000129970906/302025Q1FALSEhttp://fasb.org/us-gaap/2024#FeesAndCommissionsMortgageBankingAndServicinghttp://fasb.org/us-gaap/2024#OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParenthttp://fasb.org/us-gaap/2024#FeesAndCommissionsMortgageBankingAndServicinghttp://fasb.org/us-gaap/2024#OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParenthttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#IncomeTaxExpenseBenefithttp://fasb.org/us-gaap/2024#IncomeTaxExpenseBenefithttp://fasb.org/us-gaap/2024#IncomeTaxExpenseBenefithttp://fasb.org/us-gaap/2024#IncomeTaxExpenseBenefithttp://fasb.org/us-gaap/2024#IncomeTaxExpenseBenefithttp://fasb.org/us-gaap/2024#IncomeTaxExpenseBenefitxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesax:entityax:loanPortfolioxbrli:pureax:yearax:segment00012997092024-07-012024-09-3000012997092024-10-1800012997092024-09-3000012997092024-06-3000012997092023-07-012023-09-300001299709us-gaap:CommonStockMember2024-06-300001299709us-gaap:TreasuryStockCommonMember2024-06-300001299709us-gaap:AdditionalPaidInCapitalMember2024-06-300001299709us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001299709us-gaap:RetainedEarningsMember2024-06-300001299709us-gaap:RetainedEarningsMember2024-07-012024-09-300001299709us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001299709us-gaap:CommonStockMember2024-07-012024-09-300001299709us-gaap:TreasuryStockCommonMember2024-07-012024-09-300001299709us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001299709us-gaap:CommonStockMember2024-09-300001299709us-gaap:TreasuryStockCommonMember2024-09-300001299709us-gaap:AdditionalPaidInCapitalMember2024-09-300001299709us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001299709us-gaap:RetainedEarningsMember2024-09-300001299709us-gaap:CommonStockMember2023-06-300001299709us-gaap:TreasuryStockCommonMember2023-06-300001299709us-gaap:AdditionalPaidInCapitalMember2023-06-300001299709us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001299709us-gaap:RetainedEarningsMember2023-06-3000012997092023-06-300001299709us-gaap:RetainedEarningsMember2023-07-012023-09-300001299709us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001299709us-gaap:TreasuryStockCommonMember2023-07-012023-09-300001299709us-gaap:CommonStockMember2023-07-012023-09-300001299709us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001299709us-gaap:CommonStockMember2023-09-300001299709us-gaap:TreasuryStockCommonMember2023-09-300001299709us-gaap:AdditionalPaidInCapitalMember2023-09-300001299709us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001299709us-gaap:RetainedEarningsMember2023-09-3000012997092023-09-300001299709ax:RealEstateLoanPortfoliosMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-072023-12-070001299709ax:RealEstateLoanPortfoliosMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-070001299709us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001299709us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMember2024-09-300001299709us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberax:AgencyResidentialMortgageBackedSecuritiesMember2024-09-300001299709us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberax:AgencyResidentialMortgageBackedSecuritiesMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMemberax:AgencyResidentialMortgageBackedSecuritiesMember2024-09-300001299709us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberax:NonAgencyResidentialMortgageBackedSecuritiesMember2024-09-300001299709us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberax:NonAgencyResidentialMortgageBackedSecuritiesMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMemberax:NonAgencyResidentialMortgageBackedSecuritiesMember2024-09-300001299709us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2024-09-300001299709us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2024-09-300001299709us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001299709us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMember2024-06-300001299709us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberax:AgencyResidentialMortgageBackedSecuritiesMember2024-06-300001299709us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberax:AgencyResidentialMortgageBackedSecuritiesMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMemberax:AgencyResidentialMortgageBackedSecuritiesMember2024-06-300001299709us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberax:NonAgencyResidentialMortgageBackedSecuritiesMember2024-06-300001299709us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberax:NonAgencyResidentialMortgageBackedSecuritiesMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMemberax:NonAgencyResidentialMortgageBackedSecuritiesMember2024-06-300001299709us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2024-06-300001299709us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMemberax:MortgageServicingRightsMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMemberax:NonAgencyResidentialMortgageBackedSecuritiesMember2024-07-012024-09-300001299709us-gaap:FairValueMeasurementsRecurringMemberax:MortgageServicingRightsMember2024-07-012024-09-300001299709us-gaap:FairValueMeasurementsRecurringMember2024-07-012024-09-300001299709us-gaap:FairValueMeasurementsRecurringMemberax:MortgageServicingRightsMember2024-09-300001299709us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-07-012024-09-300001299709us-gaap:FairValueMeasurementsRecurringMemberax:NonAgencyResidentialMortgageBackedSecuritiesMember2023-06-300001299709us-gaap:FairValueMeasurementsRecurringMemberax:MortgageServicingRightsMember2023-06-300001299709us-gaap:FairValueMeasurementsRecurringMember2023-06-300001299709us-gaap:FairValueMeasurementsRecurringMemberax:NonAgencyResidentialMortgageBackedSecuritiesMember2023-07-012023-09-300001299709us-gaap:FairValueMeasurementsRecurringMemberax:MortgageServicingRightsMember2023-07-012023-09-300001299709us-gaap:FairValueMeasurementsRecurringMember2023-07-012023-09-300001299709us-gaap:FairValueMeasurementsRecurringMemberax:NonAgencyResidentialMortgageBackedSecuritiesMember2023-09-300001299709us-gaap:FairValueMeasurementsRecurringMemberax:MortgageServicingRightsMember2023-09-300001299709us-gaap:FairValueMeasurementsRecurringMember2023-09-300001299709us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-07-012023-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEntityCreditRiskMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEntityCreditRiskMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEntityCreditRiskMember2024-09-300001299709us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberax:MortgageServicingRightsMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedTermMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedTermMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedTermMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2024-09-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputLossSeverityMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEntityCreditRiskMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEntityCreditRiskMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:NonAgencyResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEntityCreditRiskMember2024-06-300001299709us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberax:MortgageServicingRightsMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedTermMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedTermMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedTermMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2024-06-300001299709us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberax:MortgageServicingRightsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2024-06-300001299709us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300001299709us-gaap:FairValueInputsLevel1Member2024-09-300001299709us-gaap:FairValueInputsLevel2Member2024-09-300001299709us-gaap:FairValueInputsLevel3Member2024-09-300001299709us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300001299709us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-06-300001299709us-gaap:FairValueInputsLevel1Member2024-06-300001299709us-gaap:FairValueInputsLevel2Member2024-06-300001299709us-gaap:FairValueInputsLevel3Member2024-06-300001299709us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-06-300001299709ax:AgencyResidentialMortgageBackedSecuritiesMember2024-09-300001299709ax:NonAgencyResidentialMortgageBackedSecuritiesMember2024-09-300001299709us-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300001299709us-gaap:MunicipalBondsMember2024-09-300001299709ax:AgencyResidentialMortgageBackedSecuritiesMember2024-06-300001299709ax:NonAgencyResidentialMortgageBackedSecuritiesMember2024-06-300001299709us-gaap:ResidentialMortgageBackedSecuritiesMember2024-06-300001299709us-gaap:MunicipalBondsMember2024-06-300001299709us-gaap:AssetPledgedAsCollateralMember2024-09-300001299709us-gaap:AssetPledgedAsCollateralMember2024-06-300001299709ax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-09-300001299709ax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-06-300001299709ax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-09-300001299709ax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-06-300001299709us-gaap:CommercialRealEstatePortfolioSegmentMember2024-09-300001299709us-gaap:CommercialRealEstatePortfolioSegmentMember2024-06-300001299709us-gaap:CommercialPortfolioSegmentMember2024-09-300001299709us-gaap:CommercialPortfolioSegmentMember2024-06-300001299709us-gaap:ConsumerPortfolioSegmentMember2024-09-300001299709us-gaap:ConsumerPortfolioSegmentMember2024-06-300001299709ax:RealEstateLoanPortfoliosMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-09-300001299709ax:RealEstateLoanPortfoliosMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-06-300001299709ax:RealEstateLoanPortfoliosMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-09-300001299709ax:RealEstateLoanPortfoliosMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-06-300001299709us-gaap:LoansReceivableMember2024-07-012024-09-300001299709us-gaap:LoansReceivableMember2023-07-012023-09-300001299709us-gaap:UnfundedLoanCommitmentMember2024-07-012024-09-300001299709us-gaap:UnfundedLoanCommitmentMember2023-07-012023-09-300001299709us-gaap:LoansReceivableMemberax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-07-012024-09-300001299709us-gaap:LoansReceivableMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-07-012024-09-300001299709us-gaap:LoansReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-07-012024-09-300001299709us-gaap:LoansReceivableMemberus-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-300001299709us-gaap:LoansReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2024-07-012024-09-300001299709ax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-07-012024-09-300001299709ax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-07-012024-09-300001299709us-gaap:CommercialRealEstatePortfolioSegmentMember2024-07-012024-09-300001299709us-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-300001299709us-gaap:ConsumerPortfolioSegmentMember2024-07-012024-09-300