Company: AX
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001299709-25-000087
Chunk: 62

Company: Axos Financial, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 operating segments and segment results of the Company are determined based upon the management reporting system, which assigns balance sheet and income statement items to each of the business segments. The Company evaluates performance and allocates resources based on pre-tax profit or loss from operations. Certain corporate administration costs have not been allocated to the reportable segments. The Company operates through two 

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operating segments: Banking Business Segment and Securities Business Segment. 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. For more information on the Company’s operating segments, see Note 22—“Segment Reporting” in the 2024 Form 10-K.In order to reconcile the two segments to the consolidated totals, the Company includes corporate activities and intercompany eliminations. The following tables present the operating results, goodwill, and assets of the segments:For the Three Months Ended March 31, 2025(Dollars in thousands)Banking Business SegmentSecurities Business SegmentCorporate/EliminationsAxos ConsolidatedNet interest income$272,260 $6,942 $(3,738)$275,464 Provision for credit losses14,500 — — 14,500 Non-interest income12,666 30,611 (9,904)33,373 Non-interest expense118,325 28,416 (480)146,261 Income before taxes$152,101 $9,137 $(13,162)$148,076 For the Three Months Ended March 31, 2024(Dollars in thousands)Banking Business SegmentSecurities Business SegmentCorporate/EliminationsAxos ConsolidatedNet interest income$258,435 $7,133 $(3,962)$261,606 Provision for credit losses6,000 — — 6,000 Non-interest income11,908 32,746 (11,491)33,163 Non-interest expense104,959 32,488 (4,219)133,228 Income before taxes$159,384 $7,391 $(11,234)$155,541 For the Nine Months Ended March 31, 2025(Dollars in thousands)Banking Business SegmentSecurities Business SegmentCorporate/EliminationsAxos ConsolidatedNet interest income$837,472 $21,216 $(11