Axos Financial, Inc. Reports First Quarter Fiscal Year 2025 Results
Axos Financial (NYSE: AX) reported its unaudited financial results for the first fiscal quarter ended September 30, 2024. Net income rose to $112.3 million, a 35.9% increase from $82.6 million year-over-year, while diluted EPS increased by 39.9% to $1.93. Adjusted earnings grew to $114.1 million, and adjusted EPS reached $1.96. Net interest income saw a 38.3% rise to $292 million, attributed to higher loan interest income and improved net interest margin, which stood at 5.17%. However, non-interest income dropped by 17.1% to $28.6 million due to declines in mortgage banking and broker-dealer fees. Non-interest expenses increased by $27 million to $147.5 million, driven by higher salaries and advertising expenses. Total assets grew 3.1% to $23.6 billion, and total deposits increased by $614.1 million to $20 billion. Axos' return on common equity improved to 19.12%, and book value per share rose to $42.14.
Axos Financial (NYSE: AX) ha riportato i risultati finanziari non verificati per il primo trimestre fiscale terminato il 30 settembre 2024. L'utile netto è aumentato a 112,3 milioni di dollari, con un incremento del 35,9% rispetto ai 82,6 milioni di dollari dell'anno precedente, mentre l'EPS diluito è aumentato del 39,9% a 1,93 dollari. Gli utili rettificati sono cresciuti a 114,1 milioni di dollari e l'EPS rettificato ha raggiunto 1,96 dollari. L'entrata netta da interessi ha visto un aumento del 38,3% a 292 milioni di dollari, grazie a un maggiore reddito da interessi sui prestiti e a un margine netto di interesse migliorato, fissato al 5,17%. Tuttavia, l'entrata non da interessi è diminuita del 17,1% a 28,6 milioni di dollari a causa del calo nelle attività di intermediazione ipotecaria e delle spese delle società di intermediazione. Le spese non da interessi sono aumentate di 27 milioni di dollari a 147,5 milioni di dollari, spinte da salari più elevati e spese pubblicitarie. Gli attivi totali sono cresciuti del 3,1% a 23,6 miliardi di dollari e i depositi totali sono aumentati di 614,1 milioni di dollari a 20 miliardi di dollari. Il rendimento sul patrimonio netto comune di Axos è migliorato al 19,12% e il valore contabile per azione è salito a 42,14 dollari.
Axos Financial (NYSE: AX) reportó sus resultados financieros no auditados para el primer trimestre fiscal terminado el 30 de septiembre de 2024. El ingreso neto aumentó a 112.3 millones de dólares, un incremento del 35.9% en comparación con 82.6 millones de dólares del año anterior, mientras que el EPS diluido aumentó un 39.9% a 1.93 dólares. Las ganancias ajustadas crecieron a 114.1 millones de dólares, y el EPS ajustado alcanzó 1.96 dólares. El ingreso neto por intereses vio un aumento del 38.3% a 292 millones de dólares, atribuido a mayores ingresos por intereses de préstamos y a un margen neto de intereses mejorado, fijado en 5.17%. Sin embargo, el ingreso no por intereses disminuyó un 17.1% a 28.6 millones de dólares debido a caídas en la banca hipotecaria y en las tarifas de corredor. Los gastos no por intereses aumentaron en 27 millones de dólares a 147.5 millones de dólares, impulsados por salarios más altos y gastos publicitarios. Los activos totales crecieron un 3.1% a 23.6 mil millones de dólares, y los depósitos totales aumentaron en 614.1 millones de dólares a 20 mil millones de dólares. El rendimiento sobre el patrimonio común de Axos mejoró al 19.12%, y el valor contable por acción ascendió a 42.14 dólares.
