months Ended September 30,
(Dollars in thousands)20242023
Amounts recorded in OCI$553 $— 
Amounts reclassified from AOCI to income— — 
Total change in OCI for period$553 $— 
The Company did not experience any forecasted transactions that failed to occur during the three months ended September 30, 2024 or 2023. There are no amounts excluded from the assessment of hedge effectiveness.
At September 30, 2024, the Company expects that approximately $2.1 million of pre-tax net gain related to cash flow hedges recorded in accumulated other comprehensive income (“AOCI”) will be recognized in income over the next 12 months. The maximum length of time over which forecasted transactions are hedged is approximately three years.
Derivatives not designated as hedging instruments
The following table presents the pre-tax gains/(losses) related to the Company’s derivative instrument activity recognized in the Condensed Consolidated Statements of Income:
For the Three Months Ended September 30,
(Dollars in thousands)
20242023
Banking and service fees
$(1,372)$340 
Mortgage banking and servicing rights income(251)277 
6.    OFFSETTING OF DERIVATIVES AND SECURITIES FINANCING AGREEMENTS
The Company enters into derivatives transactions as part of its mortgage banking activities, makes markets in interest rate swap and cap derivatives to facilitate customer demand, and enters into securities borrowed and securities loaned transactions to facilitate customer match-book activity, cover short positions and support customer securities lending. For additional information on offsetting see Note 7—“Offsetting of Derivatives and Securities Financing Agreements” in the 2024 Form 10-K.
The following tables present information about the offsetting of these instruments and related collateral amounts:
September 30, 2024
(Dollars in thousands)Gross Assets / LiabilitiesAmounts OffsetNet Balance Sheet Amount
Amounts Not Offset1
Net Assets / Liabilities
Assets:
Securities borrowed$84,326 $— $84,326 $84,326 $— 
Other Assets — Derivative Assets66,172 — 66,172 6,317 59,855 
Liabilities:
Securities loaned$95,883 $— $95,883 $95,883 $— 
Accounts Payable and Other Liabilities — Derivative Liabilities63,225 — 63,225 1,757 61,468 
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June 30, 2024
(Dollars in thousands)Gross Assets / LiabilitiesAmounts OffsetNet Balance Sheet Amount
Amounts Not Offset1
Net Assets / Liabilities
Assets:
Securities borrowed$67,212 $— $67,212 $67,212 $— 
Other Assets — Derivative Assets
106,796 — 106,796 18,524 88,272 
Liabilities:
Securities loaned$74,177 $— $74,177 $74,177 $— 
Accounts Payable and Other Liabilities — Derivative Liabilities102,949 — 102,949 414 102,535 
1 Amounts not offset reflect cash collateral received on Derivative Assets of $5.2 million and $18.1 million as of September 30, 2024 and June 30, 2024, respectively, and cash collateral placed on Derivative Liabilities of $0.6 million as of September 30, 2024. There was no cash collateral placed on Derivative Liabilities as of June 30, 2024.

The securities loaned transactions represent equities with an overnight and open maturity classification as of both periods presented.

7.    STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION
The Company has an equity incentive plan, the Amended and Restated 2014 Stock Incentive Plan (the “2014 Plan”), which provides for the granting of non-qualified and incentive stock options, restricted stock and restricted stock units, stock appreciation rights and other awards to employees, directors and consultants. The 2014 Plan is designed to encourage selected employees and directors to improve operations and increase profits, and to accept or continue employment or association with the Company through participation in the growth in the value of the Company’s common stock. The Company also has an employment agreement with its Chief Executive Officer that provides for an award of restricted stock units. For additional information regarding the Company’s stock-based compensation plans, see Note 16—“Stock-Based Compensation” in the 2024 Form 10-K.
At September 30, 2024, 1,279,635 shares of common stock were authorized for future awards under the 2014 Plan. As of September 30, 2024, the total compensation cost not yet recognized related to non-vested awards was $61.3 million, which is expected to be recognized over a weighted-average period of 1.6 years.
The following table presents the status and changes in RSUs:
RSUs
Weighted-Average
Grant-Date Fair Value
Non-vested balance at June 30, 2024
1,541,194 $43.95 
Granted640,058 63.15 
Vested(340,701)42.50 
Forfeited(20,981)44.74 
Non-vested balance at September 30, 2024
1,819,570 $50.97 
The total fair value of shares vested was $22.5 million and $14.8 million for the three months ended September 30, 2024 and September 30, 2023, respectively.
Common Stock Repurchases.
The following table presents common stock repurchases:
For the Three Months Ended September 30,
(Dollars in thousands except per share data)
20242023
Total repurchase
$— $24,535 
Number of shares repurchased
— 648,208 
Average price paid per share
$— $37.85 
As of September 30, 2024, there was $106.5 million of share repurchase authorization remaining. The share repurchase program will continue in effect until terminated by the Board of Directors of the Company. For additional information regarding the Company’s share repurchase program, see Note 15—“Stockholders' Equity” in the 2024 Form 10-K.
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Accumulated Other Comprehensive Income
Accumulated other comprehensive income includes the after-tax change in unrealized gains and losses on investment securities and cash flow hedging activities.
For the Three Months Ended September 30, 2024
(Dollars in thousands)Unrealized gain (loss) on available-for-sale securitiesCash flow hedgesAccumulated other comprehensive income
Balance at June 30, 2024$(2,466)$— $(2,466)
Other comprehensive income/(loss)1,319 382 1,701 
Balance at September 30, 2024$(1,147)$382 $(765)
For the Three Months Ended September 30, 2023
(Dollars in thousands)Unrealized gain (loss) on available-for-sale securitiesCash flow hedgesAccumulated other comprehensive income
Balance at June 30, 2023$(6,610)$— $(6,610)
Other comprehensive income/(loss)222 — 222 
Balance at September 30, 2023$(6,388)$— $(6,388)
The following table presents the pre-tax and after-tax changes in the components of other comprehensive income.
For the Three Months Ended
September 30, 2024		For the Three Months Ended
September 30, 2023
(Dollars in thousands)Pre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Unrealized gain/(loss) on investment securities:
Net unrealized gains/(losses) arising during the period$1,884 $(565)$1,319 $334 $(112)$222 
Reclassification adjustment for realized (gains)/losses included in net income— — — — — — 
Net change$1,884 $(565)$1,319 $334 $(112)$222 
Cash flow hedges:
Net unrealized gains/(losses) arising during the period$553 $(171)$382 $— $— $— 
Reclassification adjustment for realized (gains)/losses included in net income— — — — — — 
Net change553 (171)382 — — — 
Total other comprehensive income$2,437 $(736)$1,701 $334 $(112)$222 
8.    EARNINGS PER COMMON SHARE
The following table presents the calculation of basic and diluted earnings per common share (“EPS”):
Three Months Ended
September 30,
(Dollars in thousands, except per share data)20242023
Earnings Per Common Share
Net income$112,340 $82,645 
Average common shares issued and outstanding56,934,671 58,949,038 
Earnings per common share$1.97 $1.40 
Diluted Earnings Per Common Share
Net income$112,340 $82,645 
Average common shares issued and outstanding56,934,671 58,949,038 
Dilutive effect of average unvested RSUs1,233,797 859,284 
Average dilutive common shares outstanding
58,168,468 59,808,322 
Diluted earnings per common share$1.93 $1.38 
Weighted average antidilutive common stock equivalents (excluded from the computation of EPS)— 5,348 
For further information regarding the Company’s EPS calculation, see Note 17—“Earnings per Common Share” in the 2024 Form 10-K.
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9.        COMMITMENTS AND CONTINGENCIES
Credit-Related Financial Instruments. The Company is a party to credit-related financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are commitments to extend credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets.
The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance-sheet instruments. The following table presents a summary of off-balance sheet commitments.
(dollars in thousands)September 30, 2024
Commitments to fund loans$4,155,531 
Commitments to sell loans$37,729 
Commitments to contribute capital$4,514 
Standby letters of credit$16,472 
In addition, the Company has $38.1 million of commitments to contribute capital to LIHTC investments included in “Accounts Payable and Other Liabilities” on the Consolidated Balance Sheets. See Note 12—“Other Assets” for additional information on LIHTC investments.
Commitments to extend credit are agreements to lend to a customer so long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. For single family loans classified as held for sale, the Company matches unfunded commitments to originate loans with commitments to sell loans. The Company also has standby letters of credit commitments.
In the normal course of business, Axos Clearing LLC’s (“Axos Clearing”) customer activities involve the execution, settlement, and financing of various customer securities transactions. These activities may expose Axos Clearing to off-balance-sheet risk in the event the customer or other broker is unable to fulfill its contracted obligations and Axos Clearing has to purchase or sell the financial instrument underlying the contract at a loss. Axos Clearing’s clearing agreements with broker-dealers for which it provides clearing services requires them to indemnify Axos Clearing if customers fail to satisfy their contractual obligation.
Litigation. A consolidated derivative action, In re BofI Holding, Inc., Case No. 15cv2722 GPC (KSC), is pending before the United States District Court for the Southern District of California (the “Derivative Action”). The complaint in the Derivative Action sets forth allegations made in a related employment action, Erhart v. BofI Holding Inc., No. 15cv2287 BAS (NLS) (S.D. Cal.) (the “Employment Action”) brought by a former employee of the Company and was stayed pending resolution of the Employment Action. On October 4, 2023, the court hearing the Employment Action entered a final amended judgment awarding damages and attorneys’ fees to the plaintiff. The defendant filed a Notice of Appeal from the Employment Action judgment and all orders merged therein, and the parties have filed opening and responsive briefs. On January 2, 2024, the Derivative Action plaintiff filed a Third Amended Complaint. On March 5, 2024, the court stayed the case until resolution of the appeal in the Employment Action. The Derivative Action defendants dispute, and intend to vigorously defend against, the allegations raised in the Third Amended Complaint. The Derivative Action plaintiff seeks damages on behalf of the Company with respect to the Employment Action and also seeks damages on behalf of the Company in connection with a now settled securities class action that was also based upon allegations made in the Employment Action and settled within available insurance coverage without attribution of wrongdoing to the Company, its management, or its directors.
In view of the inherent difficulty of predicting the final outcome of the Employment Action it is not possible to reasonably predict or estimate the eventual loss or range of loss, if any, related thereto.
On October 26, 2022, a jury verdict was reached in the case of MUFG Union Bank, N.A. v. Axos Bank, et al, awarding damages to MUFG Union Bank, N.A. Judgment on such verdict was initially entered on June 5, 2023, and a corrected judgment was entered on June 20, 2023. The Company filed a Notice of Appeal to the Supreme Court of the State of New York Appellate Division (the “Appellate Division”) on July 6, 2023, and the plaintiff filed a Notice of Cross-Appeal on July 20, 2023. The Appellate Division held oral arguments on the appeal and cross-appeal on March 5, 2024. On March 26, 2024, the Appellate Division entered an order vacating the finding of liability and award of $2.5 million in damages for plaintiff’s breach of contract claim as well as the associated prejudgment interest. In addition, the Appellate Division rejected plaintiff’s cross
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appeal. On July 18, 2024, the Appellate Division denied defendants’ motion for leave to appeal and plaintiff’s cross-motion for re-argument or leave to appeal the March 26, 2024 order. On August 19, 2024, the Company and the plaintiff each filed a motion for leave to appeal with the New York Court of Appeals. Oppositions to each motion were filed on September 3, 2024. The Company recorded a $16 million accrued expense in “Accounts payable and other liabilities” on the Consolidated Balance Sheets and in “General and administrative expense” on the Consolidated Statement of Income as of and for the fiscal year ended June 30, 2023, respectively. Given the uncertainty of the appellate process and other factors that are unknown or currently unquantifiable, the Company maintained its accrual at September 30, 2024.

