Cover Page
Cover Page - shares | 6 Months Ended | |
Dec. 31, 2021 | Jan. 20, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-37709 | |
Entity Registrant Name | AXOS FINANCIAL, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 33-0867444 | |
Entity Address, Address Line One | 9205 West Russell Road, Suite 400 | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89148 | |
City Area Code | 858 | |
Local Phone Number | 649-2218 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | AX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 59,501,899 | |
Entity Central Index Key | 0001299709 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 858,732 | $ 715,624 |
Cash segregated for regulatory purposes | 259,626 | 322,153 |
Total cash, cash equivalents, and cash segregated | 1,118,358 | 1,037,777 |
Securities: | ||
Trading | 1,223 | 1,983 |
Available-for-sale | 139,581 | 187,335 |
Stock of regulatory agencies | 20,368 | 19,995 |
Loans held for sale, carried at fair value | 27,428 | 29,768 |
Loans held for sale, lower of cost or fair value | 11,446 | 12,294 |
Loans—net of allowance for credit losses of $140.5 million as of December 31, 2021 and $133.0 million as of June 30, 2021 | 12,607,179 | 11,414,814 |
Mortgage servicing rights, carried at fair value | 20,110 | 17,911 |
Other real estate owned and repossessed vehicles | 251 | 6,782 |
Goodwill and other intangible assets—net | 161,954 | 115,972 |
Securities borrowed | 534,243 | 619,088 |
Customer, broker-dealer and clearing receivables | 429,634 | 369,815 |
Other assets | 476,172 | 432,031 |
TOTAL ASSETS | 15,547,947 | 14,265,565 |
Deposits: | ||
Non-interest bearing | 3,847,461 | 2,474,424 |
Interest bearing | 8,421,711 | 8,341,373 |
Total deposits | 12,269,172 | 10,815,797 |
Advances from the Federal Home Loan Bank | 157,500 | 353,500 |
Borrowings, subordinated notes and debentures | 260,435 | 221,358 |
Securities loaned | 578,762 | 728,988 |
Customer, broker-dealer and clearing payables | 528,796 | 535,425 |
Accounts payable and accrued liabilities and other liabilities | 230,125 | 209,561 |
Total liabilities | 14,024,790 | 12,864,629 |
STOCKHOLDERS’ EQUITY: | ||
Common stock—$0.01 par value; 150,000,000 shares authorized; 68,376,837 shares issued and 59,498,575 shares outstanding as of December 31, 2021; 68,069,321 shares issued and 59,317,944 shares outstanding as of June 30, 2021 | 684 | 681 |
Additional paid-in capital | 441,061 | 432,550 |
Accumulated other comprehensive income (loss)—net of tax | 1,344 | 2,507 |
Retained earnings | 1,308,725 | 1,187,728 |
Treasury stock, at cost; 8,878,262 shares as of December 31, 2021 and 8,751,377 shares as of June 30, 2021 | (228,657) | (222,530) |
Total stockholders’ equity | 1,523,157 | 1,400,936 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 15,547,947 | $ 14,265,565 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
ASSETS | ||
Allowance for loan and lease losses | $ 140,489 | $ 132,958 |
STOCKHOLDERS’ EQUITY: | ||
Preferred stock, par or stated value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 68,376,837 | 68,069,321 |
Common stock, shares outstanding (in shares) | 59,498,575 | 59,317,944 |
Treasury stock, at cost (in shares) | 8,878,262 | 8,751,377 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
INTEREST AND DIVIDEND INCOME: | ||||
Loans, including fees | $ 149,469 | $ 147,085 | $ 298,645 | $ 288,509 |
Securities borrowed and customer receivables | 5,366 | 4,666 | 12,217 | 9,743 |
Investments | 2,241 | 3,628 | 4,524 | 7,016 |
Total interest and dividend income | 157,076 | 155,379 | 315,386 | 305,268 |
INTEREST EXPENSE: | ||||
Deposits | 7,805 | 16,095 | 15,517 | 35,649 |
Advances from the Federal Home Loan Bank | 973 | 1,326 | 1,989 | 2,698 |
Securities loaned | 218 | 255 | 469 | 379 |
Other borrowings | 2,512 | 3,611 | 5,201 | 5,123 |
Total interest expense | 11,508 | 21,287 | 23,176 | 43,849 |
Net interest income | 145,568 | 134,092 | 292,210 | 261,419 |
Provision for credit losses | 4,000 | 8,000 | 8,000 | 19,800 |
Net interest income, after provision for credit losses | 141,568 | 126,092 | 284,210 | 241,619 |
NON-INTEREST INCOME: | ||||
Prepayment penalty fee income | 3,294 | 1,579 | 6,280 | 2,947 |
Gain on sale – other | 28 | 156 | 45 | 490 |
Mortgage banking income | 4,612 | 10,651 | 9,865 | 30,218 |
Broker-dealer fee income | 14,367 | 6,287 | 26,133 | 11,989 |
Banking and service fees | 8,486 | 10,045 | 15,166 | 18,929 |
Total non-interest income | 30,787 | 28,718 | 57,489 | 64,573 |
NON-INTEREST EXPENSE: | ||||
Salaries and related costs | 39,979 | 38,199 | 80,716 | 76,822 |
Data processing | 12,199 | 9,673 | 24,291 | 17,601 |
Depreciation and amortization | 6,785 | 5,862 | 12,513 | 12,048 |
Advertising and promotional | 3,402 | 3,783 | 6,774 | 6,339 |
Professional services | 5,943 | 5,629 | 10,488 | 11,628 |
Occupancy and equipment | 3,342 | 3,132 | 6,523 | 6,143 |
FDIC and regulatory fees | 2,475 | 2,601 | 4,741 | 5,293 |
Broker-dealer clearing charges | 3,678 | 2,451 | 7,683 | 4,708 |
General and administrative expense | 8,216 | 4,967 | 16,721 | 11,261 |
Total non-interest expense | 86,019 | 76,297 | 170,450 | 151,843 |
Income before taxes | 86,336 | 78,513 | 171,249 | 154,349 |
INCOME TAXES | 25,549 | 23,728 | 50,252 | 46,542 |
NET INCOME | 60,787 | 54,785 | 120,997 | 107,807 |
NET INCOME ATTRIBUTABLE TO COMMON STOCK | 60,787 | 54,672 | 120,997 | 107,617 |
COMPREHENSIVE INCOME | $ 60,131 | $ 55,691 | $ 119,834 | $ 109,995 |
Basic earnings per common share (in dollars per share) | $ 1.02 | $ 0.93 | $ 2.04 | $ 1.82 |
Diluted earnings per common share (in dollars per share) | $ 1 | $ 0.91 | $ 1.99 | $ 1.79 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 60,787 | $ 54,785 | $ 120,997 | $ 107,807 |
Net unrealized gain (loss) from available-for-sale securities, net of tax expense (benefit) of $(274) and $437 for the three and $(488) and $940 for the six months ended December 31, 2021 and 2020, respectively. | (656) | 906 | (1,163) | 2,188 |
Other comprehensive income (loss) | (656) | 906 | (1,163) | 2,188 |
Comprehensive income | $ 60,131 | $ 55,691 | $ 119,834 | $ 109,995 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net unrealized gain (loss) from available-for-sale securities, tax expense (benefit) | $ (274) | $ 437 | $ (488) | $ 940 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Total | Impact of ASC 326 Adoption | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsImpact of ASC 326 Adoption | Accumulated Other Comprehensive Income (Loss), Net of Income Tax |
Preferred stock, beginning balance (in shares) at Jun. 30, 2020 | 515,000 | ||||||||
Stockholder's equity, beginning balance at Jun. 30, 2020 | $ 1,230,846,000 | $ (37,088,000) | $ 5,063,000 | $ 673,000 | $ (195,125,000) | $ 411,873,000 | $ 1,009,299,000 | $ (37,088,000) | $ (937,000) |
Common stock, issued and treasury, beginning balance (in shares) at Jun. 30, 2020 | 67,323,053 | 7,710,418 | |||||||
Common stock, outstanding, beginning balance (in shares) at Jun. 30, 2020 | 59,612,635 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 107,807,000 | 107,807,000 | |||||||
Other comprehensive income (loss) | 2,188,000 | 2,188,000 | |||||||
Cash dividends on preferred stock | (103,000) | (103,000) | |||||||
Preferred stock - Series A redemption (in shares) | (515,000) | ||||||||
Preferred stock - Series A redemption | (5,150,000) | $ (5,063,000) | (87,000) | ||||||
Purchase of treasury stock (in shares) | (753,597) | (753,597) | |||||||
Purchase of treasury stock | (16,757,000) | $ (16,757,000) | |||||||
Stock-based compensation expense and restricted stock unit vesting, issued (in shares) | 345,611 | ||||||||
Share-based compensation expense and restricted stock unit vesting, treasury stock (in shares) | (131,827) | ||||||||
Stock-based compensation expense and restricted stock unit vesting, outstanding (in shares) | 213,784 | ||||||||
Stock-based compensation expense and restricted stock unit vesting | 5,739,000 | $ 4,000 | $ (3,287,000) | 9,022,000 | |||||
Preferred stock, ending balance (in shares) at Dec. 31, 2020 | 0 | ||||||||
Stockholder's equity, ending balance at Dec. 31, 2020 | $ 1,287,482,000 | $ 0 | $ 677,000 | $ (215,169,000) | 420,895,000 | 1,079,828,000 | 1,251,000 | ||
Common stock, issued and treasury, ending balance (in shares) at Dec. 31, 2020 | 67,668,664 | 8,595,842 | |||||||
Common stock, outstanding, ending balance (in shares) at Dec. 31, 2020 | 59,072,822 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | ||||||||
Preferred stock, beginning balance (in shares) at Sep. 30, 2020 | 515 | ||||||||
Stockholder's equity, beginning balance at Sep. 30, 2020 | $ 1,236,965,000 | $ 5,063,000 | $ 676,000 | $ (210,560,000) | 416,285,000 | 1,025,156,000 | 345,000 | ||
Common stock, issued and treasury, beginning balance (in shares) at Sep. 30, 2020 | 67,622,935 | 8,407,001 | |||||||
Common stock, outstanding, beginning balance (in shares) at Sep. 30, 2020 | 59,215,934 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 54,785,000 | 54,785,000 | |||||||
Other comprehensive income (loss) | 906,000 | 906,000 | |||||||
Cash dividends on preferred stock | (26,000) | (26,000) | |||||||
Preferred stock - Series A redemption (in shares) | (515) | ||||||||
Preferred stock - Series A redemption | (5,150,000) | $ (5,063,000) | (87,000) | ||||||
Purchase of treasury stock (in shares) | (171,348) | (171,348) | |||||||
Purchase of treasury stock | (4,015,000) | $ (4,015,000) | |||||||
Stock-based compensation expense and restricted stock unit vesting, issued (in shares) | 45,729 | ||||||||
Share-based compensation expense and restricted stock unit vesting, treasury stock (in shares) | (17,493) | ||||||||
Stock-based compensation expense and restricted stock unit vesting, outstanding (in shares) | 28,236 | ||||||||
Stock-based compensation expense and restricted stock unit vesting | 4,017,000 | $ 1,000 | $ (594,000) | 4,610,000 | |||||
Preferred stock, ending balance (in shares) at Dec. 31, 2020 | 0 | ||||||||
Stockholder's equity, ending balance at Dec. 31, 2020 | 1,287,482,000 | $ 0 | $ 677,000 | $ (215,169,000) | 420,895,000 | 1,079,828,000 | 1,251,000 | ||
Common stock, issued and treasury, ending balance (in shares) at Dec. 31, 2020 | 67,668,664 | 8,595,842 | |||||||
Common stock, outstanding, ending balance (in shares) at Dec. 31, 2020 | 59,072,822 | ||||||||
Preferred stock, beginning balance (in shares) at Jun. 30, 2021 | 0 | ||||||||
Stockholder's equity, beginning balance at Jun. 30, 2021 | $ 1,400,936,000 | $ 0 | $ 681,000 | $ (222,530,000) | 432,550,000 | 1,187,728,000 | 2,507,000 | ||
Common stock, issued and treasury, beginning balance (in shares) at Jun. 30, 2021 | 68,069,321 | 68,069,321 | 8,751,377 | ||||||
Common stock, outstanding, beginning balance (in shares) at Jun. 30, 2021 | 59,317,944 | 59,317,944 | |||||||
Preferred stock, ending balance (in shares) at Sep. 30, 2021 | 0 | ||||||||
Stockholder's equity, ending balance at Sep. 30, 2021 | $ 1,458,621,000 | $ 0 | $ 684,000 | $ (228,529,000) | 436,528,000 | 1,247,938,000 | 2,000,000 | ||
Common stock, issued and treasury, ending balance (in shares) at Sep. 30, 2021 | 68,370,617 | 8,875,984 | |||||||
Common stock, outstanding, ending balance (in shares) at Sep. 30, 2021 | 59,494,633 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | ||||||||
Preferred stock, beginning balance (in shares) at Jun. 30, 2021 | 0 | ||||||||
Stockholder's equity, beginning balance at Jun. 30, 2021 | $ 1,400,936,000 | $ 0 | $ 681,000 | $ (222,530,000) | 432,550,000 | 1,187,728,000 | 2,507,000 | ||
Common stock, issued and treasury, beginning balance (in shares) at Jun. 30, 2021 | 68,069,321 | 68,069,321 | 8,751,377 | ||||||
Common stock, outstanding, beginning balance (in shares) at Jun. 30, 2021 | 59,317,944 | 59,317,944 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | $ 120,997,000 | ||||||||
Other comprehensive income (loss) | (1,163,000) | ||||||||
Stock-based compensation expense and restricted stock unit vesting, issued (in shares) | 307,516 | ||||||||
Share-based compensation expense and restricted stock unit vesting, treasury stock (in shares) | (126,885) | ||||||||
Stock-based compensation expense and restricted stock unit vesting, outstanding (in shares) | 180,631 | ||||||||
Stock-based compensation expense and restricted stock unit vesting | 2,387,000 | $ 3,000 | $ (6,127,000) | 8,511,000 | |||||
Preferred stock, ending balance (in shares) at Dec. 31, 2021 | 0 | ||||||||
Stockholder's equity, ending balance at Dec. 31, 2021 | $ 1,523,157,000 | $ 0 | $ 684,000 | $ (228,657,000) | 441,061,000 | 1,308,725,000 | 1,344,000 | ||
Common stock, issued and treasury, ending balance (in shares) at Dec. 31, 2021 | 68,376,837 | 68,376,837 | 8,878,262 | ||||||
Common stock, outstanding, ending balance (in shares) at Dec. 31, 2021 | 59,498,575 | 59,498,575 | |||||||
Preferred stock, beginning balance (in shares) at Sep. 30, 2021 | 0 | ||||||||
Stockholder's equity, beginning balance at Sep. 30, 2021 | $ 1,458,621,000 | $ 0 | $ 684,000 | $ (228,529,000) | 436,528,000 | 1,247,938,000 | 2,000,000 | ||
Common stock, issued and treasury, beginning balance (in shares) at Sep. 30, 2021 | 68,370,617 | 8,875,984 | |||||||
Common stock, outstanding, beginning balance (in shares) at Sep. 30, 2021 | 59,494,633 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 60,787,000 | 60,787,000 | |||||||
Other comprehensive income (loss) | (656,000) | (656,000) | |||||||
Stock-based compensation expense and restricted stock unit vesting, issued (in shares) | 6,220 | ||||||||
Share-based compensation expense and restricted stock unit vesting, treasury stock (in shares) | (2,278) | ||||||||
Stock-based compensation expense and restricted stock unit vesting, outstanding (in shares) | 3,942 | ||||||||
Stock-based compensation expense and restricted stock unit vesting | 4,405,000 | $ (128,000) | 4,533,000 | ||||||
Preferred stock, ending balance (in shares) at Dec. 31, 2021 | 0 | ||||||||
Stockholder's equity, ending balance at Dec. 31, 2021 | $ 1,523,157,000 | $ 0 | $ 684,000 | $ (228,657,000) | $ 441,061,000 | $ 1,308,725,000 | $ 1,344,000 | ||
Common stock, issued and treasury, ending balance (in shares) at Dec. 31, 2021 | 68,376,837 | 68,376,837 | 8,878,262 | ||||||
Common stock, outstanding, ending balance (in shares) at Dec. 31, 2021 | 59,498,575 | 59,498,575 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 120,997 | $ 107,807 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Accretion and amortization on securities, net | (211) | (13) |
Net accretion of discounts on loans and leases | (3,239) | (2,684) |
Amortization of borrowing costs | 277 | 284 |
Amortization of operating lease right of use asset | 4,947 | 5,310 |
Stock-based compensation expense | 8,514 | 9,026 |
Trading activity | (760) | (42) |
Provision for credit losses | 8,000 | 19,800 |
Deferred income taxes | (1,468) | (8,354) |
Origination of loans held for sale | (403,287) | (931,065) |
Unrealized (gain) loss on loans held for sale | 150 | 104 |
Gain on sales of loans held for sale | (9,910) | (30,708) |
Proceeds from sale of loans held for sale | 415,291 | 949,009 |
Amortization and change in fair value of mortgage servicing rights | 1,087 | 4,045 |
(Gain) loss on sale of other real estate and foreclosed assets | (358) | (38) |
Depreciation and amortization | 12,513 | 12,048 |
Net changes in assets and liabilities which provide (use) cash: | ||
Securities borrowed | 84,845 | (95,203) |
Customer, broker-dealer and clearing receivables | (56,142) | (44,306) |
Other assets | (109,751) | 60,534 |
Securities loaned | (150,226) | 106,225 |
Customer, broker-dealer and clearing payables | (6,629) | 127,859 |
Accounts payable and other liabilities | 7,067 | (5,305) |
Net cash provided (used) by operating activities | (76,773) | 284,417 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of investment securities | (12,286) | (57,725) |
Proceeds from sales of securities | 75,022 | 0 |
Proceeds from repayment of securities | 58,601 | 56,147 |
Purchase of stock of regulatory agencies | (13,631) | (2) |
Proceeds from redemption of stock of regulatory agencies | 13,631 | 0 |
Origination of loans held for investment | (4,636,661) | (2,530,229) |
Proceeds from sale of loans held for investment | 36,943 | 15,711 |
Mortgage warehouse loans activity, net | 18,511 | (710,561) |
Proceeds from sales of other real estate owned and repossessed assets | 7,454 | 584 |
Acquisition of business activity, net of cash paid | (54,761) | 0 |
Purchases of loans and leases, net of discounts and premiums | (30,153) | (1,471) |
Principal repayments on loans | 3,413,366 | 2,218,068 |
Purchases of furniture, equipment, software and intangibles | (8,730) | (5,815) |
Net cash used in investing activities | (1,132,694) | (1,015,293) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 1,453,375 | 126,442 |
Payments of the Federal Home Loan Bank term advances | (10,000) | (55,000) |
Net (repayment) proceeds of Federal Home Loan Bank other advances | (186,000) | (5,000) |
Net proceeds (repayments) of other borrowings | 38,800 | 10,155 |
Tax payments related to settlement of restricted stock units | (6,127) | (3,287) |
Redemption of preferred stock, Series A | 0 | (5,150) |
Repurchase of treasury stock | 0 | (16,757) |
Cash dividends paid on preferred stock | 0 | (103) |
Payment of debt issuance costs | 0 | (2,748) |
Proceeds from issuance of subordinated notes | 0 | 175,000 |
Net cash provided by financing activities | 1,290,048 | 223,552 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 80,581 | (507,324) |
CASH AND CASH EQUIVALENTS—Beginning of year | 1,037,777 | 1,950,519 |
CASH AND CASH EQUIVALENTS—End of period | 1,118,358 | 1,443,195 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest paid on deposits and borrowed funds | 23,429 | 41,194 |
Income taxes paid | 57,763 | 50,574 |
Transfers to other real estate and repossessed vehicles | 342 | 528 |
Transfers from loans held for investment to loans held for sale | 36,943 | 8,680 |
Transfers from loans held for sale to loans held for investment | 794 | 27,739 |
Operating lease liabilities for obtaining right of use assets | 12,009 | 0 |
Impact of adoption of ASU No. 2016-13 on retained earnings | $ 0 | $ 37,088 |
