Axos Financial Inc

For the period ended Dec 31, 2023. Filed Jan 30, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2023 · Filed Jan 30, 2024

AX$92.17-1.9%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows (unaudited)

AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Six Months Ended
	December 31,
(Dollars in thousands)	2023	2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$234,416	$139,959
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	12,365	12,051
Other accretion and amortization	(12,006)	529
Stock-based compensation expense	13,393	11,569
Trading activity	429	1,386
Provision for credit losses	20,500	11,751
Deferred income taxes	21,032	7,592
Origination of loans held for sale	(96,910)	(113,300)
Unrealized and realized gains on loans held for sale	(3,854)	(4,115)
Proceeds from sale of loans held for sale	107,846	117,252
Changes in servicing rights	(1,955)	93
Gain on FDIC Loan Purchase	(92,397)	—
Net change in assets and liabilities which provide (use) cash:
Securities borrowed	(10,837)	280,134
Customer, broker-dealer and clearing receivables	108,217	144,838
Other Assets	(72,132)	(19,062)
Securities loaned	(4,340)	(318,392)
Customer, broker-dealer and clearing payables	(76,592)	(90,707)
Accounts payable and other liabilities	(81)	(4,502)
Net cash provided by operating activities	147,094	177,076
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale securities	(9,612)	—
Proceeds from sale and repayment of available-for-sale securities	5,952	9,111
Purchase of stock of regulatory agencies	—	(74,972)
Proceeds from redemption of stock of regulatory agencies	—	74,972
Origination of loans held for investment	(5,299,304)	(4,499,800)
Proceeds from sale of loans originally classified as held for investment	—	13,965
Mortgage warehouse loan activity, net	150,941	136,545
Proceeds from sale of other real estate owned and repossessed assets	3,420	1,229
Acquisition of business activity, net of cash acquired	—	(5,531)
Purchase of loans and leases, net of discounts and premiums	(841,408)	(127)
Principal repayments on loans	4,270,813	2,947,186
Purchases of furniture, equipment, software and intangibles	(17,031)	(13,982)
Net cash used in investing activities	(1,736,229)	(1,411,404)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits	1,080,804	1,744,072
Repayments of the Federal Home Loan Bank term advances	—	(17,500)
Net (repayment) proceeds of other borrowings	(21,200)	(111,500)
Tax payments related to settlement of restricted stock units	(6,249)	(2,930)
Purchase of treasury stock	(82,583)	—
Net cash provided by financing activities	970,772	1,612,142
NET CHANGE IN CASH AND CASH EQUIVALENTS	(618,363)	377,814
CASH AND CASH EQUIVALENTS—Beginning of year	$2,382,086	$1,574,699
CASH AND CASH EQUIVALENTS—End of period	$1,763,723	$1,952,513
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid on interest-bearing liabilities	323,042	121,878
Income taxes paid	84,436	73,129
Transfers to other real estate and repossessed vehicles from loans held for investment	3,301	7,228
Transfers from loans held for sale to loans and leases held for investment	2,783	690
Operating lease liabilities from obtaining right of use assets	5,767	—

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