QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Page | |||||
(Dollars in thousands, except par and stated value) | March 31, 2022 | June 30, 2021 | |||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Cash segregated for regulatory purposes | |||||||||||
Total cash, cash equivalents, and cash segregated | |||||||||||
Securities: | |||||||||||
Trading | |||||||||||
Available-for-sale | |||||||||||
Stock of regulatory agencies | |||||||||||
Loans held for sale, carried at fair value | |||||||||||
Loans held for sale, lower of cost or fair value | |||||||||||
Loans—net of allowance for credit losses of $ | |||||||||||
Mortgage servicing rights, carried at fair value | |||||||||||
Other real estate owned and repossessed vehicles | |||||||||||
Goodwill and other intangible assets—net | |||||||||||
Securities borrowed | |||||||||||
Customer, broker-dealer and clearing receivables | |||||||||||
Other assets | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Deposits: | |||||||||||
Non-interest bearing | $ | $ | |||||||||
Interest bearing | |||||||||||
Total deposits | |||||||||||
Advances from the Federal Home Loan Bank | |||||||||||
Borrowings, subordinated notes and debentures | |||||||||||
Securities loaned | |||||||||||
Customer, broker-dealer and clearing payables | |||||||||||
Accounts payable and accrued liabilities and other liabilities | |||||||||||
Total liabilities | |||||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||
Preferred stock—$ | |||||||||||
Common stock—$ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income (loss)—net of tax | ( | ||||||||||
Retained earnings | |||||||||||
Treasury stock, at cost; | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
(Dollars in thousands, except earnings per common share) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
INTEREST AND DIVIDEND INCOME: | |||||||||||||||||||||||
Loans, including fees | $ | $ | $ | $ | |||||||||||||||||||
Securities borrowed and customer receivables | |||||||||||||||||||||||
Investments | |||||||||||||||||||||||
Total interest and dividend income | |||||||||||||||||||||||
INTEREST EXPENSE: | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
Advances from the Federal Home Loan Bank | |||||||||||||||||||||||
Securities loaned | |||||||||||||||||||||||
Other borrowings | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||
Net interest income, after provision for credit losses | |||||||||||||||||||||||
NON-INTEREST INCOME: | |||||||||||||||||||||||
Prepayment penalty fee income | |||||||||||||||||||||||
Gain on sale – other | |||||||||||||||||||||||
Mortgage banking income | |||||||||||||||||||||||
Broker-dealer fee income | |||||||||||||||||||||||
Banking and service fees | |||||||||||||||||||||||
Total non-interest income | |||||||||||||||||||||||
NON-INTEREST EXPENSE: | |||||||||||||||||||||||
Salaries and related costs | |||||||||||||||||||||||
Data processing | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Advertising and promotional | |||||||||||||||||||||||
Professional services | |||||||||||||||||||||||
Occupancy and equipment | |||||||||||||||||||||||
FDIC and regulatory fees | |||||||||||||||||||||||
Broker-dealer clearing charges | |||||||||||||||||||||||
General and administrative expense | |||||||||||||||||||||||
Total non-interest expense | |||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | |||||||||||||||||||||||
INCOME TAXES | |||||||||||||||||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCK | $ | $ | $ | $ | |||||||||||||||||||
COMPREHENSIVE INCOME | $ | $ | $ | $ | |||||||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per common share | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||||||||||
Net unrealized gain (loss) from available-for-sale securities, net of tax expense (benefit) of $( | ( | ( | |||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
For the Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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—December 31, 2021 | $ | ( | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense and restricted stock unit vesting | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—March 31, 2022 | $ | ( | $ | $ | $ | $ | ( | $ | ( | $ |
For the Nine Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 | $ | ( | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense and restricted stock unit vesting | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—March 31, 2022 | $ | ( | $ | $ | $ | $ | ( | $ | ( | $ |
For the Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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—December 31, 2020 | $ | ( | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense and restricted stock unit vesting | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—March 31, 2021 | $ | ( | $ | $ | $ | $ | $ | ( | $ |
For the Nine Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2020 | $ | ( | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on preferred stock | — | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock - Series A redemption | ( | ( | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | ( | ( | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense and restricted stock unit vesting | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE—March 31, 2021 | $ | ( | $ | $ | $ | $ | $ | ( | $ |
Nine Months Ended | |||||||||||
March 31, | |||||||||||
(Dollars in thousands) | 2022 | 2021 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Accretion and amortization on securities, net | ( | ( | |||||||||
Net accretion of discounts on loans and leases | ( | ( | |||||||||
Amortization of borrowing costs | |||||||||||
Amortization of operating lease right of use asset | |||||||||||
Stock-based compensation expense | |||||||||||
Trading activity | |||||||||||
Provision for credit losses | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Origination of loans held for sale | ( | ( | |||||||||
Unrealized loss on loans held for sale | |||||||||||
Gain on sales of loans held for sale | ( | ( | |||||||||
Proceeds from sale of loans held for sale | |||||||||||
Amortization and change in fair value of mortgage servicing rights | ( | ||||||||||
(Gain) on sale of other real estate and foreclosed assets | ( | ( | |||||||||
Depreciation and amortization | |||||||||||
Net changes in assets and liabilities which provide (use) cash: | |||||||||||
Securities borrowed | ( | ||||||||||
Customer, broker-dealer and clearing receivables | ( | ( | |||||||||
Other assets | ( | ||||||||||
Securities loaned | ( | ||||||||||
Customer, broker-dealer and clearing payables | |||||||||||
Accounts payable and other liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of investment securities | ( | ( | |||||||||
Proceeds from sales of securities | |||||||||||
Proceeds from repayment of securities | |||||||||||
Purchase of stock of regulatory agencies | ( | ( | |||||||||
Proceeds from redemption of stock of regulatory agencies | |||||||||||
Origination of loans held for investment | ( | ( | |||||||||
Proceeds from sale of loans held for investment | |||||||||||
Mortgage warehouse loans activity, net | ( | ||||||||||
Proceeds from sales of other real estate owned and repossessed assets | |||||||||||
Acquisition of business activity, net of cash paid | ( | ||||||||||
Purchases of loans and leases, net of discounts and premiums | ( | ( | |||||||||
Principal repayments on loans | |||||||||||
Purchases of furniture, equipment, software and intangibles | ( | ( | |||||||||
Net cash used in investing activities | ( | ( |
Nine Months Ended | |||||||||||
March 31, | |||||||||||
(Dollars in thousands) | 2022 | 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net increase in deposits | |||||||||||
Payments of the Federal Home Loan Bank term advances | ( | ( | |||||||||
Net repayment of Federal Home Loan Bank other advances | ( | ( | |||||||||
Net proceeds of other borrowings | |||||||||||
Redemption of subordinated notes | ( | ||||||||||
Tax payments related to settlement of restricted stock units | ( | ( | |||||||||
Redemption of preferred stock, Series A | ( | ||||||||||
Repurchase of treasury stock | ( | ||||||||||
Cash dividends paid on preferred stock | ( | ||||||||||
Payment of debt issuance costs | ( | ( | |||||||||
Proceeds from issuance of subordinated notes | |||||||||||
Net cash provided by financing activities | |||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | ( | ||||||||||
CASH AND CASH EQUIVALENTS—Beginning of year | $ | $ | |||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | $ | |||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||||||
Interest paid on deposits and borrowed funds | $ | $ | |||||||||
Income taxes paid | |||||||||||
Transfers to other real estate and repossessed vehicles | |||||||||||
Transfers from loans held for investment to loans held for sale | |||||||||||
Transfers from loans held for sale to loans held for investment | |||||||||||
Operating lease liabilities for obtaining right of use assets | |||||||||||
Impact of adoption of on retained earnings | |||||||||||
($ in thousands) | Fair Value | Useful Lives (Years) | |||||||||
Trade Name | $ | ||||||||||
Proprietary Technology | |||||||||||
Customer Relationships | |||||||||||
Non-Compete Agreements | |||||||||||
$ |
March 31, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||
ASSETS: | |||||||||||||||||||||||
Securities—Trading: Municipal | $ | $ | $ | $ | |||||||||||||||||||
Securities—Available-for-Sale: | |||||||||||||||||||||||
Agency MBS1 | |||||||||||||||||||||||
Non-Agency MBS2 | |||||||||||||||||||||||
Municipal | |||||||||||||||||||||||
Asset-backed securities and structured notes | |||||||||||||||||||||||
Total—Securities—Available-for-Sale | $ | $ | $ | $ | |||||||||||||||||||
Loans Held for Sale | $ | $ | $ | $ | |||||||||||||||||||
Mortgage servicing rights | $ | $ | $ | $ | |||||||||||||||||||
Other assets—Derivative instruments | $ | $ | $ | $ | |||||||||||||||||||
LIABILITIES: | |||||||||||||||||||||||
Other liabilities—Derivative instruments | $ | $ | $ | $ | |||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||
ASSETS: | |||||||||||||||||||||||
Securities—Trading: Municipal | $ | $ | $ | $ | |||||||||||||||||||
Securities—Available-for-Sale: | |||||||||||||||||||||||
Agency MBS1 | |||||||||||||||||||||||
Non-Agency MBS2 | |||||||||||||||||||||||
Municipal | |||||||||||||||||||||||
Asset-backed securities and structured notes | |||||||||||||||||||||||
Total—Securities—Available-for-Sale | $ | $ | $ | $ | |||||||||||||||||||
Loans Held for Sale | $ | $ | $ | $ | |||||||||||||||||||
Mortgage servicing rights | $ | $ | $ | $ | |||||||||||||||||||
Other assets—Derivative instruments | $ | $ | $ | $ | |||||||||||||||||||
LIABILITIES: | |||||||||||||||||||||||
Other liabilities—Derivative instruments | $ | $ | $ | $ |
For the Three Months Ended | |||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Securities – Available-for-Sale: Non-Agency MBS | Mortgage Servicing Rights | Derivative Instruments, net | Total | |||||||||||||||||||
Opening balance | $ | $ | $ | $ | |||||||||||||||||||
Total gains or losses for the period: | |||||||||||||||||||||||
Included in earnings—Mortgage banking income | ( | ||||||||||||||||||||||
Included in other comprehensive income | ( | ( | |||||||||||||||||||||
Purchases, retentions, issues, sales and settlements: | |||||||||||||||||||||||
Purchases/Retentions | |||||||||||||||||||||||
Settlements | ( | ( | |||||||||||||||||||||
Closing balance | $ | $ | $ | $ | |||||||||||||||||||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | $ | $ | $ | ( | $ | ||||||||||||||||||
For the Nine Months Ended | |||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Securities – Available-for-Sale: Non-Agency RMBS | Mortgage Servicing Rights | Derivative Instruments, net | Total | |||||||||||||||||||
Opening Balance | $ | $ | $ | $ | |||||||||||||||||||
Total gains or losses for the period: | |||||||||||||||||||||||
Included in earnings—Mortgage banking income | ( | ||||||||||||||||||||||
Included in other comprehensive income | ( | ( | |||||||||||||||||||||
Purchases, retentions, issues, sales and settlements: | |||||||||||||||||||||||
Purchases/Retentions | |||||||||||||||||||||||
Settlements | ( | ( | |||||||||||||||||||||
Closing balance | $ | $ | $ | $ | |||||||||||||||||||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | $ | $ | $ | ( | $ |
For the Three Months Ended | |||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||
(Dollars in thousands) | Securities – Available-for-Sale: Non-Agency MBS | Mortgage Servicing Rights | Derivative Instruments, net | Total | |||||||||||||||||||
Opening balance | $ | $ | $ | $ | |||||||||||||||||||
Total gains or losses for the period: | |||||||||||||||||||||||
Included in earnings—Mortgage banking income | ( | ( | ( | ||||||||||||||||||||
Included in other comprehensive income | |||||||||||||||||||||||
Purchases, retentions, issues, sales and settlements: | |||||||||||||||||||||||
Purchases/Retentions | |||||||||||||||||||||||
Settlements | ( | ( | |||||||||||||||||||||
Closing balance | $ | $ | $ | $ | |||||||||||||||||||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
For the Nine Months Ended | |||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||
(Dollars in thousands) | Securities – Available-for-Sale: Non-Agency RMBS | Mortgage Servicing Rights | Derivative Instruments, net | Total | |||||||||||||||||||
Opening Balance | $ | $ | $ | $ | |||||||||||||||||||
Total gains or losses for the period: | |||||||||||||||||||||||
Included in earnings—Mortgage banking income | ( | ( | ( | ||||||||||||||||||||
Included in other comprehensive income | |||||||||||||||||||||||
Purchases, retentions, issues, sales and settlements: | |||||||||||||||||||||||
Purchases/Retentions | |||||||||||||||||||||||
Settlements | ( | ( | |||||||||||||||||||||
Closing balance | $ | $ | $ | $ | |||||||||||||||||||
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | $ | $ | ( | $ | ( | $ | ( |
March 31, 2022 | ||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||
