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About Axos Financial

Axos Financial (NYSE: AX) is the holding company for Axos Bank, formerly known as BofI Federal Bank, a nationwide bank that provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables.

Axos Financial Headquarter Location

San Diego, California,

United States

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Axos Financial : Annual Report (SEC Filing - 10-K)

Aug 27, 2021

08/27/2021 | 03:02am EDT Message : For the fiscal year ended June 30, 2021 ☐ Commission file number: 001-37709 Delaware incorporation or organization) (Address of principal executive offices) (zip code) Registrant's telephone number, including area code: (858) 649-2218 Securities registered pursuant to Section 12(b) of the Act: Title of each class Common stock, $.01 par value AX __________________________________________________________________________________________ Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes oNo☒ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes☒No ☐ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes☒No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of 'large accelerated filer,' 'accelerated filer' and 'smaller reporting company' in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☒No ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐No ☒ The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant, based upon the closing sales price of the common stock on the New York Stock Exchange of $37.53 on December 31, 2020 was $1,802,220,286. The number of shares of the registrant's common stock outstanding as of August 21, 2021 was 59,355,332. __________________________________________________________________________________________ DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's definitive Proxy Statement for the registrant's 2021 Annual Meeting of Stockholders are incorporated by reference into Part III. AXOS FINANCIAL, INC. FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K may contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include projections, statements of the plans, goals and objectives of management for future operations, statements of future economic performance, assumptions underlying these statements, and other statements that are not statements of historical facts. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'predicts,' 'potential,' 'believes,' 'seeks,' 'estimates,' 'should,' 'may,' 'will' and variations of these words or similar expressions are intended to identify forward-looking statements. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. References in this report to the 'Company,' 'us,' 'we,' 'our,' 'Axos Financial,' or 'Axos' are all to Axos Financial, Inc. on a consolidated basis. References in this report to 'Axos Bank,' the 'Bank,' or 'our bank' are to Axos Bank, one of our consolidated subsidiaries. Forward-looking statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are difficult to predict and beyond the control of Axos or the Bank, which could cause our actual results to differ materially from the results expressed or implied in such forward-looking statements. These and other risks, uncertainties and contingencies are described in this Annual Report on Form 10-K, including under 'Item 1A. Risk Factors', and the Company's other reports filed with the Securities and Exchange Commission (the 'SEC') from time to time. RISK FACTOR SUMMARY Investing in our securities involves a high degree of risk. The following is a summary of certain material risksand uncertainties facing our business. This summary is not a complete discussion of the risks and uncertainties affecting us. A more complete discussion of these and other risks and uncertainties is set forth under 'Item 1A. Risk Factors' of this Annual Report on Form 10-K. Additional risks not presently known to us or that we presently deem immaterial may also affect us. If any of these risks occur, our business, financial condition or results of operations could be materially and adversely affected. ◦Changes in interest rates; ◦General economic and market conditions, including the risk of a significant and/or prolonged period of inflation or economic downturn; ◦The soundness of other financial institutions; ◦Replacement of the LIBOR benchmark interest rate; ◦Uncertainties surrounding the severity, duration, and effects of the novel coronavirus ('COVID-19') pandemic; ◦Changes in regulation or regulatory oversight, accounting rules, and laws, including tax laws; ◦Changes to our size and structure; ◦Policies and regulations enacted by the Consumer Financial Protection Bureau; ◦Changes in real estate values; ◦Possible defaults on our mortgage loans; ◦Potential other-than-temporary impairment on securities held in our portfolio; ◦Mortgage buying activity of Fannie Mae and Freddie Mac; ◦Financial and credit risks associated with commercial and industrial and commercial real estate loans; ◦The adequacy of our allowance for credit losses; ◦Changes in the value of goodwill and other intangible assets; ◦Our risk management processes and procedures effectiveness; ◦Higher FDIC assessments could negatively impact profitability; ◦Our broker-dealer business and entry into the investment advisory business; ◦Our ability to acquire and integrate acquired companies; ◦The outcome or impact of current or future litigation involving the Company; ◦Our ability to access the equity capital markets; ◦Access to adequate funding; ◦Competition for customers from other banks and financial services companies; ◦Our ability to maintain and enhance our brand; ◦Reputational risk associated with any negative publicity; ◦Failure or circumvention of our controls and procedures; ◦A natural disaster, especially in California, acts of war or terrorism, civil unrest, public health issues, or other adverse external events; ◦Our ability to retain the services of key personnel and attract, hire and retain other skilled managers; ◦Possible exposure to environmental liability; ◦Our dependence on third-party service providers for core banking and securities transactions technology; ◦Privacy concerns relating to our technology that could damage our reputation or deter customers from using our products and services; ◦Risk of systems failure and disruptions to operations; ◦Breach of information security measures and cybersecurity attacks; ◦Our reliance on continued and unimpeded access to the internet; ◦The market price of our common stock may be volatile; ◦Holders of our common stock may not receive dividends; and ◦Our charter documents and state law may delay or prevent a change of control or changes in our management which may depress the trading price of our common stock. The forward-looking statements contained in this Annual Report on Form 10-K are made on the basis of the views and assumptions of management regarding future events and business performance as of the date this Annual Report on Form 10-K is filed with the SEC. We do not undertake any obligation to update these statements to reflect events or circumstances occurring after the date this report is filed. PART I Overview Axos Financial, Inc. is a financial holding company, a diversified financial services company with over $14.3 billion in assets that provides banking and securities products and services to its customers through its online and low-cost distribution channels and affinity partners. Axos Bank has deposit and loan customers nationwide including consumer and business checking, savings and time deposit accounts and financing for single family and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables. The Bank generates fee income from consumer and business products including fees from loans originated for sale and transaction fees earned from processing payment activity. Our securities products and services are offered through Axos Clearing LLC ('Axos Clearing'), acquired on January 28, 2019 and Axos Invest, Inc. ('Axos Invest'), acquired on February 26, 2019, which generate interest and fee income by providing comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents and digital investment advisory services to retail investors, respectively. Axos Clearing is a clearing broker-dealer registered with the SEC and the Financial Industry Regulatory Authority, Inc. ('FINRA'). Axos Invest is a Registered Investment Advisor under the Investment Advisers Act of 1940, that is registered with the SEC. Axos Invest LLC, an introducing broker-dealer that is registered with the SEC and FINRA was acquired together with Axos Invest on February 26, 2019. Axos Financial, Inc.'s common stock is listed on the New York Stock Exchange and is a component of the Russell 2000®Index and the S&P SmallCap 600®Index. At June 30, 2021, we had total assets of $14.3 billion, loans of $11.5 billion, investment securities of $0.2 billion, total deposits of $10.8 billion and borrowings of $0.6 billion. Because we do not incur the significantly higher fixed operating