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SEGMENT REPORTING
9 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
There are no material inter-segment sales or transfers. The accounting policies used by each reportable segment are the same as those discussed in Note 1 - “Organizations and Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended June 30, 2021. All costs, except certain corporate administration costs and income taxes, have been allocated to the reportable segments. Therefore, combined amounts agree to the unaudited condensed consolidated totals. In order to reconcile the two segments to the unaudited condensed consolidated totals, the Company includes parent-only activities and intercompany eliminations. The following tables present the operating results, goodwill, and assets of the segments:
For the Three Months Ended March 31, 2022
(Dollars in thousands)Banking
Business
Securities BusinessCorporate/EliminationsAxos Consolidated
Net interest income$147,828 $3,377 $(1,667)$149,538 
Provision for credit losses4,500 — — 4,500 
Non-interest income15,741 15,609 (2,576)28,774 
Non-interest expense65,076 20,242 1,501 86,819 
Income before taxes$93,993 $(1,256)$(5,744)$86,993 
For the Three Months Ended March 31, 2021
(Dollars in thousands)Banking
Business
Securities BusinessCorporate/EliminationsAxos Consolidated
Net interest income$135,096 $3,847 $(3,274)$135,669 
Provision for credit losses2,700 — — 2,700 
Non-interest income16,201 8,369 (683)23,887 
Non-interest expense64,040 13,282 3,485 80,807 
Income before taxes$84,557 $(1,066)$(7,442)$76,049 
For the Nine Months Ended March 31, 2022
(Dollars in thousands)Banking
Business
Securities BusinessCorporate/EliminationsAxos Consolidated
Net interest income$432,328 $14,059 $(4,639)$441,748 
Provision for credit losses12,500 — — 12,500 
Non-interest income46,864 45,169 (5,770)86,263 
Non-interest expense190,250 61,169 5,850 257,269 
Income before taxes$276,442 $(1,941)$(16,259)$258,242 
For the Nine Months Ended March 31, 2021
(Dollars in thousands)Banking
Business
Securities BusinessCorporate/EliminationsAxos Consolidated
Net interest income$390,268 $13,002 $(6,182)$397,088 
Provision for credit losses22,500 — — 22,500 
Non-interest income68,708 20,725 (973)88,460 
Non-interest expense187,733 35,946 8,971 232,650 
Income before taxes$248,743 $(2,219)$(16,126)$230,398 
As of March 31, 2022
(Dollars in thousands)Banking BusinessSecurities BusinessCorporate/EliminationsAxos Consolidated
Goodwill$35,721 $59,953 $— $95,674 
Total Assets$14,768,636 $1,246,997 $65,317 $16,080,950 
As of June 30, 2021
(Dollars in thousands)Banking BusinessSecurities BusinessCorporate/EliminationsAxos Consolidated
Goodwill$35,721 $35,501 $— $71,222 
Total Assets$12,745,029 $1,450,512 $70,024 $14,265,565