Securities – Non-agency MBS | $ | Discounted Cash Flow | Projected Constant Prepayment Rate, Projected Constant Default Rate, Projected Loss Severity, Discount Rate over LIBOR | |||||||||||
Mortgage Servicing Rights | $ | Discounted Cash Flow | Projected Constant Prepayment Rate, Life (in years), Discount Rate | |||||||||||
Derivative Instruments | $ | Sales Comparison Approach | Projected Sales Profit of Underlying Loans | ( |
June 30, 2021 | ||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||
Securities – Non-agency MBS | $ | Discounted Cash Flow | Projected Constant Prepayment Rate, Projected Constant Default Rate, Projected Loss Severity, Discount Rate over LIBOR | |||||||||||
Mortgage Servicing Rights | $ | Discounted Cash Flow | Projected Constant Prepayment Rate, Life (in years), Discount Rate | |||||||||||
Derivative Instruments | $ | Sales Comparison Approach | Projected Sales Profit of Underlying Loans | |||||||||||
March 31, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance | |||||||||||||||||||
Other real estate owned and foreclosed assets: | |||||||||||||||||||||||
Autos and RVs | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||
(Dollars in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance | |||||||||||||||||||
Other real estate owned and foreclosed assets: | |||||||||||||||||||||||
Single family real estate | $ | $ | $ | $ | |||||||||||||||||||
Autos and RVs | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
(Dollars in thousands) | March 31, 2022 | June 30, 2021 | |||||||||
Aggregate fair value | $ | $ | |||||||||
Contractual balance | |||||||||||
Unrealized gain (loss) | $ | ( | $ |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Interest income | $ | $ | $ | $ | |||||||||||||||||||
Change in fair value | ( | ( | ( | ( | |||||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( |
March 31, 2022 | ||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) 1 | ||||||||||
Other real estate owned and foreclosed assets: | ||||||||||||||
Autos and RVs | $ | Sales comparison approach | Adjustment for differences between the comparable sales | ( | ||||||||||
June 30, 2021 | ||||||||||||||
(Dollars in thousands) | Fair Value | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) 1 | ||||||||||
Other real estate owned and foreclosed assets: | ||||||||||||||
Single family real estate | $ | Sales comparison approach | Adjustment for differences between the comparable sales | ( | ||||||||||
Autos and RVs | $ | Sales comparison approach | Adjustment for differences between the comparable sales | ( | ||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities — trading | |||||||||||||||||||||||||||||
Securities — available-for-sale | |||||||||||||||||||||||||||||
Loans held for sale, at fair value | |||||||||||||||||||||||||||||
Loans held for sale, at lower of cost or fair value | |||||||||||||||||||||||||||||
Loans held for investment—net | |||||||||||||||||||||||||||||
Securities borrowed | |||||||||||||||||||||||||||||
Customer, broker-dealer and clearing receivables | |||||||||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Total deposits | |||||||||||||||||||||||||||||
Advances from the Federal Home Loan Bank | |||||||||||||||||||||||||||||
Borrowings, subordinated notes and debentures | |||||||||||||||||||||||||||||
Securities loaned | |||||||||||||||||||||||||||||
Customer, broker-dealer and clearing payables | |||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
(Dollars in thousands) | Carrying Amount | Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Securities — trading | |||||||||||||||||||||||||||||
Securities — available-for-sale | |||||||||||||||||||||||||||||
Loans held for sale, at fair value | |||||||||||||||||||||||||||||
Loans held for sale, at lower of cost or fair value | |||||||||||||||||||||||||||||
Loans held for investment—net | |||||||||||||||||||||||||||||
Securities borrowed | |||||||||||||||||||||||||||||
Customer, broker-dealer and clearing receivables | |||||||||||||||||||||||||||||
Mortgage servicing rights | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Total deposits | |||||||||||||||||||||||||||||
Advances from the Federal Home Loan Bank | |||||||||||||||||||||||||||||
Borrowings, subordinated notes and debentures | |||||||||||||||||||||||||||||
Securities loaned | |||||||||||||||||||||||||||||
Customer, broker-dealer and clearing payables | |||||||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||
Trading | Available-for-sale | ||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||
Mortgage-backed securities (MBS): | |||||||||||||||||||||||||||||
U.S. agencies1 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Non-agency2 | ( | ||||||||||||||||||||||||||||
Total mortgage-backed securities | ( | ||||||||||||||||||||||||||||
Non-MBS: | |||||||||||||||||||||||||||||
Municipal | ( | ||||||||||||||||||||||||||||
Asset-backed securities and structured notes | |||||||||||||||||||||||||||||
Total Non-MBS | ( | ||||||||||||||||||||||||||||
Total debt securities | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Trading | Available-for-sale | ||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||
Mortgage-backed securities (MBS): | |||||||||||||||||||||||||||||
U.S. agencies1 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Non-agency2 | ( | ||||||||||||||||||||||||||||
Total mortgage-backed securities | ( | ||||||||||||||||||||||||||||
Non-MBS: | |||||||||||||||||||||||||||||
Municipal | |||||||||||||||||||||||||||||
Asset-backed securities and structured notes | |||||||||||||||||||||||||||||
Total Non-MBS | |||||||||||||||||||||||||||||
Total debt securities | $ | $ | $ | $ | ( | $ |
March 31, 2022 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities in loss position for | |||||||||||||||||||||||||||||||||||
Less Than 12 Months | More Than 12 Months | Total | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||
MBS: | |||||||||||||||||||||||||||||||||||
U.S. agencies | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Non-agency | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total MBS | ( | ( | ( | ||||||||||||||||||||||||||||||||
Non-MBS: | |||||||||||||||||||||||||||||||||||
Municipal debt | ( | ( | |||||||||||||||||||||||||||||||||
Asset-backed securities and structured notes | |||||||||||||||||||||||||||||||||||
Total Non-MBS | ( | ( | |||||||||||||||||||||||||||||||||
Total debt securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||
Available-for-sale securities in loss position for | |||||||||||||||||||||||||||||||||||
Less Than 12 Months | More Than 12 Months | Total | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||
MBS: | |||||||||||||||||||||||||||||||||||
U.S. agencies | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
Non-agency | ( | ( | |||||||||||||||||||||||||||||||||
Total MBS | ( | ( | ( | ||||||||||||||||||||||||||||||||
Non-MBS: | |||||||||||||||||||||||||||||||||||
Municipal debt | |||||||||||||||||||||||||||||||||||
Asset-backed securities and structured notes | |||||||||||||||||||||||||||||||||||
Total Non-MBS | |||||||||||||||||||||||||||||||||||
Total debt securities | $ | $ | ( | $ | $ | ( | $ | $ | ( |
(Dollars in thousands) | March 31, 2022 | June 30, 2021 | |||||||||
Available-for-sale debt securities—net unrealized gains (losses) | $ | ( | $ | ||||||||
Available-for-sale debt securities—non-credit related losses | ( | ( | |||||||||
Subtotal | ( | ||||||||||
Tax benefit (expense) | ( | ||||||||||
Net unrealized gain (loss) on investment securities in accumulated other comprehensive income (loss) | $ | ( | $ |
(Dollars in thousands) | March 31, 2022 | June 30, 2021 | |||||||||
Single Family - Mortgage & Warehouse | $ | $ | |||||||||
Multifamily and Commercial Mortgage | |||||||||||
Commercial Real Estate | |||||||||||
Commercial & Industrial - Non-RE | |||||||||||
Auto & Consumer | |||||||||||
Other | |||||||||||
Total gross loans | |||||||||||
Allowance for credit losses - loans | ( | ( | |||||||||
Unaccreted premiums (discounts) and loan fees | ( | ( | |||||||||
Total net loans | $ | $ |
For the Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Single Family-Mortgage & Warehouse | Multifamily and Commercial Mortgage | Commercial Real Estate | Commercial & Industrial - Non-RE | Auto & Consumer | Other | Total | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses - loans | ( | ( | |||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | |||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | $ | $ | $ |
For the Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Single Family-Mortgage & Warehouse | Multifamily and Commercial Mortgage | Commercial Real Estate | Commercial & Industrial - Non-RE | Auto & Consumer | Other | Total | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision for credit losses - loans | ( | ( | |||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | $ | $ | $ |
For the Nine Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Single Family-Mortgage & Warehouse | Multifamily and Commercial Mortgage | Commercial Real Estate | Commercial & Industrial - Non-RE | Auto & Consumer | Other | Total | ||||||||||||||||||||||||||||||||||
Balance at July 1, 2021 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses - loans | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | $ | $ | $ |
For the Nine Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Single Family-Mortgage & Warehouse | Multifamily and Commercial Mortgage | Commercial Real Estate | Commercial & Industrial - Non-RE | Auto & Consumer | Other | Total | ||||||||||||||||||||||||||||||||||
Balance at July 1, 2020 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Effect of Adoption of ASC 326 | |||||||||||||||||||||||||||||||||||||||||
Provision for credit losses - loans | ( | ||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | $ | $ | $ |
As of March 31, 2022 | |||||||||||||||||
(Dollars in thousands) | With Allowance | With No Allowance | Total | ||||||||||||||
Single Family - Mortgage & Warehouse | $ | $ | $ | ||||||||||||||
Multifamily and Commercial Mortgage | |||||||||||||||||
Commercial Real Estate | |||||||||||||||||
Commercial & Industrial - Non-RE | |||||||||||||||||
Auto & Consumer | |||||||||||||||||
Other | |||||||||||||||||
Total nonaccrual loans | $ | $ | $ | ||||||||||||||
Nonaccrual loans to total loans | % |
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Single Family-Mortgage & Warehouse | Multifamily and Commercial Mortgage | Commercial Real Estate | Commercial & Industrial - Non-RE | Auto & Consumer | Other | Total | ||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Single Family-Mortgage & Warehouse | Multifamily and Commercial Mortgage | Commercial Real Estate | Commercial & Industrial - Non-RE | Auto & Consumer | Other | Total | ||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Nonaccrual | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Loans Held for Investment Origination Year | Revolving Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | |||||||||||||||||||||||||||||||||||||||||
Single Family-Mortgage & Warehouse | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||
Multifamily and Commercial Mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial & Industrial - Non-RE | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||
Auto & Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
As a % of total gross loans | % | % | % | % | % | % | % | % |
March 31, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total | |||||||||||||||||||
Single Family-Mortgage & Warehouse | $ | $ | $ | $ | |||||||||||||||||||
Multifamily and Commercial Mortgage | |||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||
Commercial & Industrial - Non-RE | |||||||||||||||||||||||
Auto & Consumer | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
As a % of total gross loans | % | % | % | % |
June 30, 2021 | |||||||||||||||||||||||
(Dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total | |||||||||||||||||||
Single Family-Mortgage & Warehouse | $ | $ | $ | $ | |||||||||||||||||||
Multifamily and Commercial Mortgage | |||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||
Commercial & Industrial - Non-RE | |||||||||||||||||||||||
Auto & Consumer | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
As a % of total gross loans and leases | |||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||
(Dollars in thousands) | Allowance for Credit Losses - Loans | Unfunded Loan Commitment Liabilities | Total Allowance for Credit Losses | ||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | ||||||||||||||
Provision for Credit Losses | |||||||||||||||||
Charge-offs | ( | ( | |||||||||||||||
Recoveries | |||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ |
Three Months Ended March 31, 2021 | |||||||||||||||||
(Dollars in thousands) | Allowance for Credit Losses - Loans | Unfunded Loan Commitment Liabilities | Total Allowance for Credit Losses | ||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | ||||||||||||||
Provision for Credit Losses | |||||||||||||||||
Charge-offs | ( | ( | |||||||||||||||
Recoveries | |||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ |
For the Nine Months Ended March 31, 2022 | |||||||||||||||||
(Dollars in thousands) | Allowance for Credit Losses - Loans | Unfunded Loan Commitment Liabilities | Total Allowance for Credit Losses | ||||||||||||||
Balance at July 1, 2021 | $ | $ | $ | ||||||||||||||
Provision for Credit Losses | |||||||||||||||||
Charge-offs | ( | ( | |||||||||||||||
Recoveries | |||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ |
For the Nine Months Ended March 31, 2021 | |||||||||||||||||
(Dollars in thousands) | Allowance for Credit Losses - Loans | Unfunded Loan Commitment Liabilities | Total Allowance for Credit Losses | ||||||||||||||
Balance at July 1, 2020 | $ | $ | $ | ||||||||||||||
Effect of Adoption of ASC 326 | |||||||||||||||||
Provision for Credit Losses | ( | ||||||||||||||||
Charge-offs | ( | ( | |||||||||||||||