costs inherent in a branch-based distribution system, we are able to rapidly grow our deposits and assets by providing a better value to our customers and by expanding our low-cost distribution channels. Our business strategy is to grow our loan originations and our deposits to achieve increased economies of scale and reduce the cost of products and services to our customers by leveraging our distribution channels and technology. We have designed our online banking platform and our workflow processes to handle traditional banking functions with elimination of duplicate and unnecessary paperwork and human intervention. Our Bank's charter allows us to conduct banking operations in all fifty states, and our online presence allows us increased flexibility to target a large number of loan and deposit customers based on demographics, geography and service needs. Our low-cost distribution channels provide opportunities to increase our core deposits and increase our loan originations by attracting new customers and developing new and innovative products and services. Our securities clearing and custody and digital investment management platforms provide a comprehensive set of technology, clearing, cash management and lending services targeted at independent registered investment advisors and introducing broker-dealers, principals and clients of advisory firms and individuals not affiliated with an investment advisor. We plan to integrate our clearing and wealth management platforms with our banking platform to create an easy to use platform for customers' banking and investing needs. Over time we expect our Securities Business to generate additional low-cost deposits, which would be available to fund the Banking Business. On August 2, 2021, Axos Clearing closed its acquisition of E*TRADE Advisor Services, a registered investment advisor custody business and renamed it Axos Advisor Services ('AAS'). The addition of AAS provides new sources of fee income and services that complement the Securities Business products, a proprietary, turnkey technology platform to attract new registered investment advisor custody business, and generate low-cost core deposits. Our long-term business plan includes the following principal objectives: •Maintain an annualized return on average common stockholders' equity of 17.0% or better; •Annually increase average interest-earning assets by 12% or more; and •Maintain an annualized efficiency ratio at the Bank to a level 40% or lower. 1 We operate through two operating segments: Banking Business and Securities Business. The Banking Business includes a broad range of banking services including online banking, concierge banking, and mortgage, vehicle and unsecured lending through online and telephonic distribution channels to serve the needs of consumers and small businesses nationally. In addition, the Banking Business focuses on providing deposit products nationwide to industry verticals (e.g., Title and Escrow), cash management products to a variety of businesses, and commercial & industrial and commercial real estate lending to clients. The Banking Business also includes a bankruptcy trustee and fiduciary service that provides specialized software and consulting services to Chapter 7 bankruptcy and non-Chapter 7 trustees and fiduciaries. The Securities Business includes the Clearing Broker-Dealer, Registered Investment Advisor, and Introducing Broker-Dealer lines of businesses. These lines of business offer products independently to their own customers as well as to Banking Business clients. The products offered by the lines of business in the Securities Business primarily generate net interest and non-banking service fee income. Segment results are determined based upon the management reporting system, which assigns balance sheet and income statement items to each of the business segments. The process is designed around the organizational and management structure and, accordingly, the results derived are not necessarily comparable with similar information published by other financial institutions or in accordance with generally accepted accounting principles. The Company evaluates performance and allocates resources based on profit or loss from operations. There are no material inter-segment sales or transfers. Certain corporate administration costs and income taxes have not been allocated to the reportable segments. Therefore, in order to reconcile the two segments to the consolidated totals, we include parent-only activities and intercompany eliminations. BANKING BUSINESS We distribute our deposit products through a wide range of retail distribution channels, and our deposits consist of demand, savings and time deposits accounts. We distribute our loan products through our retail, correspondent and wholesale channels, and the loans we retain are primarily first mortgages secured by single family real property and by multifamily real property as well as commercial & industrial loans to businesses. Our securities consist of mortgage pass-through securities issued by government-sponsored entities, non-agency collateralized mortgage obligations, and asset-backed securities issued by private sponsors. We believe our flexibility to adjust our asset generation channels has been a competitive advantage allowing us to avoid markets and products where credit fundamentals are poor or rewards are not sufficient to support our required return on equity. Our distribution channels for our bank deposit and lending products include: •Multiple national online banking brands with tailored products targeted to specific consumer segments; •Affinity groups where we gain access to the affinity group's members, and our exclusive relationships with financial advisory firms; •A commercial banking division focused on providing deposit products and loans to specific nationwide industry verticals (e.g., Homeowners' Associations) and small and medium size businesses; •A commission-based lending sales force that operates from home offices focusing primarily on the origination of single family and multifamily mortgage loans; •A commission-based lending sales force that operates from our San Diego office focusing on commercial and industrial loans to businesses; •A commission-based leasing sales force that operates from our Salt Lake City office focusing on commercial and industrial leases to businesses; •A bankruptcy and non-bankruptcy trustee and fiduciary services team that operates from our Kansas City office focusing on specialized software and consulting services that provide deposits; and •Inside sales teams that originate loans and deposits from self-generated leads, third-party purchase leads, and from our retention and cross-sell of our existing customer base. 2 Banking Business - Asset Origination and Fee Income Businesses We have built diverse loan origination and fee income businesses that generate attractive financial returns through our digital distribution channels. We believe the diversity of our businesses and our direct and indirect distribution channels provide us with increased flexibility to manage through changing market and operating environments. Single Family - Mortgage & Warehouse We generate earning assets and fee income from our mortgage lending activities, which consist of originating and servicing mortgages secured primarily by first liens on single family residential properties for consumers and for lender-finance businesses. We divide our single family mortgage originations between loans we retain and loans we sell. Our mortgage banking business generates fee income and gains from sales of those consumer single family mortgage loans we sell. Our loan portfolio generates interest income and fees from loans we retain. We also provide home equity loans for consumers secured by second liens on single family mortgages. Our lender-finance loans are secured by our first lien on single family mortgages and include warehouse lines for third-party mortgage companies. We originate fixed and adjustable rate prime residential mortgage loans using a paperless loan origination system and centralized underwriting and closing process. Many of our loans have initial fixed rate periods (three, five or seven years) before starting a regular adjustment period (annually, semi-annually or monthly) as well as, interest rate floors, ceilings and rate change caps. We warehouse our mortgage banking loans and sell to investors prime conforming and jumbo residential mortgage loans. Our mortgage servicing business includes collecting loan payments, applying principal and interest payments to the loan balance, managing escrow funds for the payment of mortgage-related expenses, such as taxes and insurance, responding to customer inquiries, counseling delinquent mortgagors and supervising foreclosures. We originate single family mortgage loans for consumers through multiple channels on a retail, wholesale and correspondent basis. •Retail.We originate single family mortgage