Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 30, 2024

Axos Financial, Inc.

(Exact name of registrant as specified in its charter)




Delaware	001-37709	33-0867444
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

9205 West Russell Road, Ste 400

Las Vegas, NV 89148

(Address of principal executive offices and 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 class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	AX	New York Stock Exchange

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ 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. ☐

Item 2.02 Results of Operations and Financial Condition

On July 30, 2024, Axos Financial, Inc. (the “Registrant” or the “Company”) issued a press release announcing its fiscal fourth quarter results of operations for the period ended June 30, 2024. The press release, related financial schedules and earnings supplement presentation are furnished as Exhibits 99.1 through 99.4. The Registrant is furnishing the related quarterly earnings supplement in two different formats as Exhibits 99.3 and 99.4.

Pursuant to General Instruction B.2. of Form 8-K, the information in this Item 2.02 of Form 8-K, including Exhibit 99.1, 99.2, 99.3 and 99.4 is being furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise be subject to the liabilities of that section, nor is it incorporated by reference into any filing of the Registrant under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit						Description
99.1						Press Release
99.2						Financial Schedules
99.3						Press Release Earnings Supplement
99.4						Press Release Earnings Supplement PDF
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Axos Financial, Inc.

Date:

July 30, 2024

By:

/s/ Derrick K. Walsh

Derrick K. Walsh

EVP and Chief Financial Officer

Axos Financial, Inc. Reports Record Fiscal Year 2024 Results

LAS VEGAS, NV – (BUSINESS WIRE) – July 30, 2024 – Axos Financial, Inc. (NYSE: AX) (“Axos” or the “Company”) today announced unaudited financial results for the fourth fiscal quarter ended June 30, 2024. Net income was $104.9 million, an increase of 20.1% from $87.4 million for the quarter ended June 30, 2023. Diluted earnings per share (“EPS”) were $1.80, an increase of $0.34, or 23.3%, as compared to diluted earnings per share of $1.46 for the quarter ended June 30, 2023.

Adjusted earnings and adjusted earnings per diluted common share (“Adjusted EPS”), non-GAAP measures described further below, increased $17.3 million to $106.7 million and increased $0.33 to $1.83, respectively, for the quarter ended June 30, 2024, compared to $89.4 million and $1.50, respectively, for the quarter ended June 30, 2023.

Fourth Quarter Fiscal 2024 Financial Summary



	Three Months Ended June 30,
(Dollars in thousands, except per share data)	2024		2023		% Change
Net interest income	$	260,062	$	203,754	27.6	%
Non-interest income	$	30,861	$	32,705	(5.6)	%
Net income	$	104,872	$	87,356	20.1	%
Adjusted earnings (Non-GAAP)1	$	106,727	$	89,431	19.3	%
Diluted EPS	$	1.80	$	1.46	23.3	%
Adjusted EPS (Non-GAAP)1	$	1.83	$	1.50	22.0	%
1 See “Use of Non-GAAP Financial Measures”

For the fiscal year ended June 30, 2024, net income was $450.0 million, an increase of 46.5% from net income of $307.2 million for the fiscal year ended June 30, 2023. Diluted earnings per share were $7.66 for the fiscal year ended June 30, 2024, an increase of $2.59, or 51.1%, as compared to diluted earnings per share of $5.07 for the fiscal year ended June 30, 2023.

“We had an exceptional fiscal year 2024, with 51% EPS growth, 27 basis point of net interest margin expansion, and a 24% increase in book value per share,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “Credit remains strong, as evidenced by the 5 basis points of net charge-offs to average loans and the 6 basis point sequential decline in our non-accrual loans to total loans in the three months ended June 30, 2024. We continue to operate a highly efficient and profitable company, as indicated by our 43.6% consolidated efficiency ratio and 21.6% return on average common stockholders’ equity for fiscal year 2024.”

Other Highlights

•Net interest margin was 4.65% for the quarter ended June 30, 2024, compared to 4.19% for the quarter ended June 30, 2023

•Net loans for investment totaled $19.2 billion at June 30, 2024, an increase of $0.5 billion, or 10.6% annualized, from $18.7 billion at March 31, 2024

•Total deposits were $19.4 billion at June 30, 2024, an increase of $2.3 billion, or 13.1%, from $17.1 billion at June 30, 2023; total savings, checking and other demand deposits were $18.4 billion at June 30, 2024, up from $15.8 billion at June 30, 2023

•Approximately 90% of total deposits were FDIC-insured or collateralized at June 30, 2024

•Non-accrual loans to total loans was 57 basis points at June 30, 2024, down from 63 basis points at March 31, 2024

•Total capital to risk-weighted assets was 13.81% for Axos Bank at June 30, 2024, up from 12.50% at June 30, 2023

•Book value per share increased to $40.26, up 23.76% from $32.53 at June 30, 2023

•Axos repurchased approximately $13.2 million of common stock in the three months ended June 30, 2024 at an average share price of $48.37 per share

Fourth Quarter Fiscal 2024 Income Statement Summary

Net income was $104.9 million and earnings per diluted common share was $1.80 for the three months ended June 30, 2024, compared to net income of $87.4 million and earnings per diluted common share of $1.46 for the three months ended June 30, 2023. Net interest income increased $56.3 million or 27.6% for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, primarily due to an increase in interest income from loans attributable to higher average balances and higher rates earned, including the impact of discount accretion on loans obtained in the FDIC Loan Purchase, partially offset by higher average interest-bearing deposit balances and higher rates paid.

The provision for credit losses was $6.0 million for the three months ended June 30, 2024, compared to $7.0 million for the three months ended June 30, 2023. The provision for credit losses for the three months ended June 30, 2024, was primarily due to loan growth in the Commercial & Industrial - Non-Real Estate portfolio as well as increases across loan portfolios reflecting changes in the underlying macroeconomic variables.

Non-interest income decreased to $30.9 million for the three months ended June 30, 2024, compared to $32.7 million for the three months ended June 30, 2023. The decrease was primarily due to lower broker-dealer fee income and lower prepayment penalty fee income, partially offset by higher mortgage banking and servicing rights income.

Non-interest expense, comprised of various operating expenses, increased $28.0 million to $140.5 million for the three months ended June 30, 2024 from $112.5 million for the three months ended June 30, 2023. The increase was primarily due to higher salaries and related costs, higher professional services expense and higher advertising and promotional expense.

Full Year Fiscal 2024 Highlights

•Net income reached a record $450.0 million, an increase of 46.5% compared to fiscal year ended June 30, 2023

•Diluted earnings per share were $7.66, up 51.1% from $5.07 in the fiscal year ended June 30, 2023

•Deposits increased by $2.3 billion, or 13.1%, to $19.4 billion during fiscal year ended June 30, 2024

•Net interest margin for the Banking Business segment increased to 4.68% for the fiscal year ended June 30, 2024, compared to 4.48% for the fiscal year ended June 30, 2023

•Efficiency ratio was 43.59% for the fiscal year ended June 30, 2024, compared to 49.54% for the fiscal year ended June 30, 2023

•Return on average assets increased to 2.08% for the fiscal year ended June 30, 2024 from 1.64% for the fiscal year ended June 30, 2023

Balance Sheet Summary

Axos’ total assets increased by $2.6 billion, or 12.3%, to $22.9 billion, at June 30, 2024, from $20.3 billion at June 30, 2023, primarily due to an increase in loans. Total liabilities increased by $2.2 billion, or 11.6%, to $20.6 billion at June 30, 2024, from $18.4 billion at June 30, 2023, primarily due to an increase in deposits. Stockholders’ equity increased by $373.4 million, or 19.5%, to $2.3 billion at June 30, 2024 from $1.9 billion at June 30, 2023, primarily due to net income of $450.0 million, partially offset by purchases of common stock of $97.0 million under the share repurchase program during the fiscal year ended June 30, 2024.