Recoveries | |||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ |
(Dollars in thousands) | Stock Award Compensation Expense | ||||
For the fiscal year remainder: | |||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total | $ |
Restricted Stock Units | Weighted-Average Grant-Date Fair Value | ||||||||||
Non-vested balance at June 30, 2020 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Non-vested balance at June 30, 2021 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Non-vested balance at March 31, 2022 | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
(Dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Earnings Per Common Share | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Preferred stock dividends | ( | ||||||||||||||||||||||
Preferred stock redemption charge | ( | ||||||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Average common shares outstanding | |||||||||||||||||||||||
Total qualifying shares | |||||||||||||||||||||||
Earnings per common share | $ | $ | $ | $ | |||||||||||||||||||
Diluted Earnings Per Common Share | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Average common shares issued and outstanding | |||||||||||||||||||||||
Dilutive effect of average unvested RSUs | |||||||||||||||||||||||
Total dilutive common shares outstanding | |||||||||||||||||||||||
Diluted earnings per common share | $ | $ | $ | $ |
(Dollars in thousands) | ||||||||
Remainder of 2022 | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total lease payments | ||||||||
Less: amount representing interest | ( | |||||||
Total Lease Liability | $ |
For the Three Months Ended March 31, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Banking Business | Securities Business | Corporate/Eliminations | Axos Consolidated | |||||||||||||||||||
Net interest income | $ | $ | $ | ( | $ | ||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||
Non-interest income | ( | ||||||||||||||||||||||
Non-interest expense | |||||||||||||||||||||||
Income before taxes | $ | $ | ( | $ | ( | $ |
For the Three Months Ended March 31, 2021 | |||||||||||||||||||||||
(Dollars in thousands) | Banking Business | Securities Business | Corporate/Eliminations | Axos Consolidated | |||||||||||||||||||
Net interest income | $ | $ | $ | ( | $ | ||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||
Non-interest income | ( | ||||||||||||||||||||||
Non-interest expense | |||||||||||||||||||||||
Income before taxes | $ | $ | ( | $ | ( | $ |
For the Nine Months Ended March 31, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Banking Business | Securities Business | Corporate/Eliminations | Axos Consolidated | |||||||||||||||||||
Net interest income | $ | $ | $ | ( | $ | ||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||
Non-interest income | ( | ||||||||||||||||||||||
Non-interest expense | |||||||||||||||||||||||
Income before taxes | $ | $ | ( | $ | ( | $ |
For the Nine Months Ended March 31, 2021 | |||||||||||||||||||||||
(Dollars in thousands) | Banking Business | Securities Business | Corporate/Eliminations | Axos Consolidated | |||||||||||||||||||
Net interest income | $ | $ | $ | ( | $ | ||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||
Non-interest income | ( | ||||||||||||||||||||||
Non-interest expense | |||||||||||||||||||||||
Income before taxes | $ | $ | ( | $ | ( | $ |
As of March 31, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Banking Business | Securities Business | Corporate/Eliminations | Axos Consolidated | |||||||||||||||||||
Goodwill | $ | $ | $ | $ | |||||||||||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||||||||||
As of June 30, 2021 | |||||||||||||||||||||||
(Dollars in thousands) | Banking Business | Securities Business | Corporate/Eliminations | Axos Consolidated | |||||||||||||||||||
Goodwill | $ | $ | $ | $ | |||||||||||||||||||
Total Assets | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net income | $ | 61,823 | $ | 53,645 | $ | 182,820 | $ | 161,452 | |||||||||||||||
Acquisition-related costs | 2,803 | 2,511 | 8,676 | 7,665 | |||||||||||||||||||
Tax effects of adjustments | (811) | (740) | (2,534) | (2,285) | |||||||||||||||||||
Adjusted earnings (Non-GAAP) | $ | 63,815 | $ | 55,416 | $ | 188,962 | $ | 166,832 | |||||||||||||||
Adjusted EPS (Non-GAAP) | $ | 1.05 | $ | 0.92 | $ | 3.12 | $ | 2.76 | |||||||||||||||
March 31, | |||||||||||
(Dollars in thousands) | 2022 | 2021 | |||||||||
Common stockholders’ equity | $ | 1,585,585 | $ | 1,345,650 | |||||||
Less: mortgage servicing rights, carried at fair value | 23,519 | 16,631 | |||||||||
Less: goodwill and other intangible assets | 159,150 | 118,133 | |||||||||
Tangible common stockholders’ equity (Non-GAAP) | $ | 1,402,916 | $ | 1,210,886 | |||||||
Common shares outstanding at end of period | 59,662,795 | 59,237,765 | |||||||||
Tangible book value per common share (Non-GAAP) | $ | 23.51 | $ | 20.44 |
(Dollars in thousands) | March 31, 2022 | June 30, 2021 | March 31, 2021 | ||||||||||||||
Selected Balance Sheet Data: | |||||||||||||||||
Total assets | $ | 16,080,950 | $ | 14,265,565 | $ | 14,827,874 | |||||||||||
Loans—net of allowance for credit losses | 13,093,603 | 11,414,814 | 11,711,215 | ||||||||||||||
Loans held for sale, carried at fair value | 19,611 | 29,768 | 61,500 | ||||||||||||||
Loans held for sale, lower of cost or fair value | 11,182 | 12,294 | 13,371 | ||||||||||||||
Allowance for credit losses - loans | 143,372 | 132,958 | 138,107 | ||||||||||||||
Securities—trading | 366 | 1,983 | 254 | ||||||||||||||
Securities—available-for-sale | 229,510 | 187,335 | 218,962 | ||||||||||||||
Securities borrowed | 274,644 | 619,088 | 543,538 | ||||||||||||||
Customer, broker-dealer and clearing receivables | 510,561 | 369,815 | 351,063 | ||||||||||||||
Total deposits | 12,733,002 | 10,815,797 | 11,612,501 | ||||||||||||||
Advances from the FHLB | 152,500 | 353,500 | 172,500 | ||||||||||||||
Borrowings, subordinated notes and debentures | 381,682 | 221,358 | 365,753 | ||||||||||||||
Securities loaned | 447,748 | 728,988 | 649,837 | ||||||||||||||
Customer, broker-dealer and clearing payables | 543,905 | 535,425 | 483,677 | ||||||||||||||
Total stockholders’ equity | 1,585,585 | 1,400,936 | 1,345,650 | ||||||||||||||
Capital Ratios: | |||||||||||||||||
Equity to assets at end of period | 9.86 | % | 9.82 | % | 9.08 | % | |||||||||||
Axos Financial, Inc.: | |||||||||||||||||
Tier 1 leverage (core) capital to adjusted average assets | 9.43 | % | 8.82 | % | 8.99 | % | |||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 10.23 | % | 11.36 | % | 10.86 | % | |||||||||||
Tier 1 capital (to risk-weighted assets) | 10.23 | % | 11.36 | % | 10.86 | % | |||||||||||
Total capital (to risk-weighted assets) | 13.30 | % | 13.78 | % | 13.32 | % | |||||||||||
Axos Bank: | |||||||||||||||||
Tier 1 leverage (core) capital to adjusted average assets | 10.51 | % | 9.45 | % | 9.56 | % | |||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 11.43 | % | 12.28 | % | 11.74 | % | |||||||||||
Tier 1 capital (to risk-weighted assets) | 11.43 | % | 12.28 | % | 11.74 | % | |||||||||||
Total capital (to risk-weighted assets) | 12.24 | % | 13.21 | % | 12.71 | % | |||||||||||
Axos Clearing, LLC: | |||||||||||||||||
Net capital | $ | 39,109 | $ | 35,950 | 33,845 | ||||||||||||
Excess capital | $ | 31,612 | $ | 27,904 | 26,338 | ||||||||||||
Net capital as a percentage of aggregate debit items | 10.43 | % | 8.94 | % | 9.02 | % | |||||||||||
Net capital in excess of 5% aggregate debit items | $ | 20,369 | $ | 15,836 | 15,077 |
At or for the Three Months Ended | At or for the Nine Months Ended | ||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||
(Dollars in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Selected Income Statement Data: | |||||||||||||||||||||||
Interest and dividend income | $ | 160,181 | $ | 155,674 | $ | 475,567 | $ | 460,942 | |||||||||||||||
Interest expense | 10,643 | 20,005 | 33,819 | 63,854 | |||||||||||||||||||
Net interest income | 149,538 | 135,669 | 441,748 | 397,088 | |||||||||||||||||||
Provision for credit losses | 4,500 | 2,700 | 12,500 | 22,500 | |||||||||||||||||||
Net interest income after provision for credit losses | 145,038 | 132,969 | 429,248 | 374,588 | |||||||||||||||||||
Non-interest income | 28,774 | 23,887 | 86,263 | 88,460 | |||||||||||||||||||
Non-interest expense | 86,819 | 80,807 | 257,269 | 232,650 | |||||||||||||||||||
Income before income tax expense | 86,993 | 76,049 | 258,242 | 230,398 | |||||||||||||||||||
Income tax expense | 25,170 | 22,404 | 75,422 | 68,946 | |||||||||||||||||||
Net income | $ | 61,823 | $ | 53,645 | $ | 182,820 | $ | 161,452 | |||||||||||||||
Net income attributable to common stock | $ | 61,823 | $ | 53,645 | $ | 182,820 | $ | 161,262 | |||||||||||||||
Per Common Share Data: | |||||||||||||||||||||||
Net income: | |||||||||||||||||||||||
Basic | $ | 1.04 | $ | 0.91 | $ | 3.07 | $ | 2.72 | |||||||||||||||
Diluted | $ | 1.02 | $ | 0.89 | $ | 3.02 | $ | 2.67 | |||||||||||||||
Adjusted earnings (Non-GAAP) | $ | 1.05 | $ | 0.92 | $ | 3.12 | $ | 2.76 | |||||||||||||||
Book value | $ | 26.58 | $ | 22.72 | $ | 26.58 | $ | 22.72 | |||||||||||||||
Tangible book value (Non-GAAP) | $ | 23.51 | $ | 20.44 | $ | 23.51 | $ | 20.44 | |||||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||||||||
Basic | 59,542,128 | 59,118,884 | 59,476,488 | 59,225,409 | |||||||||||||||||||
Diluted | 60,611,959 | 60,482,733 | 60,605,486 | 60,453,220 | |||||||||||||||||||
Common shares outstanding at end of period | 59,662,795 | 59,237,765 | 59,662,795 | 59,237,765 | |||||||||||||||||||
Common shares issued at end of period | 68,617,410 | 67,902,239 | 68,617,410 | 67,902,239 | |||||||||||||||||||
Performance Ratios and Other Data: | |||||||||||||||||||||||
Loan originations for investment | $ | 2,363,599 | $ | 1,189,750 | $ | 6,981,749 | $ | 4,430,540 | |||||||||||||||
Loan originations for sale | $ | 166,327 | $ | 418,618 | $ | 569,614 | $ | 1,349,683 | |||||||||||||||
Return on average assets | 1.59 | % | 1.52 | % | 1.63 | % | 1.55 | % | |||||||||||||||
Return on average common stockholders’ equity | 15.89 | % | 16.12 | % | 16.33 | % | 16.90 | % | |||||||||||||||
Interest rate spread1 | 3.84 | % | 3.73 | % | 3.93 | % | 3.69 | % | |||||||||||||||
Net interest margin2 | 4.02 | % | 3.96 | % | 4.11 | % | 3.91 | % | |||||||||||||||
Net interest margin2 – Banking Business Segment | 4.21 | % | 4.23 | % | 4.33 | % | 4.09 | % | |||||||||||||||
Efficiency ratio3 | 51.26 | % | 50.64 | % | 48.72 | % | 47.91 | % | |||||||||||||||
Efficiency ratio3 – Banking Business Segment | 39.79 | % | 42.33 | % | 39.70 | % | 40.90 | % | |||||||||||||||
Asset Quality Ratios: | |||||||||||||||||||||||
Net annualized charge-offs to average loans | 0.05 | % | 0.03 | % | 0.02 | % | 0.09 | % | |||||||||||||||
Non-performing loans to total loans | 1.05 | % | 1.14 | % | 1.05 | % | 1.14 | % | |||||||||||||||
Non-performing assets to total assets | 0.87 | % | 0.96 | % | 0.87 | % | 0.96 | % | |||||||||||||||
Allowance for credit losses - loans to total loans held for investment at end of period | 1.08 | % | 1.16 | % | 1.08 | % | 1.16 | % | |||||||||||||||
Allowance for credit losses - loans to non-performing loans | 103.33 | % | 101.84 | % | 103.33 | % | 101.84 | % |
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(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 | $ | 12,842,705 | $ | 153,873 | 4.79 | % | $ | 11,600,551 | $ | 147,936 | 5.10 | % | |||||||||||||||||||||||
Interest-earning deposits in other financial institutions | 1,286,665 | 671 | 0.21 | % | 1,267,091 | 482 | 0.15 | % | |||||||||||||||||||||||||||
Mortgage-backed and other investment securities4 | 162,400 | 1,546 | 3.81 | % | 214,712 | 2,590 | 4.83 | % | |||||||||||||||||||||||||||
Securities borrowed and margin lending5 | 563,018 | 3,833 | 2.72 | % | 616,774 | 4,453 | 2.89 | % | |||||||||||||||||||||||||||
Stock of the regulatory agencies | 21,333 | 258 | 4.84 | % | 20,612 | 213 | 4.13 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 14,876,121 | 160,181 | 4.31 | % | 13,719,740 | 155,674 | 4.54 | % | |||||||||||||||||||||||||||
Non-interest-earning assets | 731,997 | 413,297 | |||||||||||||||||||||||||||||||||
Total assets | $ | 15,608,118 | $ | 14,133,037 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand and savings | $ | 6,922,600 | $ | 3,808 | 0.22 | % | $ | 7,083,540 | $ | 6,691 | 0.38 | % | |||||||||||||||||||||||
Time deposits | 1,194,452 | 3,116 | 1.04 | % | 1,748,271 | 7,343 | 1.68 | % | |||||||||||||||||||||||||||
Securities loaned | 365,808 | 152 | 0.17 | % | 443,502 | 453 | 0.41 | % | |||||||||||||||||||||||||||
Advances from the FHLB | 289,289 | 973 | 1.35 | % | 194,564 | 992 | 2.04 | % | |||||||||||||||||||||||||||
Borrowings, subordinated notes and debentures | 295,910 | 2,594 | 3.51 | % | 413,858 | 4,526 | 4.37 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 9,068,059 | 10,643 | 0.47 | % | 9,883,735 | 20,005 | 0.81 | % | |||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 4,210,508 | 2,209,297 | |||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities | 772,800 | 708,542 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 1,556,751 | 1,331,463 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 15,608,118 | $ | 14,133,037 | |||||||||||||||||||||||||||||||
Net interest income | $ | 149,538 | $ | 135,669 | |||||||||||||||||||||||||||||||
Interest rate spread6 | 3.84 | % | 3.73 | % | |||||||||||||||||||||||||||||||
Net interest margin7 | 4.02 | % | 3.96 | % |
For the Nine Months Ended | |||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(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 | $ | 12,202,523 | $ | 452,518 | 4.94 | % | $ | 11,281,748 | $ | 436,445 | 5.16 | % | |||||||||||||||||||||||
Interest-earning deposits in other financial institutions | 1,232,100 | 1,904 | 0.21 | % | 1,491,437 | 1,482 | 0.13 | % | |||||||||||||||||||||||||||
Mortgage-backed and other investment securities4 | 152,623 | 4,304 | 3.76 | % | 202,327 | 8,184 | 5.39 | % | |||||||||||||||||||||||||||
