XML 30 R17.htm IDEA: XBRL DOCUMENT v3.24.3
SEGMENT REPORTING AND REVENUE INFORMATION
 3 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING AND REVENUE INFORMATION SEGMENT REPORTING AND REVENUE INFORMATION
Segment Reporting. The operating segments reported below are the segments of the Company for which separate financial information is available and for which segment results are evaluated regularly by the Chief Executive Officer in deciding how to allocate resources and in assessing performance. The operating segments and segment results of the Company are determined based upon the management reporting system, which assigns balance sheet and income statement items to each of the business segments.
The Company evaluates performance and allocates resources based on pre-tax profit or loss from operations. Certain corporate administration costs have not been allocated to the reportable segments. The Company operates through two operating segments: Banking Business Segment and Securities Business Segment. Inter-segment transactions are eliminated in consolidation and primarily include non-interest income earned by the Securities Business Segment and non-interest expense incurred by the Banking Business Segment for cash sorting fees related to deposits sourced from Securities Business Segment customers, as well as interest expense paid by the Banking Business Segment to each of the wholly-owned subsidiaries of the Company and to the Company itself for their operating cash held on deposit with the Business Banking Segment. For more information on the Company’s operating segments, see Note 22—“Segment Reporting” in the 2024 Form 10-K.
In order to reconcile the two segments to the consolidated totals, the Company includes corporate activities and intercompany eliminations. The following tables present the operating results, goodwill, and assets of the segments:
For the Three Months Ended September 30, 2024
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Net interest income$288,492 $7,267 $(3,711)$292,048 
Provision for credit losses14,000 — — 14,000 
Non-interest income8,590 29,902 (9,883)28,609 
Non-interest expense118,315 28,091 1,059 147,465 
Income before taxes$164,767 $9,078 $(14,653)$159,192 
For the Three Months Ended September 30, 2023
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Net interest income$209,219 $5,542 $(3,606)$211,155 
Provision for credit losses7,000 — — 7,000 
Non-interest income12,557 34,555 (12,605)34,507 
Non-interest expense100,786 27,523 (7,803)120,506 
Income before taxes$113,990 $12,574 $(8,408)$118,156 
As of September 30, 2024
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Goodwill$35,721 $59,953 $1,999 $97,673 
Total Assets$22,868,054 $674,523 $26,507 $23,569,084 
As of June 30, 2024
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Goodwill$35,721 $59,953 $1,999 $97,673 
Total Assets$22,165,627 $649,254 $40,453 $22,855,334 
Revenue Information. The following presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Accounting Standards Codification (“ASC”) 606 for the periods indicated. For additional information on the Company’s recognition of revenue and ASC 606, see Note 1—“Organizations and Summary of Significant Accounting Policies” in the 2024 Form 10-K.
For the Three Months Ended
 September 30,
(Dollars in thousands)20242023
Advisory fee income$7,945 $8,219 
Broker-dealer clearing fees5,072 5,535 
Deposit service fees773 680 
Card fees923 682 
Bankruptcy trustee and fiduciary service fees1,289 1,394 
    Non-interest income (in-scope of ASC 606)16,002 16,510 
    Non-interest income (out-of-scope of ASC 606)12,607 17,997 
    Total non-interest income$28,609 $34,507