10.        SEGMENT REPORTING AND REVENUE INFORMATION
Segment Reporting. The operating segments reported below are the segments of the Company for which separate financial information is available and for which segment results are evaluated regularly by the Chief Executive Officer in deciding how to allocate resources and in assessing performance. The operating segments and segment results of the Company are determined based upon the management reporting system, which assigns balance sheet and income statement items to each of the business segments.
The Company evaluates performance and allocates resources based on pre-tax profit or loss from operations. Certain corporate administration costs have not been allocated to the reportable segments. The Company operates through two operating segments: Banking Business Segment and Securities Business Segment. Inter-segment transactions are eliminated in consolidation and primarily include non-interest income earned by the Securities Business Segment and non-interest expense incurred by the Banking Business Segment for cash sorting fees related to deposits sourced from Securities Business Segment customers, as well as interest expense paid by the Banking Business Segment to each of the wholly-owned subsidiaries of the Company and to the Company itself for their operating cash held on deposit with the Business Banking Segment. For more information on the Company’s operating segments, see Note 22—“Segment Reporting” in the 2024 Form 10-K.
In order to reconcile the two segments to the consolidated totals, the Company includes corporate activities and intercompany eliminations. The following tables present the operating results, goodwill, and assets of the segments:
For the Three Months Ended September 30, 2024
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Net interest income$288,492 $7,267 $(3,711)$292,048 
Provision for credit losses14,000 — — 14,000 
Non-interest income8,590 29,902 (9,883)28,609 
Non-interest expense118,315 28,091 1,059 147,465 
Income before taxes$164,767 $9,078 $(14,653)$159,192 
For the Three Months Ended September 30, 2023
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Net interest income$209,219 $5,542 $(3,606)$211,155 
Provision for credit losses7,000 — — 7,000 
Non-interest income12,557 34,555 (12,605)34,507 
Non-interest expense100,786 27,523 (7,803)120,506 
Income before taxes$113,990 $12,574 $(8,408)$118,156 
As of September 30, 2024
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Goodwill$35,721 $59,953 $1,999 $97,673 
Total Assets$22,868,054 $674,523 $26,507 $23,569,084 
As of June 30, 2024
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Goodwill$35,721 $59,953 $1,999 $97,673 
Total Assets$22,165,627 $649,254 $40,453 $22,855,334 
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Revenue Information. The following presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Accounting Standards Codification (“ASC”) 606 for the periods indicated. For additional information on the Company’s recognition of revenue and ASC 606, see Note 1—“Organizations and Summary of Significant Accounting Policies” in the 2024 Form 10-K.
For the Three Months Ended
 September 30,
(Dollars in thousands)20242023
Advisory fee income$7,945 $8,219 
Broker-dealer clearing fees5,072 5,535 
Deposit service fees773 680 
Card fees923 682 
Bankruptcy trustee and fiduciary service fees1,289 1,394 
    Non-interest income (in-scope of ASC 606)16,002 16,510 
    Non-interest income (out-of-scope of ASC 606)12,607 17,997 
    Total non-interest income$28,609 $34,507 
11.        BORROWINGS, SUBORDINATED NOTES AND DEBENTURES
Subordinated Notes. On July 15, 2024, the Company paid $2.6 million to repurchase $3.0 million par value of its 4.00% Fixed-to-Floating Rate Subordinated Notes due March 1, 2032 resulting in a pre-tax non-cash gain on extinguishment of $0.4 million, after accounting for unamortized issuance costs and accrued interest. On September 27, 2024, the Company paid $9.2 million to repurchase $9.5 million par value of its 4.875% Fixed-to-Floating Rate Subordinated Notes due October 1, 2030 resulting in a pre-tax non-cash gain on extinguishment of $0.2 million, after accounting for unamortized issuance costs and accrued interest. The non-cash gain is recorded in “General and administrative expense” in the Condensed Consolidated Statements of Income for the three months ended September 30, 2024. For additional information on borrowings, see Note 13—“Borrowings, Subordinated Notes and Debentures” in the 2024 Form 10-K.
12.        OTHER ASSETS
Other Assets in the Consolidated Balance Sheets primarily comprises bank-owned life insurance, accrued interest receivable, derivatives, net deferred income tax assets, furniture, equipment and software, right-of-use lease assets, LIHTC investments and other receivables. For additional information on other assets, see Note 9—“Other Assets” in the 2024 Form 10-K. For additional information on accrued interest receivable, see Note 4—“Loans & Allowance for Credit Losses,” for additional information on derivatives, see Note 5—“Derivatives.”
LIHTC Investments. The Company recognized the following income and tax benefits for its LIHTC investments.
For the Three Months Ended September 30,
(Dollars in thousands)20242023
Tax credits recognized$1,420 $850 
Other tax benefits recognized312 313 
Amortization(1,406)(848)
Net benefit (expense) included in income tax expense326 315 
Other income (loss) included in banking and service fees— — 
Net benefit (expense) included in the Consolidated Statements of Income$326 $315 
The Company recognized the following investments on its balance sheets.
(Dollars in thousands)As of September 30, 2024As of June 30, 2024
LIHTC investments$64,467 $65,873 
LIHTC unfunded commitments1
$38,083 $40,617 
1LIHTC unfunded commitments are included in “Accounts Payable and Other Liabilities” on the Consolidated Balance Sheets.
For the three months ended September 30, 2024 and 2023, there have been no significant modifications or events that resulted in the change in the nature of the LIHTC investments or any changes in the relationship with the underlying project.
For the three months ended September 30, 2024 and 2023, there has been no impairment loss recognized from the forfeiture or ineligibility of income tax credits.
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ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion provides information about the results of operations, financial condition, liquidity, off balance sheet items and capital resources of Axos Financial, Inc. and subsidiaries (collectively, “we”, “us” or the “Company”). This information is intended to facilitate the understanding and assessment of significant changes and trends related to our financial condition and the results of our operations. This discussion and analysis should be read in conjunction with our financial information in our 2024 Form 10-K, and the interim unaudited condensed consolidated financial statements and notes thereto contained in this report.
Some matters discussed in this report may constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as such, may involve risks and uncertainties. These forward-looking statements can be identified by the use of terminology such as “estimate,” “project,” “anticipate,” “expect,” “intend,” “believe,” “will,” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. These forward-looking statements relate to, among other things, the Company’s financial prospects and other projections of our performance and asset quality, our deposit balances and capital ratios, our ability to continue to grow profitably and increase our business, our ability to continue to diversify lending and deposit franchises, the anticipated timing and financial performance of other offerings, initiatives, and acquisitions, expectations of the environment in which we operate and projections of future performance. Actual results and the timing of events could differ materially from those expressed or implied in such forward-looking statements as a result of risks and uncertainties, including without limitation our ability to successfully integrate acquisitions and realize the anticipated benefits of the transactions, changes in the interest rate environment, monetary policy, 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, our ability to attract and retain deposits and access other sources of liquidity, and the outcome and effects of litigation and other factors beyond our reasonable control. These and other risks and uncertainties are discussed under the heading “Item 1A. Risk Factors” herein and in our 2024 Form 10-K, which has been filed with the SEC, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. All forward-looking statements are qualified in their entirety by this cautionary statement, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All written and oral forward-looking statements made in connection with this report, which are attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing information.
General
Our Company is a diversified financial services company with approximately $23.6 billion in assets and approximately $37.4 billion of assets under custody and/or administration at Axos Clearing LLC (“Axos Clearing”). Axos Bank (the “Bank”) provides consumer and commercial banking products through its digital online and mobile banking platforms, low-cost distribution channels and affinity partners. Our Bank offers deposit and lending products to customers nationwide including consumer and business checking, savings and time deposit accounts and single family and multifamily residential mortgages, commercial real estate mortgages and loans, fund and lender finance loans, asset-based loans, auto loans and other consumer loans. Our Bank generates non-interest income from consumer and business products, including fees from loans originated for sale, deposit account service fees, prepayment fees, as well as technology and payment transaction processing fees. We offer securities products and services to independent registered investment advisors (“RIAs”) and introducing broker dealers (“IBDs”) through Axos Clearing and Axos Advisor Services (“AAS”) and direct-to-consumer securities trading and digital investment management products through Axos Invest, Inc. (“Axos Invest”). AAS and Axos Clearing generate interest and fee income by providing comprehensive securities custody services to RIAs and clearing, stock lending and margin lending services to IBDs, respectively. Axos Invest generates fee income from self-directed securities trading and margin lending and fee income from digital wealth management services to consumers. Axos Invest LLC is an IBD which supports direct trading. Our common stock is listed on the New York Stock Exchange under the ticker symbol “AX” and is a component of the Russell 2000® Index, the KBW Nasdaq Financial Technology Index, the S&P SmallCap 600® Index, and the Travillian Tech-Forward Bank Index.
Axos Financial, Inc. is supervised and regulated as a savings and loan holding company that has elected to be treated as a financial holding company by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and is required to file reports with, comply with the rules and regulations of, and is subject to examination by, the Federal Reserve.