Securities borrowed and margin lending5 | 718,956 | 16,050 | 2.98 | % | 530,384 | 14,196 | 3.57 | % | |||||||||||||||||||||||||||
Stock of the regulatory agencies | 20,845 | 791 | 5.06 | % | 20,611 | 635 | 4.11 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 14,327,047 | 475,567 | 4.43 | % | 13,526,507 | 460,942 | 4.54 | % | |||||||||||||||||||||||||||
Non-interest-earning assets | 624,184 | 379,629 | |||||||||||||||||||||||||||||||||
Total assets | $ | 14,951,231 | $ | 13,906,136 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand and savings | $ | 6,683,286 | $ | 11,674 | 0.23 | % | $ | 7,117,471 | $ | 23,913 | 0.45 | % | |||||||||||||||||||||||
Time deposits | 1,297,870 | 10,767 | 1.11 | % | 1,889,983 | 25,770 | 1.82 | % | |||||||||||||||||||||||||||
Securities loaned | 489,189 | 621 | 0.17 | % | 380,035 | 832 | 0.29 | % | |||||||||||||||||||||||||||
Advances from the FHLB | 285,547 | 2,962 | 1.38 | % | 224,119 | 3,690 | 2.20 | % | |||||||||||||||||||||||||||
Borrowings, subordinated notes and debentures | 264,523 | 7,795 | 3.93 | % | 366,407 | 9,649 | 3.51 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 9,020,415 | 33,819 | 0.50 | % | 9,978,015 | 63,854 | 0.85 | % | |||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 3,678,067 | 2,049,366 | |||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities | 760,083 | 603,999 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 1,492,666 | 1,274,756 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 14,951,231 | $ | 13,906,136 | |||||||||||||||||||||||||||||||
Net interest income | $ | 441,748 | $ | 397,088 | |||||||||||||||||||||||||||||||
Interest rate spread6 | 3.93 | % | 3.69 | % | |||||||||||||||||||||||||||||||
Net interest margin7 | 4.11 | % | 3.91 | % |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||||
2022 vs 2021 | 2022 vs 2021 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) Due to | Increase (Decrease) Due to | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Volume | Rate | Total Increase (Decrease) | Volume | Rate | Total Increase (Decrease) | |||||||||||||||||||||||||||||
Increase / (decrease) in interest income: | |||||||||||||||||||||||||||||||||||
Loans | $ | 15,257 | $ | (9,320) | $ | 5,937 | $ | 35,013 | $ | (18,940) | $ | 16,073 | |||||||||||||||||||||||
Interest-earning deposits in other financial institutions | 7 | 182 | 189 | (301) | 723 | 422 | |||||||||||||||||||||||||||||
Mortgage-backed and other investment securities | (559) | (485) | (1,044) | (1,739) | (2,141) | (3,880) | |||||||||||||||||||||||||||||
Securities borrowed and margin lending | (370) | (250) | (620) | 4,470 | (2,616) | 1,854 | |||||||||||||||||||||||||||||
Stock of the regulatory agencies | 7 | 38 | 45 | 7 | 149 | 156 | |||||||||||||||||||||||||||||
$ | 14,342 | $ | (9,835) | $ | 4,507 | $ | 37,450 | $ | (22,825) | $ | 14,625 | ||||||||||||||||||||||||
Increase / (decrease) in interest expense: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand and savings | $ | (148) | $ | (2,735) | $ | (2,883) | $ | (1,357) | $ | (10,882) | $ | (12,239) | |||||||||||||||||||||||
Time deposits | (1,919) | (2,308) | (4,227) | (6,682) | (8,321) | (15,003) | |||||||||||||||||||||||||||||
Securities loaned | (70) | (231) | (301) | 194 | (405) | (211) | |||||||||||||||||||||||||||||
Advances from the FHLB | 385 | (404) | (19) | 860 | (1,588) | (728) | |||||||||||||||||||||||||||||
Borrowings, subordinated notes and debentures | (1,143) | (789) | (1,932) | (2,910) | 1,056 | (1,854) | |||||||||||||||||||||||||||||
$ | (2,895) | $ | (6,467) | $ | (9,362) | $ | (9,895) | $ | (20,140) | $ | (30,035) |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | Inc (Dec) | 2022 | 2021 | Inc (Dec) | |||||||||||||||||||||||||||||
Prepayment penalty fee income | $ | 2,793 | $ | 1,342 | $ | 1,451 | $ | 9,073 | $ | 4,289 | $ | 4,784 | |||||||||||||||||||||||
Gain on sale – other | 61 | 214 | (153) | 106 | 704 | (598) | |||||||||||||||||||||||||||||
Mortgage banking income | 5,729 | 9,037 | (3,308) | 15,594 | 39,255 | (23,661) | |||||||||||||||||||||||||||||
Broker-dealer fee income | 12,913 | 7,942 | 4,971 | 39,046 | 19,931 | 19,115 | |||||||||||||||||||||||||||||
Banking and service fees | 7,278 | 5,352 | 1,926 | 22,444 | 24,281 | (1,837) | |||||||||||||||||||||||||||||
Total non-interest income | $ | 28,774 | $ | 23,887 | $ | 4,887 | $ | 86,263 | $ | 88,460 | $ | (2,197) |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | Inc (Dec) | 2022 | 2021 | Inc (Dec) | |||||||||||||||||||||||||||||
Salaries and related costs | $ | 43,133 | $ | 38,545 | $ | 4,588 | $ | 123,849 | $ | 115,367 | $ | 8,482 | |||||||||||||||||||||||
Data processing | 12,274 | 10,171 | 2,103 | 36,565 | 27,772 | 8,793 | |||||||||||||||||||||||||||||
Advertising and promotional | 3,357 | 4,261 | (904) | 10,131 | 10,600 | (469) | |||||||||||||||||||||||||||||
Depreciation and amortization | 6,061 | 5,865 | 196 | 18,574 | 17,913 | 661 | |||||||||||||||||||||||||||||
Professional services | 4,346 | 5,712 | (1,366) | 14,834 | 17,340 | (2,506) | |||||||||||||||||||||||||||||
Occupancy and equipment | 3,742 | 3,096 | 646 | 10,265 | 9,239 | 1,026 | |||||||||||||||||||||||||||||
FDIC and regulatory fees | 3,115 | 3,107 | 8 | 7,856 | 8,400 | (544) | |||||||||||||||||||||||||||||
Broker-dealer clearing charges | 3,561 | 3,278 | 283 | 11,244 | 7,986 | 3,258 | |||||||||||||||||||||||||||||
General and administrative expense | 7,230 | 6,772 | 458 | 23,951 | 18,033 | 5,918 | |||||||||||||||||||||||||||||
Total non-interest expenses | $ | 86,819 | $ | 80,807 | $ | 6,012 | $ | 257,269 | $ | 232,650 | $ | 24,619 |
For the Three Months Ended March 31, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Banking Business | Securities Business | Corporate/Eliminations | Axos Consolidated | |||||||||||||||||||
Net interest income | $ | 147,828 | $ | 3,377 | $ | (1,667) | $ | 149,538 | |||||||||||||||
Provision for credit losses | 4,500 | — | — | 4,500 | |||||||||||||||||||
Non-interest income | 15,741 | 15,609 | (2,576) | 28,774 | |||||||||||||||||||
Non-interest expense | 65,076 | 20,242 | 1,501 | 86,819 | |||||||||||||||||||
Income before taxes | $ | 93,993 | $ | (1,256) | $ | (5,744) | $ | 86,993 |
For the Three Months Ended March 31, 2021 | |||||||||||||||||||||||
(Dollars in thousands) | Banking Business | Securities Business | Corporate/Eliminations | Axos Consolidated | |||||||||||||||||||
Net interest income | $ | 135,096 | $ | 3,847 | $ | (3,274) | $ | 135,669 | |||||||||||||||
Provision for credit losses | 2,700 | — | — | 2,700 | |||||||||||||||||||
Non-interest income | 16,201 | 8,369 | (683) | 23,887 | |||||||||||||||||||
Non-interest expense | 64,040 | 13,282 | 3,485 | 80,807 | |||||||||||||||||||
Income before taxes | $ | 84,557 | $ | (1,066) | $ | (7,442) | $ | 76,049 |
For the Nine Months Ended March 31, 2022 | |||||||||||||||||||||||
(Dollars in thousands) | Banking Business | Securities Business | Corporate/Eliminations | Axos Consolidated | |||||||||||||||||||
Net interest income | $ | 432,328 | $ | 14,059 | $ | (4,639) | $ | 441,748 | |||||||||||||||
Provision for credit losses | 12,500 | — | — | 12,500 | |||||||||||||||||||
Non-interest income | 46,864 | 45,169 | (5,770) | 86,263 | |||||||||||||||||||
Non-interest expense | 190,250 | 61,169 | 5,850 | 257,269 | |||||||||||||||||||
Income before taxes | $ | 276,442 | $ | (1,941) | $ | (16,259) | $ | 258,242 |
For the Nine Months Ended March 31, 2021 | |||||||||||||||||||||||
(Dollars in thousands) | Banking Business | Securities Business | Corporate/Eliminations | Axos Consolidated | |||||||||||||||||||
Net interest income | $ | 390,268 | $ | 13,002 | $ | (6,182) | $ | 397,088 | |||||||||||||||
Provision for credit losses | 22,500 | — | — | 22,500 | |||||||||||||||||||
Non-interest income | 68,708 | 20,725 | (973) | 88,460 | |||||||||||||||||||
Non-interest expense | 187,733 | 35,946 | 8,971 | 232,650 | |||||||||||||||||||
Income before taxes | $ | 248,743 | $ | (2,219) | $ | (16,126) | $ | 230,398 |
At or for the Three Months Ended | At or for the Nine Months Ended | ||||||||||||||||||||||
March 31, 2022 | March 31, 2021 | March 31, 2022 | March 31, 2021 | ||||||||||||||||||||
Efficiency ratio | 39.79 | % | 42.33 | % | 39.70 | % | 40.90 | % | |||||||||||||||
Return on average assets | 1.84 | % | 1.81 | % | 1.89 | % | 1.80 | % | |||||||||||||||
Interest rate spread | 4.06 | % | 4.05 | % | 4.17 | % | 3.90 | % | |||||||||||||||
Net interest margin | 4.21 | % | 4.23 | % | 4.33 | % | 4.09 | % |
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(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 | $ | 12,804,231 | $ | 153,363 | 4.79 | % | $ | 11,556,228 | $ | 147,264 | 5.10 | % | |||||||||||||||||||||||
Interest-earning deposits in other financial institutions | 1,042,552 | 483 | 0.19 | % | 949,259 | 230 | 0.10 % | ||||||||||||||||||||||||||||
Mortgage-backed and other investment securities4 | 185,952 | 1,661 | 3.57 | % | 242,422 | 2,733 | 4.51 | % | |||||||||||||||||||||||||||
Stock of the regulatory agencies | 18,215 | 258 | 5.67 | % | 17,250 | 212 | 4.92 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 14,050,950 | 155,765 | 4.43 | % | 12,765,159 | 150,439 | 4.71 | % | |||||||||||||||||||||||||||
Non-interest-earning assets | 297,950 | 161,541 | |||||||||||||||||||||||||||||||||
Total assets | $ | 14,348,900 | $ | 12,926,700 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand and savings | $ | 6,999,385 | $ | 3,848 | 0.22 | % | $ | 7,256,096 | $ | 6,904 | 0.38 | % | |||||||||||||||||||||||
Time deposits | 1,194,452 | 3,116 | 1.04 | % | 1,748,271 | 7,343 | 1.68 | % | |||||||||||||||||||||||||||
Advances from the FHLB | 289,289 | 973 | 1.35 | % | 194,564 | 992 | 2.04 | % | |||||||||||||||||||||||||||
Borrowings, subordinated notes and debentures | 33 | — | — | % | 120,037 | 104 | 0.35 % | ||||||||||||||||||||||||||||
Total interest-bearing liabilities | 8,483,159 | 7,937 | 0.37 | % | 9,318,968 | 15,343 | 0.66 | % | |||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 4,269,702 | 2,239,439 | |||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities | 135,237 | 119,605 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 1,460,802 | 1,248,688 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 14,348,900 | $ | 12,926,700 | |||||||||||||||||||||||||||||||
Net interest income | $ | 147,828 | $ | 135,096 | |||||||||||||||||||||||||||||||
Interest rate spread5 | 4.06 | % | 4.05 | % | |||||||||||||||||||||||||||||||
Net interest margin6 | 4.21 | % | 4.23 | % |
For the Nine Months Ended | |||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(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 | $ | 12,163,066 | $ | 451,166 | 4.95 | % | $ | 11,234,740 | $ | 434,269 | 5.15 | % | |||||||||||||||||||||||
Interest-earning deposits in other financial institutions | 961,393 | 1,196 | 0.17 | % | 1,245,733 | 946 | 0.10 % | ||||||||||||||||||||||||||||
Mortgage-backed and other investment securities4 | 176,570 | 4,665 | 3.52 | % | 233,946 | 8,661 | 4.94 | % | |||||||||||||||||||||||||||
Stock of the regulatory agencies | 17,811 | 788 | 5.90 | % | 17,250 | 631 | 4.88 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 13,318,840 | 457,815 | 4.58 | % | 12,731,669 | 444,507 | 4.66 | % | |||||||||||||||||||||||||||
Non-interest-earning assets | 295,401 | 157,825 | |||||||||||||||||||||||||||||||||
Total assets | $ | 13,614,241 | $ | 12,889,494 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand and savings | $ | 6,742,803 | $ | 11,758 | 0.23 | % | $ | 7,248,839 | $ | 24,413 | 0.45 | % | |||||||||||||||||||||||
Time deposits | 1,297,870 | 10,767 | 1.11 | % | 1,889,983 | 25,770 | 1.82 | % | |||||||||||||||||||||||||||
Advances from the FHLB | 285,547 | 2,962 | 1.38 | % | 224,119 | 3,690 | 2.20 | % | |||||||||||||||||||||||||||
Borrowings, subordinated notes and debentures | 113 | — | — | % | 139,925 | 366 | 0.35 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 8,326,333 | 25,487 | 0.41 | % | 9,502,866 | 54,239 | 0.76 | % | |||||||||||||||||||||||||||
Non-interest-bearing demand deposits | 3,760,771 | 2,070,747 | |||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities | 142,212 | 127,079 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 1,384,925 | 1,188,802 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 13,614,241 | $ | 12,889,494 | |||||||||||||||||||||||||||||||
Net interest income | $ | 432,328 | $ | 390,268 | |||||||||||||||||||||||||||||||
Interest rate spread5 | 4.17 | % | 3.90 | % | |||||||||||||||||||||||||||||||
Net interest margin6 | 4.33 | % | 4.09 | % |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||||||||||||
2022 vs 2021 | 2022 vs 2021 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) Due to | Increase (Decrease) Due to | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Volume | Rate | Total Increase (Decrease) | Volume | Rate | Total Increase (Decrease) | |||||||||||||||||||||||||||||
Increase / (decrease) in interest income: | |||||||||||||||||||||||||||||||||||
Loans | $ | 15,364 | $ | (9,265) | $ | 6,099 | $ | 34,423 | $ | (17,526) | $ | 16,897 | |||||||||||||||||||||||
Interest-earning deposits in other financial institutions | 25 | 228 | 253 | (260) | 510 | 250 | |||||||||||||||||||||||||||||
Mortgage-backed and other investment securities | (566) | (506) | (1,072) | (1,840) | (2,156) | (3,996) | |||||||||||||||||||||||||||||
Stock of the regulatory agencies, at cost | 13 | 33 | 46 | 22 | 135 | 157 | |||||||||||||||||||||||||||||
$ | 14,836 | $ | (9,510) | $ | 5,326 | $ | 32,345 | $ | (19,037) | $ | 13,308 | ||||||||||||||||||||||||
Increase / (decrease) in interest expense: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand and savings | $ | (237) | $ | (2,819) | $ | (3,056) | $ | (1,581) | $ | (11,074) | $ | (12,655) | |||||||||||||||||||||||
Time deposits | (1,919) | (2,308) | (4,227) | (6,682) | (8,321) | (15,003) | |||||||||||||||||||||||||||||
Advances from the FHLB | 385 | (404) | (19) | 860 | (1,588) | (728) | |||||||||||||||||||||||||||||
Borrowings, subordinated notes and debentures | (52) | (52) | (104) | (183) | (183) | (366) | |||||||||||||||||||||||||||||