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed consolidated financial statements include the accounts of Axos Financial, Inc. (“Axos”) and its wholly owned subsidiaries, Axos Bank (the “Bank”) and Axos Nevada Holding, LLC (the “Axos Nevada Holding”) and collectively, the “Company”. Axos Nevada Holding wholly owns the companies constituting the Securities Business segment. All significant intercompany balances and transactions have been eliminated in consolidation. 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. Results for the six months ended December 31, 2021 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 omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“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, 2021 included in our Annual Report on Form 10-K. Significant Accounting Policies Our significant accounting policies are described in greater detail in Note 1 - “Summary of Significant Accounting Policies” contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended June 30, 2021. New Accounting Standards No new accounting standards have yet been adopted for the fiscal year beginning July 1, 2021. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS On August 2, 2021 the Company’s subsidiary, Axos Clearing, LLC, acquired certain assets and liabilities of E*TRADE Advisor Services (“EAS”), the registered investment advisor custody business of Morgan Stanley. This business was rebranded as Axos Advisor Services (“AAS”). AAS adds incremental fee income, a turnkey technology platform used by independent registered investment advisors for trading and custody services, and low cost deposits that can be used to generate fee income from other bank partners or to fund loan growth at Axos Bank. The initial purchase price of $54.6 million consisted entirely of cash consideration paid upon acquisition and working capital adjustments. The Company incurred acquisition-related costs totaling $0.04 million for the six months ended December 31, 2021. There were no costs in the three months December 31, 2021. These costs are recognized in general and administrative expenses in the unaudited consolidated statements of income. The acquisition is accounted for as a business combination under the acquisition method of accounting. Accordingly, tangible and intangible assets acquired (and liabilities assumed) are recorded at their estimated fair values as of the date of acquisition. The Company allocated the purchase price to the tangible and intangible assets acquired based on information available through December 31, 2021. The estimated fair values of the acquired assets and assumed liabilities are subject to refinement as additional information relative to closing date fair values becomes available. Any subsequent measurement period adjustments to the fair values of acquired assets and liabilities assumed, identifiable intangible assets, or other purchase accounting adjustments will result in adjustments to goodwill no later than within the first 12 months following the closing date of acquisition. The preliminary allocation of the $54.6 million purchase price consists of $6.5 million of fair value of tangible assets acquired, $3.4 million of liabilities assumed, $27.1 million of identifiable intangible assets and $24.4 million of goodwill, all of which is expected to be deductible for tax purposes. In December 2021, the Company made a $0.2 million true-up payment based on working capital adjustments, which was recorded as an increase in the purchase price up to $54.8 million with no impact on goodwill or identifiable intangible assets. After the working capital true-up, the fair value of tangible assets acquired is $6.4 million and the fair value of liabilities acquired is $3.1 million. Identifiable intangible assets with a finite useful are amortized on a straight-line basis. Goodwill was calculated as the excess of consideration exchanged over the fair value of identifiable net assets acquired. The goodwill includes synergies expected to result from combining the acquired assets and liabilities with existing operations, coupling its custody platform with the Company existing product offerings and leveraging customer relationships through RIAs. The following table summarizes the fair value and useful life of each intangible asset acquired as of the acquisition date: ($ in thousands) Fair Value Useful Lives (Years) Trade Name $ 290 0.16 Proprietary Technology 10,990 7 Customer Relationships 15,650 14 Non-Compete Agreements 130 1 $ 27,060 |
FAIR VALUE
FAIR VALUE | 6 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820, Fair Value Measurement , establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at December 31, 2021 and June 30, 2021. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: December 31, 2021 (Dollars in thousands) Quoted Prices in Significant Other Significant Total ASSETS: Securities—Trading: Municipal $ — $ 1,223 $ — $ 1,223 Securities—Available-for-Sale: Agency Debt 1 $ — $ — $ — $ — Agency MBS 1 — 29,231 — 29,231 Non-Agency MBS 2 — — 58,752 58,752 Municipal — 3,536 — 3,536 Asset-backed securities and structured notes — 48,062 — 48,062 Total—Securities—Available-for-Sale $ — $ 80,829 $ 58,752 $ 139,581 Loans Held for Sale $ — $ 27,428 $ — $ 27,428 Mortgage servicing rights $ — $ — $ 20,110 $ 20,110 Other assets—Derivative instruments $ — $ — $ 1,462 $ 1,462 LIABILITIES: Other liabilities—Derivative instruments $ — $ — $ 85 $ 85 June 30, 2021 (Dollars in thousands) Quoted Prices in Significant Other Significant Total ASSETS: Securities—Trading: Municipal $ — $ 1,983 $ — $ 1,983 Securities—Available-for-Sale: Agency Debt 1 $ — $ — $ — $ — Agency MBS 1 — 23,913 — 23,913 Non-Agency MBS 2 — — 67,615 67,615 Municipal — 3,565 — 3,565 Asset-backed securities and structured notes — 92,242 — 92,242 Total—Securities—Available-for-Sale $ — $ 119,720 $ 67,615 $ 187,335 Loans Held for Sale $ — $ 29,768 $ — $ 29,768 Mortgage servicing rights $ — $ — $ 17,911 $ 17,911 Other assets—Derivative instruments $ — $ — $ 2,280 $ 2,280 LIABILITIES: Other liabilities—Derivative instruments $ — $ — $ 75 $ 75 1 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac. 2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by Alt-A or pay-option ARM mortgages. 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: For the Three Months Ended December 31, 2021 (Dollars in thousands) Securities – Available-for-Sale: Non-Agency MBS Mortgage Servicing Rights Derivative Instruments, net Total Opening balance $ 59,851 $ 18,438 $ 2,226 $ 80,515 Included in earnings—Mortgage banking income — 97 (849) (752) Included in other comprehensive income (527) — — (527) Purchases, retentions, issues, sales and settlements: Purchases/Retentions — 1,575 — 1,575 Settlements (572) — — (572) Closing balance $ 58,752 $ 20,110 $ 1,377 $ 80,239 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ — $ 97 $ (849) $ (752) For the Six Months Ended December 31, 2021 (Dollars in thousands) Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights Derivative Instruments, net Total Opening Balance $ 67,615 $ 17,911 $ 2,205 $ 87,731 Total gains or losses for the period: Included in earnings—Mortgage banking income — (1,087) (828) (1,915) Included in other comprehensive income (639) — — (639) Purchases, retentions, issues, sales and settlements: Purchases/Retentions — 3,286 — 3,286 Settlements (8,224) — — (8,224) Closing balance $ 58,752 $ 20,110 $ 1,377 $ 80,239 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ — $ (1,087) $ (828) $ (1,915) For the Three Months Ended December 31, 2020 (Dollars in thousands) Securities – Available-for-Sale: Non-Agency MBS Mortgage Servicing Rights Derivative Instruments, net Total Opening balance $ 17,612 $ 12,130 $ 12,999 $ 42,741 Included in earnings—Mortgage banking income — (2,250) (5,020) (7,270) Included in other comprehensive income 15 — — 15 Purchases, retentions, issues, sales and settlements: Purchases/Retentions — 4,434 — 4,434 Settlements (492) — — (492) Closing balance $ 17,135 $ 14,314 $ 7,979 $ 39,428 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ — $ (2,250) $ (5,020) $ (7,270) For the Six Months Ended December 31, 2020 (Dollars in thousands) Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights Derivative Instruments, net Total Opening Balance $ 18,332 $ 10,675 $ 7,416 $ 36,423 Total gains or losses for the period: Included in earnings—Mortgage banking income — (4,045) 563 (3,482) Included in other comprehensive income (307) — — (307) Purchases, retentions, issues, sales and settlements: Purchases/retentions — 7,684 — 7,684 Settlements (890) — — (890) Closing balance $ 17,135 $ 14,314 $ 7,979 $ 39,428 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ — $ (4,045) $ 563 $ (3,482) The table below summarizes the quantitative information about level 3 fair value measurements as of the dates indicated: December 31, 2021 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Securities – Non-agency MBS $ 58,752 Discounted Cash Flow Projected Constant Prepayment Rate, 0.0 to 33.8% (2.2%) 0.0 to 8.8% (0.2%) 0.0 to 68.3% (8.9%) 2.7 to 6.6% (3.0%) Mortgage Servicing Rights $ 20,110 Discounted Cash Flow Projected Constant Prepayment Rate, 11.5 to 60.8% (15.9%) 1.1 to 7.9 (6.2) 9.5 to 11.2% (9.6%) Derivative Instruments $ 1,377 Sales Comparison Approach Projected Sales Profit of Underlying Loans 0.1 to 0.9% (0.4%) June 30, 2021 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Securities – Non-agency MBS $ 67,615 Discounted Cash Flow Projected Constant Prepayment Rate, 0.0 to 25.0% (2.7%) 0.0 to 5.6% (0.6%) 0.0 to 100.0% (19.4%) 2.7 to 7.2% (3.1%) Mortgage Servicing Rights $ 17,911 Discounted Cash Flow Projected Constant Prepayment Rate, 7.5 to 37.4% (11.5%) 1.7 to 7.5 (6.4) 9.5 to 13.0% (9.6%) Derivative Instruments $ 2,205 Sales Comparison Approach Projected Sales Profit of Underlying Loans 0.2 to 0.5% (0.3%) The significant unobservable inputs used in the fair value measurement of the Company’s residential mortgage-backed securities are projected prepayment rates, probability of default, and projected loss severity in the event of default. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the projected loss severity and a directionally opposite change in the assumption used for projected prepayment rates. The table below summarizes assets measured for impairment on a non-recurring basis: December 31, 2021 (Dollars in thousands) Quoted Prices in Significant Other Significant Balance Other real estate owned and foreclosed assets: Autos and RVs $ — $ — $ 251 $ 251 Total $ — $ — $ 251 $ 251 June 30, 2021 (Dollars in thousands) Quoted Prices in Significant Other Significant Balance Other real estate owned and foreclosed assets: Single family real estate $ — $ — $ 6,547 $ 6,547 Autos and RVs — — 235 235 Total $ — $ — $ 6,782 $ 6,782 Other real estate owned and foreclosed assets, which are measured at the lower of carrying value or fair value less costs to sell, had a net carrying amount of $251 after charge-offs of $49 for the six months ended December 31, 2021. The Company has elected the fair value option for Agency loans held for sale. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loan and in accordance with the Company’s policy on loans held for investment. None of these loans are 90 days or more past due nor on nonaccrual as of December 31, 2021 and June 30, 2021. As of December 31, 2021 and June 30, 2021, the aggregate fair value of loans held for sale, carried at fair value, contractual balance (including accrued interest), and unrealized gain was as follows: (Dollars in thousands) December 31, 2021 June 30, 2021 Aggregate fair value $ 27,428 $ 29,768 Contractual balance 26,751 28,940 Unrealized gain $ 677 $ 828 The total amount of gains and losses from changes in fair value included in earnings for the period indicated below for loans held for sale were: For the Three Months Ended For the Six Months Ended December 31, December 31, (Dollars in thousands) 2021 2020 2021 2020 Interest income $ 194 $ 420 $ 394 $ 802 Change in fair value (1,021) (6,425) (978) 459 Total $ (827) $ (6,005) $ (584) $ 1,261 The following table presents quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the periods indicated: December 31, 2021 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) 1 Other real estate owned and foreclosed assets: Autos and RVs $ 251 Sales comparison approach Adjustment for differences between the comparable sales (16.6) to (2.0)% ((8.4)%) June 30, 2021 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) 1 Other real estate owned and foreclosed assets: Single family real estate $ 6,547 Sales comparison approach Adjustment for differences between the comparable sales (1.5) to 6.1% (2.0%) Autos and RVs $ 235 Sales comparison approach Adjustment for differences between the comparable sales (2.1) to 14.7% (2.1%) 1 For other real estate owned and foreclosed assets the ranges shown may vary positively or negatively based on the comparable sales reported in the current appraisal. In certain instances, the range can be significant due to small sample sizes and in some cases the property being valued having limited comparable sales with similar characteristics at the time the current appraisal is conducted. Fair value of Financial Instruments The carrying amounts and estimated fair values of financial instruments at December 31, 2021 and June 30, 2021 were as follows: December 31, 2021 Fair Value (Dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Fair Value Financial assets: Cash and cash equivalents $ 1,118,358 $ 1,118,358 $ — $ — $ 1,118,358 Securities — trading 1,223 — 1,223 — 1,223 Securities — available-for-sale 139,581 — 80,829 58,752 139,581 Loans held for sale, at fair value 27,428 — 27,428 — 27,428 Loans held for sale, at lower of cost or fair value 11,446 — — 11,534 11,534 Loans held for investment—net 12,607,179 — — 12,870,528 12,870,528 Securities borrowed 534,243 — — 524,466 524,466 Customer, broker-dealer and clearing receivables 429,634 — — 432,427 432,427 Mortgage servicing rights 20,110 — — 20,110 20,110 Financial liabilities: Total deposits 12,269,172 — 11,650,460 — 11,650,460 Advances from the Federal Home Loan Bank 157,500 — 157,500 — 157,500 Borrowings, subordinated notes and debentures 260,435 — 254,096 — 254,096 Securities loaned 578,762 — — 582,640 582,640 Customer, broker-dealer and clearing payables 528,796 — — 534,712 534,712 June 30, 2021 Fair Value (Dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Fair Value Financial assets: Cash and cash equivalents $ 1,037,777 $ 1,037,777 $ — $ — $ 1,037,777 Securities — trading 1,983 — 1,983 — 1,983 Securities — available-for-sale 187,335 — 119,720 67,615 187,335 Loans held for sale, at fair value 29,768 — 29,768 — 29,768 Loans held for sale, at lower of cost or fair value 12,294 — — 12,336 12,336 Loans held for investment—net 11,414,814 — — 11,833,102 11,833,102 Securities borrowed 619,088 — — 619,274 619,274 Customer, broker-dealer and clearing receivables 369,815 — — 369,815 369,815 Mortgage servicing rights 17,911 — — 17,911 17,911 Financial liabilities: Total deposits 10,815,797 — 10,297,450 — 10,297,450 Advances from the Federal Home Loan Bank 353,500 — 353,500 — 353,500 Borrowings, subordinated notes and debentures 221,358 — 210,196 — 210,196 Securities loaned 728,988 — — 731,467 731,467 Customer, broker-dealer and clearing payables 535,425 — — 535,425 535,425 The methods and assumptions, not previously presented, used to estimate fair value are described as follows: Carrying amount is the estimated fair value for cash and cash equivalents, interest bearing deposits, accrued interest receivable and payable, demand deposits, short-term debt, and variable rate loans or deposits that reprice frequently and fully. For fixed rate loans, deposits, borrowings or subordinated debt and for variable rate loans, deposits, borrowings or subordinated debt with infrequent repricing or repricing limits, fair value is based on discounted cash flows using current market rates applied to the estimated life and credit risk. A discussion of the methods of valuing trading securities, available for sale securities and loans held for sale can be found in Note 3 – “Fair Value” of our Form 10-K for the year ended June 30, 2021. The carrying amount of stock of regulatory agencies approximates the estimated fair value of this investment. The fair value of off-balance sheet items is not considered material. |
SECURITIES
SECURITIES | 6 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The amortized cost, carrying amount and fair value for the trading and available-for-sale securities at December 31, 2021 and June 30, 2021 were: December 31, 2021 Trading Available-for-sale (Dollars in thousands) Fair Amortized Unrealized Unrealized Fair Mortgage-backed securities (MBS): U.S. agencies 1 $ — $ 29,376 $ 214 $ (359) $ 29,231 Non-agency 2 — 56,949 2,152 (349) 58,752 Total mortgage-backed securities — 86,325 2,366 (708) 87,983 Non-MBS: Municipal 1,223 3,467 69 — 3,536 Asset-backed securities and structured notes — 46,933 1,129 — 48,062 Total Non-MBS 1,223 50,400 1,198 — 51,598 Total debt securities $ 1,223 $ 136,725 $ 3,564 $ (708) $ 139,581 June 30, 2021 Trading Available-for-sale (Dollars in thousands) Fair Amortized Unrealized Unrealized Fair Mortgage-backed securities (MBS): U.S. agencies 1 $ — $ 23,639 $ 420 $ (146) $ 23,913 Non-agency 2 — 65,174 2,862 (421) 67,615 Total mortgage-backed securities — 88,813 3,282 (567) 91,528 Non-MBS: Municipal 1,983 3,466 99 — 3,565 Asset-backed securities and structured notes — 90,549 1,693 — 92,242 Total Non-MBS 1,983 94,015 1,792 — 95,807 Total debt securities $ 1,983 $ 182,828 $ 5,074 $ (567) $ 187,335 1 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac. 2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by Alt-A or pay-option ARM mortgages. The Company’s non-agency MBS available-for-sale portfolio with a total fair value of $58,752 at December 31, 2021 consists of 14 different issues of super senior securities. The face amounts of debt securities available-for-sale that were pledged to secure borrowings at December 31, 2021 and June 30, 2021 were $1.2 million and $1.4 million, respectively. The securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows: December 31, 2021 Available-for-sale securities in loss position for Less Than More Than Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross MBS: U.S. agencies $ 20,136 $ (351) $ 366 $ (8) $ 20,502 $ (359) Non-agency — — 5,353 (349) 5,353 (349) Total MBS 20,136 (351) 5,719 (357) 25,855 (708) Non-MBS: U.S. agencies — — — — — — Total Non-MBS — — — — — — Total debt securities $ 20,136 $ (351) $ 5,719 $ (357) $ 25,855 $ (708) June 30, 2021 Available-for-sale securities in loss position for Less Than More Than Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross MBS: U.S. agencies $ 10,001 $ (146) $ — $ — $ 10,001 $ (146) Non-agency — — 6,018 (421) 6,018 (421) Total MBS 10,001 (146) 6,018 (421) 16,019 (567) Non-MBS: Municipal debt — — — — — — Asset-backed securities and structured notes — — — — — — Total Non-MBS — — — — — — Total debt securities $ 10,001 $ (146) $ 6,018 $ (421) $ 16,019 $ (567) On December 31, 2021, there were eight securities in a continuous loss position for a period of more than 12 months, and eleven securities in a continuous loss position for a period of less than 12 months. At June 30, 2021, there were seven securities in a continuous loss position for a period of more than 12 months, and seven securities in a continuous loss position for a period of less than 12 months. At December 31, 2021, one non-agency RMBS with a total carrying amount of $2.6 million was determined to have cumulative credit losses of $0.8 million of which none was recognized in earnings during the three months ended December 31, 2021. During the six months ended December 31, 2020, the company sold no available-for-sale securities. During the six months ended December 31, 2021, the company sold no available-for-sale securities. The Company had recorded unrealized gains and unrealized losses in accumulated other comprehensive loss as follows: (Dollars in thousands) December 31, June 30, Available-for-sale debt securities—net unrealized gains (losses) $ 2,856 $ 4,507 Available-for-sale debt securities—non-credit related losses (845) (845) Subtotal 2,011 3,662 Tax benefit (expense) (667) (1,155) Net unrealized gain (loss) on investment securities in accumulated other comprehensive income (loss) $ 1,344 $ 2,507 |
