Axos Financial, Inc. Reports Record Second Quarter Fiscal 2024 Results
- Net income increased by 86.1% to $151.8 million compared to the same quarter in the previous year
- Diluted earnings per share increased by 94.1% to $2.62 compared to the same quarter in the previous year
- Net interest income increased by 14.4% to $228.6 million compared to the same quarter in the previous year
- Non-interest income increased by 338.2% to $124.1 million compared to the same quarter in the previous year
- Total deposits increased by 12.6% to $18.2 billion compared to the previous quarter
- Total capital to risk-weighted assets increased to 13.79% at December 31, 2023
- Book value increased by 22.6% to $36.53 per share compared to December 31, 2022
- Repurchased $58.7 million of common stock during the quarter
- None.
Insights
The reported net income increase of 86.1% for Axos Financial, Inc. is a substantial growth figure, particularly in the context of the banking industry where margins are often squeezed by competition and regulatory costs. The diluted earnings per share (EPS) increase of 94.1% is also significant, as it indicates not only profitability but also efficiency in earnings relative to share count. The non-GAAP adjusted earnings and adjusted EPS reveal a more modest growth, which suggests that the extraordinary gain from the FDIC Loan Purchase played a considerable role in the reported figures.
Investors should note the net interest income growth of 14.4%, which is a healthy sign of expanding business operations. However, the non-interest income's surge by 338.2% is primarily due to the one-time gain from the FDIC Loan Purchase, which is not a recurring source of income. The provision for credit losses has increased, which could indicate a conservative approach to potential future loan defaults, a prudent move in uncertain economic times.
The share repurchase program, which reduced outstanding shares, can be seen as a positive signal of management's confidence in the company's value, potentially leading to higher EPS in future quarters. However, investors should consider the sustainability of the growth rate and the impact of non-recurring gains on the company's financial health.
The loan and deposit growth reported by Axos Financial, Inc. are key indicators of the company's market position and competitiveness. The 22.0% annualized growth in net loans for investment and the 12.6% annualized increase in total deposits suggest strong customer acquisition and retention. This could be attributed to Axos' digital banking model, which may offer a competitive advantage over traditional brick-and-mortar banks.
The acquisition of loan pools from the FDIC at 63% of par value, resulting in a $65 million after-tax gain, demonstrates Axos' strategic opportunism. It also reflects the company's ability to manage and integrate sizable loan portfolios, which could be a critical factor for future growth. The increase in the allowance for credit losses post-FDIC Loan Purchase indicates a cautious stance towards newly acquired assets.
With 90% of total deposits being FDIC-insured or collateralized, the company mitigates risk and reassures stakeholders about the safety of their deposits. The net annualized charge-offs to average loans decreasing to 0.02% is an excellent indicator of credit quality and effective risk management. These factors, combined with a strong capital to risk-weighted assets ratio, suggest robust financial health and resilience.
The Federal Reserve's interest rate policies have a direct impact on banks like Axos Financial, Inc., particularly on their net interest margins (NIM). The reported NIM of 4.55%, up from 4.49%, indicates that Axos has effectively navigated the interest rate environment, likely through strategic asset-liability management. The increase in book value per share by 22.6% is a positive indicator of the company's intrinsic value growth over time.
However, the broader economic context, including potential regulatory changes, inflation and interest rate hikes, could affect future profitability. The bank's performance must be evaluated against macroeconomic indicators such as GDP growth, unemployment rates and consumer confidence, as these will influence loan demand and default rates.
The stock repurchase program, while immediately accretive to EPS, should be analyzed in the context of the company's long-term capital allocation strategy. It is essential to assess whether these funds could have been deployed towards further growth opportunities or retained as a buffer against potential economic downturns.
Adjusted earnings and adjusted earnings per diluted common share (“Adjusted EPS”), non-GAAP measures, which exclude non-cash amortization expenses, non-recurring items related to mergers and acquisitions, including certain gains and provisions resulting from the Company’s FDIC Loan Purchase (as described below), and other non-recurring costs increased
Second Quarter Fiscal 2024 Financial Summary
|
Three Months Ended December 31, |
|
|
|||||
(Dollars in thousands, except per share data) |
|
2023 |
|
|
2022 |
|
% Change |
|
Net interest income |
$ |
228,606 |
|
$ |
199,910 |
|
14.4 |
% |
Non-interest income |
$ |
124,129 |
|
$ |
28,329 |
|
338.2 |
% |
Net income |
$ |
151,771 |
|
$ |
81,552 |
|
86.1 |
% |
Adjusted earnings (Non-GAAP)1 |
$ |
92,452 |
|
$ |
83,354 |
|
10.9 |
% |
Diluted EPS |
$ |
2.62 |
|
$ |
1.35 |
|
94.1 |
% |
Adjusted EPS (Non-GAAP)1 |
$ |
1.60 |
|
$ |
1.38 |
|
15.9 |
% |
1 See “Use of Non-GAAP Financial Measures” |
|
|
|
|
|
|||
For the six months ended December 31, 2023, net income was
“Our record second quarter earnings were driven by strong organic loan and deposit growth, further net interest margin expansion, disciplined expense management and a gain associated with an opportunistic loan purchase from the FDIC,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “Excluding the one-time gain and the provision for credit losses associated with the FDIC Loan Purchase, diluted EPS was up
“Our credit quality remains resilient, with annualized net charge-offs to average loans declining by 3 basis points year-over-year to
Other Highlights
-
Net interest margin was
4.55% for the quarter ended December 31, 2023 compared to4.49% for the quarter ended December 31, 2022 -
Net loans for investment totaled
$18.3 billion $1.8 billion 22.0% annualized, from$16.5 billion -
Total deposits were
$18.2 billion $1.1 billion 12.6% annualized, from$17.1 billion -
Completed the purchase from the Federal Deposit Insurance Corporation (“FDIC”) of two performing commercial real estate and multi-family loan pools with a combined unpaid principal balance of approximately
$1.25 billion 63% of par value (the “FDIC Loan Purchase”), and recognized a$65 million $75 million -
Approximately
90% of total deposits were FDIC-insured or collateralized at December 31, 2023 -
After-tax net unrealized losses of
$3.3 million 0.5% of stockholders’ equity at December 31, 2023 -
Net annualized charge-offs to average loans was
0.02% for the quarter ended December 31, 2023, down from0.04% for the prior quarter and0.05% for the quarter ended December 31, 2022 -
Total capital to risk-weighted assets was
13.79% for Axos Financial, Inc. at December 31, 2023, up from13.82% at June 30, 2023 -
Book value increased to
$36.53 $29.79 22.6% -
Repurchased
$58.7 million $36.49
Second Quarter Fiscal 2024 Income Statement Summary
Net income was
The provision for credit losses was
Non-interest income increased 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 Tuesday, January 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 February 29, 2024, at Axos’ website and telephonically by dialing toll-free number 877-660-6853, passcode 13743449.
