Axos Financial, Inc. Reports Second Quarter Fiscal Year 2025 Results
Axos Financial (NYSE: AX) reported Q2 FY2025 results with net income of $104.7 million and diluted EPS of $1.80, compared to $151.8 million and $2.62 in Q2 FY2024. The previous year's quarter included a one-time $92.4 million FDIC Loan Purchase gain. Excluding this gain, adjusted earnings increased by $13.4 million to $105.8 million.
Key highlights include: net interest margin of 4.83%, net interest income of $280.1 million (up 22.5% YoY), and total assets reaching $23.7 billion (up 7.5% annualized from June 2024). Total deposits grew to $19.9 billion, while book value per share increased 20.9% YoY to $44.17. The company maintained strong capital positions with total capital to risk-weighted assets at 15.23%.
Axos Financial (NYSE: AX) ha riportato i risultati del secondo trimestre dell'anno fiscale 2025, con un utile netto di 104,7 milioni di dollari e un utile per azione diluito di 1,80 dollari, rispetto ai 151,8 milioni di dollari e 2,62 dollari nel secondo trimestre dell'anno fiscale 2024. Il trimestre dell'anno precedente includeva un guadagno una tantum di 92,4 milioni di dollari derivante dall'acquisto di prestiti FDIC. Escludendo questo guadagno, gli utili rettificati sono aumentati di 13,4 milioni di dollari, raggiungendo i 105,8 milioni di dollari.
Tra i principali punti salienti si evidenziano: un margine di interesse netto del 4,83%, un reddito da interessi netti di 280,1 milioni di dollari (in aumento del 22,5% su base annua) e un totale di attivi che ha raggiunto i 23,7 miliardi di dollari (in crescita del 7,5% annualizzato rispetto a giugno 2024). I depositi totali sono aumentati a 19,9 miliardi di dollari, mentre il valore contabile per azione è aumentato del 20,9% su base annua, raggiungendo i 44,17 dollari. L'azienda ha mantenuto solide posizioni di capitale, con un rapporto capitale totale su attività ponderate per il rischio del 15,23%.
Axos Financial (NYSE: AX) reportó los resultados del segundo trimestre del año fiscal 2025, con un ingreso neto de 104,7 millones de dólares y un EPS diluido de 1,80 dólares, en comparación con 151,8 millones de dólares y 2,62 dólares en el segundo trimestre del año fiscal 2024. El trimestre del año anterior incluyó una ganancia única de 92,4 millones de dólares por la compra de préstamos de la FDIC. Excluyendo esta ganancia, los ingresos ajustados aumentaron en 13,4 millones de dólares, alcanzando los 105,8 millones de dólares.
Los aspectos destacados incluyen: un margen de interés neto del 4,83%, un ingreso neto por intereses de 280,1 millones de dólares (aumento del 22,5% interanual), y activos totales que alcanzan 23,7 mil millones de dólares (aumento del 7,5% anualizado desde junio de 2024). Los depósitos totales crecieron a 19,9 mil millones de dólares, mientras que el valor contable por acción aumentó un 20,9% interanual, alcanzando los 44,17 dólares. La compañía mantuvo sólidas posiciones de capital, con un total de capital sobre activos ponderados por el riesgo del 15,23%.
Axos Financial (NYSE: AX)가 2025 회계 연도 2분기 실적을 발표했습니다. 순이익은 1억 470만 달러이며 희석 주당순이익(EPS)은 1.80달러로, 2024 회계 연도 2분기의 1억 5,180만 달러 및 2.62달러와 비교됩니다. 전년도 분기에는 일회성 FDIC 대출 구매 이익이 9,240만 달러 포함되어 있었습니다. 이 이익을 제외할 경우 조정된 수익은 1,340만 달러 증가하여 1억 5,580만 달러가 되었습니다.
주요 하이라이트에는 순이자 마진 4.83%, 순이자 수익 2억 8,010만 달러(전년 대비 22.5% 증가), 총 자산 237억 달러(2024년 6월 대비 연율 7.5% 증가)가 포함됩니다. 총 예금은 199억 달러로 증가했으며, 주당 장부 가치는 전년 대비 20.9% 증가하여 44.17달러에 달합니다. 회사는 위험가중자산 대비 총 자본 비율을 15.23%로 유지하며 강력한 자본 위치를 유지하고 있습니다.