001299709ax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2023-06-300001299709ax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2023-06-300001299709us-gaap:CommercialRealEstatePortfolioSegmentMember2023-06-300001299709us-gaap:CommercialPortfolioSegmentMember2023-06-300001299709us-gaap:ConsumerPortfolioSegmentMember2023-06-300001299709us-gaap:LoansReceivableMemberax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2023-07-012023-09-300001299709us-gaap:LoansReceivableMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2023-07-012023-09-300001299709us-gaap:LoansReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2023-07-012023-09-300001299709us-gaap:LoansReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300001299709us-gaap:LoansReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2023-07-012023-09-300001299709ax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2023-07-012023-09-300001299709ax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2023-07-012023-09-300001299709us-gaap:CommercialRealEstatePortfolioSegmentMember2023-07-012023-09-300001299709us-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300001299709us-gaap:ConsumerPortfolioSegmentMember2023-07-012023-09-300001299709ax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2023-09-300001299709ax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2023-09-300001299709us-gaap:CommercialRealEstatePortfolioSegmentMember2023-09-300001299709us-gaap:CommercialPortfolioSegmentMember2023-09-300001299709us-gaap:ConsumerPortfolioSegmentMember2023-09-300001299709us-gaap:PerformingFinancingReceivableMemberax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-09-300001299709us-gaap:PerformingFinancingReceivableMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-09-300001299709us-gaap:PerformingFinancingReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-09-300001299709us-gaap:PerformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001299709us-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001299709us-gaap:PerformingFinancingReceivableMember2024-09-300001299709us-gaap:NonperformingFinancingReceivableMemberax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-09-300001299709us-gaap:NonperformingFinancingReceivableMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-09-300001299709us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-09-300001299709us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001299709us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001299709us-gaap:NonperformingFinancingReceivableMember2024-09-300001299709us-gaap:PerformingFinancingReceivableMemberax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-06-300001299709us-gaap:PerformingFinancingReceivableMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-06-300001299709us-gaap:PerformingFinancingReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-06-300001299709us-gaap:PerformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2024-06-300001299709us-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2024-06-300001299709us-gaap:PerformingFinancingReceivableMember2024-06-300001299709us-gaap:NonperformingFinancingReceivableMemberax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-06-300001299709us-gaap:NonperformingFinancingReceivableMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-06-300001299709us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-06-300001299709us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2024-06-300001299709us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2024-06-300001299709us-gaap:NonperformingFinancingReceivableMember2024-06-300001299709ax:ResidentialPortfolioSingleFamilyRealEstateSegmentMemberus-gaap:PassMember2024-09-300001299709ax:ResidentialPortfolioSingleFamilyRealEstateSegmentMemberus-gaap:SpecialMentionMember2024-09-300001299709ax:ResidentialPortfolioSingleFamilyRealEstateSegmentMemberus-gaap:SubstandardMember2024-09-300001299709ax:ResidentialPortfolioSingleFamilyRealEstateSegmentMemberus-gaap:DoubtfulMember2024-09-300001299709ax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMemberus-gaap:PassMember2024-09-300001299709ax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMemberus-gaap:SpecialMentionMember2024-09-300001299709ax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMemberus-gaap:SubstandardMember2024-09-300001299709ax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMemberus-gaap:DoubtfulMember2024-09-300001299709us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2024-09-300001299709us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2024-09-300001299709us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2024-09-300001299709us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2024-09-300001299709us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2024-09-300001299709us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-09-300001299709us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2024-09-300001299709us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2024-09-300001299709us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2024-09-300001299709us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-09-300001299709us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2024-09-300001299709us-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2024-09-300001299709us-gaap:PassMember2024-09-300001299709us-gaap:SpecialMentionMember2024-09-300001299709us-gaap:SubstandardMember2024-09-300001299709us-gaap:DoubtfulMember2024-09-300001299709ax:ResidentialPortfolioSingleFamilyRealEstateSegmentMemberus-gaap:PassMember2024-06-300001299709ax:ResidentialPortfolioSingleFamilyRealEstateSegmentMemberus-gaap:SpecialMentionMember2024-06-300001299709ax:ResidentialPortfolioSingleFamilyRealEstateSegmentMemberus-gaap:SubstandardMember2024-06-300001299709ax:ResidentialPortfolioSingleFamilyRealEstateSegmentMemberus-gaap:DoubtfulMember2024-06-300001299709ax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2023-07-012024-06-300001299709ax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMemberus-gaap:PassMember2024-06-300001299709ax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMemberus-gaap:SpecialMentionMember2024-06-300001299709ax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMemberus-gaap:SubstandardMember2024-06-300001299709ax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMemberus-gaap:DoubtfulMember2024-06-300001299709ax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2023-07-012024-06-300001299709us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:PassMember2024-06-300001299709us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SpecialMentionMember2024-06-300001299709us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:SubstandardMember2024-06-300001299709us-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:DoubtfulMember2024-06-300001299709us-gaap:CommercialRealEstatePortfolioSegmentMember2023-07-012024-06-300001299709us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2024-06-300001299709us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-06-300001299709us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2024-06-300001299709us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2024-06-300001299709us-gaap:CommercialPortfolioSegmentMember2023-07-012024-06-300001299709us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2024-06-300001299709us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-06-300001299709us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2024-06-300001299709us-gaap:ConsumerPortfolioSegmentMemberus-gaap:DoubtfulMember2024-06-300001299709us-gaap:ConsumerPortfolioSegmentMember2023-07-012024-06-300001299709us-gaap:PassMember2024-06-300001299709us-gaap:SpecialMentionMember2024-06-300001299709us-gaap:SubstandardMember2024-06-300001299709us-gaap:DoubtfulMember2024-06-3000012997092023-07-012024-06-300001299709us-gaap:FinancialAssetNotPastDueMemberax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-09-300001299709us-gaap:FinancingReceivables30To59DaysPastDueMemberax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-09-300001299709us-gaap:FinancingReceivables60To89DaysPastDueMemberax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-09-300001299709us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-09-300001299709us-gaap:FinancialAssetPastDueMemberax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-09-300001299709us-gaap:FinancialAssetNotPastDueMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-09-300001299709us-gaap:FinancingReceivables30To59DaysPastDueMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-09-300001299709us-gaap:FinancingReceivables60To89DaysPastDueMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-09-300001299709us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-09-300001299709us-gaap:FinancialAssetPastDueMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-09-300001299709us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-09-300001299709us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-09-300001299709us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-09-300001299709us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-09-300001299709us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-09-300001299709us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001299709us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001299709us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001299709us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001299709us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001299709us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001299709us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001299709us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001299709us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001299709us-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001299709us-gaap:FinancialAssetNotPastDueMember2024-09-300001299709us-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300001299709us-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300001299709us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300001299709us-gaap:FinancialAssetPastDueMember2024-09-300001299709us-gaap:FinancialAssetNotPastDueMemberax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-06-300001299709us-gaap:FinancingReceivables30To59DaysPastDueMemberax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-06-300001299709us-gaap:FinancingReceivables60To89DaysPastDueMemberax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-06-300001299709us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberax:ResidentialPortfolioSingleFamilyRealEstateSegmentMember2024-06-300001299709us-gaap:FinancialAssetNotPastDueMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-06-300001299709us-gaap:FinancingReceivables30To59DaysPastDueMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-06-300001299709us-gaap:FinancingReceivables60To89DaysPastDueMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-06-300001299709us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberax:ResidentialPortfolioMultifamilyRealEstateAndCommercialMortgageSegmentMember2024-06-300001299709us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-06-300001299709us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-06-300001299709us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-06-300001299709us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-06-300001299709us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-06-300001299709us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-06-300001299709us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-06-300001299709us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-06-300001299709us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-06-300001299709us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-06-300001299709us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-06-300001299709us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-06-300001299709us-gaap:FinancialAssetNotPastDueMember2024-06-300001299709us-gaap:FinancingReceivables30To59DaysPastDueMember2024-06-300001299709us-gaap:FinancingReceivables60To89DaysPastDueMember2024-06-300001299709us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-06-300001299709us-gaap:FinancialAssetPastDueMember2024-06-300001299709us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001299709us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-06-300001299709us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2024-09-300001299709us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2024-06-300001299709us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300001299709us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300001299709us-gaap:BankServicingMemberus-gaap:NondesignatedMember2024-07-012024-09-300001299709us-gaap:BankServicingMemberus-gaap:NondesignatedMember2023-07-012023-09-300001299709us-gaap:MortgageBankingMemberus-gaap:NondesignatedMember2024-07-012024-09-300001299709us-gaap:MortgageBankingMemberus-gaap:NondesignatedMember2023-07-012023-09-300001299709us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-09-300001299709us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-06-300001299709us-gaap:RestrictedStockUnitsRSUMemberax:StockIncentivePlan2014Member2024-09-300001299709us-gaap:RestrictedStockUnitsRSUMemberax:StockIncentivePlan2014Member2024-07-012024-09-300001299709us-gaap:RestrictedStockUnitsRSUMember2024-06-300001299709us-gaap:RestrictedStockUnitsRSUMember2024-07-012024-09-300001299709us-gaap:RestrictedStockUnitsRSUMember2024-09-300001299709us-gaap:RestrictedStockUnitsRSUMember2023-07-012023-09-300001299709us-gaap:CommonStockMember2024-07-012024-09-300001299709us-gaap:CommonStockMember2023-07-012023-09-300001299709us-gaap:CommonStockMember2024-09-300001299709us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-06-300001299709us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-300001299709us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-07-012024-09-300001299709us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-012024-09-300001299709us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-09-300001299709us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-300001299709us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-06-300001299709us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-06-300001299709us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-07-012023-09-300001299709us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-012023-09-300001299709us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-09-300001299709us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-300001299709us-gaap:LoanOriginationCommitmentsMember2024-09-300001299709ax:CommitmentsToSellLoansMember2024-09-300001299709ax:CommitmentsToContributeCapitalMember2024-09-300001299709us-gaap:StandbyLettersOfCreditMember2024-09-300001299709ax:LowIncomeHousingTaxCreditsMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300001299709ax:MUFGUnionBankVAxosBankMember2024-03-262024-03-260001299709ax:MUFGUnionBankVAxosBankMember2023-06-300001299709ax:MUFGUnionBankVAxosBankMember2022-07-012023-06-300001299709us-gaap:OperatingSegmentsMemberax:BankingBusinessSegmentMember2024-07-012024-09-300001299709us-gaap:OperatingSegmentsMemberax:SecuritiesBusinessSegmentMember2024-07-012024-09-300001299709ax:CorporateAndReconcilingItemsMember2024-07-012024-09-300001299709us-gaap:OperatingSegmentsMemberax:BankingBusinessSegmentMember2023-07-012023-09-300001299709us-gaap:OperatingSegmentsMemberax:SecuritiesBusinessSegmentMember2023-07-012023-09-300001299709ax:CorporateAndReconcilingItemsMember2023-07-012023-09-300001299709us-gaap:OperatingSegmentsMemberax:BankingBusinessSegmentMember2024-09-300001299709us-gaap:OperatingSegmentsMemberax:SecuritiesBusinessSegmentMember2024-09-300001299709ax:CorporateAndReconcilingItemsMember2024-09-300001299709us-gaap:OperatingSegmentsMemberax:BankingBusinessSegmentMember2024-06-300001299709us-gaap:OperatingSegmentsMemberax:SecuritiesBusinessSegmentMember2024-06-300001299709ax:CorporateAndReconcilingItemsMember2024-06-300001299709us-gaap:SubordinatedDebtMember2024-07-152024-07-150001299709us-gaap:SubordinatedDebtMember2024-07-150001299709us-gaap:SubordinatedDebtMember2024-09-272024-09-270001299709us-gaap:SubordinatedDebtMember2024-09-270001299709ax:LowIncomeHousingTaxCreditsMember2024-07-012024-09-300001299709ax:LowIncomeHousingTaxCreditsMember2023-07-012023-09-300001299709ax:LowIncomeHousingTaxCreditsMember2024-09-300001299709ax:LowIncomeHousingTaxCreditsMember2024-06-300001299709ax:LowIncomeHousingTaxCreditsMemberus-gaap:UnfundedLoanCommitmentMember2024-06-30