Conference Call

A conference call and webcast will be held on Tuesday, July 30, 2024, at 5:00 PM Eastern / 2:00 PM Pacific. Analysts and investors may dial in and participate in the question/answer session. To access the call, please dial: 877-407-8293. The conference call will be webcast live, and both the webcast and the earnings supplement may be accessed at Axos’ website, investors.axosfinancial.com. For those unable to listen to the live broadcast, a replay will be available until August 30, 2024, at Axos’ website and telephonically by dialing toll-free number 877-660-6853, passcode 13747476.

About Axos Financial, Inc. and Subsidiaries

Axos Financial, Inc., with approximately $22.9 billion in consolidated assets as of June 30, 2024, is the holding company for Axos Bank, Axos Clearing LLC and Axos Invest, Inc. Axos Bank provides consumer and business banking products nationwide through its low-cost distribution channels and affinity partners. Axos Clearing LLC (including its business division Axos Advisor Services), with approximately $35.7 billion of assets under custody and/or administration as of June 30, 2024, and Axos Invest, Inc., provide comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents, and digital investment advisory services to retail investors, respectively. Axos Financial, Inc.’s common stock is listed on the NYSE under the symbol “AX” and is a component of the Russell 2000® Index, the S&P SmallCap 600® Index, the KBW Nasdaq Financial Technology Index, and the Travillian Tech-Forward Bank Index. For more information on Axos Financial, Inc., please visit http://investors.axosfinancial.com.

Segment Reporting

The Company operates through two segments: Banking Business and Securities Business. In order to reconcile the two segments to the consolidated totals, the Company includes parent-only activities and intercompany eliminations. Inter-segment transactions are eliminated in consolidation and primarily include non-interest income earned by the Securities Business segment and non-interest expense incurred by the Banking Business segment for cash sorting fees related to deposits sourced from Securities Business segment customers, as well as interest expense paid by the Banking Business segment to each of the wholly-owned subsidiaries of the Company and to the Company itself for their operating cash held on deposit with the Business Banking segment.

The following tables present the operating results of the segments:


	For the Three Months Ended June 30, 2024
(Dollars in thousands)	Banking Business		Securities Business		Corporate/Eliminations		Axos Consolidated
Net interest income	$	256,543	$	7,452	$	(3,933)	$	260,062
Provision for credit losses	6,000		—		—		6,000
Non-interest income	10,827		29,079		(9,045)		30,861
Non-interest expense	110,668		27,111		2,756		140,535
Income before income taxes	$	150,702	$	9,420	$	(15,734)	$	144,388

	For the Three Months Ended June 30, 2023
(Dollars in thousands)	Banking Business		Securities Business		Corporate/Eliminations		Axos Consolidated
Net interest income	$	201,770	$	5,556	$	(3,572)	$	203,754
Provision for credit losses	7,000		—		—		7,000
Non-interest income	10,306		37,640		(15,241)		32,705
Non-interest expense	95,579		27,648		(10,771)		112,456
Income before income taxes	$	109,497	$	15,548	$	(8,042)	$	117,003

	For the Year Ended June 30, 2024
(Dollars in thousands)	Banking Business		Securities Business		Corporate/Eliminations		Axos Consolidated
Net interest income	$	950,832	$	26,207	$	(15,610)	$	961,429
Provision for credit losses	32,500		—		—		32,500
Non-interest income	139,071		129,020		(45,431)		222,660
Non-interest expense	418,695		115,091		(17,678)		516,108
Income before income taxes	$	638,708	$	40,136	$	(43,363)	$	635,481

	For the Year Ended June 30, 2023
(Dollars in thousands)	Banking Business		Securities Business		Corporate/Eliminations		Axos Consolidated
Net interest income	$	776,294	$	21,042	$	(14,215)	$	783,121
Provision for credit losses	24,251		—		—		24,251
Non-interest income	42,260		141,107		(62,879)		120,488
Non-interest expense	391,410		102,572		(46,368)		447,614
Income before income taxes	$	402,893	$	59,577	$	(30,726)	$	431,744

Use of Non-GAAP Financial Measures

In addition to the results presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this release includes non-GAAP financial measures such as adjusted earnings, adjusted earnings per diluted common share, and tangible book value per common share. Non-GAAP financial measures have inherent limitations, may not be comparable to similarly titled measures used by other companies and are not audited. Readers should be aware of these limitations and should be cautious as to their reliance on such measures. Although we believe the non-GAAP financial measures disclosed in this release enhance investors’ understanding of our business and performance, these non-GAAP measures should not be considered in isolation, or as a substitute for GAAP basis financial measures.

We define “adjusted earnings”, a non-GAAP financial measure, as net income without the after-tax impact of non-recurring acquisition-related items (including amortization of intangible assets related to acquisitions and certain gains and provisions resulting from the Company’s FDIC Loan Purchase) and other costs (unusual or non-recurring charges). Adjusted EPS, a non-GAAP financial measure, is calculated by dividing non-GAAP adjusted earnings by the average number of diluted common shares outstanding during the period. We believe the non-GAAP measures of adjusted earnings and Adjusted EPS provide useful information about Axos’ operating performance. We believe excluding the non-recurring acquisition-related costs and other costs provides investors with an alternative understanding of Axos’ core business.

Below is a reconciliation of net income, the nearest comparable GAAP measure, to adjusted earnings and adjusted EPS (Non-GAAP) for the periods shown:


	Three Months Ended				Year Ended
	June 30,				June 30,
(Dollars in thousands, except per share amounts)	2024		2023		2024		2023
Net income	$	104,872	$	87,356	$	450,008	$	307,165
FDIC Loan Purchase - Gain on purchase1	—		—		(92,397)		—
FDIC Loan Purchase - Provision for credit losses1	—		—		4,648		—
Acquisition-related costs	2,554		2,779		10,843		10,948
Other costs2	—		—		—		16,000
Income tax effect	(699)		(704)		22,446		(7,776)
Adjusted earnings (Non-GAAP)	$	106,727	$	89,431	$	395,548	$	326,337

Average dilutive common shares outstanding	58,164,623		59,707,871		58,725,636		60,566,854

Diluted EPS	$	1.80	$	1.46	$	7.66	$	5.07
FDIC Loan Purchase - Gain on purchase1	—		—		(1.57)		—
FDIC Loan Purchase - Provision for credit losses1	—		—		0.08		—
Acquisition-related costs	0.04		0.05		0.18		0.18
Other costs2	—		—		—		0.27
Income tax effect	(0.01)		(0.01)		0.39		(0.13)
Adjusted EPS (Non-GAAP)	$	1.83	$	1.50	$	6.74	$	5.39
1 During the fiscal year ended June 30, 2024, the Company completed the purchase from the Federal Deposit Insurance Corporation (“FDIC”) of two performing commercial real estate and multi-family loan pools with a combined unpaid principal balance of approximately $1.25 billion at 63% of par value (the “FDIC Loan Purchase”).
2 Other costs for the fiscal year ended June 30, 2023 reflect an accrual recorded in the first quarter of fiscal year 2024 as a result of an adverse legal judgement that has not been finalized.

