David Park
Axos FinancialAbout David Park
David Park is President, Head of Commercial Bank at Axos Bank and a Named Executive Officer of Axos Financial; he joined Axos in 2018 and has been an executive officer since 2020. He is 42 years old and previously served as EVP and Head of Commercial Banking at Banc of California, and at City National Bank led Business Banking and SBA Lending for a decade . During Mr. Park’s tenure as an executive, Axos delivered strong performance, including FY2025 net income of $432.9 million, ROE of 17.30%, NIM improvement to 4.90%, and a 33% total shareholder return versus 21% for the XABQ bank index . Over the last five fiscal years Axos achieved CAGRs of 18.8% in net income, 16.7% in revenue, and 20.0% in EPS, reflecting durable value creation that informs pay-for-performance outcomes for NEOs .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Banc of California | EVP, Head of Commercial Banking | Pre-2018 | Led commercial banking; prepared Park for Axos commercial leadership . |
| City National Bank | Senior VP, Head of Business Banking and SBA Lending | 2006–2016 | Grew business/SBA lending capabilities over 10 years . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | No external directorships disclosed for Mr. Park in the proxy . |
Fixed Compensation
| Metric ($USD) | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary | $380,000 | $420,000 | $450,000 |
| Actual Cash Bonus Paid | $433,000 | $553,945 | $559,941 |
Notes:
- Axos uses semi-annual cash and RSU awards for NEOs other than the CEO; cash bonuses for NEOs are generally targeted at 200%–300% of base salary, subject to judgment based on corporate, business unit, and individual performance .
Performance Compensation
| Component | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Incentive (Cash) | Corporate and business unit performance; CEO/Comp Committee judgment | Not disclosed | Not disclosed | Company FY2025 ROE 17.30%, TSR 33% (context) | $559,941 (FY2025 bonus) | Cash (no vesting) |
| Long-Term Incentive (RSUs) | Performance-based award then time-based vesting | Not disclosed | Not disclosed | RSU grants below | As granted below | Generally 3-year ratable; partial 4-year for Mar-2025 grant |
RSU grants detail:
| Grant Date | RSUs Granted | Grant-Date Fair Value ($) | Price/Unit ($) | Vesting |
|---|---|---|---|---|
| Sep 15, 2024 | 4,431 | $280,039 | $63.20 | 1/3 each year over 3 years |
| Mar 20, 2025 | 15,242 | $971,373 | $63.73 | Primarily 3-year; 11,769 RSUs vest over 4 years |
Vesting realized (FY2025):
| Metric | FY 2025 |
|---|---|
| RSUs vested (shares) | 9,070 |
| Value realized on vesting ($) | $586,719 |
Equity Ownership & Alignment
| Ownership Item | Detail |
|---|---|
| Beneficial Ownership (shares) | 20,714 shares; includes 1,541 in 401(k) and 1,692 RSUs vesting within 60 days of record date; less than 1% of shares outstanding . |
| Shares Outstanding (record date) | 56,595,223 . |
| Ownership % of outstanding | ~0.04% (20,714 ÷ 56,595,223), derived from cited figures . |
| Unvested RSUs at FY-end | 30,458 total across grants dated 09/23/22 (1,692), 03/15/23 (1,811), 09/15/23 (3,586), 03/15/24 (3,696), 09/15/24 (4,431), 03/20/25 (15,242); FY-end market value $2,315,? see below . |
| FY-end Market Value of Unvested RSUs | 09/23/22 $128,660; 03/15/23 $137,708; 09/15/23 $272,679; 03/15/24 $281,044; 09/15/24 $336,933; 03/20/25 $1,159,002; sum $2,316,026 . |
| Hedging/Pledging Policy | Insider Trading Policy prohibits short sales, purchases on margin, derivative transactions, and pledging of company securities without prior CFO consent; pledging is prohibited . |
| Executive Ownership Guidelines | CEO 8× salary; CFO 5× salary; EVPs 3× salary within five years of appointment . |
Employment Terms
| Trigger | Cash Severance | Equity Treatment | Other Terms |
|---|---|---|---|
| Death/Disability | $0 for Park (life insurance program covers one-year base salary up to $300k; general program noted) | Accelerated vesting of all unvested RSUs valued at $2,316,026 at $76.04 close (FY2025) | Participation in employee loan program disclosed separately . |
| Termination by Company before CIC (without cause) | $0 for Park | Accelerated vesting of unvested RSUs valued at $2,316,026 | — |
| Change-in-Control (CIC) | $0 for Park (no cash severance disclosed) | Accelerated vesting of unvested RSUs valued at $2,316,026; double-trigger mechanics via 2014 Plan | 2014 Plan uses double-trigger for acceleration; no single-trigger cash severance . |
| Termination after CIC (Company for any reason or Exec with good reason) | Not disclosed for Park (table shows $0 cash) | See CIC equity acceleration above | — |
Change-in-control framework:
- 2014 Stock Incentive Plan provides double-trigger acceleration where awards accelerate if not assumed or if terminated without cause within 30 days before to 180 days after CIC; awards otherwise continue if assumed/substituted .
