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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

x
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period ended September 30, 2018

¨
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 000-51201
395464635_axosfina02.jpg
AXOS FINANCIAL, INC.
(Exact name of registrant as specified in its charter)

Delaware
 
33-0867444
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
4350 La Jolla Village Drive, Suite 140, San Diego, CA
 
92122
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (858) 350-6200
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.    x  Yes    ¨  No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).    x  Yes    ¨  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 Securities Exchange Act of 1934.

Large accelerated filer  x
 
Accelerated filer  o
 
Non-accelerated filer  ¨
 
Smaller reporting company  o
Emerging growth company  o
 
 
 
 
 
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.  o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).    ¨  Yes    x  No
The number of shares outstanding of the registrant’s common stock on the last practicable date: 62,831,830 shares of common stock, $0.01 par value per share, as of October 19, 2018.


Table of Contents

AXOS FINANCIAL, INC.
INDEX

 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Table of Contents

PART I – FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
AXOS FINANCIAL, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except par and stated value)
September 30,
2018
 
June 30,
2018
ASSETS
 
 
 
Cash and due from banks
$
533,869

 
$
622,750

Federal funds sold
100

 
100

Total cash and cash equivalents
533,969

 
622,850

Securities:
 
 
 
Available-for-sale
202,727

 
180,305

Stock of the Federal Home Loan Bank, at cost
69,660

 
17,250

Loans held for sale, carried at fair value
30,916

 
35,077

Loans held for sale, lower of cost or fair value
6,078

 
2,686

Loans and leases—net of allowance for loan and lease losses of $50,120 as of September 30, 2018 and $49,151 as of June 30, 2018
8,654,500

 
8,432,289

Accrued interest receivable
35,951

 
26,729

Furniture, equipment and software—net
22,283

 
21,454

Mortgage servicing rights, carried at fair value
11,216

 
10,752

Cash surrender value of life insurance
6,404

 
6,358

Other real estate owned and repossessed vehicles
9,497

 
9,591

Deferred income tax
17,925

 
17,957

Goodwill and other intangible assets—net
67,139

 
67,788

Other assets
123,255

 
88,418

TOTAL ASSETS
$
9,791,520

 
$
9,539,504

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Deposits:
 
 
 
Non-interest bearing
$
861,362

 
$
1,015,355

Interest bearing
5,216,226

 
6,969,995

Total deposits
6,077,588

 
7,985,350

Advances from the Federal Home Loan Bank
2,580,000

 
457,000

Subordinated notes and debentures and other
54,588

 
54,552

Accrued interest payable
2,353

 
1,753

Accounts payable and accrued liabilities and other liabilities
76,744

 
80,336

Total liabilities
8,791,273

 
8,578,991

COMMITMENTS AND CONTINGENCIES (Note 11)

 

STOCKHOLDERS’ EQUITY:

 

Preferred stock—$0.01 par value; 1,000,000 shares authorized:
 
 
 
Series A—$10,000 stated value and liquidation preference per share; 515 shares issued and outstanding as of September 30, 2018 and June 30, 2018
5,063

 
5,063

Common stock—$0.01 par value; 150,000,000 shares authorized; 66,043,642 shares issued and 62,831,731 shares outstanding as of September 30, 2018; 65,796,060 shares issued and 62,688,064 shares outstanding as of June 30, 2018
660

 
658

Additional paid-in capital
373,364

 
366,515

Accumulated other comprehensive income (loss)—net of tax
(407
)
 
(613
)
Retained earnings
708,112

 
671,348

Treasury stock, at cost; 3,211,911 shares as of September 30, 2018 and 3,107,996 shares as of June 30, 2018
(86,545
)
 
(82,458
)
Total stockholders’ equity
1,000,247

 
960,513

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
9,791,520

 
$
9,539,504



See accompanying notes to the condensed consolidated financial statements.

