01/28/2025 | Press release | Distributed by Public on 01/28/2025 15:10
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 33-0867444 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock, $0.01 par value | AX | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
Emerging growth company | ☐ |
Page | |
PART I - FINANCIAL INFORMATION
|
1
|
ITEM 1. FINANCIAL STATEMENTS
|
1
|
Condensed Consolidated Balance Sheets (unaudited)
|
1
|
Condensed Consolidated Statements of Income (unaudited)
|
2
|
Condensed Consolidated Statements of Comprehensive Income (unaudited)
|
3
|
Condensed Consolidated Statements of Stockholders' Equity (unaudited)
|
4
|
Condensed Consolidated Statements of Cash Flows (unaudited)
|
6
|
Notes to Condensed Consolidated Financial Statements (unaudited)
|
8
|
1. Summary of Significant Accounting Policies
|
8
|
2. Fair Value
|
10
|
3. Available-for-Sale Securities
|
15
|
4. Loans & Allowance for Credit Losses
|
17
|
5. Derivatives
|
23
|
6. Offsetting of Derivatives and Securities Financing Agreements
|
24
|
7. Stockholders' Equity and Stock-Based Compensation
|
25
|
8. Earnings per Common Share
|
27
|
9. Commitments and Contingencies
|
27
|
10. Segment Reporting and Revenue Information
|
28
|
11. Borrowings, Subordinated Notes and Debentures
|
30
|
12. Other Assets
|
30
|
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
32
|
USE OF NON-GAAP MEASURES
|
34
|
SELECTED FINANCIAL INFORMATION
|
35
|
RESULTS OF OPERATIONS
|
37
|
SEGMENT RESULTS
|
42
|
FINANCIAL CONDITION
|
44
|
LIQUIDITY
|
47
|
CAPITAL RESOURCES AND REQUIREMENTS
|
48
|
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
49
|
ITEM 4. CONTROLS AND PROCEDURES
|
52
|
PART II - OTHER INFORMATION
|
53
|
ITEM 1. LEGAL PROCEEDINGS
|
53
|
ITEM 1A. RISK FACTORS
|
53
|
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
|
53
|
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
|
53
|
ITEM 4. MINE SAFETY DISCLOSURES
|
53
|
ITEM 5. OTHER INFORMATION
|
53
|
ITEM 6. EXHIBITS
|
54
|
SIGNATURES
|
55
|
(Dollars in thousands, except par value)
|
December 31, 2024 |
June 30, 2024 |
||
ASSETS | ||||
Cash and cash equivalents | $ | 2,438,073 | $ | 1,979,979 |
Restricted cash
|
235,358 | 205,797 | ||
Total cash, cash equivalents and restricted cash
|
2,673,431 | 2,185,776 | ||
Trading securities
|
241 | 353 | ||
Available-for-sale securities
|
97,848 | 141,611 | ||
Stock of regulatory agencies | 34,298 | 21,957 | ||
Loans held for sale, carried at fair value | 25,436 | 16,482 | ||
Loans-net of allowance for credit losses of $270,605 as of December 31, 2024 and $260,542 as of June 30, 2024
|
19,486,727 | 19,231,385 | ||
Servicing rights, carried at fair value
|
28,045 | 28,924 | ||
Securities borrowed | 114,672 | 67,212 | ||
Customer, broker-dealer and clearing receivables | 298,887 | 240,028 | ||
Goodwill and other intangible assets-net | 137,570 | 141,769 | ||
Other assets | 812,267 | 779,837 | ||
TOTAL ASSETS | $ | 23,709,422 | $ | 22,855,334 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Deposits: | ||||
Non-interest-bearing | $ | 2,989,759 | $ | 2,975,631 |
Interest bearing | 16,945,145 | 16,383,586 | ||
Total deposits | 19,934,904 | 19,359,217 | ||
Advances from the Federal Home Loan Bank | 60,000 | 90,000 | ||
Borrowings, subordinated notes and debentures | 358,692 | 325,679 | ||
Securities loaned | 135,258 | 74,177 | ||
Customer, broker-dealer and clearing payables | 309,593 | 301,127 | ||
Accounts payable and other liabilities | 389,013 | 414,538 | ||
Total liabilities | 21,187,460 | 20,564,738 | ||
COMMITMENTS AND CONTINGENCIES (Note 9)
|
||||
STOCKHOLDERS' EQUITY: | ||||
Common stock-$0.01 par value; 150,000,000 shares authorized; 70,571,332 shares issued and 57,097,632 shares outstanding as of December 31, 2024; 70,221,632 shares issued and 56,894,565 shares outstanding as of June 30, 2024
|
706 | 702 | ||
Additional paid-in capital | 528,862 | 510,232 | ||
Accumulated other comprehensive income (loss)-net of income tax
|
3,007 | (2,466) | ||
Retained earnings | 2,402,644 | 2,185,617 | ||
Treasury stock, at cost; 13,473,700 shares as of December 31, 2024 and 13,327,067 shares as of June 30, 2024
|
(413,257) | (403,489) | ||
Total stockholders' equity | 2,521,962 | 2,290,596 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 23,709,422 | $ | 22,855,334 |
Three Months Ended | Six Months Ended | |||||||
December 31, | December 31, | |||||||
(Dollars in thousands, except earnings per common share) | 2024 | 2023 | 2024 | 2023 | ||||
INTEREST AND DIVIDEND INCOME: | ||||||||
Loans, including fees | $ | 410,868 | $ | 357,852 | $ | 849,097 | $ | 684,826 |
Securities borrowed and customer receivables | 6,450 | 5,467 | 12,721 | 10,462 | ||||
Investments and other
|
38,750 | 31,344 | 78,512 | 63,327 | ||||
Total interest and dividend income | 456,068 | 394,663 | 940,330 | 758,615 | ||||
INTEREST EXPENSE: | ||||||||
Deposits | 170,859 | 160,181 | 358,128 | 306,291 | ||||
Advances from the Federal Home Loan Bank | 507 | 530 | 1,036 | 1,059 | ||||
Securities loaned | 480 | 1,010 | 1,020 | 1,459 | ||||
Other borrowings | 4,123 | 4,336 | 7,999 | 10,045 | ||||
Total interest expense | 175,969 | 166,057 | 368,183 | 318,854 | ||||
Net interest income | 280,099 | 228,606 | 572,147 | 439,761 | ||||
Provision for credit losses | 12,248 | 13,500 | 26,248 | 20,500 | ||||
Net interest income, after provision for credit losses | 267,851 | 215,106 | 545,899 | 419,261 | ||||
NON-INTEREST INCOME: | ||||||||
Broker-dealer fee income | 11,039 | 12,519 | 22,099 | 24,996 | ||||
Advisory fee income | 7,982 | 7,362 | 15,927 | 15,581 | ||||
Banking and service fees | 9,813 | 10,061 | 18,426 | 18,411 | ||||
Mortgage banking and servicing rights income
|
(1,797) | 753 | (1,347) | 4,631 | ||||
Prepayment penalty fee income | 762 | 1,037 | 1,303 | 2,620 | ||||
Gain on acquisition
|
- | 92,397 | - | 92,397 | ||||
Total non-interest income | 27,799 | 124,129 | 56,408 | 158,636 | ||||
NON-INTEREST EXPENSE: | ||||||||
Salaries and related costs | 74,097 | 58,883 | 148,390 | 114,694 | ||||
Data and operational processing
|
19,314 | 18,326 | 38,299 | 34,410 | ||||
Depreciation and amortization | 7,031 | 6,488 | 14,481 | 12,366 | ||||
Advertising and promotional | 11,045 | 9,794 | 25,298 | 20,169 | ||||
Professional services | 9,072 | 5,976 | 18,967 | 15,787 | ||||
Occupancy and equipment | 4,206 | 4,001 | 8,524 | 7,847 | ||||
FDIC and regulatory fees | 6,992 | 3,935 | 12,948 | 8,384 | ||||
Broker-dealer clearing charges | 4,299 | 5,948 | 8,606 | 9,960 | ||||
General and administrative expense | 9,264 | 8,488 | 17,272 | 18,728 | ||||
Total non-interest expense | 145,320 | 121,839 | 292,785 | 242,345 | ||||
INCOME BEFORE INCOME TAXES | 150,330 | 217,396 | 309,522 | 335,552 | ||||
INCOME TAXES | 45,643 | 65,625 | 92,495 | 101,136 | ||||
NET INCOME | $ | 104,687 | $ | 151,771 | $ | 217,027 | $ | 234,416 |
Basic earnings per common share | $ | 1.83 | $ | 2.65 | $ | 3.81 | $ | 4.04 |
Diluted earnings per common share | $ | 1.80 | $ | 2.62 | $ | 3.72 | $ | 3.98 |
Three Months Ended | Six Months Ended | |||||||
December 31, | December 31, | |||||||
(Dollars in thousands) | 2024 | 2023 | 2024 | 2023 | ||||
NET INCOME | $ | 104,687 | $ | 151,771 | $ | 217,027 | $ | 234,416 |
Net unrealized gain (loss) from available-for-sale securities, net of income tax | (784) | 2,469 | 535 | 2,691 | ||||
Net unrealized gain (loss) on cash flow hedges, net of income tax | 4,556 | - | 4,938 | - | ||||
Other comprehensive income (loss) | 3,772 | 2,469 | 5,473 | 2,691 | ||||
COMPREHENSIVE INCOME | $ | 108,459 | $ | 154,240 | $ | 222,500 | $ | 237,107 |
For the Three Months Ended December 31, 2024 | |||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss), Net of Income Tax | Retained Earnings |
Treasury Stock |
Total | ||||||||||
Number of Shares | |||||||||||||||
(Dollars in thousands) | Issued | Treasury | Outstanding | Amount | |||||||||||
BALANCE-September 30, 2024
|
70,562,333 | (13,470,117) | 57,092,216 | $ | 706 | $ | 520,795 | $ | (765) | $ | 2,297,957 | $ | (412,965) | $ | 2,405,728 |
Net income | - | - | - | - | - | - | 104,687 | - | 104,687 | ||||||
Other comprehensive income (loss) | - | - | - | - | - | 3,772 | - | - | 3,772 | ||||||
Stock-based compensation activity | 8,999 | (3,583) | 5,416 | - | 8,067 | - | - | (292) | 7,775 | ||||||
BALANCE-December 31, 2024
|
70,571,332 | (13,473,700) | 57,097,632 | $ | 706 | $ | 528,862 | $ | 3,007 | $ | 2,402,644 | $ | (413,257) | $ | 2,521,962 |
For the Six Months Ended December 31, 2024 | |||||||||||||||
Common Stock | Additional Paid-in Capital |
Accumulated Other Comprehensive Income (Loss), Net of Income Tax |
Retained Earnings |
Treasury Stock |
Total | ||||||||||
Number of Shares | |||||||||||||||
(Dollars in thousands) | Issued | Treasury | Outstanding | Amount | |||||||||||
BALANCE-June 30, 2024
|
70,221,632 | (13,327,067) | 56,894,565 | $ | 702 | $ | 510,232 | $ | (2,466) | $ | 2,185,617 | $ | (403,489) | $ | 2,290,596 |
Net income | - | - | - | - | - | - | 217,027 | - | 217,027 | ||||||
Other comprehensive income (loss) | - | - | - | - | - | 5,473 | - | - | 5,473 | ||||||
Stock-based compensation activity | 349,700 | (146,633) | 203,067 | 4 | 18,630 | - | - | (9,768) | 8,866 | ||||||
BALANCE-December 31, 2024
|
70,571,332 | (13,473,700) | 57,097,632 | $ | 706 | $ | 528,862 | $ | 3,007 | $ | 2,402,644 | $ | (413,257) | $ | 2,521,962 |
For the Three Months Ended December 31, 2023 | |||||||||||||||
Common Stock | Additional Paid-in Capital |
Accumulated Other Comprehensive Income (Loss), Net of Income Tax
|
Retained Earnings
|
Treasury Stock |
Total | ||||||||||
Number of Shares | |||||||||||||||
(Dollars in thousands) | Issued | Treasury | Outstanding | Amount | |||||||||||
BALANCE-September 30, 2023
|
69,826,263 | (11,322,287) | 58,503,976 | $ | 698 | $ | 486,676 | $ | (6,388) | $ | 1,818,254 | $ | (323,032) | $ | 1,976,208 |
Net income | - | - | - | - | - | - | 151,771 | - | 151,771 | ||||||
Other comprehensive income (loss) | - | - | - | - | - | 2,469 | - | - | 2,469 | ||||||
Purchase of treasury stock | - | (1,607,301) | (1,607,301) | - | - | - | - | (58,650) | (58,650) | ||||||
Stock-based compensation activity | 2,446 | (744) | 1,702 | - | 6,592 | - | - | (166) | 6,426 | ||||||
BALANCE-December 31, 2023
|
69,828,709 | (12,930,332) | 56,898,377 | $ | 698 | $ | 493,268 | $ | (3,919) | $ | 1,970,025 | $ | (381,848) | $ | 2,078,224 |
For the Six Months Ended December 31, 2023 | |||||||||||||||
Common Stock | Additional Paid-in Capital |
Accumulated
Other
Comprehensive
Income (Loss),
Net of Income Tax
|
Retained Earnings
|
Treasury Stock |
Total | ||||||||||
Number of Shares | |||||||||||||||
(Dollars in thousands) | Issued | Treasury | Outstanding | Amount | |||||||||||
BALANCE-June 30, 2023
|
69,465,446 | (10,522,411) | 58,943,035 | $ | 695 | $ | 479,878 | $ | (6,610) | $ | 1,735,609 | $ | (292,413) | $ | 1,917,159 |
Net income | - | - | - | - | - | - | 234,416 | - | 234,416 | ||||||
Other comprehensive income (loss) | - | - | - | - | - | 2,691 | - | - | 2,691 | ||||||
Purchase of treasury stock | - | (2,255,509) | (2,255,509) | - | - | - | - | (83,186) | (83,186) | ||||||
Stock-based compensation activity | 363,263 | (152,412) | 210,851 | 3 | 13,390 | - | - | (6,249) | 7,144 | ||||||
BALANCE-December 31, 2023
|
69,828,709 | (12,930,332) | 56,898,377 | $ | 698 | $ | 493,268 | $ | (3,919) | $ | 1,970,025 | $ | (381,848) | $ | 2,078,224 |
AXOS FINANCIAL, INC.
