Company: AX
Filing Date: 2025-08-21
Form Type: 10-K
Source: 0001299709-25-000125
Chunk: 138

Company: Axos Financial, Inc.
Filing Date: 2025-08-21
Form: 10-K
Item: Item 7
Chunk 138
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 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. 

The following tables present the operating results of the segments: 

Fiscal Year Ended June 30, 2025(Dollars in thousands)Banking Business SegmentSecurities Business SegmentCorporate/EliminationsAxos ConsolidatedNet interest income$1,114,173 $28,431 $(14,832)$1,127,772 Provision for credit losses55,745 — — $55,745 Non-interest income46,430 119,138 (34,502)$131,066 Non-interest expense473,545 114,627 1,526 $589,698 Income (loss) before taxes$631,313 $32,942 $(50,860)$613,395 

41

Fiscal Year Ended June 30, 2024(Dollars in thousands)Banking Business SegmentSecurities Business SegmentCorporate/EliminationsAxos ConsolidatedNet interest income$950,832 $26,207 $(15,610)$961,429 Provision for credit losses32,500 — — $32,500 Non-interest income139,071 129,020 (45,431)$222,660 Non-interest expense418,695 115,091 (17,678)$516,108 Income (loss) before taxes$638,708 $40,136 $(43,363)$635,481 

Banking Business Segment

For the fiscal year ended June 30, 2025, Banking Business Segment had pre-tax income of $631.3 million compared to pre-tax income of $638.7 million for the fiscal year ended June 30, 2024. For the fiscal year ended June 30, 2025, the decrease in pre-tax income was primarily related to the absence of the gain on the FDIC Loan Purchase as compared to fiscal year 2024 and a higher provision for credit losses, partially offset by higher net interest income.

For the fiscal year 2025, the Banking Business Segment’s net interest income increased $163.3 million, or 17.2%, compared to net interest income in fiscal year 2024.