Axos Financial, Inc. Reports First Quarter Fiscal Year 2025 Results

Business Wire10-31

LAS VEGAS, Nev., October 30, 2024--(BUSINESS WIRE)--Axos Financial, Inc. (NYSE: AX) ("Axos" or the "Company") today announced unaudited financial results for the first fiscal quarter ended September ...

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(NYSE: AX) (\"Axos\" or the \"Company\") today announced unaudited financial results for the first fiscal quarter ended September ...</p>\n\n<a href=\"https://finance.yahoo.com/news/axos-financial-inc-reports-first-200500929.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Axos Financial, Inc. Reports First Quarter Fiscal Year 2025 Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAxos Financial, Inc. Reports First Quarter Fiscal Year 2025 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-31 04:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/axos-financial-inc-reports-first-200500929.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>LAS VEGAS, Nev., October 30, 2024--(BUSINESS WIRE)--Axos Financial, Inc. (NYSE: AX) (\"Axos\" or the \"Company\") today announced unaudited financial results for the first fiscal quarter ended September ...</p>\n\n<a href=\"https://finance.yahoo.com/news/axos-financial-inc-reports-first-200500929.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1861220207.SGD","symbol_name":"Blackrock FinTech A2 SGD-H","start_time":0,"source_url":"https://finance.yahoo.com/news/axos-financial-inc-reports-first-200500929.html","article_id":"2479750976","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/Kx8wZjlBcAaMxg7aK1R7Gg--~B/aD01MTI7dz0xNTE4O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/845d791a6d858079f7b21cbccb279b05"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2479750976","pubTimestamp":1730318700,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Adjusted earnings and adjusted earnings per diluted common share , non-GAAP measures described further below, increased $29.5 million to $114.1 million and increased $0.55 to $1.96, respectively, for the quarter ended September 30, 2024, compared to $84.6 million and $1.41, respectively, for the quarter ended September 30, 2023.\"Net interest income increased by 12.3% and 38.3% linked-quarter and year-over-year, respectively, driven by further expansion in our net interest margin,\" stated Greg Garrabrants, President and Chief Executive Officer of Axos. \"Excluding the recognition of approximately $17 million of net interest income from the early payoff of certain loans purchased from the FDIC, our net interest margin for the three months ended September 30, 2024 was 4.87%, up 22 basis points from 4.65% last quarter. Diluted EPS was $1.93, an increase of 39.9% year-over-year.\". Total assets were $23.6 billion at September 30, 2024, up 3.1%, or 12.4% annualized, from $22.9 million at June ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","AX":"Axos Financial Inc","LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC","BK4211":"区域性银行","LU1861217088.USD":"贝莱德金融科技A2","BK4195":"互助储蓄与抵押信贷金融服务"},"translate_title":"Axos Financial,Inc.报告2025财年第一季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AX":0.9},"content_text":"LAS VEGAS, Nev., October 30, 2024--(BUSINESS WIRE)--Axos Financial, Inc. (NYSE: AX) (\"Axos\" or the \"Company\") today announced unaudited financial results for the first fiscal quarter ended September 30, 2024. Net income was $112.3 million, an increase of 35.9% from $82.6 million for the quarter ended September 30, 2023. Diluted earnings per share (\"EPS\") were $1.93, an increase of $0.55, or 39.9%, as compared to diluted earnings per share of $1.38 for the quarter ended September 30, 2023.