We define “tangible book value”, a non-GAAP financial measure, as book value adjusted for goodwill and other intangible assets. Tangible book value is calculated using common stockholders’ equity minus servicing rights, goodwill and other intangible assets. Tangible book value per common share is calculated by dividing tangible book value by the common shares outstanding at the end of the period. We believe tangible book value per common share is useful in evaluating the Company’s capital strength, financial condition, and ability to manage potential losses.

Below is a reconciliation of total stockholders’ equity, the nearest comparable GAAP measure, to tangible book value per common share (non-GAAP) as of the dates indicated:


	June 30,
(Dollars in thousands, except per share amounts)	2024		2023
Common stockholders’ equity	$	2,290,596	$	1,917,159
Less: servicing rights, carried at fair value	28,924		25,443
Less: goodwill and intangible assets—net	141,769		152,149
Tangible common stockholders’ equity (Non-GAAP)	$	2,119,903	$	1,739,567

Common shares outstanding at end of period	56,894,565		58,943,035

Book value per common share	$	40.26	$	32.53
Less: servicing rights, carried at fair value per common share	0.51		0.44
Less: goodwill and other intangible assets—net per common share	2.49		2.58
Tangible book value per common share (Non-GAAP)	$	37.26	$	29.51

Forward-Looking Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to Axos’ financial prospects and other projections of its performance and asset quality, Axos’ deposit balances and capital ratios, Axos’ ability to continue to grow profitably and increase its business, Axos’ ability to continue to diversify its lending and deposit franchises, the anticipated timing and financial performance of other offerings, initiatives, and acquisitions, expectations of the environment in which Axos operates and projections of future performance. These forward-looking statements are made on the basis of the views and assumptions of management regarding future events and performance as of the date of this press release. Actual results and the timing of events could differ materially from those expressed or implied in such forward-looking statements as a result of risks and uncertainties, including without limitation Axos’ ability to successfully integrate acquisitions and realize the anticipated benefits of the transactions, changes in the interest rate environment, monetary policy, inflation, government regulation, general economic conditions, changes in the competitive marketplace, conditions in the real estate markets in which we operate, risks associated with credit quality, our ability to attract and retain deposits and access other sources of liquidity, and the outcome and effects of litigation and other factors beyond our control. These and other risks and uncertainties detailed in Axos’ periodic reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2023, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Axos undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All written and oral forward-looking statements made in connection with this press release, which are attributable to us or persons acting on Axos’ behalf are expressly qualified in their entirety by the foregoing information.

Investor Relations Contact:

Johnny Lai, CFA

SVP, Corporate Development & Investor Relations

858-649-2218

jlai@axosfinancial.com

AXOS FINANCIAL, INC.

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited – dollars in thousands)


	June 30, 2024			June 30, 2023			June 30, 2022
Selected Balance Sheet Data:
Total assets	$	22,855,334		$	20,348,469		$	17,401,165
Loans—net of allowance for credit losses	19,231,385			16,456,728			14,091,061
Loans held for sale, carried at fair value	16,482			23,203			4,973
Loans held for sale, lower of cost or fair value	—			776			10,938
Allowance for credit losses	260,542			166,680			148,617
Trading securities	353			758			1,758
Available-for-sale securities	141,611			232,350			262,518

Securities borrowed	67,212			134,339			338,980
Customer, broker-dealer and clearing receivables	240,028			374,074			417,417
Total deposits	19,359,217			17,123,108			13,946,422

Advances from the Federal Home Loan Bank	90,000			90,000			117,500
Borrowings, subordinated notes and debentures	325,679			361,779			445,244
Securities loaned	74,177			159,832			474,400
Customer, broker-dealer and clearing payables	301,127			445,477			511,654
Total stockholders’ equity	2,290,596			1,917,159			1,642,973

Capital Ratios:
Equity to assets at end of period	10.02		%	9.42		%	9.44		%
Axos Financial, Inc.:
Tier 1 leverage (to adjusted average assets)	9.43		%	8.96		%	9.25		%
Common equity tier 1 capital (to risk-weighted assets)	12.01		%	10.94		%	9.86		%
Tier 1 capital (to risk-weighted assets)	12.01		%	10.94		%	9.86		%
Total capital (to risk-weighted assets)	14.84		%	13.82		%	12.73		%
Axos Bank:
Tier 1 leverage (to adjusted average assets)	9.74		%	9.68		%	10.65		%
Common equity tier 1 capital (to risk-weighted assets)	12.74		%	11.63		%	11.24		%
Tier 1 capital (to risk-weighted assets)	12.74		%	11.63		%	11.24		%
Total capital (to risk-weighted assets)	13.81		%	12.50		%	12.01		%
Axos Clearing LLC:
Net capital	$	101,462		$	35,221		$	38,915
Excess capital	$	96,654		$	29,905		$	32,665
Net capital as a percentage of aggregate debit items	42.21		%	13.25		%	12.45		%
Net capital in excess of 5% aggregate debit items	$	89,442		$	21,930		$	23,290

AXOS FINANCIAL, INC.

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited – dollars in thousands, except per share data)


	As of or for the Three Months Ended						As of or for the Year Ended
	June 30,						June 30,
(Dollars in thousands, except per share data)	2024			2023			2024			2023
Selected Income Statement Data:
Interest and dividend income	$	453,428		$	346,430		$	1,655,607		$	1,157,138
Interest expense	193,366			142,676			694,178			374,017
Net interest income	260,062			203,754			961,429			783,121
Provision for credit losses	6,000			7,000			32,500			24,251
Net interest income, after provision for credit losses	254,062			196,754			928,929			758,870
Non-interest income	30,861			32,705			222,660			120,488
Non-interest expense	140,535			112,456			516,108			447,614
Income before income taxes	144,388			117,003			635,481			431,744
Income tax expense	39,516			29,647			185,473			124,579
Net income	$	104,872		$	87,356		$	450,008		$	307,165

Per Common Share Data:
Net income:
Basic	$	1.84		$	1.48		$	7.82		$	5.15
Diluted	$	1.80		$	1.46		$	7.66		$	5.07
Adjusted earnings per common share (Non-GAAP)1	$	1.83		$	1.50		$	6.74		$	5.39
Book value per common share	$	40.26		$	32.53		$	40.26		$	32.53
Tangible book value per common share (Non-GAAP)1	$	37.26		$	29.51		$	37.26		$	29.51

Weighted average number of common shares outstanding:
Basic	56,938,405			58,981,372			57,509,029			59,691,541
Diluted	58,164,623			59,707,871			58,725,636			60,566,854
Common shares outstanding at end of period	56,894,565			58,943,035			56,894,565			58,943,035
Common shares issued at end of period	70,221,632			69,465,446			70,221,632			69,465,446

Performance Ratios and Other Data:
Loan originations for investment	$	2,451,410		$	2,216,764		$	10,597,113		$	8,452,215
Loan originations for sale	52,574			64,154			197,305			160,607
Loan purchases	430			650			841,838			1,564
Return on average assets	1.81		%	1.73		%	2.08		%	1.64		%
Return on average common stockholders’ equity	18.81		%	18.60		%	21.64		%	17.22		%
Interest rate spread2	3.63		%	3.20		%	3.62		%	3.44		%
Net interest margin3	4.65		%	4.19		%	4.62		%	4.35		%
Net interest margin3 – Banking Business Segment	4.68		%	4.26		%	4.68		%	4.48		%
Efficiency ratio4	48.31		%	47.56		%	43.59		%	49.54		%
Efficiency ratio4 – Banking Business Segment	41.39		%	45.07		%	38.42		%	47.82		%

Asset Quality Ratios:
Net annualized charge-offs to average loans	0.05		%	0.04		%	0.05		%	0.04		%
Non-accrual loans to total loans	0.57		%	0.52		%	0.57		%	0.52		%
Non-performing assets to total assets	0.51		%	0.47		%	0.51		%	0.47		%
Allowance for credit losses - loans to total loans held for investment	1.34		%	1.00		%	1.34		%	1.00		%
Allowance for credit losses - loans to non-accrual loans	229.84		%	191.23		%	229.84		%	191.23		%

1 See “Use of Non-GAAP Financial Measures” herein.

2 Interest rate spread represents the difference between the annualized weighted average yield on interest-earning assets and the annualized weighted average

rate paid on interest-bearing liabilities.