loans directly through i) our multiple national online banking brand websites, where our customers can view interest rates and loan terms, enter their loan applications and lock in interest rates directly online, ii) our relationships with large affinity groups and iii) our call center which uses self-generated internet leads, third-party purchased leads, and cross-selling to our existing customer base. •Wholesale.We have developed relationships with independent mortgage companies, cooperatives and individual loan brokers and we manage these relationships and our wholesale loan pipeline through our originations systems and websites. Through our secure website, our approved brokers can compare programs, terms and pricing on a real time basis and communicate with our staff. •Correspondent.We acquire closed loans from third-party mortgage companies that originate single family loans in accordance with our portfolio specifications or the specifications of our investors. We may purchase pools of seasoned, single-family loans originated by others during economic cycles when those loans have more attractive risk-adjusted returns than those we may originate. We originate lender-finance loans to businesses secured by first liens on single family mortgage loans from cross selling, retail direct and through third-parties.Our warehouse customers are primarily generated through cross selling to our network of third-party mortgage companies approved to wholesale our consumer mortgage loans. Other lender-finance customers are generated by our commissions-based sales force dedicated to commercial & industrial lending who contact borrowers directly or through individual loan brokers. Multifamily and Commercial Mortgage We originate adjustable rate multifamily residential mortgage loans and project-based multifamily real-estate-secured loans with interest rates that adjust based on U.S. Treasury security yields and London Interbank Offered Rate ('LIBOR'). Many of our loans have initial fixed rate periods (three, five or seven years) before starting a regular adjustment period (annually, semi-annually or monthly) as well as prepayment protection clauses, interest rate floors and rate change caps. We divide our multifamily residential mortgage portfolio between the loans we retain and the loans we sell. Our mortgage banking business includes gains from those multifamily mortgage loans we sell. Our loan portfolio generates interest income and fees from the loans we retain. We originate multifamily mortgage loans using a commission-based commercial lending sales force that operates from home offices across the United States or from our San Diego location. Customers are targeted through origination techniques such as direct mail marketing, personal sales efforts, email marketing, online marketing and print advertising. Loan applications 3 are submitted electronically to centralized employee teams who underwrite, process and close loans. The sales force team members operate regionally both as retail originators for apartment owners and wholesale representatives to other mortgage brokers. Commercial Real Estate Secured We originate loans across the U.S. secured by commercial real estate properties ('CRE') under a variety of structures that we classify as commercial real estate. A few examples are as follows: Commercial Bridge to Sale, Commercial Bridge to Construction, Commercial Bridge to Refinance and Acquisition, Development, and Construction. CRE Loans are originated to businesses secured by first liens on single family, multifamily, condominium, office, retail, mixed-use, hospitality, undeveloped or to-be-redeveloped land or small business loans. Repayment of CRE loans depends on the successful completion of the real estate transition project and permanent take-out. We attempt to mitigate risk by adhering to underwriting policies in evaluating the collateral and the credit-worthiness of borrowers and guarantors. Commercial & Industrial - Non-Real Estate (Non-RE) Comprising the majority of this portfolio are commercial and industrial non-real estate, asset-backed loans, lines of credit and term loans made to commercial borrowers secured by commercial assets, including, but not limited to, receivables, inventory and equipment. We typically reduce exposure in these loans by entering into a structured facility, under which we take a senior lien position collateralized by the underlying assets at advance rates well inside the collateral value. Commercial and industrial leases comprise the remainder of this portfolio and are primarily made based on the operating cash flows of the borrower or conversion of working capital assets to cash and secondarily on the underlying collateral provided by the borrower. We provide leases to small businesses and middle market companies that use the funds to purchase machinery, equipment and software essential to their operations. The lease terms are generally between two and ten years and amortize primarily to full repayment, or in some cases, to a residual balance that is expected to be collected through the sale of the collateral to the lessee or to a third party. The leases are offered nationwide to companies in targeted industries through a direct sales force and through independent third party sales referrals. Although commercial and industrial loans and leases are often collateralized directly or indirectly by equipment, inventory, accounts or loans receivable or other business assets, the liquidation of collateral in the event of a borrower default may be an insufficient source of repayment because accounts or loans receivable may be uncollectible and inventories and equipment may be obsolete or of limited use. We attempt to mitigate these risks through the structuring of these lending products, adhering to underwriting policies in evaluating the management of the business and the credit-worthiness of borrowers and guarantors. Automobile Lending Our automobile lending division originates prime loans to customers secured by new and used automobiles ('autos'). In 2015 we added systems and personnel to increase our auto lending portfolio. We distribute our auto loan products through direct and indirect channels, hold all of the auto loans that we originate and perform the loan servicing functions for these loans. Our loans carry a fixed interest rate for periods ranging from three to eight years and generate interest income and fees. Consumer Lending We originate fixed rate term unsecured loans to individual borrowers in all fifty states. We offer loans between $5,000 and $50,000 with terms of twelve, twenty-four, thirty-six, forty-eight, sixty and seventy-two months to well qualified borrowers. From program inception until December 2018 our minimum credit score was 680. The minimum credit score is currently 700. All applicants apply digitally and are required to supply proof of income, identity and bank account documentation. One hundred percent of loans are manually underwritten by a seasoned underwriter with a telephone interview conducted in respect of every approved loan prior to funding. We source our unsecured loans through existing bank customers, lead aggregators and additional marketing efforts. Our Bank also provides overdraft lines of credit for our qualifying deposit customers with checking accounts. 4 Other We also originate other loans, which include structure settlements, Small Business Administration ('SBA') consumer loans, and securities-backed loans. Structured settlements are originated through the wholesale and retail purchase of state lottery prize and structured settlement annuities. These annuities are high credit quality deferred payment receivables having a state lottery commission or primarily highly rated insurance company payor. Purchases of state lottery prize or structured settlement annuities are governed by specific state statutes requiring judicial approval of each transaction. Federal Paycheck Protection Program ('PPP') loans made by the Bank under the Federal Coronavirus Aid, Relief and Economic Security Act ('CARES') Act are guaranteed by the Small Business Administration ('SBA') and, if the loan funds are used by the borrower for specific purposes as provided under the PPP, may be fully or partially forgiven by the SBA at which time, the Bank will receive funds related to the PPP loan forgiveness directly from the SBA. The Bank provides securities-backed lines of credit (sbloc) to borrowers collateralized by marketable securities at advance rates generally less than 50% of current fair market value. Portfolio Management Our investment analysis capabilities are a core competency of our organization. We decide whether to hold originated assets for investment or to sell them in the capital markets based on our assessment of the yield and risk characteristics of these assets as compared to other available opportunities to deploy our capital. Because risk-adjusted returns available on acquisitions may exceed returns available through retaining assets from our origination channels, we have elected to purchase loans and securities (see discussion below) from time to time. Some of our loans and security acquisitions were purchased at discounts to par value, which enhance our effective yield through accretion into income in subsequent periods. Loan Portfolio Composition. The following table sets forth the composition of our loan portfolio in amounts and percentages by type of loan at the end of each fiscal year-end for the last five years: At June 30, % 1Consists of mortgage loans secured by real property in California with ZIP Code ranges from 90000 to 92999. 