$ | (1,823) | $ | (5,583) | $ | (7,406) | $ | (7,586) | $ | (21,166) | $ | (28,752) |
March 31, | |||||||||||
(Dollars in thousands) | 2022 | 2021 | |||||||||
Compensation as a % of net revenue | 36.7 | % | 32.4 | % | |||||||
FDIC insured program balances (end of period) | $ | 824,494 | $ | 794,614 | |||||||
Customer margin balances (end of period) | $ | 294,983 | $ | 310,695 | |||||||
Customer funds on deposit, including short credits (end of period) | $ | 250,966 | $ | 294,903 | |||||||
Clearing: | |||||||||||
Total tickets | 1,495,617 | 1,998,293 | |||||||||
Correspondents (end of period) | 68 | 64 | |||||||||
Securities lending: | |||||||||||
Interest-earning assets – stock borrowed (end of period) | $ | 274,644 | $ | 543,538 | |||||||
Interest-bearing liabilities – stock loaned (end of period) | $ | 447,748 | $ | 649,837 | |||||||
March 31, 2022 | June 30, 2021 | ||||||||||||||||||||||
(Dollars in thousands) | Amount | Percent | Amount | Percent | |||||||||||||||||||
Single Family - Mortgage & Warehouse | $ | 3,972,103 | 30.0 | % | $ | 4,359,472 | 37.8 | % | |||||||||||||||
Multifamily and Commercial Mortgage | 2,662,517 | 20.1 | % | 2,470,454 | 21.4 | % | |||||||||||||||||
Commercial Real Estate | 4,293,032 | 32.5 | % | 3,180,453 | 27.5 | % | |||||||||||||||||
Commercial & Industrial - Non-RE | 1,780,545 | 13.4 | % | 1,123,869 | 9.7 | % | |||||||||||||||||
Auto & Consumer | 521,936 | 3.9 | % | 362,180 | 3.1 | % | |||||||||||||||||
Other | 16,125 | 0.1 | % | 58,316 | 0.5 | % | |||||||||||||||||
Total gross loans | 13,246,258 | 100.0 | % | 11,554,744 | 100.0 | % | |||||||||||||||||
Allowance for credit losses - loans | (143,372) | (132,958) | |||||||||||||||||||||
Unaccreted discounts and loan fees | (9,283) | (6,972) | |||||||||||||||||||||
Total net loans | $ | 13,093,603 | $ | 11,414,814 |
(Dollars in thousands) | March 31, 2022 | June 30, 2021 | Inc (Dec) | ||||||||||||||
Non-performing assets: | |||||||||||||||||
Non-accrual loans and leases: | |||||||||||||||||
Single Family - Mortgage & Warehouse | $ | 113,317 | $ | 105,708 | $ | 7,609 | |||||||||||
Multifamily and Commercial Mortgage | 9,667 | 20,428 | (10,761) | ||||||||||||||
Commercial Real Estate | 14,952 | 15,839 | (887) | ||||||||||||||
Commercial & Industrial - Non-RE | — | 2,942 | (2,942) | ||||||||||||||
Auto & Consumer | 446 | 278 | 168 | ||||||||||||||
Other | 372 | — | 372 | ||||||||||||||
Total non-performing loans | 138,754 | 145,195 | (6,441) | ||||||||||||||
Foreclosed real estate | — | 6,547 | (6,547) | ||||||||||||||
Repossessed—Auto and RV | 564 | 235 | 329 | ||||||||||||||
Total non-performing assets | $ | 139,318 | $ | 151,977 | $ | (12,659) | |||||||||||
Total non-performing loans as a percentage of total loans | 1.05 | % | 1.26 | % | (0.21) | % | |||||||||||
Total non-performing assets as a percentage of total assets | 0.87 | % | 1.07 | % | (0.20) | % |
March 31, 2022 | June 30, 2021 | ||||||||||||||||||||||
(Dollars in thousands) | Amount of Allowance | Allocation as a % of Allowance | Amount of Allowance | Allocation as a % of Allowance | |||||||||||||||||||
Single Family Real Estate | $ | 21,789 | 15.2 | % | $ | 26,604 | 20.0 | % | |||||||||||||||
Multifamily Real Estate | 13,818 | 9.7 | % | 13,146 | 9.9 | % | |||||||||||||||||
Commercial Real Estate | 69,829 | 48.7 | % | 57,928 | 43.6 | % | |||||||||||||||||
Commercial and Industrial - Non-RE | 26,268 | 18.3 | % | 28,460 | 21.4 | % | |||||||||||||||||
Consumer and Auto | 11,623 | 8.1 | % | 6,519 | 4.9 | % | |||||||||||||||||
Other | 45 | — | % | 301 | 0.2 | % | |||||||||||||||||
Total | $ | 143,372 | 100.0 | % | $ | 132,958 | 100.0 | % |
March 31, 2022 | June 30, 2021 | ||||||||||||||||||||||
(Dollars in thousands) | Amount | Rate1 | Amount | Rate1 | |||||||||||||||||||
Non-interest bearing | $ | 4,135,278 | — | % | $ | 2,474,424 | — | % | |||||||||||||||
Interest bearing: | |||||||||||||||||||||||
Demand | 4,247,543 | 0.19 | % | 3,369,845 | 0.15 | % | |||||||||||||||||
Savings | 3,308,736 | 0.23 | % | 3,458,687 | 0.21 | % | |||||||||||||||||
Total interest-bearing demand and savings | 7,556,279 | 0.21 | % | 6,828,532 | 0.18 | % | |||||||||||||||||
Time deposits: | |||||||||||||||||||||||
$250 and under2 | 726,161 | 1.19 | % | 1,070,139 | 1.30 | % | |||||||||||||||||
Greater than $250 | 315,284 | 0.61 | % | 442,702 | 1.03 | % | |||||||||||||||||
Total time deposits | 1,041,445 | 1.02 | % | 1,512,841 | 1.22 | % | |||||||||||||||||
Total interest bearing2 | 8,597,724 | 0.31 | % | 8,341,373 | 0.37 | % | |||||||||||||||||
Total deposits | $ | 12,733,002 | 0.21 | % | $ | 10,815,797 | 0.29 | % |
March 31, 2022 | June 30, 2021 | March 31, 2021 | |||||||||||||||
Non-interest bearing, prepaid and other | 40,958 | 36,726 | 33,442 | ||||||||||||||
Checking and savings accounts | 344,176 | 336,068 | 326,536 | ||||||||||||||
Time deposits | 9,313 | 12,815 | 14,430 | ||||||||||||||
Total number of deposit accounts | 394,447 | 385,609 | 374,408 |
March 31, 2022 | June 30, 2021 | March 31, 2021 | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Balance | Weighted Average Rate | Balance | Weighted Average Rate | Balance | Weighted Average Rate | ||||||||||||||||||||||||||||||||
FHLB Advances | $152,500 | 2.30 | % | $353,500 | 1.18 | % | $172,500 | 2.26 | % | |||||||||||||||||||||||||||||
Borrowings, subordinated notes and debentures | 381,682 | 4.54 | % | 221,358 | 4.68 % | 365,753 | 3.23 | % | ||||||||||||||||||||||||||||||
Total borrowings | $534,182 | 3.90 | % | $574,858 | 2.53 | % | $538,253 | 2.92 | % | |||||||||||||||||||||||||||||
Weighted average cost of borrowings during the quarter | 2.44 | % | 2.93 | % | 3.63 | % | ||||||||||||||||||||||||||||||||
Borrowings as a percent of total assets | 3.32 | % | 4.03 | % | 3.63 | % |
For the Nine Months Ended | |||||||||||
March 31, | |||||||||||
(Dollars in thousands) | 2022 | 2021 | |||||||||
Operating Activities | $ | 65,210 | $ | 312,727 | |||||||
Investing Activities | $ | (1,719,834) | $ | (1,126,045) | |||||||
Financing Activities | $ | 1,866,161 | $ | 305,754 |
Axos Financial, Inc. | Axos Bank | “Well Capitalized” Ratio | Minimum Capital Ratio | ||||||||||||||||||||||||||||||||
(Dollars in millions) | March 31, 2022 | June 30, 2021 | March 31, 2022 | June 30, 2021 | |||||||||||||||||||||||||||||||
Regulatory Capital: | |||||||||||||||||||||||||||||||||||
Tier 1 | $ | 1,459 | $ | 1,309 | $ | 1,505 | $ | 1,263 | |||||||||||||||||||||||||||
Common equity tier 1 | $ | 1,459 | $ | 1,309 | $ | 1,505 | $ | 1,263 | |||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | $ | 1,898 | $ | 1,588 | $ | 1,611 | $ | 1,358 | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Average adjusted | $ | 15,477 | $ | 14,851 | $ | 14,319 | $ | 13,360 | |||||||||||||||||||||||||||
Total risk-weighted | $ | 14,267 | $ | 11,523 | $ | 13,162 | $ | 10,283 | |||||||||||||||||||||||||||
Regulatory Capital Ratios: | |||||||||||||||||||||||||||||||||||
Tier 1 leverage (core) capital to adjusted average assets | 9.43 | % | 8.82 | % | 10.51 | % | 9.45 | % | 5.00 | % | 4.00 | % | |||||||||||||||||||||||
Common equity tier 1 capital (to risk-weighted assets) | 10.23 | % | 11.36 | % | 11.43 | % | 12.28 | % | 6.50 | % | 4.50 | % | |||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 10.23 | % | 11.36 | % | 11.43 | % | 12.28 | % | 8.00 | % | 6.00 | % | |||||||||||||||||||||||
Total capital (to risk-weighted assets) | 13.30 | % | 13.78 | % | 12.24 | % | 13.21 | % | 10.00 | % | 8.00 | % |
(Dollars in thousands) | March 31, 2022 | June 30, 2021 | |||||||||
Net capital | $ | 39,109 | $ | 35,950 | |||||||
Excess Capital | $ | 31,612 | $ | 27,904 | |||||||
Net capital as a percentage of aggregate debit items | 10.43 | % | 8.94 | % | |||||||
Net capital in excess of 5% aggregate debit items | $ | 20,369 | $ | 15,836 |
Term to Repricing, Repayment, or Maturity at | |||||||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Six Months or Less | Over Six Months Through One Year | Over One Year Through Five Years | Over Five Years | Total | ||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 973,060 | $ | — | $ | — | $ | — | $ | 973,060 | |||||||||||||||||||
Securities1 | 219,108 | 1,465 | 12,566 | 19,096 | 252,235 | ||||||||||||||||||||||||
Stock of the FHLB, at cost | 17,250 | — | — | — | 17,250 | ||||||||||||||||||||||||
Loans—net of allowance for credit loss | 8,522,787 | 1,489,650 | 3,119,827 | 67,795 | 13,200,059 | ||||||||||||||||||||||||
Loans held for sale | 30,793 | — | — | — | 30,793 | ||||||||||||||||||||||||
Total interest-earning assets | 9,762,998 | 1,491,115 | 3,132,393 | 86,891 | 14,473,397 | ||||||||||||||||||||||||
Non-interest earning assets | — | — | — | — | 295,239 | ||||||||||||||||||||||||
Total assets | $ | 9,762,998 | $ | 1,491,115 | $ | 3,132,393 | $ | 86,891 | $ | 14,768,636 | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 6,787,066 | $ | 1,635,122 | $ | 328,359 | $ | — | $ | 8,750,547 | |||||||||||||||||||
Advances from the FHLB | 40,000 | 22,500 | 30,000 | 60,000 | 152,500 | ||||||||||||||||||||||||
Total interest-bearing liabilities | 6,827,066 | 1,657,622 | 358,359 | 60,000 | 8,903,047 | ||||||||||||||||||||||||
Other non-interest-bearing liabilities | — | — | — | — | 4,336,869 | ||||||||||||||||||||||||
Stockholders’ equity | — | — | — | — | 1,528,720 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 6,827,066 | $ | 1,657,622 | $ | 358,359 | $ | 60,000 | $ | 14,768,636 | |||||||||||||||||||
Net interest rate sensitivity gap | $ | 2,935,932 | $ | (166,507) | $ | 2,774,034 | $ | 26,891 | $ | 5,570,350 | |||||||||||||||||||
Cumulative gap | $ | 2,935,932 | $ | 2,769,425 | $ | 5,543,459 | $ | 5,570,350 | $ | 5,570,350 | |||||||||||||||||||
Net interest rate sensitivity gap—as a % of total interest earning assets | 20.29 | % | (1.15) | % | 19.17 | % | 0.19 | % | 38.49 | % | |||||||||||||||||||
Cumulative gap—as % of total interest earning assets | 20.29 | % | 19.13 | % | 38.30 | % | 38.49 | % | 38.49 | % |
As of March 31, 2022 | |||||||||||||||||||||||
First 12 Months | Next 12 Months | ||||||||||||||||||||||
(Dollars in thousands) | Net Interest Income | Percentage Change from Base | Net Interest Income | Percentage Change from Base | |||||||||||||||||||
Up 200 basis points | $ | 659,730 | 8.7 | % | $ | 680,228 | 8.3 | % | |||||||||||||||
Base | $ | 606,913 | — | % | $ | 628,221 | — | % | |||||||||||||||
Down 100 basis points | $ | 591,220 | (2.6) | % | $ | 598,604 | (4.7) | % |
As of March 31, 2022 | |||||||||||||||||
(Dollars in thousands) | Net Present Value | Percentage Change from Base | Net Present Value as a Percentage of Assets | ||||||||||||||
Up 300 basis points | $ | 1,707,001 | (6.6) | % | 11.9 | % | |||||||||||
Up 200 basis points | $ | 1,784,651 | (2.4) | % | 12.3 | % | |||||||||||
Up 100 basis points | $ | 1,831,768 | 0.2 | % | 12.5 | % | |||||||||||
Base | $ | 1,828,358 | — | % | 12.3 | % | |||||||||||
Down 100 basis points | $ | 1,676,314 | (8.3) | % | 11.2 | % | |||||||||||
(Dollars in thousands, except per share data) | Number of Shares Purchased | Average Price Paid Per Shares | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar value of Shares that May Yet be Purchased Under the Plans or Programs | |||||||||||||||||||
Stock Repurchases1 | |||||||||||||||||||||||
Quarter Ended March 31, 2022 | |||||||||||||||||||||||
January 1, 2022 to January 31, 2022 | — | $ | — | — | $ | — | |||||||||||||||||
February 1, 2022 to February 28, 2022 | — | $ | — | — | $ | — | |||||||||||||||||
March 1, 2022 to March 31, 2022 | — | $ | — | — | $ | — | |||||||||||||||||
For the Three Months Ended March 31, 2022 | — | $ | — | — | $ | 52,764 | |||||||||||||||||
Stock Retained in Net Settlement2 | |||||||||||||||||||||||
January 1, 2022 to January 31, 2022 | 3,336 | ||||||||||||||||||||||
February 1, 2022 to February 28, 2022 | 1,870 | ||||||||||||||||||||||
March 1, 2022 to March 31, 2022 | 71,147 | ||||||||||||||||||||||
For the Three Months Ended March 31, 2022 | 76,353 |
Exhibit Number | Description | Incorporated By Reference to | |||||||||
4.1 | Indenture, dated as of February 24, 2022, between Axos Financial, Inc. and U.S. Bank Trust Company, National Association, as trustee | ||||||||||
4.2 | First Supplemental Indenture, dated as of February 24, 2022, between Axos Financial, Inc. and U.S. Bank Trust Company, National Association, as trustee | ||||||||||
4.3 | Form of Global Note to represent the 4.00% Fixed-to-Floating Rate Subordinated Notes due 2032 of Axos Financial, Inc. (included in Exhibit 4.2 as Exhibit A) | ||||||||||
31.1 | Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||||
31.2 | Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||||
32.1 | Chief Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||||
32.2 | Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||||
101.INS | Inline XBRL Instance Document | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Filed herewith. | |||||||||
101.CAL | Inline XBRL Taxonomy Calculation Linkbase Document | Filed herewith. | |||||||||
101.LAB | Inline XBRL Taxonomy Label Linkbase Document | Filed herewith. | |||||||||
101.PRE | Inline XBRL Taxonomy Presentation Linkbase Document | Filed herewith. | |||||||||
101.DEF | Inline XBRL Taxonomy Definition Document | Filed herewith. | |||||||||
104 | Cover Page Interactive Data File | Formatted as Inline XBRL and contained in Exhibit 101 | |||||||||
Axos Financial, Inc. | |||||||||||||||||
Dated: | April 28, 2022 | By: | /s/ Gregory Garrabrants | ||||||||||||||
Gregory Garrabrants President and Chief Executive Officer (Principal Executive Officer) | |||||||||||||||||
Dated: | April 28, 2022 | By: | /s/ Derrick K. Walsh | ||||||||||||||
Derrick K. Walsh Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||||||||
Dated: | April 28, 2022 | /s/ GREGORY GARRABRANTS | ||||||||||||
GREGORY GARRABRANTS President and Chief Executive Officer (Principal Executive Officer) |
Dated: | April 28, 2022 | /s/ DERRICK K. WALSH | ||||||||||||
DERRICK K. WALSH Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
Dated: | April 28, 2022 | /s/ GREGORY GARRABRANTS | ||||||||||||