Our Bank is a federal savings association, which has elected to operate as a covered savings association. The Bank is regulated by the Office of the Comptroller of the Currency (“OCC”), and the Federal Deposit Insurance Corporation (“FDIC”) as its deposit insurer. The Bank must file reports with the OCC and the FDIC concerning its activities and financial condition.
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As a depository institution with more than $10 billion in assets, our Bank and our affiliates are subject to direct supervision by the Consumer Financial Protection Bureau.
Axos Clearing is a broker-dealer registered with the SEC and the Financial Industry Regulatory Authority, Inc. (“FINRA”). Axos Invest is a Registered Investment Advisor under the Investment Advisers Act of 1940, that is registered with the SEC. Axos Invest LLC is an IBD that is registered with the SEC and FINRA.
FDIC Loan Purchase
On December 7, 2023, the Company acquired from the FDIC two loan portfolios with an aggregate unpaid principal balance of $1.3 billion at a 37% discount to par. Given the level of discount at which the loans were purchased, the yield over the remaining life of the loans is expected to exceed that of the Company’s existing loan portfolio prior to the FDIC Loan Purchase. For additional information on the FDIC Loan Purchase, see Note 2—“Acquisitions” in the 2024 Form 10-K.
Segment Information
The Company determines reportable segments based on what separate financial information is available and what segment results are evaluated regularly by the Chief Executive Officer in deciding how to allocate resources and in assessing performance. We operate through two segments: the Banking Business Segment and the Securities Business Segment.
Banking Business Segment. The Banking Business Segment includes a broad range of banking services including online banking, concierge banking, and mortgage, vehicle and unsecured lending through online, low-cost distribution channels to serve the needs of consumers and small businesses nationally. In addition, the Banking Business Segment focuses on providing deposit products nationwide to industry verticals (e.g., Title and Escrow), treasury management products to a variety of businesses, and commercial & industrial and commercial real estate lending to clients. The Banking Business Segment includes a bankruptcy trustee and fiduciary service that provides specialized software and consulting services to Chapter 7 bankruptcy and non-Chapter 7 trustees and fiduciaries.
Securities Business Segment. The Securities Business Segment includes the clearing broker-dealer, registered investment advisor custody business, and introducing broker-dealer lines of businesses. These lines of business offer products independently to their own customers as well as to Banking Business Segment clients.
Critical Accounting Estimates
The following discussion and analysis of our financial condition and results of operations is based upon our unaudited condensed consolidated financial statements and the notes thereto, which have been prepared in accordance with GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make a number of estimates and assumptions that affect the reported amounts and disclosures in the unaudited condensed consolidated financial statements. On an ongoing basis, we evaluate our estimates and assumptions based upon historical experience and various factors and circumstances. We believe our estimates and assumptions are reasonable under the circumstances. However, actual results may differ significantly from these estimates and assumptions and could have a material effect on the carrying value of assets and liabilities, our results of operations and/or our cash flows.
Critical accounting estimates are those we consider most important to the portrayal of our financial condition and results of operations because they require our most difficult judgments, often as a result of the need to make estimates that are inherently uncertain. Our critical accounting estimates are described in detail in the 2024 Form 10-K in Note 1—“Organizations and Summary of Significant Accounting Policies” and Item 7—“Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates.”
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USE OF NON-GAAP FINANCIAL MEASURES
In addition to the results presented in accordance with GAAP, this report includes the non-GAAP financial measures adjusted earnings, adjusted earnings per common share (“Adjusted EPS”), and tangible book value per common share. Non-GAAP financial measures have inherent limitations, may not be comparable to similarly titled measures used by other companies and are not audited. Readers should be aware of these limitations and should be cautious as to their reliance on such measures. As noted below with respect to each measure, we believe the non-GAAP financial measures disclosed in this report enhance investors’ understanding of our business and performance, and our management uses these non-GAAP measures when it internally evaluates the performance of our business and makes operating decisions. However, these non-GAAP measures should not be considered in isolation, or as a substitute for GAAP basis financial measures.
We define “adjusted earnings”, a non-GAAP financial measure, as net income without the after-tax impact of non-recurring acquisition-related items, (including amortization of intangible assets related to acquisitions) and other costs (unusual or non-recurring charges). Adjusted EPS, a non-GAAP financial measure, is calculated by dividing non-GAAP adjusted earnings by the average number of diluted common shares outstanding during the period. We believe the non-GAAP measures of adjusted earnings and adjusted EPS provide useful information about the Company’s operating performance. We believe excluding the non-recurring acquisition-related costs, and other costs provides investors with an alternative understanding of our core business.
Below is a reconciliation of net income, the nearest comparable GAAP measure, to adjusted earnings and adjusted EPS (Non-GAAP):
Three Months Ended September 30,
(Dollars in thousands, except per share data)20242023
Net income$112,340 $82,645 
Acquisition-related costs
2,554 2,790 
Income tax effect(752)(839)
Adjusted earnings (Non-GAAP)$114,142 $84,596 
Average dilutive common shares outstanding58,168,468 59,808,322 
Diluted EPS$1.93 $1.38 
Acquisition-related costs0.04 0.05 
Income tax effect(0.01)(0.02)
   Adjusted EPS (Non-GAAP)$1.96 $1.41 
We define “tangible book value”, a non-GAAP financial measure, as book value adjusted for goodwill and other intangible assets. Tangible book value is calculated using common stockholders’ equity minus servicing rights, goodwill and other intangible assets. Tangible book value per common share, a non-GAAP financial measure, is calculated by dividing tangible book value by the common shares outstanding at the end of the period. We believe tangible book value per common share is useful in evaluating the Company’s capital strength, financial condition, and ability to manage potential losses.
Below is a reconciliation of total stockholders’ equity, the nearest comparable GAAP measure, to tangible book value (Non-GAAP):
(Dollars in thousands, except per share data)September 30,
2024		June 30,
2024		September 30,
2023
Common stockholders’ equity$2,405,728 $2,290,596 $1,976,208 
Less: servicing rights, carried at fair value27,335 28,924 29,338 
Less: goodwill and intangible assets—net139,215 141,769 149,572 
Tangible common stockholders’ equity (Non-GAAP)$2,239,178 $2,119,903 $1,797,298 
Common shares outstanding at end of period57,092,216 56,894,565 58,503,976 
Book value per common share42.14 40.26 33.78 
Less: servicing rights, carried at fair value per common share0.48 0.51 0.50 
Less: goodwill and other intangible assets—net per common share2.44 2.49 2.56 
Tangible book value per common share (Non-GAAP)$39.22 $37.26 $30.72 
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SELECTED FINANCIAL INFORMATION
AXOS FINANCIAL, INC.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands, except per share data)September 30,
2024		June 30,
2024		September 30,
2023
Selected Balance Sheet Data:
Total assets$23,569,084$22,855,334$20,825,206
Loans—net of allowance for credit losses19,280,60919,231,38516,955,041
Loans held for sale, carried at fair value14,56616,4828,014
Allowance for credit losses263,854260,542170,870
Trading securities594353640
Available-for-sale securities137,996141,611236,726
Securities borrowed84,32667,21296,424
Customer, broker-dealer and clearing receivables262,774240,028285,423
Total deposits19,973,32919,359,21717,565,741
Advances from the Federal Home Loan Bank90,00090,00090,000
Borrowings, subordinated notes and debentures313,519325,679447,733
Securities loaned95,88374,177116,446
Customer, broker-dealer and clearing payables315,985301,127341,915
Total stockholders’ equity$2,405,728$2,290,596$1,976,208
Common shares outstanding at end of period57,092,21656,894,56558,503,976
Common shares issued at end of period70,562,33370,221,63269,826,263
Per Common Share Data:
Book value per common share$42.14$40.26$33.78
Tangible book value per common share (Non-GAAP)1
$39.22$37.26$30.72
Capital Ratios:
Equity to assets at end of period10.21 %10.02 %9.49 %
Axos Financial, Inc.:
Tier 1 leverage (to adjusted average assets)9.78 %9.43 %9.27 %
Common equity tier 1 capital (to risk-weighted assets)12.44 %12.01 %11.11 %
Tier 1 capital (to risk-weighted assets)12.44 %12.01 %11.11 %
Total capital (to risk-weighted assets)15.29 %14.84 %14.06 %
Axos Bank:
Tier 1 leverage (to adjusted average assets)9.82 %9.74 %9.99 %
Common equity tier 1 capital (to risk-weighted assets)12.87 %12.74 %11.69 %
Tier 1 capital (to risk-weighted assets)12.87 %12.74 %11.69 %
Total capital (to risk-weighted assets)14.06 %13.81 %12.65 %
Axos Clearing LLC:
Net capital$85,292 $101,462 $101,391 
Excess capital$80,081 $96,654 $96,211 
Net capital as a percentage of aggregate debit items32.73 %42.21 %39.14 %
Net capital in excess of 5% aggregate debit items$72,264 $89,442 $88,440 

