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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2022
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-37709
ax-20221231_g1.jpg
AXOS FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Delaware33-0867444
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
9205 West Russell Road, Suite 400, Las Vegas, NV 89148
(Address of principal executive offices) (zip code)
Registrant’s telephone number, including area code: (858) 649-2218
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valueAXNew York Stock Exchange
__________________________________________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer  ☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ☐  Yes    ☒  No
The number of shares outstanding of the registrant’s common stock on the last practicable date: 60,000,709 shares of common stock, $0.01 par value per share, as of January 20, 2023.

AXOS FINANCIAL, INC.
INDEX
Page

PART I – FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
AXOS FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except par and stated value)
(Unaudited) December 31, 2022
June 30,
2022
ASSETS
Cash and cash equivalents$1,755,603 $1,202,587 
Cash segregated for regulatory purposes196,910 372,112 
Total cash, cash equivalents, and cash segregated1,952,513 1,574,699 
Securities:
Trading372 1,758 
Available-for-sale248,062 262,518 
Stock of regulatory agencies20,881 20,368 
Loans held for sale, carried at fair value4,292 4,973 
Loans held for sale, lower of cost or fair value455 10,938 
Loans—net of allowance for credit losses of $157,218 as of December 31, 2022 and $148,617 as of June 30, 2022
15,473,212 14,091,061 
Mortgage servicing rights, carried at fair value25,526 25,213 
Securities borrowed58,846 338,980 
Customer, broker-dealer and clearing receivables272,579 417,417 
Goodwill and other intangible assets—net157,585 156,405 
Other assets526,712 496,835 
TOTAL ASSETS$18,741,035 $17,401,165 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing3,442,148 5,033,970 
Interest bearing12,248,346 8,912,452 
Total deposits15,690,494 13,946,422 
Advances from the Federal Home Loan Bank100,000 117,500 
Borrowings, subordinated notes and debentures334,077 445,244 
Securities loaned156,008 474,400 
Customer, broker-dealer and clearing payables420,947 511,654 
Accounts payable and other liabilities251,950 262,972 
Total liabilities16,953,476 15,758,192 
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS’ EQUITY:
Common stock—$0.01 par value; 150,000,000 shares authorized; 69,153,591 shares issued and 60,000,079 shares outstanding as of December 31, 2022; 68,859,722 shares issued and 59,777,949 shares outstanding as of June 30, 2022
692 689 
Additional paid-in capital465,350 453,784 
Accumulated other comprehensive income (loss)—net of tax(6,945)(2,933)
Retained earnings1,568,403 1,428,444 
Treasury stock, at cost; 9,153,512 shares as of December 31, 2022 and 9,081,773 shares as of June 30, 2022
(239,941)(237,011)
Total stockholders’ equity1,787,559 1,642,973 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$18,741,035 $17,401,165 

See accompanying notes to the condensed consolidated financial statements.
1
AXOS FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) 
Three Months EndedSix Months Ended
December 31,December 31,
(Dollars in thousands, except earnings per common share)2022202120222021
INTEREST AND DIVIDEND INCOME:
Loans, including fees$255,661 $149,469 $463,999 $298,645 
Securities borrowed and customer receivables4,321 5,366 8,705 12,217 
Investments19,606 2,241 30,670 4,524 
Total interest and dividend income279,588 157,076 503,374 315,386 
INTEREST EXPENSE:
Deposits71,348 7,805 103,853 15,517 
Advances from the Federal Home Loan Bank2,504 973 7,667 1,989 
Securities loaned1,067 218 2,010 469 
Other borrowings4,759 2,512 9,459 5,201 
Total interest expense79,678 11,508 122,989 23,176 
Net interest income199,910 145,568 380,385 292,210 
Provision for credit losses3,500 4,000 12,250 8,000 
Net interest income, after provision for credit losses196,410 141,568 368,135 284,210 
NON-INTEREST INCOME:
Broker-dealer fee income9,812 6,332 18,990 12,794 
Advisory fee income6,983 8,035 13,942 13,339 
Banking and service fees10,143 8,486 16,657 15,166 
Mortgage banking income641 4,640 4,006 9,910 
Prepayment penalty fee income750 3,294 1,942 6,280 
Total non-interest income28,329 30,787 55,537 57,489 
NON-INTEREST EXPENSE:
Salaries and related costs49,720 39,979 96,716 80,716 
Data processing14,632 12,199 28,654 24,291 
Depreciation and amortization5,957 6,785 12,051 12,513 
Advertising and promotional10,899 3,402 17,269 6,774 
Professional services8,455 5,943 16,542 10,488 
Occupancy and equipment3,683 3,342 7,737 6,523 
FDIC and regulatory fees3,569 2,475 7,304 4,741 
Broker-dealer clearing charges3,739 3,678 6,568 7,683 
General and administrative expense6,874 8,216 30,774 16,721 
Total non-interest expense107,528 86,019 223,615 170,450 
INCOME BEFORE INCOME TAXES117,211 86,336 200,057 171,249 
INCOME TAXES35,659 25,549 60,098 50,252 
NET INCOME$81,552 $60,787 $139,959 $120,997 
COMPREHENSIVE INCOME$80,377 $60,131 $135,947 $119,834 
Basic earnings per common share$1.36 $1.02 $2.34 $2.04 
Diluted earnings per common share$1.35 $1.00 $2.31 $1.99 
See accompanying notes to the condensed consolidated financial statements.
2
AXOS FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months EndedSix Months Ended
December 31,December 31,
(Dollars in thousands)2022202120222021
NET INCOME$81,552 $60,787 $139,959 $120,997 
Net unrealized gain (loss) from available-for-sale securities, net of income tax expense (benefit) of $503 and $(274) for the three months and $1,718 and $(488) for the six months ended December 31, 2022 and 2021, respectively.
(1,175)(656)(4,012)(1,163)
Other comprehensive income (loss)(1,175)(656)(4,012)(1,163)
Comprehensive income$80,377 $60,131 $135,947 $119,834 