|
||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
(Unaudited) | ||||
Six Months Ended | ||||
December 31, | ||||
(Dollars in thousands) | 2024 | 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | $ | 217,027 | $ | 234,416 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 14,481 | 12,365 | ||
Other accretion and amortization | (58,723) | (12,006) | ||
Stock-based compensation expense | 19,855 | 13,393 | ||
Trading activity | 112 | 429 | ||
Provision for credit losses | 26,248 | 20,500 | ||
Deferred income taxes | (15,419) | 21,032 | ||
Origination of loans held for sale | (136,396) | (96,910) | ||
Unrealized and realized gains on loans held for sale | (1,495) | (3,854) | ||
Proceeds from sale of loans held for sale | 133,064 | 107,846 | ||
Change in the fair value of servicing rights | 1,278 | (1,955) | ||
Gain on FDIC Loan Purchase | - | (92,397) | ||
Gain on repurchase of subordinated notes | (604) | - | ||
Net change in assets and liabilities which provide (use) cash: | ||||
Securities borrowed | (47,460) | (10,837) | ||
Customer, broker-dealer and clearing receivables | (58,859) | 108,217 | ||
Other assets | 96,702 | (47,390) | ||
Securities loaned | 61,081 | (4,340) | ||
Customer, broker-dealer and clearing payables | 8,466 | (76,592) | ||
Accounts payable and other liabilities | (26,060) | (19,183) | ||
Net cash provided by operating activities | 233,298 | 152,734 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of available-for-sale securities | (22,382) | (9,612) | ||
Proceeds from sale and repayment of available-for-sale securities | 67,004 | 5,952 | ||
Purchase of stock of regulatory agencies | (12,446) | - | ||
Net change in loans held for investment | (438,254) | (877,550) | ||
Proceeds from sale of loans originally classified as held for investment | 223,011 | - | ||
Proceeds from sale of other real estate owned and repossessed assets | 999 | 3,420 | ||
Purchase of BOLI policies | (100,000) | - | ||
Purchase of loans and leases, net of discounts and premiums | (1,100) | (841,408) | ||
Purchases of furniture, equipment, software and intangibles | (23,870) | (17,031) | ||
Purchases of other investments | (7,801) | (7,148) | ||
Distributions received from other investments | 81 | 1,508 | ||
Net cash used in investing activities | (314,758) | (1,741,869) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net increase in deposits | 575,687 | 1,080,804 | ||
Repayments of the Federal Home Loan Bank term advances | (30,000) | - | ||
Net (repayment) proceeds of other borrowings | 45,000 | (21,200) | ||
Payments related to settlement of restricted stock units | (9,769) | (6,249) | ||
Purchase of treasury stock | - | (82,583) | ||
Repurchase of subordinated notes | (11,803) | - | ||
Net cash provided by financing activities | 569,115 | 970,772 |
AXOS FINANCIAL, INC.
|
||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
(Unaudited) | ||||
Six Months Ended | ||||
December 31, | ||||
(Dollars in thousands) | 2024 | 2023 | ||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
487,655 | (618,363) | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH-Beginning of year
|
$ | 2,185,776 | $ | 2,382,086 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH-End of period
|
$ | 2,673,431 | $ | 1,763,723 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||
Interest paid on interest-bearing liabilities | 367,008 | 323,042 | ||
Income taxes paid | 89,508 | 84,436 | ||
Transfers to other real estate and repossessed vehicles from loans held for investment | 1,142 | 3,301 | ||
Transfers from loans held for investment to loans held for sale | 227,539 | 2,783 | ||
Operating lease liabilities from obtaining right of use assets | 2,111 | 5,767 | ||
Non-cash LIHTC investments | - | 25,000 |
December 31, 2024 | ||||||
(Dollars in thousands) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | |||
ASSETS: | ||||||
Trading securities
|
$ | 241 | $ | - | $ | 241 |
Available-for-sale securities:
|
||||||
Agency MBS | 46,904 | - | 46,904 | |||
Non-Agency MBS | - | 47,412 | 47,412 | |||
Municipal | 3,532 | - | 3,532 | |||
Total-Available-for-sale securities:
|
$ | 50,436 | $ | 47,412 | $ | 97,848 |
Loans held for sale | $ | 25,436 | $ | - | $ | 25,436 |
Servicing rights | $ | - | $ | 28,045 | $ | 28,045 |
Other assets-Derivative instruments1
|
$ | 16,363 | $ | - | $ | 16,363 |
LIABILITIES: | ||||||
Accounts payable and other liabilities-Derivative instruments | $ | 83,957 | $ | - | $ | 83,957 |
1Other assets - Derivative instruments are presented net of $78.0 million of variation margin on centrally-cleared derivatives as of December 31, 2024.
|
||||||
June 30, 2024 | ||||||
(Dollars in thousands) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
Total | |||
ASSETS: | ||||||
Trading securities | $ | 353 | $ | - | $ | 353 |
Available-for-sale securities: | ||||||
Agency MBS
|
27,259 | - | 27,259 | |||
Non-Agency MBS
|
- | 110,928 | 110,928 | |||
Municipal | 3,424 | - | 3,424 | |||
Total-Available-for-sale securities: | $ | 30,683 | $ | 110,928 | $ | 141,611 |
Loans held for sale | $ | 16,482 | $ | - | $ | 16,482 |
Servicing rights | $ | - | $ | 28,924 | $ | 28,924 |
Other assets-Derivative instruments
|
$ | 106,796 | $ | - | $ | 106,796 |
LIABILITIES: | ||||||
Accounts payable and other liabilities-Derivative instruments | $ | 102,949 | $ | - | $ | 102,949 |
For the Three Months Ended
|
||||||
December 31, 2024 | ||||||
(Dollars in thousands) |
Available-for-sale Securities:
Non-Agency MBS
|
Servicing Rights1
|
Total | |||
Opening balance | $ | 91,309 | $ | 27,335 | $ | 118,644 |
Total gains or losses for the period: | ||||||
Included in earnings-Mortgage banking and servicing rights income | - | 487 | 487 | |||
Included in other comprehensive income | (394) | - | (394) | |||
Purchases, retentions, issues, sales and settlements: | ||||||
Purchases/Retentions | - | 223 | 223 | |||
Settlements | (43,503) | - | (43,503) | |||
Closing balance | $ | 47,412 | $ | 28,045 | $ | 75,457 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | $ | - | $ | 487 | $ | 487 |
For the Six Months Ended
|
||||||
December 31, 2024 | ||||||
(Dollars in thousands) |
Available-for-sale Securities:
Non-Agency MBS
|
Servicing Rights1
|
Total | |||
Opening Balance | $ | 110,928 | $ | 28,924 | $ | 139,852 |
Total gains or losses for the period: | ||||||
Included in earnings-Mortgage banking and servicing rights income | - | (1,364) | (1,364) | |||
Included in other comprehensive income | 388 | - | 388 | |||
Purchases, retentions, issues, sales and settlements: | ||||||
Purchases/Retentions | - | 485 | 485 | |||
Settlements | (63,904) | - | (63,904) | |||
Closing balance | $ | 47,412 | $ | 28,045 | $ | 75,457 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | $ | - | $ | (1,364) | $ | (1,364) |
For the Three Months Ended
|
||||||
December 31, 2023 | ||||||
(Dollars in thousands) |
Available-for-sale Securities:
Non-Agency MBS
|
Servicing Rights1
|
Total | |||
Opening balance | $ | 206,076 | $ | 29,338 | $ | 235,414 |
Total gains or losses for the period: | ||||||
Included in earnings-Mortgage banking and servicing rights income | - | (1,494) | (1,494) | |||
Included in other comprehensive income | 1,876 | - | 1,876 | |||
Purchases, retentions, issues, sales and settlements: | ||||||
Purchases/Retentions | - | 199 | 199 | |||
Settlements | (244) | - | (244) | |||
Closing balance | $ | 207,708 | $ | 28,043 | $ | 235,751 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | $ | - | $ | (1,494) | $ | (1,494) |
For the Six Months Ended
|
||||||
December 31, 2023 | ||||||
(Dollars in thousands) |
Available-for-sale Securities:
Non-Agency MBS
|
Servicing Rights1
|
Total | |||
Opening Balance | $ | 205,005 | $ | 25,443 | $ | 230,448 |
Total gains or losses for the period: | ||||||
Included in earnings-Mortgage banking and servicing rights income | - | 365 | 365 | |||
Included in other comprehensive income | 3,191 | - | 3,191 | |||
Purchases, retentions, issues, sales and settlements: | ||||||
Purchases/Retentions | - | 2,235 | 2,235 | |||
Settlements | (488) | - | (488) | |||
Closing balance | $ | 207,708 | $ | 28,043 | $ | 235,751 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | $ | - | $ | 365 | $ | 365 |
December 31, 2024 | |||||
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input |
Range (Weighted Average)1
|
|
Available-for-sale securities: Non-Agency MBS
|
$ | 47,412 | Discounted Cash Flow |
Projected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate over SOFR Swaps,
Credit Enhancement
|
0.0 to 72.7% (32.9%)
0.0 to 6.4% (2.2%)
0.0 to 68.9% (30.1%)
2.5 to 4.6% (2.6%)
0.2 to 96.8% (27.2%)
|
Servicing Rights
|
$ | 28,045 | Discounted Cash Flow |
Projected Constant Prepayment Rate, Life (in years), Discount Rate |
6.7 to 58.1% (10.4%)
0.0 to 11.1 (8.5)
9.5 to 11.2% (9.8%)
|
June 30, 2024 | |||||
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input |
Range (Weighted Average)1
|
|
Available-for-sale securities: Non-Agency MBS | $ | 110,928 | Discounted Cash Flow |
Projected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate over SOFR Swaps,
Credit Enhancement
|
0.0 to 72.1% (38.0%)
0.0 to 13.7% (2.8%)
0.0 to 68.9% (32.9%)
2.5 to 4.9% (2.5%)
0.0 to 64.9% (22.8%)
|
Servicing Rights
|
$ | 28,924 | Discounted Cash Flow |
Projected Constant Prepayment Rate, Life (in years), Discount Rate |
5.5 to 95.2% (11.8%)
0.4 to 14.9 (7.9)
9.5 to 11.2% (9.8%)
|
(Dollars in thousands) | December 31, 2024 | June 30, 2024 | ||
Aggregate fair value | $ | 25,436 | $ | 16,482 |
Contractual balance | 25,160 | 15,966 | ||
Unrealized gain | $ | 276 | $ | 516 |
For the Three Months Ended December 31, | For the Six Months Ended December 31, | |||||||
(Dollars in thousands) | 2024 | 2023 | 2024 | 2023 | ||||
Interest income | $ | 249 | $ | 141 | $ | 537 | $ | 330 |
Change in fair value | (384) | 33 | (367) | (96) | ||||
Total | $ | (135) | $ | 174 | $ | 170 | $ | 234 |
December 31, 2024 | ||||||||||
Fair Value | ||||||||||
(Dollars in thousands) |
Carrying Amount |
Level 1 | Level 2 | Level 3 | Total Fair Value | |||||
Financial assets: | ||||||||||
Cash, cash equivalents and restricted cash
|
$ | 2,673,431 | $ | 2,673,431 | $ | - | $ | - | $ | 2,673,431 |
Trading securities
|
241 | - | 241 | - | 241 | |||||
Available-for-sale securities
|
97,848 | - | 50,436 | 47,412 | 97,848 | |||||
Stock of regulatory agencies | 34,298 | - | 34,298 | - | 34,298 | |||||
Loans held for sale, at fair value | 25,436 | - | 25,436 | - | 25,436 | |||||
