XML 31 R18.htm IDEA: XBRL DOCUMENT v3.24.1.u1
SEGMENT REPORTING AND REVENUE INFORMATION
 9 Months Ended
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 BusinessCorporate/EliminationsAxos Consolidated
Net interest income$258,435 $7,133 $(3,962)$261,606 
Provision for credit losses6,000 — — 6,000 
Non-interest income11,908 32,746 (11,491)33,163 
Non-interest expense104,959 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 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 Nine Months Ended March 31, 2024
(Dollars in thousands)Banking
Business		Securities BusinessCorporate/EliminationsAxos Consolidated
Net interest income$694,289 $18,755 $(11,677)$701,367 
Provision for credit losses26,500 — — 26,500 
Non-interest income128,244 99,942 (36,387)191,799 
Non-interest expense308,027 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 BusinessCorporate/EliminationsAxos Consolidated
Net interest income$574,524 $15,486 $(10,643)$579,367 
Provision for credit losses17,251 — — 17,251 
Non-interest income31,954 103,467 (47,638)87,783 
Non-interest expense295,831 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 BusinessCorporate/EliminationsAxos 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 BusinessCorporate/EliminationsAxos 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)2024202320242023
Advisory fee income$8,105 $6,879 $23,686 $20,821 
Broker-dealer clearing fees4,885 6,228 16,488 15,886 
Deposit service fees525 623 3,619 3,931 
Card fees495 737 1,909 3,670 
Bankruptcy trustee and fiduciary service fees1,418 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