XML 28 R17.htm IDEA: XBRL DOCUMENT v3.23.1
SEGMENT REPORTING AND REVENUE INFORMATION
 9 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
SEGMENT REPORTING AND REVENUE INFORMATION 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 and by which segment results are evaluated by the Chief Executive Officer in deciding how to allocate resources and in assessing performance.
The Company evaluates performance and allocates resources based on pre-tax profit or loss from operations. Certain corporate administration costs and income taxes have not been allocated to the reportable segments. The Company operates through two operating segments: Banking Business and Securities Business. 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.
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, 2023
(Dollars in thousands)Banking
Business		Securities BusinessCorporate/EliminationsAxos Consolidated
Net interest income$196,249 $6,335 $(3,602)$198,982 
Provision for credit losses5,500 — — 5,500 
Non-interest income10,685 38,298 (16,737)32,246 
Non-interest expense98,252 25,138 (12,346)111,044 
Income before taxes$103,182 $19,495 $(7,993)$114,684 
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 Nine Months Ended March 31, 2023
(Dollars in thousands)Banking
Business		Securities BusinessCorporate/EliminationsAxos Consolidated
Net interest income$574,524 $15,486 $(10,643)$579,367 
Provision for credit losses17,750 — — 17,750 
Non-interest income31,954 103,467 (47,638)87,783 
Non-interest expense295,332 74,924 (35,597)334,659 
Income before taxes$293,396 $44,029 $(22,684)$314,741 
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 

As of March 31, 2023
(Dollars in thousands)Banking
Business		Securities BusinessCorporate/EliminationsAxos Consolidated
Goodwill$35,721 $61,952 $— $97,673 
Total Assets$18,940,271 $765,295 $76,915 $19,782,481 
As of June 30, 2022
(Dollars in thousands)Banking
Business		Securities BusinessCorporate/EliminationsAxos Consolidated
Goodwill$35,721 $59,953 $— $95,674 
Total Assets$16,002,714 $1,328,558 $69,893 $17,401,165 
Revenue Information. The following presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606 for the periods indicated. For further information of the Company’s recognition of revenue and Topic 606 see Note 1—“Organizations and Summary of Significant Accounting Policies” contained in the 2022 Form 10-K.
For the Three Months EndedFor the Nine Months Ended
 March 31,March 31,
(Dollars in thousands)2023202220232022
Advisory fee income$6,879 $7,739 $20,821 $21,078 
Broker-dealer clearing fees6,228 4,387 15,886 15,400 
Deposit service fees623 613 3,931 3,645 
Card fees737 946 3,670 2,910 
Bankruptcy trustee and fiduciary service fees1,566 877 4,506 2,725 
    Non-interest income (in-scope Topic 606)16,033 14,562 48,814 45,758 
    Non-interest income (out-of-scope Topic 606)16,213 14,212 38,969 40,505 
    Total non-interest income$32,246 $28,774 $87,783 $86,263