Loans held for investment-net | 19,486,727 | - | - | 19,661,657 | 19,661,657 | |||||
Securities borrowed | 114,672 | - | - | 113,565 | 113,565 | |||||
Customer, broker-dealer and clearing receivables | 298,887 | - | - | 296,997 | 296,997 | |||||
Servicing rights
|
28,045 | - | - | 28,045 | 28,045 | |||||
Other assets - derivative instruments1
|
16,363 | - | 16,363 | - | 16,363 | |||||
Financial liabilities: | ||||||||||
Total deposits | 19,934,904 | - | 19,604,164 | - | 19,604,164 | |||||
Advances from the Federal Home Loan Bank | 60,000 | - | 55,042 | - | 55,042 | |||||
Borrowings, subordinated notes and debentures | 358,692 | - | 320,993 | - | 320,993 | |||||
Securities loaned | 135,258 | - | - | 134,594 | 134,594 | |||||
Customer, broker-dealer and clearing payables | 309,593 | - | - | 309,593 | 309,593 | |||||
Accounts payable and other liabilities - derivative instruments
|
83,957 | - | 83,957 | - | 83,957 |
June 30, 2024 | ||||||||||
Fair Value | ||||||||||
(Dollars in thousands) |
Carrying Amount |
Level 1 | Level 2 | Level 3 | Total Fair Value | |||||
Financial assets: | ||||||||||
Cash, cash equivalents and restricted cash
|
$ | 2,185,776 | $ | 2,185,776 | $ | - | $ | - | $ | 2,185,776 |
Trading securities
|
353 | - | 353 | - | 353 | |||||
Available-for-sale securities
|
141,611 | - | 30,683 | 110,928 | 141,611 | |||||
Stock of regulatory agencies
|
21,957 | - | 21,957 | - | 21,957 | |||||
Loans held for sale, at fair value | 16,482 | - | 16,482 | - | 16,482 | |||||
Loans held for investment-net | 19,231,385 | - | - | 19,209,442 | 19,209,442 | |||||
Securities borrowed | 67,212 | - | - | 71,480 | 71,480 | |||||
Customer, broker-dealer and clearing receivables | 240,028 | - | - | 249,317 | 249,317 | |||||
Servicing rights
|
28,924 | - | - | 28,924 | 28,924 | |||||
Other assets - derivative instruments
|
106,796 | - | 106,796 | - | 106,796 | |||||
Financial liabilities: | ||||||||||
Total deposits | 19,359,217 | - | 19,217,281 | - | 19,217,281 | |||||
Advances from the Federal Home Loan Bank | 90,000 | - | 84,201 | - | 84,201 | |||||
Borrowings, subordinated notes and debentures | 325,679 | - | 302,487 | - | 302,487 | |||||
Securities loaned | 74,177 | - | - | 74,021 | 74,021 | |||||
Customer, broker-dealer and clearing payables | 301,127 | - | - | 301,127 | 301,127 | |||||
Accounts payable and other liabilities - derivative instruments
|
102,949 | - | 102,949 | - | 102,949 |
December 31, 2024 | ||||||||
(Dollars in thousands) |
Amortized Cost |
Unrealized Gains |
Unrealized Losses |
Fair Value |
||||
Mortgage-backed securities (MBS): | ||||||||
Agency1
|
$ | 49,176 | $ | 61 | $ | (2,333) | $ | 46,904 |
Non-agency2
|
46,755 | 933 | (276) | 47,412 | ||||
Total mortgage-backed securities | 95,931 | 994 | (2,609) | 94,316 | ||||
Municipal | 3,856 | - | (324) | 3,532 | ||||
Total available-for-sale securities
|
$ | 99,787 | $ | 994 | $ | (2,933) | $ | 97,848 |
June 30, 2024 | ||||||||
(Dollars in thousands) |
Amortized Cost |
Unrealized Gains |
Unrealized Losses |
Fair Value |
||||
Mortgage-backed securities (MBS): | ||||||||
Agency1
|
$ | 29,835 | $ | 83 | $ | (2,659) | $ | 27,259 |
Non-agency2
|
110,658 | 838 | (568) | 110,928 | ||||
Total mortgage-backed securities | 140,493 | 921 | (3,227) | 138,187 | ||||
Municipal | 3,788 | - | (364) | 3,424 | ||||
Total available-for-sale securities
|
$ | 144,281 | $ | 921 | $ | (3,591) | $ | 141,611 |
There were no sales of available-for-sale securities during the three months and six months ended December 31, 2024. The Company sold a $4.8 million available-for-sale security with no realized gain or loss during the three and six months ended December 31, 2023.
|
December 31, 2024 | ||||||||||||
Available-for-sale securities in loss position for | ||||||||||||
Less Than 12 Months |
More Than 12 Months |
Total | ||||||||||
(Dollars in thousands) |
Fair Value |
Gross Unrealized Losses |
Fair Value |
Gross Unrealized Losses |
Fair Value |
Gross Unrealized Losses |
||||||
MBS: | ||||||||||||
Agency
|
$ | 9,102 | $ | (21) | $ | 16,479 | $ | (2,312) | $ | 25,581 | $ | (2,333) |
Non-agency | - | - | 44,866 | (276) | 44,866 | (276) | ||||||
Total MBS | 9,102 | (21) | 61,345 | (2,588) | 70,447 | (2,609) | ||||||
Municipal | - | - | 3,532 | (324) | 3,532 | (324) | ||||||
Total available-for-sale securities
|
$ | 9,102 | $ | (21) | $ | 64,877 | $ | (2,912) | $ | 73,979 | $ | (2,933) |
June 30, 2024 | ||||||||||||
Available-for-sale securities in loss position for | ||||||||||||
Less Than 12 Months |
More Than 12 Months |
Total | ||||||||||
(Dollars in thousands) |
Fair Value |
Gross Unrealized Losses |
Fair Value |
Gross Unrealized Losses |
Fair Value |
Gross Unrealized Losses |
||||||
MBS: | ||||||||||||
Agency
|
$ | 2,644 | $ | (31) | $ | 19,298 | $ | (2,628) | $ | 21,942 | $ | (2,659) |
Non-agency | 15 | - | 78,364 | (568) | 78,379 | (568) | ||||||
Total MBS | 2,659 | (31) | 97,662 | (3,196) | 100,321 | (3,227) | ||||||
Municipal | - | - | 3,424 | (364) | 3,424 | (364) | ||||||
Total available-for-sale securities
|
$ | 2,659 | $ | (31) | $ | 101,086 | $ | (3,560) | $ | 103,745 | $ | (3,591) |
As of December 31, 2024 | ||||||||||
(Dollars in thousands) | Total Amount | Due Within One Year | Due after One but within Five Years | Due after Five but within Ten Years | Due After Ten Years | |||||
MBS: | ||||||||||
Agency | $ | 49,176 | $ | 10,960 | $ | 30,660 | $ | 5,769 | $ | 1,787 |
Non-Agency | $ | 46,755 | $ | 42,981 | $ | 1,277 | $ | 1,288 | $ | 1,209 |
Total MBS | $ | 95,931 | $ | 53,941 | $ | 31,937 | $ | 7,057 | $ | 2,996 |
Municipal | $ | 3,856 | $ | - | $ | - | $ | - | $ | 3,856 |
Available-for-sale-Amortized cost
|
$ | 99,787 | $ | 53,941 | $ | 31,937 | $ | 7,057 | $ | 6,852 |
Available-for-sale-Fair value | $ | 97,848 | $ | 53,456 | $ | 30,918 | $ | 6,768 | $ | 6,706 |
(Dollars in thousands) | December 31, 2024 | June 30, 2024 | ||
Single Family - Mortgage & Warehouse | $ | 4,149,778 | $ | 4,178,832 |
Multifamily and Commercial Mortgage1
|
3,430,948 | 3,861,931 | ||
Commercial Real Estate1
|
6,214,834 | 6,088,622 | ||
Commercial & Industrial - Non-RE | 5,809,877 | 5,241,766 | ||
Auto & Consumer | 420,937 | 431,660 | ||
Total gross loans | 20,026,374 | 19,802,811 | ||
Allowance for credit losses - loans | (270,605) | (260,542) | ||
Unaccreted premiums (discounts) and loan fees | (269,042) | (310,884) | ||
Total net loans | $ | 19,486,727 | $ | 19,231,385 |
Total Real Estate Loans | Single Family - Mortgage & Warehouse | Multifamily and Commercial Mortgage | Commercial Real Estate | |||||
Weighted-Average LTV | 47.5 | % | 55.7 | % | 51.0 | % | 40.1 | % |
Median LTV | 52.0 | % | 53.0 | % | 49.0 | % | 43.9 | % |
For the Three Months Ended December 31,
|
For the Six Months Ended December 31,
|
|||||||
(Dollars in thousands)
|
2024 | 2023 | 2024 | 2023 | ||||
Provision for credit losses - loans
|
$ | 11,748 | $ | 12,500 | $ | 23,248 | $ | 18,250 |
Provision for credit losses - unfunded lending commitments
|
500 | 1,000 | 3,000 | 2,250 | ||||
Total provision for credit losses
|
$ | 12,248 | $ | 13,500 | $ | 26,248 | $ | 20,500 |
For the Three Months Ended December 31, 2024 | ||||||||||||
(Dollars in thousands) | Single Family-Mortgage & Warehouse | Multifamily and Commercial Mortgage | Commercial Real Estate | Commercial & Industrial - Non-RE | Auto & Consumer | Total | ||||||
Balance at October 1, 2024
|
$ | 17,453 | $ | 65,608 | $ | 95,032 | $ | 76,555 | $ | 9,206 | $ | 263,854 |
Provision (benefit) for credit losses - loans | (1,355) | (6,334) | 7,422 | 8,030 | 3,985 | 11,748 | ||||||
Charge-offs | - | (3,197) | - | (130) | (2,495) | (5,822) | ||||||
Recoveries | 6 | - | - | - | 819 | 825 | ||||||
Balance at December 31, 2024
|
$ | 16,104 | $ | 56,077 | $ | 102,454 | $ | 84,455 | $ | 11,515 | $ | 270,605 |
For the Three Months Ended December 31, 2023 | ||||||||||||
(Dollars in thousands) | Single Family-Mortgage & Warehouse | Multifamily and Commercial Mortgage | Commercial Real Estate | Commercial & Industrial - Non-RE | Auto & Consumer | Total | ||||||
Balance at October 1, 2023
|
$ | 17,426 | $ | 15,874 | $ | 71,355 | $ | 54,592 | $ | 11,623 | $ | 170,870 |
Allowance for credit losses at acquisition of PCD loans | - | 58,972 | 11,125 | - | - | 70,097 | ||||||
Provision (benefit) for credit losses - loans | (2,080) | 3,507 | (4,702) | 14,695 | 1,080 | 12,500 | ||||||
Charge-offs | - | - | - | (86) | (2,321) | (2,407) | ||||||
Recoveries | 10 | - | - | - | 679 | 689 | ||||||
Balance at December 31, 2023
|
$ | 15,356 | $ | 78,353 | $ | 77,778 | $ | 69,201 | $ | 11,061 | $ | 251,749 |
For the Six Months Ended December 31, 2024 | ||||||||||||
(Dollars in thousands) | Single Family-Mortgage & Warehouse | Multifamily and Commercial Mortgage | Commercial Real Estate | Commercial & Industrial - Non-RE | Auto & Consumer | Total | ||||||
Balance at July 1, 2024
|
$ | 16,943 | $ | 70,771 | $ | 87,780 | $ | 76,032 | $ | 9,016 | $ | 260,542 |
Provision (benefit) for credit losses - loans | (891) | (8,140) | 14,674 | 11,585 | 6,020 | 23,248 | ||||||
Charge-offs | - | (6,554) | - | (3,162) | (5,344) | (15,060) | ||||||
Recoveries | 52 | - | - | - | 1,823 | 1,875 | ||||||
Balance at December 31, 2024
|
$ | 16,104 | $ | 56,077 | $ | 102,454 | $ | 84,455 | $ | 11,515 | $ | 270,605 |
For the Six Months Ended December 31, 2023 | ||||||||||||
(Dollars in thousands) | Single Family-Mortgage & Warehouse | Multifamily and Commercial Mortgage | Commercial Real Estate | Commercial & Industrial - Non-RE | Auto & Consumer | Total | ||||||
Balance at July 1, 2023
|
$ | 17,503 | $ | 16,848 | $ | 72,755 | $ | 46,347 | $ | 13,227 | $ | 166,680 |
Allowance for credit losses at acquisition of PCD loans | - | 58,972 | 11,125 | - | - | 70,097 | ||||||
Provision (benefit) for credit losses - loans | (2,090) | 2,533 | (6,102) | 22,940 | 969 | 18,250 | ||||||
Charge-offs | (80) | - | - | (86) | (4,602) | (4,768) | ||||||
Recoveries | 23 | - | - | - | 1,467 | 1,490 | ||||||
Balance at December 31, 2023
|
$ | 15,356 | $ | 78,353 | $ | 77,778 | $ | 69,201 | $ | 11,061 | $ | 251,749 |
Three Months Ended December 31,
|
||||
(Dollars in thousands) | 2024 | 2023 | ||
Balance at October 1,
|
$ | 12,723 | $ | 11,723 |
Provision for credit losses - unfunded lending commitments
|
500 | 1,000 | ||
Balance at December 31,
|
$ | 13,223 | $ | 12,723 |
Six Months Ended December 31,
|
||||
(Dollars in thousands) | 2024 | 2023 | ||
Balance at July 1,
|
$ | 10,223 | $ | 10,473 |
Provision for credit losses - unfunded lending commitments