2Consists of mortgage loans secured by real property in California with ZIP Code ranges from 93000 to 96999. The ratio of the loan amount to the value of the property securing the loan is called the loan-to-value ratio ('LTV'). The following table shows the LTVs of our loan portfolio on weighted-average and median bases at June 30, 2021. The LTVs were calculated by dividing (a) the loan principal balance less principal repayments by (b) the appraisal value of the property securing the loan. Total Real Estate Mortgage Loans Single Family - Mortgage & Warehouse % 1Amounts represent combined LTV calculated by adding the current balances of both the first and second liens of the borrower and dividing that sum by an independent estimated value of the property at the time of origination. Our effective weighted-average LTV of 58.33% for real estate mortgage loans originated during the fiscal year ended June 30, 2021 has resulted, and we believe will continue to result, in relatively low average loan defaults and favorable write-off experience. 6 Loan Underwriting Process and Criteria.We individually underwrite the loans that we originate and all loans that we purchase. For our brand partnership lending products, we construct or validate loan origination models to meet our minimum standards as further described below. Our loan underwriting policies and procedures are written and adopted by our board of directors and our credit committee. Credit extensions generated by the Bank conform to the intent and technical requirements of our lending policies and the applicable lending regulations of our federal regulators. In the underwriting process we consider all relevant factors including the borrower's credit score, credit history, documented income, existing and new debt obligations, the value of the collateral, and other internal and external factors. For all multifamily and commercial real estate loans, we rely primarily on the cash flow from the underlying property as the expected source of repayment, but we also endeavor to obtain personal guarantees from all material owners or partners of the borrower. In evaluating multifamily or commercial real estate credit, we consider all relevant factors including the outside financial assets of the material owners or partners, payment history at the Bank or other financial institutions, and the management / ownership experience with similar properties or businesses. In evaluating the borrower's qualifications, we consider primarily the borrower's other financial resources, experience in owning or managing similar properties and payment history with us or other financial institutions. In evaluating the underlying property, we consider primarily the recurring net operating income of the property before debt service and depreciation, the ratio of net operating income to debt service and the ratio of the loan amount to the appraised value. Lending Limits.As a savings association, we are generally subject to the same lending limit rules applicable to national banks. With limited exceptions, the maximum amount that we may lend to any borrower, including related entities of the borrower, at any one time may not exceed 15% of our unimpaired capital and surplus, plus an additional 10% of unimpaired capital and surplus for loans fully secured by readily marketable collateral. See 'Regulation of Banking Business - Loan-to-One Borrower Limitations' for further information. At June 30, 2021, the Bank's loans-to-one-borrower limit was $203.8 million, based upon the 15% of unimpaired capital and surplus measurement. At June 30, 2021, our largest outstanding loan balance was $145.0 million. Loan Quality and Credit Risk.Historically, our level of non-performing mortgage loans as a percentage of our loan portfolio has been relatively low compared to the overall residential lending market. The economy and the mortgage and consumer credit markets remain in flux primarily due to the global pandemic. Additionally, we have recently increased our efforts to make loans to businesses through lending programs that are not as seasoned as our mortgage lending. Therefore, we anticipate that our rate of non-performing loans and leases may increase in the future, and we have provided an allowance for estimated loan and lease losses. Non-performing assets are defined as non-performing loans and leases, real estate acquired by foreclosure or deed-in-lieu thereof and repossessed vehicles. Generally, non-performing loans and leases are defined as nonaccrual loans and leases and loans and leases 90 days or more overdue. Troubled debt restructurings ('TDRs') are defined as loans that we have agreed to modify by accepting below market terms either by granting interest rate concessions or by deferring principal or interest payments due to financial difficulty of the customer. Our policy with respect to non-performing assets is to place such assets on nonaccrual status when, in the judgment of management, the probability of collection of interest is deemed to be insufficient to warrant further accrual. When a loan or lease is placed on nonaccrual status, previously accrued but unpaid interest will be deducted from interest income. Our general policy is to not accrue interest on loans and leases past due 90 days or more, unless the individual borrower circumstances dictate otherwise. See Management's Discussion and Analysis - 'Asset Quality and Allowance for credit Losses' for a history of non-performing assets and allowance for credit losses. Investment Securities Portfolio. We classify each investment security according to our intent to hold the security to maturity, trade the security at fair value or make the security available-for-sale. We invest available funds in government and high-grade non-agency securities. Our investment policy, as established by our Board of Directors, is designed to maintain liquidity and generate a favorable return on investment without incurring undue interest rate risk, credit risk or portfolio asset concentration risk. Under our investment policy, we are currently authorized to invest in agency mortgage-backed obligations issued or fully guaranteed by the United States government, non-agency asset-backed obligations, specific federal agency obligations, municipal obligations, specific time deposits, negotiable certificates of deposit issued by commercial banks and other insured financial institutions, investment grade corporate debt securities and other specified investments. We also buy and sell securities to facilitate liquidity and to help manage our interest rate risk. 7 The following table sets forth the dollar amount of our securities portfolio by intent at the end of each of the last five fiscal years: Available-for-Sale % 1Weighted-average yield is based on amortized cost of the securities. Residential mortgage-backed security yields and maturities include impact of expected prepayments and other timing factors such as interest rate forward curve. Yields presented in this table are adjusted for OTTI, which is non-accretable. 2Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac. 3 Private sponsors of securities collateralized primarily by pools of 1-4 family residential first mortgages. Primarily super senior securities and secured by prime, Alt-A or pay-option ARM mortgages. Our available-for-sale securities portfolio of $187.3 million at June 30, 2021 is composed of approximately 12.8% agency residential mortgage-backed securities ('RMBS') and other debt securities issued by the government-sponsored enterprises primarily, Fannie Mae and Freddie Mac (each, a 'GSE' and, together, the 'GSEs'); 4.3% Alt-A, private-issue super senior, first-lien RMBS; 4.8% Pay-Option ARM, private-issue super senior first-lien RMBS; 27.0% commercial mortgage-backed securities ('CMBS'); 1.9% Municipal securities and 49.2% asset-backed and whole business securities. We had no sub-prime RMBS or bank pooled trust preferred securities at June 30, 2021. We manage the credit risk of our non-agency securities by purchasing those securities which we believe have the most favorable blend of historic credit performance and remaining credit enhancements including subordination, over collateralization, excess spread and purchase discounts. Substantially all of our non-agency securities are senior tranches protected against realized loss by subordinated tranches. The amount of structural subordination available to protect each of our securities (expressed as a percentage of the current face value) is known as credit enhancement. At June 30, 2021, the weighted-average credit enhancement in our entire non-agency MBS portfolio was 18.4%. We have experienced personnel monitor the performance and measure the security for impairment in accordance with regulatory guidance. See Management's Discussion and Analysis-'Critical Accounting Policies-Securities.' 