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AXOS FINANCIAL, INC.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Dollars in thousands, except per share data)September 30,
2024		September 30,
2023
Selected Income Statement Data:
Interest and dividend income$484,262$363,952
Interest expense192,214152,797
Net interest income292,048211,155
Provision for credit losses14,0007,000
Net interest income, after provision for credit losses278,048204,155
Non-interest income28,60934,507
Non-interest expense147,465120,506
Income before income taxes159,192118,156
Income taxes46,85235,511
Net income$112,340$82,645
Weighted average number of common shares outstanding:
     Basic56,934,67158,949,038
     Diluted58,168,46859,808,322
Per Common Share Data:
Net income:
Basic$1.97$1.40
Diluted$1.93$1.38
Adjusted earnings per common share (Non-GAAP)1
$1.96$1.41
Performance Ratios and Other Data:
Growth in loans held for investment, net$49,224$498,313
Loan originations for sale$69,570$52,858
Return on average assets1.92 %1.64 %
Return on average common stockholders’ equity19.12 %16.91 %
Interest rate spread2
4.13 %3.37 %
Net interest margin3
5.17 %4.36 %
Net interest margin3 – Banking Business Segment
5.21 %4.46 %
Efficiency ratio4
45.99 %49.05 %
Efficiency ratio4 – Banking Business Segment
39.83 %45.44 %
Asset Quality Ratios:
Net annualized charge-offs to average loans0.17 %0.04 %
Nonaccrual loans to total loans0.89 %0.62 %
Non-performing assets to total assets0.75 %0.56 %
Allowance for credit losses - loans to total loans held for investment5
1.35 %1.00 %
Allowance for credit losses - loans to nonaccrual loans149.32 %159.80 %
1 See “Use of Non-GAAP Financial Measures.”
2 Interest rate spread represents the difference between the annualized weighted average yield on interest-earning assets and the annualized weighted average rate paid on interest-bearing liabilities.
3 Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.
4 Efficiency ratio represents non-interest expense as a percentage of the aggregate of net interest income and non-interest income.
5 The increase in the ratio of the allowance for credit losses - loans to total loans held for investment at September 30, 2024 was primarily attributable to the allowance for credit losses related to the PCD loans acquired in the FDIC Loan Purchase. See Note 2— “Acquisitions” in the 2024 Form 10-K for additional information.
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RESULTS OF OPERATIONS
Comparison of the Three Months Ended September 30, 2024 and 2023
For the three months ended September 30, 2024, we had net income of $112.3 million, or $1.93 per diluted share, compared to net income of $82.6 million, or $1.38 per diluted share, for the three months ended September 30, 2023.
Average Balances, Net Interest Income, Yields Earned and Rates Paid
The following table presents information regarding (i) average balances; (ii) the total amount of interest income from interest-earning assets and the weighted average yields on such assets; (iii) the total amount of interest expense on interest-bearing liabilities and the weighted average rates paid on such liabilities; (iv) net interest income; (v) interest rate spread; and (vi) net interest margin:
For the Three Months Ended,
September 30, 2024September 30, 2023
(Dollars in thousands)
Average
Balance1
Interest
Income/
Expense
Average Yields
Earned/Rates
Paid2
Average
Balance1
Interest
Income/
Expense
Average Yields
Earned/Rates
Paid2
Assets:
Loans3, 4
$19,447,016 $438,229 9.01 %$16,651,933 $326,974 7.85 %
Non-purchased loans
18,469,398 382,459 8.28 %16,651,933 326,974 7.85 %
Purchased loans5
977,618 55,770 22.82 %— — — %
Interest-earning deposits in other financial institutions2,680,503 37,425 5.58 %2,093,366 28,510 5.45 %
Mortgage-backed and other securities4
142,776 1,960 5.49 %233,148 3,137 5.38 %
Securities borrowed and margin lending6
313,102 6,271 8.01 %364,938 4,995 5.47 %
Stock of the regulatory agencies19,012 377 7.93 %17,250 336 7.81 %
Total interest-earning assets22,602,409 484,262 8.57 %19,360,635 363,952 7.52 %
Non-interest-earning assets797,127 736,962 
Total assets$23,399,536 $20,097,597 
Liabilities and Stockholders’ Equity:
Interest-bearing demand and savings$15,915,785 $177,815 4.47 %$12,847,997 $134,359 4.18 %
Time deposits871,876 9,454 4.34 %1,173,682 11,751 4.01 %
Securities loaned97,215 540 2.23 %188,705 449 0.95 %
Advances from the FHLB90,000 529 2.35 %90,000 529 2.35 %
Borrowings, subordinated notes and debentures323,697 3,876 4.79 %419,925 5,709 5.44 %
Total interest-bearing liabilities17,298,573 192,214 4.44 %14,720,309 152,797 4.15 %
Non-interest-bearing demand deposits2,971,090 2,749,567 
Other non-interest-bearing liabilities779,561 673,359 
Stockholders’ equity2,350,312 1,954,362 
Total liabilities and stockholders’ equity$23,399,536 $20,097,597 
Net interest income$292,048 $211,155 
Interest rate spread7
4.13 %3.37 %
Net interest margin8
5.17 %4.36 %
1.Average balances are obtained from daily data.
2.Annualized.
3.Loans include loans held for sale, loan premiums and unearned fees.
4.Interest income includes reductions for amortization of loan and investment securities premiums and earnings from accretion of discounts and loan fees.
5.Purchased loans include loans, loan discounts and unearned fees related to the FDIC Loan Purchase.
6.Margin lending is the significant component of the asset titled customer, broker-dealer and clearing receivables on the unaudited Condensed Consolidated Balance Sheets.
7.Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.
8.Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