|
3,000 | 2,250 | ||
Balance at December 31,
|
$ | 13,223 | $ | 12,723 |
December 31, 2024 | ||||||||||||
(Dollars in thousands) | Single Family-Mortgage & Warehouse | Multifamily and Commercial Mortgage | Commercial Real Estate | Commercial & Industrial - Non-RE | Auto & Consumer | Total | ||||||
Performing | $ | 4,080,208 | $ | 3,381,791 | $ | 6,155,068 | $ | 5,739,018 | $ | 418,757 | $ | 19,774,842 |
Nonaccrual | 69,570 | 49,157 | 59,766 | 70,859 | 2,180 | 251,532 | ||||||
Total | $ | 4,149,778 | $ | 3,430,948 | $ | 6,214,834 | $ | 5,809,877 | $ | 420,937 | $ | 20,026,374 |
Nonaccrual loans to total loans | 1.26 | % |
June 30, 2024 | ||||||||||||
(Dollars in thousands) | Single Family-Mortgage & Warehouse | Multifamily and Commercial Mortgage | Commercial Real Estate | Commercial & Industrial - Non-RE | Auto & Consumer | Total | ||||||
Performing | $ | 4,133,121 | $ | 3,826,877 | $ | 6,062,520 | $ | 5,237,746 | $ | 429,188 | $ | 19,689,452 |
Nonaccrual | 45,711 | 35,054 | 26,102 | 4,020 | 2,472 | 113,359 | ||||||
Total | $ | 4,178,832 | $ | 3,861,931 | $ | 6,088,622 | $ | 5,241,766 | $ | 431,660 | $ | 19,802,811 |
Nonaccrual loans to total loans | 0.57 | % |
December 31, 2024 | ||||||||||||||||
Loans Held for Investment by Fiscal Year of Origination
|
Revolving Loans | Total | ||||||||||||||
(Dollars in thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | ||||||||||
Single Family-Mortgage & Warehouse | ||||||||||||||||
Pass | $ | 228,407 | $ | 358,736 | $ | 502,219 | $ | 1,107,651 | $ | 464,983 | $ | 848,732 | $ | 500,009 | $ | 4,010,737 |
Special Mention | - | 4,119 | 1,455 | 19,542 | 2,978 | 22,172 | 8,551 | 58,817 | ||||||||
Substandard | - | 1,200 | 5,704 | 15,602 | 5,832 | 51,886 | - | 80,224 | ||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||
Total | 228,407 | 364,055 | 509,378 | 1,142,795 | 473,793 | 922,790 | 508,560 | 4,149,778 | ||||||||
Year-to-date gross charge-offs | - | - | - | - | - | - | - | - | ||||||||
Multifamily and Commercial Mortgage | ||||||||||||||||
Pass | 22,417 | 29,290 | 652,116 | 981,431 | 468,493 | 1,099,774 | - | 3,253,521 | ||||||||
Special Mention | - | - | 23,199 | 58,964 | 4,340 | 25,096 | - | 111,599 | ||||||||
Substandard | - | - | - | 16,035 | 2,000 | 47,793 | - | 65,828 | ||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||
Total | 22,417 | 29,290 | 675,315 | 1,056,430 | 474,833 | 1,172,663 | - | 3,430,948 | ||||||||
Year-to-date gross charge-offs | - | - | - | - | - | 6,554 | - | 6,554 | ||||||||
Commercial Real Estate | ||||||||||||||||
Pass | 1,517,172 | 1,592,351 | 1,031,855 | 883,495 | 143,351 | 30,000 | 881,147 | 6,079,371 | ||||||||
Special Mention | - | 53,875 | - | - | - | - | - | 53,875 | ||||||||
Substandard | - | - | - | 43,525 | 5,000 | 29,191 | 3,872 | 81,588 | ||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||
Total | 1,517,172 | 1,646,226 | 1,031,855 | 927,020 | 148,351 | 59,191 | 885,019 | 6,214,834 | ||||||||
Year-to-date gross charge-offs | - | - | - | - | - | - | - | - | ||||||||
Commercial & Industrial - Non-RE | ||||||||||||||||
Pass | 462,836 | 831,133 | 405,020 | 148,634 | 46,117 | 41,238 | 3,552,851 | 5,487,829 | ||||||||
Special Mention | - | 16,271 | - | - | - | - | 7,213 | 23,484 | ||||||||
Substandard | - | 14,065 | 34,532 | 127,126 | 3,665 | 2,989 | 106,187 | 288,564 | ||||||||
Doubtful | - | - | - | 10,000 | - | - | - | 10,000 | ||||||||
Total | 462,836 | 861,469 | 439,552 | 285,760 | 49,782 | 44,227 | 3,666,251 | 5,809,877 | ||||||||
Year-to-date gross charge-offs | - | - | 130 | - | 1,032 | - | 2,000 | 3,162 | ||||||||
Auto & Consumer | ||||||||||||||||
Pass | 74,619 | 57,408 | 93,350 | 141,743 | 32,646 | 18,154 | - | 417,920 | ||||||||
Special Mention | 16 | 27 | 204 | 349 | 91 | 1 | - | 688 | ||||||||
Substandard | - | 225 | 504 | 976 | 156 | 468 | - | 2,329 | ||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||
Total | 74,635 | 57,660 | 94,058 | 143,068 | 32,893 | 18,623 | - | 420,937 | ||||||||
Year-to-date gross charge-offs | 18 | 281 | 1,620 | 2,395 | 704 | 326 | - | 5,344 | ||||||||
Total | ||||||||||||||||
Pass | 2,305,451 | 2,868,918 | 2,684,560 | 3,262,954 | 1,155,590 | 2,037,898 | 4,934,007 | 19,249,378 | ||||||||
Special Mention | 16 | 74,292 | 24,858 | 78,855 | 7,409 | 47,269 | 15,764 | 248,463 | ||||||||
Substandard | - | 15,490 | 40,740 | 203,264 | 16,653 | 132,327 | 110,059 | 518,533 | ||||||||
Doubtful | - | - | - | 10,000 | - | - | - | 10,000 | ||||||||
Total | $ | 2,305,467 | $ | 2,958,700 | $ | 2,750,158 | $ | 3,555,073 | $ | 1,179,652 | $ | 2,217,494 | $ | 5,059,830 | $ | 20,026,374 |
As a % of total gross loans | 11.5% | 14.8% | 13.7% | 17.7% | 5.9% | 11.1% | 25.3% | 100.0% | ||||||||
Total year-to-date gross charge-offs | $ | 18 | $ | 281 | $ | 1,750 | $ | 2,395 | $ | 1,736 | $ | 6,880 | $ | 2,000 | $ | 15,060 |
June 30, 2024 | ||||||||||||||||
Loans Held for Investment by Fiscal Year of Origination
|
Revolving Loans | Total | ||||||||||||||
(Dollars in thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | ||||||||||
Single Family-Mortgage & Warehouse | ||||||||||||||||
Pass | $ | 491,822 | $ | 590,060 | $ | 1,200,230 | $ | 487,132 | $ | 291,047 | $ | 720,049 | $ | 256,778 | $ | 4,037,118 |
Special Mention | 31,000 | - | 24,489 | 665 | 6,591 | 26,873 | - | 89,618 | ||||||||
Substandard | - | 283 | 6,728 | - | 14,720 | 30,365 | - | 52,096 | ||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||
Total | 522,822 | 590,343 | 1,231,447 | 487,797 | 312,358 | 777,287 | 256,778 | 4,178,832 | ||||||||
Year-to-date gross charge-offs | - | - | - | - | - | 172 | - | 172 | ||||||||
Multifamily and Commercial Mortgage | ||||||||||||||||
Pass | 36,058 | 700,163 | 994,004 | 595,299 | 510,341 | 811,184 | - | 3,647,049 | ||||||||
Special Mention | - | 29,325 | 46,194 | 17,478 | 9,011 | 10,277 | - | 112,285 | ||||||||
Substandard | - | 13,489 | 12,509 | 15,507 | 41,013 | 20,079 | - | 102,597 | ||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||
Total | 36,058 | 742,977 | 1,052,707 | 628,284 | 560,365 | 841,540 | - | 3,861,931 | ||||||||
Year-to-date gross charge-offs | - | - | - | - | 640 | - | - | 640 | ||||||||
Commercial Real Estate | ||||||||||||||||
Pass | 1,952,001 | 1,419,399 | 1,456,643 | 221,061 | 7,741 | 53,000 | 866,686 | 5,976,531 | ||||||||
Special Mention | - | - | 27,452 | - | - | - | - | 27,452 | ||||||||
Substandard | - | 5,600 | 43,700 | 5,000 | - | 30,339 | - | 84,639 | ||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||
Total | 1,952,001 | 1,424,999 | 1,527,795 | 226,061 | 7,741 | 83,339 | 866,686 | 6,088,622 | ||||||||
Year-to-date gross charge-offs | - | - | - | - | - | - | - | - | ||||||||
Commercial & Industrial - Non-RE | ||||||||||||||||
Pass | 991,497 | 458,454 | 238,397 | 44,923 | 10,422 | 12,867 | 3,295,425 | 5,051,985 | ||||||||
Special Mention | - | 1,613 | 731 | 1,818 | - | - | 5,349 | 9,511 | ||||||||
Substandard | - | 34,433 | 122,729 | 1,031 | - | 2,988 | 19,089 | 180,270 | ||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||
Total | 991,497 | 494,500 | 361,857 | 47,772 | 10,422 | 15,855 | 3,319,863 | 5,241,766 | ||||||||
Year-to-date gross charge-offs | - | - | - | - | - | 84 | - | 84 | ||||||||
Auto & Consumer | ||||||||||||||||
Pass | 65,766 | 114,615 | 177,043 | 43,287 | 13,402 | 14,056 | - | 428,169 | ||||||||
Special Mention | 33 | 213 | 422 | 176 | - | 61 | - | 905 | ||||||||
Substandard | 142 | 547 | 1,264 | 410 | 114 | 109 | - | 2,586 | ||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||
Total | 65,941 | 115,375 | 178,729 | 43,873 | 13,516 | 14,226 | - | 431,660 | ||||||||
Year-to-date gross charge-offs | 202 | 3,471 | 5,212 | 1,556 | 303 | 269 | - | 11,013 | ||||||||
Total | ||||||||||||||||
Pass | 3,537,144 | 3,282,691 | 4,066,317 | 1,391,702 | 832,953 | 1,611,156 | 4,418,889 | 19,140,852 | ||||||||
Special Mention | 31,033 | 31,151 | 99,288 | 20,137 | 15,602 | 37,211 | 5,349 | 239,771 | ||||||||
Substandard | 142 | 54,352 | 186,930 | 21,948 | 55,847 | 83,880 | 19,089 | 422,188 | ||||||||
Doubtful | - | - | - | - | - | - | - | - | ||||||||
Total | $ | 3,568,319 | $ | 3,368,194 | $ | 4,352,535 | $ | 1,433,787 | $ | 904,402 | $ | 1,732,247 | $ | 4,443,327 | $ | 19,802,811 |
As a % of total gross loans | 18.0% | 17.0% | 22.0% | 7.2% | 4.6% | 8.8% | 22.4% | 100% | ||||||||
Total year-to-date gross charge-offs | $ | 202 | $ | 3,471 | $ | 5,212 | $ | 1,556 | $ | 943 | $ | 525 | $ | - | $ | 11,909 |
December 31, 2024 | ||||||||||
(Dollars in thousands) | Current | 30-59 Days | 60-89 Days | 90+ Days | Total | |||||
Single Family-Mortgage & Warehouse | $ | 4,063,877 | $ | 21,352 | $ | 12,671 | $ | 51,878 | $ | 4,149,778 |
Multifamily and Commercial Mortgage | 3,373,736 | 8,557 | 14,818 | 33,837 | 3,430,948 | |||||
Commercial Real Estate | 6,126,947 | 15,000 | 3,185 | 69,702 | 6,214,834 | |||||
Commercial & Industrial - Non-RE | 5,784,695 | 7,588 | - | 17,594 | 5,809,877 | |||||
Auto & Consumer | 413,813 | 5,502 | 767 | 855 | 420,937 | |||||
Total | $ | 19,763,068 | $ | 57,999 | $ | 31,441 | $ | 173,866 | $ | 20,026,374 |
As a % of total gross loans | 98.68 | % | 0.29 | % | 0.16 | % | 0.87 | % | 100 | % |
June 30, 2024 | ||||||||||
(Dollars in thousands) | Current | 30-59 Days | 60-89 Days | 90+ Days | Total | |||||
Single Family-Mortgage & Warehouse | $ | 4,070,186 | $ | 46,387 | $ | 18,401 | $ | 43,858 | $ | 4,178,832 |
Multifamily and Commercial Mortgage | 3,795,387 | 13,074 | 8,554 | 44,916 | 3,861,931 | |||||
Commercial Real Estate | 6,024,470 | - | 25,950 | 38,202 | 6,088,622 | |||||
Commercial & Industrial - Non-RE
|
5,240,734 | - | - | 1,032 | 5,241,766 | |||||
Auto & Consumer | 424,555 | 4,644 | 996 | 1,465 | 431,660 | |||||
Total | $ | 19,555,332 | $ | 64,105 | $ | 53,901 | $ | 129,473 | $ | 19,802,811 |
As a % of total gross loans | 98.75 | % | 0.33 | % | 0.27 | % | 0.65 | % | 100 | % |
December 31, 2024
|
June 30, 2024 | |||||||||||
Fair Value | Fair Value | |||||||||||
(Dollars in thousands) | Notional Amount | Derivative Assets | Derivative Liabilities | Notional Amount | Derivative Assets | Derivative Liabilities | ||||||
Derivatives designated as hedging instruments | ||||||||||||
Interest rate contracts | $ | 400,000 | $ | 7,428 | $ | - | $ | - | $ | - | $ | - |
Derivatives not designated as hedging instruments | ||||||||||||
Interest rate contracts1
|
2,593,540 | 8,935 | 83,957 | 2,435,874 | 106,796 | 102,949 | ||||||
Total derivatives | $ | 2,993,540 | $ | 16,363 | $ | 83,957 | $ | 2,435,874 | $ | 106,796 | $ | 102,949 |