LOANS & ALLOWANCE FOR CREDIT LO
LOANS & ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
LOANS & ALLOWANCE FOR CREDIT LOSSES | LOANS & ALLOWANCE FOR CREDIT LOSSES The following table sets forth the composition of the loan portfolio as of the dates indicated: (Dollars in thousands) December 31, 2021 June 30, 2021 Single Family - Mortgage & Warehouse $ 4,281,646 $ 4,359,472 Multifamily and Commercial Mortgage 2,483,932 2,470,454 Commercial Real Estate 3,857,367 3,180,453 Commercial & Industrial - Non-RE 1,631,811 1,123,869 Auto & Consumer 478,636 362,180 Other 22,282 58,316 Total gross loans 12,755,674 11,554,744 Allowance for credit losses - loans (140,489) (132,958) Unaccreted premiums (discounts) and loan fees (8,006) (6,972) Total net loans $ 12,607,179 $ 11,414,814 The following tables summarize activity in the allowance for credit losses - loans by portfolio classes for the periods indicated. For the Three Months Ended December 31, 2021 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Balance at October 1, 2021 $ 25,329 $ 13,359 $ 65,223 $ 22,519 $ 10,007 $ 341 $ 136,778 Provision (benefit) for credit losses - loans 182 269 2,358 170 1,299 (278) 4,000 Charge-offs — — — — (640) — (640) Recoveries 69 — — 27 255 — 351 Balance at December 31, 2021 $ 25,580 $ 13,628 $ 67,581 $ 22,716 $ 10,921 $ 63 $ 140,489 For the Three Months Ended December 31, 2020 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Balance at October 1, 2020 $ 28,307 $ 12,419 $ 49,198 $ 23,295 $ 8,678 $ 11,018 $ 132,915 Provision for credit losses - loans 5,271 470 7,517 (1,546) (214) (3,498) 8,000 Charge-offs (870) — — (2,620) (1,220) — (4,710) Recoveries 19 — — — 169 — 188 Balance at December 31, 2020 $ 32,727 $ 12,889 $ 56,715 $ 19,129 $ 7,413 $ 7,520 $ 136,393 For the Six Months Ended December 31, 2021 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Balance at July 1, 2021 $ 26,604 $ 13,146 $ 57,928 $ 28,460 $ 6,519 $ 301 $ 132,958 Provision (benefit) for credit losses - loans (1,169) 305 9,653 (5,476) 4,925 (238) 8,000 Charge-offs — — — (322) (1,034) — (1,356) Recoveries 145 177 — 54 511 — 887 Balance at December 31, 2021 $ 25,580 $ 13,628 $ 67,581 $ 22,716 $ 10,921 $ 63 $ 140,489 For the Six Months Ended December 31, 2020 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Balance at July 1, 2020 $ 25,901 $ 4,718 $ 21,052 $ 9,954 $ 9,461 $ 4,721 $ 75,807 Effect of Adoption of ASC 326 6,318 7,408 25,893 7,042 610 29 47,300 Provision for credit losses - loans 2,832 763 9,770 4,966 (1,301) 2,770 19,800 Charge-offs (2,359) — — (2,833) (1,956) — (7,148) Recoveries 35 — — — 599 — 634 Balance at December 31, 2020 $ 32,727 $ 12,889 $ 56,715 $ 19,129 $ 7,413 $ 7,520 $ 136,393 Credit Quality Disclosures. Nonaccrual loans consisted of the following as of the dates indicated: As of December 31, 2021 (Dollars in thousands) With Allowance With No Allowance Total Single Family - Mortgage & Warehouse $ 54,613 $ 67,713 $ 122,326 Multifamily and Commercial Mortgage 2,158 5,530 7,688 Commercial Real Estate — 15,244 15,244 Commercial & Industrial - Non-RE — — — Auto & Consumer 504 116 620 Other — 55 55 Total nonaccrual loans $ 57,275 $ 88,658 $ 145,933 Nonaccrual loans to total loans 1.14 % No interest income was recognized on nonaccrual loans in either the three months ended December 31, 2021 or December 31, 2020. No interest income was recognized on nonaccrual loans in either the six months ended December 31, 2021 or December 31, 2020. Approximately 0.52% of our nonaccrual loans at December 31, 2021 were considered TDRs, compared to 0.55% at June 30, 2021. Borrowers that make timely payments after TDRs are considered non-performing for at least six months. Generally, after six months of timely payments, those TDRs are reclassified from the nonaccrual loan category to the performing loan category and any previously deferred interest income is recognized. Approximately 83.82% of the Bank’s nonaccrual loans are single family first mortgages. The following tables present the outstanding unpaid balance of loans that are performing and nonaccrual by portfolio class: December 31, 2021 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Performing $ 4,159,320 $ 2,476,244 $ 3,842,123 $ 1,631,811 $ 478,016 $ 22,227 $ 12,609,741 Nonaccrual 122,326 7,688 15,244 — 620 55 145,933 Total $ 4,281,646 $ 2,483,932 $ 3,857,367 $ 1,631,811 $ 478,636 $ 22,282 $ 12,755,674 June 30, 2021 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Performing $ 4,253,764 $ 2,450,026 $ 3,164,614 $ 1,120,927 $ 361,902 $ 58,316 $ 11,409,549 Nonaccrual 105,708 20,428 15,839 2,942 278 — 145,195 Total $ 4,359,472 $ 2,470,454 $ 3,180,453 $ 1,123,869 $ 362,180 $ 58,316 $ 11,554,744 From time to time, the Company modifies loan terms temporarily for borrowers who are experiencing financial stress. These loans are performing and accruing and will generally return to the original loan terms after the modification term expires. The Company had no TDRs classified as performing loans at December 31, 2021 or June 30, 2021. Credit Quality Indicators The amortized cost basis by fiscal year of origination and credit quality indicator of the Company’s loan and leases as of December 31, 2021 was as follows: Loans Held for Investment Origination Year Revolving Loans Total (Dollars in thousands) 2022 2021 2020 2019 2018 Prior Single Family-Mortgage & Warehouse Pass $ 754,227 $ 760,351 $ 539,496 $ 398,601 $ 358,708 $ 717,525 $ 566,340 $ 4,095,248 Special Mention 11,550 79 8,265 4,020 1,927 6,425 29,273 61,539 Substandard — 962 34,659 20,155 12,967 56,116 — 124,859 Doubtful — — — — — — — — Total 765,777 761,392 582,420 422,776 373,602 780,066 595,613 4,281,646 Multifamily and Commercial Mortgage Pass 286,209 621,487 509,415 308,530 254,009 417,533 — 2,397,183 Special Mention — — — 17,162 — 2,745 — 19,907 Substandard — 4,908 30,155 6,110 11,388 14,281 — 66,842 Doubtful — — — — — — — — Total 286,209 626,395 539,570 331,802 265,397 434,559 — 2,483,932 Commercial Real Estate Pass 1,310,547 1,050,924 585,116 450,236 68,748 — 272,844 3,738,415 Special Mention — 2,500 10,818 15,487 15,000 — — 43,805 Substandard — — 58,205 — 15,244 — 1,698 75,147 Doubtful — — — — — — — — Total 1,310,547 1,053,424 654,139 465,723 98,992 — 274,542 3,857,367 Commercial & Industrial - Non-RE Pass 118,720 52,137 82,180 14,289 15,965 817 1,312,491 1,596,599 Special Mention — — — 224 907 — 20,654 21,785 Substandard 2,989 — 10,438 — — — — 13,427 Doubtful — — — — — — — — Total 121,709 52,137 92,618 14,513 16,872 817 1,333,145 1,631,811 Auto & Consumer Pass 189,880 137,621 59,449 51,605 23,425 15,046 — 477,026 Special Mention 109 209 98 70 33 — — 519 Substandard 117 244 276 354 67 33 — 1,091 Doubtful — — — — — — — — Total 190,106 138,074 59,823 52,029 23,525 15,079 — 478,636 Other Pass 1,719 10,644 7,037 — 1,538 1,289 — 22,227 Special Mention — — — — — — — — Substandard — — 55 — — — — 55 Doubtful — — — — — — — — Total 1,719 10,644 7,092 — 1,538 1,289 — 22,282 Total Pass 2,661,302 2,633,164 1,782,693 1,223,261 722,393 1,152,210 2,151,675 12,326,698 Special Mention 11,659 2,788 19,181 36,963 17,867 9,170 49,927 147,555 Substandard 3,106 6,114 133,788 26,619 39,666 70,430 1,698 281,421 Doubtful — — — — — — — — Total $ 2,676,067 $ 2,642,066 $ 1,935,662 $ 1,286,843 $ 779,926 $ 1,231,810 $ 2,203,300 $ 12,755,674 As a % of total gross loans and leases 20.99 % 20.71 % 15.17 % 10.09 % 6.11 % 9.66 % 17.27 % 100.0 % The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses - loans. The Company also evaluates credit quality based on the aging status of its loans and leases. During the year, the Company holds certain short-term loans that do not have a fixed maturity date that are treated as delinquent if not paid in full 90 days after the origination date. The Company took proactive measures to manage loans that became delinquent during the recent economic downturn as a result of the COVID-19 pandemic. As of December 31, 2021, no loans were on forbearance status for forbearance granted from any prior date. Any forbearance granted out of COVID-19 was for six months or less. Additionally, no forbearance or deferral of payment obligation was granted to any borrower during during the three and six months ended December 31, 2021. The following tables provide the outstanding unpaid balance of loans that are past due 30 days or more by portfolio class as of the dates indicated: December 31, 2021 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Single Family-Mortgage & Warehouse $ 33,015 $ 9,944 $ 108,207 $ 151,166 Multifamily and Commercial Mortgage 9,828 4,438 536 14,802 Commercial Real Estate — — — — Commercial & Industrial - Non-RE — — — — Auto & Consumer 4,387 1,158 645 6,190 Other 52 — 55 107 Total $ 47,282 $ 15,540 $ 109,443 $ 172,265 As a % of total gross loans and leases 0.37 % 0.12 % 0.86 % 1.35 % June 30, 2021 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Single Family-Mortgage & Warehouse $ 24,150 $ 46,552 $ 69,169 $ 139,871 Multifamily and Commercial Mortgage 7,991 1,816 12,122 21,929 Commercial Real Estate 36,786 — — 36,786 Commercial & Industrial - Non-RE — — 2,960 2,960 Auto & Consumer 601 306 235 1,142 Other — — — — Total $ 69,528 $ 48,674 $ 84,486 $ 202,688 As a % of total gross loans and leases 0.60 % 0.42 % 0.73 % 1.75 % Allowance for Credit Losses The allowance for credit losses is the sum of the allowance for credit losses - loans and the unfunded loan commitment liabilities. Unfunded loan commitment liabilities is included in “Accounts payable, accrued liabilities and other liabilities” in the unaudited Condensed Consolidated Balance Sheets. Provisions for the unfunded loan commitments are included in “General and administrative expenses” in the unaudited Condensed Consolidated Statements of Income. The following tables present a summary of the activity in the allowance for credit losses for the periods indicated: Three Months Ended December 31, 2021 (Dollars in thousands) Allowance for Credit Losses - Loans Unfunded Loan Commitment Liabilities Total Allowance for Credit Losses Balance at October 1, 2021 $ 136,778 $ 7,723 $ 144,501 Provision for Credit Losses 4,000 1,000 5,000 Charge-offs (640) — (640) Recoveries 351 — 351 Balance at December 31, 2021 $ 140,489 $ 8,723 $ 149,212 Three Months Ended December 31, 2020 (Dollars in thousands) Allowance for Credit Losses - Loans Unfunded Loan Commitment Liabilities Total Allowance for Credit Losses Balance at October 1, 2020 $ 132,915 $ 6,723 $ 139,638 Provision for Credit Losses 8,000 (1,000) 7,000 Charge-offs (4,710) — (4,710) Recoveries 188 — 188 Balance at December 31, 2020 $ 136,393 $ 5,723 $ 142,116 For the Six Months Ended December 31, 2021 (Dollars in thousands) Allowance for Credit Losses - Loans Unfunded Loan Commitment Liabilities Total Allowance for Credit Losses Balance at July 1, 2021 $ 132,958 $ 5,723 $ 138,681 Provision for Credit Losses 8,000 3,000 11,000 Charge-offs (1,356) — (1,356) Recoveries 887 — 887 Balance at December 31, 2021 $ 140,489 $ 8,723 $ 149,212 For the Six Months Ended December 31, 2020 (Dollars in thousands) Allowance for Credit Losses - Loans Unfunded Loan Commitment Liabilities Total Allowance for Credit Losses Balance at July 1, 2020 $ 75,807 $ 323 $ 76,130 Effect of Adoption of ASC 326 47,300 5,700 53,000 Provision for Credit Losses 19,800 (300) 19,500 Charge-offs (7,148) — (7,148) Recoveries 634 — 634 Balance at December 31, 2020 $ 136,393 $ 5,723 $ 142,116 |
EQUITY AND STOCK-BASED COMPENSA
EQUITY AND STOCK-BASED COMPENSATION | 6 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
EQUITY AND STOCK-BASED COMPENSATION | EQUITY AND STOCK-BASED COMPENSATION Amended and Restated 2014 Stock Incentive Plan. On October 21, 2021 the Company’s stockholders approved the Amended and Restated 2014 Stock Incentive Plan, which reserved one million additional shares for purposes of the Company’s equity compensation. Restricted Stock Units. During the six months ended December 31, 2021 and 2020, the Company granted 302,677 and 437,608 restricted stock unit awards (“RSUs”) to employees and directors, and during the six months ended December 31, 2021 granted 478,353 RSU’s to the chief executive officer, which vest ratably on each of the four fiscal year ends after the issue date. All other RSUs granted during these quarters generally vest over 3 years, one-third on each anniversary date. The Company’s pre-tax income and net income for the six months ended December 31, 2021 and 2020 include stock award expense of $8.5 million and $9.0 million, with total income tax benefit of $2.5 million and $2.7 million, respectively. The Company recognizes compensation expense based upon the grant-date fair value divided by the vesting and the service period between each vesting date. At December 31, 2021, unrecognized compensation expense related to non-vested awards aggregated to $30.4 million and is expected to be recognized in future periods as follows: (Dollars in thousands) Stock Award For the fiscal year remainder: 2022 $ 8,595 2023 13,007 2024 7,501 2025 1,230 2026 101 Total $ 30,434 The following table presents the status and changes in restricted stock units for the periods indicated: Restricted Weighted-Average Non-vested balance at June 30, 2020 1,445,540 $ 28.62 Granted 617,833 32.12 Vested (666,790) 29.23 Forfeited (176,113) 27.42 Non-vested balance at June 30, 2021 1,220,470 $ 30.18 Granted 781,030 48.53 Vested (307,516) 28.32 Forfeited (90,111) 34.68 Non-vested balance at December 31, 2021 1,603,873 $ 39.26 The total fair value of shares vested for the three and six months ended December 31, 2021 was $349 and $14,834. The total fair value of shares vested for the three and six months ended December 31, 2020 was $1,644 and $8,246. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 6 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Earnings per common share (“EPS”) is presented under two formats: basic EPS and diluted EPS. Basic EPS is computed by dividing the net income attributable to common stock (net income after deducting dividends on preferred stock and preferred stock redemption charge) by the sum of the weighted-average number of common shares outstanding during the year and the unvested average of participating RSUs. Diluted EPS is computed by dividing the sum of net income attributable to common stock and dividends on diluted preferred stock by the sum of the weighted-average number of common shares outstanding during the year and the impact of dilutive potential common shares, such as nonparticipating RSUs, stock options and convertible preferred stock. The unvested stock-based compensation awards issued under the Amended and Restated 2014 Stock Incentive Plan have no stockholder rights, meaning they are not entitled to dividends and are considered nonparticipating. The Company does not include these nonparticipating RSUs in the basic EPS calculation, but are included in the diluted EPS calculation using the treasury stock method. The following table presents the calculation of basic and diluted EPS: Three Months Ended Six Months Ended December 31, December 31, (Dollars in thousands, except per share data) 2021 2020 2021 2020 Earnings Per Common Share Net income $ 60,787 $ 54,785 $ 120,997 $ 107,807 Preferred stock dividends — (26) — (103) Preferred stock redemption charge — (87) — (87) Net income attributable to common stockholders $ 60,787 $ 54,672 $ 120,997 $ 107,617 Average common shares outstanding 59,496,489 59,049,697 59,443,667 59,278,672 Total qualifying shares 59,496,489 59,049,697 59,443,667 59,278,672 Earnings per common share $ 1.02 $ 0.93 $ 2.04 $ 1.82 Diluted Earnings Per Common Share Net income attributable to common stockholders $ 60,787 $ 54,672 $ 120,997 $ 107,617 Average common shares issued and outstanding 59,496,489 59,049,697 59,443,667 59,278,672 Dilutive effect of average unvested RSUs 1,259,492 991,026 1,305,716 917,844 Total dilutive common shares outstanding 60,755,981 60,040,723 60,749,383 60,196,516 Diluted earnings per common share $ 1.00 $ 0.91 $ 1.99 $ 1.79 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES COVID-19 Impact. The Company has closely monitored the rapid developments of and uncertainties caused by the COVID-19 pandemic. In response to the changes in economic and business conditions as a result of the COVID-19 pandemic, the Company continues to take the necessary and appropriate actions to support customers, employees, partners and shareholders. The Company took proactive measures to manage loans that became delinquent during the recent economic downturn as a result of the COVID-19 pandemic. As of December 31, 2021, no loans were on forbearance status for a forbearance granted from any prior date. Any forbearance granted out of COVID-19 was for six months or less. The Company will continue to monitor uncertainties caused by and developments of COVID-19. Operating Leases. The Company leases office space under operating lease agreements scheduled to expire at various dates. The following table represents maturities of lease liabilities as of December 31, 2021 in the corresponding fiscal years: (Dollars in thousands) Remainder of 2022 $ 4,992 2023 10,595 2024 10,287 2025 10,119 2026 9,791 Thereafter 38,821 Total lease payments 84,605 Less: amount representing interest (9,197) Total Lease Liability $ 75,408 Credit-Related Financial Instruments . The Company is a party to credit-related financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are commitments to extend credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the unaudited condensed consolidated balance sheets. The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance-sheet instruments. At December 31, 2021, the Company had commitments to originate $137.8 million in fixed rate loans and $2,345.2 million in variable rate loans, totaling an aggregate outstanding principal balance of $2,483.0 million. At December 31, 2021, the Company’s fixed rate commitments to originate had a weighted-average rate of 4.38%. At December 31, 2021, the Company also had commitments to sell $50.0 million in fixed rate loans and none in variable rate loans, totaling an aggregate outstanding principal balance of $50.0 million. Commitments to extend credit are agreements to lend to a customer so long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. In the normal course of business, Axos Clearing’s customer activities involve the execution, settlement, and financing of various customer securities transactions. These activities may expose Axos Clearing to off-balance-sheet risk in the event the customer or other broker is unable to fulfill its contracted obligations and Axos Clearing has to purchase or sell the financial instrument underlying the contract at a