AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
At June 30,
(Dollars in thousands, except par value)20242023
ASSETS
Cash and cash equivalents$1,979,979 $2,233,027 
Restricted cash205,797 149,059 
Total cash, cash equivalents and restricted cash2,185,776 2,382,086 
Trading securities353 758 
Available-for-sale securities141,611 232,350 
Stock of regulatory agencies21,957 21,510 
Loans held for sale, carried at fair value16,482 23,203 
Loans held for sale, lower of cost or fair value— 776 
Loans—net of allowance for credit losses of $260,542 as of June 30, 2024 and $166,680 as of June 30, 2023
19,231,385 16,456,728 
Servicing rights, carried at fair value 28,924 25,443 
Securities borrowed67,212 134,339 
Customer, broker-dealer and clearing receivables240,028 374,074 
Goodwill and other intangible assets—net141,769 152,149 
Other assets779,837 545,053 
TOTAL ASSETS$22,855,334 $20,348,469 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing$2,975,631 $2,898,150 
Interest bearing16,383,586 14,224,958 
Total deposits19,359,217 17,123,108 
Advances from the Federal Home Loan Bank90,000 90,000 
Borrowings, subordinated notes and debentures325,679 361,779 
Securities loaned74,177 159,832 
Customer, broker-dealer and clearing payables301,127 445,477 
Accounts payable and other liabilities414,538 251,114 
Total liabilities20,564,738 18,431,310 
COMMITMENTS AND CONTINGENCIES (Note 19)
STOCKHOLDERS’ EQUITY:
Common stock—$0.01 par value; 150,000,000 shares authorized, 70,221,632 shares issued and 56,894,565 shares outstanding as of June 30, 2024; 69,465,446 shares issued and 58,943,035 shares outstanding as of June 30, 2023
702 695 
Additional paid-in capital510,234 479,878 
Accumulated other comprehensive income (loss)—net of income tax(2,466)(6,610)
Retained earnings2,185,615 1,735,609 
Treasury stock, at cost; 13,327,067 shares as of June 30, 2024 and 10,522,411 shares as of June 30, 2023
(403,489)(292,413)
Total stockholders’ equity2,290,596 1,917,159 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$22,855,334 $20,348,469 


AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) 
Three Months Ended
June 30,
(Dollars in thousands, except earnings per common share)20242023
INTEREST AND DIVIDEND INCOME:
Loans, including fees$409,466 $305,011 
Securities borrowed and customer receivables6,244 4,815 
Investments and other
37,718 36,604 
Total interest and dividend income453,428 346,430 
INTEREST EXPENSE:
Deposits187,542 137,189 
Advances from the Federal Home Loan Bank1,293 523 
Securities loaned379 356 
Other borrowings4,152 4,608 
Total interest expense193,366 142,676 
Net interest income260,062 203,754 
Provision for credit losses6,000 7,000 
Net interest income, after provision for credit losses254,062 196,754 
NON-INTEREST INCOME:
Broker-dealer fee income11,053 13,768 
Advisory fee income7,649 7,503 
Banking and service fees8,436 7,838 
Mortgage banking and servicing rights income
3,189 1,988 
Prepayment penalty fee income534 1,608 
Total non-interest income30,861 32,705 
NON-INTEREST EXPENSE:
Salaries and related costs68,760 54,509 
Data and operational processing
16,717 16,095 
Depreciation and amortization7,499 5,665 
Advertising and promotional12,346 8,095 
Professional services11,672 5,979 
Occupancy and equipment4,603 4,037 
FDIC and regulatory fees6,930 4,371 
Broker-dealer clearing charges3,841 3,509 
General and administrative expense8,167 10,196 
Total non-interest expense140,535 112,456 
INCOME BEFORE INCOME TAXES144,388 117,003 
INCOME TAXES39,516 29,647 
NET INCOME$104,872 $87,356 
COMPREHENSIVE INCOME$105,470 $86,319 
Basic earnings per common share$1.84 $1.48 
Diluted earnings per common share$1.80 $1.46 


AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) 
Year Ended June 30,
(Dollars in thousands, except earnings per common share)202420232022
INTEREST AND DIVIDEND INCOME:
Loans, including fees$1,499,572 $1,048,874 $626,628 
Securities borrowed and customer receivables22,407 18,657 20,512 
Investments and other133,628 89,607 12,588 
Total interest and dividend income1,655,607 1,157,138 659,728 
INTEREST EXPENSE:
Deposits670,570 339,481 33,620 
Advances from the Federal Home Loan Bank3,087 12,644 4,625 
Securities loaned2,214 3,673 1,124 
Other borrowings18,307 18,219 13,201 
Total interest expense694,178 374,017 52,570 
Net interest income961,429 783,121 607,158 
Provision for credit losses32,500 24,251 23,750 
Net interest income, after provision for credit losses928,929 758,870 583,408 
NON-INTEREST INCOME:
Broker-dealer fee income48,136 46,503 22,880 
Advisory fee income31,335 28,324 29,230 
Banking and service fees35,723 32,938 28,752 
Mortgage banking and servicing rights income10,000 7,101 19,198 
Prepayment penalty fee income5,069 5,622 13,303 
Gain on acquisition92,397 — — 
Total non-interest income222,660 120,488 113,363 
NON-INTEREST EXPENSE:
Salaries and related costs250,873 204,271 167,390 
Data and operational processing69,370 60,557 50,159 
Depreciation and amortization27,086 23,387 24,596 
Advertising and promotional42,797 37,150 13,580 
Professional services36,532 29,268 22,482 
Occupancy and equipment16,704 15,647 13,745 
FDIC and regulatory fees20,546 15,534 11,823 
Broker-dealer clearing charges18,260 13,433 15,184 
General and administrative expense33,940 48,367 37,853 
Total non-interest expense516,108 447,614 356,812 
INCOME BEFORE INCOME TAXES635,481 431,744 339,959 
INCOME TAXES185,473 124,579 99,243 
NET INCOME$450,008 $307,165 $240,716 
COMPREHENSIVE INCOME$454,152 $303,488 $235,276 
Basic earnings per common share$7.82 $5.15 $4.04 
Diluted earnings per common share$7.66 $5.07 $3.97 


LOANS & ALLOWANCE FOR CREDIT LOSSES
The following table sets forth the composition of the loan portfolio:
(Dollars in thousands)June 30, 2024June 30, 2023
Single Family - Mortgage & Warehouse$4,178,832 $4,173,833 
Multifamily and Commercial Mortgage1
3,861,931 3,082,225 
Commercial Real Estate1
6,088,622 6,199,818 
Commercial & Industrial - Non-RE5,241,766 2,639,650 
Auto & Consumer431,660 556,500 
Total gross loans19,802,811 16,652,026 
Allowance for credit losses - loans(260,542)(166,680)
Unaccreted premiums (discounts) and loan fees(310,884)(28,618)
Total net loans$19,231,385 $16,456,728 
1 Includes PCD loans of $284.0 million in Multifamily and Commercial Mortgage and $44.5 million in Commercial Real Estate as of June 30, 2024.


AVAILABLE-FOR-SALE SECURITIES
The amortized cost and fair value of available-for-sale securities were:
June 30, 2024
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
Agency1
$29,834 $84 $(2,659)$27,259 
Non-agency2
110,658 838 (568)110,928 
Total mortgage-backed securities140,492 922 (3,227)138,187 
Municipal3,788 — (364)3,424 
Total available-for-sale securities
$144,280 $922 $(3,591)$141,611 
June 30, 2023
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
Agency1
$27,024 $— $(3,077)$23,947 
Non-agency2
210,271 711 (5,977)205,005 
Total mortgage-backed securities237,295 711 (9,054)228,952 
Municipal3,656 — (258)3,398 
Total available-for-sale securities
$240,951 $711 $(9,312)$232,350 
1 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac.
2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by prime, Alt-A or pay-option ARM mortgages.