For the Three Months Ended December 31,
|
For the Six Months Ended December 31,
|
|||||||
(Dollars in thousands) | 2024 | 2023 | 2024 | 2023 | ||||
Amounts recorded in OCI | $ | 8,073 | $ | - | $ | 8,626 | ||
Amounts reclassified from AOCI to income | (1,478) | - | (1,478) | |||||
Total change in OCI for period | $ | 6,595 | $ | - | $ | 7,148 | $ | - |
For the Three Months Ended December 31,
|
For the Six Months Ended December 31,
|
|||||||
(Dollars in thousands)
|
2024 | 2023 | 2024 | 2023 | ||||
Banking and service fees
|
$ | (185) | $ | 50 | $ | (1,557) | $ | 390 |
Mortgage banking and servicing rights income | (134) | 231 | (385) | 508 |
December 31, 2024 | ||||||||||
(Dollars in thousands) | Gross Assets / Liabilities | Amounts Offset | Net Balance Sheet Amount |
Amounts Not Offset2
|
Net Assets / Liabilities | |||||
Assets: | ||||||||||
Securities borrowed | $ | 114,672 | $ | - | $ | 114,672 | $ | 114,672 | $ | - |
Other Assets - Derivative Assets1
|
16,363 | - | 16,363 | 15,221 | 1,142 | |||||
Liabilities: | ||||||||||
Securities loaned | $ | 135,258 | $ | - | $ | 135,258 | $ | 135,258 | $ | - |
Accounts Payable and Other Liabilities - Derivative Liabilities | 83,957 | - | 83,957 | 1,147 | 82,810 |
June 30, 2024 | ||||||||||
(Dollars in thousands) | Gross Assets / Liabilities | Amounts Offset | Net Balance Sheet Amount |
Amounts Not Offset2
|
Net Assets / Liabilities | |||||
Assets: | ||||||||||
Securities borrowed | $ | 67,212 | $ | - | $ | 67,212 | $ | 67,212 | $ | - |
Other Assets - Derivative Assets
|
106,796 | - | 106,796 | 18,524 | 88,272 | |||||
Liabilities: | ||||||||||
Securities loaned | $ | 74,177 | $ | - | $ | 74,177 | $ | 74,177 | $ | - |
Accounts Payable and Other Liabilities - Derivative Liabilities | 102,949 | - | 102,949 | 414 | 102,535 |
RSUs
|
Weighted-Average Grant-Date Fair Value |
||
Non-vested balance at June 30, 2024
|
1,541,194 | $ | 43.95 |
Granted | 703,218 | 64.68 | |
Vested | (349,700) | 42.63 | |
Forfeited | (52,114) | 47.06 | |
Non-vested balance at December 31, 2024
|
1,842,598 | $ | 52.02 |
For the Three Months Ended December 31,
|
For the Six Months Ended December 31,
|
|||||||
(Dollars in thousands except per share data)
|
2024 | 2023 | 2024 | 2023 | ||||
Total repurchase
|
$ | - | $ | 58,650 | $ | - | $ | 83,186 |
Number of shares repurchased
|
- | 1,607,301 | - | 2,255,509 | ||||
Average price paid per share
|
$ | - | $ | 36.49 | $ | - | $ | 36.88 |
For the Three Months Ended December 31, 2024
|
||||||
(Dollars in thousands) | Unrealized gain (loss) on available-for-sale securities | Cash flow hedges | Accumulated other comprehensive income | |||
Balance at September 30, 2024
|
$ | (1,147) | $ | 382 | $ | (765) |
Other comprehensive income/(loss) | (784) | 4,556 | 3,772 | |||
Balance at December 31, 2024
|
$ | (1,931) | $ | 4,938 | $ | 3,007 |
For the Three Months Ended December 31, 2023
|
||||||
(Dollars in thousands) | Unrealized gain (loss) on available-for-sale securities | Cash flow hedges | Accumulated other comprehensive income | |||
Balance at September 30, 2023
|
$ | (6,388) | $ | - | $ | (6,388) |
Other comprehensive income/(loss) | 2,469 | - | 2,469 | |||
Balance at December 31, 2023
|
$ | (3,919) | $ | - | $ | (3,919) |
For the Six Months Ended December 31, 2024
|
||||||
(Dollars in thousands) | Unrealized gain (loss) on available-for-sale securities | Cash flow hedges | Accumulated other comprehensive income | |||
Balance at June 30, 2024
|
$ | (2,466) | $ | - | $ | (2,466) |
Other comprehensive income/(loss) | 535 | 4,938 | 5,473 | |||
Balance at December 31, 2024
|
$ | (1,931) | $ | 4,938 | $ | 3,007 |
For the Six Months Ended December 31, 2023
|
||||||
(Dollars in thousands) | Unrealized gain (loss) on available-for-sale securities | Cash flow hedges | Accumulated other comprehensive income | |||
Balance at June 30, 2023
|
$ | (6,610) | $ | - | $ | (6,610) |
Other comprehensive income/(loss) | 2,691 | - | 2,691 | |||
Balance at December 31, 2023
|
$ | (3,919) | $ | - | $ | (3,919) |
For the Three Months Ended December 31, 2024 |
For the Three Months Ended December 31, 2023 |
|||||||||||
(Dollars in thousands) | Pre-tax | Tax effect | After-tax | Pre-tax | Tax effect | After-tax | ||||||
Unrealized gain/(loss) on investment securities: | ||||||||||||
Net unrealized gains/(losses) arising during the period | $ | (1,153) | $ | 369 | $ | (784) | $ | 3,527 | $ | (1,058) | $ | 2,469 |
Reclassification adjustment for realized (gains)/losses included in net income | - | - | - | - | - | - | ||||||
Net change | $ | (1,153) | $ | 369 | $ | (784) | $ | 3,527 | $ | (1,058) | $ | 2,469 |
Cash flow hedges: | ||||||||||||
Net unrealized gains/(losses) arising during the period | $ | 8,073 | $ | (2,496) | $ | 5,577 | $ | - | $ | - | $ | - |
Reclassification adjustment for realized (gains)/losses included in net income | (1,478) | 457 | (1,021) | - | - | - | ||||||
Net change | 6,595 | (2,039) | 4,556 | - | - | - | ||||||
Total other comprehensive income/(loss) | $ | 5,442 | $ | (1,670) | $ | 3,772 | $ | 3,527 | $ | (1,058) | $ | 2,469 |
For the Six Months Ended December 31, 2024 |
For the Six Months Ended December 31, 2023 |
|||||||||||
(Dollars in thousands) | Pre-tax | Tax effect | After-tax | Pre-tax | Tax effect | After-tax | ||||||
Unrealized gain/(loss) on investment securities: | ||||||||||||
Net unrealized gains/(losses) arising during the period | $ | 731 | $ | (196) | $ | 535 | $ | 3,861 | $ | (1,170) | $ | 2,691 |
Reclassification adjustment for realized (gains)/losses included in net income | - | - | - | - | - | - | ||||||
Net change | $ | 731 | $ | (196) | $ | 535 | $ | 3,861 | $ | (1,170) | $ | 2,691 |
Cash flow hedges: | ||||||||||||
Net unrealized gains/(losses) arising during the period | $ | 8,626 | $ | (2,667) | $ | 5,959 | $ | - | $ | - | $ | - |
Reclassification adjustment for realized (gains)/losses included in net income | (1,478) | 457 | (1,021) | - | - | - | ||||||
Net change | 7,148 | (2,210) | 4,938 | - | - | - | ||||||
Total other comprehensive income | $ | 7,879 | $ | (2,406) | $ | 5,473 | $ | 3,861 | $ | (1,170) | $ | 2,691 |
Three Months Ended | Six Months Ended | |||||||
December 31, | December 31, | |||||||
(Dollars in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||
Earnings Per Common Share | ||||||||
Net income | $ | 104,687 | $ | 151,771 | $ | 217,027 | $ | 234,416 |
Average common shares issued and outstanding | 57,094,153 | 57,216,621 | 57,014,412 | 58,082,830 | ||||
Earnings per common share | $ | 1.83 | $ | 2.65 | $ | 3.81 | $ | 4.04 |
Diluted Earnings Per Common Share | ||||||||
Average common shares issued and outstanding | 57,094,153 | 57,216,621 | 57,014,412 | 58,082,830 | ||||
Dilutive effect of average unvested RSUs | 1,131,853 | 716,213 | 1,248,511 | 847,597 | ||||
Average dilutive common shares outstanding
|
58,226,006 | 57,932,834 | 58,262,923 | 58,930,427 | ||||
Diluted earnings per common share | $ | 1.80 | $ | 2.62 | $ | 3.72 | $ | 3.98 |
Weighted average antidilutive common stock equivalents (excluded from the computation of EPS) | 32,933 | 1,598 | 17,333 | 837 |
(dollars in thousands) | December 31, 2024 | |
Commitments to fund loans | $ | 4,184,973 |
Commitments to sell loans | $ | 2,585 |
Standby letters of credit | $ | 9,814 |
Commitments to contribute capital | $ | 3,513 |
For the Three Months Ended December 31, 2024
|
||||||||
(Dollars in thousands) |
Banking Business |
Securities Business | Corporate/Eliminations | Axos Consolidated | ||||
Net interest income | $ | 276,720 | $ | 7,007 | $ | (3,628) | $ | 280,099 |
Provision for credit losses | 12,248 | - | - | 12,248 | ||||
Non-interest income | 2,948 | 29,004 | (4,153) | 27,799 | ||||
Non-interest expense | 114,536 | 28,178 | 2,606 | 145,320 | ||||
Income before taxes | $ | 152,884 | $ | 7,833 | $ | (10,387) | $ | 150,330 |
For the Three Months Ended December 31, 2023
|
||||||||
(Dollars in thousands) |
Banking Business |
Securities Business | Corporate/Eliminations | Axos Consolidated | ||||
Net interest income | $ | 226,635 | $ | 6,080 | $ | (4,109) | $ | 228,606 |
Provision for credit losses | 13,500 | - | - | 13,500 | ||||
Non-interest income | 103,779 | 32,641 | (12,291) | 124,129 | ||||
Non-interest expense | 102,282 | 27,968 | (8,411) | 121,839 | ||||
Income before taxes | $ | 214,632 | $ | 10,753 | $ | (7,989) | $ | 217,396 |
For the Six Months Ended December 31, 2024
|
||||||||
(Dollars in thousands) |
Banking Business Segment |
Securities Business Segment | Corporate/Eliminations | Axos Consolidated | ||||
Net interest income | $ | 565,212 | $ | 14,274 | $ | (7,339) | $ | 572,147 |
Provision for credit losses | 26,248 | - | - | 26,248 | ||||
Non-interest income | 11,538 | 58,906 | (14,036) | 56,408 | ||||
Non-interest expense | 232,851 | 56,269 | 3,665 | 292,785 | ||||
Income before taxes | $ | 317,651 | $ | 16,911 | $ | (25,040) | $ | 309,522 |
For the Six Months Ended December 31, 2023
|
||||||||
(Dollars in thousands) |
Banking Business Segment |
Securities Business Segment | Corporate/Eliminations | Axos Consolidated | ||||
Net interest income | $ | 435,854 | $ | 11,622 | $ | (7,715) | $ | 439,761 |
Provision for credit losses | 20,500 | - | - | 20,500 | ||||
Non-interest income | 116,336 | 67,196 | (24,896) | 158,636 | ||||
Non-interest expense | 203,068 | 55,491 | (16,214) | 242,345 | ||||
Income before taxes | $ | 328,622 | $ | 23,327 | $ | (16,397) | $ | 335,552 |
As of December 31, 2024 | ||||||||
(Dollars in thousands) |
Banking Business Segment |
Securities Business Segment | Corporate/Eliminations | Axos Consolidated | ||||
Goodwill | $ | 35,721 | $ | 59,953 | $ | 1,999 | $ | 97,673 |
Total Assets | $ | 22,919,817 | $ | 751,415 | $ | 38,190 | $ | 23,709,422 |
As of June 30, 2024 | ||||||||
(Dollars in thousands) |
Banking Business Segment |
Securities Business Segment | Corporate/Eliminations | Axos Consolidated | ||||
Goodwill | $ | 35,721 | $ | 59,953 | $ | 1,999 | $ | 97,673 |
Total Assets | $ | 22,165,627 | $ | 649,254 | $ | 40,453 | $ | 22,855,334 |
For the Three Months Ended
|
For the Six Months Ended
|
|||||||
December 31, | December 31, | |||||||
(Dollars in thousands) | 2024 | 2023 | 2024 | 2023 | ||||
Advisory fee income | $ | 7,982 | $ | 7,362 | $ | 15,927 | $ | 15,581 |
Broker-dealer clearing fees | 5,706 | 6,068 | 10,778 | 11,603 | ||||
Deposit service fees | 2,537 | 2,414 | 3,310 | 3,094 | ||||
Card fees | 683 | 732 | 1,606 | 1,414 | ||||
Bankruptcy trustee and fiduciary service fees | 1,106 | 1,397 | 2,395 | 2,791 | ||||
