v3.26.3
ACQUISITIONS (Tables)
 3 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Purchase Price for the Acquisition
The following table presents the purchase price for the acquisition of Verdant as of September 30, 2025, inclusive of certain purchase price adjustments identified during the measurement period, which ended on September 30, 2026:
(Dollars in thousands)
Adjusted Verdant book value1
$34,822 
Purchase price premium paid by Axos3,483 
PURCHASE PRICE$38,305 
1 Represents September 30, 2025, Verdant book value adjusted for certain items, including provision for credit losses and debt prepayment fees, according to the terms of the acquisition agreement.
Schedule of Purchase Price Allocation
The following table provides the final Verdant purchase consideration allocation as of the date of acquisition, including any purchase price adjustments identified during the measurement period, which ended on September 30, 2026:
(Dollars in thousands)September 30, 2025
ASSETS:
Cash and cash equivalents$31,635 
Restricted cash34,924 
Loans—net of allowance for credit losses of $7,795
1,020,322 
Other assets1
223,842 
Goodwill and other intangible assets—net65,557 
TOTAL ASSETS$1,376,280 
LIABILITIES:
Secured financings$778,110 
Accounts payable and other liabilities31,279 
TOTAL LIABILITIES$809,389 
TOTAL CONSIDERATION (Including $500.0 million to settle certain debt of Verdant and $30.8 million of Contingent Consideration)
$566,891 
Amount paid to settle certain debt of Verdant, excluding $2.2 million of transaction costs included in the purchase price
(497,776)
Contingent Consideration(30,810)
PURCHASE PRICE$38,305 
1 Includes $212.6 million of equipment under operating lease arrangements.
Schedule of Intangible Assets Acquired
The following table details the intangible assets acquired in the acquisition:
(Dollars in thousands)September 30, 2025Weighted-Average Life (Years)
Vendor relationships$11,200 13.6
Trade name2,600 5.0
Developed technologies5,100 3.0
Total intangible assets acquired$18,900 9.6
Schedule of PCD Loans and Leases Acquired
The following table summarizes the PCD loans and leases acquired in the acquisition:
(Dollars in thousands)September 30, 2025
Unpaid principal balance$211,002 
Non-credit discount(342)
Allowance for credit losses at acquisition(7,795)
Purchase price allocated to PCD assets$202,865 
Schedule of Pro Forma Information
The following table shows the Company and Verdant pro forma combined net interest income, non-interest income and net income. The pro forma financial information presented in the table below was computed by combining the historical financial information of the Company and Verdant along with the effects of the acquisition method of accounting for business combinations as though the Company acquired Verdant on July 1, 2024. Also included in the pro forma financial information are certain adjustments, including $1.3 million of acquisition-related costs, as well as adjustments related to amortization expense of the intangible assets acquired in the Verdant acquisition and the elimination of the amortization expense of Verdant’s intangible assets prior to its acquisition by the Company. The pro forma information does not reflect the potential benefits of cost and funding synergies, opportunities to earn additional revenues or other factors and therefore does not represent what the actual net revenues and net income would have been had the Company actually acquired Verdant as of this date.
Pro Forma
For the Three Months Ended September 30,
(Dollars in thousands)20252024
Net interest income297,473 295,460 
Non-interest income35,340 31,365 
Net income104,433 106,718