DEPOSITS
The following table sets forth the composition of the deposit portfolio:
June 30, 2024June 30, 2023
(Dollars in thousands)Amount
Rate1
Amount
Rate1
Non-interest bearing$2,975,631 — %$2,898,150 — %
Interest-bearing:
Demand2,485,325 2.42 %3,334,615 2.43 %
Savings12,960,165 4.58 %9,575,781 4.20 %
Total interest-bearing demand and savings15,445,490 4.23 %12,910,396 3.74 %
Time deposits:
$250 and under2
567,192 4.34 %932,436 3.72 %
Greater than $250370,904 4.76 %382,126 4.36 %
Total time deposits938,096 4.51 %1,314,562 3.91 %
Total interest bearing2
16,383,586 4.24 %14,224,958 3.76 %
Total deposits$19,359,217 3.59 %$17,123,108 3.12 %
1 Based on weighted-average stated interest rates at end of period.
2 The total interest-bearing includes brokered deposits of $1,611.6 million and $2,028.5 million as of June 30, 2024 and June 30, 2023, respectively, of which $400.0 million and $690.9 million, respectively, are time deposits classified as $250,000 and under.
The number of deposit accounts at the end of each of the last three fiscal years is set forth below:
At June 30,
202420232022
Non-interest bearing55,772 45,640 42,372 
Interest-bearing checking and savings accounts495,070 427,299 344,593 
Time deposits4,696 6,340 8,734 
Total number of deposit accounts555,538 479,279 395,699 


AVERAGE BALANCES, NET INTEREST INCOME, YIELDS EARNED AND RATES PAID
Average Balances, Net Interest Income, Yields Earned and Rates Paid
The following table presents information regarding (i) average balances; (ii) the total amount of interest income from interest-earning assets and the weighted average yields on such assets; (iii) the total amount of interest expense on interest-bearing liabilities and the weighted average rates paid on such liabilities; (iv) net interest income; (v) interest rate spread; and (vi) net interest margin:
For the Three Months Ended,
June 30, 2024June 30, 2023
(Dollars in thousands)
Average
Balance1
Interest
Income/
Expense
Average Yields
Earned/Rates
Paid2
Average
Balance1
Interest
Income/
Expense
Average Yields
Earned/Rates
Paid2
Assets:
Loans3, 4
$19,177,807 $409,466 8.54 %$16,242,438 $305,011 7.51 %
Non-purchased loans
18,196,696 368,766 8.11 %16,242,438 305,011 7.51 %
Purchased loans5
981,111 40,700 16.59 %— — — %
Interest-earning deposits in other financial institutions2,656,167 35,122 5.29 %2,601,097 32,492 5.00 %
Mortgage-backed and other securities4
183,297 2,202 4.81 %254,133 3,815 6.00 %
Securities borrowed and margin lending6
329,573 6,244 7.58 %355,687 4,815 5.41 %
Stock of the regulatory agencies17,250 394 9.14 %17,250 297 6.89 %
Total interest-earning assets22,364,094 453,428 8.11 %19,470,605 346,430 7.12 %
Non-interest-earning assets758,002 715,554 
Total assets$23,122,096 $20,186,159 
Liabilities and Stockholders’ Equity:
Interest-bearing demand and savings$15,697,646 $176,930 4.51 %$12,507,836 $123,146 3.94 %
Time deposits971,756 10,612 4.37 %1,418,347 14,043 3.96 %
Securities loaned121,197 379 1.25 %184,608 356 0.77 %
Advances from the FHLB144,947 1,293 3.57 %90,000 523 2.32 %
Borrowings, subordinated notes and debentures327,602 4,152 5.07 %357,645 4,608 5.15 %
Total interest-bearing liabilities17,263,148 193,366 4.48 %14,558,436 142,676 3.92 %
Non-interest-bearing demand deposits2,870,716 3,117,796 
Other non-interest-bearing liabilities757,946 631,415 
Stockholders’ equity2,230,286 1,878,512 
Total liabilities and stockholders’ equity$23,122,096 $20,186,159 
Net interest income$260,062 $203,754 
Interest rate spread7
3.63 %3.20 %
Net interest margin8
4.65 %4.19 %
1Average balances are obtained from daily data.
2Annualized.
3Loans include loans held for sale, loan premiums and unearned fees.
4Interest income includes reductions for amortization of loan and available-for-sale securities premiums and earnings from accretion of discounts and loan fees.
5Purchased loans include loans, loan discounts and unearned fees related to the FDIC Loan Purchase.
6Margin lending is the significant component of the asset titled customer, broker-dealer and clearing receivables on the unaudited Condensed Consolidated Balance Sheets.
7Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.
8Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.