Axos Financial (NYSE: AX)는 2024년 9월 30일에 종료된 첫 분기 재무 결과를 감사받지 않은 상태로 보고했습니다. 순이익은 1억 1,230만 달러로, 전년 동기 대비 35.9% 증가했으며, 희석 주당 순이익(시가 배당률)은 39.9% 증가하여 1.93달러에 이르렀습니다. 조정 후 수익은 1억 1,410만 달러로 증가했고 조정 후 주당 순이익은 1.96달러에 도달했습니다. 순이자 수익은 38.3% 상승하여 2억 9,200만 달러에 이르렀으며, 이는 더 높은 대출 이자 수익과 개선된 순이자 마진(5.17%) 덕분입니다. 그러나 비이자 소득은 모기지 은행 및 중개 수수료 감소로 인해 17.1% 감소한 2,860만 달러가 되었습니다. 비이자 비용은 2,700만 달러 증가하여 1억 4,750만 달러에 이르렀으며, 이는 높은 급여 및 광고 비용 때문입니다. 총 자산은 3.1% 증가하여 236억 달러에 도달했고, 총 예금은 6억 1,410만 달러 증가하여 200억 달러가 되었습니다. Axos의 자기자본 수익률은 19.12%로 개선되었고, 주당 장부 가치는 42.14달러로 상승했습니다.
Axos Financial (NYSE: AX) a publié ses résultats financiers non audités pour le premier trimestre fiscal terminé le 30 septembre 2024. Le revenu net a augmenté pour atteindre 112,3 millions de dollars, soit une hausse de 35,9% par rapport aux 82,6 millions de dollars de l'année précédente, tandis que le bénéfice par action dilué a augmenté de 39,9% pour atteindre 1,93 dollar. Les bénéfices ajustés ont atteint 114,1 millions de dollars, et le bénéfice par action ajusté a atteint 1,96 dollar. Le revenu net d'intérêts a vu une hausse de 38,3% pour atteindre 292 millions de dollars, grâce à des revenus d'intérêts sur prêts plus élevés et à une marge d'intérêt nette améliorée, fixée à 5,17%. Cependant, le revenu non d'intérêts a chuté de 17,1% pour atteindre 28,6 millions de dollars en raison des baisses dans le secteur des prêts hypothécaires et des frais de courtage. Les dépenses non d'intérêts ont augmenté de 27 millions de dollars pour atteindre 147,5 millions de dollars, en raison d'une hausse des salaires et des dépenses publicitaires. Les actifs totaux ont augmenté de 3,1% pour atteindre 23,6 milliards de dollars, et les dépôts totaux ont augmenté de 614,1 millions de dollars pour atteindre 20 milliards de dollars. Le rendement des capitaux propres de base d'Axos s'est amélioré à 19,12%, et la valeur comptable par action a augmenté à 42,14 dollars.
Axos Financial (NYSE: AX) hat seine ungeprüften finanziellen Ergebnisse für das erste Quartal des Geschäftsjahres zum 30. September 2024 veröffentlicht. Der Nettoertrag stieg auf 112,3 Millionen Dollar, was einem Anstieg von 35,9% im Vergleich zu 82,6 Millionen Dollar im Vorjahr entspricht, während der verwässerte Gewinn je Aktie (EPS) um 39,9% auf 1,93 Dollar zulegte. Die bereinigten Erträge wuchsen auf 114,1 Millionen Dollar, und der bereinigte EPS erreichte 1,96 Dollar. Das Nettozinseinkommen verzeichnete einen Anstieg von 38,3% auf 292 Millionen Dollar, was auf höhere Zinseinnahmen aus Krediten und eine verbesserte durchschnittliche Nettozinsspanne zurückzuführen ist, die bei 5,17% liegt. Das Nichtzins-Einkommen fiel jedoch um 17,1% auf 28,6 Millionen Dollar aufgrund Rückgängen in der Hypothekenbankgeschäfte und Brokergebühren. Die Nichtzins-Ausgaben stiegen um 27 Millionen Dollar auf 147,5 Millionen Dollar, was durch höhere Gehälter und Werbekosten bedingt war. Gesamtvermögen wuchs um 3,1% auf 23,6 Milliarden Dollar, und die Gesamt-Einlagen erhöhten sich um 614,1 Millionen Dollar auf 20 Milliarden Dollar. Die Eigenkapitalrendite von Axos verbesserte sich auf 19,12%, und der Buchwert pro Aktie stieg auf 42,14 Dollar.
