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Axos Financial

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FY2024 Annual Report · Axos Financial
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2024 ANNUAL REPORT
Banking 
On Purpose
Consumer 
Banking
Securities
Commercial 
Banking


In fiscal 2024, Axos delivered another record year in net income, earnings per share and book value per share, supported by 
double-digit growth in loans and deposits and a 27 basis point expansion in our net interest margin. Purposeful execution of our 
long-term strategic and operational initiatives – including diversification across our lending and deposit verticals, managing 
credit and interest rate risks by sticking to our asset-based lending at low loan-to-value philosophy, and investments in people, 
technology and processes – were key drivers of our strong financial and operating results.
DEAR FELLOW STOCKHOLDERS:
Net interest income increased 22.8% in fiscal 2024 to approximately $961 million. Strong loan growth across a variety of asset-
backed commercial lending businesses, including capital call and lender finance, offset deliberate run-off in auto lending, 
single-family mortgage lending, multifamily and small balance commercial real estate lending. We bucked the industry trends 
and further increased net interest margin above our long-term target. We successfully offset higher funding costs by re-pricing 
floating-rate and hybrid loans higher, and the FDIC loan purchase further boosted net interest margin. 
   90% of total deposits were FDIC-insured or collateralized
   $142 million AFS Securities + $0 HTM Securities
   $2.5 million AOCI loss; 0.1% of stockholders’ equity
   $2,291 million total stockholders’ equity
MAINTAINED 
STRONG CAPITAL, 
LIQUIDITY AND 
ASSET-LIABILITY 
MANAGEMENT
(AT JUNE 30, 2024)
NET 
INTEREST 
INCOME 
($ millions)
NET 
INTEREST 
MARGIN
(FISCAL YEARS 
ENDING JUNE 30,)
$200
0
$400
$600
$800
$1,000
$ millions
$198.9
$261.0
$313.2
$368.5
$408.6
$477.6
$538.7
$607.2
$783.1
$961.4
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
3.80%
3.40%
4.20%
4.60%
4.80%
3.60%
4.00%
4.40%
3.92%
3.91%
3.95%
4.11%
4.07%
4.12%
3.92%
4.13%
4.35%
4.62%
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024

We capitalized on market dislocations and aggressively 
deployed capital to drive stockholder value. In 
December 2023, we purchased two loan portfolios 
with an unpaid principal balance of approximately 
$1.25 billion from the FDIC at a 37% discount to par 
value and expect these performing multifamily and 
commercial real estate loans to contribute over $300 
million of income over the life of the loans. In August 
2023, we acquired La Victoire Finance (“LVF”), a marine 
lending business, which at closing had approximately 
$50 million of outstanding floor plan loans and a 
$500 million retail servicing book. We are excited 
about the opportunity to grow our marine floor plan 
and retail loan portfolios and generate recurring fee 
income from the servicing book. Also in fiscal year 
2024, we opportunistically repurchased nearly $100 
million of common stock at a weighted-average 
share price of approximately $38 per share.
Our strong liquidity, excess capital, diversified funding 
and lending, and emerging growth initiatives are the 
result of the strategic investments we have made 
over the past decade. We embarked on a multi-year 
investment in our software + services model across 
targeted industry verticals, starting with the build-out 
of our consumer digital banking platform – Universal 
Digital Bank (“UDB”). This proprietary, modern online 
and mobile banking platform supports our consumer 
lending, consumer deposits and direct-to-consumer 
securities trading and investment management services. 
BOOK VALUE PER SHARE
(AT JUNE 30,)
RETURN ON EQUITY
(FISCAL YEARS ENDING JUNE 30,) 
SOFTWARE + SERVICES MODEL
$10.00
$0.00
$20.00
$30.00
$35.00
$40.00
$45.00
$5.00
$15.00
$25.00
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
$8.51
$10.73
$13.05
$15.24
$17.47
$20.56
$23.62
$27.48
$32.53
$40.26
10.00%
0.00%
15.00%
25.00%
5.00%
20.00%
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
18.34%
19.43%
17.78%
17.05%
15.40%
15.65%
16.51%
15.61%
17.22%
21.64%
Earlier this year, we migrated our small business banking clients to UDB to provide them with an enhanced, user-friendly and 
modern technology. We further leveraged our investments in UDB to create a custom white-label banking service for registered 
investment advisors (“RIAs”). Independent advisors, particularly those who left wirehouses owned by large money center banks, 
have a strong need for traditional banking services such as single-family lending and securities-based lines of credit. Our Axos 
white-label banking empowers RIAs and provides their clients with access to those services and more. We believe the ability 
to distribute consumer lending and consumer deposit products to approximately 170,000 retail customers managed by our 
custody clients provides a low-cost customer acquisition channel that most banks our size do not have access to.
   UDB
   White Label Banking
   Axos Fiduciary Services
   Zenith
   Axos Advisor Services
   Axos Invest
CONSUMER BANKING
COMMERCIAL BANKING
SECURITIES SERVICES
“
Our strong liquidity, excess capital, diversified 
funding and lending, and emerging growth 
initiatives are the result of the strategic investments 
we have made over the past decade. 

Our software + services model permeates across several of our commercial and specialty deposit businesses. Axos Fiduciary 
Services (“AFS”), our bankruptcy trustee business, provides a proprietary, turnkey administration and reporting software for 
bankruptcy trustees and other legal fiduciaries. With approximately 40% share of U.S. Chapter 7 bankruptcy trustees and over 
$1 billion of combined deposits, AFS is a differentiated source of low-cost deposits expected to benefit from rising deposit 
balances during an economic downturn.
In August 2022, we acquired Zenith, a leader in bookkeeping and payroll software for the business management industry. The 
proprietary software streamlines the reporting and payment functionalities to save time and money for business managers. 
In addition to subscription and transaction-based fees, Zenith also provides access to low-cost, transactional deposits held at 
other banks. We remain confident that improvements in the underlying front- and back-end technology platforms will drive 
growth in new customers and deposits to Axos Bank.
We continue to enhance our products and services, features, and functionalities in our clearing, custody, and direct-to-consumer 
securities trading and digital wealth management businesses. Axos Advisor Services (“AAS”), the 6th largest independent RIA 
custodian in the U.S., had approximately $26.2 billion of assets under custody at June 30, 2024. Our high-touch, tech-enabled 
services model is attracting new advisors who have seen their service levels deteriorate because of industry consolidation. We 
are making additional process and systems enhancements across a variety of workflows to further improve our ease-of-use 
and operational productivity. At Axos Invest, we have reduced friction and added new products to make it easier for existing 
consumer banking clients to trade and manage investments with Axos.
In our fiscal year ended June 30, 2024, we generated a 21.6% return on equity and 2.1% return on assets. We achieved these 
returns despite investments in existing and new businesses, risk and other operational infrastructure, and opportunistic team 
hires. These purposeful investments will further increase our franchise value and generate additional growth. We remain 
focused on executing our long-term operational and strategic initiatives, irrespective of the economic, political and regulatory 
environment. With significant excess capital, strong credit quality and highly profitable businesses, Axos is well positioned for 
continued success.
Sincerely,
Greg Garrabrants
President and CEO

[This page intentionally left blank] 

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