GREGORY GARRABRANTS President and Chief Executive Officer (Principal Executive Officer) |
Dated: | April 28, 2022 | /s/ DERRICK K. WALSH | ||||||||||||
DERRICK K. WALSH Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Jun. 30, 2021 |
---|---|---|
ASSETS | ||
Allowance for loan and lease losses | $ 143,372 | $ 132,958 |
STOCKHOLDERS’ EQUITY: | ||
Preferred stock, par or stated value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 68,617,410 | 68,069,321 |
Common stock, shares outstanding (in shares) | 59,662,795 | 59,317,944 |
Treasury stock, at cost (in shares) | 8,954,615 | 8,751,377 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
INTEREST AND DIVIDEND INCOME: | ||||
Loans, including fees | $ 153,873 | $ 147,936 | $ 452,518 | $ 436,445 |
Securities borrowed and customer receivables | 3,833 | 4,453 | 16,050 | 14,196 |
Investments | 2,475 | 3,285 | 6,999 | 10,301 |
Total interest and dividend income | 160,181 | 155,674 | 475,567 | 460,942 |
INTEREST EXPENSE: | ||||
Deposits | 6,924 | 14,034 | 22,441 | 49,683 |
Advances from the Federal Home Loan Bank | 973 | 992 | 2,962 | 3,690 |
Securities loaned | 152 | 453 | 621 | 832 |
Other borrowings | 2,594 | 4,526 | 7,795 | 9,649 |
Total interest expense | 10,643 | 20,005 | 33,819 | 63,854 |
Net interest income | 149,538 | 135,669 | 441,748 | 397,088 |
Provision for credit losses | 4,500 | 2,700 | 12,500 | 22,500 |
Net interest income, after provision for credit losses | 145,038 | 132,969 | 429,248 | 374,588 |
NON-INTEREST INCOME: | ||||
Prepayment penalty fee income | 2,793 | 1,342 | 9,073 | 4,289 |
Gain on sale – other | 61 | 214 | 106 | 704 |
Mortgage banking income | 5,729 | 9,037 | 15,594 | 39,255 |
Broker-dealer fee income | 12,913 | 7,942 | 39,046 | 19,931 |
Banking and service fees | 7,278 | 5,352 | 22,444 | 24,281 |
Total non-interest income | 28,774 | 23,887 | 86,263 | 88,460 |
NON-INTEREST EXPENSE: | ||||
Salaries and related costs | 43,133 | 38,545 | 123,849 | 115,367 |
Data processing | 12,274 | 10,171 | 36,565 | 27,772 |
Depreciation and amortization | 6,061 | 5,865 | 18,574 | 17,913 |
Advertising and promotional | 3,357 | 4,261 | 10,131 | 10,600 |
Professional services | 4,346 | 5,712 | 14,834 | 17,340 |
Occupancy and equipment | 3,742 | 3,096 | 10,265 | 9,239 |
FDIC and regulatory fees | 3,115 | 3,107 | 7,856 | 8,400 |
Broker-dealer clearing charges | 3,561 | 3,278 | 11,244 | 7,986 |
General and administrative expense | 7,230 | 6,772 | 23,951 | 18,033 |
Total non-interest expense | 86,819 | 80,807 | 257,269 | 232,650 |
Income before taxes | 86,993 | 76,049 | 258,242 | 230,398 |
INCOME TAXES | 25,170 | 22,404 | 75,422 | 68,946 |
NET INCOME | 61,823 | 53,645 | 182,820 | 161,452 |
NET INCOME ATTRIBUTABLE TO COMMON STOCK | 61,823 | 53,645 | 182,820 | 161,262 |
COMPREHENSIVE INCOME | $ 58,853 | $ 54,687 | $ 178,687 | $ 164,682 |
Basic earnings per common share (in dollars per share) | $ 1.04 | $ 0.91 | $ 3.07 | $ 2.72 |
Diluted earnings per common share (in dollars per share) | $ 1.02 | $ 0.89 | $ 3.02 | $ 2.67 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 61,823 | $ 53,645 | $ 182,820 | $ 161,452 |
Net unrealized gain (loss) from available-for-sale securities, net of tax expense (benefit) of $(1,238) and $460 for the three and $(1,726) and $1,400 for the nine months ended March 31, 2022 and 2021, respectively. | (2,970) | 1,042 | (4,133) | 3,230 |
Other comprehensive income (loss) | (2,970) | 1,042 | (4,133) | 3,230 |
Comprehensive income | $ 58,853 | $ 54,687 | $ 178,687 | $ 164,682 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net unrealized gain (loss) from available-for-sale securities, tax expense (benefit) | $ (1,238) | $ 460 | $ (1,726) | $ 1,400 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
9 Months Ended |
---|---|
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed consolidated financial statements include the accounts of Axos Financial, Inc. (“Axos”) and its wholly owned subsidiaries, Axos Bank (the “Bank”) and Axos Nevada Holding, LLC (the “Axos Nevada Holding”) and collectively, the “Company”. Axos Nevada Holding wholly owns the companies constituting the Securities Business segment. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying interim condensed consolidated financial statements, presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), are unaudited and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of financial condition and results of operations for the interim periods. All adjustments are of a normal and recurring nature. Results for the nine months ended March 31, 2022 are not necessarily indicative of results that may be expected for any other interim period or for the year as a whole. Certain information and note disclosures normally included in the audited annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) with respect to interim financial reporting. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended June 30, 2021 included in our Annual Report on Form 10-K. Significant Accounting Policies Our significant accounting policies are described in greater detail in Note 1 - “Summary of Significant Accounting Policies” contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended June 30, 2021. New Accounting Standards Accounting Standards Issued But Not Yet Adopted In March 2022, the FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the CECL model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The amendment would become effective for the Company on July 1, 2023. Early adoption is permitted. The Company is evaluating the impact of ASU 2022-02 on the Company’s consolidated financial statements, but it does not expect the adoption to have a material impact. The Company will be required to update disclosures around financing receivables and net investment in leases.
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ACQUISITIONS |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS | ACQUISITIONS On August 2, 2021 the Company’s subsidiary, Axos Clearing, LLC, acquired certain assets and liabilities of E*TRADE Advisor Services (“EAS”), the registered investment advisor custody business of Morgan Stanley. This business was rebranded as Axos Advisor Services (“AAS”). AAS adds incremental fee income, a turnkey technology platform used by independent registered investment advisors for trading and custody services, and low cost deposits that can be used to generate fee income from other bank partners or to fund loan growth at Axos Bank. The purchase price of $54.8 million consisted entirely of cash consideration paid upon acquisition and working capital adjustments. The Company incurred acquisition-related costs totaling $0.04 million for the nine months ended March 31, 2022. There were no costs in the three months March 31, 2022. These costs are recognized in general and administrative expenses in the unaudited consolidated statements of income. The acquisition is accounted for as a business combination under the acquisition method of accounting. Accordingly, tangible and intangible assets acquired (and liabilities assumed) are recorded at their estimated fair values as of the date of acquisition. The Company allocated the purchase price to the tangible and intangible assets acquired based on information available through March 31, 2022. The estimated fair values of the acquired assets and assumed liabilities are subject to refinement as additional information relative to closing date fair values becomes available. Any subsequent measurement period adjustments to the fair values of acquired assets and liabilities assumed, identifiable intangible assets, or other purchase accounting adjustments will result in adjustments to goodwill no later than within the first 12 months following the closing date of acquisition. The preliminary allocation of the $54.6 million purchase price consists of $6.5 million of fair value of tangible assets acquired, $3.4 million of liabilities assumed, $27.1 million of identifiable intangible assets and $24.4 million of goodwill, all of which is expected to be deductible for tax purposes. In December 2021, the Company made a $0.2 million true-up payment based on working capital adjustments, which was recorded as an increase in the purchase price up to $54.8 million with no impact on goodwill or identifiable intangible assets. After the working capital true-up, the fair value of tangible assets acquired is $6.4 million and the fair value of liabilities acquired is $3.1 million. Identifiable intangible assets with a finite useful are amortized on a straight-line basis. Goodwill was calculated as the excess of consideration exchanged over the fair value of identifiable net assets acquired. The goodwill includes synergies expected to result from combining the acquired assets and liabilities with existing operations, coupling its custody platform with the Company existing product offerings and leveraging customer relationships through RIAs. The following table summarizes the fair value and useful life of each intangible asset acquired as of the acquisition date:
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FAIR VALUE |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE | FAIR VALUE Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820, Fair Value Measurement, establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 31, 2022 and June 30, 2021. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
1Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac. 2Private 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 Alt-A or pay-option ARM mortgages. The following tables present additional information about assets measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:
The table below summarizes the quantitative information about level 3 fair value measurements as of the dates indicated:
The significant unobservable inputs used in the fair value measurement of the Company’s residential mortgage-backed securities are projected prepayment rates, probability of default, and projected loss severity in the event of default. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the projected loss severity and a directionally opposite change in the assumption used for projected prepayment rates. The table below summarizes assets measured for impairment on a non-recurring basis:
Other real estate owned and foreclosed assets, which are measured at the lower of carrying value or fair value less costs to sell, had a net carrying amount of $564 after charge-offs of $79 for the nine months ended March 31, 2022. The Company has elected the fair value option for Agency loans held for sale. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on loans. None of these loans are 90 days or more past due nor on nonaccrual as of March 31, 2022 and June 30, 2021. As of March 31, 2022 and June 30, 2021, the aggregate fair value of loans held for sale, carried at fair value, contractual balance (including accrued interest), and unrealized gain (loss) was as follows:
The total amount of gains and losses from changes in fair value included in earnings for the period indicated below for loans held for sale were:
The following table presents quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the periods indicated:
1 For other real estate owned and foreclosed assets the ranges shown may vary positively or negatively based on the comparable sales reported in the current appraisal. In certain instances, the range can be significant due to small sample sizes and in some cases the property being valued having limited comparable sales with similar characteristics at the time the current appraisal is conducted. Fair value of Financial Instruments The carrying amounts and estimated fair values of financial instruments at March 31, 2022 and June 30, 2021 were as follows:
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SECURITIES |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECURITIES | SECURITIES The amortized cost, carrying amount and fair value for the trading and available-for-sale securities at March 31, 2022 and June 30, 2021 were:
1Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac. 2Private 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 Alt-A or pay-option ARM mortgages. The Company’s non-agency MBS available-for-sale portfolio with a total fair value of $151,479 at March 31, 2022 consists of 16 different issues of super senior securities. The face amounts of debt securities available-for-sale that were pledged to secure borrowings at March 31, 2022 and June 30, 2021 were $1.2 million and $1.4 million, respectively. The securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows:
On March 31, 2022, there were twelve securities in a continuous loss position for a period of more than 12 months, and eighteen securities in a continuous loss position for a period of less than 12 months. At June 30, 2021, there were seven securities in a continuous loss position for a period of more than 12 months, and seven securities in a continuous loss position for a period of less than 12 months. At March 31, 2022, one non-agency RMBS with a total carrying amount of $2.4 million was determined to have cumulative credit losses of $0.8 million of which none was recognized in earnings during the three months ended March 31, 2022. During the nine months ended March 31, 2021, the company sold no available-for-sale securities. During the nine months ended March 31, 2022, the company sold no available-for-sale securities. The Company had recorded unrealized gains and unrealized losses in accumulated other comprehensive loss as follows:
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LOANS & ALLOWANCE FOR CREDIT LOSSES |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS & ALLOWANCE FOR CREDIT LOSSES | LOANS & ALLOWANCE FOR CREDIT LOSSES The following table sets forth the composition of the loan portfolio as of the dates indicated:
The following tables summarize activity in the allowance for credit losses - loans by portfolio classes for the periods indicated.