- Net income increased by 35.9% to $112.3 million.
- Diluted EPS rose by 39.9% to $1.93.
- Net interest income grew by 38.3% to $292 million.
- Total assets increased by 3.1% to $23.6 billion.
- Return on common equity improved to 19.12%.
- Book value per share increased to $42.14.
- Non-interest income decreased by 17.1% to $28.6 million.
- Non-interest expenses rose by $27 million to $147.5 million.
- Provision for credit losses increased to $14 million from $7 million.
Adjusted earnings and adjusted earnings per diluted common share (“Adjusted EPS”), non-GAAP measures described further below, increased
First Quarter Fiscal 2025 Financial Summary
|
Three Months Ended
|
|
|
|||||
(Dollars in thousands, except per share data) |
|
2024 |
|
|
2023 |
|
% Change |
|
Net interest income |
$ |
292,048 |
|
$ |
211,155 |
|
38.3 |
% |
Non-interest income |
$ |
28,609 |
|
$ |
34,507 |
|
(17.1 |
)% |
Net income |
$ |
112,340 |
|
$ |
82,645 |
|
35.9 |
% |
Adjusted earnings (Non-GAAP)1 |
$ |
114,142 |
|
$ |
84,596 |
|
34.9 |
% |
Diluted EPS |
$ |
1.93 |
|
$ |
1.38 |
|
39.9 |
% |
Adjusted EPS (Non-GAAP)1 |
$ |
1.96 |
|
$ |
1.41 |
|
39.0 |
% |
1 See “Use of Non-GAAP Financial Measures” |
|
|
|
|
|
|||
“Net interest income increased by
Other Highlights
-
Net interest margin was
5.17% for the quarter ended September 30, 2024, compared to4.36% for the quarter ended September 30, 2023
-
Total assets were
$23.6 billion 3.1% , or12.4% annualized, from$22.9 million
-
Total deposits were
$20.0 billion $614.1 million 12.7% annualized, from$19.4 billion
-
Approximately
90% of total deposits were insured by the Federal Deposit Insurance Corporation (“FDIC”) or collateralized at September 30, 2024
-
Axos Advisory Services added
$559 million
-
Total capital to risk-weighted assets was
14.06% for Axos Bank at September 30, 2024, up from13.81% at June 30, 2024
-
Book value per share increased to
$42.14 $40.26
-
Return on common equity of
19.12% for the quarter ended September 30, 2024, compared to16.91% for the quarter ended September 30, 2023
First Quarter Fiscal 2025 Income Statement Summary
Net income was
The provision for credit losses was
Non-interest income decreased to
Non-interest expense, comprised of various operating expenses, increased
Balance Sheet Summary
Axos’ total assets increased by
Conference Call
A 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.
About Axos Financial, Inc. and Subsidiaries
Axos Financial, Inc., with approximately
Segment Reporting
The 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.
The following tables present the operating results of the segments:
|
For the Three Months Ended September 30, 2024 |
|||||||||||
(Dollars in thousands) |
Banking
|
|
Securities
|
|
Corporate/
|
|
Axos Consolidated |
|||||
Net interest income |
$ |
288,492 |
|
$ |
7,267 |
|
$ |
(3,711 |
) |
|
$ |
292,048 |
Provision for credit losses |
|
14,000 |
|
|
— |
|
|
— |
|
|
|
14,000 |
Non-interest income |
|
8,590 |
|
|
29,902 |
|
|
(9,883 |
) |
|
|
28,609 |
Non-interest expense |
|
118,315 |
|
|
28,091 |
|
|
1,059 |
|
|
|
147,465 |
Income before income taxes |
$ |
164,767 |
|
$ |
9,078 |
|
$ |
(14,653 |
) |
|
$ |
159,192 |
|
|
|
|
|
|
|
|
|||||
|
For the Three Months Ended September 30, 2023 |
|||||||||||
(Dollars in thousands) |
Banking
|
|
Securities
|
|
Corporate/
|
|
Axos Consolidated |
|||||
Net interest income |
$ |
209,219 |
|
$ |
5,542 |
|
$ |
(3,606 |
) |
|
$ |
211,155 |
Provision for credit losses |
|
7,000 |
|
|
— |
|
|
— |
|
|
|
7,000 |
Non-interest income |
|
12,557 |
|
|
34,555 |
|
|
(12,605 |
) |
|
|
34,507 |
Non-interest expense |
|
100,786 |
|
|
27,523 |
|
|
(7,803 |
) |
|
|
120,506 |
Income before income taxes |
$ |
113,990 |
|
$ |
12,574 |
|
$ |
(8,408 |
) |
|
$ |
118,156 |
Use of Non-GAAP Financial Measures
In addition to the results presented in accordance with accounting principles generally accepted in
We 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.