\nAdjusted earnings and adjusted earnings per diluted common share (\"Adjusted EPS\"), non-GAAP measures described further below, increased $29.5 million to $114.1 million and increased $0.55 to $1.96, respectively, for the quarter ended September 30, 2024, compared to $84.6 million and $1.41, respectively, for the quarter ended September 30, 2023.\nFirst Quarter Fiscal 2025 Financial Summary\n\n\n\n\nThree Months EndedSeptember 30,\n\n\n\n\n(Dollars in thousands, except per share data)\n\n2024\n\n\n2023\n\n% Change\n\n\nNet interest income\n$\n292,048\n\n$\n211,155\n\n38.3\n%\n\n\nNon-interest income\n$\n28,609\n\n$\n34,507\n\n(17.1\n)%\n\n\nNet income\n$\n112,340\n\n$\n82,645\n\n35.9\n%\n\n\nAdjusted earnings (Non-GAAP)1\n$\n114,142\n\n$\n84,596\n\n34.9\n%\n\n\nDiluted EPS\n$\n1.93\n\n$\n1.38\n\n39.9\n%\n\n\nAdjusted EPS (Non-GAAP)1\n$\n1.96\n\n$\n1.41\n\n39.0\n%\n\n\n1 See \"Use of Non-GAAP Financial Measures\"\n\n\n\n\n\n\n\n\n\"Net interest income increased by 12.3% and 38.3% linked-quarter and year-over-year, respectively, driven by further expansion in our net interest margin,\" stated Greg Garrabrants, President and Chief Executive Officer of Axos. \"Excluding the recognition of approximately $17 million of net interest income from the early payoff of certain loans purchased from the FDIC, our net interest margin for the three months ended September 30, 2024 was 4.87%, up 22 basis points from 4.65% last quarter. Diluted EPS was $1.93, an increase of 39.9% year-over-year.\"\nOther Highlights\n\nNet interest margin was 5.17% for the quarter ended September 30, 2024, compared to 4.36% for the quarter ended September 30, 2023\n\n\nTotal assets were $23.6 billion at September 30, 2024, up 3.1%, or 12.4% annualized, from $22.9 million at June 30, 2024\n\n\nTotal deposits were $20.0 billion at September 30, 2024, an increase of $614.1 million, or 12.7% annualized, from $19.4 billion at June 30, 2024\n\n\nApproximately 90% of total deposits were insured by the Federal Deposit Insurance Corporation (\"FDIC\") or collateralized at September 30, 2024\n\n\nAxos Advisory Services added $559 million of net new assets under custody during the three months ended September 30, 2024\n\n\nTotal capital to risk-weighted assets was 14.06% for Axos Bank at September 30, 2024, up from 13.81% at June 30, 2024\n\n\nBook value per share increased to $42.14 from $40.26 at June 30, 2024\n\n\nReturn on common equity of 19.12% for the quarter ended September 30, 2024, compared to 16.91% for the quarter ended September 30, 2023\n\nFirst Quarter Fiscal 2025 Income Statement Summary\nNet income was $112.3 million and diluted EPS was $1.93 for the three months ended September 30, 2024, compared to net income of $82.6 million and diluted EPS of $1.38 for the three months ended September 30, 2023. Net interest income increased $80.9 million or 38.3% for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to an increase in loan interest income attributable to higher average balances and rates earned, as well as higher discount accretion, partially offset by an increase in deposits interest expense from higher average balances and rates paid.\nThe provision for credit losses was $14.0 million for the three months ended September 30, 2024, compared to $7.0 million for the three months ended September 30, 2023. The provision for credit losses for the three months ended September 30, 2024, was primarily due to the quantitative impact of macroeconomic variables in the allowance for credit losses model, primarily the U.S. unemployment rate, and increases in specific reserves, mainly in the commercial & industrial - non-RE portfolio, as well as growth in unfunded lending commitments.\nNon-interest income decreased to $28.6 million for the three months ended September 30, 2024, compared to $34.5 million for the three months ended September 30, 2023. The decrease was primarily due to decreases in mortgage banking and servicing rights income, broker-dealer fee income and prepayment penalty fee income.\nNon-interest expense, comprised of various operating expenses, increased $27.0 million to $147.5 million for the three months ended September 30, 2024 from $120.5 million for the three months ended September 30, 2023. The increase was primarily due to increases in salaries and related expenses and advertising expense.\nBalance Sheet Summary\nAxos’ total assets increased by $0.7 billion, or 3.1%, to $23.6 billion, at September 30, 2024, from $22.9 billion at June 30, 2024, primarily due to an increase in cash and cash equivalents. Total liabilities increased by $0.6 billion, or 2.9%, to $21.2 billion at September 30, 2024, from $20.6 billion at June 30, 2024, primarily due to an increase in deposits. Stockholders’ equity increased by $115.1 million, or 5.0%, to $2.4 billion at September 30, 2024 from $2.3 billion at June 30, 2024, primarily due to net income of $112.3 million.\nConference Call\nA conference call and webcast will be held on Wednesday, October 30, 2024, at 5:00 PM Eastern / 2:00 PM Pacific. Analysts and investors may dial in and participate in the question/answer session. To access the call, please dial: 877-407-8293. The conference call will be webcast live, and both the webcast and the earnings supplement may be accessed at Axos’ website, investors.axosfinancial.com. For those unable to listen to the live broadcast, a replay will be available until November 30, 2024, at Axos’ website and telephonically by dialing toll-free number 877-660-6853, passcode 13749171.\nAbout Axos Financial, Inc. and Subsidiaries\nAxos Financial, Inc., with approximately $23.6 billion in consolidated assets as of September 30, 2024, is the holding company for Axos Bank, Axos Clearing LLC and Axos Invest, Inc. Axos Bank provides consumer and business banking products nationwide through its low-cost distribution channels and affinity partners. Axos Clearing LLC (including its business division Axos Advisor Services), with approximately $37.4 billion of assets under custody and/or administration as of September 30, 2024, and Axos Invest, Inc., provide comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents, and digital investment advisory services to retail investors, respectively. Axos Financial, Inc.’s common stock is listed on the NYSE under the symbol \"AX\" and is a component of the Russell 2000® Index, the S&P SmallCap 600® Index, the KBW Nasdaq Financial Technology Index, and the Travillian Tech-Forward Bank Index. For more information on Axos Financial, Inc., please visit http://investors.axosfinancial.com.\nSegment Reporting\nThe Company operates through two segments: the Banking Business Segment and the Securities Business Segment. In order to reconcile the two segments to the consolidated totals, the Company includes parent-only activities and intercompany eliminations. Inter-segment transactions are eliminated in consolidation and primarily include non-interest income earned by the Securities Business Segment and non-interest expense incurred by the Banking Business Segment for cash sorting fees related to deposits sourced from Securities Business Segment customers, as well as interest expense paid by the Banking Business Segment to each of the wholly-owned subsidiaries of the Company and to the Company itself for their operating cash held on deposit with the Business Banking Segment.