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SEGMENT REPORTING AND REVENUE INFORMATION | 9 Months Ended
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Mar. 31, 2024
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. 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 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. For more information on the Company’s operating segments, see Note 23—“Segment Reporting” in the Company’s 2023 Form 10-K. 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 Three Months Ended March 31, 2024
(Dollars in thousands) | Banking Business |  | Securities Business |  | Corporate/Eliminations |  | Axos Consolidated
Net interest income | $ | 258,435 |  |  | $ | 7,133 |  |  | $ | (3,962) |  |  | $ | 261,606 |
Provision for credit losses | 6,000 |  |  | — |  |  | — |  |  | 6,000 |
Non-interest income | 11,908 |  |  | 32,746 |  |  | (11,491) |  |  | 33,163 |
Non-interest expense | 104,959 |  |  | 32,488 |  |  | (4,219) |  |  | 133,228 |
Income before taxes | $ | 159,384 |  |  | $ | 7,391 |  |  | $ | (11,234) |  |  | $ | 155,541 |
| For the Three Months Ended March 31, 2023
(Dollars in thousands) | Banking Business |  | Securities Business |  | Corporate/Eliminations |  | Axos Consolidated
Net interest income | $ | 196,249 |  |  | $ | 6,335 |  |  | $ | (3,602) |  |  | $ | 198,982 |
Provision for credit losses | 5,500 |  |  | — |  |  | — |  |  | 5,500 |
Non-interest income | 10,685 |  |  | 38,298 |  |  | (16,737) |  |  | 32,246 |
Non-interest expense | 98,252 |  |  | 25,138 |  |  | (12,346) |  |  | 111,044 |
Income before taxes | $ | 103,182 |  |  | $ | 19,495 |  |  | $ | (7,993) |  |  | $ | 114,684 |
| For the Nine Months Ended March 31, 2024
(Dollars in thousands) | Banking Business |  | Securities Business |  | Corporate/Eliminations |  | Axos Consolidated
Net interest income | $ | 694,289 |  |  | $ | 18,755 |  |  | $ | (11,677) |  |  | $ | 701,367 |
Provision for credit losses | 26,500 |  |  | — |  |  | — |  |  | 26,500 |
Non-interest income | 128,244 |  |  | 99,942 |  |  | (36,387) |  |  | 191,799 |
Non-interest expense | 308,027 |  |  | 87,979 |  |  | (20,433) |  |  | 375,573 |
Income before taxes | $ | 488,006 |  |  | $ | 30,718 |  |  | $ | (27,631) |  |  | $ | 491,093 |
| For the Nine Months Ended March 31, 2023
(Dollars in thousands) | Banking Business |  | Securities Business |  | Corporate/Eliminations |  | Axos Consolidated
Net interest income | $ | 574,524 |  |  | $ | 15,486 |  |  | $ | (10,643) |  |  | $ | 579,367 |
Provision for credit losses | 17,251 |  |  | — |  |  | — |  |  | 17,251 |
Non-interest income | 31,954 |  |  | 103,467 |  |  | (47,638) |  |  | 87,783 |
Non-interest expense | 295,831 |  |  | 74,924 |  |  | (35,597) |  |  | 335,158 |
Income before taxes | $ | 293,396 |  |  | $ | 44,029 |  |  | $ | (22,684) |  |  | $ | 314,741 |
| As of March 31, 2024
(Dollars in thousands) | Banking Business |  | Securities Business |  | Corporate/Eliminations |  | Axos Consolidated
Goodwill | $ | 35,721 |  |  | $ | 61,952 |  |  | $ | — |  |  | $ | 97,673 |
Total Assets | $ | 21,794,503 |  |  | $ | 816,409 |  |  | $ | 31,221 |  |  | $ | 22,642,133 |
| As of June 30, 2023
(Dollars in thousands) | Banking Business |  | Securities Business |  | Corporate/Eliminations |  | Axos Consolidated
Goodwill | $ | 35,721 |  |  | $ | 61,952 |  |  | $ | — |  |  | $ | 97,673 |
Total Assets | $ | 19,396,167 |  |  | $ | 899,496 |  |  | $ | 52,806 |  |  | $ | 20,348,469 |
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 further information of the Company’s recognition of revenue and ASC 606 see Note 1—“Organizations and Summary of Significant Accounting Policies” in the 2023 Form 10-K.
| For the Three Months Ended |  | For the Nine Months Ended
| March 31, |  | March 31,
(Dollars in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Advisory fee income | $ | 8,105 |  |  | $ | 6,879 |  |  | $ | 23,686 |  |  | $ | 20,821 |
Broker-dealer clearing fees | 4,885 |  |  | 6,228 |  |  | 16,488 |  |  | 15,886 |
Deposit service fees | 525 |  |  | 623 |  |  | 3,619 |  |  | 3,931 |
Card fees | 495 |  |  | 737 |  |  | 1,909 |  |  | 3,670 |
Bankruptcy trustee and fiduciary service fees | 1,418 |  |  | 1,566 |  |  | 4,209 |  |  | 4,506 |
Non-interest income (in-scope of ASC 606) | 15,428 |  |  | 16,033 |  |  | 49,911 |  |  | 48,814 |
Non-interest income (out-of-scope of ASC 606) | 17,735 |  |  | 16,213 |  |  | 141,888 |  |  | 38,969 |
Total non-interest income | $ | 33,163 |  |  | $ | 32,246 |  |  | $ | 191,799 |  |  | $ | 87,783 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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