Below is a reconciliation of net income, the nearest comparable GAAP measure, to adjusted earnings and adjusted EPS (Non-GAAP) for the periods shown:
|
Three Months Ended |
||||||
|
September 30, |
||||||
(Dollars in thousands, except per share amounts) |
|
2024 |
|
|
|
2023 |
|
Net income |
$ |
112,340 |
|
|
$ |
82,645 |
|
Acquisition-related costs |
|
2,554 |
|
|
|
2,790 |
|
Income tax effect |
|
(752 |
) |
|
|
(839 |
) |
Adjusted earnings (Non-GAAP) |
$ |
114,142 |
|
|
$ |
84,596 |
|
|
|
|
|
||||
Average dilutive common shares outstanding |
|
58,168,468 |
|
|
|
59,808,322 |
|
|
|
|
|
||||
Diluted EPS |
$ |
1.93 |
|
|
$ |
1.38 |
|
Acquisition-related costs |
|
0.04 |
|
|
|
0.05 |
|
Income tax effect |
|
(0.01 |
) |
|
|
(0.02 |
) |
Adjusted EPS (Non-GAAP) |
$ |
1.96 |
|
|
$ |
1.41 |
|
We 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.
Below 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:
(Dollars in thousands, except per share amounts) |
September 30,
|
|
June 30,
|
|
September 30,
|
|||
Common stockholders’ equity |
$ |
2,405,728 |
|
$ |
2,290,596 |
|
$ |
1,976,208 |
Less: servicing rights, carried at fair value |
|
27,335 |
|
|
28,924 |
|
|
29,338 |
Less: goodwill and intangible assets—net |
|
139,215 |
|
|
141,769 |
|
|
149,572 |
Tangible common stockholders’ equity (Non-GAAP) |
$ |
2,239,178 |
|
$ |
2,119,903 |
|
$ |
1,797,298 |
|
|
|
|
|
|
|||
Common shares outstanding at end of period |
|
57,092,216 |
|
|
56,894,565 |
|
|
58,503,976 |
|
|
|
|
|
|
|||
Book value per common share |
$ |
42.14 |
|
|
40.26 |
|
$ |
33.78 |
Less: servicing rights, carried at fair value per common share |
|
0.48 |
|
|
0.51 |
|
|
0.50 |
Less: goodwill and other intangible assets—net per common share |
|
2.44 |
|
|
2.49 |
|
|
2.56 |
Tangible book value per common share (Non-GAAP) |
$ |
39.22 |
|
$ |
37.26 |
|
$ |
30.72 |
Forward-Looking Safe Harbor Statement
This 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.