3 Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

4 Efficiency ratio represents non-interest expense as a percentage of the aggregate of net interest income and non-interest income.

AXOS FINANCIAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


	At June 30,
(Dollars in thousands, except par value)	2024		2023
ASSETS
Cash and cash equivalents	$	1,979,979	$	2,233,027
Restricted cash	205,797		149,059
Total cash, cash equivalents and restricted cash	2,185,776		2,382,086
Trading securities	353		758
Available-for-sale securities	141,611		232,350
Stock of regulatory agencies	21,957		21,510
Loans held for sale, carried at fair value	16,482		23,203
Loans held for sale, lower of cost or fair value	—		776
Loans—net of allowance for credit losses of $260,542 as of June 30, 2024 and $166,680 as of June 30, 2023	19,231,385		16,456,728
Servicing rights, carried at fair value	28,924		25,443
Securities borrowed	67,212		134,339
Customer, broker-dealer and clearing receivables	240,028		374,074
Goodwill and other intangible assets—net	141,769		152,149
Other assets	779,837		545,053
TOTAL ASSETS	$	22,855,334	$	20,348,469

LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing	$	2,975,631	$	2,898,150
Interest bearing	16,383,586		14,224,958
Total deposits	19,359,217		17,123,108
Advances from the Federal Home Loan Bank	90,000		90,000
Borrowings, subordinated notes and debentures	325,679		361,779
Securities loaned	74,177		159,832
Customer, broker-dealer and clearing payables	301,127		445,477
Accounts payable and other liabilities	414,538		251,114
Total liabilities	20,564,738		18,431,310
COMMITMENTS AND CONTINGENCIES (Note 19)
STOCKHOLDERS’ EQUITY:
Common stock—$0.01 par value; 150,000,000 shares authorized, 70,221,632 shares issued and 56,894,565 shares outstanding as of June 30, 2024; 69,465,446 shares issued and 58,943,035 shares outstanding as of June 30, 2023	702		695
Additional paid-in capital	510,234		479,878
Accumulated other comprehensive income (loss)—net of income tax	(2,466)		(6,610)
Retained earnings	2,185,615		1,735,609
Treasury stock, at cost; 13,327,067 shares as of June 30, 2024 and 10,522,411 shares as of June 30, 2023	(403,489)		(292,413)
Total stockholders’ equity	2,290,596		1,917,159
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	22,855,334	$	20,348,469

AXOS FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	Three Months Ended
	June 30,
(Dollars in thousands, except earnings per common share)	2024		2023
INTEREST AND DIVIDEND INCOME:
Loans, including fees	$	409,466	$	305,011
Securities borrowed and customer receivables	6,244		4,815
Investments and other	37,718		36,604
Total interest and dividend income	453,428		346,430
INTEREST EXPENSE:
Deposits	187,542		137,189
Advances from the Federal Home Loan Bank	1,293		523
Securities loaned	379		356
Other borrowings	4,152		4,608
Total interest expense	193,366		142,676
Net interest income	260,062		203,754
Provision for credit losses	6,000		7,000
Net interest income, after provision for credit losses	254,062		196,754
NON-INTEREST INCOME:
Broker-dealer fee income	11,053		13,768
Advisory fee income	7,649		7,503
Banking and service fees	8,436		7,838
Mortgage banking and servicing rights income	3,189		1,988
Prepayment penalty fee income	534		1,608

Total non-interest income	30,861		32,705
NON-INTEREST EXPENSE:
Salaries and related costs	68,760		54,509
Data and operational processing	16,717		16,095
Depreciation and amortization	7,499		5,665
Advertising and promotional	12,346		8,095
Professional services	11,672		5,979
Occupancy and equipment	4,603		4,037
FDIC and regulatory fees	6,930		4,371
Broker-dealer clearing charges	3,841		3,509
General and administrative expense	8,167		10,196
Total non-interest expense	140,535		112,456
INCOME BEFORE INCOME TAXES	144,388		117,003
INCOME TAXES	39,516		29,647
NET INCOME	$	104,872	$	87,356
COMPREHENSIVE INCOME	$	105,470	$	86,319
Basic earnings per common share	$	1.84	$	1.48
Diluted earnings per common share	$	1.80	$	1.46

AXOS FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	Year Ended June 30,
(Dollars in thousands, except earnings per common share)	2024		2023		2022
INTEREST AND DIVIDEND INCOME:
Loans, including fees	$	1,499,572	$	1,048,874	$	626,628
Securities borrowed and customer receivables	22,407		18,657		20,512
Investments and other	133,628		89,607		12,588
Total interest and dividend income	1,655,607		1,157,138		659,728
INTEREST EXPENSE:
Deposits	670,570		339,481		33,620
Advances from the Federal Home Loan Bank	3,087		12,644		4,625
Securities loaned	2,214		3,673		1,124
Other borrowings	18,307		18,219		13,201
Total interest expense	694,178		374,017		52,570
Net interest income	961,429		783,121		607,158
Provision for credit losses	32,500		24,251		23,750
Net interest income, after provision for credit losses	928,929		758,870		583,408
NON-INTEREST INCOME:
Broker-dealer fee income	48,136		46,503		22,880
Advisory fee income	31,335		28,324		29,230
Banking and service fees	35,723		32,938		28,752
Mortgage banking and servicing rights income	10,000		7,101		19,198
Prepayment penalty fee income	5,069		5,622		13,303
Gain on acquisition	92,397		—		—
Total non-interest income	222,660		120,488		113,363
NON-INTEREST EXPENSE:
Salaries and related costs	250,873		204,271		167,390
Data and operational processing	69,370		60,557		50,159
Depreciation and amortization	27,086		23,387		24,596
Advertising and promotional	42,797		37,150		13,580
Professional services	36,532		29,268		22,482
Occupancy and equipment	16,704		15,647		13,745
FDIC and regulatory fees	20,546		15,534		11,823
Broker-dealer clearing charges	18,260		13,433		15,184
General and administrative expense	33,940		48,367		37,853
Total non-interest expense	516,108		447,614		356,812
INCOME BEFORE INCOME TAXES	635,481		431,744		339,959
INCOME TAXES	185,473		124,579		99,243
NET INCOME	$	450,008	$	307,165	$	240,716
COMPREHENSIVE INCOME	$	454,152	$	303,488	$	235,276
Basic earnings per common share	$	7.82	$	5.15	$	4.04
Diluted earnings per common share	$	7.66	$	5.07	$	3.97

LOANS & ALLOWANCE FOR CREDIT LOSSES

The following table sets forth the composition of the loan portfolio:


(Dollars in thousands)	June 30, 2024		June 30, 2023
Single Family - Mortgage & Warehouse	$	4,178,832	$	4,173,833
Multifamily and Commercial Mortgage1	3,861,931		3,082,225
Commercial Real Estate1	6,088,622		6,199,818
Commercial & Industrial - Non-RE	5,241,766		2,639,650


Auto & Consumer	431,660		556,500
Total gross loans	19,802,811		16,652,026
Allowance for credit losses - loans	(260,542)		(166,680)
Unaccreted premiums (discounts) and loan fees	(310,884)		(28,618)
Total net loans	$	19,231,385	$	16,456,728

1 Includes PCD loans of $284.0 million in Multifamily and Commercial Mortgage and $44.5 million in Commercial Real Estate as of June 30, 2024.