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Average Balances, Net Interest Income, Yields Earned and Rates Paid
The following table sets forth the effects of changing rates and volumes on our net interest income. Information is provided with respect to (i) effects on interest income and interest expense attributable to changes in volume (changes in volume multiplied by prior rate); and (ii) effects on interest income and interest expense attributable to changes in rate (changes in rate multiplied by prior volume). The change in interest due to both volume and rate has been allocated proportionally to each based on the relative changes attributable to volume and changes attributable to rate.
For the Three Months Ended
September 30,
2024 vs 2023
Increase (Decrease) Due to
(Dollars in thousands)VolumeRateTotal
Increase
(Decrease)
Increase (decrease) in interest income:
Loans$59,167 $52,088 $111,255 
Non-purchased loans
3,397 52,088 55,485 
Purchased loans1
55,770 — 55,770 
Interest-earning deposits in other financial institutions
8,216 699 8,915 
Mortgage-backed and other securities
(1,240)63 (1,177)
Securities borrowed and margin lending(785)2,061 1,276 
Stock of the regulatory agencies36 5 41 
Total increase (decrease) in interest income
$65,394 $54,916 $120,310 
Increase (decrease) in interest expense:
Interest-bearing demand and savings$33,672 $9,784 $43,456 
Time deposits(3,207)910 (2,297)
Securities loaned(294)385 91 
Advances from the FHLB— — — 
Borrowings, subordinated notes and debentures(1,205)(628)(1,833)
Total increase (decrease) in interest expense
$28,966 $10,451 $39,417 
1 Purchased loans include loans, loan discounts and unearned fees related to the FDIC Loan Purchase.
Net Interest Income
For the three months ended September 30, 2024, net interest income totaled $292.0 million, an increase of $80.9 million, or 38.3%, compared to net interest income of $211.2 million for the three months ended September 30, 2023. For the three months ended September 30, 2024, net interest margin increased by 81 basis points compared to the net interest margin of 4.36% for the three months ended September 30, 2023.
For the three months ended September 30, 2024, total interest and dividend income increased 33.1% from the three months ended September 30, 2023, primarily due to a $111.3 million increase in interest income from loans, attributable to a $2.8 billion increase in average balances and a 116 basis point increase in rates earned, as well as higher discount accretion.
For the three months ended September 30, 2024, total interest expense increased 25.8% from the three months ended September 30, 2023, primarily due to a $43.5 million increase in interest expense from demand and savings deposits, attributable to a $3.1 billion increase in average balances and a 29 basis point increase in rates paid.
Provision for Credit Losses
The provision for credit losses was $14.0 million for the three months ended September 30, 2024, compared to $7.0 million for the three months ended September 30, 2023. The provision for credit losses consists of provisions for both funded loans and for unfunded lending commitments. The provision for credit losses for funded loans was $11.5 million for the three months ended September 30, 2024, and was primarily due to the quantitative impact of macroeconomic variables in the allowance for credit losses model, primarily the U.S. unemployment rate, and increases in specific reserves, mainly in the commercial & industrial - non-RE portfolio. The provision for credit losses for unfunded lending commitments of $2.5 million for the three months ended September 30, 2024, was primarily driven by unfunded lending commitment growth, primarily in the commercial & industrial - non-RE portfolio. Provisions for credit losses are charged to income to bring the allowance for
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credit losses for loans and unfunded lending commitments to a level deemed appropriate by management based on the factors discussed under the heading “Financial Condition—Asset Quality and Allowance for Credit Losses - Loans.”
Non-Interest Income
The following table sets forth information regarding our non-interest income:
For the Three Months Ended
September 30,
(Dollars in thousands)20242023Inc (Dec)
Broker-dealer fee income$11,060 $12,477 $(1,417)
Advisory fee income7,945 8,219 (274)
Banking and service fees8,613 8,350 263 
Mortgage banking and servicing rights income450 3,878 (3,428)
Prepayment penalty fee income541 1,583 (1,042)
Total non-interest income$28,609 $34,507 $(5,898)
For the three months ended September 30, 2024, non-interest income decreased by $5.9 million, or 17.1%, primarily due to decreases of:
•$3.4 million in mortgage banking and servicing rights income, primarily attributable to the absence of a $1.9 million fair value gain in the prior year quarter and a decrease in the fair value of servicing rights in the current quarter on lower interest rates;
•$1.4 million in broker-dealer fee income, primarily attributable to lower balances on cash sorting balances at non-affiliated banks; and
• $1.0 million in prepayment penalty fee income.
Non-Interest Expense
The following table sets forth information regarding our non-interest expense:
For the Three Months Ended
September 30,
(Dollars in thousands)20242023Inc (Dec)
Salaries and related costs$74,293 $55,811 $18,482 
Data and operational processing18,985 16,084 2,901 
Depreciation and amortization7,450 5,878 1,572 
Advertising and promotional14,253 10,375 3,878 
Professional services9,895 9,811 84 
Occupancy and equipment4,318 3,846 472 
FDIC and regulatory fees5,956 4,449 1,507 
Broker-dealer clearing charges4,307 4,012 295 
General and administrative expense8,008 10,240 (2,232)
Total non-interest expense$147,465 $120,506 $26,959 
For the three months ended September 30, 2024, non-interest expense increased $27.0 million, or 22.4%, primarily due to increases of:
•$18.5 million in salaries and related costs primarily due to increased headcount and salaries, as the Bank continues to expand its commercial lending and deposit businesses and compliance and risk personnel; and
•$3.9 million in advertising and promotional expenses primarily due to deposit marketing.
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Provision for Income Taxes
Income tax expense was $46.9 million for the three months ended September 30, 2024, compared to $35.5 million for three months ended September 30, 2023. Our effective income tax rates for the three months ended September 30, 2024 and 2023 were 29.43% and 30.05%, respectively.
SEGMENT RESULTS
Our Company determines reportable segments based on the services offered, the significance of the services offered, the significance of those services to our Company’s financial condition and operating results and management’s regular review of the operating results of those services. Our Company operates through two operating segments: the Banking Business Segment and the Securities Business Segment. In order to reconcile the two segments to the consolidated totals, our Company includes corporate activities and intercompany eliminations. Inter-segment transactions are eliminated in consolidation and primarily include non-interest income earned by the Securities Business Segment and non-interest expense incurred by the Banking Business Segment for cash sorting fees related to deposits sourced from Securities Business Segment customers, as well as interest expense paid by the Banking Business Segment to each of the wholly-owned subsidiaries of our Company and to our Company itself for their operating cash held on deposit with the Banking Business Segment.
The following tables present the operating results of the segments:
For the Three Months Ended September 30, 2024
(Dollars in thousands)Banking
Business		Securities BusinessCorporate/EliminationsAxos Consolidated
Net interest income$288,492 $7,267 $(3,711)$292,048 
Provision for credit losses14,000 — — 14,000 
Non-interest income8,590 29,902 (9,883)28,609 
Non-interest expense118,315 28,091 1,059 147,465 
Income before income taxes$164,767 $9,078 $(14,653)$159,192 
For the Three Months Ended September 30, 2023
(Dollars in thousands)Banking
Business		Securities BusinessCorporate/EliminationsAxos Consolidated
Net interest income$209,219 $5,542 $(3,606)$211,155 
Provision for credit losses7,000 — — 7,000 
Non-interest income12,557 34,555 (12,605)34,507 
Non-interest expense100,786 27,523 (7,803)120,506 
Income before income taxes$113,990 $12,574 $(8,408)$118,156 
Banking Business Segment
For the three months ended September 30, 2024, our Banking Business Segment had income before income taxes of $164.8 million, compared to income before taxes of $114.0 million for the three months ended September 30, 2023.
For the three months ended September 30, 2024, the Banking Business Segment’s net interest income increased $79.3 million or 37.9% compared to net interest income for the three months ended September 30, 2023, respectively. The increase in net interest income was primarily due to higher interest income from loans, primarily attributable to higher average balances and rates earned, as well as higher discount accretion, partially offset by higher balances and rates paid on interest-bearing deposit balances.
For the three months ended September 30, 2024, the Banking Business Segment’s non-interest income decreased $4.0 million, or 31.6%, compared to non-interest income for the three months ended September 30, 2023. The decrease in non-interest income for the three months ended September 30, 2024 was primarily due to lower mortgage banking and servicing rights income and lower prepayment penalty fee income.
For the three months ended September 30, 2024, the Banking Business Segment’s non-interest expense increased $17.5 million, or 17.4%, compared to non-interest expense for the three months ended September 30, 2023. The increase in non-interest expense for the three months ended September 30, 2024 was primarily due to higher salaries and related costs, data and operational processing expenses and higher advertising and promotional expenses.

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We consider the ratios shown in the table below to be key indicators of the performance of our Banking Business Segment:
For the Three Months Ended September 30,
20242023
Efficiency ratio39.83 %45.44 %
Return on average assets2.17 %1.65 %
Interest rate spread4.16 %3.46 %
Net interest margin5.21 %4.46 %
Our Banking Business Segment’s net interest margin exceeds our consolidated net interest margin. Our consolidated net interest margin includes certain items that are not reflected in the calculation of our net interest margin within our Banking Business Segment and reduce our consolidated net interest margin, such as the borrowing costs at our Company and the yields and costs associated with certain items within interest-earning assets and interest-bearing liabilities in our Securities Business Segment, including items related to securities financing operations.
Securities Business Segment
For the three months ended September 30, 2024, our Securities Business Segment had income before income taxes of $9.1 million, compared to income before income taxes of $12.6 million for the three months ended September 30, 2023.
For the three months ended September 30, 2024, net interest income increased $1.7 million or 31.1%, compared to net interest income for the three months ended September 30, 2023. The increase was primarily driven by lower balances of borrowings in the current quarter.
For the three months ended September 30, 2024, non-interest income decreased $4.7 million, or 13.5%, compared to non-interest income for the three months ended September 30, 2023. The decrease was primarily driven by lower broker-dealer fee income.
For the three months ended September 30, 2024, non-interest expense increased $0.6 million or 2.1%, compared to non-interest expense for the three months ended September 30, 2023. The increase was primarily driven by higher salaries and related costs.
The following table provides selected information for Axos Clearing:
(Dollars in thousands)September 30, 2024June 30, 2024
FDIC insured deposit program balances at banks$1,254,896 $1,289,105 
Margin balances$220,524 $219,848 
Cash reserves for the benefit of customers$129,346 $113,676 
Securities lending:
Interest-earning assets – securities borrowed
$84,326 $67,212 
Interest-bearing liabilities – securities loaned
$95,883 $74,177 
FINANCIAL CONDITION
Balance Sheet Analysis
Our total assets increased $0.7 billion, or 3.1%, to $23.6 billion at September 30, 2024, from $22.9 billion at June 30, 2024, primarily attributable to higher cash and cash equivalents. Our total liabilities increased $0.6 billion, or 2.9%, to $21.2 billion at September 30, 2024 from $20.6 billion at June 30, 2024, primarily attributable to higher deposit balances.
Loans and Allowance for Credit Losses - Loans
The following table sets forth the composition of the loan portfolio:
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September 30, 2024June 30, 2024
(Dollars in thousands)AmountPercentAmountPercent
Single Family - Mortgage & Warehouse$4,151,583 20.9 %$4,178,832 21.1 %
Multifamily and Commercial Mortgage1
3,647,469 18.4 %3,861,931 19.5 %
Commercial Real Estate1
6,256,265 31.6 %6,088,622 30.7 %
Commercial & Industrial - Non-RE5,354,752 27.0 %5,241,766 26.5 %
Auto & Consumer415,765 2.1 %431,660 2.2 %
Total gross loans19,825,834 100.0 %19,802,811 100.0 %
Allowance for credit losses - loans(263,854)(260,542)
Unaccreted discounts and loan fees(281,371)(310,884)
Total net loans$19,280,609 $19,231,385 
1 Includes PCD loans of $282.6 million and $284.0 million in Multifamily and Commercial Mortgage and $44.5 million and $44.5 million in Commercial Real Estate as of September 30, 2024 and June 30, 2024, respectively. For further detail on PCD loans, see Note 1—“Summary of Significant Accounting Policies” in the 2024 Form 10-K.