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Table of Contents

AXOS FINANCIAL, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)  
 
Three Months Ended
 
September 30,
(Dollars in thousands, except earnings per common share)
2018
 
2017
INTEREST AND DIVIDEND INCOME:
 
 
 
Loans and leases, including fees
$
116,593

 
$
97,575

Investments
6,204

 
5,936

Total interest and dividend income
122,797

 
103,511

INTEREST EXPENSE:
 
 
 
Deposits
28,681

 
17,318

Advances from the Federal Home Loan Bank
6,908

 
4,552

Other borrowings
929

 
1,091

Total interest expense
36,518

 
22,961

Net interest income
86,279

 
80,550

Provision for loan and lease losses
600

 
1,000

Net interest income, after provision for loan and lease losses
85,679

 
79,550

NON-INTEREST INCOME:
 
 
 
Realized gain (loss) on sale of securities
(133
)
 
282

Other-than-temporary loss on securities:
 
 
 
Total impairment (losses) gains

 
(194
)
Loss (gain) recognized in other comprehensive income

 
45

Net impairment loss recognized in earnings

 
(149
)
Fair value gain (loss) on trading securities

 

Total unrealized (loss) gain on securities

 
(149
)
Prepayment penalty fee income
904

 
1,069

Gain on sale – other
3,133

 
446

Mortgage banking income
1,815

 
4,708

Banking and service fees
10,824

 
6,984

Total non-interest income
16,543

 
13,340

NON-INTEREST EXPENSE:
 
 
 
Salaries and related costs
30,662

 
22,133

Data processing and internet
4,735

 
4,065

Advertising and promotional
4,425

 
2,966

Depreciation and amortization
3,016

 
1,748

Occupancy and equipment
1,602

 
1,481

Professional services
1,858

 
1,624

FDIC and regulatory fees
2,926

 
1,091

Real estate owned and repossessed vehicles
(55
)
 
69

General and administrative expense
3,753

 
2,843

Total non-interest expense
52,922

 
38,020

INCOME BEFORE INCOME TAXES
49,300

 
54,870

INCOME TAXES
12,459

 
22,487

NET INCOME
$
36,841

 
$
32,383

NET INCOME ATTRIBUTABLE TO COMMON STOCK
$
36,764

 
$
32,306

COMPREHENSIVE INCOME
$
37,047

 
$
31,423

Basic earnings per common share (revised for September 2017)
$
0.59

 
$
0.51

Diluted earnings per common share (revised for September 2017)
$
0.58

 
$
0.50


See accompanying notes to the condensed consolidated financial statements.

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Table of Contents


AXOS FINANCIAL, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
Three Months Ended
 
September 30,
(Dollars in thousands)
2018
 
2017
NET INCOME
$
36,841

 
$
32,383

Net unrealized gain (loss) from available-for-sale securities, net of tax expense (benefit) of $48 and $(720) for the three months ended September 30, 2018 and 2017, respectively.
112

 
(986
)
Other-than-temporary impairment on securities recognized in other comprehensive income, net of tax expense (benefit) of $0 and $19 for the three months ended September 30, 2018 and 2017, respectively.

 
26

Reclassification of net (gain) loss from available-for-sale securities included in income, net of tax expense (benefit) of $(39) and $0 for the three months ended September 30, 2018 and 2017, respectively.
94

 

Other comprehensive income (loss)
206

 
(960
)
Comprehensive income
$
37,047

 
$
31,423


See accompanying notes to the condensed consolidated financial statements.



3

Table of Contents

AXOS FINANCIAL, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(Unaudited)
 
Preferred Stock
 
Common Stock
 
Additional Paid-in Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss),
Net of Income Tax
 
Treasury
Stock
 
Total
 
 
 
 
Number of Shares
 
 
 
(Dollars in thousands)
Shares
 
Amount
 
Issued
 
Treasury
 
Outstanding
 
Amount
 
BALANCE—June 30, 2018
515

 
$
5,063

 
65,796,060

 
(3,107,996
)
 
62,688,064

 
$
658

 
$
366,515

 
$
671,348

 
$
(613
)
 
$
(82,458
)
 
$
960,513

Net income

 

 

 

 

 

 

 
36,841

 

 

 
36,841

Other comprehensive income (loss)

 

 

 

 

 

 

 

 
206

 

 
206

Cash dividends on preferred stock

 

 

 

 

 

 

 
(77
)
 

 

 
(77
)
Stock-based compensation expense

 

 

 

 

 

 
6,851

 

 

 

 
6,851

Restricted stock unit vesting and tax benefits

 

 
247,582

 
(103,915
)
 
143,667

 
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