PARENT-ONLY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Jun. 30, 2024

Condensed Financial Information Disclosure [Abstract]

PARENT-ONLY CONDENSED FINANCIAL INFORMATION

The following tables present Axos Financial, Inc. (Parent company only) financial information and should be read in conjunction with the Consolidated Financial Statements of the Company and the other notes to the Consolidated Financial Statements. Adjustments to investment in subsidiaries, stockholders’ equity and equity in undistributed earnings of subsidiaries have been made to eliminate an intercompany transaction between multiple subsidiaries and the Parent company.

CONDENSED BALANCE SHEETS


	At June 30,
(Dollars in thousands)	2024		2023
ASSETS
Cash and cash equivalents	$	109,610	$	115,948



Securities	78,321		15,050

Advances to non-bank subsidiaries	3,000		8,000
Other assets	68,321		78,932

Investment in bank subsidiaries	2,241,746		1,884,525
Investment in non-bank subsidiaries	216,164		235,223
Total assets	$	2,717,162	$	2,337,678
LIABILITIES AND STOCKHOLDERS’ EQUITY
Borrowings, subordinated notes and debentures	$	325,679	$	334,579



Accounts payable and other liabilities	100,887		85,940
Total liabilities	426,566		420,519
Stockholders’ equity	2,290,596		1,917,159
Total liabilities and stockholders’ equity	$	2,717,162	$	2,337,678

CONDENSED STATEMENTS OF INCOME


	Fiscal Year Ended June 30,
(Dollars in thousands)	2024		2023		2022
Interest income	$	4,279	$	1,656	$	1,777
Interest expense	15,990		15,909		11,183
Net interest (expense) income	(11,711)		(14,253)		(9,406)
Provision for loan losses	(184)		—		—
Net interest (expense) income, after provision for credit losses	(11,527)		(14,253)		(9,406)
Non-interest income (loss)	13,247		11,448		6,275
Non-interest expense and tax benefit1	31,366		15,866		9,741
Income (loss) before dividends from subsidiary and equity in undistributed income of subsidiaries	(29,646)		(18,671)		(12,872)
Dividends from bank subsidiaries	120,000		45,000		40,000
Dividends from non-bank subsidiaries	26,000		13,750		—
Equity in undistributed earnings of subsidiaries	333,654		267,086		213,588
Net income	$	450,008	$	307,165	$	240,716
Comprehensive income	$	454,152	$	303,488	$	235,276

1 Includes tax benefits of $6,352, $11,988, and $11,927 for the fiscal years ended June 30, 2024, 2023, and 2022, respectively.

STATEMENTS OF CASH FLOWS


	Fiscal Year Ended June 30,
(Dollars in thousands)	2024		2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	450,008	$	307,165	$	240,716
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, amortization and accretion	9,532		12,383		11,160
Stock-based compensation expense	35,194		26,100		21,242
Equity in undistributed earnings of subsidiaries	(333,654)		(267,086)		(213,588)
Decrease (increase) in other assets	15,849		(3,448)		(5,231)
Increase (decrease) in other liabilities	(17,922)		(1,069)		(11,564)
Net cash provided by operating activities	159,007		74,045		42,735
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investment securities	(20,351)		—		—




Proceeds from principal repayments on loans	5,000		25,000		—
Acquisition of business activity, net of cash paid	—		—		—
Purchases of furniture, equipment, software and intangibles	(5,378)		(805)		(817)
Investment in subsidiaries	(23,200)		(25,825)		(203,086)
Net cash used in investing activities	(43,929)		(1,630)		(203,903)
CASH FLOWS FROM FINANCING ACTIVITIES:




Tax payments related to the settlement of restricted stock units	(16,192)		(6,144)		(14,481)
Repurchase of treasury stock	(96,286)		(48,963)		—

Repurchase of subordinated notes	(8,938)		—		(2,120)
Proceeds from issuance of subordinated notes	—		—		150,000


Net cash provided by (used in) financing activities	(121,416)		(55,107)		133,399
NET CHANGE IN CASH AND CASH EQUIVALENTS	(6,338)		17,308		(27,769)
CASH AND CASH EQUIVALENTS—Beginning of year	115,948		98,640		126,409
CASH AND CASH EQUIVALENTS—End of year	$	109,610	$	115,948	$	98,640