8 Banking Business - Deposit Generation We offer a full line of deposit products, which we source through both online and branch distribution channels using an operating platform and marketing strategies that emphasize low operating costs and are flexible and scalable for our business. Our full featured products and platforms, 24/7 customer service and our affinity relationships result in customer accounts with strong retention characteristics. We continuously collect customer feedback and improve our processes to satisfy customer needs. At June 30, 2021, we had $10,815.8 million in deposits of which $9,303.0 million, or 86.0% were demand and savings accounts and $1,512.8 million, or 14.0% were time deposits. We generate deposit customer relationships through our distribution channels including websites, sales teams, online advertising, print and digital advertising, financial advisory firms, affinity partnerships and lending businesses which generate escrow deposits and other operating funds. Our distribution channels include: •A commercial banking division, which focuses on providing deposit and treasury management solutions nationwide to targeted industry verticals through a dedicated team. The comprehensive suite of services offered through the commercial banking division include; ◦Deposit and Liquidity Management: Analyzed Checking Accounts, Interest Checking Accounts, Money Market Accounts, Zero Balance Accounts, Insured Cash Sweep; ◦ Payables: ACH Origination, Wire Transfer, Commercial Check Printing, Business Bill Pay and Account Transfer; ◦ Receivables: Remote Deposit Capture, Mobile Deposit, Lockbox, Merchant Services, Online Payment Portal; ◦ Information Reporting and Reconciliation: Prior Day and Current Day Summary and Detail Reporting; ◦ Security and Fraud Prevention: Direct Link Security, Check Positive Pay, ACH Blocks and Filters; and ◦ API Capabilities: A growing suite of API-enabled provides an additional channel for clients to perform their banking activities. •An online consumer platform that delivers an enhanced banking experience with tailored products targeted to specific consumer segments. For example, one tailored product is designed for customers who are looking for full-featured demand accounts and very competitive fees and interest rates, while another product targets primarily tech-savvy, Generation X and Generation Y customers that are seeking a low-fee cost structure and a high-yield savings account; •A concierge banking offer serving the needs of high net worth individuals with premium products and dedicated service; •Financial advisory firms who introduce their clients to our deposit products through Axos Advisor; •A call center that opens accounts through self-generated internet leads, third-party purchased leads, partnerships, and our retention and cross-sell efforts to our existing customer base; •A full-service fiduciary team catered specifically to support bankruptcy and non-bankruptcy trustees and fiduciaries with their software and banking needs. Our online consumer banking platform is full-featured requiring only single sign-in with quick and secure access to activity, statements and other features including: ◦Purchase Rewards.Customers can earn cash back by using their VISA®Debit Card at select merchants; ◦Mobile Banking.Customers can access with Touch ID on eligible devices, review account balances, transfer funds, deposit checks and pay bills from the convenience of their mobile phone; ◦Mobile Deposit.Customers can instantly deposit checks from their smart phones using our Mobile App; ◦Online Bill Payment Service.Customers can automatically pay their bills online from their account; ◦Peer to Peer payments.Customers can securely send money via email or text messaging through this service; ◦My Deposit.Customers can scan checks with this remote deposit solution from their home computers. Scanned images will be electronically transmitted for deposit directly to their account; ◦Text Message Banking.Customers can view their account balances, transaction history, and transfer funds between their accounts via these text message commands from their mobile phones; 9 ◦Unlimited ATM reimbursements.With certain checking accounts, customers are reimbursed for any fees incurred using an ATM (excludes international ATM transactions). This gives them access to any ATM in the nation, for free; ◦Secure Email and chatbot.Customers can use our chatbot and send or receive secure emails from our customer service department without concern for the security of their information; ◦InterBank Transfer.Customers can transfer money to their accounts at other financial institutions from their online banking platform; ◦VISA®Debit Cards or ATM Cards.Customers may choose to receive either a free VISA®Debit or an ATM card upon account opening. Customers can access their accounts worldwide at ATMs and any other locations that accept VISA®Debit cards; ◦Overdraft Protection.Eligible customers can enroll in one of our overdraft protection programs; ◦Digital Wallets.Our Apple Pay™, Samsung Pay™ and Android Pay™ solutions provide the same ease to pay as a debit card with an eligible device. The mobile experience is easy and seamless; and ◦Cash Deposit through Reload @ the Register.Customers can visit any Walmart, Safeway, ACE Cash Express, CVS Pharmacy, Dollar General, Dollar Tree, Family Dollar, Kroger, Rite Aid, 7-Eleven and Walgreens, and ask to load cash into their account at the register. A fee is applied. Our consumer and business deposit balances consisted of 41.6% and 58.4% of total deposits at June 30, 2021, respectively. Our business deposit accounts feature a full suite of treasury and cash management products for our business customers including online and mobile banking, remote deposit capture, analyzed business checking and money market accounts. We service our business customers by providing them with a dedicated relationship manager and an experienced business banking operations team. Our deposit operations are conducted through a centralized, scalable operating platform which supports all of our distribution channels. The integrated nature of our systems and our ability to efficiently scale our operations create competitive advantages that support our value proposition to customers. Additionally, the features described above such as online account opening and online bill-pay promote self-service and further reduce our operating expenses. We believe our deposit franchise will continue to provide lower all-in funding costs (interest expense plus operating costs) with greater scalability than branch-intensive banking models because the traditional branch model with high fixed operating costs will experience continued declines in consumer traffic due to the decline in paper check deposits and due to growing consumer preferences to bank online. The number of deposit accounts at the end of each of the last five fiscal years is set forth below: At June 30, 3,390,838 Our non-interest bearing, prepaid and other accounts contain two omnibus accounts that when condensed for regulatory reporting purposes result in 27,108 accounts, 16,706 accounts, 7,370 accounts, and 5,636 accounts for the years ended June 30, 2020, 2019, 2018, and 2017, respectively. The decrease in the number of accounts is the result of the termination of our third-party prepaid card relationships, such as H&R Block, due to the reduction of our interchange fees effective July 1, 2020 as a result of the Durbin Amendment. 