loss. Axos Clearing’s clearing agreements with broker-dealers for which it provides clearing services requires them to indemnify Axos Clearing if customers fail to satisfy their contractual obligation. Litigation . On October 15, 2015, the Company, its Chief Executive Officer and its then Chief Financial Officer were named defendants in a putative class action lawsuit styled Golden v. BofI Holding, Inc., et al, and brought in United States District Court for the Southern District of California (the “Golden Case”). On November 3, 2015, the Company, its Chief Executive Officer and its then Chief Financial Officer were named defendants in a second putative class action lawsuit styled Hazan v. BofI Holding, Inc., et al, and also brought in the United States District Court for the Southern District of California (the “Hazan Case”). On February 1, 2016, the Golden Case and the Hazan Case were consolidated as In re BofI Holding, Inc. Securities Litigation, Case #: 3:15-cv-02324-GPC-KSC (the “Class Action”), and the Houston Municipal Employees Pension System was appointed lead plaintiff. The plaintiffs allege that the Company and other named defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by failing to disclose wrongful conduct that was alleged in a complaint filed in connection with a wrongful termination of employment lawsuit filed on October 13, 2015 (the “Employment Matter”) and that as a result the Company’s statements regarding its internal controls, as well as portions of its financial statements, were false and misleading. On March 21, 2018, the Court entered a final order dismissing the Class Action with prejudice. Subsequently, the plaintiff appealed, the Court overturned the dismissal and the Company is preparing a petition for a rehearing. On April 3, 2017, the Company, its Chief Executive Officer and its then Chief Financial Officer were named defendants in a putative class action lawsuit styled Mandalevy v. BofI Holding, Inc., et al, and brought in United States District Court for the Southern District of California (the “Mandalevy Case”). The Mandalevy Case seeks monetary damages and other relief on behalf of a putative class that has not been certified by the Court. The complaint in the Mandalevy Case (the “Mandalevy Complaint”) alleges a class period that differs from that alleged in the First Class Action, and that the Company and other named defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by failing to disclose wrongful conduct that was alleged in a March 2017 media article. The Mandalevy Case has not been consolidated into the First Class Action. On December 7, 2018, the Court entered a final order granting the defendants’ motion and dismissing the Mandalevy Case with prejudice. Subsequently, the plaintiff filed a notice of appeal and the Court took the matter under advisement. On November 3, 2020, the Court issued a ruling affirming in part and reversing in part the District Court's Order dismissing the Class Action Second Amended Complaint. The defendants filed a petition for rehearing en banc on November 17, 2020, which petition was denied on December 16, 2020. The defendants filed a motion to dismiss the remanded complaint on February 19, 2021. The Company and the other named defendants dispute the allegations of wrongdoing advanced by the plaintiffs in the Class Action, the Mandalevy Case, and in the Employment Matter, as well as those plaintiffs’ statement of the underlying factual circumstances, and are vigorously defending each case. In addition to the First Class Action and the Mandalevy Case, two separate shareholder derivative actions were filed in December, 2015, purportedly on behalf of the Company. The first derivative action, Calcaterra v. Garrabrants, et al , was filed in the United States District Court for the Southern District of California on December 3, 2015. The second derivative action, Dow v. Micheletti, et al , was filed in the San Diego County Superior Court on December 16, 2015. A third derivative action, DeYoung v. Garrabrants, et al , was filed in the United States District Court for the Southern District of California on January 22, 2016, a fourth derivative action, Yong v. Garrabrants, et al , was filed in the United States District Court for the Southern District of California on January 29, 2016, a fifth derivative action, Laborers Pension Trust Fund of Northern Nevada v. Allrich et al , was filed in the United States District Court for the Southern District of California on February 2, 2016, and a sixth derivative action, Garner v. Garrabrants, et al , was filed in the San Diego County Superior Court on August 10, 2017. Each of these six derivative actions names the Company as a nominal defendant, and certain of its officers and directors as defendants. Each complaint sets forth allegations of breaches of fiduciary duties, gross mismanagement, abuse of control, and unjust enrichment against the defendant officers and directors. The plaintiffs in these derivative actions seek damages in unspecified amounts on the Company’s behalf from the officer and director defendants, certain corporate governance actions, and an award of their costs and attorney’s fees. The United States District Court for the Southern District of California ordered the four above-referenced derivative actions pending before it to be consolidated and appointed lead counsel in the consolidated action. On June 7, 2018, the Court entered an order granting defendant’s motion for judgment on the pleadings, but giving the plaintiffs limited leave to amend by June 28, 2018. The plaintiffs failed to file an amended complaint, and instead plaintiffs filed on June 28, 2018 a motion to stay the case pending resolution of the securities class action and Employment Matter. On August 10, 2018, defendants filed an opposition to plaintiffs’ motion. On September 11, 2018, the plaintiffs filed a second amended complaint. On October 16, 2018, defendants filed a motion to dismiss the second amended complaint. On October 16, 2018, defendants filed a motion to dismiss the second amended complaint. The Court dismissed the second amended complaint with prejudice on May 23, 2019. Subsequently, the plaintiff filed a notice of appeal and opening brief and the Company filed its answering brief. Oral argument was held September 2, 2020 and the Court took the matter under advisement. The two derivative actions pending before the San Diego County Superior Court have been consolidated and have been stayed by agreement of the parties. In view of the inherent difficulty of predicting the outcome of each legal action, particularly since claimants seek substantial or indeterminate damages, it is not possible to reasonably predict or estimate the eventual loss or range of loss, if any, related to each legal action. |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING There are no material inter-segment sales or transfers. The accounting policies used by each reportable segment are the same as those discussed in Note 1 - “Organizations and Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended June 30, 2021. All costs, except certain corporate administration costs and income taxes, have been allocated to the reportable segments. Therefore, combined amounts agree to the unaudited condensed consolidated totals. In order to reconcile the two segments to the unaudited condensed consolidated totals, the Company includes parent-only activities and intercompany eliminations. The following tables present the operating results, goodwill, and assets of the segments: For the Three Months Ended December 31, 2021 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Net interest income $ 142,259 $ 4,506 $ (1,197) $ 145,568 Provision for credit losses 4,000 — — 4,000 Non-interest income 16,295 16,454 (1,962) 30,787 Non-interest expense 62,449 21,654 1,916 86,019 Income before taxes $ 92,105 $ (694) $ (5,075) $ 86,336 For the Three Months Ended December 31, 2020 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Net interest income $ 132,166 $ 4,260 $ (2,334) $ 134,092 Provision for credit losses 8,000 — — 8,000 Non-interest income 22,295 6,572 (149) 28,718 Non-interest expense 62,474 11,312 2,511 76,297 Income before taxes $ 83,987 $ (480) $ (4,994) $ 78,513 Six Months Ended December 31, 2021 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Net interest income $ 284,500 $ 10,682 $ (2,972) $ 292,210 Provision for credit losses 8,000 — — 8,000 Non-interest income 31,123 29,560 (3,194) 57,489 Non-interest expense 125,174 40,927 4,349 170,450 Income before taxes $ 182,449 $ (685) $ (10,515) $ 171,249 Six Months Ended December 31, 2020 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Net interest income $ 255,174 $ 9,154 $ (2,909) $ 261,419 Provision for credit losses 19,800 — — 19,800 Non-interest income 52,507 12,356 (290) 64,573 Non-interest expense 123,691 22,664 5,488 151,843 Income before taxes $ 164,190 $ (1,154) $ (8,687) $ 154,349 As of December 31, 2021 (Dollars in thousands) Banking Business Securities Business Corporate/Eliminations Axos Consolidated Goodwill $ 35,721 $ 59,953 $ — $ 95,674 Total Assets $ 14,047,081 $ 1,439,415 $ 61,451 $ 15,547,947 As of June 30, 2021 (Dollars in thousands) Banking Business Securities Business Corporate/Eliminations Axos Consolidated Goodwill $ 35,721 $ 35,501 $ — $ 71,222 Total Assets $ 12,745,029 $ 1,450,512 $ 70,024 $ 14,265,565 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation | The condensed consolidated financial statements include the accounts of Axos Financial, Inc. (“Axos”) and its wholly owned subsidiaries, Axos Bank (the “Bank”) and Axos Nevada Holding, LLC (the “Axos Nevada Holding”) and collectively, the “Company”. Axos Nevada Holding wholly owns the companies constituting the Securities Business segment. All significant intercompany balances and transactions have been eliminated in consolidation. |
Basis of Presentation | 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. Results for the six months ended December 31, 2021 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 omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“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, 2021 included in our Annual Report on Form 10-K. |
New Accounting Standards | Significant Accounting Policies Our significant accounting policies are described in greater detail in Note 1 - “Summary of Significant Accounting Policies” contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended June 30, 2021. New Accounting Standards No new accounting standards have yet been adopted for the fiscal year beginning July 1, 2021. |
Fair Value Measurement | Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820, Fair Value Measurement |
Earnings Per Common Share | Earnings per common share (“EPS”) is presented under two formats: basic EPS and diluted EPS. Basic EPS is computed by dividing the net income attributable to common stock (net income after deducting dividends on preferred stock and preferred stock redemption charge) by the sum of the weighted-average number of common shares outstanding during the year and the unvested average of participating RSUs. Diluted EPS is computed by dividing the sum of net income attributable to common stock and dividends on diluted preferred stock by the sum of the weighted-average number of common shares outstanding during the year and the impact of dilutive potential common shares, such as nonparticipating RSUs, stock options and convertible preferred stock. The unvested stock-based compensation awards issued under the Amended and Restated 2014 Stock Incentive Plan have no stockholder rights, meaning they are not entitled to dividends and are considered nonparticipating. The Company does not include these nonparticipating RSUs in the basic EPS calculation, but are included in the diluted EPS calculation using the treasury stock method. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Fair Value and Useful Life of Each Intangible Asset Acquired | The following table summarizes the fair value and useful life of each intangible asset acquired as of the acquisition date: ($ in thousands) Fair Value Useful Lives (Years) Trade Name $ 290 0.16 Proprietary Technology 10,990 7 Customer Relationships 15,650 14 Non-Compete Agreements 130 1 $ 27,060 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at December 31, 2021 and June 30, 2021. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: December 31, 2021 (Dollars in thousands) Quoted Prices in Significant Other Significant Total ASSETS: Securities—Trading: Municipal $ — $ 1,223 $ — $ 1,223 Securities—Available-for-Sale: Agency Debt 1 $ — $ — $ — $ — Agency MBS 1 — 29,231 — 29,231 Non-Agency MBS 2 — — 58,752 58,752 Municipal — 3,536 — 3,536 Asset-backed securities and structured notes — 48,062 — 48,062 Total—Securities—Available-for-Sale $ — $ 80,829 $ 58,752 $ 139,581 Loans Held for Sale $ — $ 27,428 $ — $ 27,428 Mortgage servicing rights $ — $ — $ 20,110 $ 20,110 Other assets—Derivative instruments $ — $ — $ 1,462 $ 1,462 LIABILITIES: Other liabilities—Derivative instruments $ — $ — $ 85 $ 85 June 30, 2021 (Dollars in thousands) Quoted Prices in Significant Other Significant Total ASSETS: Securities—Trading: Municipal $ — $ 1,983 $ — $ 1,983 Securities—Available-for-Sale: Agency Debt 1 $ — $ — $ — $ — Agency MBS 1 — 23,913 — 23,913 Non-Agency MBS 2 — — 67,615 67,615 Municipal — 3,565 — 3,565 Asset-backed securities and structured notes — 92,242 — 92,242 Total—Securities—Available-for-Sale $ — $ 119,720 $ 67,615 $ 187,335 Loans Held for Sale $ — $ 29,768 $ — $ 29,768 Mortgage servicing rights $ — $ — $ 17,911 $ 17,911 Other assets—Derivative instruments $ — $ — $ 2,280 $ 2,280 LIABILITIES: Other liabilities—Derivative instruments $ — $ — $ 75 $ 75 1 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac. 2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by Alt-A or pay-option ARM mortgages. |
Schedule of 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 | 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: For the Three Months Ended December 31, 2021 (Dollars in thousands) Securities – Available-for-Sale: Non-Agency MBS Mortgage Servicing Rights Derivative Instruments, net Total Opening balance $ 59,851 $ 18,438 $ 2,226 $ 80,515 Included in earnings—Mortgage banking income — 97 (849) (752) Included in other comprehensive income (527) — — (527) Purchases, retentions, issues, sales and settlements: Purchases/Retentions — 1,575 — 1,575 Settlements (572) — — (572) Closing balance $ 58,752 $ 20,110 $ 1,377 $ 80,239 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ — $ 97 $ (849) $ (752) For the Six Months Ended December 31, 2021 (Dollars in thousands) Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights Derivative Instruments, net Total Opening Balance $ 67,615 $ 17,911 $ 2,205 $ 87,731 Total gains or losses for the period: Included in earnings—Mortgage banking income — (1,087) (828) (1,915) Included in other comprehensive income (639) — — (639) Purchases, retentions, issues, sales and settlements: Purchases/Retentions — 3,286 — 3,286 Settlements (8,224) — — (8,224) Closing balance $ 58,752 $ 20,110 $ 1,377 $ 80,239 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ — $ (1,087) $ (828) $ (1,915) For the Three Months Ended December 31, 2020 (Dollars in thousands) Securities – Available-for-Sale: Non-Agency MBS Mortgage Servicing Rights Derivative Instruments, net Total Opening balance $ 17,612 $ 12,130 $ 12,999 $ 42,741 Included in earnings—Mortgage banking income — (2,250) (5,020) (7,270) Included in other comprehensive income 15 — — 15 Purchases, retentions, issues, sales and settlements: Purchases/Retentions — 4,434 — 4,434 Settlements (492) — — (492) Closing balance $ 17,135 $ 14,314 $ 7,979 $ 39,428 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ — $ (2,250) $ (5,020) $ (7,270) For the Six Months Ended December 31, 2020 (Dollars in thousands) Securities – Available-for-Sale: Non-Agency RMBS Mortgage Servicing Rights Derivative Instruments, net Total Opening Balance $ 18,332 $ 10,675 $ 7,416 $ 36,423 Total gains or losses for the period: Included in earnings—Mortgage banking income — (4,045) 563 (3,482) Included in other comprehensive income (307) — — (307) Purchases, retentions, issues, sales and settlements: Purchases/retentions — 7,684 — 7,684 Settlements (890) — — (890) Closing balance $ 17,135 $ 14,314 $ 7,979 $ 39,428 Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period $ — $ (4,045) $ 563 $ (3,482) |
Schedule of Quantitative Information About Level 3 Fair Value Measurements | The table below summarizes the quantitative information about level 3 fair value measurements as of the dates indicated: December 31, 2021 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Securities – Non-agency MBS $ 58,752 Discounted Cash Flow Projected Constant Prepayment Rate, 0.0 to 33.8% (2.2%) 0.0 to 8.8% (0.2%) 0.0 to 68.3% (8.9%) 2.7 to 6.6% (3.0%) Mortgage Servicing Rights $ 20,110 Discounted Cash Flow Projected Constant Prepayment Rate, 11.5 to 60.8% (15.9%) 1.1 to 7.9 (6.2) 9.5 to 11.2% (9.6%) Derivative Instruments $ 1,377 Sales Comparison Approach Projected Sales Profit of Underlying Loans 0.1 to 0.9% (0.4%) June 30, 2021 (Dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Securities – Non-agency MBS $ 67,615 Discounted Cash Flow Projected Constant Prepayment Rate, 0.0 to 25.0% (2.7%) 0.0 to 5.6% (0.6%) 0.0 to 100.0% (19.4%) 2.7 to 7.2% (3.1%) Mortgage Servicing Rights $ 17,911 Discounted Cash Flow Projected Constant Prepayment Rate, 7.5 to 37.4% (11.5%) 1.7 to 7.5 (6.4) 9.5 to 13.0% (9.6%) Derivative Instruments $ 2,205 Sales Comparison Approach Projected Sales Profit of Underlying Loans 0.2 to 0.5% (0.3%) The following table presents quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at the periods indicated: December 31, 2021 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) 1 Other real estate owned and foreclosed assets: Autos and RVs $ 251 Sales comparison approach Adjustment for differences between the comparable sales (16.6) to (2.0)% ((8.4)%) June 30, 2021 (Dollars in thousands) Fair Value Valuation Technique(s) Unobservable Input Range (Weighted Average) 1 Other real estate owned and foreclosed assets: Single family real estate $ 6,547 Sales comparison approach Adjustment for differences between the comparable sales (1.5) to 6.1% (2.0%) Autos and RVs $ 235 Sales comparison approach Adjustment for differences between the comparable sales (2.1) to 14.7% (2.1%) 1 For other real estate owned and foreclosed assets the ranges shown may vary positively or negatively based on the comparable sales reported in the current appraisal. In certain instances, the range can be significant due to small sample sizes and in some cases the property being valued having limited comparable sales with similar characteristics at the time the current appraisal is conducted. |