9205 West Russell Road, Suite 400, Las Vegas, NV 89148

__________________________________________________________________________________________

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 every Interactive Data File required to be submitted 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 such files).   ☒  Yes    ☐  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ☐  Yes    ☒  No

The number of shares outstanding of the registrant’s common stock on the last practicable date: 57,092,434 shares of common stock, $0.01 par value per share, as of October 18, 2024.

ITEM 1.FINANCIAL STATEMENTS

.

The condensed consolidated financial statements include the accounts of Axos Financial, Inc. and its wholly owned subsidiaries (“Axos” or the “Company”). Axos Bank (the “Bank”), its wholly owned subsidiaries, and the activities of two lending-related trust entities constitute the Banking Business Segment, and Axos Securities, LLC and its wholly owned subsidiaries constitute the Securities Business Segment. All significant intercompany balances and transactions have been eliminated in consolidation. The Notes to the Condensed Consolidated Financial Statements are an integral part of the Company’s financial statements. On December 7, 2023, the Company acquired from the Federal Deposit Insurance Corporation (“FDIC”) two loan portfolios with an aggregate unpaid principal balance of $1.3 billion at a 37% discount to par. For additional information on the “FDIC Loan Purchase,” see Note 2—“Acquisitions” in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (“2024 Form 10-K”) filed with the Securities and Exchange Commission (“SEC”).

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. Certain amounts reported in prior periods have been reclassified to conform with the current presentation. Results for the three months ended September 30, 2024 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 not repeated herein pursuant to the rules and regulations of the 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, 2024 included in the 2024 Form 10-K.

For further information regarding the Company’s significant accounting policies, see Note 1—“Organizations and Summary of Significant Accounting Policies” in the 2024 Form 10-K. During the three months ended September 30, 2024, there were no significant updates to the Company’s significant accounting policies, other than as noted below and the adoption of the accounting standards noted herein.

Stock of Regulatory Agencies. The Bank is a member of the Federal Home Loan Bank (“FHLB”) system and the Federal Reserve System (the “Federal Reserve”). FHLB members are required to own a certain amount of FHLB stock based on the level of borrowings and other factors while Federal Reserve members are required to own a certain amount of Federal Reserve Bank stock based on the member’s equity capital and surplus. FHLB and Federal Reserve Bank stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Axos Securities, LLC is a member of the Depository Trust & Clearing Corporation (“DTCC”), a financial services company providing clearing and settlement services to the financial markets. Members are required to own a certain amount of DTCC stock based on the clearing levels and other factors. DTCC stock is valued based on information provided by the DTCC, classified as a restricted security, and periodically evaluated for impairment based on the ultimate recovery of carrying value.

Comprehensive Income. Comprehensive income consists of net income and other comprehensive income (“OCI”). OCI includes unrealized gains and losses on available-for-sale securities and gains and losses on derivatives in designated cash flow hedge accounting relationships.

Derivatives. Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to economically hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in “Mortgage banking income” on the Consolidated Statements of Income.