Non-interest income (in-scope of ASC 606) | 18,014 | 17,973 | 34,016 | 34,483 | ||||
Non-interest income (out-of-scope of ASC 606) | 9,785 | 106,156 | 22,392 | 124,153 | ||||
Total non-interest income | $ | 27,799 | $ | 124,129 | $ | 56,408 | $ | 158,636 |
For the Three Months Ended December 31,
|
For the Six Months Ended December 31,
|
|||||||
(Dollars in thousands) | 2024 | 2023 | 2024 | 2023 | ||||
Tax credits recognized | $ | 1,386 | $ | 891 | $ | 2,806 | $ | 1,741 |
Other tax benefits recognized | 156 | 311 | 468 | 624 | ||||
Amortization | (1,247) | (819) | (2,653) | (1,667) | ||||
Net benefit (expense) included in income tax expense | 295 | 383 | 621 | 698 | ||||
Other income (loss) included in banking and service fees | - | 2 | - | 2 | ||||
Net benefit (expense) included in the Consolidated Statements of Income | $ | 295 | $ | 385 | $ | 621 | $ | 700 |
(Dollars in thousands) | As of December 31, 2024 | As of June 30, 2024 | ||
LIHTC investments | $ | 63,059 | $ | 65,873 |
LIHTC unfunded commitments1
|
$ | 33,817 | $ | 40,617 |
For the Three Months Ended December 31,
|
For the Six Months Ended December 31,
|
|||||||
(Dollars in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||
Net income | $ | 104,687 | $ | 151,771 | $ | 217,027 | $ | 234,416 |
FDIC Loan Purchase - Gain on purchase | - | (92,397) | - | (92,397) | ||||
FDIC Loan Purchase - Provision for credit losses | - | 4,648 | - | 4,648 | ||||
Acquisition-related costs
|
1,645 | 2,780 | 4,199 | 5,570 | ||||
Income tax effect | (503) | 25,650 | (1,255) | 24,811 | ||||
Adjusted earnings (Non-GAAP) | $ | 105,829 | $ | 92,452 | $ | 219,971 | $ | 177,048 |
Average dilutive common shares outstanding | 58,226,006 | 57,932,834 | 58,262,923 | 58,930,427 | ||||
Diluted EPS | $ | 1.80 | $ | 2.62 | $ | 3.72 | $ | 3.98 |
FDIC Loan Purchase - Gain on purchase | - | (1.59) | - | (1.57) | ||||
FDIC Loan Purchase - Provision for credit losses | - | 0.08 | - | 0.08 | ||||
Acquisition-related costs | 0.03 | 0.05 | 0.07 | 0.09 | ||||
Income tax effect | (0.01) | 0.44 | (0.02) | 0.42 | ||||
Adjusted EPS (Non-GAAP) | $ | 1.82 | $ | 1.60 | $ | 3.77 | $ | 3.00 |
(Dollars in thousands, except per share data) |
December 31, 2024 |
June 30, 2024 |
December 31, 2023 |
|||
Common stockholders' equity | $ | 2,521,962 | $ | 2,290,596 | $ | 2,078,224 |
Less: servicing rights, carried at fair value | 28,045 | 28,924 | 28,043 | |||
Less: goodwill and other intangible assets-net | 137,570 | 141,769 | 146,793 | |||
Tangible common stockholders' equity (Non-GAAP) | $ | 2,356,347 | $ | 2,119,903 | $ | 1,903,388 |
Common shares outstanding at end of period | 57,097,632 | 56,894,565 | 56,898,377 | |||
Book value per common share | 44.17 | 40.26 | 36.53 | |||
Less: servicing rights, carried at fair value per common share | 0.49 | 0.51 | 0.49 | |||
Less: goodwill and other intangible assets-net per common share | 2.41 | 2.49 | 2.59 | |||
Tangible book value per common share (Non-GAAP) | $ | 41.27 | $ | 37.26 | $ | 33.45 |
(Dollars in thousands, except per share data) |
December 31, 2024 |
June 30, 2024 |
December 31, 2023 |
|||
Selected Balance Sheet Data: | ||||||
Total assets | $ | 23,709,422 | $ | 22,855,334 | $ | 21,623,764 |
Loans-net of allowance for credit losses | 19,486,727 | 19,231,385 | 18,264,354 | |||
Loans held for sale, carried at fair value | 25,436 | 16,482 | 13,468 | |||
Allowance for credit losses | 270,605 | 260,542 | 251,749 | |||
Trading securities | 241 | 353 | 329 | |||
Available-for-sale securities | 97,848 | 141,611 | 239,812 | |||
Securities borrowed | 114,672 | 67,212 | 145,176 | |||
Customer, broker-dealer and clearing receivables | 298,887 | 240,028 | 265,857 | |||
Total deposits | 19,934,904 | 19,359,217 | 18,203,912 | |||
Advances from the Federal Home Loan Bank | 60,000 | 90,000 | 90,000 | |||
Borrowings, subordinated notes and debentures | 358,692 | 325,679 | 341,086 | |||
Securities loaned | 135,258 | 74,177 | 155,492 | |||
Customer, broker-dealer and clearing payables | 309,593 | 301,127 | 368,885 | |||
Total stockholders' equity | $ | 2,521,962 | $ | 2,290,596 | $ | 2,078,224 |
Common shares outstanding at end of period | 57,097,632 | 56,894,565 | 56,898,377 | |||
Common shares issued at end of period | 70,571,332 | 70,221,632 | 69,828,709 | |||
Per Common Share Data: | ||||||
Book value per common share | $ | 44.17 | $ | 40.26 | $ | 36.53 |
Tangible book value per common share (Non-GAAP)1
|
$ | 41.27 | $ | 37.26 | $ | 33.45 |
Capital Ratios: | ||||||
Equity to assets at end of period | 10.64 | % | 10.02 | % | 9.61 | % |
Axos Financial, Inc.: | ||||||
Tier 1 leverage (to adjusted average assets) | 10.02 | % | 9.43 | % | 9.39 | % |
Common equity tier 1 capital (to risk-weighted assets) | 12.42 | % | 12.01 | % | 10.97 | % |
Tier 1 capital (to risk-weighted assets) | 12.42 | % | 12.01 | % | 10.97 | % |
Total capital (to risk-weighted assets) | 15.23 | % | 14.84 | % | 13.79 | % |
Axos Bank: | ||||||
Tier 1 leverage (to adjusted average assets) | 9.85 | % | 9.74 | % | 10.22 | % |
Common equity tier 1 capital (to risk-weighted assets) | 12.67 | % | 12.74 | % | 12.26 | % |
Tier 1 capital (to risk-weighted assets) | 12.67 | % | 12.74 | % | 12.26 | % |
Total capital (to risk-weighted assets) | 13.86 | % | 13.81 | % | 13.25 | % |
Axos Clearing LLC: | ||||||
Net capital | $ | 83,932 | $ | 101,462 | $ | 103,454 |
Excess capital | $ | 78,282 | $ | 96,654 | $ | 98,397 |
Net capital as a percentage of aggregate debit items | 29.71 | % | 42.21 | % | 40.92 | % |
Net capital in excess of 5% aggregate debit items | $ | 69,805 | $ | 89,442 | $ | 90,812 |
For the Three Months Ended December 31,
|
For the Six Months Ended December 31,
|
|||||||
(Dollars in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||
Selected Income Statement Data: | ||||||||
Interest and dividend income | $ | 456,068 | $ | 394,663 | $ | 940,330 | $ | 758,615 |
Interest expense | 175,969 | 166,057 | 368,183 | 318,854 | ||||
Net interest income | 280,099 | 228,606 | 572,147 | 439,761 | ||||
Provision for credit losses | 12,248 | 13,500 | 26,248 | 20,500 | ||||
Net interest income, after provision for credit losses | 267,851 | 215,106 | 545,899 | 419,261 | ||||
Non-interest income | 27,799 | 124,129 | 56,408 | 158,636 | ||||
Non-interest expense | 145,320 | 121,839 | 292,785 | 242,345 | ||||
Income before income taxes | 150,330 | 217,396 | 309,522 | 335,552 | ||||
Income taxes | 45,643 | 65,625 | 92,495 | 101,136 | ||||
Net income | $ | 104,687 | $ | 151,771 | $ | 217,027 | $ | 234,416 |
Weighted average number of common shares outstanding: | ||||||||
Basic | 57,094,153 | 57,216,621 | 57,014,412 | 58,082,830 | ||||
Diluted | 58,226,006 | 57,932,834 | 58,262,923 | 58,930,427 | ||||
Per Common Share Data: | ||||||||
Net income: | ||||||||
Basic | $ | 1.83 | $ | 2.65 | $ | 3.81 | $ | 4.04 |
Diluted | $ | 1.80 | $ | 2.62 | $ | 3.72 | $ | 3.98 |
Adjusted earnings per common share (Non-GAAP)1
|
$ | 1.82 | $ | 1.60 | $ | 3.77 | $ | 3.00 |
Performance Ratios and Other Data: | ||||||||
Growth in loans held for investment, net | $ | 206,118 | $ | 1,309,313 | $ | 255,342 | $ | 1,807,626 |
Loan originations for sale | $ | 66,826 | $ | 44,325 | $ | 136,396 | $ | 96,910 |
Return on average assets | 1.74 | % | 2.90 | % | 1.83 | % | 2.29 | % |
Return on average common stockholders' equity | 16.97 | % | 30.39 | % | 18.02 | % | 23.72 | % |
Interest rate spread2
|
3.91 | % | 3.58 | % | 4.01 | % | 3.48 | % |
Net interest margin3
|
4.83 | % | 4.55 | % | 5.00 | % | 4.46 | % |
Net interest margin3- Banking Business Segment
|
4.87 | % | 4.62 | % | 5.04 | % | 4.54 | % |
Efficiency ratio4
|
47.20 | % | 34.54 | % | 46.58 | % | 40.50 | % |
Efficiency ratio4- Banking Business Segment
|
40.95 | % | 30.96 | % | 40.37 | % | 36.78 | % |
Asset Quality Ratios: | ||||||||
Net annualized charge-offs to average loans | 0.10 | % | 0.04 | % | 0.13 | % | 0.04 | % |
Nonaccrual loans to total loans | 1.26 | % | 0.65 | % | 1.26 | % | 0.65 | % |
Non-performing assets to total assets | 1.06 | % | 0.60 | % | 1.06 | % | 0.60 | % |
Allowance for credit losses - loans to total loans held for investment
|
1.37 | % | 1.33 | % | 1.37 | % | 1.33 | % |
Allowance for credit losses - loans to nonaccrual loans5
|
107.58 | % | 205.50 | % | 107.58 | % | 205.50 | % |
For the Three Months Ended,
|
||||||||||||
December 31, 2024 | December 31, 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
|
$ | 19,643,375 | $ | 410,868 | 8.37 | % | $ | 17,499,840 | $ | 357,852 | 8.18 | % |
Non-purchased loans
|
18,681,035 | 377,376 | 8.08 | % | 17,241,605 | 345,905 | 8.02 | % | ||||
Purchased loans5
|
962,340 | 33,492 | 13.92 | % | 258,235 | 11,947 | 18.51 | % | ||||
Interest-earning deposits in other financial institutions | 3,063,487 | 36,649 | 4.79 | % | 2,023,446 | 27,737 | 5.48 | % | ||||
Mortgage-backed and other securities4
|
125,692 | 1,567 | 4.99 | % | 238,470 | 3,200 | 5.37 | % | ||||
Securities borrowed and margin lending6
|
335,965 | 6,450 | 7.68 | % | 336,919 | 5,467 | 6.49 | % | ||||
Stock of the regulatory agencies | 29,598 | 534 | 7.22 | % | 17,250 | 407 | 9.44 | % | ||||
Total interest-earning assets | 23,198,117 | 456,068 | 7.86 | % | 20,115,925 | 394,663 | 7.85 | % | ||||
Non-interest-earning assets | 826,732 | 810,366 | ||||||||||
Total assets | $ | 24,024,849 | $ | 20,926,291 | ||||||||
Liabilities and Stockholders' Equity: | ||||||||||||
Interest-bearing demand and savings | $ | 16,352,350 | $ | 161,394 | 3.95 | % | $ | 13,931,565 | $ | 150,107 | 4.31 | % |
Time deposits | 933,244 | 9,465 | 4.06 | % | 1,002,116 | 10,074 | 4.02 | % | ||||
Securities loaned | 113,904 | 480 | 1.69 | % | 181,690 | 1,010 | 2.23 | % | ||||
Advances from the FHLB | 87,066 | 507 | 2.33 | % | 90,000 | 530 | 2.35 | % | ||||
Borrowings, subordinated notes and debentures | 320,782 | 4,123 | 5.14 | % | 349,862 | 4,336 | 4.96 | % | ||||
Total interest-bearing liabilities | 17,807,346 | 175,969 | 3.95 | % | 15,555,233 | 166,057 | 4.27 | % | ||||
Non-interest-bearing demand deposits | 2,937,572 | 2,682,261 | ||||||||||
Other non-interest-bearing liabilities | 812,877 | 690,854 | ||||||||||
Stockholders' equity | 2,467,054 | 1,997,943 | ||||||||||
Total liabilities and stockholders' equity | $ | 24,024,849 | $ | 20,926,291 | ||||||||
Net interest income | $ | 280,099 | $ | 228,606 | ||||||||
Interest rate spread7
|
3.91 | % | 3.58 | % | ||||||||
Net interest margin8
|
4.83 | % | 4.55 | % | ||||||||
1.Average balances are obtained from daily data.