Schedule of Fair Value Assets Measured on Nonrecurring Basis | The table below summarizes assets measured for impairment on a non-recurring basis: December 31, 2021 (Dollars in thousands) Quoted Prices in Significant Other Significant Balance Other real estate owned and foreclosed assets: Autos and RVs $ — $ — $ 251 $ 251 Total $ — $ — $ 251 $ 251 June 30, 2021 (Dollars in thousands) Quoted Prices in Significant Other Significant Balance Other real estate owned and foreclosed assets: Single family real estate $ — $ — $ 6,547 $ 6,547 Autos and RVs — — 235 235 Total $ — $ — $ 6,782 $ 6,782 |
Schedule of Aggregate Fair Value, Contractual Balance, and Gains of Loans Held For Sale | As of December 31, 2021 and June 30, 2021, the aggregate fair value of loans held for sale, carried at fair value, contractual balance (including accrued interest), and unrealized gain was as follows: (Dollars in thousands) December 31, 2021 June 30, 2021 Aggregate fair value $ 27,428 $ 29,768 Contractual balance 26,751 28,940 Unrealized gain $ 677 $ 828 The total amount of gains and losses from changes in fair value included in earnings for the period indicated below for loans held for sale were: For the Three Months Ended For the Six Months Ended December 31, December 31, (Dollars in thousands) 2021 2020 2021 2020 Interest income $ 194 $ 420 $ 394 $ 802 Change in fair value (1,021) (6,425) (978) 459 Total $ (827) $ (6,005) $ (584) $ 1,261 |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments at Period-end | The carrying amounts and estimated fair values of financial instruments at December 31, 2021 and June 30, 2021 were as follows: December 31, 2021 Fair Value (Dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Fair Value Financial assets: Cash and cash equivalents $ 1,118,358 $ 1,118,358 $ — $ — $ 1,118,358 Securities — trading 1,223 — 1,223 — 1,223 Securities — available-for-sale 139,581 — 80,829 58,752 139,581 Loans held for sale, at fair value 27,428 — 27,428 — 27,428 Loans held for sale, at lower of cost or fair value 11,446 — — 11,534 11,534 Loans held for investment—net 12,607,179 — — 12,870,528 12,870,528 Securities borrowed 534,243 — — 524,466 524,466 Customer, broker-dealer and clearing receivables 429,634 — — 432,427 432,427 Mortgage servicing rights 20,110 — — 20,110 20,110 Financial liabilities: Total deposits 12,269,172 — 11,650,460 — 11,650,460 Advances from the Federal Home Loan Bank 157,500 — 157,500 — 157,500 Borrowings, subordinated notes and debentures 260,435 — 254,096 — 254,096 Securities loaned 578,762 — — 582,640 582,640 Customer, broker-dealer and clearing payables 528,796 — — 534,712 534,712 June 30, 2021 Fair Value (Dollars in thousands) Carrying Level 1 Level 2 Level 3 Total Fair Value Financial assets: Cash and cash equivalents $ 1,037,777 $ 1,037,777 $ — $ — $ 1,037,777 Securities — trading 1,983 — 1,983 — 1,983 Securities — available-for-sale 187,335 — 119,720 67,615 187,335 Loans held for sale, at fair value 29,768 — 29,768 — 29,768 Loans held for sale, at lower of cost or fair value 12,294 — — 12,336 12,336 Loans held for investment—net 11,414,814 — — 11,833,102 11,833,102 Securities borrowed 619,088 — — 619,274 619,274 Customer, broker-dealer and clearing receivables 369,815 — — 369,815 369,815 Mortgage servicing rights 17,911 — — 17,911 17,911 Financial liabilities: Total deposits 10,815,797 — 10,297,450 — 10,297,450 Advances from the Federal Home Loan Bank 353,500 — 353,500 — 353,500 Borrowings, subordinated notes and debentures 221,358 — 210,196 — 210,196 Securities loaned 728,988 — — 731,467 731,467 Customer, broker-dealer and clearing payables 535,425 — — 535,425 535,425 |
SECURITIES (Tables)
SECURITIES (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost, Carrying Amount and Fair Value of Available-for-sale Securities | The amortized cost, carrying amount and fair value for the trading and available-for-sale securities at December 31, 2021 and June 30, 2021 were: December 31, 2021 Trading Available-for-sale (Dollars in thousands) Fair Amortized Unrealized Unrealized Fair Mortgage-backed securities (MBS): U.S. agencies 1 $ — $ 29,376 $ 214 $ (359) $ 29,231 Non-agency 2 — 56,949 2,152 (349) 58,752 Total mortgage-backed securities — 86,325 2,366 (708) 87,983 Non-MBS: Municipal 1,223 3,467 69 — 3,536 Asset-backed securities and structured notes — 46,933 1,129 — 48,062 Total Non-MBS 1,223 50,400 1,198 — 51,598 Total debt securities $ 1,223 $ 136,725 $ 3,564 $ (708) $ 139,581 June 30, 2021 Trading Available-for-sale (Dollars in thousands) Fair Amortized Unrealized Unrealized Fair Mortgage-backed securities (MBS): U.S. agencies 1 $ — $ 23,639 $ 420 $ (146) $ 23,913 Non-agency 2 — 65,174 2,862 (421) 67,615 Total mortgage-backed securities — 88,813 3,282 (567) 91,528 Non-MBS: Municipal 1,983 3,466 99 — 3,565 Asset-backed securities and structured notes — 90,549 1,693 — 92,242 Total Non-MBS 1,983 94,015 1,792 — 95,807 Total debt securities $ 1,983 $ 182,828 $ 5,074 $ (567) $ 187,335 1 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac. 2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by Alt-A or pay-option ARM mortgages. |
Schedule of Available-for-sale Securities in Unrealized Loss Position | The securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position were as follows: December 31, 2021 Available-for-sale securities in loss position for Less Than More Than Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross MBS: U.S. agencies $ 20,136 $ (351) $ 366 $ (8) $ 20,502 $ (359) Non-agency — — 5,353 (349) 5,353 (349) Total MBS 20,136 (351) 5,719 (357) 25,855 (708) Non-MBS: U.S. agencies — — — — — — Total Non-MBS — — — — — — Total debt securities $ 20,136 $ (351) $ 5,719 $ (357) $ 25,855 $ (708) June 30, 2021 Available-for-sale securities in loss position for Less Than More Than Total (Dollars in thousands) Fair Gross Fair Gross Fair Gross MBS: U.S. agencies $ 10,001 $ (146) $ — $ — $ 10,001 $ (146) Non-agency — — 6,018 (421) 6,018 (421) Total MBS 10,001 (146) 6,018 (421) 16,019 (567) Non-MBS: Municipal debt — — — — — — Asset-backed securities and structured notes — — — — — — Total Non-MBS — — — — — — Total debt securities $ 10,001 $ (146) $ 6,018 $ (421) $ 16,019 $ (567) |
Schedule of Unrealized Gain (Loss) on Investments on Available-for-sale Securities | The Company had recorded unrealized gains and unrealized losses in accumulated other comprehensive loss as follows: (Dollars in thousands) December 31, June 30, Available-for-sale debt securities—net unrealized gains (losses) $ 2,856 $ 4,507 Available-for-sale debt securities—non-credit related losses (845) (845) Subtotal 2,011 3,662 Tax benefit (expense) (667) (1,155) Net unrealized gain (loss) on investment securities in accumulated other comprehensive income (loss) $ 1,344 $ 2,507 |
LOANS & ALLOWANCE FOR CREDIT _2
LOANS & ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Composition of the Loan Portfolio | The following table sets forth the composition of the loan portfolio as of the dates indicated: (Dollars in thousands) December 31, 2021 June 30, 2021 Single Family - Mortgage & Warehouse $ 4,281,646 $ 4,359,472 Multifamily and Commercial Mortgage 2,483,932 2,470,454 Commercial Real Estate 3,857,367 3,180,453 Commercial & Industrial - Non-RE 1,631,811 1,123,869 Auto & Consumer 478,636 362,180 Other 22,282 58,316 Total gross loans 12,755,674 11,554,744 Allowance for credit losses - loans (140,489) (132,958) Unaccreted premiums (discounts) and loan fees (8,006) (6,972) Total net loans $ 12,607,179 $ 11,414,814 |
Schedule of Allowance for Credit Losses on Financing Receivables | The following tables summarize activity in the allowance for credit losses - loans by portfolio classes for the periods indicated. For the Three Months Ended December 31, 2021 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Balance at October 1, 2021 $ 25,329 $ 13,359 $ 65,223 $ 22,519 $ 10,007 $ 341 $ 136,778 Provision (benefit) for credit losses - loans 182 269 2,358 170 1,299 (278) 4,000 Charge-offs — — — — (640) — (640) Recoveries 69 — — 27 255 — 351 Balance at December 31, 2021 $ 25,580 $ 13,628 $ 67,581 $ 22,716 $ 10,921 $ 63 $ 140,489 For the Three Months Ended December 31, 2020 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Balance at October 1, 2020 $ 28,307 $ 12,419 $ 49,198 $ 23,295 $ 8,678 $ 11,018 $ 132,915 Provision for credit losses - loans 5,271 470 7,517 (1,546) (214) (3,498) 8,000 Charge-offs (870) — — (2,620) (1,220) — (4,710) Recoveries 19 — — — 169 — 188 Balance at December 31, 2020 $ 32,727 $ 12,889 $ 56,715 $ 19,129 $ 7,413 $ 7,520 $ 136,393 For the Six Months Ended December 31, 2021 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Balance at July 1, 2021 $ 26,604 $ 13,146 $ 57,928 $ 28,460 $ 6,519 $ 301 $ 132,958 Provision (benefit) for credit losses - loans (1,169) 305 9,653 (5,476) 4,925 (238) 8,000 Charge-offs — — — (322) (1,034) — (1,356) Recoveries 145 177 — 54 511 — 887 Balance at December 31, 2021 $ 25,580 $ 13,628 $ 67,581 $ 22,716 $ 10,921 $ 63 $ 140,489 For the Six Months Ended December 31, 2020 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Balance at July 1, 2020 $ 25,901 $ 4,718 $ 21,052 $ 9,954 $ 9,461 $ 4,721 $ 75,807 Effect of Adoption of ASC 326 6,318 7,408 25,893 7,042 610 29 47,300 Provision for credit losses - loans 2,832 763 9,770 4,966 (1,301) 2,770 19,800 Charge-offs (2,359) — — (2,833) (1,956) — (7,148) Recoveries 35 — — — 599 — 634 Balance at December 31, 2020 $ 32,727 $ 12,889 $ 56,715 $ 19,129 $ 7,413 $ 7,520 $ 136,393 The following tables present a summary of the activity in the allowance for credit losses for the periods indicated: Three Months Ended December 31, 2021 (Dollars in thousands) Allowance for Credit Losses - Loans Unfunded Loan Commitment Liabilities Total Allowance for Credit Losses Balance at October 1, 2021 $ 136,778 $ 7,723 $ 144,501 Provision for Credit Losses 4,000 1,000 5,000 Charge-offs (640) — (640) Recoveries 351 — 351 Balance at December 31, 2021 $ 140,489 $ 8,723 $ 149,212 Three Months Ended December 31, 2020 (Dollars in thousands) Allowance for Credit Losses - Loans Unfunded Loan Commitment Liabilities Total Allowance for Credit Losses Balance at October 1, 2020 $ 132,915 $ 6,723 $ 139,638 Provision for Credit Losses 8,000 (1,000) 7,000 Charge-offs (4,710) — (4,710) Recoveries 188 — 188 Balance at December 31, 2020 $ 136,393 $ 5,723 $ 142,116 For the Six Months Ended December 31, 2021 (Dollars in thousands) Allowance for Credit Losses - Loans Unfunded Loan Commitment Liabilities Total Allowance for Credit Losses Balance at July 1, 2021 $ 132,958 $ 5,723 $ 138,681 Provision for Credit Losses 8,000 3,000 11,000 Charge-offs (1,356) — (1,356) Recoveries 887 — 887 Balance at December 31, 2021 $ 140,489 $ 8,723 $ 149,212 For the Six Months Ended December 31, 2020 (Dollars in thousands) Allowance for Credit Losses - Loans Unfunded Loan Commitment Liabilities Total Allowance for Credit Losses Balance at July 1, 2020 $ 75,807 $ 323 $ 76,130 Effect of Adoption of ASC 326 47,300 5,700 53,000 Provision for Credit Losses 19,800 (300) 19,500 Charge-offs (7,148) — (7,148) Recoveries 634 — 634 Balance at December 31, 2020 $ 136,393 $ 5,723 $ 142,116 |
Schedule of Nonaccrual Loans | Nonaccrual loans consisted of the following as of the dates indicated: As of December 31, 2021 (Dollars in thousands) With Allowance With No Allowance Total Single Family - Mortgage & Warehouse $ 54,613 $ 67,713 $ 122,326 Multifamily and Commercial Mortgage 2,158 5,530 7,688 Commercial Real Estate — 15,244 15,244 Commercial & Industrial - Non-RE — — — Auto & Consumer 504 116 620 Other — 55 55 Total nonaccrual loans $ 57,275 $ 88,658 $ 145,933 Nonaccrual loans to total loans 1.14 % |
Schedule of Outstanding Principal Balance on Loans Performing and Nonaccrual | The following tables present the outstanding unpaid balance of loans that are performing and nonaccrual by portfolio class: December 31, 2021 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Performing $ 4,159,320 $ 2,476,244 $ 3,842,123 $ 1,631,811 $ 478,016 $ 22,227 $ 12,609,741 Nonaccrual 122,326 7,688 15,244 — 620 55 145,933 Total $ 4,281,646 $ 2,483,932 $ 3,857,367 $ 1,631,811 $ 478,636 $ 22,282 $ 12,755,674 June 30, 2021 (Dollars in thousands) Single Family-Mortgage & Warehouse Multifamily and Commercial Mortgage Commercial Real Estate Commercial & Industrial - Non-RE Auto & Consumer Other Total Performing $ 4,253,764 $ 2,450,026 $ 3,164,614 $ 1,120,927 $ 361,902 $ 58,316 $ 11,409,549 Nonaccrual 105,708 20,428 15,839 2,942 278 — 145,195 Total $ 4,359,472 $ 2,470,454 $ 3,180,453 $ 1,123,869 $ 362,180 $ 58,316 $ 11,554,744 |
Schedule of Composition of Loan and Lease Portfolio by Credit Quality Indicators | The amortized cost basis by fiscal year of origination and credit quality indicator of the Company’s loan and leases as of December 31, 2021 was as follows: Loans Held for Investment Origination Year Revolving Loans Total (Dollars in thousands) 2022 2021 2020 2019 2018 Prior Single Family-Mortgage & Warehouse Pass $ 754,227 $ 760,351 $ 539,496 $ 398,601 $ 358,708 $ 717,525 $ 566,340 $ 4,095,248 Special Mention 11,550 79 8,265 4,020 1,927 6,425 29,273 61,539 Substandard — 962 34,659 20,155 12,967 56,116 — 124,859 Doubtful — — — — — — — — Total 765,777 761,392 582,420 422,776 373,602 780,066 595,613 4,281,646 Multifamily and Commercial Mortgage Pass 286,209 621,487 509,415 308,530 254,009 417,533 — 2,397,183 Special Mention — — — 17,162 — 2,745 — 19,907 Substandard — 4,908 30,155 6,110 11,388 14,281 — 66,842 Doubtful — — — — — — — — Total 286,209 626,395 539,570 331,802 265,397 434,559 — 2,483,932 Commercial Real Estate Pass 1,310,547 1,050,924 585,116 450,236 68,748 — 272,844 3,738,415 Special Mention — 2,500 10,818 15,487 15,000 — — 43,805 Substandard — — 58,205 — 15,244 — 1,698 75,147 Doubtful — — — — — — — — Total 1,310,547 1,053,424 654,139 465,723 98,992 — 274,542 3,857,367 Commercial & Industrial - Non-RE Pass 118,720 52,137 82,180 14,289 15,965 817 1,312,491 1,596,599 Special Mention — — — 224 907 — 20,654 21,785 Substandard 2,989 — 10,438 — — — — 13,427 Doubtful — — — — — — — — Total 121,709 52,137 92,618 14,513 16,872 817 1,333,145 1,631,811 Auto & Consumer Pass 189,880 137,621 59,449 51,605 23,425 15,046 — 477,026 Special Mention 109 209 98 70 33 — — 519 Substandard 117 244 276 354 67 33 — 1,091 Doubtful — — — — — — — — Total 190,106 138,074 59,823 52,029 23,525 15,079 — 478,636 Other Pass 1,719 10,644 7,037 — 1,538 1,289 — 22,227 Special Mention — — — — — — — — Substandard — — 55 — — — — 55 Doubtful — — — — — — — — Total 1,719 10,644 7,092 — 1,538 1,289 — 22,282 Total Pass 2,661,302 2,633,164 1,782,693 1,223,261 722,393 1,152,210 2,151,675 12,326,698 Special Mention 11,659 2,788 19,181 36,963 17,867 9,170 49,927 147,555 Substandard 3,106 6,114 133,788 26,619 39,666 70,430 1,698 281,421 Doubtful — — — — — — — — Total $ 2,676,067 $ 2,642,066 $ 1,935,662 $ 1,286,843 $ 779,926 $ 1,231,810 $ 2,203,300 $ 12,755,674 As a % of total gross loans and leases 20.99 % 20.71 % 15.17 % 10.09 % 6.11 % 9.66 % 17.27 % 100.0 % |
Schedule of Past Due Loan and Leases | The following tables provide the outstanding unpaid balance of loans that are past due 30 days or more by portfolio class as of the dates indicated: December 31, 2021 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Single Family-Mortgage & Warehouse $ 33,015 $ 9,944 $ 108,207 $ 151,166 Multifamily and Commercial Mortgage 9,828 4,438 536 14,802 Commercial Real Estate — — — — Commercial & Industrial - Non-RE — — — — Auto & Consumer 4,387 1,158 645 6,190 Other 52 — 55 107 Total $ 47,282 $ 15,540 $ 109,443 $ 172,265 As a % of total gross loans and leases 0.37 % 0.12 % 0.86 % 1.35 % June 30, 2021 (Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90+ Days Past Due Total Single Family-Mortgage & Warehouse $ 24,150 $ 46,552 $ 69,169 $ 139,871 Multifamily and Commercial Mortgage 7,991 1,816 12,122 21,929 Commercial Real Estate 36,786 — — 36,786 Commercial & Industrial - Non-RE — — 2,960 2,960 Auto & Consumer 601 306 235 1,142 Other — — — — Total $ 69,528 $ 48,674 $ 84,486 $ 202,688 As a % of total gross loans and leases 0.60 % 0.42 % 0.73 % 1.75 % |
EQUITY AND STOCK-BASED COMPEN_2
EQUITY AND STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Unrecognized Compensation Expense Related to Non-vested Awards To be Recognized in the Future | At December 31, 2021, unrecognized compensation expense related to non-vested awards aggregated to $30.4 million and is expected to be recognized in future periods as follows: (Dollars in thousands) Stock Award For the fiscal year remainder: 2022 $ 8,595 2023 13,007 2024 7,501 2025 1,230 2026 101 Total $ 30,434 |
Schedule of Status and Changes in Restricted Stock Grants | The following table presents the status and changes in restricted stock units for the periods indicated: Restricted Weighted-Average Non-vested balance at June 30, 2020 1,445,540 $ 28.62 Granted 617,833 32.12 Vested (666,790) 29.23 Forfeited (176,113) 27.42 Non-vested balance at June 30, 2021 1,220,470 $ 30.18 Granted 781,030 48.53 Vested (307,516) 28.32 Forfeited (90,111) 34.68 Non-vested balance at December 31, 2021 1,603,873 $ 39.26 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted EPS | The following table presents the calculation of basic and diluted EPS: Three Months Ended Six Months Ended December 31, December 31, (Dollars in thousands, except per share data) 2021 2020 2021 2020 Earnings Per Common Share Net income $ 60,787 $ 54,785 $ 120,997 $ 107,807 Preferred stock dividends — (26) — (103) Preferred stock redemption charge — (87) — (87) Net income attributable to common stockholders $ 60,787 $ 54,672 $ 120,997 $ 107,617 Average common shares outstanding 59,496,489 59,049,697 59,443,667 59,278,672 Total qualifying shares 59,496,489 59,049,697 59,443,667 59,278,672 Earnings per common share $ 1.02 $ 0.93 $ 2.04 $ 1.82 Diluted Earnings Per Common Share Net income attributable to common stockholders $ 60,787 $ 54,672 $ 120,997 $ 107,617 Average common shares issued and outstanding 59,496,489 59,049,697 59,443,667 59,278,672 Dilutive effect of average unvested RSUs 1,259,492 991,026 1,305,716 917,844 Total dilutive common shares outstanding 60,755,981 60,040,723 60,749,383 60,196,516 Diluted earnings per common share $ 1.00 $ 0.91 $ 1.99 $ 1.79 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Maturities of Lease Liabilities | Operating Leases. The Company leases office space under operating lease agreements scheduled to expire at various dates. The following table represents maturities of lease liabilities as of December 31, 2021 in the corresponding fiscal years: (Dollars in thousands) Remainder of 2022 $ 4,992 2023 10,595 2024 10,287 2025 10,119 2026 9,791 Thereafter 38,821 Total lease payments 84,605 Less: amount representing interest (9,197) Total Lease Liability $ 75,408 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present the operating results, goodwill, and assets of the segments: For the Three Months Ended December 31, 2021 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Net interest income $ 142,259 $ 4,506 $ (1,197) $ 145,568 Provision for credit losses 4,000 — — 4,000 Non-interest income 16,295 16,454 (1,962) 30,787 Non-interest expense 62,449 21,654 1,916 86,019 Income before taxes $ 92,105 $ (694) $ (5,075) $ 86,336 For the Three Months Ended December 31, 2020 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Net interest income $ 132,166 $ 4,260 $ (2,334) $ 134,092 Provision for credit losses 8,000 — — 8,000 Non-interest income 22,295 6,572 (149) 28,718 Non-interest expense 62,474 11,312 2,511 76,297 Income before taxes $ 83,987 $ (480) $ (4,994) $ 78,513 Six Months Ended December 31, 2021 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Net interest income $ 284,500 $ 10,682 $ (2,972) $ 292,210 Provision for credit losses 8,000 — — 8,000 Non-interest income 31,123 29,560 (3,194) 57,489 Non-interest expense 125,174 40,927 4,349 170,450 Income before taxes $ 182,449 $ (685) $ (10,515) $ 171,249 Six Months Ended December 31, 2020 (Dollars in thousands) Banking Securities Business Corporate/Eliminations Axos Consolidated Net interest income $ 255,174 $ 9,154 $ (2,909) $ 261,419 Provision for credit losses 19,800 — — 19,800 Non-interest income 52,507 12,356 (290) 64,573 Non-interest expense 123,691 22,664 5,488 151,843 Income before taxes $ 164,190 $ (1,154) $ (8,687) $ 154,349 As of December 31, 2021 (Dollars in thousands) Banking Business Securities Business Corporate/Eliminations Axos Consolidated Goodwill $ 35,721 $ 59,953 $ — $ 95,674 Total Assets $ 14,047,081 $ 1,439,415 $ 61,451 $ 15,547,947 As of June 30, 2021 (Dollars in thousands) Banking Business Securities Business Corporate/Eliminations Axos Consolidated Goodwill $ 35,721 $ 35,501 $ — $ 71,222 Total Assets $ 12,745,029 $ 1,450,512 $ 70,024 $ 14,265,565 |