AVAILABLE-FOR-SALE SECURITIES

The amortized cost and fair value of available-for-sale securities were:


	June 30, 2024
(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Mortgage-backed securities (MBS):
Agency1	$	29,834	$	84	$	(2,659)	$	27,259
Non-agency2	110,658		838		(568)		110,928
Total mortgage-backed securities	140,492		922		(3,227)		138,187


Municipal	3,788		—		(364)		3,424


Total available-for-sale securities	$	144,280	$	922	$	(3,591)	$	141,611



	June 30, 2023
(Dollars in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Mortgage-backed securities (MBS):
Agency1	$	27,024	$	—	$	(3,077)	$	23,947
Non-agency2	210,271		711		(5,977)		205,005
Total mortgage-backed securities	237,295		711		(9,054)		228,952


Municipal	3,656		—		(258)		3,398


Total available-for-sale securities	$	240,951	$	711	$	(9,312)	$	232,350

1 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac.

2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by prime, Alt-A or pay-option ARM mortgages.

DEPOSITS

The following table sets forth the composition of the deposit portfolio:


	June 30, 2024				June 30, 2023
(Dollars in thousands)	Amount		Rate1		Amount		Rate1
Non-interest bearing	$	2,975,631	—	%	$	2,898,150	—	%
Interest-bearing:
Demand	2,485,325		2.42	%	3,334,615		2.43	%
Savings	12,960,165		4.58	%	9,575,781		4.20	%
Total interest-bearing demand and savings	15,445,490		4.23	%	12,910,396		3.74	%
Time deposits:
$250 and under2	567,192		4.34	%	932,436		3.72	%
Greater than $250	370,904		4.76	%	382,126		4.36	%
Total time deposits	938,096		4.51	%	1,314,562		3.91	%
Total interest bearing2	16,383,586		4.24	%	14,224,958		3.76	%
Total deposits	$	19,359,217	3.59	%	$	17,123,108	3.12	%

1 Based on weighted-average stated interest rates at end of period.

2 The total interest-bearing includes brokered deposits of $1,611.6 million and $2,028.5 million as of June 30, 2024 and June 30, 2023, respectively, of which $400.0 million and $690.9 million, respectively, are time deposits classified as $250,000 and under.

The number of deposit accounts at the end of each of the last three fiscal years is set forth below:


	At June 30,
	2024	2023	2022
Non-interest bearing	55,772	45,640	42,372
Interest-bearing checking and savings accounts	495,070	427,299	344,593
Time deposits	4,696	6,340	8,734
Total number of deposit accounts	555,538	479,279	395,699

AVERAGE BALANCES, NET INTEREST INCOME, YIELDS EARNED AND RATES PAID

Average Balances, Net Interest Income, Yields Earned and Rates Paid

The following table presents information regarding (i) average balances; (ii) the total amount of interest income from interest-earning assets and the weighted average yields on such assets; (iii) the total amount of interest expense on interest-bearing liabilities and the weighted average rates paid on such liabilities; (iv) net interest income; (v) interest rate spread; and (vi) net interest margin:




	For the Three Months Ended,
	June 30, 2024						June 30, 2023
(Dollars in thousands)	Average Balance1		Interest Income/ Expense		Average Yields Earned/Rates Paid2		Average Balance1		Interest Income/ Expense		Average Yields Earned/Rates Paid2
Assets:
Loans3, 4	$	19,177,807	$	409,466	8.54	%	$	16,242,438	$	305,011	7.51	%
Non-purchased loans	18,196,696		368,766		8.11	%	16,242,438		305,011		7.51	%
Purchased loans5	981,111		40,700		16.59	%	—		—		—	%
Interest-earning deposits in other financial institutions	2,656,167		35,122		5.29	%	2,601,097		32,492		5.00	%
Mortgage-backed and other securities4	183,297		2,202		4.81	%	254,133		3,815		6.00	%
Securities borrowed and margin lending6	329,573		6,244		7.58	%	355,687		4,815		5.41	%
Stock of the regulatory agencies	17,250		394		9.14	%	17,250		297		6.89	%
Total interest-earning assets	22,364,094		453,428		8.11	%	19,470,605		346,430		7.12	%
Non-interest-earning assets	758,002						715,554
Total assets	$	23,122,096					$	20,186,159
Liabilities and Stockholders’ Equity:
Interest-bearing demand and savings	$	15,697,646	$	176,930	4.51	%	$	12,507,836	$	123,146	3.94	%
Time deposits	971,756		10,612		4.37	%	1,418,347		14,043		3.96	%
Securities loaned	121,197		379		1.25	%	184,608		356		0.77	%
Advances from the FHLB	144,947		1,293		3.57	%	90,000		523		2.32	%
Borrowings, subordinated notes and debentures	327,602		4,152		5.07	%	357,645		4,608		5.15	%
Total interest-bearing liabilities	17,263,148		193,366		4.48	%	14,558,436		142,676		3.92	%
Non-interest-bearing demand deposits	2,870,716						3,117,796
Other non-interest-bearing liabilities	757,946						631,415
Stockholders’ equity	2,230,286						1,878,512
Total liabilities and stockholders’ equity	$	23,122,096					$	20,186,159
Net interest income			$	260,062					$	203,754
Interest rate spread7					3.63	%					3.20	%
Net interest margin8					4.65	%					4.19	%

1Average balances are obtained from daily data.

2Annualized.

3Loans include loans held for sale, loan premiums and unearned fees.

4Interest income includes reductions for amortization of loan and available-for-sale securities premiums and earnings from accretion of discounts and loan fees.

5Purchased loans include loans, loan discounts and unearned fees related to the FDIC Loan Purchase.

6Margin lending is the significant component of the asset titled customer, broker-dealer and clearing receivables on the unaudited Condensed Consolidated Balance Sheets.

7Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.

8Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

AVERAGE BALANCES, NET INTEREST INCOME, YIELDS EARNED AND RATES PAID

The following table presents information regarding (i) average balances; (ii) the total amount of interest income from interest-earning assets and the weighted-average yields on such assets; (iii) the total amount of interest expense on interest-bearing liabilities and the weighted-average rates paid on such liabilities; (iv) net interest income; (v) interest rate spread; and (vi) net interest margin:


