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SEGMENT REPORTING
 12 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING 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 in conjunction with its corporate strategy. Certain revenues, expenses, assets, and liabilities are presented in “Corporate/Eliminations” in the tables below as they do not exceed the thresholds established for reportable segments under U.S. GAAP.
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 Banking 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, and includes both loans held for investment and held for sale as well as originated and purchased loans. 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. In addition, the assets and activities related to two lending-related trust entities are included in the Banking Business Segment.
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.
In order to reconcile the two segments to the 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 Fiscal Year Ended June 30, 2024
(Dollars in thousands)
Banking
Business Segment
Securities Business Segment
Corporate/EliminationsAxos Consolidated
Net interest income$950,832 $26,207 $(15,610)$961,429 
Provision for credit losses32,500 — — 32,500 
Non-interest income139,071 129,020 (45,431)222,660 
Non-interest expense418,695 115,091 (17,678)516,108 
Income before taxes$638,708 $40,136 $(43,363)$635,481 
For the Fiscal Year Ended June 30, 2023
(Dollars in thousands)
Banking
Business Segment
Securities Business Segment
Corporate/EliminationsAxos Consolidated
Net interest income$776,294 $21,042 $(14,215)$783,121 
Provision for credit losses24,250 — — 24,250 
Non-interest income42,260 141,107 (62,879)120,488 
Non-interest expense391,411 102,572 (46,368)447,615 
Income before taxes$402,893 $59,577 $(30,726)$431,744 
For the Fiscal Year Ended June 30, 2022
(Dollars in thousands)
Banking
Business Segment
Securities Business Segment
Corporate/EliminationsAxos Consolidated
Net interest income$597,833 $17,580 $(8,255)$607,158 
Provision for credit losses23,750 — — 23,750 
Non-interest income60,881 64,069 (11,587)113,363 
Non-interest expense268,829 84,014 3,969 356,812 
Income before taxes$366,135 $(2,365)$(23,811)$339,959 
As of June 30, 2024
(Dollars in thousands)
Banking
Business Segment
Securities Business Segment
Corporate/EliminationsAxos Consolidated
Goodwill$35,721 $59,953 $1,999 $97,673 
Total Assets$22,165,627 $649,254 $40,453 $22,855,334 
As of June 30, 2023
(Dollars in thousands)
Banking
Business Segment
Securities Business Segment
Corporate/EliminationsAxos Consolidated
Goodwill$35,721 $61,952 $— $97,673 
Total Assets$19,396,167 $899,496 $52,806 $20,348,469