ACQUISITIONS - NARRATIVE (Detai
ACQUISITIONS - NARRATIVE (Details) - USD ($) | Aug. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Jun. 30, 2021 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 95,674,000 | $ 95,674,000 | $ 95,674,000 | $ 71,222,000 | |
E*TRADE Advisor Services | |||||
Business Acquisition [Line Items] | |||||
Cash consideration | $ 54,600,000 | 54,800,000 | |||
Acquisition-related costs | 0 | 40,000 | |||
Tangible assets acquired | 6,500,000 | 6,400,000 | 6,400,000 | 6,400,000 | |
Liabilities assumed | 3,400,000 | 3,100,000 | $ 3,100,000 | $ 3,100,000 | |
Intangible assets acquired | 27,060,000 | ||||
Goodwill | $ 24,400,000 | ||||
True-up payment based on working capital adjustment | $ 200,000 |
ACQUISITIONS - FAIR VALUE OF AS
ACQUISITIONS - FAIR VALUE OF ASSETS ACQUIRED (Details) - E*TRADE Advisor Services $ in Thousands | Aug. 02, 2021USD ($) |
Business Acquisition [Line Items] | |
Fair Value | $ 27,060 |
Trade name | |
Business Acquisition [Line Items] | |
Fair Value | $ 290 |
Weighted-average useful lives (years) | 1 month 28 days |
Proprietary Technology | |
Business Acquisition [Line Items] | |
Fair Value | $ 10,990 |
Weighted-average useful lives (years) | 7 years |
Customer Relationships | |
Business Acquisition [Line Items] | |
Fair Value | $ 15,650 |
Weighted-average useful lives (years) | 14 years |
Non-Compete Agreements | |
Business Acquisition [Line Items] | |
Fair Value | $ 130 |
Weighted-average useful lives (years) | 1 year |
FAIR VALUE - ASSETS AND LIABILI
FAIR VALUE - ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
ASSETS: | ||
Trading | $ 1,223 | $ 1,983 |
Available-for-sale | 139,581 | 187,335 |
Loans held for sale, at fair value | 27,428 | 29,768 |
Municipal | ||
ASSETS: | ||
Trading | 1,223 | 1,983 |
Available-for-sale | 3,536 | 3,565 |
Agency MBS | ||
ASSETS: | ||
Trading | 0 | 0 |
Available-for-sale | 29,231 | 23,913 |
Non-Agency MBS | ||
ASSETS: | ||
Trading | 0 | 0 |
Available-for-sale | 58,752 | 67,615 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
ASSETS: | ||
Trading | 0 | 0 |
Available-for-sale | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
ASSETS: | ||
Trading | 1,223 | 1,983 |
Available-for-sale | 80,829 | 119,720 |
Loans held for sale, at fair value | 27,428 | 29,768 |
Mortgage servicing rights | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
ASSETS: | ||
Trading | 0 | 0 |
Available-for-sale | 58,752 | 67,615 |
Loans held for sale, at fair value | 0 | 0 |
Mortgage servicing rights | 20,110 | 17,911 |
Recurring | ||
ASSETS: | ||
Available-for-sale | 139,581 | 187,335 |
Loans held for sale, at fair value | 27,428 | 29,768 |
Mortgage servicing rights | 20,110 | 17,911 |
Other assets—Derivative instruments | 1,462 | 2,280 |
LIABILITIES: | ||
Other liabilities—Derivative instruments | 85 | 75 |
Recurring | Municipal | ||
ASSETS: | ||
Trading | 1,223 | 1,983 |
Available-for-sale | 3,536 | 3,565 |
Recurring | Agency Debt | ||
ASSETS: | ||
Available-for-sale | 0 | 0 |
Recurring | Agency MBS | ||
ASSETS: | ||
Available-for-sale | 29,231 | 23,913 |
Recurring | Non-Agency MBS | ||
ASSETS: | ||
Available-for-sale | 58,752 | 67,615 |
Recurring | Asset-backed securities and structured notes | ||
ASSETS: | ||
Available-for-sale | 48,062 | 92,242 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
ASSETS: | ||
Available-for-sale | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Other assets—Derivative instruments | 0 | 0 |
LIABILITIES: | ||
Other liabilities—Derivative instruments | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal | ||
ASSETS: | ||
Trading | 0 | 0 |
Available-for-sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency Debt | ||
ASSETS: | ||
Available-for-sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency MBS | ||
ASSETS: | ||
Available-for-sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-Agency MBS | ||
ASSETS: | ||
Available-for-sale | 0 | 0 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed securities and structured notes | ||
ASSETS: | ||
Available-for-sale | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | ||
ASSETS: | ||
Available-for-sale | 80,829 | 119,720 |
Loans held for sale, at fair value | 27,428 | 29,768 |
Mortgage servicing rights | 0 | 0 |
Other assets—Derivative instruments | 0 | 0 |
LIABILITIES: | ||
Other liabilities—Derivative instruments | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Municipal | ||
ASSETS: | ||
Trading | 1,223 | 1,983 |
Available-for-sale | 3,536 | 3,565 |
Recurring | Significant Other Observable Inputs (Level 2) | Agency Debt | ||
ASSETS: | ||
Available-for-sale | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Agency MBS | ||
ASSETS: | ||
Available-for-sale | 29,231 | 23,913 |
Recurring | Significant Other Observable Inputs (Level 2) | Non-Agency MBS | ||
ASSETS: | ||
Available-for-sale | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | Asset-backed securities and structured notes | ||
ASSETS: | ||
Available-for-sale | 48,062 | 92,242 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
ASSETS: | ||
Available-for-sale | 58,752 | 67,615 |
Loans held for sale, at fair value | 0 | 0 |
Mortgage servicing rights | 20,110 | 17,911 |
Other assets—Derivative instruments | 1,462 | 2,280 |
LIABILITIES: | ||
Other liabilities—Derivative instruments | 85 | 75 |
Recurring | Significant Unobservable Inputs (Level 3) | Municipal | ||
ASSETS: | ||
Trading | 0 | 0 |
Available-for-sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Agency Debt | ||
ASSETS: | ||
Available-for-sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Agency MBS | ||
ASSETS: | ||
Available-for-sale | 0 | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Non-Agency MBS | ||
ASSETS: | ||
Available-for-sale | 58,752 | 67,615 |
Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities and structured notes | ||
ASSETS: | ||
Available-for-sale | $ 0 | $ 0 |
FAIR VALUE - LEVEL 3 ASSETS MEA
FAIR VALUE - LEVEL 3 ASSETS MEASURED ON RECURRING BASIS (Details) - Recurring - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Opening Balance | $ 80,515 | $ 42,741 | $ 87,731 | $ 36,423 |
Total gains or losses for the period - Included in other comprehensive income | (527) | 15 | (639) | (307) |
Purchases, retentions, issues, sales and settlements: | ||||
Purchases/Retentions | 1,575 | 4,434 | 3,286 | 7,684 |
Settlements | (572) | (492) | (8,224) | (890) |
Closing balance | 80,239 | 39,428 | 80,239 | 39,428 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | (752) | (7,270) | (1,915) | (3,482) |
Included in earnings—Mortgage banking income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses for the period - Included in earnings | (752) | (7,270) | (1,915) | (3,482) |
Non-Agency MBS | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Opening Balance | 59,851 | 17,612 | 67,615 | 18,332 |
Total gains or losses for the period - Included in other comprehensive income | (527) | 15 | (639) | (307) |
Purchases, retentions, issues, sales and settlements: | ||||
Purchases/Retentions | 0 | 0 | 0 | 0 |
Settlements | (572) | (492) | (8,224) | (890) |
Closing balance | 58,752 | 17,135 | 58,752 | 17,135 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | 0 | 0 | 0 | 0 |
Non-Agency MBS | Included in earnings—Mortgage banking income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses for the period - Included in earnings | 0 | 0 | 0 | 0 |
Mortgage Servicing Rights | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Opening Balance | 18,438 | 12,130 | 17,911 | 10,675 |
Total gains or losses for the period - Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, retentions, issues, sales and settlements: | ||||
Purchases/Retentions | 1,575 | 4,434 | 3,286 | 7,684 |
Settlements | 0 | 0 | 0 | 0 |
Closing balance | 20,110 | 14,314 | 20,110 | 14,314 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | 97 | (2,250) | (1,087) | (4,045) |
Mortgage Servicing Rights | Included in earnings—Mortgage banking income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses for the period - Included in earnings | 97 | (2,250) | (1,087) | (4,045) |
Derivative Instruments, net | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Opening Balance | 2,226 | 12,999 | 2,205 | 7,416 |
Total gains or losses for the period - Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases, retentions, issues, sales and settlements: | ||||
Purchases/Retentions | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Closing balance | 1,377 | 7,979 | 1,377 | 7,979 |
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period | (849) | (5,020) | (828) | 563 |
Derivative Instruments, net | Included in earnings—Mortgage banking income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses for the period - Included in earnings | $ (849) | $ (5,020) | $ (828) | $ 563 |
FAIR VALUE - QUANTITATIVE INFOR
FAIR VALUE - QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASURMENTS (RECURRING) (Details) $ in Thousands | Dec. 31, 2021USD ($)Y | Jun. 30, 2021USD ($)Y |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Available-for-sale | $ 139,581 | $ 187,335 |
Non-Agency MBS | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Available-for-sale | 58,752 | 67,615 |
Level 3 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Available-for-sale | 58,752 | 67,615 |
Mortgage servicing rights | 20,110 | 17,911 |
Recurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Available-for-sale | 139,581 | 187,335 |
Mortgage servicing rights | 20,110 | 17,911 |
Recurring | Non-Agency MBS | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Available-for-sale | 58,752 | 67,615 |
Recurring | Level 3 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Available-for-sale | 58,752 | 67,615 |
Mortgage servicing rights | 20,110 | 17,911 |
Recurring | Level 3 | Non-Agency MBS | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Available-for-sale | $ 58,752 | $ 67,615 |
Recurring | Level 3 | Non-Agency MBS | Projected Constant Prepayment Rate | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0 | 0 |
Recurring | Level 3 | Non-Agency MBS | Projected Constant Prepayment Rate | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.338 | 0.250 |
Recurring | Level 3 | Non-Agency MBS | Projected Constant Prepayment Rate | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.022 | 0.027 |
Recurring | Level 3 | Non-Agency MBS | Projected Constant Default Rate | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0 | 0 |
Recurring | Level 3 | Non-Agency MBS | Projected Constant Default Rate | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.088 | 0.056 |
Recurring | Level 3 | Non-Agency MBS | Projected Constant Default Rate | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.002 | 0.006 |
Recurring | Level 3 | Non-Agency MBS | Projected Loss Severity | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0 | 0 |
Recurring | Level 3 | Non-Agency MBS | Projected Loss Severity | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.683 | 1 |
Recurring | Level 3 | Non-Agency MBS | Projected Loss Severity | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.089 | 0.194 |
Recurring | Level 3 | Non-Agency MBS | Discount Rate | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.027 | 0.027 |
Recurring | Level 3 | Non-Agency MBS | Discount Rate | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.066 | 0.072 |
Recurring | Level 3 | Non-Agency MBS | Discount Rate | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Securities available-for-sale, measurement input | 0.030 | 0.031 |
Recurring | Level 3 | Mortgage Servicing Rights | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing rights | $ 20,110 | $ 17,911 |
Recurring | Level 3 | Mortgage Servicing Rights | Projected Constant Prepayment Rate | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | 0.115 | 0.075 |
Recurring | Level 3 | Mortgage Servicing Rights | Projected Constant Prepayment Rate | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | 0.608 | 0.374 |
Recurring | Level 3 | Mortgage Servicing Rights | Projected Constant Prepayment Rate | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | 0.159 | 0.115 |
Recurring | Level 3 | Mortgage Servicing Rights | Discount Rate | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | 0.095 | 0.095 |
Recurring | Level 3 | Mortgage Servicing Rights | Discount Rate | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | 0.112 | 0.130 |
Recurring | Level 3 | Mortgage Servicing Rights | Discount Rate | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | 0.096 | 0.096 |
Recurring | Level 3 | Mortgage Servicing Rights | Life (in years) | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | Y | 1.1 | 1.7 |
Recurring | Level 3 | Mortgage Servicing Rights | Life (in years) | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | Y | 7.9 | 7.5 |
Recurring | Level 3 | Mortgage Servicing Rights | Life (in years) | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Mortgage servicing right, measurement input | Y | 6.2 | 6.4 |
Recurring | Level 3 | Derivative Instruments, net | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative Instruments | $ 1,377 | $ 2,205 |
Recurring | Level 3 | Derivative Instruments, net | Projected Sales Profit of Underlying Loans | Minimum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative instruments, net, measurement input | 0.001 | 0.002 |
Recurring | Level 3 | Derivative Instruments, net | Projected Sales Profit of Underlying Loans | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative instruments, net, measurement input | 0.009 | 0.005 |
Recurring | Level 3 | Derivative Instruments, net | Projected Sales Profit of Underlying Loans | Weighted Average | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Derivative instruments, net, measurement input | 0.004 | 0.003 |
FAIR VALUE - ASSETS MEASURED FO
FAIR VALUE - ASSETS MEASURED FOR IMPAIRMENT ON NONRECURRING BASIS (Details) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | $ 251 | $ 6,782 |
Single family real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 6,547 | |
Autos and RVs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 251 | 235 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Single family real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Autos and RVs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Single family real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | |
Significant Other Observable Inputs (Level 2) | Autos and RVs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 251 | 6,782 |
Significant Unobservable Inputs (Level 3) | Single family real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 6,547 | |
Significant Unobservable Inputs (Level 3) | Autos and RVs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | $ 251 | $ 235 |
FAIR VALUE - NARRATIVE (Details
FAIR VALUE - NARRATIVE (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||||
Impaired loans, charge-offs | $ 640 | $ 4,710 | $ 1,356 | $ 7,148 | |
Nonrecurring | |||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||||
Other real estate owned and foreclosed assets, fair value | 251 | 251 | $ 6,782 | ||
Other real estate owned | Nonrecurring | |||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | |||||
Other real estate owned and foreclosed assets, fair value | $ 251 | 251 | |||
Impaired loans, charge-offs | $ 49 |
FAIR VALUE - LOANS HELD-FOR-SAL
FAIR VALUE - LOANS HELD-FOR-SALE (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |||||
Aggregate fair value | $ 27,428 | $ 27,428 | $ 29,768 | ||
Contractual balance | 26,751 | 26,751 | 28,940 | ||
Unrealized gain | 677 | 677 | $ 828 | ||
Interest income | 194 | $ 420 | 394 | $ 802 | |
Change in fair value | (1,021) | (6,425) | (978) | 459 | |
Total | $ (827) | $ (6,005) | $ (584) | $ 1,261 |
FAIR VALUE - QUANTITATIVE INF_2
FAIR VALUE - QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASURMENTS (NONRECURRING) (Details) - Nonrecurring $ in Thousands | Dec. 31, 2021USD ($) | Jun. 30, 2021USD ($) |
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | $ 251 | $ 6,782 |
Single family real estate | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 6,547 | |
Autos and RVs | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 251 | 235 |
Level 3 | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | 251 | 6,782 |
Level 3 | Single family real estate | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | $ 6,547 | |
Level 3 | Single family real estate | Adjustment for differences between the comparable sales | Minimum | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned, measurement input | 0.015 | |
Level 3 | Single family real estate | Adjustment for differences between the comparable sales | Maximum | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned, measurement input | 0.061 | |
Level 3 | Single family real estate | Adjustment for differences between the comparable sales | Weighted Average | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned, measurement input | 0.020 | |
Level 3 | Autos and RVs | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other real estate owned and foreclosed assets, fair value | $ 251 | $ 235 |
Level 3 | Autos and RVs | Adjustment for differences between the comparable sales | Minimum | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other repossessed assets, measurement Input | (0.166) | 0.021 |
Level 3 | Autos and RVs | Adjustment for differences between the comparable sales | Maximum | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other repossessed assets, measurement Input | (0.020) | 0.147 |
Level 3 | Autos and RVs | Adjustment for differences between the comparable sales | Weighted Average | ||
Fair Value Inputs, Equity, Quantitative Information [Line Items] | ||