10 Deposit Composition.The following table sets forth the dollar amount of deposits by type and weighted average interest rates at the end of each of the last five fiscal years: At June 30, SECURITIES BUSINESS Our Securities Business consists of two sets of products and services, securities services provided to third-party securities firms and investment management provided to consumers. Securities services. We offer fully disclosed clearing services through Axos Clearing to FINRA and SEC registered member firms for trade execution and clearance as well as back office services such as record keeping, trade reporting, accounting, general back-office support, securities and margin lending, reorganization assistance, and custody of securities. At June 30, 2021, we provided services to 69 financial organizations, including correspondent broker-dealers and registered investment advisers. We provide financing to our brokerage customers for their securities trading activities through margin loans that are collateralized by securities, cash, or other acceptable collateral. We earn a spread equal to the difference between the amount we pay to fund the margin loans and the amount of interest income we receive from our customers. We conduct securities lending activities that include borrowing and lending securities with other broker-dealers. These activities involve borrowing securities to cover short sales and to complete transactions in which clients have failed to deliver securities by the required settlement date, and lending securities to other broker-dealers for similar purposes. The net revenues for this business consist of the interest spreads generated on these activities. We assist our brokerage customers in managing their cash balances and earn a fee through an insured bank deposit cash sweep program. Through our retail securities business, Axos Invest, we provide our customers with the option of having both self-directed and digital advice services through a comprehensive and flexible technology platform. We have integrated both the digital advice platform and self-directed trading platforms into our universal digital banking platform, creating a seamless user experience and a holistic personal financial management ecosystem. Our digital advice business generates fee income from customers paying an annual fee for advisory services and deposits from cash balances. Our self-directed trading program generates income from traditional transaction charges, and fees from customer memberships. BORROWINGS In addition to deposits, we have historically funded our asset growth through advances from the Federal Home Loan Bank of San Francisco ('FHLB'). Our bank can borrow up to 40% of its total assets from the FHLB, and borrowings are collateralized by mortgage loans and mortgage-backed securities pledged to the FHLB. At June 30, 2021, the Company had $353.5 million advances outstanding with another $2.3 billion available immediately and an additional $3.1 billion available with additional collateral, for advances from the FHLB for terms up to ten years. The Bank has federal funds lines of credit with two major banks totaling $175.0 million. At June 30, 2021, the Bank had no outstanding balance on either line. The Bank can also borrow from the Federal Reserve Bank of San Francisco ('FRBSF'), and borrowings may be collateralized by commercial, consumer and mortgage loans as well as securities pledged to the FRBSF. Based on loans and securities pledged at June 30, 2021, we had a total borrowing capacity of approximately $2.1 billion, none of which was outstanding. The Bank has additional unencumbered collateral that could be pledged to the FRBSF Discount Window to increase borrowing liquidity. Additionally, the Bank can borrow through the Paycheck Protection Program Liquidity Facility ('PPPLF'). The Bank has zero advances outstanding from the Federal Reserve Bank through the Paycheck Protection Program 12 Liquidity Facility, and no Small Business Administration Paycheck Protection Program Loans pledged as of June 30, 2021. The advances during the year had interest rates of 0.35% and mature at the earlier of PPP borrower forgiveness or June 2022. Axos Clearing has $133.8 million uncommitted secured lines of credit available for borrowing. As of June 30, 2021, there was $36.2 million outstanding. These credit facilities bear interest at rates based on the Federal Funds rate and are due upon demand. The weighted average interest rate on the borrowings at June 30, 2021 was 1.75%. Axos Clearing has a $50.0 million committed unsecured line of credit available for limited purpose borrowing. As of June 30, 2021, there was none outstanding. This credit facility bears interest at rates based on the Federal Funds rate and are due upon demand. The unsecured line of credit requires Axos Clearing operate in accordance with specific covenants surrounding capital and debt ratios. Axos Clearing was in compliance of all covenants as of June 30, 2021. In December 2004, we completed a transaction that resulted in $5.2 million of junior subordinated debentures for our company with a stated maturity date of February 23, 2035. We have the right to redeem the debentures in whole (but not in part) on or after specific dates, at a redemption price specified in the indenture plus any accrued but unpaid interest through the redemption date. Interest accrues at the rate of three-month LIBOR plus 2.4%, for a rate of 2.55% as of June 30, 2021, with interest paid quarterly. In March 2016, we completed the sale of $51.0 million aggregate principal amount of our 6.25% Subordinated Notes due February 28, 2026 (the 'Notes'). We received $51.0 million in gross proceeds as a part of this transaction, before the 3.15% underwriting discount and other offering expenses. The Notes mature on February 28, 2026 and accrue interest at a rate of 6.25% per annum, with interest payable quarterly. On March 31, 2021, the Company completed the redemption of $51.0 million aggregate principal amount of its 6.25% Subordinated Notes due 2026 (the 'Notes 2026'). The Notes 2026 were redeemed for cash by the Company at 100% of their principal amount, plus accrued and unpaid interest, in accordance with the terms of the indenture governing the Notes 2026. Remaining unamortized deferred financing costs associated with such notes were expensed and included under Interest Expense - Other Borrowingsin the Consolidated Statements of Income. In March 2021, we filed a new shelf registration with the SEC which allows us to issue up to $400.0 million through the sale of debt securities, common stock, preferred stock and warrants. In January 2019, we issued subordinated notes totaling $7.5 million, to the principal stockholders of COR Securities in an equal principal amount, with a maturity of 15 months, to serve as the sole source of payment of indemnification obligations of the principal stakeholders of COR Securities under the Merger Agreement. Interest accrues at a rate of 6.25% per annum. During the fiscal year ended June 30, 2019, $0.1 million of subordinated loans were repaid. The Company is in the process of making an indemnification claim against the $7.4 million remaining. In September 2020, the Company completed the sale of $175.0 million aggregate principal amount of its 4.875% Fixed-to-Floating Rate Subordinated Notes due October 1, 2030 (the 'Notes'). The Notes mature on October 1, 2030 and accrue interest at a fixed rate per annum equal to 4.875%, payable semi-annually in arrears on April 1 and October 1 of each year, commencing on April 1, 2021. From and including October 1, 2025, to, but excluding October 1, 2030 or the date of early redemption, the Notes will bear interest at a floating rate per annum equal to a benchmark rate (which is expected to be the Three-Month Term Secured Overnight Financing Rate) plus a spread of 476 basis points, payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, commencing on January 2026. The Notes may be redeemed on or after October 1, 2025, 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. 13 The table below sets forth the amount of our borrowings, the maximum amount of borrowings in each category during any month-end during each reported period, the approximate average amounts outstanding during each reported period and the approximate weighted average interest rate thereon at or for the last five fiscal years: At or For The Fiscal Years Ended June 30, (Dollars in thousands) MERGERS AND ACQUISITIONS From time to time, we undertake acquisitions or similar transactions consistent with our operating and growth strategies. There were no such transactions during fiscal years 2021 and 2020. During 2019, we completed two business acquisitions and two asset acquisitions, and on August 2, 2021, we closed an asset acquisition, which is discussed further in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations under the heading 'Mergers and Acquisitions.' TECHNOLOGY Our technology is built on a collection of enterprise and client platforms that have been purchased, developed in-house or integrated with software systems to provide products and services to our customers. The implementation of our technology has been conducted using industry best-practices and using standardized approaches in system design, software development, testing and delivery. At the core of our infrastructure, we have designed and implemented secure and scalable hardware solutions to ensure we meet the needs of our business. Our customer experiences were designed to address the needs of a digital bank and its customers. Our websites and technology platforms drive our customer-focused and self-service engagement model, reducing the need for human interaction while increasing our overall operating efficiencies. Our focus on internal technology platforms enable continuous automation and secure and scalable processing environments for increased transaction capacity. We intend to continue to improve and adapt technology platforms to meet business objectives and implement new systems with the goal of efficiently enabling our business. 