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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 March 31, 2022
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-37709
ax-20220331_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: 59,663,388 shares of common stock, $0.01 par value per share, as of April 21, 2022.

AXOS FINANCIAL, INC.
INDEX
Page

PART I – FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
AXOS FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except par and stated value)March 31,
2022		June 30,
2021
ASSETS
Cash and cash equivalents$998,348 $715,624 
Cash segregated for regulatory purposes250,966 322,153 
Total cash, cash equivalents, and cash segregated1,249,314 1,037,777 
Securities:
Trading366 1,983 
Available-for-sale229,510 187,335 
Stock of regulatory agencies20,368 19,995 
Loans held for sale, carried at fair value19,611 29,768 
Loans held for sale, lower of cost or fair value11,182 12,294 
Loans—net of allowance for credit losses of $143.4 million as of March 31, 2022 and $133.0 million as of June 30, 2021
13,093,603 11,414,814 
Mortgage servicing rights, carried at fair value23,519 17,911 
Other real estate owned and repossessed vehicles564 6,782 
Goodwill and other intangible assets—net159,150 115,972 
Securities borrowed274,644 619,088 
Customer, broker-dealer and clearing receivables510,561 369,815 
Other assets488,558 432,031 
TOTAL ASSETS$16,080,950 $14,265,565 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing$4,135,278 $2,474,424 
Interest bearing8,597,724 8,341,373 
Total deposits12,733,002 10,815,797 
Advances from the Federal Home Loan Bank152,500 353,500 
Borrowings, subordinated notes and debentures381,682 221,358 
Securities loaned447,748 728,988 
Customer, broker-dealer and clearing payables543,905 535,425 
Accounts payable and accrued liabilities and other liabilities236,528 209,561 
Total liabilities14,495,365 12,864,629 
STOCKHOLDERS’ EQUITY:
Preferred stock—$0.01 par value; 1,000,000 shares authorized:
Common stock—$0.01 par value; 150,000,000 shares authorized; 68,617,410 shares issued and 59,662,795 shares outstanding as of March 31, 2022; 68,069,321 shares issued and 59,317,944 shares outstanding as of June 30, 2021
686 681 
Additional paid-in capital448,428 432,550 
Accumulated other comprehensive income (loss)—net of tax(1,626)2,507 
Retained earnings1,370,548 1,187,728 
Treasury stock, at cost; 8,954,615 shares as of March 31, 2022 and 8,751,377 shares as of June 30, 2021
(232,451)(222,530)
Total stockholders’ equity1,585,585 1,400,936 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$16,080,950 $14,265,565 