Other repossessed assets, measurement Input | (0.084) | 0.021 |
FAIR VALUE - FAIR VALUE BY BALA
FAIR VALUE - FAIR VALUE BY BALANCE SHEET GROUPING (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Financial assets: | ||
Trading | $ 1,223 | $ 1,983 |
Available-for-sale | 139,581 | 187,335 |
Loans held for sale, at fair value | 27,428 | 29,768 |
Loans held for sale, lower of cost or fair value | 11,446 | 12,294 |
Securities borrowed | 534,243 | 619,088 |
Financial liabilities: | ||
Securities loaned | 578,762 | 728,988 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 1,118,358 | 1,037,777 |
Trading | 1,223 | 1,983 |
Available-for-sale | 139,581 | 187,335 |
Loans held for sale, at fair value | 27,428 | 29,768 |
Loans held for sale, lower of cost or fair value | 11,446 | 12,294 |
Loans held for investment—net | 12,607,179 | 11,414,814 |
Securities borrowed | 534,243 | 619,088 |
Customer, broker-dealer and clearing receivables | 429,634 | 369,815 |
Mortgage servicing rights | 20,110 | 17,911 |
Financial liabilities: | ||
Total deposits | 12,269,172 | 10,815,797 |
Advances from the Federal Home Loan Bank | 157,500 | 353,500 |
Borrowings, subordinated notes and debentures | 260,435 | 221,358 |
Securities loaned | 578,762 | 728,988 |
Customer, broker-dealer and clearing payables | 528,796 | 535,425 |
Total Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 1,118,358 | 1,037,777 |
Trading | 1,223 | 1,983 |
Available-for-sale | 139,581 | 187,335 |
Loans held for sale, at fair value | 27,428 | 29,768 |
Loans held for sale, lower of cost or fair value | 11,534 | 12,336 |
Loans held for investment—net | 12,870,528 | 11,833,102 |
Securities borrowed | 524,466 | 619,274 |
Customer, broker-dealer and clearing receivables | 432,427 | 369,815 |
Mortgage servicing rights | 20,110 | 17,911 |
Financial liabilities: | ||
Total deposits | 11,650,460 | 10,297,450 |
Advances from the Federal Home Loan Bank | 157,500 | 353,500 |
Borrowings, subordinated notes and debentures | 254,096 | 210,196 |
Securities loaned | 582,640 | 731,467 |
Customer, broker-dealer and clearing payables | 534,712 | 535,425 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 1,118,358 | 1,037,777 |
Trading | 0 | 0 |
Available-for-sale | 0 | 0 |
Loans held for sale, at fair value | 0 | 0 |
Loans held for sale, lower of cost or fair value | 0 | 0 |
Loans held for investment—net | 0 | 0 |
Securities borrowed | 0 | 0 |
Customer, broker-dealer and clearing receivables | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Financial liabilities: | ||
Total deposits | 0 | 0 |
Advances from the Federal Home Loan Bank | 0 | 0 |
Borrowings, subordinated notes and debentures | 0 | 0 |
Securities loaned | 0 | 0 |
Customer, broker-dealer and clearing payables | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Trading | 1,223 | 1,983 |
Available-for-sale | 80,829 | 119,720 |
Loans held for sale, at fair value | 27,428 | 29,768 |
Loans held for sale, lower of cost or fair value | 0 | 0 |
Loans held for investment—net | 0 | 0 |
Securities borrowed | 0 | 0 |
Customer, broker-dealer and clearing receivables | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Financial liabilities: | ||
Total deposits | 11,650,460 | 10,297,450 |
Advances from the Federal Home Loan Bank | 157,500 | 353,500 |
Borrowings, subordinated notes and debentures | 254,096 | 210,196 |
Securities loaned | 0 | 0 |
Customer, broker-dealer and clearing payables | 0 | 0 |
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Trading | 0 | 0 |
Available-for-sale | 58,752 | 67,615 |
Loans held for sale, at fair value | 0 | 0 |
Loans held for sale, lower of cost or fair value | 11,534 | 12,336 |
Loans held for investment—net | 12,870,528 | 11,833,102 |
Securities borrowed | 524,466 | 619,274 |
Customer, broker-dealer and clearing receivables | 432,427 | 369,815 |
Mortgage servicing rights | 20,110 | 17,911 |
Financial liabilities: | ||
Total deposits | 0 | 0 |
Advances from the Federal Home Loan Bank | 0 | 0 |
Borrowings, subordinated notes and debentures | 0 | 0 |
Securities loaned | 582,640 | 731,467 |
Customer, broker-dealer and clearing payables | $ 534,712 | $ 535,425 |
SECURITIES - AMORTIZED COST, CA
SECURITIES - AMORTIZED COST, CARRYING AMOUNT AND FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Securities Trading - Fair Value | $ 1,223 | $ 1,983 |
Amortized Cost | 136,725 | 182,828 |
Unrealized Gains | 3,564 | 5,074 |
Unrealized Losses | (708) | (567) |
Fair Value | 139,581 | 187,335 |
U.S. agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Trading - Fair Value | 0 | 0 |
Amortized Cost | 29,376 | 23,639 |
Unrealized Gains | 214 | 420 |
Unrealized Losses | (359) | (146) |
Fair Value | 29,231 | 23,913 |
Non-agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Trading - Fair Value | 0 | 0 |
Amortized Cost | 56,949 | 65,174 |
Unrealized Gains | 2,152 | 2,862 |
Unrealized Losses | (349) | (421) |
Fair Value | 58,752 | 67,615 |
Total MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Trading - Fair Value | 0 | 0 |
Amortized Cost | 86,325 | 88,813 |
Unrealized Gains | 2,366 | 3,282 |
Unrealized Losses | (708) | (567) |
Fair Value | 87,983 | 91,528 |
Municipal debt | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Trading - Fair Value | 1,223 | 1,983 |
Amortized Cost | 3,467 | 3,466 |
Unrealized Gains | 69 | 99 |
Unrealized Losses | 0 | 0 |
Fair Value | 3,536 | 3,565 |
Asset-backed securities and structured notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Trading - Fair Value | 0 | 0 |
Amortized Cost | 46,933 | 90,549 |
Unrealized Gains | 1,129 | 1,693 |
Unrealized Losses | 0 | 0 |
Fair Value | 48,062 | 92,242 |
Total Non-MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities Trading - Fair Value | 1,223 | 1,983 |
Amortized Cost | 50,400 | 94,015 |
Unrealized Gains | 1,198 | 1,792 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 51,598 | $ 95,807 |
SECURITIES - NARRATIVE (Details
SECURITIES - NARRATIVE (Details) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021USD ($)security | Dec. 31, 2021USD ($)security | Dec. 31, 2020security | Jun. 30, 2021USD ($)security | |
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale | $ 139,581,000 | $ 139,581,000 | $ 187,335,000 | |
Number of available-for-sale securities in continuous loss position for a period of more than 12 months | security | 8 | 8 | 7 | |
Number of available-for-sale securities in continuous loss position for a period of less than 12 months | security | 11 | 11 | 7 | |
Number of available-for-sale securities sold | security | 0 | 0 | ||
Asset Pledged as Collateral | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale securities pledged as collateral | $ 1,200,000 | $ 1,200,000 | $ 1,400,000 | |
Non-agency | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale | $ 58,752,000 | $ 58,752,000 | $ 67,615,000 | |
Number of non-agency RMBS | security | 1 | 1 | ||
Carrying amount of securities with cumulative credit losses | $ 2,600,000 | $ 2,600,000 | ||
Cumulative credit losses | 800,000 | $ 800,000 | ||
Credit losses recognized in earnings | $ 0 | |||
RMBS, Super Senior Securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale, number of securities | security | 14 | 14 |
SECURITIES - SCHEDULE OF UNREAL
SECURITIES - SCHEDULE OF UNREALIZED LOSS ON INVESTMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Fair Value | ||
Less Than 12 Months | $ 20,136 | $ 10,001 |
More Than 12 Months | 5,719 | 6,018 |
Total | 25,855 | 16,019 |
Gross Unrealized Losses | ||
Less Than 12 Months | (351) | (146) |
More Than 12 Months | (357) | (421) |
Total | (708) | (567) |
U.S. agencies | ||
Fair Value | ||
Less Than 12 Months | 20,136 | 10,001 |
More Than 12 Months | 366 | 0 |
Total | 20,502 | 10,001 |
Gross Unrealized Losses | ||
Less Than 12 Months | (351) | (146) |
More Than 12 Months | (8) | 0 |
Total | (359) | (146) |
Non-agency | ||
Fair Value | ||
Less Than 12 Months | 0 | 0 |
More Than 12 Months | 5,353 | 6,018 |
Total | 5,353 | 6,018 |
Gross Unrealized Losses | ||
Less Than 12 Months | 0 | 0 |
More Than 12 Months | (349) | (421) |
Total | (349) | (421) |
Total MBS | ||
Fair Value | ||
Less Than 12 Months | 20,136 | 10,001 |
More Than 12 Months | 5,719 | 6,018 |
Total | 25,855 | 16,019 |
Gross Unrealized Losses | ||
Less Than 12 Months | (351) | (146) |
More Than 12 Months | (357) | (421) |
Total | (708) | (567) |
U.S. agencies | ||
Fair Value | ||
Less Than 12 Months | 0 | |
More Than 12 Months | 0 | |
Total | 0 | |
Gross Unrealized Losses | ||
Less Than 12 Months | 0 | |
More Than 12 Months | 0 | |
Total | 0 | |
Municipal debt | ||
Fair Value | ||
Less Than 12 Months | 0 | |
More Than 12 Months | 0 | |
Total | 0 | |
Gross Unrealized Losses | ||
Less Than 12 Months | 0 | |
More Than 12 Months | 0 | |
Total | 0 | |
Asset-backed securities and structured notes | ||
Fair Value | ||
Less Than 12 Months | 0 | |
More Than 12 Months | 0 | |
Total | 0 | |
Gross Unrealized Losses | ||
Less Than 12 Months | 0 | |
More Than 12 Months | 0 | |
Total | 0 | |
Total Non-MBS | ||
Fair Value | ||
Less Than 12 Months | 0 | 0 |
More Than 12 Months | 0 | 0 |
Total | 0 | 0 |
Gross Unrealized Losses | ||
Less Than 12 Months | 0 | 0 |
More Than 12 Months | 0 | 0 |
Total | $ 0 | $ 0 |
SECURITIES - UNREALIZED GAIN (L
SECURITIES - UNREALIZED GAIN (LOSS) ON INVESTMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities—net unrealized gains (losses) | $ 2,856 | $ 4,507 |
Available-for-sale debt securities—non-credit related losses | (845) | (845) |
Subtotal | 2,011 | 3,662 |
Tax benefit (expense) | (667) | (1,155) |
Net unrealized gain (loss) on investment securities in accumulated other comprehensive income (loss) | $ 1,344 | $ 2,507 |
LOANS & ALLOWANCE FOR CREDIT _3
LOANS & ALLOWANCE FOR CREDIT LOSSES - LOAN PORTFOLIO COMPOSITION (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | $ 12,755,674 | $ 11,554,744 | ||||
Allowance for credit losses - loans | (140,489) | $ (136,778) | (132,958) | $ (136,393) | $ (132,915) | $ (75,807) |
Unaccreted premiums (discounts) and loan and lease fees | (8,006) | (6,972) | ||||
Total net loans and leases | 12,607,179 | 11,414,814 | ||||
Single Family - Mortgage & Warehouse | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | 4,281,646 | 4,359,472 | ||||
Allowance for credit losses - loans | (25,580) | (25,329) | (26,604) | (32,727) | (28,307) | (25,901) |
Multifamily and Commercial Mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | 2,483,932 | 2,470,454 | ||||
Allowance for credit losses - loans | (13,628) | (13,359) | (13,146) | (12,889) | (12,419) | (4,718) |
Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | 3,857,367 | 3,180,453 | ||||
Allowance for credit losses - loans | (67,581) | (65,223) | (57,928) | (56,715) | (49,198) | (21,052) |
Commercial & Industrial - Non-RE | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | 1,631,811 | 1,123,869 | ||||
Allowance for credit losses - loans | (22,716) | (22,519) | (28,460) | (19,129) | (23,295) | (9,954) |
Auto & Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | 478,636 | 362,180 | ||||
Allowance for credit losses - loans | (10,921) | (10,007) | (6,519) | (7,413) | (8,678) | (9,461) |
Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans and leases | 22,282 | 58,316 | ||||
Allowance for credit losses - loans | $ (63) | $ (341) | $ (301) | $ (7,520) | $ (11,018) | $ (4,721) |
LOANS & ALLOWANCE FOR CREDIT _4
LOANS & ALLOWANCE FOR CREDIT LOSSES - ALLOWANCE FOR LOAN LOSS BY PORTFOLIO CLASS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | $ 136,778 | $ 132,958 | $ 132,915 | $ 132,958 | $ 75,807 |
Provision (benefit) for credit losses - loans | 4,000 | 8,000 | 8,000 | 19,800 | |
Charge-offs | (640) | (4,710) | (1,356) | (7,148) | |
Recoveries | 351 | 188 | 887 | 634 | |
Balance, end of period | 140,489 | $ 136,778 | 136,393 | 140,489 | $ 136,393 |
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | Accounting Standards Update 2016-13 [Member] | |||
Single Family - Mortgage & Warehouse | |||||
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | 25,329 | $ 26,604 | 28,307 | 26,604 | $ 25,901 |
Provision (benefit) for credit losses - loans | 182 | 5,271 | (1,169) | 2,832 | |
Charge-offs | 0 | (870) | 0 | (2,359) | |
Recoveries | 69 | 19 | 145 | 35 | |
Balance, end of period | 25,580 | 25,329 | 32,727 | 25,580 | 32,727 |
Multifamily and Commercial Mortgage | |||||
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | 13,359 | 13,146 | 12,419 | 13,146 | 4,718 |
Provision (benefit) for credit losses - loans | 269 | 470 | 305 | 763 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 177 | 0 | |
Balance, end of period | 13,628 | 13,359 | 12,889 | 13,628 | 12,889 |
Commercial Real Estate | |||||
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | 65,223 | 57,928 | 49,198 | 57,928 | 21,052 |
Provision (benefit) for credit losses - loans | 2,358 | 7,517 | 9,653 | 9,770 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Balance, end of period | 67,581 | 65,223 | 56,715 | 67,581 | 56,715 |
Commercial & Industrial - Non-RE | |||||
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | 22,519 | 28,460 | 23,295 | 28,460 | 9,954 |
Provision (benefit) for credit losses - loans | 170 | (1,546) | (5,476) | 4,966 | |
Charge-offs | 0 | (2,620) | (322) | (2,833) | |
Recoveries | 27 | 0 | 54 | 0 | |
Balance, end of period | 22,716 | 22,519 | 19,129 | 22,716 | 19,129 |
Auto & Consumer | |||||
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | 10,007 | 6,519 | 8,678 | 6,519 | 9,461 |
Provision (benefit) for credit losses - loans | 1,299 | (214) | 4,925 | (1,301) | |
Charge-offs | (640) | (1,220) | (1,034) | (1,956) | |
Recoveries | 255 | 169 | 511 | 599 | |
Balance, end of period | 10,921 | 10,007 | 7,413 | 10,921 | 7,413 |
Other | |||||
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | 341 | 301 | 11,018 | 301 | 4,721 |
Provision (benefit) for credit losses - loans | (278) | (3,498) | (238) | 2,770 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Balance, end of period | $ 63 | $ 341 | $ 7,520 | $ 63 | 7,520 |
Effect of Adoption of ASC 326 | |||||
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | 47,300 | ||||
Effect of Adoption of ASC 326 | Single Family - Mortgage & Warehouse | |||||
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | 6,318 | ||||
Effect of Adoption of ASC 326 | Multifamily and Commercial Mortgage | |||||
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | 7,408 | ||||
Effect of Adoption of ASC 326 | Commercial Real Estate | |||||
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | 25,893 | ||||
Effect of Adoption of ASC 326 | Commercial & Industrial - Non-RE | |||||
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | 7,042 | ||||
Effect of Adoption of ASC 326 | Auto & Consumer | |||||
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | 610 | ||||
Effect of Adoption of ASC 326 | Other | |||||
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | $ 29 |
LOANS & ALLOWANCE FOR CREDIT _5
LOANS & ALLOWANCE FOR CREDIT LOSSES - NONACCRUAL LOANS (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Financing Receivable, Nonaccrual [Line Items] | |
With Allowance | $ 57,275 |
With No Allowance | 88,658 |
Total | $ 145,933 |
Nonaccrual loans to total loans (as a percent) | 1.14% |
Single Family - Mortgage & Warehouse | |
Financing Receivable, Nonaccrual [Line Items] | |
With Allowance | $ 54,613 |
With No Allowance | 67,713 |
Total | 122,326 |
Multifamily and Commercial Mortgage | |
Financing Receivable, Nonaccrual [Line Items] | |
With Allowance | 2,158 |
With No Allowance | 5,530 |
Total | 7,688 |
Commercial Real Estate | |
Financing Receivable, Nonaccrual [Line Items] | |
With Allowance | 0 |
With No Allowance | 15,244 |
Total | 15,244 |
Commercial & Industrial - Non-RE | |
Financing Receivable, Nonaccrual [Line Items] | |
With Allowance | 0 |
With No Allowance | 0 |
Total | 0 |
Auto & Consumer | |
Financing Receivable, Nonaccrual [Line Items] | |
With Allowance | 504 |
With No Allowance | 116 |
Total | 620 |
Other | |
Financing Receivable, Nonaccrual [Line Items] | |
With Allowance | 0 |
With No Allowance | 55 |
Total | $ 55 |
LOANS & ALLOWANCE FOR CREDIT _6
LOANS & ALLOWANCE FOR CREDIT LOSSES - NONACCRUAL LOANS NARRATIVE (Details) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($) | Jun. 30, 2021loan | |
Financing Receivable, Impaired [Line Items] | |||||
Deferral of payment obligation | $ 0 | ||||
Nonaccrual | |||||
Financing Receivable, Impaired [Line Items] | |||||
Ratio of nonaccrual loans and leases considered TDRs | 0.52% | 0.52% | 0.55% | ||
Period over which borrowers can make timely payments after TDR considered non-performing (in months) | 6 months | ||||
Interest income recognized on accrual loans | $ 0 | $ 0 | $ 0 | $ 0 | |
Nonaccrual | Single Family - Mortgage & Warehouse | |||||
Financing Receivable, Impaired [Line Items] | |||||
Ratio of nonaccrual loans and leases that are single family mortgage | 83.82% | 83.82% | |||
Performing | |||||
Financing Receivable, Impaired [Line Items] | |||||
Number or TDRs classified as performing | loan | 0 | 0 | 0 |
LOANS & ALLOWANCE FOR CREDIT _7
LOANS & ALLOWANCE FOR CREDIT LOSSES - UNPAID PRINCIPAL BALANCE FOR PERFORMING AND NONACCRUAL (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 12,755,674 | $ 11,554,744 |
Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 4,281,646 | 4,359,472 |
Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,483,932 | 2,470,454 |
Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,857,367 | 3,180,453 |
Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,631,811 | 1,123,869 |
Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 478,636 | 362,180 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 22,282 | 58,316 |
Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 12,609,741 | 11,409,549 |
Performing | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 4,159,320 | 4,253,764 |
Performing | Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,476,244 | 2,450,026 |
Performing | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,842,123 | 3,164,614 |
Performing | Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,631,811 | 1,120,927 |
Performing | Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 478,016 | 361,902 |
Performing | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 22,227 | 58,316 |
Nonaccrual | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 145,933 | 145,195 |
Nonaccrual | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 122,326 | 105,708 |
Nonaccrual | Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 7,688 | 20,428 |
Nonaccrual | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 15,244 | 15,839 |
Nonaccrual | Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 2,942 |
Nonaccrual | Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 620 | 278 |
Nonaccrual | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 55 | $ 0 |
LOANS & ALLOWANCE FOR CREDIT _8
LOANS & ALLOWANCE FOR CREDIT LOSSES - LOANS BY AMORTIZED COST BASIS BY YEAR OF ORIGINATION AND CREDIT QUALITY INDICATOR (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | $ 2,676,067 | |
2021 | 2,642,066 | |
2020 | 1,935,662 | |
2019 | 1,286,843 | |
