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Axos Financial, Inc. 2019 Annual Report

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Axos Financial, Inc. 2019 Annual Report AXOS FINANCIAL,AXOS INC FINANCIAL,AXOS INC 92059205 WestWest RussellRussell RoadRoad SuiteSuite 400400 LasLas Vegas,Vegas, NVNV 8914889148 . 2019 ANNUAL REPORT . 2019 ANNUAL REPORT . 2019 www.axosfinancial.comwww.axosfinancial.com AXOS FINANCIAL, INC. 2019 ANNUAL REPORT EXECUTIVE OFFICERS BOARD OF DIRECTORS Gregory Garrabrants Paul J. Grinberg AXOS OFFICE LOCATIONS President and Chairman Chief Executive Officer Nicholas A. Mosich Eshel Bar-Adon Vice Chairman Executive Vice President James S. Argalas Specialty Finance and J. Brandon Black Chief Legal Officer Tamara Bohlig Jill Bauer James J. Court Executive Vice President Uzair Dada Trustee and Fiduciary Services Gregory Garrabrants Mary Ellen Ciafardini Edward J. Ratinoff Executive Vice President Human Resources CORPORATE HEADQUARTERS Thomas Constantine Axos Financial, Inc. Executive Vice President 9205 West Russell Road Chief Credit Officer Suite 400 Las Vegas, NV 89148 New York, NY* Jan Durrans Omaha, NE www.axosfinancial.com (Axos Clearing) Executive Vice President Salt Lake City, UT Chief of Staff and INVESTOR RELATIONS Columbus, OH Chief Performance Officer Kansas City, KS* Johnny Lai James Fraser Vice President, Corporate Development Los Angeles, CA* Las Vegas, NV Executive Vice President and Investor Relations Orange County, CA* Specialty Real Estate, C&I Lending (858) 649-2218 [email protected] San Diego, CA Raymond Matsumoto Executive Vice President CORPORATE SECRETARY Chief Operating Officer Angela Lopez Andrew J. Micheletti Corporate Secretary, Executive Vice President Vice President Corporate Governance Existing office locations Chief Financial Officer (858) 704-6225 New office locations [email protected] David Park *Commercial banking Executive Vice President TRANSFER AGENT Commercial Banking and Treasury Management Computershare Investor Services Brian Swanson 250 Royall Street Executive Vice President Canton, MA 02021 Head of Consumer Bank (800) 962-4284 www-us.computershare.com/investor John Tolla Executive Vice President INDEPENDENT REGISTERED Chief Governance, Risk and PUBLIC ACCOUNTING FIRM Compliance Officer BDO USA, LLP San Diego, California Banking Derrick K. Walsh TM Senior Vice President Evolved Chief Accounting Officer key financial highlights in FY 2019 • Loan and lease originations increased 17.3% • Net interest margin for the Banking Business segment was stable year‐over‐year at 4.14% • Book value per share increased 14.6% to $17.47 • Axos was named a top five performing U.S. large thrift for the 11th consecutive year by S&P Global Market Intelligence key financial achievements in FY 2019 (IN BILLIONS) $9.4 $8.4 We achieved a number of milestones in 2019, including record earnings of $155 million, a successful rebrand of Axos Financial, Inc. and Axos Bank, a transfer of listing from NASDAQ to NYSE, the successful roll‐out of Universal Digital Bank (“UDB”), our proprietary online banking software, the additions of a securities clearing and a digital wealth management platform through the acquisitions of COR Clearing and WiseBanyan, FY FY respectively, and signing a multi-‐year marketing partnership with Nationwide. 2018 2019 We grew our lending and banking businesses in a prudent and profitable manner, with TOTAL LOANS total loans increasing by 11.3% and deposits increasing by 12.5%. Investments we made 11.3% and the additions of deposits at a lower cost through opportunistic acquisitions of , Nationwide s and MWABank’s consumer deposits and strategic acquisitions of Epiq’s (IN BILLIONS) bankruptcy and fiduciary software‐enabled services and COR Clearing were instrumental $8.9 in our ability to maintain a stable net interest margin, despite competitive pressures for $8.0 loans and deposits from banks and non-banks and a flat yield curve. Organic growth in our established businesses, coupled with strategic investments in emerging businesses such as auto lending, commercial real estate and commercial specialty lending, cash and treasury management, and our new securities servicing and robo advisory businesses, position us well to maintain profitable growth in an ever FY FY 2018 2019 evolving competitive and economic environment. TOTAL DEPOSITS 12.5% Capital Allocation Strategy capital in fiscal 2019 to enhance our deposit franchise and to expand into new businesses. In the first calendar We work tirelessly to maintain an efficient, high- quarter of 2019, we completed the acquisitions of COR performing organization by managing our expenses, Clearing and WiseBanyan. COR, now rebranded Axos continuously identifying and implementing productivity Clearing, provides securities clearing and custody, enhancement initiatives, and allocating capital to margin lending and securities