See accompanying notes to the condensed consolidated financial statements.
1
AXOS FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) 
Three Months EndedNine Months Ended
March 31,March 31,
(Dollars in thousands, except earnings per common share)2022202120222021
INTEREST AND DIVIDEND INCOME:
Loans, including fees$153,873 $147,936 $452,518 $436,445 
Securities borrowed and customer receivables3,833 4,453 16,050 14,196 
Investments2,475 3,285 6,999 10,301 
Total interest and dividend income160,181 155,674 475,567 460,942 
INTEREST EXPENSE:
Deposits6,924 14,034 22,441 49,683 
Advances from the Federal Home Loan Bank973 992 2,962 3,690 
Securities loaned152 453 621 832 
Other borrowings2,594 4,526 7,795 9,649 
Total interest expense10,643 20,005 33,819 63,854 
Net interest income149,538 135,669 441,748 397,088 
Provision for credit losses4,500 2,700 12,500 22,500 
Net interest income, after provision for credit losses145,038 132,969 429,248 374,588 
NON-INTEREST INCOME:
Prepayment penalty fee income2,793 1,342 9,073 4,289 
Gain on sale – other61 214 106 704 
Mortgage banking income5,729 9,037 15,594 39,255 
Broker-dealer fee income12,913 7,942 39,046 19,931 
Banking and service fees7,278 5,352 22,444 24,281 
Total non-interest income28,774 23,887 86,263 88,460 
NON-INTEREST EXPENSE:
Salaries and related costs43,133 38,545 123,849 115,367 
Data processing12,274 10,171 36,565 27,772 
Depreciation and amortization6,061 5,865 18,574 17,913 
Advertising and promotional3,357 4,261 10,131 10,600 
Professional services4,346 5,712 14,834 17,340 
Occupancy and equipment3,742 3,096 10,265 9,239 
FDIC and regulatory fees3,115 3,107 7,856 8,400 
Broker-dealer clearing charges3,561 3,278 11,244 7,986 
General and administrative expense7,230 6,772 23,951 18,033 
Total non-interest expense86,819 80,807 257,269 232,650 
INCOME BEFORE INCOME TAXES86,993 76,049 258,242 230,398 
INCOME TAXES25,170 22,404 75,422 68,946 
NET INCOME$61,823 $53,645 $182,820 $161,452 
NET INCOME ATTRIBUTABLE TO COMMON STOCK$61,823 $53,645 $182,820 $161,262 
COMPREHENSIVE INCOME$58,853 $54,687 $178,687 $164,682 
Basic earnings per common share$1.04 $0.91 $3.07 $2.72 
Diluted earnings per common share$1.02 $0.89 $3.02 $2.67 
See accompanying notes to the condensed consolidated financial statements.
2
AXOS FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months EndedNine Months Ended
March 31,March 31,
(Dollars in thousands)2022202120222021
NET INCOME$61,823 $53,645 $182,820 $161,452 
Net unrealized gain (loss) from available-for-sale securities, net of tax expense (benefit) of $(1,238) and $460 for the three and $(1,726) and $1,400 for the nine months ended March 31, 2022 and 2021, respectively.
(2,970)1,042 (4,133)3,230 
Other comprehensive income (loss)(2,970)1,042 (4,133)3,230 
Comprehensive income$58,853 $54,687 $178,687 $164,682 

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 March 31, 2022
Preferred StockCommon StockAdditional Paid-in CapitalRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss),
Net of Income Tax		Treasury
Stock		Total
Number of Shares
(Dollars in thousands)SharesAmountIssuedTreasuryOutstandingAmount
BALANCE—December 31, 2021— $— 68,376,837 (8,878,262)59,498,575 $684 $441,061 $1,308,725 $1,344 $(228,657)$1,523,157 
Net income— — — — — — — 61,823 — — 61,823 
Other comprehensive income (loss)— — — — — — — — (2,970)— (2,970)
Stock-based compensation expense
 and restricted stock unit vesting		— — 240,573 (76,353)164,220 2 7,367 — — (3,794)3,575 
BALANCE—March 31, 2022— $— 68,617,410 (8,954,615)59,662,795 $686 $448,428 $1,370,548 $(1,626)$(232,451)$1,585,585 
For the Nine Months Ended March 31, 2022
Preferred StockCommon StockAdditional Paid-in CapitalRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss),
Net of Income Tax		Treasury
Stock		Total
Number of Shares
(Dollars in thousands)SharesAmountIssuedTreasuryOutstandingAmount
BALANCE—June 30, 2021— $— 68,069,321 (8,751,377)59,317,944 $681 $432,550 $1,187,728 $2,507 $(222,530)$1,400,936 
Net income— — — — — — — 182,820 — — 182,820 
Other comprehensive income (loss)— — — — — — — — (4,133)— (4,133)
Stock-based compensation expense
 and restricted stock unit vesting		— — 548,089 (203,238)344,851 5 15,878 — — (9,921)5,962 
BALANCE—March 31, 2022— $— 68,617,410 (8,954,615)59,662,795 $686 $448,428 $1,370,548 $(1,626)$(232,451)$1,585,585 