Axos Financial (NYSE: AX) a publié les résultats du deuxième trimestre de l'exercice 2025, avec un bénéfice net de 104,7 millions de dollars et un BPA dilué de 1,80 dollar, contre 151,8 millions de dollars et 2,62 dollars au deuxième trimestre de l'exercice 2024. Le trimestre de l'année précédente comprenait un gain exceptionnel de 92,4 millions de dollars provenant de l'achat de prêts de la FDIC. En excluant ce gain, les bénéfices ajustés ont augmenté de 13,4 millions de dollars pour atteindre 105,8 millions de dollars.
Les points clés incluent : un marge d'intérêt nette de 4,83 %, un revenu net d'intérêts de 280,1 millions de dollars (en hausse de 22,5 % par rapport à l'année précédente) et un total d'actifs atteignant 23,7 milliards de dollars (en hausse de 7,5 % en rythme annualisé depuis juin 2024). Les dépôts totaux ont progressé à 19,9 milliards de dollars, tandis que la valeur comptable par action a augmenté de 20,9 % par rapport à l'année précédente pour atteindre 44,17 dollars. L'entreprise a maintenu de solides positions en capital avec un ratio de capital total sur actifs pondérés par les risques de 15,23 %.
Axos Financial (NYSE: AX) berichtete die Ergebnisse des 2. Quartals des Geschäftsjahres 2025 mit einem Nettogewinn von 104,7 Millionen Dollar und einem verwässerten EPS von 1,80 Dollar, im Vergleich zu 151,8 Millionen Dollar und 2,62 Dollar im 2. Quartal des Geschäftsjahres 2024. Das vorherige Jahr enthielt einen einmaligen Gewinn aus dem Kauf von FDIC-Darlehen in Höhe von 92,4 Millionen Dollar. Ohne diesen Gewinn stiegen die angepassten Erträge um 13,4 Millionen Dollar auf 105,8 Millionen Dollar.
Zu den wichtigsten Höhepunkten gehören: eine Nettozinsmarge von 4,83%, Nettozinserträge von 280,1 Millionen Dollar (ein Anstieg von 22,5% im Jahresvergleich) und Gesamtaktiva in Höhe von 23,7 Milliarden Dollar (ein Anstieg von 7,5% annualisiert seit Juni 2024). Die Gesamteinlagen wuchsen auf 19,9 Milliarden Dollar, während der Buchwert pro Aktie um 20,9% im Jahresvergleich auf 44,17 Dollar stieg. Das Unternehmen hielt starke Kapitalpositionen mit einem Verhältnis von Gesamtkapital zu risikogewichteten Aktiva von 15,23%.
- Net interest margin improved to 4.83% from 4.55% YoY
- Net interest income increased 22.5% YoY to $280.1 million
- Book value per share grew 20.9% YoY to $44.17
- Total capital ratio strengthened to 15.23% from 14.84%
- Axos Advisory Services added $822 million in net new assets
- Non-interest income decreased significantly to $27.8 million from $124.1 million YoY
- Non-interest expenses increased by $23.5 million YoY
- Net income declined 31% YoY to $104.7 million
- Diluted EPS decreased 31.3% YoY to $1.80
Insights
Axos Financial delivered robust Q2 FY2025 performance, with core business metrics showing significant strength despite the headline YoY decline in net income. The adjusted earnings growth of
Three key performance indicators stand out:
- The exceptional net interest margin of
4.83% , significantly above industry averages, demonstrates superior asset-liability management and pricing power - Successful deposit cost optimization, with a 51 basis point reduction quarter-over-quarter while maintaining stable balances, indicating strong competitive positioning