The Company makes markets in interest rate swap and cap derivatives to facilitate customer demand. The Company enters into offsetting derivative transactions to offset its interest rate risk associated with this customer transaction activity. The Company acquired as part of the FDIC Loan Purchase certain customer-facing interest rate derivatives and related market-facing derivatives which offset the Company’s interest rate risk. For additional information on these derivatives see Note 2— “Acquisitions” in the 2024 Form 10-K and Note 5— “Derivatives.” Changes in the fair values of these derivatives, and related fees, are included in “Banking and service fees” on the Consolidated Statements of Income.

Derivative assets and liabilities are not subject to any counterparty netting and are presented at fair value on a gross basis in “Other assets” and “Accounts payable and other liabilities”, respectively, in the Consolidated Balance Sheets and cash flows related to derivative assets and liabilities are presented in “Net change in assets and liabilities which provide (use) cash - Other Assets” and “Net change in assets and liabilities which provide (use) cash - Accounts payable and other liabilities,” respectively, in the Consolidated Statements of Cash Flows.

The Company applies hedge accounting to certain derivative instruments for interest rate risk management purposes. The Company uses such derivative instruments to hedge forecasted variable cash flows from floating-rate deposits. For designated cash flow hedges, changes in the fair value of the derivatives are initially recorded in OCI and subsequently recognized in earnings once the hedged item affects earnings. Derivative gains and losses reclassified to earnings are recognized in interest expense on the condensed Consolidated Statements of Income, consistent with the hedged floating-rate deposits.

Hedge accounting relationships, including the associated risk management objective and strategy, are formally documented at inception. Additionally, the effectiveness of hedge accounting relationships is monitored throughout the duration of the hedge period. Hedge accounting treatment is discontinued either when the derivative is terminated, when it is determined that a derivative is not expected to be, or has ceased to be, effective as a hedge or if the Company removes the cash flow hedge designation. If a hedge accounting relationship is terminated and the original hedged transaction remains probable to occur, the amount in accumulated other comprehensive income is recognized in earnings on a straight-line basis over the remaining term of the derivative. If the original hedged transaction no longer remains probable to occur, any amount in accumulated other comprehensive income is immediately recognized in income.

On July 1, 2024, the Company adopted Accounting Standards Update (“ASU”) 2023-02 which permits an election, if certain conditions are met, to account for tax equity investments using the proportional amortization method, which was previously limited to low-income housing tax credit (“LIHTC”) investments. As the Company’s tax equity investments solely comprise LIHTC investments accounted for under the proportional amortization method, there was no impact on its financial condition or results of operations upon adoption. For additional information on the Company’s LIHTC investments, see Note 12 – “Other Assets.”

In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07 which requires disclosure of significant business segment expenses and a description of the composition of other segment expenses by business segment. The ASU also requires disclosure of the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company does not expect any impact on its financial condition or results of operations upon adoption.

In December 2023, the FASB issued ASU 2023-09 which requires further granularity on the disclosure of income taxes, including:

•Certain prescribed line items in the income tax rate reconciliation presented both in dollar and percentage terms;

•Income taxes paid, income before income taxes and income taxes disaggregated by federal, state and foreign taxes; and

•Further disaggregation of income taxes paid by any individual jurisdiction equal to or exceeding five percent of total income taxes paid.

This standard is effective for fiscal years beginning after December 15, 2024. The Company does not expect any impact on its financial condition or results of operations upon adoption.

The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at September 30, 2024 and June 30, 2024. Assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement:

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:

1 Earnings from servicing rights were attributable to: time and payoffs, representing a decrease in servicing rights value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period of $0.2 million for the three months ended September 30, 2024 and a decrease in servicing rights value resulting from market-driven changes in interest rates of $1.6 million for the three months ended September 30, 2024. Additions to servicing rights were related to purchases and servicing rights retained upon sale of loans held for sale.

1 Earnings from servicing rights were attributable to: time and payoffs, representing a decrease in servicing rights value due to passage of time, including the impact from both regularly scheduled loan principal payments and loans that were paid down or paid off during the period of $0.2 million for the three months ended September 30, 2023, and an increase in servicing rights value resulting from market-driven changes in interest rates of $2.1 million for the three months ended September 30, 2023. Additions to servicing rights were related to purchases and servicing rights retained upon sale of loans held for sale.

The table below summarizes the quantitative information about Level 3 fair value measurements: