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AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
At June 30,
(Dollars in thousands, except par value)20252024
ASSETS
Cash and cash equivalents$1,933,845 $1,979,979 
Restricted cash242,509 205,797 
Total cash, cash equivalents and restricted cash2,176,354 2,185,776 
Trading securities649 353 
Available-for-sale securities66,008 141,611 
Stock of regulatory agencies35,163 21,957 
Loans held for sale, carried at fair value10,012 16,482 
Loans—net of allowance for credit losses of $290,049 as of June 30, 2025 and $260,542 as of June 30, 2024
21,049,610 19,231,385 
Servicing rights, carried at fair value 27,218 28,924 
Securities borrowed139,396 67,212 
Customer, broker-dealer and clearing receivables252,720 240,028 
Goodwill and other intangible assets—net134,502 141,769 
Other assets891,446 779,837 
TOTAL ASSETS$24,783,078 $22,855,334 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing$3,040,696 $2,975,631 
Interest bearing17,788,847 16,383,586 
Total deposits20,829,543 19,359,217 
Advances from the Federal Home Loan Bank60,000 90,000 
Borrowings, subordinated notes and debentures312,671 325,679 
Securities loaned139,426 74,177 
Customer, broker-dealer and clearing payables350,606 301,127 
Accounts payable and other liabilities410,155 414,538 
Total liabilities22,102,401 20,564,738 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock—$0.01 par value; 150,000,000 shares authorized, 71,101,642 shares issued and 56,483,617 shares outstanding as of June 30, 2025; 70,221,632 shares issued and 56,894,565 shares outstanding as of June 30, 2024
711 702 
Additional paid-in capital548,895 510,232 
Accumulated other comprehensive income (loss)—net of income tax348 (2,466)
Retained earnings2,618,525 2,185,617 
Treasury stock, at cost; 14,618,025 shares as of June 30, 2025 and 13,327,067 shares as of June 30, 2024
(487,802)(403,489)
Total stockholders’ equity2,680,677 2,290,596 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$24,783,078 $22,855,334 


AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) 
Three Months Ended
June 30,
(Dollars in thousands, except earnings per common share)20252024
INTEREST AND DIVIDEND INCOME:
Loans, including fees$410,910 $409,466 
Securities borrowed and customer receivables6,699 6,244 
Investments and other
24,804 37,718 
Total interest and dividend income442,413 453,428 
INTEREST EXPENSE:
Deposits156,931 187,542 
Advances from the Federal Home Loan Bank310 1,293 
Securities loaned477 379 
Other borrowings4,534 4,152 
Total interest expense162,252 193,366 
Net interest income280,161 260,062 
Provision for credit losses14,997 6,000 
Net interest income, after provision for credit losses265,164 254,062 
NON-INTEREST INCOME:
Broker-dealer fee income11,013 11,053 
Advisory fee income7,747 7,649 
Banking and service fees9,515 8,436 
Mortgage banking and servicing rights income
12,855 3,189 
Prepayment penalty fee income155 534 
Total non-interest income41,285 30,861 
NON-INTEREST EXPENSE:
Salaries and related costs74,888 68,760 
Data and operational processing
20,358 16,717 
Depreciation and amortization7,691 7,499 
Advertising and promotional11,025 12,346 
Professional services10,362 11,672 
Occupancy and equipment4,536 4,603 
FDIC and regulatory fees6,990 6,930 
Broker-dealer clearing charges4,282 3,841 
General and administrative expense10,520 8,167 
Total non-interest expense150,652 140,535 
INCOME BEFORE INCOME TAXES155,797 144,388 
INCOME TAXES45,122 39,516 
NET INCOME$110,675 $104,872 
Basic earnings per common share$1.96 $1.84 
Diluted earnings per common share$1.92 $1.80 


AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) 
Year Ended June 30,
(Dollars in thousands, except earnings per common share)202520242023
INTEREST AND DIVIDEND INCOME:
Loans, including fees$1,654,784 $1,499,572 $1,048,874 
Securities borrowed and customer receivables25,492 22,407 18,657 
Investments and other135,189 133,628 89,607 
Total interest and dividend income1,815,465 1,655,607 1,157,138 
INTEREST EXPENSE:
Deposits667,753 670,570 339,481 
Advances from the Federal Home Loan Bank1,652 3,087 12,644 
Securities loaned1,830 2,214 3,673 
Other borrowings16,458 18,307 18,219 
Total interest expense687,693 694,178 374,017 
Net interest income1,127,772 961,429 783,121 
Provision for credit losses55,745 32,500 24,250 
Net interest income, after provision for credit losses1,072,027 928,929 758,871 
NON-INTEREST INCOME:
Broker-dealer fee income45,233 48,136 46,503 
Advisory fee income31,794 31,335 28,324 
Banking and service fees38,195 35,723 32,938 
Mortgage banking and servicing rights income13,007 10,000 7,101 
Prepayment penalty fee income2,837 5,069 5,622 
Gain on acquisition— 92,397 — 
Total non-interest income131,066 222,660 120,488 
NON-INTEREST EXPENSE:
Salaries and related costs297,955 250,873 204,271 
Data and operational processing80,433 69,370 60,557 
Depreciation and amortization29,019 27,086 23,387 
Advertising and promotional47,760 42,797 37,150 
Professional services37,572 36,532 29,268 
Occupancy and equipment17,705 16,704 15,647 
FDIC and regulatory fees27,558 20,546 15,534 
Broker-dealer clearing charges17,065 18,260 13,433 
General and administrative expense34,631 33,940 48,368 
Total non-interest expense589,698 516,108 447,615 
INCOME BEFORE INCOME TAXES613,395 635,481 431,744 
INCOME TAXES180,487 185,473 124,579 
NET INCOME$432,908 $450,008 $307,165 
Basic earnings per common share$7.61 $7.82 $5.15 
Diluted earnings per common share$7.43 $7.66 $5.07 


LOANS & ALLOWANCE FOR CREDIT LOSSES
The following table sets forth the composition of the loan portfolio:
(Dollars in thousands)June 30, 2025June 30, 2024
Single Family - Mortgage & Warehouse$4,395,278 $4,178,832 
Multifamily and Commercial Mortgage2,940,739 3,861,931 
Commercial Real Estate6,937,187 6,088,622 
Commercial & Industrial - Non-RE6,795,497 5,241,766 
Auto & Consumer482,996 431,660 
Total gross loans21,551,697 19,802,811 
Allowance for credit losses - loans(290,049)(260,542)
Unaccreted premiums (discounts) and loan fees(212,038)(310,884)
Total net loans$21,049,610 $19,231,385 



AVAILABLE-FOR-SALE SECURITIES
The amortized cost and fair value of available-for-sale securities were:
June 30, 2025
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
Agency1
$48,229 $327 $(1,799)$46,757 
Non-agency2
14,395 1,232 (58)15,569 
Total mortgage-backed securities62,624 1,559 (1,857)62,326 
Municipal3,682 — — 3,682 
Total available-for-sale securities
$66,306 $1,559 $(1,857)$66,008 
June 30, 2024
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
Agency1
$29,835 $83 $(2,659)$27,259 
Non-agency2
110,658 838 (568)110,928 
Total mortgage-backed securities140,493 921 (3,227)138,187 
Municipal3,788 — (364)3,424 
Total available-for-sale securities
$144,281 $921 $(3,591)$141,611 
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:
(Dollars in thousands)June 30, 2025June 30, 2024
Non-interest bearing$3,040,696 $2,975,631 
Interest-bearing demand and savings16,660,290 15,445,490 
Time deposits1,128,557 938,096 
Total interest bearing17,788,847 16,383,586 
Total deposits1
$20,829,543 $19,359,217 
1 The total interest-bearing includes brokered deposits of $1,801.1 million and $1,611.6 million as of June 30, 2025 and June 30, 2024, respectively, which include brokered time deposits of $700.0 million and $400.0 million as of June 30, 2025 and June 30, 2024, respectively.
The number of deposit accounts at the end of each of the last three fiscal years is set forth below:
At June 30,
20252024
Non-interest bearing50,967 55,772 
Interest-bearing checking and savings accounts546,678 495,070 
Time deposits2,956 4,696 
Total number of deposit accounts600,601 555,538 