- Robust capital levels with total capital ratio improving to
15.23% , providing ample buffer for growth and stress scenarios
The
Second Quarter Fiscal 2025 Financial Summary
|
Three Months Ended December 31, |
|
|
|||||
(Dollars in thousands, except per share data) |
|
2024 |
|
|
2023 |
|
% Change |
|
Net interest income |
$ |
280,099 |
|
$ |
228,606 |
|
22.5 |
% |
Non-interest income |
$ |
27,799 |
|
$ |
124,129 |
|
(77.6 |
)% |
Net income |
$ |
104,687 |
|
$ |
151,771 |
|
(31.0 |
)% |
Adjusted earnings (Non-GAAP)1 |
$ |
105,829 |
|
$ |
92,452 |
|
14.5 |
% |
Diluted EPS |
$ |
1.80 |
|
$ |
2.62 |
|
(31.3 |
)% |
Adjusted EPS (Non-GAAP)1 |
$ |
1.82 |
|
$ |
1.60 |
|
13.8 |
% |
1 See “Use of Non-GAAP Financial Measures” |
||||||||
“Excluding the one-time gain and the provision for credit losses associated with the FDIC Loan Purchase in the prior year quarter, net income and diluted EPS increased by
Other Highlights
-
Net interest margin was
4.83% for the quarter ended December 31, 2024, compared to4.55% for the quarter ended December 31, 2023
-
Net interest income was
$280.1 million $292.0 million $275.0 million
-
Non-interest expense was
$145.3 million 1.5% from$147.5 million
-
Total assets were
$23.7 billion $854.1 million 7.5% annualized, from$22.9 billion
-
Total deposits were
$19.9 billion $575.7 million 5.9% annualized, from$19.4 billion
-
Axos Advisory Services added
$822 million $559 million
-
Total capital to risk-weighted assets was
15.23% for Axos Financial, Inc. at December 31, 2024, up from14.84% at June 30, 2024
-
Book value per share increased to
$44.17 20.9% from$36.53
Second 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 Tuesday, January 28, 2025, 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 28, 2025, at Axos’ website and telephonically by dialing toll-free number 877-660-6853, passcode 13750720.
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 corporate 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.
The following tables present the operating results of the segments:
|
For the Three Months Ended December 31, 2024 |
|||||||||||
(Dollars in thousands) |
Banking
|
|
Securities
|
|
Corporate/
|
|
Axos
|
|||||
Net interest income |
$ |
276,720 |
|
$ |
7,007 |
|
$ |
(3,628 |
) |
|
$ |
280,099 |
Provision for credit losses |
|
12,248 |
|
|
— |
|
|
— |
|
|
|
12,248 |
Non-interest income |
|
2,948 |
|
|
29,004 |
|
|
(4,153 |
) |
|
|
27,799 |
Non-interest expense |
|
114,536 |
|
|
28,178 |
|
|
2,606 |
|
|
|
145,320 |
Income before income taxes |
$ |
152,884 |
|
$ |
7,833 |
|
$ |
(10,387 |
) |
|
$ |
150,330 |
|
|
|
|
|
|
|
|
|||||
|
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 Six Months Ended December 31, 2024 |
|||||||||||
(Dollars in thousands) |
Banking
|
|
Securities
|
|
Corporate/
|
|
Axos
|
|||||
Net interest income |
$ |
565,212 |
|
$ |
14,274 |
|
$ |
(7,339 |
) |
|
$ |
572,147 |
Provision for credit losses |
|
26,248 |
|
|
— |
|
|
— |
|
|
|
26,248 |
Non-interest income |
|
11,538 |
|
|
58,906 |
|
|
(14,036 |
) |
|
|
56,408 |
Non-interest expense |
|
232,851 |
|
|
56,269 |
|
|
3,665 |
|