2.Annualized.
3.Loans include loans held for sale, loan premiums and unearned fees.
4.Interest income includes reductions for amortization of loan and investment securities premiums and earnings from accretion of discounts and loan fees.
5.Purchased loans include loans, loan discounts and unearned fees related to the FDIC Loan Purchase.
6.Margin lending is the significant component of the asset titled customer, broker-dealer and clearing receivables on the unaudited Condensed Consolidated Balance Sheets.
7.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.
8.Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.
|
For the Six Months Ended,
|
||||||||||||
December 31, 2024 | December 31, 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
|
$ | 19,545,195 | $ | 849,097 | 8.69 | % | $ | 17,075,797 | $ | 684,826 | 8.02 | % |
Non-purchased loans
|
18,574,872 | 759,835 | 8.18 | % | 16,945,974 | 672,879 | 7.94 | % | ||||
Purchased loans5
|
970,323 | 89,262 | 18.40 | % | 129,823 | 11,947 | 18.51 | % | ||||
Interest-earning deposits in other financial institutions | 2,871,995 | 74,073 | 5.16 | % | 2,058,407 | 56,247 | 5.47 | % | ||||
Mortgage-backed and other securities4
|
134,240 | 3,527 | 5.25 | % | 235,929 | 6,336 | 5.37 | % | ||||
Securities borrowed and margin lending6
|
324,521 | 12,721 | 7.84 | % | 334,105 | 10,462 | 6.26 | % | ||||
Stock of the regulatory agencies | 24,305 | 912 | 7.50 | % | 17,250 | 744 | 8.63 | % | ||||
Total interest-earning assets | 22,900,256 | 940,330 | 8.21 | % | 19,721,488 | 758,615 | 7.69 | % | ||||
Non-interest-earning assets | 811,450 | 768,570 | ||||||||||
Total assets | $ | 23,711,706 | $ | 20,490,058 | ||||||||
Liabilities and Stockholders' Equity: | ||||||||||||
Interest-bearing demand and savings | $ | 16,134,067 | $ | 339,209 | 4.20 | % | $ | 13,389,681 | $ | 284,465 | 4.25 | % |
Time deposits | 902,560 | 18,919 | 4.19 | % | 1,087,896 | 21,826 | 4.01 | % | ||||
Securities loaned | 105,560 | 1,020 | 1.93 | % | 185,198 | 1,459 | 1.58 | % | ||||
Advances from the FHLB | 88,534 | 1,036 | 2.34 | % | 90,000 | 1,059 | 2.35 | % | ||||
Borrowings, subordinated notes and debentures | 322,239 | 7,999 | 4.96 | % | 384,892 | 10,045 | 5.22 | % | ||||
Total interest-bearing liabilities | 17,552,960 | 368,183 | 4.20 | % | 15,137,667 | 318,854 | 4.21 | % | ||||
Non-interest-bearing demand deposits | 2,954,332 | 2,672,180 | ||||||||||
Other non-interest-bearing liabilities | 795,059 | 703,876 | ||||||||||
Stockholders' equity | 2,409,355 | 1,976,335 | ||||||||||
Total liabilities and stockholders' equity | $ | 23,711,706 | $ | 20,490,058 | ||||||||
Net interest income | $ | 572,147 | $ | 439,761 | ||||||||
Interest rate spread7
|
4.01 | % | 3.48 | % | ||||||||
Net interest margin8
|
5.00 | % | 4.46 | % |
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||
December 31, | December 31, | |||||||||||
2024 vs 2023
|
2024 vs 2023
|
|||||||||||
Increase (Decrease) Due to | Increase (Decrease) Due to | |||||||||||
(Dollars in thousands) | Volume | Rate |
Total Increase (Decrease) |
Volume | Rate |
Total Increase (Decrease) |
||||||
Increase (decrease) in interest income: | ||||||||||||
Loans | $ | 44,565 | $ | 8,450 | $ | 53,015 | $ | 104,122 | $ | 60,149 | $ | 164,271 |
Non-purchased loans
|
19,384 | 12,086 | 31,470 | 26,736 | 60,220 | 86,956 | ||||||
Purchased loans1
|
25,181 | (3,636) | 21,545 | 77,386 | (71) | 77,315 | ||||||
Interest-earning deposits in other financial institutions | 12,765 | (3,853) | 8,912 | 21,172 | (3,346) | 17,826 | ||||||
Mortgage-backed and other securities | (1,420) | (213) | (1,633) | (2,670) | (139) | (2,809) | ||||||
Securities borrowed and margin lending | (15) | 998 | 983 | (309) | 2,568 | 2,259 | ||||||
Stock of the regulatory agencies | 240 | (112) | 128 | 274 | (106) | 168 | ||||||
Total increase (decrease) in interest income | $ | 56,135 | $ | 5,270 | $ | 61,405 | $ | 122,589 | $ | 59,126 | $ | 181,715 |
Increase (decrease) in interest expense: | ||||||||||||
Interest-bearing demand and savings | $ | 24,558 | $ | (13,271) | $ | 11,287 | $ | 58,103 | $ | (3,359) | $ | 54,744 |
Time deposits | (707) | 98 | (609) | (3,851) | 944 | (2,907) | ||||||
Securities loaned | (320) | (212) | (532) | (717) | 278 | (439) | ||||||
Advances from the FHLB | (18) | (4) | (22) | (19) | (4) | (23) | ||||||
Borrowings, subordinated notes and debentures | (368) | 154 | (214) | (1,567) | (479) | (2,046) | ||||||
Total increase (decrease) in interest expense | $ | 23,145 | $ | (13,235) | $ | 9,910 | $ | 51,949 | $ | (2,620) | $ | 49,329 |
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||
December 31, | December 31, | |||||||||||
(Dollars in thousands) | 2024 | 2023 | Inc (Dec) | 2024 | 2023 | Inc (Dec) | ||||||
Broker-dealer fee income | $ | 11,039 | $ | 12,519 | $ | (1,480) | $ | 22,099 | $ | 24,996 | $ | (2,897) |
Advisory fee income | 7,982 | 7,362 | 620 | 15,927 | 15,581 | 346 | ||||||
Banking and service fees | 9,813 | 10,061 | (248) | 18,426 | 18,411 | 15 | ||||||
Mortgage banking and servicing rights income | (1,797) | 753 | (2,550) | (1,347) | 4,631 | (5,978) | ||||||
Prepayment penalty fee income | 762 | 1,037 | (275) | 1,303 | 2,620 | (1,317) | ||||||
Gain on acquisition | - | 92,397 | (92,397) | - | 92,397 | (92,397) | ||||||
Total non-interest income | $ | 27,799 | $ | 124,129 | $ | (96,330) | $ | 56,408 | $ | 158,636 | $ | (102,228) |
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||
December 31, | December 31, | |||||||||||
(Dollars in thousands) | 2024 | 2023 | Inc (Dec) | 2024 | 2023 | Inc (Dec) | ||||||
Salaries and related costs | $ | 74,097 | $ | 58,883 | $ | 15,214 | $ | 148,390 | $ | 114,694 | $ | 33,696 |
Data and operational processing | 19,314 | 18,326 | 988 | 38,299 | 34,410 | 3,889 | ||||||
Depreciation and amortization | 7,031 | 6,488 | 543 | 14,481 | 12,366 | 2,115 | ||||||
Advertising and promotional | 11,045 | 9,794 | 1,251 | 25,298 | 20,169 | 5,129 | ||||||
Professional services | 9,072 | 5,976 | 3,096 | 18,967 | 15,787 | 3,180 | ||||||
Occupancy and equipment | 4,206 | 4,001 | 205 | 8,524 | 7,847 | 677 | ||||||
FDIC and regulatory fees | 6,992 | 3,935 | 3,057 | 12,948 | 8,384 | 4,564 | ||||||
Broker-dealer clearing charges | 4,299 | 5,948 | (1,649) | 8,606 | 9,960 | (1,354) | ||||||
General and administrative expense | 9,264 | 8,488 | 776 | 17,272 | 18,728 | (1,456) | ||||||
Total non-interest expense | $ | 145,320 | $ | 121,839 | $ | 23,481 | $ | 292,785 | $ | 242,345 | $ | 50,440 |
For the Three Months Ended December 31, 2024
|
||||||||
(Dollars in thousands) |
Banking Business Segment |
Securities Business Segment | Corporate/Eliminations | Axos Consolidated | ||||
Net interest income | $ | 276,720 | $ | 7,007 | $ | (3,628) | $ | 280,099 |
Provision for credit losses | 12,248 | - | - | 12,248 | ||||
Non-interest income | 2,948 | 29,004 | (4,153) | 27,799 | ||||
Non-interest expense | 114,536 | 28,178 | 2,606 | 145,320 | ||||
Income before income taxes | $ | 152,884 | $ | 7,833 | $ | (10,387) | $ | 150,330 |
For the Three Months Ended December 31, 2023
|
||||||||
(Dollars in thousands) |
Banking Business Segment |
Securities Business Segment | Corporate/Eliminations | Axos Consolidated | ||||
Net interest income | $ | 226,635 | $ | 6,080 | $ | (4,109) | $ | 228,606 |
Provision for credit losses | 13,500 | - | - | 13,500 | ||||
Non-interest income | 103,779 | 32,641 | (12,291) | 124,129 | ||||
Non-interest expense | 102,282 | 27,968 | (8,411) | 121,839 | ||||
Income before income taxes | $ | 214,632 | $ | 10,753 | $ | (7,989) | $ | 217,396 |
For the Six Months Ended December 31, 2024
|
||||||||
(Dollars in thousands) |
Banking Business |
Securities Business | Corporate/Eliminations | Axos Consolidated | ||||
Net interest income | $ | 565,212 | $ | 14,274 | $ | (7,339) | $ | 572,147 |
Provision for credit losses | 26,248 | - | - | 26,248 | ||||
Non-interest income | 11,538 | 58,906 | (14,036) | 56,408 | ||||
Non-interest expense | 232,851 | 56,269 | 3,665 | 292,785 | ||||
Income before income taxes | $ | 317,651 | $ | 16,911 | $ | (25,040) | $ | 309,522 |
For the Six Months Ended December 31, 2023
|
||||||||
(Dollars in thousands) |
Banking Business |
Securities Business | Corporate/Eliminations | Axos Consolidated | ||||
Net interest income | $ | 435,854 | $ | 11,622 | $ | (7,715) | $ | 439,761 |
Provision for credit losses | 20,500 | - | - | 20,500 | ||||
Non-interest income | 116,336 | 67,196 | (24,896) | 158,636 | ||||
Non-interest expense | 203,068 | 55,491 | (16,214) | 242,345 | ||||
Income before income taxes | $ | 328,622 | $ | 23,327 | $ | (16,397) | $ | 335,552 |
For the Three Months Ended December 31,
|
For the Six Months Ended December 31,
|
|||||||
2024 | 2023 | 2024 | 2023 | |||||
Efficiency ratio | 40.95 | % | 30.96 | % | 40.37 | % | 36.78 | % |
Return on average assets | 1.87 | % | 2.81 | % | 2.02 | % | 2.24 | % |
Interest rate spread | 3.96 | % | 3.63 | % | 4.05 | % | 3.53 | % |
Net interest margin | 4.87 | % | 4.62 | % | 5.04 | % | 4.54 | % |
(Dollars in thousands) | December 31, 2024 | June 30, 2024 | ||
FDIC insured deposit program balances at banks | $ | 1,359,139 | $ | 1,289,105 |
Margin balances | $ | 274,486 | $ | 219,848 |
Cash reserves for the benefit of customers | $ | 126,821 | $ | 113,676 |
Securities lending: | ||||
Interest-earning assets - securities borrowed | $ | 114,672 | $ | 67,212 |
Interest-bearing liabilities - securities loaned | $ | 135,258 | $ | 74,177 |