\nThe following tables present the operating results of the segments:\n\n\n\n\nFor the Three Months Ended September 30, 2024\n\n\n(Dollars in thousands)\nBankingBusiness Segment\n\nSecuritiesBusiness Segment\n\nCorporate/Eliminations\n\nAxos Consolidated\n\n\nNet interest income\n$\n288,492\n\n$\n7,267\n\n$\n(3,711\n)\n\n$\n292,048\n\n\nProvision for credit losses\n\n14,000\n\n\n—\n\n\n—\n\n\n\n14,000\n\n\nNon-interest income\n\n8,590\n\n\n29,902\n\n\n(9,883\n)\n\n\n28,609\n\n\nNon-interest expense\n\n118,315\n\n\n28,091\n\n\n1,059\n\n\n\n147,465\n\n\nIncome before income taxes\n$\n164,767\n\n$\n9,078\n\n$\n(14,653\n)\n\n$\n159,192\n\n\n\n\n\n\n\n\n\n\n\n\n\nFor the Three Months Ended September 30, 2023\n\n\n(Dollars in thousands)\nBankingBusiness Segment\n\nSecuritiesBusiness Segment\n\nCorporate/Eliminations\n\nAxos Consolidated\n\n\nNet interest income\n$\n209,219\n\n$\n5,542\n\n$\n(3,606\n)\n\n$\n211,155\n\n\nProvision for credit losses\n\n7,000\n\n\n—\n\n\n—\n\n\n\n7,000\n\n\nNon-interest income\n\n12,557\n\n\n34,555\n\n\n(12,605\n)\n\n\n34,507\n\n\nNon-interest expense\n\n100,786\n\n\n27,523\n\n\n(7,803\n)\n\n\n120,506\n\n\nIncome before income taxes\n$\n113,990\n\n$\n12,574\n\n$\n(8,408\n)\n\n$\n118,156\n\n\n\nUse of Non-GAAP Financial Measures\nIn addition to the results presented in accordance with accounting principles generally accepted in the United States of America (\"GAAP\"), this release includes non-GAAP financial measures such as adjusted earnings, adjusted earnings per diluted common share, and tangible book value per common share. Non-GAAP financial measures have inherent limitations, may not be comparable to similarly titled measures used by other companies and are not audited. Readers should be aware of these limitations and should be cautious as to their reliance on such measures. Although we believe the non-GAAP financial measures disclosed in this release enhance investors’ understanding of our business and performance, these non-GAAP measures should not be considered in isolation, or as a substitute for GAAP basis financial measures.\nWe define \"adjusted earnings\", a non-GAAP financial measure, as net income without the after-tax impact of non-recurring acquisition-related items (including amortization of intangible assets related to acquisitions) and other costs (unusual or non-recurring charges). Adjusted EPS, a non-GAAP financial measure, is calculated by dividing non-GAAP adjusted earnings by the average number of diluted common shares outstanding during the period. We believe the non-GAAP measures of adjusted earnings and Adjusted EPS provide useful information about Axos’ operating performance. We believe excluding the non-recurring acquisition-related costs and other costs provides investors with an alternative understanding of Axos’ core business.