|
|
292,785 |
Income before income taxes |
$ |
317,651 |
|
$ |
16,911 |
|
$ |
(25,040 |
) |
|
$ |
309,522 |
|
|
|
|
|
|
|
|
|||||
|
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 |
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:
|
For the Three Months Ended December 31, |
|
For the Six Months Ended December 31, |
||||||||||||
(Dollars in thousands, except per share data) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income |
$ |
104,687 |
|
|
$ |
151,771 |
|
|
$ |
217,027 |
|
|
$ |
234,416 |
|
FDIC Loan Purchase - Gain on purchase |
|
— |
|
|
|
(92,397 |
) |
|
|
— |
|
|
|
(92,397 |
) |
FDIC Loan Purchase - Provision for credit losses |
|
— |
|
|
|
4,648 |
|
|
|
— |
|
|
|
4,648 |
|
Acquisition-related costs |
|
1,645 |
|
|
|
2,780 |
|
|
|
4,199 |
|
|
|
5,570 |
|
Income tax effect |
|
(503 |
) |
|
|
25,650 |
|
|
|
(1,255 |
) |
|
|
24,811 |
|
Adjusted earnings (Non-GAAP) |
$ |
105,829 |
|
|
$ |
92,452 |
|
|
$ |
219,971 |
|
|
$ |
177,048 |
|
|
|
|
|
|
|
|
|
||||||||
Average dilutive common shares outstanding |
|
58,226,006 |
|
|
|
57,932,834 |
|
|
|
58,262,923 |
|
|
|
58,930,427 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS |
$ |
1.80 |
|
|
$ |
2.62 |
|
|
$ |
3.72 |
|
|
$ |
3.98 |
|
FDIC Loan Purchase - Gain on purchase |
|
— |
|
|
|
(1.59 |
) |
|
|
— |
|
|
|
(1.57 |
) |
FDIC Loan Purchase - Provision for credit losses |
|
— |
|
|
|
0.08 |
|
|
|
— |
|
|
|
0.08 |
|
Acquisition-related costs |
|
0.03 |
|
|
|
0.05 |
|
|
|
0.07 |
|
|
|
0.09 |
|
Income tax effect |
|
(0.01 |
) |
|
|
0.44 |
|
|
|
(0.02 |
) |
|
|
0.42 |
|
Adjusted EPS (Non-GAAP) |
$ |
1.82 |
|
|
$ |
1.60 |
|
|
$ |
3.77 |
|
|
$ |
3.00 |
|
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) |
December 31,
|
|
June 30,
|
|
December 31,
|
|||
Common stockholders’ equity |
$ |
2,521,962 |
|
$ |
2,290,596 |
|
$ |
2,078,224 |
Less: servicing rights, carried at fair value |
|
28,045 |
|
|
28,924 |
|
|
28,043 |
Less: goodwill and other intangible assets—net |
|
137,570 |
|
|
141,769 |
|
|
146,793 |
Tangible common stockholders’ equity (Non-GAAP) |
$ |
2,356,347 |
|
$ |
2,119,903 |
|
$ |
1,903,388 |
|
|
|
|
|
|
|||
Common shares outstanding at end of period |
|
57,097,632 |
|
|
56,894,565 |
|
|
56,898,377 |
|
|
|
|
|
|
|||
Book value per common share |
$ |
44.17 |
|
|
40.26 |
|
$ |
36.53 |
Less: servicing rights, carried at fair value per common share |
|
0.49 |
|
|
0.51 |
|
|
0.49 |
Less: goodwill and other intangible assets—net per common share |
|
2.41 |
|
|
2.49 |
|
|
2.59 |
Tangible book value per common share (Non-GAAP) |
$ |
41.27 |
|
$ |
37.26 |
|
$ |
33.45 |
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, 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 |
$ |
23,709,422 |
|
|
$ |
22,855,334 |
|
|
$ |
21,623,764 |
|
Loans—net of allowance for credit losses |
|
19,486,727 |
|
|
|
19,231,385 |
|
|
|
18,264,354 |
|
Loans held for sale, carried at fair value |
|
25,436 |
|
|
|
16,482 |
|
|
|
13,468 |
|
Allowance for credit losses |
|
270,605 |
|
|
|
260,542 |
|
|
|
251,749 |
|
Trading securities |
|
241 |
|
|
|
353 |
|
|
|
329 |
|
Available-for-sale securities |
|
97,848 |
|
|
|
141,611 |
|
|
|
239,812 |
|
Securities borrowed |