Credit Quality Disclosures. Nonaccrual loans consisted of the following as of the dates indicated:
No interest income was recognized on nonaccrual loans in either the three months ended March 31, 2022 or March 31, 2021. No interest income was recognized on nonaccrual loans in either the nine months ended March 31, 2022 or March 31, 2021. Approximately 0.53% of our nonaccrual loans at March 31, 2022 were considered TDRs, compared to 0.55% at June 30, 2021. Borrowers that make timely payments after TDRs are considered non-performing for at least six months. Generally, after six months of timely payments, those TDRs are reclassified from the nonaccrual loan category to the performing loan category and any previously deferred interest income is recognized. Approximately 81.67% of the Bank’s nonaccrual loans are single family first mortgages. The following tables present the outstanding unpaid balance of loans that are performing and nonaccrual by portfolio class:
From time to time, the Company modifies loan terms temporarily for borrowers who are experiencing financial stress. These loans are performing and accruing and will generally return to the original loan terms after the modification term expires. The Company had no TDRs classified as performing loans at March 31, 2022 or June 30, 2021. Credit Quality Indicators The amortized cost basis by fiscal year of origination and credit quality indicator of the Company’s loan as of March 31, 2022 was as follows:
The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses - loans. The Company also evaluates credit quality based on the aging status of its loans. During the year, the Company holds certain short-term loans that do not have a fixed maturity date that are treated as delinquent if not paid in full 90 days after the origination date. The Company took proactive measures to manage loans that became delinquent during the recent economic downturn as a result of the COVID-19 pandemic. As of March 31, 2022, no loans were on forbearance status for forbearance granted out of COVID-19. Any forbearance granted out of COVID-19 was for six months or less. The following tables provide the outstanding unpaid balance of loans that are past due 30 days or more by portfolio class as of the dates indicated:
Allowance for Credit Losses The allowance for credit losses is the sum of the allowance for credit losses - loans and the unfunded loan commitment liabilities. Unfunded loan commitment liabilities is included in “Accounts payable, accrued liabilities and other liabilities” in the unaudited Condensed Consolidated Balance Sheets. Provisions for the unfunded loan commitments are included in “General and administrative expenses” in the unaudited Condensed Consolidated Statements of Income. The following tables present a summary of the activity in the allowance for credit losses for the periods indicated:
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SUBORDINATED NOTES |
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Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
SUBORNIDATED NOTES | SUBORDINATED NOTESIn February 2022, the Company completed the sale of $150.0 million aggregate principal amount of its 4.00% Fixed-to-Floating Rate Subordinated Notes (the “Notes”). The Notes are obligations only of Axos Financial, Inc. The Notes mature on March 1, 2032 and accrue interest at a fixed rate per annum equal to 4.00%, payable semi-annually in arrears on March 1 and September 1 of each year, commencing on September 1, 2022. From and including March 1, 2027, to, but excluding March 1, 2032 or the date of early redemption, the Notes will bear interest at a floating rate per annum equal to a benchmark rate of the Three-Month Term SOFR plus a spread of 227 basis points, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing on June 1, 2027. The Notes may be redeemed on or after March 1, 2027, which date may be extended at the Company’s discretion, at a redemption price equal to principal plus accrued and unpaid interest, subject to certain conditions. Fees and costs incurred in connection with the debt offering amortize to interest expense over the term of the Notes. |
EQUITY AND STOCK-BASED COMPENSATION |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY AND STOCK-BASED COMPENSATION | EQUITY AND STOCK-BASED COMPENSATION Amended and Restated 2014 Stock Incentive Plan. On October 21, 2021 the Company’s stockholders approved the Amended and Restated 2014 Stock Incentive Plan, which reserved one million additional shares for purposes of the Company’s equity compensation. Restricted Stock Units. During the nine months ended March 31, 2022 and 2021, the Company granted 526,699 and 614,406 restricted stock unit awards (“RSUs”) to employees and directors, and during the nine months ended March 31, 2022 granted 478,353 RSU’s to the chief executive officer, which vest ratably on each of the four fiscal year ends after the issue date. All other RSUs granted during these quarters generally vest over 3 years, one-third on each anniversary date. The Company’s pre-tax income and net income for the nine months ended March 31, 2022 and 2021 include stock award expense of $15.9 million and $15.8 million, with total income tax benefit of $4.6 million and $4.7 million, respectively. The Company recognizes compensation expense based upon the grant-date fair value divided by the vesting and the service period between each vesting date. At March 31, 2022, unrecognized compensation expense related to non-vested awards aggregated to $43.7 million and is expected to be recognized in future periods as follows:
The following table presents the status and changes in restricted stock units for the periods indicated:
The total fair value of shares vested for the three and nine months ended March 31, 2022 was $9,725 and $24,559. The total fair value of shares vested for the three and nine months ended March 31, 2021 was $8,366 and $16,612.
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EARNINGS PER COMMON SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Earnings per common share (“EPS”) is presented under two formats: basic EPS and diluted EPS. Basic EPS is computed by dividing the net income attributable to common stock (net income after deducting dividends on preferred stock and preferred stock redemption charge) by the sum of the weighted-average number of common shares outstanding during the year and the unvested average of participating RSUs. Diluted EPS is computed by dividing the sum of net income attributable to common stock and dividends on diluted preferred stock by the sum of the weighted-average number of common shares outstanding during the year and the impact of dilutive potential common shares, such as nonparticipating RSUs, stock options and convertible preferred stock. The unvested stock-based compensation awards issued under the Amended and Restated 2014 Stock Incentive Plan have no stockholder rights, meaning they are not entitled to dividends and are considered nonparticipating. The Company does not include these nonparticipating RSUs in the basic EPS calculation, but are included in the diluted EPS calculation using the treasury stock method. The following table presents the calculation of basic and diluted EPS:
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COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES COVID-19 Impact. The Company has closely monitored the rapid developments of and uncertainties caused by the COVID-19 pandemic. In response to the changes in economic and business conditions as a result of the COVID-19 pandemic, the Company continues to take the necessary and appropriate actions to support customers, employees, partners and shareholders. The Company took proactive measures to manage loans that became delinquent during the recent economic downturn as a result of the COVID-19 pandemic. As of March 31, 2022, no loans were on forbearance status for a forbearance granted from any prior date. Any forbearance granted out of COVID-19 was for six months or less. The Company will continue to monitor uncertainties caused by and developments of COVID-19. Operating Leases. The Company leases office space under operating lease agreements scheduled to expire at various dates. The following table represents maturities of lease liabilities as of March 31, 2022 in the corresponding fiscal years:
Credit-Related Financial Instruments. The Company is a party to credit-related financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are commitments to extend credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the unaudited condensed consolidated balance sheets. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance-sheet instruments. At March 31, 2022, the Company had commitments to originate $160.1 million in fixed rate loans and $2,660.3 million in variable rate loans, totaling an aggregate outstanding principal balance of $2,820.3 million. At March 31, 2022, the Company’s fixed rate commitments to originate had a weighted-average rate of 5.19%. At March 31, 2022, the Company also had commitments to sell $33.0 million in fixed rate loans and none in variable rate loans, totaling an aggregate outstanding principal balance of $33.0 million. Commitments to extend credit are agreements to lend to a customer so long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. At March 31, 2022 the Company had a commitment to fund an equity investment measured at fair value of $10 million. At March 31, 2022, no amounts had been funded related to the investment. In the normal course of business, Axos Clearing’s customer activities involve the execution, settlement, and financing of various customer securities transactions. These activities may expose Axos Clearing to off-balance-sheet risk in the event the customer or other broker is unable to fulfill its contracted obligations and Axos Clearing has to purchase or sell the financial instrument underlying the contract at a loss. Axos Clearing’s clearing agreements with broker-dealers for which it provides clearing services requires them to indemnify Axos Clearing if customers fail to satisfy their contractual obligation. Litigation. On October 15, 2015, the Company, its Chief Executive Officer and its then Chief Financial Officer were named defendants in a putative class action lawsuit styled Golden v. BofI Holding, Inc., et al, and brought in United States District Court for the Southern District of California (the “Golden Case”). On November 3, 2015, the Company, its Chief Executive Officer and its then Chief Financial Officer were named defendants in a second putative class action lawsuit styled Hazan v. BofI Holding, Inc., et al, and also brought in the United States District Court for the Southern District of California (the “Hazan Case”). On February 1, 2016, the Golden Case and the Hazan Case were consolidated as In re BofI Holding, Inc. Securities Litigation, Case #: 3:15-cv-02324-GPC-KSC (the “Class Action”), and the Houston Municipal Employees Pension System was appointed lead plaintiff. The plaintiffs allege that the Company and other named defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by failing to disclose wrongful conduct that was alleged in a complaint filed in connection with a wrongful termination of employment lawsuit filed on October 13, 2015 (the “Employment Matter”) and that as a result the Company’s statements regarding its internal controls, as well as portions of its financial statements, were false and misleading. On March 21, 2018, the Court entered a final order dismissing the Class Action with prejudice. Subsequently, the plaintiff appealed, the Court overturned the dismissal and the Company is preparing a petition for a rehearing. On April 13, 2022, the parties executed a Stipulation and Agreement of Settlement. The Stipulation and Agreement of Settlement was submitted to the District Court for approval on April 15, 2022. There is no assurance that approval will be granted. The agreed to settlement amount is not material to the Condensed Consolidated Financial Statements, as of and for the quarter ended March 31, 2022. On April 3, 2017, the Company, its Chief Executive Officer and its then Chief Financial Officer were named defendants in a putative class action lawsuit styled Mandalevy v. BofI Holding, Inc., et al, and brought in United States District Court for the Southern District of California (the “Mandalevy Case”). The Mandalevy Case seeks monetary damages and other relief on behalf of a putative class that has not been certified by the Court. The complaint in the Mandalevy Case (the “Mandalevy Complaint”) alleges a class period that differs from that alleged in the First Class Action, and that the Company and other named defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by failing to disclose wrongful conduct that was alleged in a March 2017 media article. The Mandalevy Case has not been consolidated into the First Class Action. On December 7, 2018, the Court entered a final order granting the defendants’ motion and dismissing the Mandalevy Case with prejudice. Subsequently, the plaintiff filed a notice of appeal and the Court took the matter under advisement. On November 3, 2020, the Court issued a ruling affirming in part and reversing in part the District Court's Order dismissing the Class Action Second Amended Complaint. The defendants filed a petition for rehearing en banc on November 17, 2020, which petition was denied on December 16, 2020. The defendants filed a motion to dismiss the remanded complaint on February 19, 2021. On January 31, 2022, a Stipulation of Settlement was submitted to the District Court for approval. There is no assurance that approval will be granted. The agreed to settlement amount is not material to the Condensed Consolidated Financial Statements, as of and for the quarter ended March 31, 2022. The Company and the other named defendants dispute the allegations of wrongdoing advanced by the plaintiffs in the Class Action, the Mandalevy Case, and in the Employment Matter, as well as those plaintiffs’ statement of the underlying factual circumstances, and are vigorously defending each case. In addition to the First Class Action and the Mandalevy Case, two separate shareholder derivative actions were filed in December, 2015, purportedly on behalf of the Company. The first derivative action, Calcaterra v. Garrabrants, et al, was filed in the United States District Court for the Southern District of California on December 3, 2015. The second derivative action, Dow v. Micheletti, et al, was filed in the San Diego County Superior Court on December 16, 2015. A third derivative action, DeYoung v. Garrabrants, et al, was filed in the United States District Court for the Southern District of California on January 22, 2016, a fourth derivative action, Yong v. Garrabrants, et al, was filed in the United States District Court for the Southern District of California on January 29, 2016, a fifth derivative action, Laborers Pension Trust Fund of Northern Nevada v. Allrich et al, was filed in the United States District Court for the Southern District of California on February 2, 2016, and a sixth derivative action, Garner v. Garrabrants, et al, was filed in the San Diego County Superior Court on August 10, 2017. Each of these six derivative actions names the Company as a nominal defendant, and certain of its officers and directors as defendants. Each complaint sets forth allegations of breaches of fiduciary duties, gross mismanagement, abuse of control, and unjust enrichment against the defendant officers and directors. The plaintiffs in these derivative actions seek damages in unspecified amounts on the Company’s behalf from the officer and director defendants, certain corporate governance actions, and an award of their costs and attorney’s fees. The United States District Court for the Southern District of California ordered the four above-referenced derivative actions pending before it to be consolidated and appointed lead counsel in the consolidated action. On June 7, 2018, the Court entered an order granting defendant’s motion for judgment on the pleadings, but giving the plaintiffs limited leave to amend by June 28, 2018. The plaintiffs failed to file an amended complaint, and instead plaintiffs filed on June 28, 2018 a motion to stay the case pending resolution of the securities class action and Employment Matter. On August 10, 2018, defendants filed an opposition to plaintiffs’ motion. On September 11, 2018, the plaintiffs filed a second amended complaint. On October 16, 2018, defendants filed a motion to dismiss the second amended complaint. On October 16, 2018, defendants filed a motion to dismiss the second amended complaint. The Court dismissed the second amended complaint with prejudice on May 23, 2019. Subsequently, the plaintiff filed a notice of appeal and opening brief and the Company filed its answering brief. Oral argument was held September 2, 2020 and the Court took the matter under advisement. The two derivative actions pending before the San Diego County Superior Court have been consolidated and have been stayed by agreement of the parties. In view of the inherent difficulty of predicting the outcome of each legal action, particularly since claimants seek substantial or indeterminate damages, it is not possible to reasonably predict or estimate the eventual loss or range of loss, if any, related to each legal action, unless otherwise disclosed above.
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SEGMENT REPORTING |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT REPORTING | SEGMENT REPORTING There are no material inter-segment sales or transfers. The accounting policies used by each reportable segment are the same as those discussed in Note 1 - “Organizations and Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended June 30, 2021. All costs, except certain corporate administration costs and income taxes, have been allocated to the reportable segments. Therefore, combined amounts agree to the unaudited condensed consolidated totals. In order to reconcile the two segments to the unaudited condensed consolidated totals, the Company includes parent-only activities and intercompany eliminations. The following tables present the operating results, goodwill, and assets of the segments:
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation | The condensed consolidated financial statements include the accounts of Axos Financial, Inc. (“Axos”) and its wholly owned subsidiaries, Axos Bank (the “Bank”) and Axos Nevada Holding, LLC (the “Axos Nevada Holding”) and collectively, the “Company”. Axos Nevada Holding wholly owns the companies constituting the Securities Business segment. All significant intercompany balances and transactions have been eliminated in consolidation. |
Basis of Presentation | The accompanying interim condensed consolidated financial statements, presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), are unaudited and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of financial condition and results of operations for the interim periods. All adjustments are of a normal and recurring nature. Results for the nine months ended March 31, 2022 are not necessarily indicative of results that may be expected for any other interim period or for the year as a whole. Certain information and note disclosures normally included in the audited annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) with respect to interim financial reporting. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended June 30, 2021 included in our Annual Report on Form 10-K. |
New Accounting Standards | Significant Accounting Policies Our significant accounting policies are described in greater detail in Note 1 - “Summary of Significant Accounting Policies” contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended June 30, 2021. New Accounting Standards Accounting Standards Issued But Not Yet Adopted In March 2022, the FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the CECL model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The amendment would become effective for the Company on July 1, 2023. Early adoption is permitted. The Company is evaluating the impact of ASU 2022-02 on the Company’s consolidated financial statements, but it does not expect the adoption to have a material impact. The Company will be required to update disclosures around financing receivables and net investment in leases.
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Fair Value Measurement | Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820, Fair Value Measurement, establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. |
Earnings Per Common Share | Earnings per common share (“EPS”) is presented under two formats: basic EPS and diluted EPS. Basic EPS is computed by dividing the net income attributable to common stock (net income after deducting dividends on preferred stock and preferred stock redemption charge) by the sum of the weighted-average number of common shares outstanding during the year and the unvested average of participating RSUs. Diluted EPS is computed by dividing the sum of net income attributable to common stock and dividends on diluted preferred stock by the sum of the weighted-average number of common shares outstanding during the year and the impact of dilutive potential common shares, such as nonparticipating RSUs, stock options and convertible preferred stock. The unvested stock-based compensation awards issued under the Amended and Restated 2014 Stock Incentive Plan have no stockholder rights, meaning they are not entitled to dividends and are considered nonparticipating. The Company does not include these nonparticipating RSUs in the basic EPS calculation, but are included in the diluted EPS calculation using the treasury stock method.
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ACQUISITIONS (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value and Useful Life of Each Intangible Asset Acquired | The following table summarizes the fair value and useful life of each intangible asset acquired as of the acquisition date:
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FAIR VALUE (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 31, 2022 and June 30, 2021. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
1Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac. 2Private 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 Alt-A or pay-option ARM mortgages.