AXOS FINANCIAL, INC. SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited – dollars in thousands) |
|||||||||||
|
September 30,
|
|
June 30,
|
|
September 30,
|
||||||
Selected Balance Sheet Data: |
|
|
|
|
|
||||||
Total assets |
$ |
23,569,084 |
|
|
$ |
22,855,334 |
|
|
$ |
20,825,206 |
|
Loans—net of allowance for credit losses |
|
19,280,609 |
|
|
|
19,231,385 |
|
|
|
16,955,041 |
|
Loans held for sale, carried at fair value |
|
14,566 |
|
|
|
16,482 |
|
|
|
8,014 |
|
Allowance for credit losses |
|
263,854 |
|
|
|
260,542 |
|
|
|
170,870 |
|
Trading securities |
|
594 |
|
|
|
353 |
|
|
|
640 |
|
Available-for-sale securities |
|
137,996 |
|
|
|
141,611 |
|
|
|
236,726 |
|
Securities borrowed |
|
84,326 |
|
|
|
67,212 |
|
|
|
96,424 |
|
Customer, broker-dealer and clearing receivables |
|
262,774 |
|
|
|
240,028 |
|
|
|
285,423 |
|
Total deposits |
|
19,973,329 |
|
|
|
19,359,217 |
|
|
|
17,565,741 |
|
Advances from the Federal Home Loan Bank |
|
90,000 |
|
|
|
90,000 |
|
|
|
90,000 |
|
Borrowings, subordinated notes and debentures |
|
313,519 |
|
|
|
325,679 |
|
|
|
447,733 |
|
Securities loaned |
|
95,883 |
|
|
|
74,177 |
|
|
|
116,446 |
|
Customer, broker-dealer and clearing payables |
|
315,985 |
|
|
|
301,127 |
|
|
|
341,915 |
|
Total stockholders’ equity |
$ |
2,405,728 |
|
|
$ |
2,290,596 |
|
|
$ |
1,976,208 |
|
|
|
|
|
|
|
||||||
Common shares outstanding at end of period |
|
57,092,216 |
|
|
|
56,894,565 |
|
|
|
58,503,976 |
|
Common shares issued at end of period |
|
70,562,333 |
|
|
|
70,221,632 |
|
|
|
69,826,263 |
|
|
|
|
|
|
|
||||||
Per Common Share Data: |
|
|
|
|
|
||||||
Book value per common share |
$ |
42.14 |
|
|
$ |
40.26 |
|
|
$ |
33.78 |
|
Tangible book value per common share (Non-GAAP)1 |
$ |
39.22 |
|
|
$ |
37.26 |
|
|
$ |
30.72 |
|
|
|
|
|
|
|
||||||
Capital Ratios: |
|
|
|
|
|
||||||
Equity to assets at end of period |
|
10.21 |
% |
|
|
10.02 |
% |
|
|
9.49 |
% |
Axos Financial, Inc.: |
|
|
|
|
|
||||||
Tier 1 leverage (to adjusted average assets) |
|
9.78 |
% |
|
|
9.43 |
% |
|
|
9.27 |
% |
Common equity tier 1 capital (to risk-weighted assets) |
|
12.44 |
% |
|
|
12.01 |
% |
|
|
11.11 |
% |
Tier 1 capital (to risk-weighted assets) |
|
12.44 |
% |
|
|
12.01 |
% |
|
|
11.11 |
% |
Total capital (to risk-weighted assets) |
|
15.29 |
% |
|
|
14.84 |
% |
|
|
14.06 |
% |
Axos Bank: |
|
|
|
|
|
||||||
Tier 1 leverage (to adjusted average assets) |
|
9.82 |
% |
|
|
9.74 |
% |
|
|
9.99 |
% |
Common equity tier 1 capital (to risk-weighted assets) |
|
12.87 |
% |
|
|
12.74 |
% |
|
|
11.69 |
% |
Tier 1 capital (to risk-weighted assets) |
|
12.87 |
% |
|
|
12.74 |
% |
|
|
11.69 |
% |
Total capital (to risk-weighted assets) |
|
14.06 |
% |
|
|
13.81 |
% |
|
|
12.65 |
% |
Axos Clearing LLC: |
|
|
|
|
|
||||||
Net capital |
$ |
85,292 |
|
|
$ |
101,462 |
|
|
$ |
101,391 |
|
Excess capital |
$ |
80,081 |
|
|
$ |
96,654 |
|
|
$ |
96,211 |
|
Net capital as a percentage of aggregate debit items |
|
32.73 |
% |
|
|
42.21 |
% |
|
|
39.14 |
% |
Net capital in excess of |
$ |
72,264 |
|
|
$ |
89,442 |
|
|
$ |