|
114,672 |
|
|
|
67,212 |
|
|
|
145,176 |
|
Customer, broker-dealer and clearing receivables |
|
298,887 |
|
|
|
240,028 |
|
|
|
265,857 |
|
Total deposits |
|
19,934,904 |
|
|
|
19,359,217 |
|
|
|
18,203,912 |
|
Advances from the Federal Home Loan Bank |
|
60,000 |
|
|
|
90,000 |
|
|
|
90,000 |
|
Borrowings, subordinated notes and debentures |
|
358,692 |
|
|
|
325,679 |
|
|
|
341,086 |
|
Securities loaned |
|
135,258 |
|
|
|
74,177 |
|
|
|
155,492 |
|
Customer, broker-dealer and clearing payables |
|
309,593 |
|
|
|
301,127 |
|
|
|
368,885 |
|
Total stockholders’ equity |
$ |
2,521,962 |
|
|
$ |
2,290,596 |
|
|
$ |
2,078,224 |
|
|
|
|
|
|
|
||||||
Common shares outstanding at end of period |
|
57,097,632 |
|
|
|
56,894,565 |
|
|
|
56,898,377 |
|
Common shares issued at end of period |
|
70,571,332 |
|
|
|
70,221,632 |
|
|
|
69,828,709 |
|
|
|
|
|
|
|
||||||
Per Common Share Data: |
|
|
|
|
|
||||||
Book value per common share |
$ |
44.17 |
|
|
$ |
40.26 |
|
|
$ |
36.53 |
|
Tangible book value per common share (Non-GAAP)1 |
$ |
41.27 |
|
|
$ |
37.26 |
|
|
$ |
33.45 |
|
|
|
|
|
|
|
||||||
Capital Ratios: |
|
|
|
|
|
||||||
Equity to assets at end of period |
|
10.64 |
% |
|
|
10.02 |
% |
|
|
9.61 |
% |
Axos Financial, Inc.: |
|
|
|
|
|
||||||
Tier 1 leverage (to adjusted average assets) |
|
10.02 |
% |
|
|
9.43 |
% |
|
|
9.39 |
% |
Common equity tier 1 capital (to risk-weighted assets) |
|
12.42 |
% |
|
|
12.01 |
% |
|
|
10.97 |
% |
Tier 1 capital (to risk-weighted assets) |
|
12.42 |
% |
|
|
12.01 |
% |
|
|
10.97 |
% |
Total capital (to risk-weighted assets) |
|
15.23 |
% |
|
|
14.84 |
% |
|
|
13.79 |
% |
Axos Bank: |
|
|
|
|
|
||||||
Tier 1 leverage (to adjusted average assets) |
|
9.85 |
% |
|
|
9.74 |
% |
|
|
10.22 |
% |
Common equity tier 1 capital (to risk-weighted assets) |
|
12.67 |
% |
|
|
12.74 |
% |
|
|
12.26 |
% |
Tier 1 capital (to risk-weighted assets) |
|
12.67 |
% |
|
|
12.74 |
% |
|
|
12.26 |
% |
Total capital (to risk-weighted assets) |
|
13.86 |
% |
|
|
13.81 |
% |
|
|
13.25 |
% |
Axos Clearing LLC: |
|
|
|
|
|
||||||
Net capital |
$ |
83,932 |
|
|
$ |
101,462 |
|
|
$ |
103,454 |
|
Excess capital |
$ |
78,282 |
|
|
$ |
96,654 |
|
|
$ |
98,397 |
|
Net capital as a percentage of aggregate debit items |
|
29.71 |
% |
|
|
42.21 |
% |
|
|
40.92 |
% |
Net capital in excess of |
$ |
69,805 |
|
|
$ |
89,442 |
|
|
$ |
90,812 |
|
AXOS FINANCIAL, INC. SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited – dollars in thousands, except per share data) |
|||||||||||||||
|
As of or for the Three Months Ended |
|
As of or for the Six Months Ended |
||||||||||||
|
December 31, |
|
December 31, |
||||||||||||
(Dollars in thousands, except per share data) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Selected Income Statement Data: |
|
|
|
|
|
|
|
||||||||
Interest and dividend income |
$ |
456,068 |
|
|
$ |
394,663 |
|
|
$ |
940,330 |
|
|
$ |
758,615 |
|
Interest expense |
|
175,969 |
|
|
|
166,057 |
|
|
|
368,183 |
|
|
|
318,854 |
|
Net interest income |
|
280,099 |
|
|
|
228,606 |
|
|
|
572,147 |
|
|
|
439,761 |
|
Provision for credit losses |
|
12,248 |
|
|
|
13,500 |
|
|
|
26,248 |
|
|
|