The increase in Multifamily and Commercial Mortgage loans and the related impact on the allowance for credit losses and unaccreted discounts and loan fees, was primarily driven by the FDIC Loan Purchase. For further information on the FDIC Loan Purchase, see Note 2—“Acquisitions” in the 2024 Form 10-K.
Management establishes an allowance for credit losses based upon its evaluation of the expected lifetime credit losses related to the amortized cost basis of loans on the balance sheet. The net charge-off rate for the three months ended September 30, 2024 was 0.17%, compared to 0.04% for the September 30, 2023. The increase in the net charge-off rate from the three months ended September 30, 2023, to the three months ended September 30, 2024, was primarily driven by charge-offs on one commercial mortgage loan and two commercial & industrial – non-RE loans. The amount charged off for each loan had been specifically reserved in full in the allowance for credit losses in prior periods. The commercial mortgage loan was issued in fiscal year 2020 and has been classified as substandard since September 2021. The two commercial & industrial – non-RE loans were issued in fiscal year 2021 and 2022, had been classified as substandard since April 2023 and February 2024, respectively. For additional information regarding the Company’s allowance for credit losses, see Note 4—“Loans & Allowance for Credit Losses” in the accompanying interim condensed consolidated financial statements. For a discussion of the provision for credit losses for the three months ended September 30, 2024, see Item 2—“Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations.” We believe that the lower average LTV in the loan portfolio will continue to result in future lower average mortgage loan charge-offs when compared to many other comparable banks.
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Asset Quality
Non-performing Assets. Loans reaching 90 days past due are generally placed on nonaccrual status. Loans not yet reaching 90 days past due may be placed on nonaccrual status based on management’s assessment of the aging of contractual principal amounts due, among other factors. For an aging analysis of the Company’s loans held for investment as of September 30, 2024 and June 30, 2024, see Note 4—“Loans & Allowance for Credit Losses” in the accompanying interim condensed consolidated financial statements. Non-performing assets include nonaccrual loans plus other real estate owned and repossessed vehicles.
Non-performing assets consisted of the following:
(Dollars in thousands)September 30, 2024June 30, 2024Inc (Dec)
Non-performing assets:
Nonaccrual loans:
Single Family - Mortgage & Warehouse$59,079 $45,711 $13,368 
Multifamily and Commercial Mortgage31,437 35,054 (3,617)
Commercial Real Estate40,602 26,102 14,500 
Commercial & Industrial - Non-RE43,596 4,020 39,576 
Auto & Consumer1,984 2,472 (488)
Total nonaccrual loans$176,698 $113,359 $63,339 
Foreclosed real estate75 1,840 (1,765)
Repossessed vehicles—Autos
637 610 27 
Total non-performing assets$177,410 $115,809 $61,601 
Total nonaccrual loans as a percentage of total loans0.89 %0.57 %0.32 %
Total non-performing assets as a percentage of total assets0.75 %0.51 %0.24 %
Our non-performing assets increased to $177.4 million at September 30, 2024 from $115.8 million at June 30, 2024. The increase in non-performing assets during the three months ended September 30, 2024 was primarily the result of an increase in nonaccrual loans of $63.3 million partially offset by a decrease in other real estate owned and repossessed vehicles of $1.7 million. Non-performing assets as a percentage of total assets increased to 0.75% at September 30, 2024 from 0.51% at June 30, 2024.
Available-for-Sale Securities
Total available-for-sale securities were $138.0 million as of September 30, 2024, compared with $141.6 million at June 30, 2024. During the three months ended September 30, 2024, we purchased $16.0 million of securities and received principal repayments of $21.6 million. The remainder of the change for the available-for-sale portfolio is attributable to changes in the fair value of the securities.
Deposits
Deposits increased by $0.6 billion, or 3.2%, to $20.0 billion at September 30, 2024, from $19.4 billion at June 30, 2024. As of September 30, 2024 compared with June 30, 2024, interest-bearing demand and savings increased $671.5 million and non-interest-bearing deposits increased by $80.0 million, while time deposits decreased $137.3 million.
The following table sets forth the composition of the deposit portfolio:
September 30, 2024June 30, 2024
(Dollars in thousands)Amount
Rate1
Amount
Rate1
Non-interest-bearing$3,055,605 — %$2,975,631 — %
Interest-bearing demand and savings$16,116,959 4.23 %$15,445,490 4.23 %
Time deposits$800,765 4.26 %$938,096 4.51 %
Total interest bearing$16,917,724 4.24 %$16,383,586 4.24 %
Total deposits2
$19,973,329 3.59 %$19,359,217 3.59 %
1 Based on weighted-average stated interest rates at end of period.
2 Total deposits includes brokered deposits of $1,440.7 million and $1,611.6 million as of September 30, 2024 and June 30, 2024, respectively, which include brokered time deposits of $275.0 million and $400.0 million as of September 30, 2024 and June 30, 2024, respectively.

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The following table sets forth the number of deposit accounts by type:
September 30, 2024June 30, 2024September 30, 2023
Non-interest-bearing49,086 55,772 46,647 
Interest-bearing checking and savings accounts527,058 495,070447,288 
Time deposits4,379 4,6965,976 
Total number of deposit accounts
580,523 555,538499,911
Total Bank deposits that exceeded the FDIC insurance limit of $250,000 or were not collateralized at September 30, 2024 and June 30, 2024 were $2.3 billion and $2.1 billion, respectively. The maturities of time deposits that exceeded the FDIC insurance limit were as follows:
(Dollars in thousands)September 30, 2024
3 months or less$202,160 
3 months to 6 months147,472 
6 months to 12 months11,049 
Over 12 months3,535 
Total$364,216 
Borrowings
The following table sets forth the composition of our borrowings and the interest rates:
September 30, 2024June 30, 2024September 30, 2023
(Dollars in thousands)Balance
Weighted Average Rate
Balance
Weighted Average Rate
Balance
Weighted Average Rate
FHLB Advances$90,0002.32 %$90,0002.32 %$90,0002.32 %
Borrowings, subordinated notes and debentures313,5194.56 %325,6794.57 %447,7335.27 %
Total borrowings$403,5194.06 %$415,6794.08 %$537,7334.78 %
Weighted average cost of borrowings during the quarter4.26 %4.61 %4.89 %
Borrowings as a percent of total assets1.71 %1.82 %2.58 %
We regularly use advances from the FHLB to manage our interest rate risk and, to a lesser extent, manage our liquidity position. Generally, FHLB advances with terms between three and ten years have been used to fund the origination of loans and to provide us with interest rate risk protection should rates rise. On July 15, 2024, the Company paid $2.6 million to repurchase $3.0 million par value of its 4.00% Fixed-to-Floating Rate Subordinated Notes due March 1, 2032. On September 27, 2024, the Company paid $9.2 million to repurchase $9.5 million par value of its 4.875% Fixed-to-Floating Rate Subordinated Notes due October 1, 2030. For additional information see Note 11—“Borrowings, Subordinated Notes and Debentures” in the accompanying interim condensed consolidated financial statements.
Stockholders’ Equity
Stockholders’ equity increased $115.1 million to $2,405.7 million at September 30, 2024, compared to $2,290.6 million at June 30, 2024. The increase was primarily the result of net income for the three months ended September 30, 2024 of $112.3 million.
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LIQUIDITY
Cash flow information is as follows:
For the Three Months Ended
September 30,
(Dollars in thousands)20242023
Operating Activities$70,788 $34,187 
Investing Activities$(45,541)$(506,282)
Financing Activities$592,833 $503,778 
During the three months ended September 30, 2024, we had net cash inflows from operating activities of $70.8 million compared to inflows of $34.2 million for the three months ended September 30, 2023. Net operating cash inflows and outflows fluctuate primarily due to the timing of the following: originations of loans held for sale, proceeds from loan sales, securities borrowed and loaned, and customer, broker-dealer and clearing receivables and payables and changes in other assets and payables.
Net cash outflows from investing activities totaled $45.5 million for the three months ended September 30, 2024, while outflows totaled $506.3 million for the three months ended September 30, 2023. The decrease in outflows was primarily due to a decrease in net loan growth in the three months ended September 30, 2024 as compared to the three months ended September 30, 2023.
Net cash inflows from financing activities totaled $592.8 million for the three months ended September 30, 2024, compared to net cash inflows from financing activities of $503.8 million for the three months ended September 30, 2023. The increase in net cash inflows from financing is primarily driven by growth in deposits during the three months ended September 30, 2024.
As of September 30, 2024, the Bank could borrow up to 35% of its total assets from the FHLB. Borrowings are collateralized by pledging certain mortgage loans and available-for-sale securities to the FHLB. At September 30, 2024, the Company had $3,075.7 million available immediately and $4,284.2 million available with additional collateral and the Company had $4,680.7 million of loans and $0.8 million of securities pledged to the FHLB. At September 30, 2024, we had $250.0 million in unsecured federal funds lines of credit with five major banks under which there were no borrowings outstanding.
The Bank has the ability to borrow short-term from the FRBSF Discount Window. At September 30, 2024, the Bank did not have any borrowings outstanding and the amount available from this source was $6,879.4 million. Borrowings are collateralized by pledging commercial loans and consumer loans. At September 30, 2024, we had $8,194.2 million of loans pledged to the FRBSF.
Axos Clearing has a $150 million third-party secured line of credit available for borrowing, as needed. As of September 30, 2024, there was no amount outstanding on this credit facility. This credit facility bears interest at rates based on the Federal Funds rate and is due upon demand.
Axos Clearing has a $110 million third-party unsecured line of credit available for limited purpose borrowing. As of September 30, 2024, there was no amount outstanding on this credit facility. This credit facility bears interest at rates based on the Federal Funds rate and is due upon demand.
We view our liquidity sources to be stable and adequate for our anticipated needs and contingencies for both the short- and long-term. Due to the diversified sources of our deposits, while maintaining approximately 90% of our total Bank deposits in insured or collateralized accounts as of September 30, 2024, we believe we have the ability to increase our level of deposits, and have available other potential sources of funding, to address our liquidity needs for the foreseeable future.
For additional information on certain contractual and other obligations, see Note 9—“Commitments and Contingencies” in the accompanying interim condensed consolidated financial statements and Note 12—“Other Assets,” and refer to Note 11—“Deposits,” Note 12—“Advances from the Federal Home Loan Bank” and Note 13—“Borrowings, Subordinated Notes and Debentures” in the 2024 Form 10-K.
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CAPITAL RESOURCES AND REQUIREMENTS
The Company and Bank are subject to regulatory capital adequacy requirements promulgated by federal bank regulatory agencies. Failure by the Company or Bank to meet minimum capital requirements could result in certain mandatory and discretionary actions by regulators that could have a material adverse effect on our Consolidated Financial Statements. The Federal Reserve establishes capital requirements for the Company and the OCC has similar requirements for our Bank. The following tables present regulatory capital information for the Company and Bank. Information presented for September 30, 2024 reflects the Basel III capital requirements for both the Company and Bank. Under these capital requirements and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of the Company and Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and Bank’s capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weightings and other factors.
Quantitative measures established by regulation require the Company and Bank to maintain certain minimum capital amounts and ratios. Federal bank regulators require the Company and Bank to maintain minimum ratios of tier 1 capital to adjusted average assets of 4.0%, common equity tier 1 capital to risk-weighted assets of 4.5%, tier 1 capital to risk-weighted assets of 6.0% and total risk-based capital to risk-weighted assets of 8.0%. To be “well capitalized,” the Company and Bank must maintain minimum leverage, common equity tier 1 risk-based, tier 1 risk-based and total risk-based capital ratios of at least 5.0%, 6.5%, 8.0% and 10.0%, respectively. At September 30, 2024, the Company and Bank met all the capital adequacy requirements to which they were subject and were “well capitalized” under the regulatory framework for prompt corrective action. Management believes that no conditions or events have occurred since September 30, 2024 that would materially adversely change the Company’s and Bank’s capital classifications. From time to time, we may need to raise additional capital to support the Company’s and Bank’s further growth and to maintain their “well capitalized” status.
The Company and Bank both elected the five-year current expected credit losses (“CECL”) transition guidance for calculating regulatory capital and ratios. The amounts in the following table reflect this election. This guidance allowed an entity to add back to regulatory capital 100% of the impact of the day-one CECL transition adjustment and 25% of subsequent increases to the allowance for credit losses through June 30, 2022. In fiscal year 2025, this cumulative amount is phased out of regulatory capital at 75% and the cumulative amount will be 100% phased out of regulatory capital beginning in fiscal year 2026.

