Axos Financial Inc
For the period ended Jun 30, 2024. Filed Aug 22, 2024.
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FY2024 · Filed Aug 22, 2024
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21. Parent-Only Condensed Financial Information
- PARENT-ONLY CONDENSED FINANCIAL INFORMATION
The following tables present Axos Financial, Inc. (Parent company only) financial information and should be read in conjunction with the Consolidated Financial Statements of the Company and the other notes to the Consolidated Financial Statements. Adjustments to investment in subsidiaries, stockholders’ equity and equity in undistributed earnings of subsidiaries have been made to eliminate an intercompany transaction between multiple subsidiaries and the Parent company.
CONDENSED BALANCE SHEETS
| At June 30, | ||
|---|---|---|
| (Dollars in thousands) | 2024 | 2023 |
| ASSETS | ||
| Cash and cash equivalents | $109,610 | $115,948 |
| Securities | 78,321 | 15,050 |
| Advances to non-bank subsidiaries | 3,000 | 8,000 |
| Other assets | 68,321 | 78,932 |
| Investment in bank subsidiaries | 2,241,746 | 1,884,525 |
| Investment in non-bank subsidiaries | 216,164 | 235,223 |
| Total assets | $2,717,162 | $2,337,678 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Borrowings, subordinated notes and debentures | $325,679 | $334,579 |
| Accounts payable and other liabilities | 100,887 | 85,940 |
| Total liabilities | 426,566 | 420,519 |
| Stockholders’ equity | 2,290,596 | 1,917,159 |
| Total liabilities and stockholders’ equity | $2,717,162 | $2,337,678 |
CONDENSED STATEMENTS OF INCOME
| Fiscal Year Ended June 30, | |||
|---|---|---|---|
| (Dollars in thousands) | 2024 | 2023 | 2022 |
| Interest income | $4,279 | $1,656 | $1,777 |
| Interest expense | 15,990 | 15,909 | 11,183 |
| Net interest (expense) income | (11,711) | (14,253) | (9,406) |
| Provision for loan losses | (184) | — | — |
| Net interest (expense) income, after provision for credit losses | (11,527) | (14,253) | (9,406) |
| Non-interest income (loss) | 13,247 | 11,448 | 6,275 |
| Non-interest expense and tax benefit1 | 31,366 | 15,866 | 9,741 |
| Income (loss) before dividends from subsidiary and equity in undistributed income of subsidiaries | (29,646) | (18,671) | (12,872) |
| Dividends from bank subsidiaries | 120,000 | 45,000 | 40,000 |
| Dividends from non-bank subsidiaries | 26,000 | 13,750 | — |
| Equity in undistributed earnings of subsidiaries | 333,654 | 267,086 | 213,588 |
| Net income | $450,008 | $307,165 | $240,716 |
| Comprehensive income | $454,152 | $303,488 | $235,276 |
1 Includes tax benefits of $6,352, $11,988, and $11,927 for the fiscal years ended June 30,2024, 2023, and 2022, respectively.
STATEMENTS OF CASH FLOWS
| Fiscal Year Ended June 30, | |||
|---|---|---|---|
| (Dollars in thousands) | 2024 | 2023 | 2022 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $450,008 | $307,165 | $240,716 |
| Adjustments to reconcile net income to net cash used in operating activities: | |||
| Depreciation, amortization and accretion | 9,532 | 12,383 | 11,160 |
| Stock-based compensation expense | 35,194 | 26,100 | 21,242 |
| Equity in undistributed earnings of subsidiaries | (333,654) | (267,086) | (213,588) |
| Decrease (increase) in other assets | 15,849 | (3,448) | (5,231) |
| Increase (decrease) in other liabilities | (17,922) | (1,069) | (11,564) |
| Net cash provided by operating activities | 159,007 | 74,045 | 42,735 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of investment securities | (20,351) | — | — |
| Proceeds from principal repayments on loans | 5,000 | 25,000 | — |
| Acquisition of business activity, net of cash paid | — | — | — |
| Purchases of furniture, equipment, software and intangibles | (5,378) | (805) | (817) |
| Investment in subsidiaries | (23,200) | (25,825) | (203,086) |
| Net cash used in investing activities | (43,929) | (1,630) | (203,903) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Tax payments related to the settlement of restricted stock units | (16,192) | (6,144) | (14,481) |
| Repurchase of treasury stock | (96,286) | (48,963) | — |
| Repurchase of subordinated notes | (8,938) | — | (2,120) |
| Proceeds from issuance of subordinated notes | — | — | 150,000 |
| Net cash provided by (used in) financing activities | (121,416) | (55,107) | 133,399 |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (6,338) | 17,308 | (27,769) |
| CASH AND CASH EQUIVALENTS—Beginning of year | 115,948 | 98,640 | 126,409 |
| CASH AND CASH EQUIVALENTS—End of year | $109,610 | $115,948 | $98,640 |
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