20,500 |
|
Net interest income, after provision for credit losses |
|
267,851 |
|
|
|
215,106 |
|
|
|
545,899 |
|
|
|
419,261 |
|
Non-interest income |
|
27,799 |
|
|
|
124,129 |
|
|
|
56,408 |
|
|
|
158,636 |
|
Non-interest expense |
|
145,320 |
|
|
|
121,839 |
|
|
|
292,785 |
|
|
|
242,345 |
|
Income before income taxes |
|
150,330 |
|
|
|
217,396 |
|
|
|
309,522 |
|
|
|
335,552 |
|
Income tax expense |
|
45,643 |
|
|
|
65,625 |
|
|
|
92,495 |
|
|
|
101,136 |
|
Net income |
$ |
104,687 |
|
|
$ |
151,771 |
|
|
$ |
217,027 |
|
|
$ |
234,416 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
57,094,153 |
|
|
|
57,216,621 |
|
|
|
57,014,412 |
|
|
|
58,082,830 |
|
Diluted |
|
58,226,006 |
|
|
|
57,932,834 |
|
|
|
58,262,923 |
|
|
|
58,930,427 |
|
|
|
|
|
|
|
|
|
||||||||
Per Common Share Data: |
|
|
|
|
|
|
|
||||||||
Net income: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.83 |
|
|
$ |
2.65 |
|
|
$ |
3.81 |
|
|
$ |
4.04 |
|
Diluted |
$ |
1.80 |
|
|
$ |
2.62 |
|
|
$ |
3.72 |
|
|
$ |
3.98 |
|
Adjusted earnings per common share (Non-GAAP)1 |
$ |
1.82 |
|
|
$ |
1.60 |
|
|
$ |
3.77 |
|
|
$ |
3.00 |
|
|
|
|
|
|
|
|
|
||||||||
Performance Ratios and Other Data: |
|
|
|
|
|
|
|
||||||||
Growth in loans held for investment, net |
$ |
206,118 |
|
|
$ |
1,309,313 |
|
|
$ |
255,342 |
|
|
$ |
1,807,626 |
|
Loan originations for sale |
|
66,826 |
|
|
|
44,325 |
|
|
|
136,396 |
|
|
|
96,910 |
|
Return on average assets |
|
1.74 |
% |
|
|
2.90 |
% |
|
|
1.83 |
% |
|
|
2.29 |
% |
Return on average common stockholders’ equity |
|
16.97 |
% |
|
|
30.39 |
% |
|
|
18.02 |
% |
|
|
23.72 |
% |
Interest rate spread2 |
|
3.91 |
% |
|
|
3.58 |
% |
|
|
4.01 |
% |
|
|
3.48 |
% |
Net interest margin3 |
|
4.83 |
% |
|
|
4.55 |
% |
|
|
5.00 |
% |
|
|
4.46 |
% |
Net interest margin3 – Banking Business Segment |
|
4.87 |
% |
|
|
4.62 |
% |
|
|
5.04 |
% |
|
|
4.54 |
% |
Efficiency ratio4 |
|
47.20 |
% |
|
|
34.54 |
% |
|
|
46.58 |
% |
|
|
40.50 |
% |
Efficiency ratio4 – Banking Business Segment |
|
40.95 |
% |
|
|
30.96 |
% |
|
|
40.37 |
% |
|
|
36.78 |
% |
|
|
|
|
|
|
|
|
||||||||
Asset Quality Ratios: |
|
|
|
|
|
|
|
||||||||
Net annualized charge-offs to average loans |
|
0.10 |
% |
|
|
0.04 |
% |
|
|
0.13 |
% |
|
|
0.04 |
% |
Non-accrual loans to total loans |
|
1.26 |
% |
|
|
0.65 |
% |
|
|
1.26 |
% |
|
|
0.65 |
% |
Non-performing assets to total assets |
|
1.06 |
% |
|
|
0.60 |
% |
|
|
1.06 |
% |
|
|
0.60 |
% |
Allowance for credit losses - loans to total loans held for investment |
|
1.37 |
% |
|
|
1.33 |
% |
|
|
1.37 |
% |
|
|
1.33 |
% |
Allowance for credit losses - loans to non-accrual loans5 |
|
107.58 |
% |
|
|
205.50 |
% |
|
|
107.58 |
% |
|
|
205.50 |
% |
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 decrease in the Allowance for credit losses - loans to nonaccrual loans is primarily attributable to the change in nonaccrual loans. |
|||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250128435491/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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What was Axos Financial's (AX) net interest margin in Q2 2025?
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