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Schedule of Additional Information About Assets Measured at Fair Value on a Recurring Basis and for which the Company has Utilized Level 3 Inputs to Determine Fair Value | The following tables present additional information about assets measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:
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Schedule of Quantitative Information About Level 3 Fair Value Measurements | The table below summarizes the quantitative information about level 3 fair value measurements as of the dates indicated:
The following table presents quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the periods indicated:
1 For other real estate owned and foreclosed assets the ranges shown may vary positively or negatively based on the comparable sales reported in the current appraisal. In certain instances, the range can be significant due to small sample sizes and in some cases the property being valued having limited comparable sales with similar characteristics at the time the current appraisal is conducted.
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Schedule of Fair Value Assets Measured on Nonrecurring Basis | The table below summarizes assets measured for impairment on a non-recurring basis:
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Schedule of Aggregate Fair Value, Contractual Balance, and Gains of Loans Held For Sale | As of March 31, 2022 and June 30, 2021, the aggregate fair value of loans held for sale, carried at fair value, contractual balance (including accrued interest), and unrealized gain (loss) was as follows:
The total amount of gains and losses from changes in fair value included in earnings for the period indicated below for loans held for sale were:
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Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments at Period-end | The carrying amounts and estimated fair values of financial instruments at March 31, 2022 and June 30, 2021 were as follows:
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SECURITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost, Carrying Amount and Fair Value of Available-for-sale Securities | The amortized cost, carrying amount and fair value for the trading and available-for-sale securities at March 31, 2022 and June 30, 2021 were:
1Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac. 2Private 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 Alt-A or pay-option ARM mortgages.
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Schedule of Available-for-sale Securities in Unrealized Loss Position | The securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows:
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Schedule of Unrealized Gain (Loss) on Investments on Available-for-sale Securities | The Company had recorded unrealized gains and unrealized losses in accumulated other comprehensive loss as follows:
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LOANS & ALLOWANCE FOR CREDIT LOSSES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Composition of the Loan Portfolio | The following table sets forth the composition of the loan portfolio as of the dates indicated:
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Schedule of Allowance for Credit Losses on Financing Receivables | The following tables summarize activity in the allowance for credit losses - loans by portfolio classes for the periods indicated.
The following tables present a summary of the activity in the allowance for credit losses for the periods indicated:
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Schedule of Nonaccrual Loans | Nonaccrual loans consisted of the following as of the dates indicated:
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Schedule of Outstanding Principal Balance on Loans Performing and Nonaccrual | The following tables present the outstanding unpaid balance of loans that are performing and nonaccrual by portfolio class:
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Schedule of Composition of Loan and Lease Portfolio by Credit Quality Indicators | The amortized cost basis by fiscal year of origination and credit quality indicator of the Company’s loan as of March 31, 2022 was as follows:
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Schedule of Past Due Loan and Leases | The following tables provide the outstanding unpaid balance of loans that are past due 30 days or more by portfolio class as of the dates indicated:
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EQUITY AND STOCK-BASED COMPENSATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrecognized Compensation Expense Related to Non-vested Awards To be Recognized in the Future | At March 31, 2022, unrecognized compensation expense related to non-vested awards aggregated to $43.7 million and is expected to be recognized in future periods as follows:
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Schedule of Status and Changes in Restricted Stock Grants | The following table presents the status and changes in restricted stock units for the periods indicated:
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EARNINGS PER COMMON SHARE (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Basic and Diluted EPS | The following table presents the calculation of basic and diluted EPS:
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Commitment and Contingencies (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Lease Liabilities | Operating Leases. The Company leases office space under operating lease agreements scheduled to expire at various dates. The following table represents maturities of lease liabilities as of March 31, 2022 in the corresponding fiscal years:
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SEGMENT REPORTING (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables present the operating results, goodwill, and assets of the segments:
|
ACQUISITIONS - NARRATIVE (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|
Aug. 02, 2021 |
Dec. 31, 2021 |
Mar. 31, 2022 |
Mar. 31, 2022 |
Jun. 30, 2021 |
|
Business Acquisition [Line Items] | |||||
Goodwill | $ 95,674,000 | $ 95,674,000 | $ 71,222,000 | ||
E*TRADE Advisor Services | |||||
Business Acquisition [Line Items] | |||||
Cash consideration | $ 54,600,000 | $ 54,800,000 | |||
Acquisition-related costs | 0 | 40,000.00 | |||
Tangible assets acquired | 6,500,000 | 6,400,000 | 6,400,000 | ||
Liabilities assumed | 3,400,000 | $ 3,100,000 | $ 3,100,000 | ||
Intangible assets acquired | 27,060,000 | ||||
Goodwill | $ 24,400,000 | ||||
True-up payment based on working capital adjustment | $ 200,000 |
ACQUISITIONS - FAIR VALUE OF ASSETS ACQUIRED (Details) - E*TRADE Advisor Services $ in Thousands |
Aug. 02, 2021
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Fair Value | $ 27,060 |
Trade name | |
Business Acquisition [Line Items] | |
Fair Value | $ 290 |
Weighted-average useful lives (years) | 1 month 28 days |
Proprietary Technology | |
Business Acquisition [Line Items] | |
Fair Value | $ 10,990 |
Weighted-average useful lives (years) | 7 years |
Customer Relationships | |
Business Acquisition [Line Items] | |
Fair Value | $ 15,650 |
Weighted-average useful lives (years) | 14 years |
Non-Compete Agreements | |
Business Acquisition [Line Items] | |
Fair Value | $ 130 |
Weighted-average useful lives (years) | 1 year |
FAIR VALUE - NARRATIVE (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2022 |
Mar. 31, 2021 |
Jun. 30, 2021 |
|
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||||
Impaired loans, charge-offs | $ 1,892 | $ 1,405 | $ 3,248 | $ 8,553 | |
Nonrecurring | |||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||||
Other real estate owned and foreclosed assets, fair value | 564 | 564 | $ 6,782 | ||
Other real estate owned | Nonrecurring | |||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||||
Other real estate owned and foreclosed assets, fair value | $ 564 | 564 | |||
Impaired loans, charge-offs | $ 79 |
FAIR VALUE - LOANS HELD-FOR-SALE (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2022 |
Mar. 31, 2021 |
Jun. 30, 2021 |
|
Fair Value Disclosures [Abstract] | |||||
Aggregate fair value | $ 19,611 | $ 19,611 | $ 29,768 | ||
Contractual balance | 19,749 | 19,749 | 28,940 | ||
Unrealized gain (loss) | (138) | (138) | $ 828 | ||
Interest income | 204 | $ 387 | 598 | $ 1,189 | |
Change in fair value | (1,041) | (1,829) | (2,019) | (1,369) | |
Total | $ (837) | $ (1,442) | $ (1,421) | $ (180) |
SECURITIES - UNREALIZED GAIN (LOSS) ON INVESTMENTS (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Jun. 30, 2021 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities—net unrealized gains (losses) | $ (1,351) | $ 4,507 |
Available-for-sale debt securities—non-credit related losses | (845) | (845) |
Subtotal | (2,196) | 3,662 |
Tax benefit (expense) | 570 | (1,155) |
Net unrealized gain (loss) on investment securities in accumulated other comprehensive income (loss) | $ (1,626) | $ 2,507 |
LOANS & ALLOWANCE FOR CREDIT LOSSES - NONACCRUAL LOANS NARRATIVE (Details) |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Mar. 31, 2022
USD ($)
loan
|
Mar. 31, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
|
Mar. 31, 2022
USD ($)
loan
|
Mar. 31, 2021
USD ($)
|
Jun. 30, 2021
loan
|
|
Financing Receivable, Impaired [Line Items] | ||||||
Deferral of payment obligation | $ 0 | |||||
Nonaccrual | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Interest income recognized on accrual loans | $ 0 | $ 0 | $ 0 | $ 0 | ||
Ratio of nonaccrual loans and leases considered TDRs | 0.53% | 0.53% | 0.55% | |||
Period over which borrowers can make timely payments after TDR considered non-performing (in months) | 6 months | |||||
Nonaccrual | Single Family - Mortgage & Warehouse | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Ratio of nonaccrual loans and leases that are single family mortgage | 81.67% | 81.67% | ||||
Performing | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Number or TDRs classified as performing | loan | 0 | 0 | 0 |
LOANS & ALLOWANCE FOR CREDIT LOSSES - ALLOWANCE FOR LOAN LOSS AND RESERVE FOR UNFUNDED LOAN COMMITMENTS (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | $ 140,489 | $ 136,393 | $ 132,958 | $ 132,958 | $ 75,807 |
Provision for credit losses | 4,500 | 2,700 | 12,500 | 22,500 | |
Charge-offs | (1,892) | (1,405) | (3,248) | (8,553) | |
Recoveries | 275 | 419 | 1,162 | 1,053 | |
Balance, end of period | 143,372 | 138,107 | 140,489 | 143,372 | 138,107 |
Unfunded Loan Commitment Liabilities | |||||
Balance, beginning of period | 8,723 | 5,723 | 5,723 | 5,723 | 323 |
Provision for Credit Losses | 1,000 | 0 | 4,000 | (300) | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Balance, end of period | 9,723 | 5,723 | 8,723 | 9,723 | 5,723 |
Total Allowance for Credit Losses | |||||
Balance, beginning of period | 149,212 | 142,116 | 138,681 | 138,681 | 76,130 |
Provision for Credit Losses | 5,500 | 2,700 | 16,500 | 22,200 | |
Charge-offs | (1,892) | (1,405) | (3,248) | (8,553) | |
Recoveries | 275 | 419 | 1,162 | 1,053 | |
Balance, end of period | $ 153,095 | $ 143,830 | $ 149,212 | $ 153,095 | $ 143,830 |
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | Accounting Standards Update 2016-13 [Member] | |||
Effect of Adoption of ASC 326 | |||||
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | $ 47,300 | ||||
Unfunded Loan Commitment Liabilities | |||||
Balance, beginning of period | 5,700 | ||||
Total Allowance for Credit Losses | |||||
Balance, beginning of period | $ 53,000 |
SUBORNIDATED NOTES - NARRATIVE (Details) - Subordinated Notes $ in Millions |
1 Months Ended |
---|---|
Feb. 28, 2022
USD ($)
| |
Debt Instrument [Line Items] | |
Subordinated notes issued | $ 150.0 |
Percentage of principal amount redeemed | 4.00% |
Effective interest rate per annum (as a percentage) | 4.00% |
Basis points spread | 2.27% |
EQUITY AND STOCK-BASED COMPENSATION - UNRECOGNIZED COMPENSATION EXPENSE RELATED TO NON-VESTED AWARDS (Details) - RSUs $ in Thousands |
Mar. 31, 2022
USD ($)
|
---|---|
Stock Award Compensation Expense | |
2022 | $ 5,481 |
2023 | 18,443 |
2024 | 13,142 |
2025 | 5,253 |
2026 | 989 |
Thereafter | 400 |
Total | $ 43,708 |
EQUITY AND STOCK-BASED COMPENSATION - CHANGES IN RESTRICTED STOCK UNIT GRANTS (Details) - RSUs - $ / shares |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2021 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Restricted Stock Units | |||
Non-vested balance, beginning (in shares) | 1,220,470 | 1,220,470 | 1,445,540 |
Granted (in shares) | 617,833 | 1,005,052 | |
Vested (in shares) | (666,790) | (503,272) | |
Forfeited (in shares) | (176,113) | (123,406) | |
Non-vested balance, ending (in shares) | 1,598,844 | ||
Weighted-Average Grant-Date Fair Value | |||
Non-vested balance, beginning (in dollars per share) | $ 30.18 | $ 30.18 | $ 28.62 |
Granted (in dollars per share) | 32.12 | 48.31 | |
Vested (in dollars per share) | 29.23 | 29.52 | |
Forfeited (in dollars per share) | $ 27.42 | 35.58 | |
Non-vested balance, ending (in dollars per share) | $ 41.41 |
COMMITMENTS AND CONTINGENCIES - SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) $ in Thousands |
Mar. 31, 2022
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2022 | $ 2,498 |
2023 | 10,595 |
2024 | 10,287 |
2025 | 10,119 |
2026 | 9,791 |
Thereafter | 38,821 |
Total lease payments | 82,111 |
Less: amount representing interest | (8,668) |
Total Lease Liability | $ 73,443 |
SEGMENT REPORTING (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2022
USD ($)
|
Mar. 31, 2021
USD ($)
|
Mar. 31, 2022
USD ($)
segment
|
Mar. 31, 2021
USD ($)
|
Jun. 30, 2021
USD ($)
|
|
Segment Reporting [Abstract] | |||||
Number of operating segments | segment | 2 | ||||
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 149,538 | $ 135,669 | $ 441,748 | $ 397,088 | |
Provision (benefit) for credit losses - loans | 4,500 | 2,700 | 12,500 | 22,500 | |
Non-interest income | 28,774 | 23,887 | 86,263 | 88,460 | |
Non-interest expense | 86,819 | 80,807 | 257,269 | 232,650 | |
Income before taxes | 86,993 | 76,049 | 258,242 | 230,398 | |
Goodwill | 95,674 | 95,674 | $ 71,222 | ||
Total Assets | 16,080,950 | 16,080,950 | 14,265,565 | ||
Operating segments | Banking Business | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 147,828 | 135,096 | 432,328 | 390,268 | |
Provision (benefit) for credit losses - loans | 4,500 | 2,700 | 12,500 | 22,500 | |
Non-interest income | 15,741 | 16,201 | 46,864 | 68,708 | |
Non-interest expense | 65,076 | 64,040 | 190,250 | 187,733 | |
Income before taxes | 93,993 | 84,557 | 276,442 | 248,743 | |
Goodwill | 35,721 | 35,721 | 35,721 | ||
Total Assets | 14,768,636 | 14,768,636 | 12,745,029 | ||
Operating segments | Securities Business | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 3,377 | 3,847 | 14,059 | 13,002 | |
Provision (benefit) for credit losses - loans | 0 | 0 | 0 | 0 | |
Non-interest income | 15,609 | 8,369 | 45,169 | 20,725 | |
Non-interest expense | 20,242 | 13,282 | 61,169 | 35,946 | |
Income before taxes | (1,256) | (1,066) | (1,941) | (2,219) | |
Goodwill | 59,953 | 59,953 | 35,501 | ||
Total Assets | 1,246,997 | 1,246,997 | 1,450,512 | ||
Corporate/Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | (1,667) | (3,274) | (4,639) | (6,182) | |
Provision (benefit) for credit losses - loans | 0 | 0 | 0 | 0 | |
Non-interest income | (2,576) | (683) | (5,770) | (973) | |
Non-interest expense | 1,501 | 3,485 | 5,850 | 8,971 | |
Income before taxes | (5,744) | $ (7,442) | (16,259) | $ (16,126) | |
Goodwill | 0 | 0 | 0 | ||
Total Assets | $ 65,317 | $ 65,317 | $ 70,024 |
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