About Axos Financial, Inc. and Subsidiaries
Axos Financial, Inc., with approximately
Segment Reporting
The Company operates through two segments: Banking Business and Securities Business. 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 December 31, 2023 |
|||||||||||
(Dollars in thousands) |
Banking
|
|
Securities
|
|
Corporate/
|
|
Axos
|
|||||
Net interest income |
$ |
226,635 |
|
$ |
6,080 |
|
$ |
(4,109 |
) |
|
$ |
228,606 |
Provision for credit losses |
|
13,500 |
|
|
— |
|
|
— |
|
|
|
13,500 |
Non-interest income |
|
103,779 |
|
|
32,641 |
|
|
(12,291 |
) |
|
|
124,129 |
Non-interest expense |
|
102,282 |
|
|
27,968 |
|
|
(8,411 |
) |
|
|
121,839 |
Income before income taxes |
$ |
214,632 |
|
$ |
10,753 |
|
$ |
(7,989 |
) |
|
$ |
217,396 |
|
|
|
|
|
|
|
|
|||||
|
For the Three Months Ended December 31, 2022 |
|||||||||||
(Dollars in thousands) |
Banking
|
|
Securities
|
|
Corporate/
|
|
Axos
|
|||||
Net interest income |
$ |
198,545 |
|
$ |
4,876 |
|
$ |
(3,511 |
) |
|
$ |
199,910 |
Provision for credit losses |
|
3,001 |
|
|
— |
|
|
— |
|
|
|
3,001 |
Non-interest income |
|
10,557 |
|
|
36,004 |
|
|
(18,232 |
) |
|
|
28,329 |
Non-interest expense |
|
96,783 |
|
|
25,271 |
|
|
(14,027 |
) |
|
|
108,027 |
Income before income taxes |
$ |
109,318 |
|
$ |
15,609 |
|
$ |
(7,716 |
) |
|
$ |
117,211 |
|
|
|
|
|
|
|
|
|||||
|
For the Six Months Ended December 31, 2023 |
|||||||||||
(Dollars in thousands) |
Banking
|
|
Securities
|
|
Corporate/
|
|
Axos
|
|||||
Net interest income |
$ |
435,854 |
|
$ |
11,622 |
|
$ |
(7,715 |
) |
|
$ |
439,761 |
Provision for credit losses |
|
20,500 |
|
|
— |
|
|
— |
|
|
|
20,500 |
Non-interest income |
|
116,336 |
|
|
67,196 |
|
|
(24,896 |
) |
|
|
158,636 |
Non-interest expense |
|
203,068 |
|
|
55,491 |
|
|
(16,214 |
) |
|
|
242,345 |
Income before income taxes |
$ |
328,622 |
|
$ |
23,327 |
|
$ |
(16,397 |
) |
|
$ |
335,552 |
|
|
|
|
|
|
|
|
|||||
|
For the Six Months Ended December 31, 2022 |
|||||||||||
(Dollars in thousands) |
Banking
|
|
Securities
|
|
Corporate/
|
|
Axos
|
|||||
Net interest income |
$ |
378,275 |
|
$ |
9,151 |
|
$ |
(7,041 |
) |
|
$ |
380,385 |
Provision for credit losses |
|
11,751 |
|
|
— |
|
|
— |
|
|
|
11,751 |
Non-interest income |
|
21,269 |
|
|
65,169 |
|
|
(30,901 |
) |
|
|
55,537 |
Non-interest expense |
|
197,579 |
|
|
49,786 |
|
|
(23,251 |
) |
|
|
224,114 |
Income before income taxes |
$ |
190,214 |
|
$ |
24,534 |
|
$ |
(14,691 |
) |
|
$ |
200,057 |
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 compatible GAAP measure, to adjusted earnings and adjusted EPS (Non-GAAP) for the periods shown:
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
December 31, |
|
December 31, |
||||||||||||
(Dollars in thousands, except per share amounts) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income |
$ |
151,771 |
|
|
$ |
81,552 |
|
|
$ |
234,416 |
|
|
$ |
139,959 |
|
FDIC Loan Purchase - Gain on purchase |
|
(92,397 |
) |
|
|
— |
|
|
|
(92,397 |
) |
|
|
— |
|
FDIC Loan Purchase - Provision for credit losses |
|
4,648 |
|
|
|
— |
|
|
|
4,648 |
|
|
|
— |
|
Acquisition-related costs |
|
2,780 |
|
|
|
2,590 |
|
|
|
5,570 |
|
|
|
5,324 |
|
Other costs1 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,000 |
|
Income tax effect |
|
25,650 |
|
|
|
(788 |
) |
|
|
24,811 |
|
|
|
(6,406 |
) |
Adjusted earnings (Non-GAAP) |
$ |
92,452 |
|
|
$ |
83,354 |
|
|
$ |
177,048 |
|
|
$ |
154,877 |
|
|
|
|
|
|
|
|
|
||||||||
Average dilutive common shares outstanding |
|
57,932,834 |
|
|
|
60,514,635 |
|
|
|
58,930,427 |
|
|
|
60,540,353 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS |
$ |
2.62 |
|
|
$ |
1.35 |
|
|
$ |
3.98 |
|
|
$ |
2.31 |
|
FDIC Loan Purchase - Gain on purchase |
|
(1.59 |
) |
|
|
— |
|
|
|
(1.57 |
) |
|
|
— |
|
FDIC Loan Purchase - Provision for credit losses |
|
0.08 |
|
|
|
— |
|
|
|
0.08 |
|
|
|
— |
|
Acquisition-related costs |
|
0.05 |
|
|
|
0.04 |
|
|
|
0.09 |
|
|
|
0.09 |
|
Other costs1 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.26 |
|
Income tax effect |
|
0.44 |
|
|
|
(0.01 |
) |
|
|
0.42 |
|
|
|
(0.10 |
) |
Adjusted EPS (Non-GAAP) |
$ |
1.60 |
|
|
$ |
1.38 |
|
|
$ |
3.00 |
|
|
$ |
2.56 |
|
1 Other costs for the six months ended December 31, 2022 reflect an accrual recorded in the first quarter of fiscal year 2023 as a result of an adverse legal judgement that has not been finalized. |
|||||||||||||||
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, a non-GAAP financial measure, 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 compatible GAAP measure, to tangible book value per common share (non-GAAP) as of the dates indicated:
|
December 31, |
||||
(Dollars in thousands, except per share amounts) |
|
2023 |
|
|
2022 |
Common stockholders’ equity |
$ |
2,078,224 |
|
$ |
1,787,559 |
Less: servicing rights, carried at fair value |
|
28,043 |
|
|
25,526 |
Less: goodwill and intangible assets—net |
|
146,793 |
|
|
157,585 |
Tangible common stockholders’ equity (Non-GAAP) |
$ |
1,903,388 |
|
$ |
1,604,448 |
|
|
|
|
||
Common shares outstanding at end of period |
|
56,898,377 |
|
|
60,000,079 |
|
|
|
|
||
Book value per common share |
|
36.53 |
|
|
29.79 |
Less: servicing rights, carried at fair value per common share |
|
0.49 |
|
|
0.43 |
Less: goodwill and other intangible assets—net per common share |
|
2.59 |
|
|
2.62 |
Tangible book value per common share (Non-GAAP) |
$ |
33.45 |
|
$ |
26.74 |
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, 2023, 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) |
|||||||||||
|
December 31,
|
|
June 30,
|
|
December 31,
|
||||||
Selected Balance Sheet Data: |
|
|
|
|
|
||||||
Total assets |
$ |
21,623,764 |
|
|
$ |
20,348,469 |
|
|
$ |
18,741,035 |
|
Loans—net of allowance for credit losses |
|
18,264,354 |
|
|
|
16,456,728 |
|
|
|
15,473,212 |
|
Loans held for sale, carried at fair value |
|
13,468 |
|
|
|
23,203 |
|
|
|
4,292 |
|
Loans held for sale, lower of cost or fair value |
|
— |
|
|
|
776 |
|
|
|
455 |
|
Allowance for credit losses |
|
251,749 |
|
|
|
166,680 |
|
|
|
157,218 |
|
Trading securities |
|
329 |
|
|
|
758 |
|
|
|
372 |
|
Available-for-sale securities |
|
239,812 |
|
|
|
232,350 |
|
|
|
248,062 |
|
Securities borrowed |
|
145,176 |
|
|
|
134,339 |
|
|
|
58,846 |
|
Customer, broker-dealer and clearing receivables |
|
265,857 |
|
|
|
374,074 |
|
|
|
272,579 |
|
Total deposits |
|
18,203,912 |
|
|
|
17,123,108 |
|
|
|
15,690,494 |
|
Advances from the Federal Home Loan Bank |
|
90,000 |
|
|
|
90,000 |
|
|
|
100,000 |
|
Borrowings, subordinated notes and debentures |
|
341,086 |
|
|
|
361,779 |
|
|
|
334,077 |
|
Securities loaned |
|
155,492 |
|
|
|
159,832 |
|
|
|
156,008 |
|
Customer, broker-dealer and clearing payables |
|
368,885 |
|
|
|
445,477 |
|
|
|
420,947 |
|
Total stockholders’ equity |
|
2,078,224 |
|
|
|
1,917,159 |
|
|
|
1,787,559 |
|
|
|
|
|
|
|
||||||
Capital Ratios: |
|
|
|
|
|
||||||
Equity to assets at end of period |
|
9.61 |
% |
|
|
9.42 |
% |
|
|
9.54 |
% |
Axos Financial, Inc.: |
|
|
|
|
|
||||||
Tier 1 leverage (to adjusted average assets) |
|
9.39 |
% |
|
|
8.96 |
% |
|
|
9.06 |
% |
Common equity tier 1 capital (to risk-weighted assets) |
|
10.97 |
% |
|
|
10.94 |
% |
|
|
10.55 |
% |
Tier 1 capital (to risk-weighted assets) |
|
10.97 |
% |
|
|
10.94 |
% |
|
|
10.55 |
% |
Total capital (to risk-weighted assets) |
|
13.79 |
% |
|
|
13.82 |
% |
|
|
13.49 |
% |
Axos Bank: |
|
|
|
|
|
||||||
Tier 1 leverage (to adjusted average assets) |
|
10.22 |
% |
|
|
9.68 |
% |
|
|
10.05 |
% |
Common equity tier 1 capital (to risk-weighted assets) |
|
12.26 |
% |
|
|
11.63 |
% |
|
|
11.28 |
% |
Tier 1 capital (to risk-weighted assets) |
|
12.26 |
% |
|
|
11.63 |
% |
|
|
11.28 |
% |
Total capital (to risk-weighted assets) |
|
13.25 |
% |
|
|
12.50 |
% |
|
|
12.13 |
% |
Axos Clearing LLC: |
|
|
|
|
|
||||||
Net capital |
$ |
103,454 |
|
|
$ |
35,221 |
|
|
$ |
60,334 |
|
Excess capital |
$ |
98,397 |
|
|
$ |
29,905 |
|
|
$ |
55,977 |
|
Net capital as a percentage of aggregate debit items |
|
40.92 |
% |
|
|
13.25 |
% |
|
|
27.69 |
% |
Net capital in excess of |
$ |
90,812 |
|
|
$ |
21,930 |
|
|
$ |
49,441 |
|
AXOS FINANCIAL, INC. SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited – dollars in thousands, except per share data) |
|||||||||||||||
|
As of or for the
|
|
As of or for the
|
||||||||||||
|
December 31, |
|
December 31, |
||||||||||||
(Dollars in thousands, except per share data) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Selected Income Statement Data: |
|
|
|
|
|
|
|
||||||||
Interest and dividend income |
$ |
394,663 |
|
|
$ |
279,588 |
|
|
$ |
758,615 |
|
|
$ |
503,374 |
|
Interest expense |
|
166,057 |
|
|
|
79,678 |
|
|
|
318,854 |
|
|
|
122,989 |
|
Net interest income |
|
228,606 |
|
|
|
199,910 |
|
|
|
439,761 |
|
|
|
380,385 |
|
Provision for credit losses |
|
13,500 |
|
|
|
3,001 |
|
|
|
20,500 |
|
|
|
11,751 |
|
Net interest income, after provision for credit losses |
|
215,106 |
|
|
|
196,909 |
|
|
|
419,261 |
|
|
|
368,634 |
|
Non-interest income |
|
124,129 |
|
|
|
28,329 |
|
|
|
158,636 |
|
|
|
55,537 |
|
Non-interest expense |
|
121,839 |
|
|
|
108,027 |
|
|
|
242,345 |
|
|
|
224,114 |
|
Income before income taxes |
|
217,396 |
|
|
|
117,211 |
|
|
|
335,552 |
|
|
|
200,057 |
|
Income tax expense |
|
65,625 |
|
|
|
35,659 |
|
|
|
101,136 |
|
|
|
60,098 |
|