14 SECURITY We recognize that information is a critical asset. How information is managed, controlled and protected has a significant impact on the delivery of services. Information assets, including those held in trust, must be protected from unauthorized use, disclosure, theft, loss, destruction and alteration. We employ a robust information security program to achieve our security objectives. The program is designed to prevent, detect and respond to cyberattacks. We also continue to make significant investments in enhancing our cyber defense capabilities to mitigate the risks from the full spectrum of emerging cybersecurity threats. INTELLECTUAL PROPERTY AND PROPRIETARY RIGHTS As part of our strategy to protect and enhance our intellectual property, we rely on a variety of legal protections, including copyrights, trademarks, trade secrets, patents and certain contractual restrictions on solicitation and competition, and disclosure and distribution of confidential and proprietary information. We also undertake measures to control access to and/or disclosure of our trade secrets and other confidential and proprietary information. Policing unauthorized use of our intellectual property, trade secrets and other proprietary information is difficult and litigation may be necessary to enforce our intellectual property rights. We own certain internet domain names. Domain names in the United States and in foreign countries are regulated, and the laws and regulations governing the internet are continually evolving. Additionally, the relationship between regulations governing domain names and laws protecting intellectual property rights is not entirely clear. As a result, in the future, we may be unable to prevent third parties from acquiring domain names that infringe or otherwise decrease the value of our trademark and other intellectual property rights. HUMAN CAPITAL At June 30, 2021, we had 1,165 full-time equivalent employees. None of our employees are represented by a labor union or are subject to a collective bargaining agreement. We have not experienced any work stoppage and consider our relations with our employees to be satisfactory. We offer market-based, competitive wages and benefits in the market where we compete for talent. We believe in promoting a diverse and inclusive work environment. We believe this is important to recruiting and retaining talent to allow our organization to achieve its goals and objectives. The safety, health and wellness of our employees is a top priority. In response to the COVID-19 pandemic, we took several actions, including implementing safety measures in buildings and supporting work from home when appropriate. COMPETITION The market for banking and financial services is intensely competitive, and we expect competition to continue to intensify in the future. The Bank attracts deposits through its online acquisition channels. Competition for those deposits comes from a wide variety of other banks, savings institutions, and credit unions. Money market funds, full-service securities brokerage firms and financial technology companies also compete with us for these funds. The Bank competes for these deposits by offering superior service and a variety of deposit accounts at competitive rates. In real estate lending, we compete against traditional real estate lenders, including large and small savings banks, commercial banks, mortgage bankers and mortgage brokers. Many of our current and potential competitors have greater brand recognition, longer operating histories, larger customer bases and significantly greater financial, marketing and other resources and are capable of providing strong price and customer service competition. In order to compete profitably, we may need to reduce the rates we offer on loans and investments and increase the rates we offer on deposits, which may adversely affect our overall financial condition and earnings. We may not be able to compete successfully against current and future competitors. In our Securities Business segment, we face significant competition in providing clearing and advisory services based on a number of factors, including price, speed of execution, perceived expertise, quality of advice, reputation, range of services and products, technology, and innovation. There exists significant competition for recruiting and retaining talent. Axos Clearing competes directly with numerous other financial advisory and investment banking firms, broker-dealers and banks, including large national and major regional firms and smaller niche companies, some of whom are not broker-dealers and, therefore, are not subject to the broker-dealer regulatory framework. We separate ourselves from the competition through our excellence in customer service, including a highly attentive and dedicated workforce, while providing an expanding range of clearing and advisory products and services. 15 GENERAL We are subject to comprehensive regulation under state and federal laws. This regulation is intended primarily for the protection of our customers, the deposit insurance fund and the U.S. finance system and not for the benefit of our security holders. Axos Financial, Inc. is supervised and regulated as a savings and loan holding company by the Board of Governors of the Federal Reserve System (the 'Federal Reserve'). The Bank, as a federal savings bank, is subject to regulation, examination and supervision by the Office of the Comptroller of the Currency ('OCC') as its primary regulator, and the Federal Deposit Insurance Corporation ('FDIC') as its deposit insurer. The Bank must file reports with the OCC and the FDIC concerning its activities and financial condition. In addition, the Bank is subject to the regulation, examination and supervision by the Consumer Financial Protection Bureau ('CFPB') with respect to a broad array of federal consumer laws. Our subsidiaries, Axos Clearing LLC and Axos Invest LLC, are broker-dealers and are registered with and subject to regulation by the SEC and FINRA. In addition, Axos Invest, Inc. as an investment adviser is registered with the SEC. Axos Invest, Inc. is subject to the requirements of the Investment Advisers Act of 1940, as amended and the Investment Company Act of 1940, as amended, and is subject to examination by the SEC. The following information describes aspects of the material laws and regulations applicable to the Company. The information below does not purport to be complete and is qualified in its entirety by reference to all applicable laws and regulations. In addition, new and amended legislation, rules and regulations governing the Company, the Bank and our Securities Businesses are introduced from time to time by the U.S. government and its various agencies. Any such legislation, regulatory changes or amendments could adversely affect us and no assurance can be given as to whether, or in what form, any such changes may occur. REGULATION OF FINANCIAL HOLDING COMPANY. General. The Company is a unitary savings and loan holding company within the meaning of the Home Owners' Loan Act ('HOLA'), and is treated as a 'financial holding company' under Federal Reserve rules. Accordingly, the Company is registered as a savings and loan holding company with the Federal Reserve and is subject to the Federal Reserve's regulations, examinations, supervision and reporting requirements. The Company is required to file reports with, comply with the rules and regulations of, and is subject to examination by the Federal Reserve. In addition, the Federal Reserve has enforcement authority over the Company and its subsidiaries. Among other things, this authority permits the Federal Reserve to restrict or prohibit activities that are determined to be a serious risk to the saving and loan holding company or its subsidiaries. Capital. The Company and the Bank are subject to the risk-based regulatory capital framework and guidelines established by the Federal Reserve and the OCC. In July 2013, the Federal Reserve and the OCC published final rules (the 'Regulatory Capital Rules') establishing a new comprehensive capital framework for U.S. banking organizations that became effective for the Company and the Bank as of January 1, 2015, subject to a phase in period for certain provisions. The Regulatory Capital Rules are intended to measure capital adequacy with regard to a banking organization's balance sheet, including off-balance sheet exposures such as unused portions of loan commitments, letters of credit, and recourse arrangements. The capital requirements for the Company are similar to those for the Bank. The rules implement the Basel Committee's December 2010 capital framework known as 'Basel III' for strengthening international capital standards as well as certain provisions of the Dodd-Frank Wall Street Reform and Co