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The Company’s and Bank’s capital ratios and requirements were as follows:
Axos Financial, Inc.Axos Bank“Well 
Capitalized”
Ratio		Minimum Capital
Ratio
(Dollars in thousands)
September 30,
2024		June 30,
2024		September 30,
2024		June 30,
2024
Regulatory Capital:
Tier 1 $2,275,903$2,167,781$2,229,483$2,181,426
Common equity tier 1 $2,275,903$2,167,781$2,229,483$2,181,426
Total capital$2,796,837$2,678,489$2,435,646$2,365,061
Assets:
Average adjusted$23,267,418$22,979,871$22,711,795$22,391,541
Total risk-weighted $18,292,253$18,049,571$17,322,677$17,128,880
Regulatory Capital Ratios:
Tier 1 leverage (to adjusted average assets)9.78 %9.43 %9.82 %9.74 %5.00%4.00%
Common equity tier 1 capital (to risk-weighted assets)12.44 %12.01 %12.87 %12.74 %6.50%4.50%
Tier 1 capital (to risk-weighted assets)12.44 %12.01 %12.87 %12.74 %8.00%6.00%
Total capital (to risk-weighted assets)15.29 %14.84 %14.06 %13.81 %10.00%8.00%
Basel III requires all banking organizations to maintain a capital conservation buffer above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer is exclusively composed of common equity tier 1 capital, and it applies to each of the three risk-based capital ratios but not the leverage ratio. At September 30, 2024 and June 30, 2024, our Company and Bank were in compliance with the capital conservation buffer requirement, which sets the common equity tier 1 risk-based, tier 1 risk-based and total risk-based capital ratio minimums to 7.0%, 8.5% and 10.5%, respectively.
Securities Business
Pursuant to the net capital requirements of the Exchange Act, Axos Clearing is subject to the SEC Uniform Net Capital (Rule 15c3-1 of the Exchange Act). Under this rule, the Company has elected to operate under the alternate method and is required to maintain minimum net capital of $250,000 or 2% of aggregate debit balances arising from client transactions, as defined. Under the alternate method, the Company may not repay subordinated debt, pay cash distributions, or make any unsecured advances or loans to its parent or employees if such payment would result in net capital of less than 5% of aggregate debit balances or less than 120% of its minimum dollar requirement.
The net capital position of Axos Clearing was as follows:
(Dollars in thousands)September 30, 2024June 30, 2024
Net capital$85,292 $101,462 
Excess Capital$80,081 $96,654 
Net capital as a percentage of aggregate debit items32.73 %42.21 %
Net capital in excess of 5% aggregate debit items$72,264 $89,442 
Axos Clearing, as a clearing broker, is subject to the SEC Customer Protection Rule (Rule 15c3-3 of the Exchange Act) which requires segregation of funds in a special reserve account for the exclusive benefit of customers (“Customer Reserve Bank Account”) and proprietary accounts of brokers (“PAB Reserve Account”). As of September 30, 2024, Axos Clearing was in compliance with its Customer Reserve Bank Account and PAB Reserve Account deposit requirements.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For further discussion of the Company’s market risk, see Item 7A—“Quantitative and Qualitative Disclosures About Market Risk” in the 2024 Form 10-K.
We measure interest rate sensitivity as the difference between amounts of interest-earning assets and interest-bearing liabilities that mature or contractually re-price within a given period of time. The difference, or the interest rate sensitivity gap, provides an indication of the extent to which an institution’s interest rate spread will be affected by changes in interest rates. A gap is considered positive when the amount of interest rate sensitive assets exceeds the amount of interest rate sensitive liabilities and negative when the amount of interest rate sensitive liabilities exceeds the amount of interest rate sensitive assets.
Absent any subsequent asset and liability actions by management, in a rising interest rate environment, an institution with a positive gap would be in a better position than an institution with a negative gap to invest in higher yielding assets or to have its asset yields adjusted upward, which would cause the yield on its assets to increase at a faster pace than the cost of its interest-bearing liabilities. Similarly, absent any subsequent asset and liability actions by management, during a period of falling interest rates, however, an institution with a positive gap would tend to have its assets reprice at a faster rate than one with a negative gap, which would tend to reduce the growth in its net interest income.
Banking Business Segment
Beginning September 30, 2024, the Company made certain refinements to its interest rate sensitivity analyses for the Banking Business Segment by moving the simulation framework to an industry leading cash flow engine. The change was implemented to enhance the process and better reflect the behavior of its interest rate-sensitive assets and liabilities and provide improved granularity on key inputs and outputs used by the Company, including, but not limited to, prepayment and deposit beta assumptions. The modeled outputs as of September 30, 2024, when compared to those generated by applying the prior period methodology to the current period, do not result in significant changes to the previously disclosed interest rate sensitivities as of June 30, 2024. The reduced risk in the downward interest rate scenarios is primarily due to a change in deposit betas, which are now better aligned with the Company’s expectations.

