Company: AX
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001299709-25-000011
Chunk: 83

Company: Axos Financial, Inc.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 1
Chunk 83
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 our Company’s financial condition and operating results and management’s regular review of the operating results of those services. Our Company operates through two operating segments: the Banking Business Segment and the Securities Business Segment. In order to reconcile the two segments to the consolidated totals, our Company includes corporate 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.

The following tables present the operating results of the segments:

For the Three Months Ended December 31, 2024(Dollars in thousands)Banking Business SegmentSecurities Business SegmentCorporate/EliminationsAxos ConsolidatedNet interest income$276,720 $7,007 $(3,628)$280,099 Provision for credit losses12,248 — — 12,248 Non-interest income2,948 29,004 (4,153)27,799 Non-interest expense114,536 28,178 2,606 145,320 Income before income taxes$152,884 $7,833 $(10,387)$150,330 For the Three Months Ended December 31, 2023(Dollars in thousands)Banking Business SegmentSecurities Business SegmentCorporate/EliminationsAxos ConsolidatedNet interest income$226,635 $6,080 $(4,109)$228,606 Provision for credit losses13,500 — — 13,500 Non-interest income103,779 32,641 (12,291)124,129 Non-interest expense102,282 27,968 (8,411)121,839 Income before income taxes$214,632 $10,753 $(7,989)$217,396 For the Six Months Ended December 31, 2024(Dollars in thousands)Banking BusinessSecurities BusinessCorporate/EliminationsAxos ConsolidatedNet interest income$565,212 $14,274 $(7,339)$572,147 Provision for credit losses26,248 — — 26,248 Non-interest income11,538 58,906 (14,036)56,408 Non-interest expense232,851 56,269 3,665 292,785 Income before income taxes$317,651 $16,911