\nBelow is a reconciliation of net income, the nearest comparable GAAP measure, to adjusted earnings and adjusted EPS (Non-GAAP) for the periods shown:\n\n\n\n\nThree Months Ended\n\n\n\nSeptember 30,\n\n\n(Dollars in thousands, except per share amounts)\n\n2024\n\n\n\n2023\n\n\n\nNet income\n$\n112,340\n\n\n$\n82,645\n\n\n\nAcquisition-related costs\n\n2,554\n\n\n\n2,790\n\n\n\nIncome tax effect\n\n(752\n)\n\n\n(839\n)\n\n\nAdjusted earnings (Non-GAAP)\n$\n114,142\n\n\n$\n84,596\n\n\n\n\n\n\n\n\n\nAverage dilutive common shares outstanding\n\n58,168,468\n\n\n\n59,808,322\n\n\n\n\n\n\n\n\n\nDiluted EPS\n$\n1.93\n\n\n$\n1.38\n\n\n\nAcquisition-related costs\n\n0.04\n\n\n\n0.05\n\n\n\nIncome tax effect\n\n(0.01\n)\n\n\n(0.02\n)\n\n\nAdjusted EPS (Non-GAAP)\n$\n1.96\n\n\n$\n1.41\n\n\n\n\nWe define \"tangible book value\", a non-GAAP financial measure, as book value adjusted for goodwill and other intangible assets. Tangible book value is calculated using common stockholders’ equity minus servicing rights, goodwill and other intangible assets. Tangible book value per common share is calculated by dividing tangible book value by the common shares outstanding at the end of the period. We believe tangible book value per common share is useful in evaluating the Company’s capital strength, financial condition, and ability to manage potential losses.\nBelow is a reconciliation of total stockholders’ equity, the nearest comparable GAAP measure, to tangible book value per common share (non-GAAP) as of the dates indicated:\n\n\n\n(Dollars in thousands, except per share amounts)\nSeptember 30, 2024\n\nJune 30, 2024\n\nSeptember 30, 2023\n\n\nCommon stockholders’ equity\n$\n2,405,728\n\n$\n2,290,596\n\n$\n1,976,208\n\n\nLess: servicing rights, carried at fair value\n\n27,335\n\n\n28,924\n\n\n29,338\n\n\nLess: goodwill and intangible assets—net\n\n139,215\n\n\n141,769\n\n\n149,572\n\n\nTangible common stockholders’ equity (Non-GAAP)\n$\n2,239,178\n\n$\n2,119,903\n\n$\n1,797,298\n\n\n\n\n\n\n\n\n\n\nCommon shares outstanding at end of period\n\n57,092,216\n\n\n56,894,565\n\n\n58,503,976\n\n\n\n\n\n\n\n\n\n\nBook value per common share\n$\n42.14\n\n\n40.26\n\n$\n33.78\n\n\nLess: servicing rights, carried at fair value per common share\n\n0.48\n\n\n0.51\n\n\n0.50\n\n\nLess: goodwill and other intangible assets—net per common share\n\n2.44\n\n\n2.49\n\n\n2.56\n\n\nTangible book value per common share (Non-GAAP)\n$\n39.22\n\n$\n37.26\n\n$\n30.72\n\n\n\nForward-Looking Safe Harbor Statement\nThis press release contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to Axos’ financial prospects and other projections of its performance and asset quality, Axos’ deposit balances and capital ratios, Axos’ ability to continue to grow profitably and increase its business, Axos’ ability to continue to diversify its lending and deposit franchises, the anticipated timing and financial performance of other offerings, initiatives, and acquisitions, expectations of the environment in which Axos operates and projections of future performance. These forward-looking statements are made on the basis of the views and assumptions of management regarding future events and performance as of the date of this press release. Actual results and the timing of events could differ materially from those expressed or implied in such forward-looking statements as a result of risks and uncertainties, including without limitation Axos’ ability to successfully integrate acquisitions and realize the anticipated benefits of the transactions, changes in the interest rate environment, monetary policy, inflation, government regulation, general economic conditions, changes in the competitive marketplace, conditions in the real estate markets in which we operate, risks associated with credit quality, our ability to attract and retain deposits and access other sources of liquidity, and the outcome and effects of litigation and other factors beyond our