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, 2025June 30, 2024
(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
$20,539,298 $410,910 8.00 %$19,177,807 $409,466 8.54 %
Non-purchased loans
19,560,321 374,450 7.66 %18,196,696 368,766 8.11 %
Purchased loans5
978,977 36,460 14.90 %981,111 40,700 16.59 %
Interest-earning deposits in other financial institutions2,149,658 23,652 4.40 %2,656,167 35,122 5.29 %
Mortgage-backed and other securities4
76,214 642 3.37 %183,297 2,202 4.81 %
Securities borrowed and margin lending6
344,061 6,699 7.79 %329,573 6,244 7.58 %
Stock of the regulatory agencies29,599 510 6.89 %17,250 394 9.14 %
Total interest-earning assets23,138,830 442,413 7.65 %22,364,094 453,428 8.11 %
Non-interest-earning assets813,673 758,002 
Total assets$23,952,503 $23,122,096 
Liabilities and Stockholders’ Equity:
Interest-bearing demand and savings$16,284,806 $148,589 3.65 %$15,697,646 $176,930 4.51 %
Time deposits845,052 8,342 3.95 %971,756 10,612 4.37 %
Securities loaned108,963 477 1.75 %121,197 379 1.25 %
Advances from the FHLB60,001 310 2.07 %144,947 1,293 3.57 %
Borrowings, subordinated notes and debentures355,690 4,534 5.10 %327,602 4,152 5.07 %
Total interest-bearing liabilities17,654,512 162,252 3.68 %17,263,148 193,366 4.48 %
Non-interest-bearing demand deposits2,960,476 2,870,716 
Other non-interest-bearing liabilities710,207 757,946 
Stockholders’ equity2,627,308 2,230,286 
Total liabilities and stockholders’ equity$23,952,503 $23,122,096 
Net interest income$280,161 $260,062 
Interest rate spread7
3.97 %3.63 %
Net interest margin8
4.84 %4.65 %
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,
202520242023
(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
$19,853,221 $1,654,784 8.34 %$18,010,709 $1,499,572 8.33 %$15,571,290 $1,048,874 6.74 %
Non-purchased loans18,880,093 1,494,140 7.91 %17,458,451 1,405,202 8.05 %15,571,290 1,048,874 6.74 %
Purchased loans4
973,128 160,644 16.51 %552,258 94,370 17.09 %— — — %
Interest-earning deposits in other financial institutions2,665,865 128,073 4.80 %2,242,226 120,861 5.39 %1,761,902 73,467 4.17 %
Mortgage-backed and other securities109,405 5,181 4.74 %218,565 11,234 5.14 %259,473 14,669 5.65 %
Securities borrowed and margin lending4
344,055 25,492 7.41 %329,154 22,407 6.81 %388,386 18,657 4.80 %
Stock of the regulatory agencies26,930 1,935 7.19 %17,250 1,533 8.89 %20,936 1,471 7.03 %
Total interest-earning assets22,999,476 $1,815,465 7.89 %20,817,904 $1,655,607 7.95 %18,001,987 $1,157,138 6.43 %
Non-interest-earning assets775,958 811,032 735,783 
Total assets$23,775,434 $21,628,936 $18,737,770 
Liabilities and Stockholders’ Equity:
Interest-bearing demand and savings$16,181,014 $632,919 3.91 %$14,352,569 $626,678 4.37 %$10,211,737 $305,655 2.99 %
Time deposits859,400 34,834 4.05 %1,062,644 43,892 4.13 %1,225,537 33,826 2.76 %
Securities loaned113,330 1,830 1.61 %153,552 2,214 1.44 %303,932 3,673 1.21 %
Advances from the FHLB74,385 1,652 2.22 %107,454 3,087 2.87 %423,612 12,644 2.98 %
Borrowings, subordinated notes and debentures332,665 16,458 4.95 %358,452 18,307 5.11 %362,733 18,219 5.02 %
Total interest-bearing liabilities17,560,794 $687,693 3.92 %16,034,671 $694,178 4.33 %12,527,551 $374,017 2.99 %
Non-interest-bearing demand deposits2,968,839 2,769,272 3,730,524 
Other non-interest-bearing liabilities743,920 745,472 695,617 
Stockholders’ equity2,501,881 2,079,521 1,784,078 
Total liabilities and stockholders’ equity$23,775,434 $21,628,936  $18,737,770 
Net interest income$1,127,772 $961,429 $783,121 
Interest rate spread6
3.97 %3.62 %3.44 %
Net interest margin7
  4.90 %  4.62 %4.35 %
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.


SEGMENT SELECTED FINANCIAL INFORMATION
Banking Business Segment
Fiscal Year Ended
June 30, 2025
June 30, 2024
Efficiency ratio40.80 %38.42 %
Return on average assets2.02 %2.20 %
Interest rate spread4.03 %3.66 %
Net interest margin4.95 %4.68 %

Securities Business Segment
June 30,
(Dollars in thousands)20252024
FDIC insured program balances at banks$1,444,830 $1,289,105 
Margin balances$229,387 $219,848 
Cash reserves for the benefit of customers$146,835 $113,676 
Securities lending:
Interest-earning assets – stock borrowed$139,396 $67,212 
Interest-bearing liabilities – stock loaned$139,426 $74,177