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 March 31, 2021
Preferred StockCommon StockAdditional Paid-in CapitalRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss),
Net of Income Tax		Treasury
Stock		Total
Number of Shares
(Dollars in thousands)SharesAmountIssuedTreasuryOutstandingAmount
BALANCE—December 31, 2020— $— 67,668,664 (8,595,842)59,072,822 $677 $420,895 $1,079,828 $1,251 $(215,169)$1,287,482 
Net income— — — — — — — 53,645 — — 53,645 
Other comprehensive income (loss)— — — — — — — — 1,042 — 1,042 
Stock-based compensation expense
 and restricted stock unit vesting		— — 233,575 (68,632)164,943 2 6,768 — — (3,289)3,481 
BALANCE—March 31, 2021— $— 67,902,239 (8,664,474)59,237,765 $679 $427,663 $1,133,473 $2,293 $(218,458)$1,345,650 
For the Nine Months Ended March 31, 2021
Preferred StockCommon StockAdditional Paid-in CapitalRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss),
Net of Income Tax		Treasury
Stock		Total
Number of Shares
(Dollars in thousands)SharesAmountIssuedTreasuryOutstandingAmount
BALANCE—June 30, 2020515 $5,063 67,323,053 (7,710,418)59,612,635 $673 $411,873 $1,009,299 $(937)$(195,125)$1,230,846 
Cumulative effect of change in accounting principle net of tax, adoption of ASU No. 2016-13— — — — — — — (37,088)— — (37,088)
Net income— — — — — — — 161,452 — — 161,452 
Other comprehensive income (loss)— — — — — — — — 3,230 — 3,230 
Cash dividends on preferred stock— — — — — — — (103)— — (103)
Preferred stock - Series A redemption(515)(5,063)— — — — — (87)— — (5,150)
Purchase of treasury stock— — — (753,597)(753,597)— — — — (16,757)(16,757)
Stock-based compensation expense
 and restricted stock unit vesting		— — 579,186 (200,459)378,727 6 15,790 — — (6,576)9,220 
BALANCE—March 31, 2021— $— 67,902,239 (8,664,474)59,237,765 $679 $427,663 $1,133,473 $2,293 $(218,458)$1,345,650 

See accompanying notes to the condensed consolidated financial statements.
5
AXOS FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine Months Ended
March 31,
(Dollars in thousands)20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$182,820 $161,452 
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion and amortization on securities, net(297)(124)
Net accretion of discounts on loans and leases(5,143)(4,717)
Amortization of borrowing costs447 1,431 
Amortization of operating lease right of use asset8,147 7,965 
Stock-based compensation expense15,883 15,796 
Trading activity1,617 42 
Provision for credit losses12,500 22,500 
Deferred income taxes(4,184)(10,388)
Origination of loans held for sale(569,614)(1,349,683)
Unrealized loss on loans held for sale965 781 
Gain on sales of loans held for sale(15,700)(39,959)
Proceeds from sale of loans held for sale592,803 1,378,323 
Amortization and change in fair value of mortgage servicing rights(1,229)5,266 
(Gain) on sale of other real estate and foreclosed assets(385)(113)
Depreciation and amortization18,574 17,913 
Net changes in assets and liabilities which provide (use) cash:
Securities borrowed344,444 (321,170)
Customer, broker-dealer and clearing receivables(137,069)(130,797)
Other assets(121,125)40,162 
Securities loaned(281,240)393,892 
Customer, broker-dealer and clearing payables8,480 136,063 
Accounts payable and other liabilities14,516 (11,908)
Net cash provided by operating activities65,210 312,727 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investment securities(107,286)(66,617)
Proceeds from sales of securities75,023 — 
Proceeds from repayment of securities59,549 57,518 
Purchase of stock of regulatory agencies(22,739)(17)
Proceeds from redemption of stock of regulatory agencies22,739 — 
Origination of loans held for investment(7,173,040)(3,936,776)
Proceeds from sale of loans held for investment106,324 18,011 
Mortgage warehouse loans activity, net191,291 (493,764)
Proceeds from sales of other real estate owned and repossessed assets7,968 839 
Acquisition of business activity, net of cash paid (54,597)— 
Purchases of loans and leases, net of discounts and premiums(31,496)(2,184)
Principal repayments on loans5,218,247 3,305,931 
Purchases of furniture, equipment, software and intangibles(11,817)(8,986)