2018 | 779,926 | |
Prior | 1,231,810 | |
Revolving Loans | 2,203,300 | |
Total | $ 12,755,674 | $ 11,554,744 |
As a % of total gross loans and leases | ||
2022 | 20.99% | |
2021 | 20.71% | |
2020 | 15.17% | |
2019 | 10.09% | |
2018 | 6.11% | |
Prior | 9.66% | |
Revolving Loans | 17.27% | |
Total | 100.00% | |
Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | $ 765,777 | |
2021 | 761,392 | |
2020 | 582,420 | |
2019 | 422,776 | |
2018 | 373,602 | |
Prior | 780,066 | |
Revolving Loans | 595,613 | |
Total | 4,281,646 | 4,359,472 |
Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 286,209 | |
2021 | 626,395 | |
2020 | 539,570 | |
2019 | 331,802 | |
2018 | 265,397 | |
Prior | 434,559 | |
Revolving Loans | 0 | |
Total | 2,483,932 | 2,470,454 |
Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,310,547 | |
2021 | 1,053,424 | |
2020 | 654,139 | |
2019 | 465,723 | |
2018 | 98,992 | |
Prior | 0 | |
Revolving Loans | 274,542 | |
Total | 3,857,367 | 3,180,453 |
Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 121,709 | |
2021 | 52,137 | |
2020 | 92,618 | |
2019 | 14,513 | |
2018 | 16,872 | |
Prior | 817 | |
Revolving Loans | 1,333,145 | |
Total | 1,631,811 | 1,123,869 |
Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 190,106 | |
2021 | 138,074 | |
2020 | 59,823 | |
2019 | 52,029 | |
2018 | 23,525 | |
Prior | 15,079 | |
Revolving Loans | 0 | |
Total | 478,636 | 362,180 |
Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,719 | |
2021 | 10,644 | |
2020 | 7,092 | |
2019 | 0 | |
2018 | 1,538 | |
Prior | 1,289 | |
Revolving Loans | 0 | |
Total | 22,282 | $ 58,316 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 2,661,302 | |
2021 | 2,633,164 | |
2020 | 1,782,693 | |
2019 | 1,223,261 | |
2018 | 722,393 | |
Prior | 1,152,210 | |
Revolving Loans | 2,151,675 | |
Total | 12,326,698 | |
Pass | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 754,227 | |
2021 | 760,351 | |
2020 | 539,496 | |
2019 | 398,601 | |
2018 | 358,708 | |
Prior | 717,525 | |
Revolving Loans | 566,340 | |
Total | 4,095,248 | |
Pass | Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 286,209 | |
2021 | 621,487 | |
2020 | 509,415 | |
2019 | 308,530 | |
2018 | 254,009 | |
Prior | 417,533 | |
Revolving Loans | 0 | |
Total | 2,397,183 | |
Pass | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,310,547 | |
2021 | 1,050,924 | |
2020 | 585,116 | |
2019 | 450,236 | |
2018 | 68,748 | |
Prior | 0 | |
Revolving Loans | 272,844 | |
Total | 3,738,415 | |
Pass | Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 118,720 | |
2021 | 52,137 | |
2020 | 82,180 | |
2019 | 14,289 | |
2018 | 15,965 | |
Prior | 817 | |
Revolving Loans | 1,312,491 | |
Total | 1,596,599 | |
Pass | Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 189,880 | |
2021 | 137,621 | |
2020 | 59,449 | |
2019 | 51,605 | |
2018 | 23,425 | |
Prior | 15,046 | |
Revolving Loans | 0 | |
Total | 477,026 | |
Pass | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,719 | |
2021 | 10,644 | |
2020 | 7,037 | |
2019 | 0 | |
2018 | 1,538 | |
Prior | 1,289 | |
Revolving Loans | 0 | |
Total | 22,227 | |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 11,659 | |
2021 | 2,788 | |
2020 | 19,181 | |
2019 | 36,963 | |
2018 | 17,867 | |
Prior | 9,170 | |
Revolving Loans | 49,927 | |
Total | 147,555 | |
Special Mention | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 11,550 | |
2021 | 79 | |
2020 | 8,265 | |
2019 | 4,020 | |
2018 | 1,927 | |
Prior | 6,425 | |
Revolving Loans | 29,273 | |
Total | 61,539 | |
Special Mention | Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 17,162 | |
2018 | 0 | |
Prior | 2,745 | |
Revolving Loans | 0 | |
Total | 19,907 | |
Special Mention | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 2,500 | |
2020 | 10,818 | |
2019 | 15,487 | |
2018 | 15,000 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 43,805 | |
Special Mention | Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 224 | |
2018 | 907 | |
Prior | 0 | |
Revolving Loans | 20,654 | |
Total | 21,785 | |
Special Mention | Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 109 | |
2021 | 209 | |
2020 | 98 | |
2019 | 70 | |
2018 | 33 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 519 | |
Special Mention | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 3,106 | |
2021 | 6,114 | |
2020 | 133,788 | |
2019 | 26,619 | |
2018 | 39,666 | |
Prior | 70,430 | |
Revolving Loans | 1,698 | |
Total | 281,421 | |
Substandard | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 962 | |
2020 | 34,659 | |
2019 | 20,155 | |
2018 | 12,967 | |
Prior | 56,116 | |
Revolving Loans | 0 | |
Total | 124,859 | |
Substandard | Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 4,908 | |
2020 | 30,155 | |
2019 | 6,110 | |
2018 | 11,388 | |
Prior | 14,281 | |
Revolving Loans | 0 | |
Total | 66,842 | |
Substandard | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 58,205 | |
2019 | 0 | |
2018 | 15,244 | |
Prior | 0 | |
Revolving Loans | 1,698 | |
Total | 75,147 | |
Substandard | Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 2,989 | |
2021 | 0 | |
2020 | 10,438 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 13,427 | |
Substandard | Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 117 | |
2021 | 244 | |
2020 | 276 | |
2019 | 354 | |
2018 | 67 | |
Prior | 33 | |
Revolving Loans | 0 | |
Total | 1,091 | |
Substandard | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 55 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 55 | |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Doubtful | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Doubtful | Multifamily and Commercial Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Doubtful | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Doubtful | Commercial & Industrial - Non-RE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Doubtful | Auto & Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | 0 | |
Doubtful | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Total | $ 0 |
LOANS & ALLOWANCE FOR CREDIT _9
LOANS & ALLOWANCE FOR CREDIT LOSSES - PAST DUE LOANS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 12,755,674 | $ 11,554,744 |
Single Family - Mortgage & Warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 4,281,646 | 4,359,472 |
Multifamily and Commercial Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 2,483,932 | 2,470,454 |
Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 3,857,367 | 3,180,453 |
Commercial & Industrial - Non-RE | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 1,631,811 | 1,123,869 |
Auto & Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 478,636 | 362,180 |
Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 22,282 | 58,316 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 47,282 | $ 69,528 |
As a % of total gross loans | 0.37% | 0.60% |
30-59 Days Past Due | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 33,015 | $ 24,150 |
30-59 Days Past Due | Multifamily and Commercial Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 9,828 | 7,991 |
30-59 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 0 | 36,786 |
30-59 Days Past Due | Commercial & Industrial - Non-RE | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 0 | 0 |
30-59 Days Past Due | Auto & Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 4,387 | 601 |
30-59 Days Past Due | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 52 | 0 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 15,540 | $ 48,674 |
As a % of total gross loans | 0.12% | 0.42% |
60-89 Days Past Due | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 9,944 | $ 46,552 |
60-89 Days Past Due | Multifamily and Commercial Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 4,438 | 1,816 |
60-89 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 0 | 0 |
60-89 Days Past Due | Commercial & Industrial - Non-RE | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 0 | 0 |
60-89 Days Past Due | Auto & Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 1,158 | 306 |
60-89 Days Past Due | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 0 | 0 |
90+ Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 109,443 | $ 84,486 |
As a % of total gross loans | 0.86% | 0.73% |
90+ Days Past Due | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 108,207 | $ 69,169 |
90+ Days Past Due | Multifamily and Commercial Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 536 | 12,122 |
90+ Days Past Due | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 0 | 0 |
90+ Days Past Due | Commercial & Industrial - Non-RE | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 0 | 2,960 |
90+ Days Past Due | Auto & Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 645 | 235 |
90+ Days Past Due | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 55 | 0 |
Total | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 172,265 | $ 202,688 |
As a % of total gross loans | 1.35% | 1.75% |
Total | Single Family - Mortgage & Warehouse | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 151,166 | $ 139,871 |
Total | Multifamily and Commercial Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 14,802 | 21,929 |
Total | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 0 | 36,786 |
Total | Commercial & Industrial - Non-RE | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 0 | 2,960 |
Total | Auto & Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | 6,190 | 1,142 |
Total | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans and leases | $ 107 | $ 0 |
LOANS & ALLOWANCE FOR CREDIT_10
LOANS & ALLOWANCE FOR CREDIT LOSSES - ALLOWANCE FOR LOAN LOSS AND RESERVE FOR UNFUNDED LOAN COMMITMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | $ 136,778 | $ 132,958 | $ 132,915 | $ 132,958 | $ 75,807 |
Provision for credit losses | 4,000 | 8,000 | 8,000 | 19,800 | |
Charge-offs | (640) | (4,710) | (1,356) | (7,148) | |
Recoveries | 351 | 188 | 887 | 634 | |
Balance, end of period | 140,489 | 136,778 | 136,393 | 140,489 | 136,393 |
Unfunded Loan Commitment Liabilities | |||||
Balance, beginning of period | 7,723 | 5,723 | 6,723 | 5,723 | 323 |
Provision for Credit Losses | 1,000 | (1,000) | 3,000 | (300) | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Balance, end of period | 8,723 | 7,723 | 5,723 | 8,723 | 5,723 |
Total Allowance for Credit Losses | |||||
Balance, beginning of period | 144,501 | 138,681 | 139,638 | 138,681 | 76,130 |
Provision for Credit Losses | 5,000 | 7,000 | 11,000 | 19,500 | |
Charge-offs | (640) | (4,710) | (1,356) | (7,148) | |
Recoveries | 351 | 188 | 887 | 634 | |
Balance, end of period | $ 149,212 | $ 144,501 | $ 142,116 | $ 149,212 | $ 142,116 |
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 [Member] | Accounting Standards Update 2016-13 [Member] | |||
Effect of Adoption of ASC 326 | |||||
Allowance for Credit Losses - Loans | |||||
Balance, beginning of period | $ 47,300 | ||||
Unfunded Loan Commitment Liabilities | |||||
Balance, beginning of period | 5,700 | ||||
Total Allowance for Credit Losses | |||||
Balance, beginning of period | $ 53,000 |
EQUITY AND STOCK-BASED COMPEN_3
EQUITY AND STOCK-BASED COMPENSATION - NARRATIVE (Details) - USD ($) $ in Thousands | Oct. 21, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 |
Stock Award Compensation Expense | ||||||
Number of additional shares authorized (in shares) | 1,000,000 | |||||
RSUs | ||||||
Stock Award Compensation Expense | ||||||
Restricted stock grants (in shares) | 781,030 | 617,833 | ||||
Vesting period for restricted stock grants | 3 years | 3 years | ||||
Stock award expense | $ 8,500 | $ 9,000 | ||||
Income tax benefit from stock award expense | 2,500 | 2,700 | ||||
Unrecognized compensation expense | $ 30,400 | 30,400 | ||||
Total fair value of shares vested in the period | $ 349 | $ 1,644 | $ 14,834 | $ 8,246 | ||
RSUs | Employees and Directors | ||||||
Stock Award Compensation Expense | ||||||
Restricted stock grants (in shares) | 302,677 | 437,608 | ||||
RSUs | Employees and Directors | Anniversary 1 | ||||||
Stock Award Compensation Expense | ||||||
Vesting percentage for restricted stock grants | 33.33% | |||||
RSUs | Employees and Directors | Anniversary 2 | ||||||
Stock Award Compensation Expense | ||||||
Vesting percentage for restricted stock grants | 33.33% | |||||
RSUs | Employees and Directors | Anniversary 3 | ||||||
Stock Award Compensation Expense | ||||||
Vesting percentage for restricted stock grants | 33.33% | |||||
RSUs | CEO | ||||||
Stock Award Compensation Expense | ||||||
Restricted stock grants (in shares) | 478,353 | |||||
RSUs | CEO | Anniversary 1 | ||||||
Stock Award Compensation Expense | ||||||
Vesting percentage for restricted stock grants | 25.00% | |||||
RSUs | CEO | Anniversary 2 | ||||||
Stock Award Compensation Expense | ||||||
Vesting percentage for restricted stock grants | 25.00% | |||||
RSUs | CEO | Anniversary 3 | ||||||
Stock Award Compensation Expense | ||||||
Vesting percentage for restricted stock grants | 25.00% | |||||
RSUs | CEO | Anniversary 4 | ||||||
Stock Award Compensation Expense | ||||||
Vesting percentage for restricted stock grants | 25.00% |
EQUITY AND STOCK-BASED COMPEN_4
EQUITY AND STOCK-BASED COMPENSATION - UNRECOGNIZED COMPENSATION EXPENSE RELATED TO NON-VESTED AWARDS (Details) - RSUs $ in Thousands | Dec. 31, 2021USD ($) |
Stock Award Compensation Expense | |
2022 | $ 8,595 |
2023 | 13,007 |
2024 | 7,501 |
2025 | 1,230 |
2026 | 101 |
Total | $ 30,434 |
EQUITY AND STOCK-BASED COMPEN_5
EQUITY AND STOCK-BASED COMPENSATION - CHANGES IN RESTRICTED STOCK UNIT GRANTS (Details) - RSUs - $ / shares | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Restricted Stock Units | ||
Non-vested balance, beginning (in shares) | 1,220,470 | 1,445,540 |
Granted (in shares) | 781,030 | 617,833 |
Vested (in shares) | (307,516) | (666,790) |
Forfeited (in shares) | (90,111) | (176,113) |
Non-vested balance, ending (in shares) | 1,603,873 | 1,220,470 |
Weighted-Average Grant-Date Fair Value | ||
Non-vested balance, beginning (in dollars per share) | $ 30.18 | $ 28.62 |
Granted (in dollars per share) | 48.53 | 32.12 |
Vested (in dollars per share) | 28.32 | 29.23 |
Forfeited (in dollars per share) | 34.68 | 27.42 |
Non-vested balance, ending (in dollars per share) | $ 39.26 | $ 30.18 |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Common Share | ||||
Net income | $ 60,787 | $ 54,785 | $ 120,997 | $ 107,807 |
Preferred stock dividends | 0 | (26) | 0 | (103) |
Preferred stock redemption charge | 0 | (87) | 0 | (87) |
Net income attributable to common stockholders | $ 60,787 | $ 54,672 | $ 120,997 | $ 107,617 |
Average common shares outstanding (in shares) | 59,496,489 | 59,049,697 | 59,443,667 | 59,278,672 |
Total qualifying shares (in shares) | 59,496,489 | 59,049,697 | 59,443,667 | 59,278,672 |
Basic earnings per common share (in dollars per share) | $ 1.02 | $ 0.93 | $ 2.04 | $ 1.82 |
Diluted Earnings Per Common Share | ||||
Net income attributable to common stockholders | $ 60,787 | $ 54,672 | $ 120,997 | $ 107,617 |
Average common shares issued and outstanding (in shares) | 59,496,489 | 59,049,697 | 59,443,667 | 59,278,672 |
Total dilutive common shares outstanding (in shares) | 60,755,981 | 60,040,723 | 60,749,383 | 60,196,516 |
Diluted earnings per common share (in dollars per share) | $ 1 | $ 0.91 | $ 1.99 | $ 1.79 |
RSUs | ||||
Diluted Earnings Per Common Share | ||||
Dilutive effect of average unvested RSUs (in shares) | 1,259,492 | 991,026 | 1,305,716 | 917,844 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2022 | $ 4,992 |
2023 | 10,595 |
2024 | 10,287 |
2025 | 10,119 |
2026 | 9,791 |
Thereafter | 38,821 |
Total lease payments | 84,605 |
Less: amount representing interest | (9,197) |
Total Lease Liability | $ 75,408 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - NARRATIVE (Details) | 1 Months Ended | ||
Dec. 31, 2015claim | Dec. 31, 2021USD ($)claim | Aug. 10, 2017claim | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Loss contingency, new derivative actions filed | claim | 2 | ||
Loss contingency, number of pending derivative actions | claim | 6 | ||
Loss contingency, number of pending derivative actions to be consolidated | claim | 4 | ||
Loan Origination Commitments | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet, loan origination commitment | $ 2,483,000,000 | ||
Loan Origination Commitments | Sales commitment | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet, commitment | 50,000,000 | ||
Loan Origination Commitments | Fixed Interest Rate | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet, loan origination commitment | $ 137,800,000 | ||
Weighted average fixed interest rate on commitments to extend credit | 4.38% | ||
Loan Origination Commitments | Fixed Interest Rate | Sales commitment | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet, commitment | $ 50,000,000 | ||
Loan Origination Commitments | Variable Interest Rate | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet, loan origination commitment | 2,345,200,000 | ||
Loan Origination Commitments | Variable Interest Rate | Sales commitment | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Off-balance sheet, commitment | $ 0 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($) | |
Segment Reporting [Abstract] | |||||
Number of operating segments | segment | 2 | ||||
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 145,568 | $ 134,092 | $ 292,210 | $ 261,419 | |
Provision (benefit) for credit losses - loans | 4,000 | 8,000 | 8,000 | 19,800 | |
Non-interest income | 30,787 | 28,718 | 57,489 | 64,573 | |
Non-interest expense | 86,019 | 76,297 | 170,450 | 151,843 | |
Income before taxes | 86,336 | 78,513 | 171,249 | 154,349 | |
Goodwill | 95,674 | 95,674 | $ 71,222 | ||
Total Assets | 15,547,947 | 15,547,947 | 14,265,565 | ||
Operating segments | Banking Business | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 142,259 | 132,166 | 284,500 | 255,174 | |
Provision (benefit) for credit losses - loans | 4,000 | 8,000 | 8,000 | 19,800 | |
Non-interest income | 16,295 | 22,295 | 31,123 | 52,507 | |
Non-interest expense | 62,449 | 62,474 | 125,174 | 123,691 | |
Income before taxes | 92,105 | 83,987 | 182,449 | 164,190 | |
Goodwill | 35,721 | 35,721 | 35,721 | ||
Total Assets | 14,047,081 | 14,047,081 | 12,745,029 | ||
Operating segments | Securities Business | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 4,506 | 4,260 | 10,682 | 9,154 | |
Provision (benefit) for credit losses - loans | 0 | 0 | 0 | 0 | |
Non-interest income | 16,454 | 6,572 | 29,560 | 12,356 | |
Non-interest expense | 21,654 | 11,312 | 40,927 | 22,664 | |
Income before taxes | (694) | (480) | (685) | (1,154) | |
Goodwill | 59,953 | 59,953 | 35,501 | ||
Total Assets | 1,439,415 | 1,439,415 | 1,450,512 | ||
Corporate/Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | (1,197) | (2,334) | (2,972) | (2,909) | |
Provision (benefit) for credit losses - loans | 0 | 0 | 0 | 0 | |
Non-interest income | (1,962) | (149) | (3,194) | (290) | |
Non-interest expense | 1,916 | 2,511 | 4,349 | 5,488 | |
Income before taxes | (5,075) | $ (4,994) | (10,515) | $ (8,687) | |
Goodwill | 0 | 0 | 0 | ||
Total Assets | $ 61,451 | $ 61,451 | $ 70,024 |