control. These and other risks and uncertainties detailed in Axos’ periodic reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (the \"2024 Form 10-K\"), could cause actual results to differ materially from those expressed or implied in any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Axos undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All written and oral forward-looking statements made in connection with this press release, which are attributable to us or persons acting on Axos’ behalf are expressly qualified in their entirety by the foregoing information.\n\n\n\nAXOS FINANCIAL, INC.SELECTED CONSOLIDATED FINANCIAL INFORMATION(Unaudited – dollars in thousands)\n\n\n\n\n\n\n\n \n\n\n\nSeptember 30, 2024\n\nJune 30, 2024\n\nSeptember 30, 2023\n\n\nSelected Balance Sheet Data:\n\n\n\n\n\n\n\nTotal assets\n$\n23,569,084\n\n\n$\n22,855,334\n\n\n$\n20,825,206\n\n\n\nLoans—net of allowance for credit losses\n\n19,280,609\n\n\n\n19,231,385\n\n\n\n16,955,041\n\n\n\nLoans held for sale, carried at fair value\n\n14,566\n\n\n\n16,482\n\n\n\n8,014\n\n\n\nAllowance for credit losses\n\n263,854\n\n\n\n260,542\n\n\n\n170,870\n\n\n\nTrading securities\n\n594\n\n\n\n353\n\n\n\n640\n\n\n\nAvailable-for-sale securities\n\n137,996\n\n\n\n141,611\n\n\n\n236,726\n\n\n\nSecurities borrowed\n\n84,326\n\n\n\n67,212\n\n\n\n96,424\n\n\n\nCustomer, broker-dealer and clearing receivables\n\n262,774\n\n\n\n240,028\n\n\n\n285,423\n\n\n\nTotal deposits\n\n19,973,329\n\n\n\n19,359,217\n\n\n\n17,565,741\n\n\n\nAdvances from the Federal Home Loan Bank\n\n90,000\n\n\n\n90,000\n\n\n\n90,000\n\n\n\nBorrowings, subordinated notes and debentures\n\n313,519\n\n\n\n325,679\n\n\n\n447,733\n\n\n\nSecurities loaned\n\n95,883\n\n\n\n74,177\n\n\n\n116,446\n\n\n\nCustomer, broker-dealer and clearing payables\n\n315,985\n\n\n\n301,127\n\n\n\n341,915\n\n\n\nTotal stockholders’ equity\n$\n2,405,728\n\n\n$\n2,290,596\n\n\n$\n1,976,208\n\n\n\n\n\n\n\n\n\n\n\nCommon shares outstanding at end of period\n\n57,092,216\n\n\n\n56,894,565\n\n\n\n58,503,976\n\n\n\nCommon shares issued at end of period\n\n70,562,333\n\n\n\n70,221,632\n\n\n\n69,826,263\n\n\n\n\n\n\n\n\n\n\n\nPer Common Share Data:\n\n\n\n\n\n\n\nBook value per common share\n$\n42.14\n\n\n$\n40.26\n\n\n$\n33.78\n\n\n\nTangible book value per common share (Non-GAAP)1\n$\n39.22\n\n\n$\n37.26\n\n\n$\n30.72\n\n\n\n\n\n\n\n\n\n\n\nCapital Ratios:\n\n\n\n\n\n\n\nEquity to assets at end of period\n\n10.21\n%\n\n\n10.02\n%\n\n\n9.49\n%\n\n\nAxos Financial, Inc.:\n\n\n\n\n\n\n\nTier 1 leverage (to adjusted average assets)\n\n9.78\n%\n\n\n9.43\n%\n\n\n9.27\n%\n\n\nCommon equity tier 1 capital (to risk-weighted assets)\n\n12.44\n%\n\n\n12.01\n%\n\n\n11.11\n%\n\n\nTier 1 capital (to risk-weighted assets)\n\n12.44\n%\n\n\n12.01\n%\n\n\n11.11\n%\n\n\nTotal capital (to risk-weighted assets)\n\n15.29\n%\n\n\n14.84\n%\n\n\n14.06\n%\n\n\nAxos Bank:\n\n\n\n\n\n\n\nTier 1 leverage (to adjusted average assets)\n\n9.82\n%\n\n\n9.74\n%\n\n\n9.99\n%\n\n\nCommon equity tier 1 capital (to risk-weighted assets)\n\n12.87\n%\n\n\n12.74\n%\n\n\n11.69\n%\n\n\nTier 1 capital (to risk-weighted assets)\n\n12.87\n%\n\n\n12.74\n%\n\n\n11.69\n%\n\n\nTotal capital (to risk-weighted assets)\n\n14.06\n%\n\n\n13.81\n%\n\n\n12.65\n%\n\n\nAxos Clearing LLC:\n\n\n\n\n\n\n\nNet capital\n$\n85,292\n\n\n$\n101,462\n\n\n$\n101,391\n\n\n\nExcess capital\n$\n80,081\n\n\n$\n96,654\n\n\n$\n96,211\n\n\n\nNet capital as a percentage of aggregate debit items\n\n32.73\n%\n\n\n42.21\n%\n\n\n39.14\n%\n\n\nNet capital in excess of 5% aggregate debit