- Company compensation practices include no tax gross-ups, no option repricing, and no single-trigger cash severance on CIC .
Related Party Transactions
- Employee Loan Program: David Park participated with largest aggregate principal outstanding of $1,305.8k, principal outstanding $1,258.1k at June 30, 2025, principal paid during FY2025 of $47.8k, interest paid $5.5k, at a program AFR-based interest rate of 0.43% .
Compensation Structure Analysis
| Mix ($) | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Salary | $380,000 | $420,000 | $450,000 |
| Cash Bonus | $433,000 | $553,945 | $559,941 |
| Stock Awards (RSU grant fair value) | $391,764 | $502,018 | $1,251,412 |
| Total | $1,215,014 | $1,487,213 | $2,272,853 |
Observations:
- Equity weighting increased meaningfully in FY2025 (RSU grant value rose to $1.25M from $0.50M in FY2024), indicating stronger alignment with long-term TSR and retention via multi-year vesting .
- NEO bonuses are discretionary and performance-based, benchmarked versus peers and business unit results; Axos emphasizes long-term RSUs over cash for executives .
Performance & Track Record
- Company performance context for FY2025: Net income $432.9M, ROE 17.30%, deposits +$1.4B to $20.8B, total net loans +9.5%, NIM +28bps to 4.90%; TSR +33% vs XABQ +21% .
- Five-year TSR 344% vs NYSE 193% and XABQ 180% (company-level) .
- Park’s FY2025 RSU vesting of 9,070 shares reflects realized value of $586,719 tied to stock performance and vest schedules .
Equity Ownership & Vested/Unvested Breakdown
| Category | Shares/Value |
|---|---|
| Beneficially owned shares | 20,714 shares (incl. 1,541 in 401(k); includes 1,692 RSUs vesting within 60 days) |
| Unvested RSUs by grant/date (shares; FY-end market value) | 09/23/22: 1,692; $128,660 • 03/15/23: 1,811; $137,708 • 09/15/23: 3,586; $272,679 • 03/15/24: 3,696; $281,044 • 09/15/24: 4,431; $336,933 • 03/20/25: 15,242; $1,159,002 |
| Total unvested RSUs (shares; FY-end market value) | 30,458 shares; $2,316,026 (sum of items above) |
Governance & Policies Relevant to Alignment
- Insider Trading Policy prohibits short sales, derivatives, purchases on margin, and pledging of company securities; prior written CFO consent is required for any speculative transactions; pledging is prohibited, enhancing alignment and reducing hedging risk .
- Executive stock ownership guidelines require meaningful ownership multiples (CEO 8×, CFO 5×, EVPs 3× salary) to be met within five years of appointment .
Investment Implications
- Pay-for-performance alignment: Mr. Park’s compensation is heavily equity-linked and increased with strong FY2025 results, supporting retention and alignment via 3–4 year vesting; RSU vesting cadence (9,070 shares in FY2025) can create periodic supply from tax-withholding/sales but overall hedging/pledging restrictions mitigate misalignment risk .
- Retention and CIC risk: No disclosed cash severance for Park and reliance on accelerated vesting under double-trigger conditions indicates lower cash risk but meaningful equity acceleration in sale scenarios ($2.32M at FY2025 prices), which could influence behavior around strategic transactions .
- Skin-in-the-game: Park’s beneficial ownership of 20,714 shares plus significant unvested RSUs provides exposure to long-term value creation; executive ownership guidelines further reinforce alignment, though individual compliance status is not disclosed .
- Related party loans: Participation in the employee loan program at AFR-based rates is disclosed; while common in financial institutions, investors should monitor concentration and terms for governance optics; Park’s loan stood at $1.26M outstanding at 0.43% at FY-end .