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The following table sets forth the amounts of interest earning assets and interest bearing liabilities that were outstanding at September 30, 2024 and the portions of each financial instrument that are expected to mature or reset interest rates in each future period:
Term to Repricing, Repayment, or Maturity at
September 30, 2024
(Dollars in thousands)Six Months or LessOver Six
Months Through
One Year		Over One
Year Through
Five Years		Over Five
Years		Total
Interest-earning assets:
Cash and cash equivalents$2,640,934$—$—$—$2,640,934
Available-for-sale securities1
96,3364,65625,31711,687137,996
Stock of the FHLB, at cost29,716———29,716
Loans2
12,880,0261,986,5824,252,362161,63919,280,609
Loans held for sale14,566———14,566
Total interest-earning assets15,661,5781,991,2384,277,679173,32622,103,821
Non-interest-earning assets————764,233
Total assets$15,661,578$1,991,238$4,277,679$173,326$22,868,054
Interest-bearing liabilities:
Interest-bearing deposits3
$16,916,516$65,182$22,354$—$17,004,052
Advances from the FHLB30,000—60,000—90,000
Total interest-bearing liabilities16,946,51665,18282,354—17,094,052
Other non-interest-bearing liabilities————3,421,038
Stockholders’ equity————2,352,964
Total liabilities and equity$16,946,516$65,182$82,354$—$22,868,054
Net interest rate sensitivity gap$(1,284,938)$1,926,056$4,195,325$173,326$5,009,769
Cumulative gap$(1,284,938)$641,118$4,836,443$5,009,769$5,009,769
Net interest rate sensitivity gap—as a % of total interest earning assets(5.81)%8.71 %18.98 %0.78 %22.66 %
Cumulative gap—as % of total cumulative interest earning assets
(5.81)%2.90 %21.88 %22.66 %22.66 %
1 Comprised of U.S. government securities, mortgage-backed securities and other securities. The table reflects contractual repricing dates.
2 Loans includes loan premiums, discounts and unearned fees. The table reflects either contractual repricing dates or expected maturities.
3 The table assumes that the principal balances for demand deposits and savings accounts will reprice in the first year.

The above table provides an approximation of the projected re-pricing of assets and liabilities at September 30, 2024 on the basis of contractual maturities, adjusted for anticipated prepayments of principal and scheduled rate adjustments. The loan and securities prepayment rates reflected herein are primarily based on modeled cash flows. For the non-maturity deposit liabilities, we use decay rates and rate adjustments based upon our historical experience and the implied forward rate curve, respectively. Actual repayments of these instruments could vary substantially if future experience differs from our historical experience.
Although “gap” analysis is a useful measurement device available to management in determining the existence of interest rate exposure, its static focus as of a particular date makes it necessary to utilize other techniques in measuring exposure to changes in interest rates. For example, gap analysis is limited in its ability to predict trends in future earnings and makes no assumptions about changes in prepayment tendencies, deposit or loan maturity preferences or repricing time lags that may occur in response to a change in the interest rate environment.
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The following table indicates the sensitivity of net interest income movements to parallel instantaneous shocks in interest rates for the future 1-12 months’ and 13-24 months’ time periods. For purposes of modeling net interest income sensitivity the Company assumes no growth in the balance sheet other than for retained earnings:
As of September 30, 2024
First 12 MonthsNext 12 Months
(Dollars in thousands)Percentage Change from BasePercentage Change from Base
Up 200 basis points3.8 %11.2 %
Up 100 basis points
1.8 %5.3 %
Down 100 basis points
(1.1)%(3.9)%
Down 200 basis points(0.7)%(4.8)%
We attempt to measure the effect market interest rate changes will have on the net present value of assets and liabilities, which is defined as market value of equity. We analyze the MVE sensitivity to an immediate parallel and sustained shift in interest rates derived from the underlying interest rate curves.
The following table indicates the sensitivity of MVE to the interest rate movement described above:
As of September 30, 2024
(Dollars in thousands)Percentage Change from Base
Up 200 basis points(1.7)%
Up 100 basis points(0.3)%
Down 100 basis points(0.6)%
Down 200 basis points(1.0)%
The computation of the prospective effects of hypothetical interest rate changes is based on numerous assumptions, including relative levels of interest rates, asset prepayments, runoffs in deposits and changes in repricing levels of deposits to general market rates, and should not be relied upon as indicative of actual results. Furthermore, these computations do not take into account any actions that we may undertake in response to future changes in interest rates. Those actions include, but are not limited to, making changes in loan and deposit interest rates and changes in our asset and liability mix.
Securities Business Segment
Our Securities Business Segment is exposed to market risk primarily due to its role as a financial intermediary in customer transactions, which may include purchases and sales of securities, securities lending activities, and in our trading activities, which are used to support sales, underwriting and other customer activities. We are subject to the risk of loss that may result from the potential change in value of a financial instrument as a result of fluctuations in interest rates, market prices, investor expectations and changes in credit ratings of the issuer.
Our Securities Business Segment is exposed to interest rate risk as a result of maintaining inventories of interest rate sensitive financial instruments and other interest-earning assets including customer and correspondent margin loans and securities borrowing activities. Our exposure to interest rate risk is also from our funding sources including customer and correspondent cash balances, bank borrowings and securities lending activities. Interest rates on customer and correspondent balances and securities produce a positive spread with rates generally fluctuating in parallel.
With respect to securities held, our interest rate risk is managed by setting and monitoring limits on the size and duration of positions and on the length of time securities can be held. The majority of the interest rates on customer and correspondent margin loans are indexed and can vary daily. Our funding sources are generally short term with interest rates that can vary daily.
As of September 30, 2024, Axos Clearing held municipal obligations classified as trading securities and had maturities greater than 10 years.
Our Securities Business Segment is engaged in various brokerage and trading activities that expose us to credit risk arising from potential non-performance from counterparties, customers or issuers of securities. This risk is managed by setting and monitoring position limits for each counterparty, conducting periodic credit reviews of counterparties, reviewing concentrations of securities and conducting business through central clearing organizations.
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Collateral underlying margin loans to customers and correspondents and with respect to securities lending activities is marked to market daily and additional collateral is obtained or refunded, as necessary.
ITEM 4.CONTROLS AND PROCEDURES
The Company’s management, with the participation of its Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures, pursuant to Exchange Act Rule 13a-15(e). Based upon that evaluation, our Chief Executive Officer along with our Chief Financial Officer concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In addition, there were no changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2024 (as defined in Exchange Act Rule 13a-15(f)) that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.
Management, including the Company’s Chief Executive Officer and Chief Financial Officer, does not expect that the Company’s internal controls will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of internal controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, any evaluation of the effectiveness of controls in future periods is subject to the risk that those internal controls may become inadequate because of changes in business conditions, or that the degree of compliance with the policies or procedures may deteriorate.
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PART II—OTHER INFORMATION
ITEM 1.LEGAL PROCEEDINGS
The information set forth in Note 9—“Commitments and Contingencies” in the accompanying interim condensed consolidated financial statements is incorporated herein by reference.
In addition, from time to time we may be a party to other claims or litigation that arise in the ordinary course of business, such as claims to enforce liens, claims involving the origination and servicing of loans, and other issues related to the Company’s business operations. None of such matters are expected to have a material adverse effect on the Company’s financial condition, results of operations or business.
ITEM 1A.RISK FACTORS
We face a variety of risks that are inherent in our business and our industry. These risks are described in more detail under Item 1A—“Risk Factors” in the 2024 Form 10-K. We encourage you to read these factors in their entirety. Moreover, other factors may also exist that we cannot anticipate or that we currently do not consider to be significant based on information that is currently available.
ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The table below sets forth our market repurchases of Axos common stock and the Axos common stock retained in connection with net settlement of restricted stock awards during the quarter ended September 30, 2024.
(Dollars in thousands, except per share data)Number
of Shares
Purchased		Average Price
Paid Per Shares		Total Number of
Shares
Purchased as Part of Publicly  Announced
Plans or Programs		Approximate Dollar value of
Shares that May
Yet be Purchased
Under the Plans
or Programs
Stock Repurchases1
Quarter Ended September 30, 2024
July 1, 2024 to July 31, 2024— $— — $106,521 
August 1, 2024 to August 31, 2024— — — 106,521 
September 1, 2024 to September 30, 2024— — — 106,521 
For the Three Months Ended September 30, 2024— $— — $106,521 
Stock Retained in Net Settlement2
July 1, 2024 to July 31, 2024133 
August 1, 2024 to August 31, 202457,439 
September 1, 2024 to September 30, 202485,478 
For the Three Months Ended September 30, 2024143,050 
1 On April 27, 2023, the Company announced a program to repurchase up to $100 million of its common stock and on February 12, 2024, the Company announced a program to repurchase up to $100 million of its common stock. The February 12, 2024 share repurchase authorization is in addition to the existing share repurchase plan announced on April 27, 2023. Both of the share repurchase programs will continue in effect until terminated by the Board of Directors of the Company.
2 The Amended and Restated 2014 Stock Incentive Plan permits net settlement of stock issuances related to equity awards for purposes of payment of a grantee’s minimum income tax obligation. Stock Retained in Net Settlement was purchased at the vesting price of the associated restricted stock unit.
ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
None.

ITEM 4.    MINE SAFETY DISCLOSURES
Not applicable.

ITEM 5.    OTHER INFORMATION
    During the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
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ITEM 6.EXHIBITS
Exhibit
Number		DescriptionIncorporated By Reference to
10.1Amended and Restated Employment Agreement, between Axos Bank and Andrew J. Micheletti
31.1Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1Chief Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INSInline XBRL Instance DocumentThe instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema DocumentFiled herewith.
101.CALInline XBRL Taxonomy Calculation Linkbase DocumentFiled herewith.
101.LABInline XBRL Taxonomy Label Linkbase DocumentFiled herewith.
101.PREInline XBRL Taxonomy Presentation Linkbase DocumentFiled herewith.
101.DEFInline XBRL Taxonomy Definition DocumentFiled herewith.
104Cover Page Interactive Data FileFormatted as Inline XBRL and contained in Exhibit 101



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SIGNATURES
In accordance with the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Axos Financial, Inc.
Dated:October 30, 2024By:    /s/ Gregory Garrabrants
Gregory Garrabrants
President and Chief Executive Officer
(Principal Executive Officer)
Dated:October 30, 2024By:    /s/ Derrick K. Walsh
Derrick K. Walsh
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
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