88,440 |
|
AXOS FINANCIAL, INC. SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited – dollars in thousands, except per share data) |
|||||||
|
As of or for the
|
||||||
|
September 30, |
||||||
(Dollars in thousands, except per share data) |
|
2024 |
|
|
|
2023 |
|
Selected Income Statement Data: |
|
|
|
||||
Interest and dividend income |
$ |
484,262 |
|
|
$ |
363,952 |
|
Interest expense |
|
192,214 |
|
|
|
152,797 |
|
Net interest income |
|
292,048 |
|
|
|
211,155 |
|
Provision for credit losses |
|
14,000 |
|
|
|
7,000 |
|
Net interest income, after provision for credit losses |
|
278,048 |
|
|
|
204,155 |
|
Non-interest income |
|
28,609 |
|
|
|
34,507 |
|
Non-interest expense |
|
147,465 |
|
|
|
120,506 |
|
Income before income taxes |
|
159,192 |
|
|
|
118,156 |
|
Income tax expense |
|
46,852 |
|
|
|
35,511 |
|
Net income |
$ |
112,340 |
|
|
$ |
82,645 |
|
|
|
|
|
||||
Weighted average number of common shares outstanding: |
|
|
|
||||
Basic |
|
56,934,671 |
|
|
|
58,949,038 |
|
Diluted |
|
58,168,468 |
|
|
|
59,808,322 |
|
|
|
|
|
||||
Per Common Share Data: |
|
|
|
||||
Net income: |
|
|
|
||||
Basic |
$ |
1.97 |
|
|
$ |
1.40 |
|
Diluted |
$ |
1.93 |
|
|
$ |
1.38 |
|
Adjusted earnings per common share (Non-GAAP)1 |
$ |
1.96 |
|
|
$ |
1.41 |
|
|
|
|
|
||||
Performance Ratios and Other Data: |
|
|
|
||||
Growth in loans held for investment, net |
$ |
49,224 |
|
|
$ |
498,313 |
|
Loan originations for sale |
|
69,570 |
|
|
|
52,858 |
|
Return on average assets |
|
1.92 |
% |
|
|
1.64 |
% |
Return on average common stockholders’ equity |
|
19.12 |
% |
|
|
16.91 |
% |
Interest rate spread2 |
|
4.13 |
% |
|
|
3.37 |
% |
Net interest margin3 |
|
5.17 |
% |
|
|
4.36 |
% |
Net interest margin3 – Banking Business Segment |
|
5.21 |
% |
|
|
4.46 |
% |
Efficiency ratio4 |
|
45.99 |
% |
|
|
49.05 |
% |
Efficiency ratio4 – Banking Business Segment |
|
39.83 |
% |
|
|
45.44 |
% |
|
|
|
|
||||
Asset Quality Ratios: |
|
|
|
||||
Net annualized charge-offs to average loans |
|
0.17 |
% |
|
|
0.04 |
% |
Non-accrual loans to total loans |
|
0.89 |
% |
|
|
0.62 |
% |
Non-performing assets to total assets |
|
0.75 |
% |
|
|
0.56 |
% |
Allowance for credit losses - loans to total loans held for investment5 |
|
1.35 |
% |
|
|
1.00 |
% |
Allowance for credit losses - loans to non-accrual loans |
|
149.32 |
% |
|
|
159.80 |
% |
1 |
See “Use of Non-GAAP Financial Measures.” |
2 |
Interest 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. |
3 |
Net interest margin represents annualized net interest income as a percentage of average interest-earning assets. |
4 |
Efficiency ratio represents non-interest expense as a percentage of the aggregate of net interest income and non-interest income. |
5 |
The 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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030781202/en/
Investor Relations Contact:
Johnny Lai, CFA
SVP, Corporate Development & Investor Relations
858-649-2218
jlai@axosfinancial.com
Source: Axos Financial, Inc.
FAQ
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