items\n$\n72,264\n\n\n$\n89,442\n\n\n$\n88,440\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nAXOS FINANCIAL, INC.SELECTED CONSOLIDATED FINANCIAL INFORMATION(Unaudited – dollars in thousands, except per share data)\n\n\n\n \n\n\n\nAs of or for theThree Months Ended\n\n\n\nSeptember 30,\n\n\n(Dollars in thousands, except per share data)\n\n2024\n\n\n\n2023\n\n\n\nSelected Income Statement Data:\n\n\n\n\n\nInterest and dividend income\n$\n484,262\n\n\n$\n363,952\n\n\n\nInterest expense\n\n192,214\n\n\n\n152,797\n\n\n\nNet interest income\n\n292,048\n\n\n\n211,155\n\n\n\nProvision for credit losses\n\n14,000\n\n\n\n7,000\n\n\n\nNet interest income, after provision for credit losses\n\n278,048\n\n\n\n204,155\n\n\n\nNon-interest income\n\n28,609\n\n\n\n34,507\n\n\n\nNon-interest expense\n\n147,465\n\n\n\n120,506\n\n\n\nIncome before income taxes\n\n159,192\n\n\n\n118,156\n\n\n\nIncome tax expense\n\n46,852\n\n\n\n35,511\n\n\n\nNet income\n$\n112,340\n\n\n$\n82,645\n\n\n\n\n\n\n\n\n\nWeighted average number of common shares outstanding:\n\n\n\n\n\nBasic\n\n56,934,671\n\n\n\n58,949,038\n\n\n\nDiluted\n\n58,168,468\n\n\n\n59,808,322\n\n\n\n\n\n\n\n\n\nPer Common Share Data:\n\n\n\n\n\nNet income:\n\n\n\n\n\nBasic\n$\n1.97\n\n\n$\n1.40\n\n\n\nDiluted\n$\n1.93\n\n\n$\n1.38\n\n\n\nAdjusted earnings per common share (Non-GAAP)1\n$\n1.96\n\n\n$\n1.41\n\n\n\n\n\n\n\n\n\nPerformance Ratios and Other Data:\n\n\n\n\n\nGrowth in loans held for investment, net\n$\n49,224\n\n\n$\n498,313\n\n\n\nLoan originations for sale\n\n69,570\n\n\n\n52,858\n\n\n\nReturn on average assets\n\n1.92\n%\n\n\n1.64\n%\n\n\nReturn on average common stockholders’ equity\n\n19.12\n%\n\n\n16.91\n%\n\n\nInterest rate spread2\n\n4.13\n%\n\n\n3.37\n%\n\n\nNet interest margin3\n\n5.17\n%\n\n\n4.36\n%\n\n\nNet interest margin3 – Banking Business Segment\n\n5.21\n%\n\n\n4.46\n%\n\n\nEfficiency ratio4\n\n45.99\n%\n\n\n49.05\n%\n\n\nEfficiency ratio4 – Banking Business Segment\n\n39.83\n%\n\n\n45.44\n%\n\n\n\n\n\n\n\n\nAsset Quality Ratios:\n\n\n\n\n\nNet annualized charge-offs to average loans\n\n0.17\n%\n\n\n0.04\n%\n\n\nNon-accrual loans to total loans\n\n0.89\n%\n\n\n0.62\n%\n\n\nNon-performing assets to total assets\n\n0.75\n%\n\n\n0.56\n%\n\n\nAllowance for credit losses - loans to total loans held for investment5\n\n1.35\n%\n\n\n1.00\n%\n\n\nAllowance for credit losses - loans to non-accrual loans\n\n149.32\n%\n\n\n159.80\n%\n\n\n\n\n\n\n1\nSee \"Use of Non-GAAP Financial Measures.\"\n\n\n2\nInterest rate spread represents the difference between the annualized weighted average yield on interest-earning assets and the annualized weighted average rate paid on interest-bearing liabilities.\n\n\n3\nNet interest margin represents annualized net interest income as a percentage of average interest-earning assets.\n\n\n4\nEfficiency ratio represents non-interest expense as a percentage of the aggregate of net interest income and non-interest income.\n\n\n5\nThe increase in the ratio of the allowance for credit losses - loans to total loans held for investment at September 30, 2024 was primarily attributable to the allowance for credit losses related to the purchased credit deteriorated loans acquired in the FDIC Loan Purchase. See Note 2— \"Acquisitions\" in the 2024 Form 10-K for additional information.\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241030781202/en/\nContacts\nInvestor Relations Contact:Johnny Lai, CFASVP, Corporate Development & Investor Relations858-649-2218jlai@axosfinancial.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479750976"}