lending to introducing opportunities that provide the best risk-adjusted broker dealers (“IBDs”) and independent registered returns to shareholders over the long-term. Because investment advisors (“RIAs”). WiseBanyan, rebranded we operate with a best-in-class efficiency ratio that Axos Invest, was one of the first robo advisory platforms contributes to a strong return on equity, we are able to offer personal financial and wealth management to generate excess regulatory capital in most years, through a “freemium” model. The two companies form even after we fund our double-digit loan growth and a strong foundation for our new Securities Business, growth investments. We deployed some of our excess which we now report in our segment financials. In our 19-year history, we have grown the company ACQUISITIONS IN FY 2019 primarily through internal development of businesses and through strategic partnerships such as H&R Block, OPPORTUNISTIC STRATEGIC NetSpend, and Nationwide. Some, such as unsecured Nationwide Deposits COR Clearing consumer lending, required a relatively small upfront MWABank Deposits WiseBanyan investment, while others, such as our prepaid deposit sponsorship business, took several years to build and scale. EXCESS CAPITAL AND USES (EXCESS CAPITAL IS DEFINED AS CAPITAL DOLLARS GREATER THAN 8.25% OF TIER 1 LEVERAGE RATIO IN MILLIONS) $155.1M $142.0M $99.0M ACQUISITION ASSET STOCK NET GROWTH BUYBACKS INTANGIBLES EXCESS NET EXCESS CAPITAL INCOME CAPITAL 6 | 30 | 18 FY 2019 6 | 30 | 19 <$56.4M> <$67.1M> <$74.6M> The investment of excess capital into these new businesses able to provide customized offerings to former Nation- have been instrumental in diversifying our bank and wide customers and tailor the user experience based on adding new sources of asset generation, fee income, client interactions and feedback. We are on track to add new and low-cost deposits. features to UDB such as account aggregation, a person- alization engine and an enterprise data warehouse. When We evaluate each internal investment and acquisition fully implemented, these tools will improve our ability to opportunity relative to the prospective risk-reward of make timely, relevant offers to all new and existing con- buying back our own stock. Because all of our team sumer banking and lending clients based on their specific members, executives and board directors are Axos needs and reduce the time and effort required for clients shareholders, we make decisions that we believe will to use more of our services. generate the best returns over the long-term. In 2019, we paid $98 million in cash for four acquisitions and Earlier this year in our commercial banking businesses, $56.4 million to buy back our common stock. we completed the integration of Axos Fiduciary Services (“AFS”), the business acquired from Epiq in 2018. Our Strategic Initiatives seasoned team of relationship managers and professionals support hundreds of Chapter 7 bankruptcy trustees and We are making good progress in our software and ser- non-7 fiduciaries nationwide who use our software to vices growth initiatives. In our consumer-centric busi- administer their clients’ cases. We see tremendous nesses, we successfully onboarded over 40,000 deposit opportunities to grow this countercyclical business, which customers from Nationwide and created a co-branded provides non-interest-bearing and low-cost deposits and digital consumer banking instance for them in UDB. fee income, by adding new functionalities to our software. Through this flexible platform that we control, we are AXOS FINANCIAL is greater than the sum of its parts COMMERCIAL CONSUMER SECURITIES Asset Backed Lending Auto Lending Clearing Axos Fiduciary Services Axos Advisors Custody Cash and Treasury Management Prepaid BIN Sponsorship Digital Wealth Management Commercial Real Estate Lending Refund Advance Lending Margin Lending Commercial Specialty Refund Transfer RIA/IBD Lending Real Estate Lending Single Family Mortgage Securities Lending Equipment Finance Unsecured Consumer Lending Securities-Based Factoring Warehouse Lending Lines of Credit Lender Finance Multifamily Lending Securities Strategy Our vision for the Securities Business is to provide Axos Invest a comprehensive set of technology, banking and Digital Wealth and Personal Financial Management lending services to independent RIAs and IBDs. Structural demographic and industry trends, including an aging investor and advisor population, Axos Clearing the transition from commission- to fee-based Securities Clearing and Custody models in the wealth management industry, more advisors leaving large wirehouses such as Morgan Stanley and Merrill Lynch to start their business and functional units. While this is a scaled own advisory practices, and a growing need for build-out that will span over the next few years,
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