AVERAGE BALANCES, NET INTEREST INCOME, YIELDS EARNED AND RATES PAID
The following table presents information regarding (i) average balances; (ii) the total amount of interest income from interest-earning assets and the weighted-average yields on such assets; (iii) the total amount of interest expense on interest-bearing liabilities and the weighted-average rates paid on such liabilities; (iv) net interest income; (v) interest rate spread; and (vi) net interest margin:
For the Fiscal Years Ended June 30,
202420232022
(Dollars in thousands)
Average
Balance1
Interest
Income /
Expense		Average
Yields
Earned /
Rates  Paid
Average
Balance1
Interest
Income /
Expense		Average
Yields
Earned /
Rates  Paid
Average
Balance1
Interest
Income /
Expense		Average
Yields
Earned /
Rates  Paid
Assets:
Loans2,3
$18,010,709 $1,499,572 8.33 %$15,571,290 $1,048,874 6.74 %$12,576,873 $626,628 4.98 %
Non-purchased loans17,458,451 1,405,202 8.05 %15,571,290 1,048,874 6.74 %12,576,873 626,628 4.98 %
Purchased loans4
552,258 94,370 17.09 %— — — %— — — %
Interest-earning deposits in other financial institutions2,242,226 120,861 5.39 %1,761,902 73,467 4.17 %1,233,983 4,501 0.36 %
Mortgage-backed and other securities218,565 11,234 5.14 %259,473 14,669 5.65 %176,951 6,952 3.93 %
Securities borrowed and margin lending4
329,154 22,407 6.81 %388,386 18,657 4.80 %687,363 20,512 2.98 %
Stock of the regulatory agencies17,250 1,533 8.89 %20,936 1,471 7.03 %21,844 1,135 5.20 %
Total interest-earning assets20,817,904 $1,655,607 7.95 %18,001,987 $1,157,138 6.43 %14,697,014 $659,728 4.49 %
Non-interest-earning assets811,032 735,783 658,494 
Total assets$21,628,936 $18,737,770 $15,355,508 
Liabilities and Stockholders’ Equity:
Interest-bearing demand and savings$14,352,569 $626,678 4.37 %$10,211,737 $305,655 2.99 %$6,773,321 $20,053 0.30 %
Time deposits1,062,644 43,892 4.13 %1,225,537 33,826 2.76 %1,226,774 13,567 1.11 %
Securities loaned153,552 2,214 1.44 %303,932 3,673 1.21 %469,051 1,124 0.24 %
Advances from the FHLB107,454 3,087 2.87 %423,612 12,644 2.98 %349,796 4,625 1.32 %
Borrowings, subordinated notes and debentures358,452 18,307 5.11 %362,733 18,219 5.02 %302,454 13,201 4.36 %
Total interest-bearing liabilities16,034,671 $694,178 4.33 %12,527,551 $374,017 2.99 %9,121,396 $52,570 0.58 %
Non-interest-bearing demand deposits2,769,272 3,730,524 3,927,195 
Other non-interest-bearing liabilities745,472 695,617 764,542 
Stockholders’ equity2,079,521 1,784,078 1,542,375 
Total liabilities and stockholders’ equity$21,628,936 $18,737,770  $15,355,508  
Net interest income$961,429 $783,121 $607,158 
Interest rate spread6
3.62 %3.44 %3.91 %
Net interest margin7
  4.62 %  4.35 %  4.13 %
1.Average balances are obtained from daily data.
2.Loans include loans held for sale, loan premiums and unearned fees.
3.Interest income includes reductions for amortization of loan and available-for-sale securities premiums and earnings from accretion of discounts and loan fees.
4.Purchased loans include loans, loan discounts and unearned fees related to the FDIC Loan Purchase.
5.Margin lending is the significant component of the asset titled customer, broker-dealer and clearing receivables on the audited consolidated balance sheets.
6.Interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average rate paid on interest-bearing liabilities.
7.Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.1 Average balances are obtained from daily data.