Axos Financial Investments

1 Investments

Axos Financial has made 1 investments. Their latest investment was in Axos Fiduciary Services as part of their Other Investors on .

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Axos Financial Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

Other Investors

Axos Fiduciary Services

Yes

Date

Round

Other Investors

Company

Axos Fiduciary Services

Amount

New?

Yes

Co-Investors

Sources

Axos Financial Acquisitions

3 Acquisitions

Axos Financial acquired 3 companies. Their latest acquisition was E*TRADE - Advisor Services on August 02, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

8/2/2021

Acquired Unit

2

10/24/2018

Series A

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$99M

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10

10/1/2018

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$99M

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10

Date

8/2/2021

10/24/2018

10/1/2018

Investment Stage

Series A

Companies

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Valuation

Total Funding

$99M

$99M

Note

Acquired Unit

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Sources

2

10

10

Axos Financial Partners & Customers

2 Partners and customers

Axos Financial has 2 strategic partners and customers. Axos Financial recently partnered with H&R Block on May 5, 2020.

Date

Type

Business Partner

Country

News Snippet

Sources

5/14/2020

Partner

H&R Block

United States

Axos banking partnership with H&R Block in jeopardy

H&R Block plans to terminate a six-year-old partnership with Axos Financial in San Diego .

1

5/12/2020

Partner

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10

Date

5/14/2020

5/12/2020

Type

Partner

Partner

Business Partner

H&R Block

Country

United States

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News Snippet

Axos banking partnership with H&R Block in jeopardy

H&R Block plans to terminate a six-year-old partnership with Axos Financial in San Diego .

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Sources

1

10

Axos Financial Service Providers

1 Service Provider

Axos Financial has 1 service provider relationship

Service Provider

Associated Rounds

Provider Type

Service Type

B. Riley Financial

Acquired

Investment Bank

Financial Advisor

Service Provider

B. Riley Financial

Associated Rounds

Acquired

Provider Type

Investment Bank

Service Type

Financial Advisor

Partnership data by VentureSource

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