See accompanying notes to the condensed consolidated financial statements.
3
AXOS FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
For the Three Months Ended December 31, 2022
Common StockAdditional Paid-in CapitalRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss),
Net of Income Tax		Treasury
Stock		Total
Number of Shares
(Dollars in thousands)IssuedTreasuryOutstandingAmount
BALANCE—September 30, 202269,151,152 (9,152,479)59,998,673 $692 $459,101 $1,486,851 $(5,770)$(239,902)$1,700,972 
Net income— — — — — 81,552 — — 81,552 
Other comprehensive income (loss)— — — — — — (1,175)— (1,175)
Stock-based compensation activity2,439 (1,033)1,406 — 6,249 — — (39)6,210 
BALANCE—December 31, 202269,153,591 (9,153,512)60,000,079 $692 $465,350 $1,568,403 $(6,945)$(239,941)$1,787,559 
For the Six Months Ended December 31, 2022
Common StockAdditional Paid-in CapitalRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss),
Net of Income Tax		Treasury
Stock		Total
Number of Shares
(Dollars in thousands)IssuedTreasuryOutstandingAmount
BALANCE—June 30, 202268,859,722 (9,081,773)59,777,949 $689 $453,784 $1,428,444 $(2,933)$(237,011)$1,642,973 
Net income— — — — — 139,959 — — 139,959 
Other comprehensive income (loss)— — — — — — (4,012)— (4,012)
Stock-based compensation activity293,869 (71,739)222,130 3 11,566 — — (2,930)8,639 
BALANCE—December 31, 202269,153,591 (9,153,512)60,000,079 $692 $465,350 $1,568,403 $(6,945)$(239,941)$1,787,559 

See accompanying notes to the condensed consolidated financial statements.
4
AXOS FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Continued)
(Unaudited)
For the Three Months Ended December 31, 2021
Common StockAdditional Paid-in CapitalRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss),
Net of Income Tax		Treasury
Stock		Total
Number of Shares
(Dollars in thousands)IssuedTreasuryOutstandingAmount
BALANCE—September 30, 202168,370,617 (8,875,984)59,494,633 $684 $436,528 $1,247,938 $2,000 $(228,529)$1,458,621 
Net income— — — — — 60,787 — — 60,787 
Other comprehensive income (loss)— — — — — — (656)— (656)
Stock-based compensation activity6,220 (2,278)3,942 — 4,533 — — (128)4,405 
BALANCE—December 31, 202168,376,837 (8,878,262)59,498,575 $684 $441,061 $1,308,725 $1,344 $(228,657)$1,523,157 
For the Six Months Ended December 31, 2021
Common StockAdditional Paid-in CapitalRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss),
Net of Income Tax		Treasury
Stock		Total
Number of Shares
(Dollars in thousands)IssuedTreasuryOutstandingAmount
BALANCE—June 30, 202168,069,321 (8,751,377)59,317,944 $681 $432,550 $1,187,728 $2,507 $(222,530)$1,400,936 
Net income— — — — — 120,997 — — 120,997 
Other comprehensive income (loss)— — — — — — (1,163)— (1,163)
Stock-based compensation activity307,516 (126,885)180,631 3 8,511 — — (6,127)2,387 
BALANCE—December 31, 202168,376,837 (8,878,262)59,498,575 $684 $441,061 $1,308,725 $1,344 $(228,657)$1,523,157 