December 31, 2024 | June 30, 2024 | |||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | ||||
Single Family - Mortgage & Warehouse | $ | 4,149,778 | 20.7 | % | $ | 4,178,832 | 21.1 | % |
Multifamily and Commercial Mortgage1
|
3,430,948 | 17.1 | % | 3,861,931 | 19.5 | % | ||
Commercial Real Estate1
|
6,214,834 | 31.1 | % | 6,088,622 | 30.7 | % | ||
Commercial & Industrial - Non-RE | 5,809,877 | 29.0 | % | 5,241,766 | 26.5 | % | ||
Auto & Consumer | 420,937 | 2.1 | % | 431,660 | 2.2 | % | ||
Total gross loans | 20,026,374 | 100.0 | % | 19,802,811 | 100.0 | % | ||
Allowance for credit losses - loans | (270,605) | (260,542) | ||||||
Unaccreted discounts and loan fees | (269,042) | (310,884) | ||||||
Total net loans | $ | 19,486,727 | $ | 19,231,385 |
(Dollars in thousands) | December 31, 2024 | June 30, 2024 | Increase (Decrease) | |||
Non-performing assets: | ||||||
Nonaccrual loans:
|
||||||
Single Family - Mortgage & Warehouse | $ | 69,570 | $ | 45,711 | $ | 23,859 |
Multifamily and Commercial Mortgage | 49,157 | 35,054 | 14,103 | |||
Commercial Real Estate | 59,766 | 26,102 | 33,664 | |||
Commercial & Industrial - Non-RE | 70,859 | 4,020 | 66,839 | |||
Auto & Consumer | 2,180 | 2,472 | (292) | |||
Total nonaccrual loans | $ | 251,532 | $ | 113,359 | $ | 138,173 |
Foreclosed real estate | 75 | 1,840 | (1,765) | |||
Repossessed vehicles-Autos
|
581 | 610 | (29) | |||
Total non-performing assets | $ | 252,188 | $ | 115,809 | $ | 136,379 |
Total nonaccrual loans as a percentage of total loans | 1.26 | % | 0.57 | % | 0.69 | % |
Total non-performing assets as a percentage of total assets | 1.06 | % | 0.51 | % | 0.55 | % |
December 31, 2024 | June 30, 2024 | |||
(Dollars in thousands) | Amount | Amount | ||
Non-interest-bearing | $ | 2,989,759 | $ | 2,975,631 |
Interest-bearing demand and savings | $ | 16,074,678 | $ | 15,445,490 |
Time deposits | 870,467 | 938,096 | ||
Total interest bearing | $ | 16,945,145 | $ | 16,383,586 |
Total deposits1
|
$ | 19,934,904 | $ | 19,359,217 |
December 31, 2024 | June 30, 2024 | December 31, 2023 | |
Non-interest-bearing | 48,930 | 55,772 | 47,846 |
Interest-bearing checking and savings accounts | 527,590 | 495,070 | 461,293 |
Time deposits | 3,631 | 4,696 | 5,682 |
Total number of deposit accounts
|
580,151 | 555,538 | 514,821 |
(Dollars in thousands) | December 31, 2024 | |
3 months or less | $ | 148,902 |
3 months to 6 months | 183,537 | |
6 months to 12 months | 6,640 | |
Over 12 months | 3,479 | |
Total | $ | 342,558 |
December 31, 2024 | June 30, 2024 | December 31, 2023 | ||||||||||
(Dollars in thousands) | Balance |
Weighted Average Rate
|
Balance |
Weighted Average Rate
|
Balance |
Weighted Average Rate
|
||||||
FHLB Advances | $ | 60,000 | 2.07 | % | $ | 90,000 | 2.32 | % | $ | 90,000 | 2.32 | % |
Borrowings, subordinated notes and debentures | 358,692 | 4.86 | % | 325,679 | 4.57 | % | 341,086 | 4.61 | % | |||
Total borrowings | $ | 418,692 | 4.46 | % | $ | 415,679 | 4.08 | % | $ | 431,086 | 4.13 | % |
Weighted average cost of borrowings during the quarter | 4.54 | % | 4.61 | % | 4.43 | % | ||||||
Borrowings as a percent of total assets | 1.77 | % | 1.82 | % | 1.99 | % |
For the Six Months Ended
|
||||
December 31, | ||||
(Dollars in thousands) | 2024 | 2023 | ||
Operating Activities | $ | 233,298 | $ | 152,734 |
Investing Activities | $ | (314,758) | $ | (1,741,869) |
Financing Activities | $ | 569,115 | $ | 970,772 |
Axos Financial, Inc. | Axos Bank |
"Well Capitalized" Ratio |
Minimum Capital Ratio |
|||||||||
(Dollars in thousands)
|
December 31, 2024 |
June 30, 2024 |
December 31, 2024 |
June 30, 2024 |
||||||||
Regulatory Capital: | ||||||||||||
Tier 1 | $ | 2,394,568 | $ | 2,167,781 | $ | 2,295,562 | $ | 2,181,426 | ||||
Common equity tier 1 | $ | 2,394,568 | $ | 2,167,781 | $ | 2,295,562 | $ | 2,181,426 | ||||
Total capital | $ | 2,937,826 | $ | 2,678,489 | $ | 2,510,421 | $ | 2,365,061 | ||||
Assets: | ||||||||||||
Average adjusted | $ | 23,893,592 | $ | 22,979,871 | $ | 23,315,074 | $ | 22,391,541 | ||||
Total risk-weighted | $ | 19,287,561 | $ | 18,049,571 | $ | 18,117,890 | $ | 17,128,880 | ||||
Regulatory Capital Ratios: | ||||||||||||
Tier 1 leverage (to adjusted average assets) | 10.02 | % | 9.43 | % | 9.85 | % | 9.74 | % | 5.00 | % | 4.00 | % |
Common equity tier 1 capital (to risk-weighted assets) | 12.42 | % | 12.01 | % | 12.67 | % | 12.74 | % | 6.50 | % | 4.50 | % |
Tier 1 capital (to risk-weighted assets) | 12.42 | % | 12.01 | % | 12.67 | % | 12.74 | % | 8.00 | % | 6.00 | % |
Total capital (to risk-weighted assets) | 15.23 | % | 14.84 | % | 13.86 | % | 13.81 | % | 10.00 | % | 8.00 | % |
(Dollars in thousands) | December 31, 2024 | June 30, 2024 | ||
Net capital | $ | 83,932 | $ | 101,462 |
Excess Capital | $ | 78,282 | $ | 96,654 |
Net capital as a percentage of aggregate debit items | 29.71 | % | 42.21 | % |
Net capital in excess of 5% aggregate debit items | $ | 69,805 | $ | 89,442 |
Term to Repricing, Repayment, or Maturity at | ||||||||||
December 31, 2024 | ||||||||||
(Dollars in thousands) | Six Months or Less |
Over Six Months Through One Year |
Over One Year Through Five Years |
Over Five Years |
Total | |||||
Interest-earning assets: | ||||||||||
Cash and cash equivalents | $ | 2,505,415 | $ | - | $ | - | $ | - | $ | 2,505,415 |
Available-for-sale securities1
|
63,964 | 4,232 | 17,835 | 11,817 | 97,848 | |||||
Stock of the FHLB, at cost | 29,598 | - | - | - | 29,598 | |||||
Loans2
|
13,325,410 | 1,868,020 | 4,181,972 | 111,225 | 19,486,627 | |||||
Loans held for sale | 25,436 | - | - | - | 25,436 | |||||
Total interest-earning assets | 15,949,823 | 1,872,252 | 4,199,807 | 123,042 | 22,144,924 | |||||
Non-interest-earning assets | - | - | - | - | 774,893 | |||||
Total assets | $ | 15,949,823 | $ | 1,872,252 | $ | 4,199,807 | $ | 123,042 | $ | 22,919,817 |
Interest-bearing liabilities: | ||||||||||
Interest-bearing deposits3
|
$ | 16,800,453 | $ | 45,214 | $ | 221,489 | $ | - | $ | 17,067,156 |
Advances from the FHLB | - | - | 60,000 | - | 60,000 | |||||
Total interest-bearing liabilities | 16,800,453 | 45,214 | 281,489 | - | 17,127,156 | |||||
Other non-interest-bearing liabilities | - | - | - | - | 3,369,753 | |||||
Stockholders' equity | - | - | - | - | 2,422,908 | |||||
Total liabilities and equity | $ | 16,800,453 | $ | 45,214 | $ | 281,489 | $ | - | $ | 22,919,817 |
Net interest rate sensitivity gap | $ | (850,630) | $ | 1,827,038 | $ | 3,918,318 | $ | 123,042 | $ | 5,017,768 |
Cumulative gap | $ | (850,630) | $ | 976,408 | $ | 4,894,726 | $ | 5,017,768 | $ | 5,017,768 |
Net interest rate sensitivity gap-as a % of total interest earning assets | (3.84) | % | 8.25 | % | 17.69 | % | 0.56 | % | 22.66 | % |
Cumulative gap-as % of total cumulative interest earning assets
|
(3.84) | % | 4.41 | % | 22.10 | % | 22.66 | % | 22.66 | % |
As of December 31, 2024 | ||||
First 12 Months | Next 12 Months | |||
(Dollars in thousands) | Percentage Change from Base | Percentage Change from Base | ||
Up 200 basis points | 5.5 | % | 12.3 | % |
Up 100 basis points
|
2.8 | % | 6.2 | % |
Down 100 basis points
|
(1.9) | % | (5.3) | % |
Down 200 basis points | (2.4) | % | (9.1) | % |
As of December 31, 2024 | ||
(Dollars in thousands) | Percentage Change from Base | |
Up 200 basis points | (1.2) | % |
Up 100 basis points | 0.0 | % |
Down 100 basis points | (1.2) | % |
Down 200 basis points | (2.8) | % |
(Dollars in thousands, except per share data) |
Number of Shares Purchased |
Average Price Paid Per Shares |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Approximate Dollar value of Shares that May Yet be Purchased Under the Plans or Programs |
||
Stock Repurchases1
|
||||||
Quarter Ended December 31, 2024
|
||||||
October 1, 2024 to October 31, 2024 | - | $ | - | - | $ | 106,521 |
November 1, 2024 to November 30, 2024 | - | - | - | 106,521 | ||
December 1, 2024 to December 31, 2024 | - | - | - | 106,521 | ||
For the Three Months Ended December 31, 2024 | - | $ | - | - | $ | 106,521 |
Stock Retained in Net Settlement2
|
||||||
October 1, 2024 to October 31, 2024 | 86 | |||||
November 1, 2024 to November 30, 2024 | 1,018 | |||||
December 1, 2024 to December 31, 2024 | 2,479 | |||||
For the Three Months Ended December 31, 2024 | 3,583 |
Exhibit Number |
Description | Incorporated By Reference to |
31.1 | Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
Filed herewith.
|
31.2 | Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
Filed herewith.
|
32.1 | Chief Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
Filed herewith.
|
32.2 | Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
Filed herewith.
|
101.INS | Inline XBRL Instance Document | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed herewith. |
101.CAL | Inline XBRL Taxonomy Calculation Linkbase Document | Filed herewith. |
101.LAB | Inline XBRL Taxonomy Label Linkbase Document | Filed herewith. |
101.PRE | Inline XBRL Taxonomy Presentation Linkbase Document | Filed herewith. |
101.DEF | Inline XBRL Taxonomy Definition Document | Filed herewith. |
104 | Cover Page Interactive Data File | Formatted as Inline XBRL and contained in Exhibit 101 |
Axos Financial, Inc. | |||
Dated: | January 28, 2025 | By: | /s/ Gregory Garrabrants |
Gregory Garrabrants President and Chief Executive Officer (Principal Executive Officer) |
|||
Dated: | January 28, 2025 | By: | /s/ Derrick K. Walsh |
Derrick K. Walsh Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
|||