Net income |
$ |
151,771 |
|
|
$ |
81,552 |
|
|
$ |
234,416 |
|
|
$ |
139,959 |
|
|
|
|
|
|
|
|
|
||||||||
Per Common Share Data: |
|
|
|
|
|
|
|
||||||||
Net income: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
2.65 |
|
|
$ |
1.36 |
|
|
$ |
4.04 |
|
|
$ |
2.34 |
|
Diluted |
$ |
2.62 |
|
|
$ |
1.35 |
|
|
$ |
3.98 |
|
|
$ |
2.31 |
|
Adjusted earnings per common share (Non-GAAP)1 |
$ |
1.60 |
|
|
$ |
1.38 |
|
|
$ |
3.00 |
|
|
$ |
2.56 |
|
Book value per common share |
$ |
36.53 |
|
|
$ |
29.79 |
|
|
$ |
36.53 |
|
|
$ |
29.79 |
|
Tangible book value per common share (Non-GAAP)1 |
$ |
33.45 |
|
|
$ |
26.74 |
|
|
$ |
33.45 |
|
|
$ |
26.74 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
57,216,621 |
|
|
|
59,999,573 |
|
|
|
58,082,830 |
|
|
|
59,927,078 |
|
Diluted |
|
57,932,834 |
|
|
|
60,514,635 |
|
|
|
58,930,427 |
|
|
|
60,540,353 |
|
Common shares outstanding at end of period |
|
56,898,377 |
|
|
|
60,000,079 |
|
|
|
56,898,377 |
|
|
|
60,000,079 |
|
Common shares issued at end of period |
|
69,828,709 |
|
|
|
69,153,591 |
|
|
|
69,828,709 |
|
|
|
69,153,591 |
|
|
|
|
|
|
|
|
|
||||||||
Performance Ratios and Other Data: |
|
|
|
|
|
|
|
||||||||
Loan originations for investment |
$ |
2,739,261 |
|
|
$ |
2,013,576 |
|
|
$ |
5,344,593 |
|
|
$ |
4,499,800 |
|
Loan originations for sale |
|
44,325 |
|
|
|
43,227 |
|
|
|
96,910 |
|
|
|
113,300 |
|
Loan purchases |
|
789,516 |
|
|
|
76 |
|
|
|
841,408 |
|
|
|
127 |
|
Return on average assets |
|
2.90 |
% |
|
|
1.77 |
% |
|
|
2.29 |
% |
|
|
1.55 |
% |
Return on average common stockholders’ equity |
|
30.39 |
% |
|
|
18.71 |
% |
|
|
23.72 |
% |
|
|
16.35 |
% |
Interest rate spread2 |
|
3.58 |
% |
|
|
3.64 |
% |
|
|
3.48 |
% |
|
|
3.63 |
% |
Net interest margin3 |
|
4.55 |
% |
|
|
4.49 |
% |
|
|
4.46 |
% |
|
|
4.38 |
% |
Net interest margin3 – Banking Business Segment |
|
4.62 |
% |
|
|
4.65 |
% |
|
|
4.54 |
% |
|
|
4.58 |
% |
Efficiency ratio4 |
|
34.54 |
% |
|
|
47.33 |
% |
|
|
40.50 |
% |
|
|
51.41 |
% |
Efficiency ratio4 – Banking Business Segment |
|
30.96 |
% |
|
|
46.29 |
% |
|
|
36.78 |
% |
|
|
49.45 |
% |
|
|
|
|
|
|
|
|
||||||||
Asset Quality Ratios: |
|
|
|
|
|
|
|
||||||||
Net annualized charge-offs to average loans |
|
0.02 |
% |
|
|
0.05 |
% |
|
|
0.04 |
% |
|
|
0.05 |
% |
Non-performing loans and leases to total loans |
|
0.65 |
% |
|
|
0.61 |
% |
|
|
0.65 |
% |
|
|
0.61 |
% |
Non-performing assets to total assets |
|
0.60 |
% |
|
|
0.54 |
% |
|
|
0.60 |
% |
|
|
0.54 |
% |
Allowance for credit losses - loans to total loans held for investment |
|
1.33 |
% |
|
|
1.00 |
% |
|
|
1.33 |
% |
|
|
1.00 |
% |
Allowance for credit losses - loans to non-performing loans |
|
205.50 |
% |
|
|
165.51 |
% |
|
|
205.50 |
% |
|
|
165.51 |
% |
1 |
See “Use of Non-GAAP Financial Measures” herein. |
|
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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240130562627/en/
Investor Relations Contact:
Johnny Lai, CFA
SVP, Corporate Development & Investor Relations
858-649-2218
jlai@axosfinancial.com
Source: Axos Financial, Inc.
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