	For the Fiscal Years Ended June 30,
	2024						2023						2022
(Dollars in thousands)	Average Balance1		Interest Income / Expense		Average Yields Earned / Rates Paid		Average Balance1		Interest Income / Expense		Average Yields Earned / Rates Paid		Average Balance1		Interest Income / Expense		Average Yields Earned / Rates Paid
Assets:
Loans2,3	$	18,010,709	$	1,499,572	8.33	%	$	15,571,290	$	1,048,874	6.74	%	$	12,576,873	$	626,628	4.98	%
Non-purchased loans	17,458,451		1,405,202		8.05	%	15,571,290		1,048,874		6.74	%	12,576,873		626,628		4.98	%
Purchased loans4	552,258		94,370		17.09	%	—		—		—	%	—		—		—	%
Interest-earning deposits in other financial institutions	2,242,226		120,861		5.39	%	1,761,902		73,467		4.17	%	1,233,983		4,501		0.36	%
Mortgage-backed and other securities	218,565		11,234		5.14	%	259,473		14,669		5.65	%	176,951		6,952		3.93	%
Securities borrowed and margin lending4	329,154		22,407		6.81	%	388,386		18,657		4.80	%	687,363		20,512		2.98	%
Stock of the regulatory agencies	17,250		1,533		8.89	%	20,936		1,471		7.03	%	21,844		1,135		5.20	%
Total interest-earning assets	20,817,904		$	1,655,607	7.95	%	18,001,987		$	1,157,138	6.43	%	14,697,014		$	659,728	4.49	%
Non-interest-earning assets	811,032						735,783						658,494
Total assets	$	21,628,936					$	18,737,770					$	15,355,508
Liabilities and Stockholders’ Equity:
Interest-bearing demand and savings	$	14,352,569	$	626,678	4.37	%	$	10,211,737	$	305,655	2.99	%	$	6,773,321	$	20,053	0.30	%
Time deposits	1,062,644		43,892		4.13	%	1,225,537		33,826		2.76	%	1,226,774		13,567		1.11	%
Securities loaned	153,552		2,214		1.44	%	303,932		3,673		1.21	%	469,051		1,124		0.24	%
Advances from the FHLB	107,454		3,087		2.87	%	423,612		12,644		2.98	%	349,796		4,625		1.32	%
Borrowings, subordinated notes and debentures	358,452		18,307		5.11	%	362,733		18,219		5.02	%	302,454		13,201		4.36	%
Total interest-bearing liabilities	16,034,671		$	694,178	4.33	%	12,527,551		$	374,017	2.99	%	9,121,396		$	52,570	0.58	%
Non-interest-bearing demand deposits	2,769,272						3,730,524						3,927,195
Other non-interest-bearing liabilities	745,472						695,617						764,542
Stockholders’ equity	2,079,521						1,784,078						1,542,375
Total liabilities and stockholders’ equity	$	21,628,936					$	18,737,770					$	15,355,508
Net interest income			$	961,429					$	783,121					$	607,158
Interest rate spread6					3.62	%					3.44	%					3.91	%
Net interest margin7					4.62	%					4.35	%					4.13	%

1.Average balances are obtained from daily data.

2.Loans include loans held for sale, loan premiums and unearned fees.

3.Interest income includes reductions for amortization of loan and available-for-sale securities premiums and earnings from accretion of discounts and loan fees.

4.Purchased loans include loans, loan discounts and unearned fees related to the FDIC Loan Purchase.

5.Margin lending is the significant component of the asset titled customer, broker-dealer and clearing receivables on the audited consolidated balance sheets.

6.Interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average rate paid on interest-bearing liabilities.

7.Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.1 Average balances are obtained from daily data.

AVERAGE BALANCES, NET INTEREST INCOME, YIELDS EARNED AND RATES PAID

Banking Business Segment

The following tables presents our Banking Business Segment’s information regarding (i) average balances; (ii) the total amount of interest income from interest-earning assets and the weighted average yields on such assets; (iii) the total amount of interest expense on interest-bearing liabilities and the weighted average rates paid on such liabilities; (iv) net interest income; (v) interest rate spread; and (vi) net interest margin:


	For the Three Months Ended
	June 30,
	2024						2023
(Dollars in thousands)	Average Balance1		Interest Income/ Expense		Average Yields Earned/Rates Paid2		Average Balance1		Interest Income/ Expense		Average Yields Earned/Rates Paid2
Assets:
Loans3, 4	$	19,177,807	$	409,466	8.54	%	$	16,220,701	$	304,676	7.51	%
Non-purchased loans	18,196,696		368,766		8.11	%	16,220,701		304,676		7.51	%
Purchased loans5	981,111		40,700		16.59	%	—		—		—	%
Interest-earning deposits in other financial institutions	2,527,083		33,345		5.28	%	2,438,379		30,693		5.03	%
Mortgage-backed and other securities4	182,858		2,202		4.81	%	260,538		3,850		5.91	%
Stock of the regulatory agencies	17,250		394		9.14	%	17,250		295		6.84	%
Total interest-earning assets	21,904,998		445,407		8.13	%	18,936,868		339,514		7.17	%
Non-interest-earning assets	458,470						371,710
Total assets	$	22,363,468					$	19,308,578
Liabilities and Stockholders’ Equity:
Interest-bearing demand and savings	$	15,734,579	$	176,959	4.50	%	$	12,570,893	$	123,178	3.92	%
Time deposits	971,756		10,612		4.37	%	1,418,347		14,043		3.96	%
Advances from the FHLB	144,955		1,293		3.57	%	90,000		523		2.32	%
Borrowings, subordinated notes and debentures	—		—		—	%	34		—		—	%
Total interest-bearing liabilities	16,851,290		188,864		4.48	%	14,079,274		137,744		3.91	%
Non-interest-bearing demand deposits	2,949,090						3,177,475
Other non-interest-bearing liabilities	260,658						192,007
Stockholders’ equity	2,302,430						1,859,822
Total liabilities and stockholders’ equity	$	22,363,468					$	19,308,578
Net interest income			$	256,543					$	201,770
Interest rate spread6					3.65	%					3.26	%
Net interest margin7					4.68	%					4.26	%

1Average balances are obtained from daily data.

2Annualized.

3Loans include loans held for sale, loan premiums and unearned fees.

4Interest income includes reductions for amortization of loan and available-for-sale securities premiums and earnings from accretion of discounts and loan fees.

5Purchased loans include loans, loan discounts and unearned fees related to the FDIC Loan Purchase.

6Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.

7Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

Securities Business Segment


	June 30,
(Dollars in thousands)	2024		2023

FDIC insured program balances at banks	$	1,289,105	$	1,627,053
Margin balances	$	219,848	$	205,880
Cash reserves for the benefit of customers	$	113,676	$	149,059





Securities lending:
Interest-earning assets – stock borrowed	$	67,212	$	134,339
Interest-bearing liabilities – stock loaned	$	74,177	$	159,832

Axos Q4 Fiscal 2024 Earnings Supplement NYSE: AXJuly 30, 2024

2 Loan Growth by Category $ Millions SF Warehouse Lending Multifamily Small Balance Commercial Jumbo Mortgage Asset-Based and Cash Flow Lending Lender Finance Non-RE Capital Call Facilities Auto Unsecured/OD Single Family Mortgage & Warehouse Multifamily & Commercial Mortgage Commercial Real Estate Commercial & Industrial Non-RE Loans Inc (Dec)Q3 FY24Q4 FY24 $ (42)$ 3,964$ 3,922 98159257 (122)2,6632,541 (17)1,3381,321 (31)5,2205,189 207693900 82,3202,328 1801,6171,797 2258911,116 (13)399386 (7)5144 —22 $ 486$ 19,317$ 19,803 Lender Finance RE CRE Specialty Other Auto & Consumer

3 FDIC Loan Purchase Metrics as of June 30, 2024 Remaining Term (Months) Weighted- Average LTV Weighted- Average Yield Before Accretion of Discount Unpaid Principal Balance (mm) Loan Type 4452.1 %7.5 %$ 239Office 1538.54.2122Data Center 1728.68.644Land 1251.06.850Other 8970.36.938Industrial 3357.47.434Mixed Use 3349.17.727Retail 3548.5 %6.8 %554Total CRE 13761.16.7349Residential 9173.67.2328 Rent-stabilized / Rent- controlled Multifamily1 11567.2 %6.9 %677Total Multifamily 7958.8 %6.9 %$ 1,231Total Note 1: 1,456 units out of 1,457 total units are rent-stabilized; only 1 is rent-controlled On December 7, 2023, Axos completed a purchase of $1.25 billion of loans from the FDIC at a 37% discount.