See accompanying notes to the condensed consolidated financial statements.
5
AXOS FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended
December 31,
(Dollars in thousands)20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$139,959 $120,997 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and accretion12,580 14,287 
Stock-based compensation expense11,569 8,514 
Trading activity1,386 760 
Provision for credit losses12,250 8,000 
Deferred income taxes7,592 (1,468)
Origination of loans held for sale(113,300)(403,287)
Unrealized and realized gains on loans held for sale(4,115)(8,673)
Proceeds from sale of loans held for sale117,252 410,918 
Amortization and change in fair value of mortgage servicing rights93 1,087 
Net changes in assets and liabilities which provide (use) cash:
Securities borrowed280,134 84,845 
Customer, broker-dealer and clearing receivables144,838 (1,702)
Other assets(19,062)(102,551)
Securities loaned(318,392)(150,226)
Customer, broker-dealer and clearing payables(90,707)(61,069)
Accounts payable and other liabilities(5,001)7,067 
Net cash provided by (used in) operating activities177,076 (72,501)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investment securities— (12,286)
Proceeds from sale and repayment of securities9,111 129,351 
Purchase of stock of regulatory agencies(74,972)(13,631)
Proceeds from redemption of stock of regulatory agencies74,972 13,631 
Origination of loans held for investment(4,499,800)(4,636,661)
Proceeds from sale of loans held for investment13,965 36,943 
Mortgage warehouse loans activity, net136,545 18,511 
Proceeds from sales of other real estate owned and repossessed assets1,229 7,454 
Acquisition of business activity, net of cash acquired (5,531)(54,761)
Purchases of loans and leases, net of discounts and premiums(127)(30,153)
Principal repayments on loans2,947,186 3,413,366 
Purchases of furniture, equipment, software and intangibles(13,982)(8,730)
Net cash used in investing activities(1,411,404)(1,136,966)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits1,744,072 1,453,375 
Payments of the Federal Home Loan Bank term advances(17,500)(10,000)
Net repayment of Federal Home Loan Bank other advances— (186,000)
Net proceeds (repayments) of other borrowings(111,500)38,800 
Tax payments related to settlement of restricted stock units(2,930)(6,127)
Net cash provided by financing activities1,612,142 1,290,048 
NET CHANGE IN CASH AND CASH EQUIVALENTS377,814 80,581 
CASH AND CASH EQUIVALENTS—Beginning of year$1,574,699 $1,037,777 
CASH AND CASH EQUIVALENTS—End of period$1,952,513 $1,118,358 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid on deposits and borrowed funds$121,878 $23,429 
Income taxes paid73,129 57,763 
Transfers to other real estate and repossessed vehicles7,228 342 
Transfers from loans held for investment to loans held for sale— 36,943 
Transfers from loans held for sale to loans held for investment690 794 
Operating lease liabilities for obtaining right of use assets— 4,167 
See accompanying notes to the condensed consolidated financial statements.
6
AXOS FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTH PERIODS ENDED DECEMBER 31, 2022 AND 2021
(Dollars in thousands, except per share and stated value amounts)
(Unaudited)