AVERAGE BALANCES, NET INTEREST INCOME, YIELDS EARNED AND RATES PAID
Banking Business Segment
The following tables presents our Banking Business Segment’s information regarding (i) average balances; (ii) the total amount of interest income from interest-earning assets and the weighted average yields on such assets; (iii) the total amount of interest expense on interest-bearing liabilities and the weighted average rates paid on such liabilities; (iv) net interest income; (v) interest rate spread; and (vi) net interest margin:
 
For the Three Months Ended
June 30,
 20242023
(Dollars in thousands)
Average
Balance1
Interest
Income/
Expense
Average Yields
Earned/Rates
Paid2
Average
Balance1
Interest
Income/
Expense
Average Yields
Earned/Rates
Paid2
Assets:
Loans3, 4
$19,177,807 $409,466 8.54 %$16,220,701 $304,676 7.51 %
Non-purchased loans
18,196,696 368,766 8.11 %16,220,701 304,676 7.51 %
Purchased loans5
981,111 40,700 16.59 %— — — %
Interest-earning deposits in other financial institutions2,527,083 33,345 5.28 %2,438,379 30,693 5.03 %
Mortgage-backed and other securities4
182,858 2,202 4.81 %260,538 3,850 5.91 %
Stock of the regulatory agencies17,250 394 9.14 %17,250 295 6.84 %
Total interest-earning assets21,904,998 445,407 8.13 %18,936,868 339,514 7.17 %
Non-interest-earning assets458,470 371,710 
Total assets$22,363,468 $19,308,578 
Liabilities and Stockholders’ Equity:
Interest-bearing demand and savings$15,734,579 $176,959 4.50 %$12,570,893 $123,178 3.92 %
Time deposits971,756 10,612 4.37 %1,418,347 14,043 3.96 %
Advances from the FHLB144,955 1,293 3.57 %90,000 523 2.32 %
Borrowings, subordinated notes and debentures— — — %34 — — %
Total interest-bearing liabilities16,851,290 188,864 4.48 %14,079,274 137,744 3.91 %
Non-interest-bearing demand deposits2,949,090 3,177,475 
Other non-interest-bearing liabilities260,658 192,007 
Stockholders’ equity2,302,430 1,859,822 
Total liabilities and stockholders’ equity$22,363,468 $19,308,578 
Net interest income$256,543 $201,770 
Interest rate spread6
3.65 %3.26 %
Net interest margin7
4.68 %4.26 %
1Average balances are obtained from daily data.
2Annualized.
3Loans include loans held for sale, loan premiums and unearned fees.
4Interest income includes reductions for amortization of loan and available-for-sale securities premiums and earnings from accretion of discounts and loan fees.
5Purchased loans include loans, loan discounts and unearned fees related to the FDIC Loan Purchase.
6Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.
7Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.




Securities Business Segment
June 30,
(Dollars in thousands)20242023
FDIC insured program balances at banks$1,289,105 $1,627,053 
Margin balances$219,848 $205,880 
Cash reserves for the benefit of customers$113,676 $149,059 
Securities lending:
Interest-earning assets – stock borrowed$67,212 $134,339 
Interest-bearing liabilities – stock loaned$74,177 $159,832