4 Commercial Real Estate Specialty1 Detail as of June 30, 2024 Non-Accrual Loans (mm)Weighted Avg. LTVBalance (mm)Loan Type $ 1139 %$ 1,946Multifamily —401,021Hotel 1543710SFR —48536Industrial —32451Other —35302Office —46223Retail $ 2640 %$ 5,189Total Note 1: Includes Commercial Real Estate Specialty loan portfolio only. LTV Distribution

5 Fixed/Hybrid Years to Maturity / Repricing*Mix of Loan Repricing Types *Excludes SF Warehouse Lending and Equipment Leasing. The years to repricing assumes no loan prepayments and reflects only contractual terms. Of the fixed and hybrid rate loan balances in our portfolio at June 30, 2024, 62% will reprice within 3 years and 91% will reprice within 5 years Interest Rate Components of Loan & Lease Portfolio As of June 30, 2024 100%99%91%62%38%22%12% Years

6 Diversified Deposit Gathering Approximately 90% of deposits are FDIC-insured or collateralized Deposit balances as of June 30, 2024 Note 1: Excludes approximately $550 million of off-balance sheet deposits Note 2: Excludes approximately $700 million of client deposits held at other banks › Serves approximately 40% of U.S. Chapter 7 bankruptcy trustees in exclusive relationship › Software allows servicing of SEC receivers and non-chapter 7 cases › Full service digital banking, wealth management, and securities trading › White-label banking › Business banking with simple suite of cash management services › 1031 exchange firms › Title and escrow companies › HOA and property management › Business management and entertainment › Broker-dealer client cash › Broker-dealer reserve accounts › Full service treasury/cash management › Team enhancements and geographic expansion › Bank and securities cross-sell Fiduciary Services $1.1B Consumer Direct $11.6B Specialty Deposits $1.5B2 Distribution Partners $0.5B Axos Securities $0.8B1 Small Business Banking $0.4B Commercial & Treasury Management $3.5B Diversified Deposit Gathering Business Lines

7 Change in Allowance for Credit Losses (ACL) & Unfunded Loan Commitments Reserve (UCL) ($ in millions) ACL + UCL ACL + UCL 5.5

8 Allowance for Credit Losses (ACL) by Loan Category as of June 30, 2024 $ Millions ACL %ACLLoan Balance 0.4 %$ 17$ 4,179 1.8 %713,862 1.4 %886,089 1.5 %765,241 2.1 %9432 1.3 %$ 261$ 19,803 Single Family Mortgage & Warehouse Multifamily & Commercial Mortgage Commercial Real Estate Commercial & Industrial Non-RE Auto & Consumer Loans

9 Credit Quality ($ millions) %Non-Accrual LoansLoans O/SJune 30, 2024 1.10 %$ 46$ 4,179Single Family-Mortgage & Warehouse 0.91353,862Multifamily and Commercial Mortgage 0.43266,089Commercial Real Estate 0.0845,241Commercial & Industrial - Non-RE 0.472432Auto & Consumer 0.57 %$ 113$ 19,803Total %Non-Accrual LoansLoans O/SMarch 31, 2024 1.24 %$ 51$ 4,123Single Family-Mortgage & Warehouse 0.97394,001Multifamily and Commercial Mortgage 0.44265,913Commercial Real Estate 0.0844,828Commercial & Industrial - Non-RE 0.442452Auto & Consumer 0.63 %$ 122$ 19,317Total %Non-Accrual LoansLoans O/SJune 30, 2023 0.74 %$ 31$ 4,174Single Family-Mortgage & Warehouse 1.14353,082Multifamily and Commercial Mortgage 0.24156,200Commercial Real Estate 0.1132,640Commercial & Industrial - Non-RE 0.543556Auto & Consumer 0.52 %$ 87$ 16,652Total

10 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 Selected Balance Sheet Data: $ 20,348,469$ 20,825,206$ 21,623,764$ 22,642,133$ 22,855,334Total assets 16,456,72816,955,04118,264,35418,733,45519,231,385Loans—net of allowance for credit losses 23,2038,01413,46816,23916,482Loans held for sale, carried at fair value 776————Loans held for sale, lower of cost or fair value 166,680170,870251,749257,522260,542Allowance for credit losses 758640329592353Securities—trading 232,350236,726239,812207,582141,611Securities—available-for-sale 134,33996,424145,176105,85367,212Securities borrowed 374,074285,423265,857292,630240,028Customer, broker-dealer and clearing receivables 17,123,10817,565,74118,203,91219,103,53219,359,217Total deposits 90,00090,00090,00090,00090,000Advances from the FHLB 361,779447,733341,086330,389325,679Borrowings, subordinated notes and debentures 159,832116,446155,492119,80074,177Securities loaned 445,477341,915368,885387,176301,127Customer, broker-dealer and clearing payables 1,917,1591,976,2082,078,2242,196,2932,290,596Total stockholders’ equity Capital Ratios: 9.42 %9.49 %9.61 %9.70 %10.02 %Equity to assets at end of period Axos Financial, Inc.: 8.96 %9.27 %9.39 %9.33 %9.43 %Tier 1 leverage (to adjusted average assets) 10.94 %11.11 %10.97 %11.47 %12.01 %Common equity tier 1 capital (to risk-weighted assets) 10.94 %11.11 %10.97 %11.47 %12.01 %Tier 1 capital (to risk-weighted assets) 13.82 %14.06 %13.79 %14.26 %14.84 %Total capital (to risk-weighted assets) Axos Bank: 9.68 %9.99 %10.22 %9.86 %9.74 %Tier 1 leverage (to adjusted average assets) 11.63 %11.69 %12.26 %12.47 %12.74 %Common equity tier 1 capital (to risk-weighted assets) 11.63 %11.69 %12.26 %12.47 %12.74 %Tier 1 capital (to risk-weighted assets) 12.50 %12.65 %13.25 %13.49 %13.81 %Total capital (to risk-weighted assets) Axos Clearing LLC: $ 35,221$ 101,391$ 103,454$ 102,963$ 101,462Net capital $ 29,905$ 96,211$ 98,397$ 97,646$ 96,654Excess capital 13.25 %39.14 %40.92 %38.73 %42.21 %Net capital as a percentage of aggregate debit items $ 21,930$ 88,440$ 90,812$ 89,671$ 89,442Net capital in excess of 5% aggregate debit items AXOS FINANCIAL, INC. SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited – dollars in thousands)

11 At or For The Three Months Ended June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 Selected Income Statement Data: $ 346,430$ 363,952$ 394,663$ 443,564$ 453,428Interest and dividend income 142,676152,797166,057181,958193,366Interest expense 203,754211,155228,606261,606260,062Net interest income 7,0007,00013,5006,0006,000Provision for credit losses 196,754204,155215,106255,606254,062Net interest income, after provision for credit losses 32,70534,507124,12933,16330,861Non-interest income 112,456120,506121,839133,228140,535Non-interest expense 117,003118,156217,396155,541144,388Income before income taxes 29,64735,51165,62544,82139,516Income taxes $ 87,356$ 82,645$ 151,771$ 110,720$ 104,872Net income Per Common Share Data: Net income: $ 1.48$ 1.40$ 2.65$ 1.94$ 1.84Basic $ 1.46$ 1.38$ 2.62$ 1.91$ 1.80Diluted $ 1.50$ 1.41$ 1.60$ 1.94$ 1.83Adjusted earnings per common share (Non-GAAP)1 $ 32.53$ 33.78$ 36.53$ 38.48$ 40.26Book value per common share $ 29.51$ 30.72$ 33.45$ 35.46$ 37.26Tangible book value per common share (Non-GAAP)1 Weighted average number of common shares outstanding: 58,981,37258,949,03857,216,62156,932,05056,938,405Basic 59,707,87159,808,32257,932,83458,037,69858,164,623Diluted 58,943,03558,503,97656,898,37757,079,42956,894,565Common shares outstanding at end of period 69,465,44669,826,26369,828,70970,033,52370,221,632Common shares issued at end of period Performance Ratios and Other Data: $ 2,216,764$ 2,605,332$ 2,739,261$ 2,801,110$ 2,451,410Loan originations for investment 64,15452,85844,32547,82152,574Loan originations for sale 65051,892789,516—430Loan purchases 1.73 %1.64 %2.90 %1.98 %1.81 %Return on average assets 18.60 %16.91 %30.39 %20.71 %18.81 %Return on average common stockholders’ equity 3.20 %3.37 %3.58 %3.88 %3.63 %Interest rate spread2 4.19 %4.36 %4.55 %4.87 %4.65 %Net interest margin3 4.26 %4.46 %4.62 %4.92 %4.68 %Net interest margin3 – Banking Business Segment 47.56 %49.05 %34.54 %45.20 %48.31 %Efficiency ratio4 45.07 %45.44 %30.96 %38.82 %41.39 %Efficiency ratio4 – Banking Business Segment Asset Quality Ratios: 0.04 %0.04 %0.04 %0.07 %0.05 %Net annualized charge-offs to average loans 0.52 %0.62 %0.65 %0.63 %0.57 %Non-accrual loans to total loans 0.47 %0.56 %0.60 %0.55 %0.51 %Non-performing assets to total assets 1.00 %1.00 %1.33 %1.36 %1.34 %Allowance for credit losses - loans to total loans held for investment 191.23 %159.80 %205.50 %210.95 %229.84 %Allowance for credit losses - loans to non-performing loans 1 See “Use of Non-GAAP Financial Measures” herein. 2 Interest rate spread represents the difference between the annualized weighted average yield on interest-earning assets and the annualized weighted average rate paid on interest-bearing liabilities. 3 Net interest margin represents annualized net interest income as a percentage of average interest-earning assets. 4 Efficiency ratio represents non-interest expense as a percentage of the aggregate of net interest income and non-interest income. AXOS FINANCIAL, INC. SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited – dollars in thousands)

June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024(Dollars in thousands, except per share amounts) $ 87,356$ 82,645$ 151,771$ 110,720$ 104,872Net income (92,397)——FDIC Loan Purchase - Gain on purchase 4,648——FDIC Loan Purchase - Provision for credit losses 2,7792,7902,7802,7192,554Acquisition-related costs —————Other costs (704)(839)25,650(784)(699)Income taxes $ 89,431$ 84,596$ 92,452$ 112,655$ 106,727Adjusted earnings (non-GAAP) 59,707,87159,808,32257,932,83458,037,69858,164,623Average dilutive common shares outstanding $ 1.46$ 1.38$ 2.62$ 1.91$ 1.80Diluted EPS (1.59)——FDIC Loan Purchase - Gain on Purchase 0.08——FDIC Loan Purchase - Provision for credit losses 0.050.050.050.050.04Acquisition-related costs —————Other costs (0.01)(0.02)0.44(0.02)(0.01)Income taxes $ 1.50$ 1.41$ 1.60$ 1.94$ 1.83Adjusted EPS (Non-GAAP) We define “tangible book value”, a non-GAAP financial measure, as book value adjusted for goodwill and other intangible assets. Tangible book value is calculated using common stockholders’ equity minus servicing rights, goodwill and other intangible assets. Tangible book value per common share, a non-GAAP financial measure, is calculated by dividing tangible book value by the common shares outstanding at the end of the period. We believe tangible book value per common share is useful in evaluating the Company’s capital strength, financial condition, and ability to manage potential losses. Below is a reconciliation of total stockholders’ equity, the nearest comparable GAAP measure, to tangible book value per common share (non-GAAP) as of the dates indicated: June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024(Dollars in thousands, except per share amounts) $ 1,917,159$ 1,976,208$ 2,078,224$ 2,196,293$ 2,290,596Common stockholders’ equity 25,44329,33828,04328,13028,924Less: servicing rights, carried at fair value 152,149149,572146,793144,324141,769Less: goodwill and intangible assets $ 1,739,567$ 1,797,298$ 1,903,388$ 2,023,839$ 2,119,903Tangible common stockholders’ equity (Non-GAAP) 58,943,03558,503,97656,898,37757,079,42956,894,565Common shares outstanding at end of period $ 32.53$ 33.78$ 36.53$ 38.48$ 40.26Book value per common share $ 0.44$ 0.50$ 0.49$ 0.49$ 0.51Less: servicing rights, carried at fair value per common share $ 2.58$ 2.56$ 2.59$ 2.53$ 2.49Less: goodwill and other intangible assets per common share $ 29.51$ 30.72$ 33.45$ 35.46$ 37.26Tangible book value per common share (Non-GAAP) Use of Non-GAAP Financial Measures In addition to the results presented in accordance with GAAP, this earnings supplement includes non-GAAP financial measures such as adjusted earnings, adjusted earnings per diluted common share, and tangible book value per common share. Non-GAAP financial measures have inherent limitations, may not be comparable to similarly titled measures used by other companies and are not audited. Readers should be aware of these limitations and should be cautious as to their reliance on such measures. Although we believe the non-GAAP financial measures disclosed in this report enhance investors’ understanding of our business and performance, these non-GAAP measures should not be considered in isolation, or as a substitute for GAAP basis financial measures. We define “adjusted earnings”, a non-GAAP financial measure, as net income without the after-tax impact of non-recurring acquisition-related costs and other costs (unusual or non-recurring charges). Adjusted earnings per diluted common share (“adjusted EPS”), a non-GAAP financial measure, is calculated by dividing non-GAAP adjusted earnings by the average number of diluted common shares outstanding during the period. We believe the non-GAAP measures of adjusted earnings and adjusted EPS provide useful information about the Company’s operating performance. We believe excluding the non-recurring acquisition related costs and other costs (unusual or non-recurring) provides investors with an alternative understanding of Axos’ core business. Below is a reconciliation of net income, the nearest comparable GAAP measure, to adjusted earnings and adjusted EPS (Non-GAAP) for the periods shown:

13 Greg Garrabrants, President and CEO Derrick Walsh, EVP and CFO investors@axosfinancial.com www.axosfinancial.com Johnny Lai, SVP Corporate Development and Investor Relations Phone: 858.649.2218 Mobile: 858.245.1442 jlai@axosfinancial.com Contact Information

Cover Page	Jul. 30, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 30, 2024
Entity Registrant Name	Axos Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-37709
Entity Tax Identification Number	33-0867444
Entity Address, Address Line One	9205 West Russell Road, Ste 400
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89148
City Area Code	858
Local Phone Number	649-2218
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	AX
Security Exchange Name	NYSE
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001299709
Amendment Flag	false