1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The condensed consolidated financial statements include the accounts of Axos Financial, Inc. (“Axos”) and its wholly owned subsidiaries, Axos Bank (the “Bank”) and Axos Nevada Holding, LLC (“Axos Nevada Holding” and collectively, the “Company”). Axos Bank and its wholly owned subsidiary constitute the Banking Business segment and Axos Nevada Holding wholly owns the companies constituting the Securities Business segment. All significant intercompany balances and transactions have been eliminated in consolidation.
The accompanying interim condensed consolidated financial statements, presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), are unaudited and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of financial condition and results of operations for the interim periods. All adjustments are of a normal and recurring nature. Results for the three and six months ended December 31, 2022 are not necessarily indicative of results that may be expected for any other interim period or for the year as a whole. Certain information and note disclosures normally included in the audited annual financial statements prepared in accordance with GAAP have been condensed or not repeated herein pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) with respect to interim financial reporting. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended June 30, 2022 included in our Annual Report on Form 10-K filed with the SEC for the fiscal year ended June 30, 2022 (“2022 Form 10-K”). A reclassification of certain components of non-interest income for the three and six months ended December 31, 2021 has been made to conform to the current period presentation. This reclassification had no effect on the Company’s total non-interest income, net income, financial position or cash flows. Additional reclassifications of certain amounts in the Condensed Consolidated Statement of Cash Flows for the six months ended December 31, 2021 have been made to conform to the current period presentation. These reclassifications had no effect on the Company’s results of operations or financial position.
Significant Accounting Policies
Our significant accounting policies are described in greater detail in Note 1—“Organizations and Summary of Significant Accounting Policies” contained in the 2022 Form 10-K.
New Accounting Standards
Accounting Standards Issued But Not Yet Adopted
The Financial Accounting Standards Board has issued three Accounting Standards Updates (“ASUs”) (2020-04, 2021-04 and 2022-06) all of which provide guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying generally accepted accounting principles to contracts, hedging relationships, and other transactions impacted by reference rate reform. The provisions apply only to those transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. Adoption of the provisions are optional and are effective from March 12, 2020 through December 31, 2024. The Company is evaluating the impact on the Company’s Consolidated Financial Statements, but it does not expect any application of the provisions of these ASUs to have a material impact. For a further discussion of new accounting standards issued but not yet adopted which are applicable to the Company see Note 1—“Organizations and Summary of Significant Accounting Policies” contained in the 2022 Form 10-K.
7
2.     ACQUISITIONS
From time to time the Company completes acquisitions and related corporate activities to supplement the organic growth and development of the business.
On August 2, 2021, the Company’s subsidiary, Axos Clearing LLC, acquired certain assets and liabilities of E*TRADE Advisor Services (“EAS”), the registered investment advisor custody business of Morgan Stanley. This business was rebranded as Axos Advisor Services (“AAS”). AAS adds incremental fee income, a turnkey technology platform used by independent registered investment advisors for trading and custody services, and low cost deposits that can be used to generate fee income from other bank partners or to fund loan growth at Axos Bank. The purchase price of $54.8 million consisted entirely of cash consideration paid upon acquisition and working capital adjustments.
The Company incurred acquisition-related costs totaling $0.04 million in total, all of which were recognized in the year ended June 30, 2022.
The acquisition is accounted for as a business combination under the acquisition method of accounting. Accordingly, tangible and intangible assets acquired (and liabilities assumed) are recorded at their estimated fair values as of the date of acquisition. The preliminary allocation of the $54.6 million purchase price consisted of $14.4 million of fair value of tangible assets acquired (which included $7.8 million of a right-of-use lease asset), $11.3 million of liabilities assumed (which included $7.8 million of a lease liability), $27.1 million of identifiable intangible assets and $24.4 million of goodwill, all of which is expected to be deductible for tax purposes. In December 2021, the Company made a $0.2 million true-up payment based on working capital adjustments, which was recorded as an increase in the purchase price up to $54.8 million with no impact on goodwill or identifiable intangible assets. After the working capital true-up, the final acquisition fair value of tangible assets acquired was $14.2 million and the final acquisition fair value of liabilities acquired was $10.9 million. Goodwill was calculated as the excess of consideration exchanged over the fair value of identifiable net assets acquired. The goodwill includes synergies expected to result from combining the acquired assets and liabilities with existing operations, coupling its custody platform with the Company’s existing product offerings and leveraging customer relationships through registered investment advisors (“RIAs”). The following table summarizes the fair value and useful life of each intangible asset acquired as of the acquisition date:
(Dollars in thousands)Fair ValueUseful Lives (Years)
Trade Name$290 0.16
Proprietary Technology10,990 7
Customer Relationships15,650 14
Non-Compete Agreements130 1
Total$27,060 
The following table presents the results of operations of AAS for the six months ended December 31, 2021 on an unaudited pro forma basis, as if the acquisition of the entity rebranded to AAS had been consummated on July 1, 2020. The results of operations of AAS for the three months ended December 31, 2021 are reflected in the unaudited Condensed Consolidated Statements of Income. The unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of what the Company’s results of operations would have been if the acquisition of EAS had occurred as of July 1, 2020, or the results of operations for any future periods. Additionally, the information presented does not reflect any synergies or other strategic benefits as a result of acquisition.
Pro Forma Revenue
(Dollars in thousands)For the Six Months Ended December 31, 2021
Non-interest income$17,230 
It is not practical to disclose net income on a pro forma basis as the assets and liabilities acquired are a component of a business.
8
3.     FAIR VALUE
The Company’s financial assets and liabilities measured at fair value on a recurring basis at December 31, 2022 and June 30, 2022 are classified in their entirety based on the lowest level of input significant to the fair value measurement.
December 31, 2022
(Dollars in thousands)Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
ASSETS:
Securities—Trading: Municipal$372 $— $372 
Securities—Available-for-Sale: