Axos Financial, Inc. Reports Third Quarter Fiscal 2024 Results
Axos Financial, Inc. reported strong financial results for the third fiscal quarter ended March 31, 2024. Net income increased by 38.7% to $110.7 million, with diluted EPS up by 44.7% to $1.91. Adjusted earnings also saw a significant increase to $112.7 million. The company experienced growth in net interest income and non-interest income, leading to positive financial performance across various metrics. Deposit and loan balances showed substantial growth, with a strong capital position and increased book value per share.
Significant increase in net income by 38.7% to $110.7 million and diluted EPS up by 44.7% to $1.91.
Adjusted earnings rose to $112.7 million, showing strong financial performance.
Net interest income increased by 31.5% and non-interest income by 2.8%.
Growth in net loans for investment and total deposits, with a strong capital position.
Book value per share increased by 23.8% to $38.48, highlighting positive shareholder value.
Increase in non-interest expense by $22.2 million to $133.2 million, driven by higher operating expenses.
Provision for credit losses increased to $6.0 million due to loan growth in certain portfolios.
Decrease in broker-dealer fee income offsetting the increase in non-interest income.
Insights
Observing Axos Financial, Inc.'s significant earnings increase of
Investors would do well to consider the company's strategic moves, such as their asset-based lending philosophy and stable non-performing assets, suggesting a conservative credit approach amidst growth. Additionally, the double-digit deposit growth speaks to a strong customer base and operational resilience. However, one should remain cautious about the increased provision for credit losses, which could indicate emerging risks in the loan portfolio.
From the perspective of the broader financial market, Axos's diversified income streams, including advisory fees and mortgage banking, show an adaptability vital for sustaining growth. The institution's
Moreover, with roughly
Adjusted earnings and adjusted earnings per diluted common share (“Adjusted EPS”), non-GAAP measures described further below, increased
Third Quarter Fiscal 2024 Financial Summary
|
Three Months Ended
|
|
|
|||||
(Dollars in thousands, except per share data) |
|
2024 |
|
|
2023 |
|
% Change |
|
Net interest income |
$ |
261,606 |
|
$ |
198,982 |
|
31.5 |
% |
Non-interest income |
$ |
33,163 |
|
$ |
32,246 |
|
2.8 |
% |
Net income |
$ |
110,720 |
|
$ |
79,850 |
|
38.7 |
% |
Adjusted earnings (Non-GAAP)1 |
$ |
112,655 |
|
$ |
81,832 |
|
37.7 |
% |
Diluted EPS |
$ |
1.91 |
|
$ |
1.32 |
|
44.7 |
% |
Adjusted EPS (Non-GAAP)1 |
$ |
1.94 |
|
$ |
1.35 |
|
43.7 |
% |
1 See “Use of Non-GAAP Financial Measures” |
|
|
|
|
|
|||
For the nine months ended March 31, 2024, net income was
“We delivered strong earnings per share and book value per share growth, driven by a
“Our asset-based lending at low loan-to-values credit philosophy continues to serve us well, with non-performing assets remaining relatively stable,” stated Derrick Walsh, Executive Vice President and Chief Financial Officer of Axos. “We continue to generate excess capital due to our strong returns and net interest margin, with a return on average common stockholders’ equity of
Other Highlights
-
Net interest margin was
4.87% for the quarter ended March 31, 2024 compared to4.42% for the quarter ended March 31, 2023 -
Net loans for investment totaled
$18.7 billion $0.5 billion 10.3% annualized, from$18.3 billion -
Total deposits were
$19.1 billion $2.0 billion 15.4% annualized, from$17.1 billion $18.1 billion $14.9 billion -
Approximately
90% of total deposits were FDIC-insured or collateralized at March 31, 2024 -
Total capital to risk-weighted assets was
13.49% for Axos Bank at March 31, 2024, up from12.50% at June 30, 2023 -
Book value increased to
$38.48 $31.07 23.8%
Third 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, April 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 May 30, 2024, at Axos’ website and telephonically by dialing toll-free number 877-660-6853, passcode 13745514.
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 March 31, 2024 |
|||||||||||
(Dollars in thousands) |
Banking
|
|
Securities
|
|
Corporate/
|
|
Axos
|
|||||
Net interest income |
$ |
258,435 |
|
$ |
7,133 |
|
$ |
(3,962 |
) |
|
$ |
261,606 |
Provision for credit losses |
|
6,000 |
|
|
— |
|
|
— |
|
|
|
6,000 |
Non-interest income |
|
11,908 |
|
|
32,746 |
|
|
(11,491 |
) |
|
|
33,163 |
Non-interest expense |
|
104,959 |
|
|
32,488 |
|
|
(4,219 |
) |
|
|
133,228 |
Income before income taxes |
$ |
159,384 |
|
$ |
7,391 |
|
$ |
(11,234 |
) |
|
$ |
155,541 |
|
|
|
|
|
|
|
|
|||||
|
For the Three Months Ended March 31, 2023 |
|||||||||||
(Dollars in thousands) |
Banking
|
|
Securities
|
|
Corporate/
|
|
Axos
|
|||||
Net interest income |
$ |
196,249 |
|
$ |
6,335 |
|
$ |
(3,602 |
) |
|
$ |
198,982 |
Provision for credit losses |
|
5,500 |
|
|
— |
|
|
— |
|
|
|
5,500 |
Non-interest income |
|
10,685 |
|
|
38,298 |
|
|
(16,737 |
) |
|
|
32,246 |
Non-interest expense |
|
98,252 |
|
|
25,138 |
|
|
(12,346 |
) |
|
|
111,044 |
Income before income taxes |
$ |
103,182 |
|
$ |
19,495 |
|
$ |
(7,993 |
) |
|
$ |
114,684 |
|
|
|
|
|
|
|
|
|||||
|
For the Nine Months Ended March 31, 2024 |
|||||||||||
(Dollars in thousands) |
Banking
|
|
Securities
|
|
Corporate/
|
|
Axos
|
|||||
Net interest income |
$ |
694,289 |
|
$ |
18,755 |
|
$ |
(11,677 |
) |
|
$ |
701,367 |
Provision for credit losses |
|
26,500 |
|
|
— |
|
|
— |
|
|
|
26,500 |
Non-interest income |
|
128,244 |
|
|
99,942 |
|
|
(36,387 |
) |
|
|
191,799 |
Non-interest expense |
|
308,027 |
|
|
87,979 |
|
|
(20,433 |
) |
|
|
375,573 |
Income before income taxes |
$ |
488,006 |
|
$ |
30,718 |
|
$ |
(27,631 |
) |
|
$ |
491,093 |
|
|
|
|
|
|
|
|
|||||
|
For the Nine Months Ended March 31, 2023 |
|||||||||||
(Dollars in thousands) |
Banking
|
|
Securities
|
|
Corporate/
|
|
Axos
|
|||||
Net interest income |
$ |
574,524 |
|
$ |
15,486 |
|
$ |
(10,643 |
) |
|
$ |
579,367 |
Provision for credit losses |
|
17,251 |
|
|
— |
|
|
— |
|
|
|
17,251 |
Non-interest income |
|
31,954 |
|
|
103,467 |
|
|
(47,638 |
) |
|
|
87,783 |
Non-interest expense |
|
295,831 |
|
|
74,924 |
|
|
(35,597 |
) |
|
|
335,158 |
Income before income taxes |
$ |
293,396 |
|
$ |
44,029 |
|
$ |
(22,684 |
) |
|
$ |
314,741 |
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 certain gains and provisions resulting from the Company’s FDIC Loan Purchase) 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 |
|
Nine Months Ended |
||||||||||||
|
March 31, |
|
March 31, |
||||||||||||
(Dollars in thousands, except per share amounts) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income |
$ |
110,720 |
|
|
$ |
79,850 |
|
|
$ |
345,136 |
|
|
$ |
219,809 |
|
FDIC Loan Purchase - Gain on purchase1 |
|
— |
|
|
|
— |
|
|
|
(92,397 |
) |
|
|
— |
|
FDIC Loan Purchase - Provision for credit losses1 |
|
— |
|
|
|
— |
|
|
|
4,648 |
|
|
|
— |
|
Acquisition-related costs |
|
2,719 |
|
|
|
2,846 |
|
|
|
8,289 |
|
|
|
8,169 |
|
Other costs2 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,000 |
|
Income tax effect |
|
(784 |
) |
|
|
(864 |
) |
|
|
23,616 |
|
|
|
(7,290 |
) |
Adjusted earnings (Non-GAAP) |
$ |
112,655 |
|
|
$ |
81,832 |
|
|
$ |
289,292 |
|
|
$ |
236,688 |
|
|
|
|
|
|
|
|
|
||||||||
Average dilutive common shares outstanding |
|
58,037,698 |
|
|
|
60,627,400 |
|
|
|
58,707,815 |
|
|
|
60,595,414 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted EPS |
$ |
1.91 |
|
|
$ |
1.32 |
|
|
$ |
5.88 |
|
|
$ |
3.63 |
|
FDIC Loan Purchase - Gain on purchase1 |
|
— |
|
|
|
— |
|
|
|
(1.57 |
) |
|
|
— |
|
FDIC Loan Purchase - Provision for credit losses1 |
|
— |
|
|
|
— |
|
|
|
0.08 |
|
|
|
— |
|
Acquisition-related costs |
|
0.05 |
|
|
|
0.04 |
|
|
|
0.14 |
|
|
|
0.13 |
|
Other costs2 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.26 |
|
Income tax effect |
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
0.40 |
|
|
|
(0.11 |
) |
Adjusted EPS (Non-GAAP) |
$ |
1.94 |
|
|
$ |
1.35 |
|
|
$ |
4.93 |
|
|
$ |
3.91 |
|
1 During the nine months ended March 31, 2024, the Company 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 |
|||||||||||||||
2 Other costs for the nine months ended March 31, 2023 reflect an accrual recorded in the first quarter of fiscal year 2024 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:
|
March 31, |
||||
(Dollars in thousands, except per share amounts) |
|
2024 |
|
|
2023 |
Common stockholders’ equity |
$ |
2,196,293 |
|
$ |
1,844,104 |
Less: servicing rights, carried at fair value |
|
28,130 |
|
|
25,396 |
Less: goodwill and intangible assets—net |
|
144,324 |
|
|
154,928 |
Tangible common stockholders’ equity (Non-GAAP) |
$ |
2,023,839 |
|
$ |
1,663,780 |
|
|
|
|
||
Common shares outstanding at end of period |
|
57,079,429 |
|
|
59,355,124 |
|
|
|
|
||
Book value per common share |
|
38.48 |
|
|
31.07 |
Less: servicing rights, carried at fair value per common share |
|
0.49 |
|
|
0.43 |
Less: goodwill and other intangible assets—net per common share |
|
2.53 |
|
|
2.61 |
Tangible book value per common share (Non-GAAP) |
$ |
35.46 |
|
$ |
28.03 |
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) |
|||||||||||
|
March 31,
|
|
June 30,
|
|
March 31,
|
||||||
Selected Balance Sheet Data: |
|
|
|
|
|
||||||
Total assets |
$ |
22,642,133 |
|
|
$ |
20,348,469 |
|
|
$ |
19,782,481 |
|
Loans—net of allowance for credit losses |
|
18,733,455 |
|
|
|
16,456,728 |
|
|
|
15,836,255 |
|
Loans held for sale, carried at fair value |
|
16,239 |
|
|
|
23,203 |
|
|
|
7,920 |
|
Loans held for sale, lower of cost or fair value |
|
— |
|
|
|
776 |
|
|
|
303 |
|
Allowance for credit losses |
|
257,522 |
|
|
|
166,680 |
|
|
|
161,293 |
|
Trading securities |
|
592 |
|
|
|
758 |
|
|
|
400 |
|
Available-for-sale securities |
|
207,582 |
|
|
|
232,350 |
|
|
|
279,612 |
|
Securities borrowed |
|
105,853 |
|
|
|
134,339 |
|
|
|
87,293 |
|
Customer, broker-dealer and clearing receivables |
|
292,630 |
|
|
|
374,074 |
|
|
|
323,359 |
|
Total deposits |
|
19,103,532 |
|
|
|
17,123,108 |
|
|
|
16,738,869 |
|
Advances from the Federal Home Loan Bank |
|
90,000 |
|
|
|
90,000 |
|
|
|
90,000 |
|
Borrowings, subordinated notes and debentures |
|
330,389 |
|
|
|
361,779 |
|
|
|
334,330 |
|
Securities loaned |
|
119,800 |
|
|
|
159,832 |
|
|
|
114,613 |
|
Customer, broker-dealer and clearing payables |
|
387,176 |
|
|
|
445,477 |
|
|
|
406,092 |
|
Total stockholders’ equity |
|
2,196,293 |
|
|
|
1,917,159 |
|
|
|
1,844,104 |
|
|
|
|
|
|
|
||||||
Capital Ratios: |
|
|
|
|
|
||||||
Equity to assets at end of period |
|
9.70 |
% |
|
|
9.42 |
% |
|
|
9.32 |
% |
Axos Financial, Inc.: |
|
|
|
|
|
||||||
Tier 1 leverage (to adjusted average assets) |
|
9.33 |
% |
|
|
8.96 |
% |
|
|
9.29 |
% |
Common equity tier 1 capital (to risk-weighted assets) |
|
11.47 |
% |
|
|
10.94 |
% |
|
|
10.71 |
% |
Tier 1 capital (to risk-weighted assets) |
|
11.47 |
% |
|
|
10.94 |
% |
|
|
10.71 |
% |
Total capital (to risk-weighted assets) |
|
14.26 |
% |
|
|
13.82 |
% |
|
|
13.63 |
% |
Axos Bank: |
|
|
|
|
|
||||||
Tier 1 leverage (to adjusted average assets) |
|
9.86 |
% |
|
|
9.68 |
% |
|
|
10.17 |
% |
Common equity tier 1 capital (to risk-weighted assets) |
|
12.47 |
% |
|
|
11.63 |
% |
|
|
11.55 |
% |
Tier 1 capital (to risk-weighted assets) |
|
12.47 |
% |
|
|
11.63 |
% |
|
|
11.55 |
% |
Total capital (to risk-weighted assets) |
|
13.49 |
% |
|
|
12.50 |
% |
|
|
12.40 |
% |
Axos Clearing LLC: |
|
|
|
|
|
||||||
Net capital |
$ |
102,963 |
|
|
$ |
35,221 |
|
|
$ |
79,459 |
|
Excess capital |
$ |
97,646 |
|
|
$ |
29,905 |
|
|
$ |
74,377 |
|
Net capital as a percentage of aggregate debit items |
|
38.73 |
% |
|
|
13.25 |
% |
|
|
31.27 |
% |
Net capital in excess of |
$ |
89,671 |
|
|
$ |
21,930 |
|
|
$ |
66,755 |
|
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
|
||||||||||||
|
March 31, |
|
March 31, |
||||||||||||
(Dollars in thousands, except per share data) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Selected Income Statement Data: |
|
|
|
|
|
|
|
||||||||
Interest and dividend income |
$ |
443,564 |
|
|
$ |
307,334 |
|
|
$ |
1,202,179 |
|
|
$ |
810,708 |
|
Interest expense |
|
181,958 |
|
|
|
108,352 |
|
|
|
500,812 |
|
|
|
231,341 |
|
Net interest income |
|
261,606 |
|
|
|
198,982 |
|
|
|
701,367 |
|
|
|
579,367 |
|
Provision for credit losses |
|
6,000 |
|
|
|
5,500 |
|
|
|
26,500 |
|
|
|
17,251 |
|
Net interest income, after provision for credit losses |
|
255,606 |
|
|
|
193,482 |
|
|
|
674,867 |
|
|
|
562,116 |
|
Non-interest income |
|
33,163 |
|
|
|
32,246 |
|
|
|
191,799 |
|
|
|
87,783 |
|
Non-interest expense |
|
133,228 |
|
|
|
111,044 |
|
|
|
375,573 |
|
|
|
335,158 |
|
Income before income taxes |
|
155,541 |
|
|
|
114,684 |
|
|
|
491,093 |
|
|
|
314,741 |
|
Income tax expense |
|
44,821 |
|
|
|
34,834 |
|
|
|
145,957 |
|
|
|
94,932 |
|
Net income |
$ |
110,720 |
|
|
$ |
79,850 |
|
|
$ |
345,136 |
|
|
$ |
219,809 |
|
|
|
|
|
|
|
|
|
||||||||
Per Common Share Data: |
|
|
|
|
|
|
|
||||||||
Net income: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
1.94 |
|
|
$ |
1.33 |
|
|
$ |
5.98 |
|
|
$ |
3.67 |
|
Diluted |
$ |
1.91 |
|
|
$ |
1.32 |
|
|
$ |
5.88 |
|
|
$ |
3.63 |
|
Adjusted earnings per common share (Non-GAAP)1 |
$ |
1.94 |
|
|
$ |
1.35 |
|
|
$ |
4.93 |
|
|
$ |
3.91 |
|
Book value per common share |
$ |
38.48 |
|
|
$ |
31.07 |
|
|
$ |
38.48 |
|
|
$ |
31.07 |
|
Tangible book value per common share (Non-GAAP)1 |
$ |
35.46 |
|
|
$ |
28.03 |
|
|
$ |
35.46 |
|
|
$ |
28.03 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
56,932,050 |
|
|
|
59,930,634 |
|
|
|
57,699,236 |
|
|
|
59,928,263 |
|
Diluted |
|
58,037,698 |
|
|
|
60,627,400 |
|
|
|
58,707,815 |
|
|
|
60,595,414 |
|
Common shares outstanding at end of period |
|
57,079,429 |
|
|
|
59,355,124 |
|
|
|
57,079,429 |
|
|
|
59,355,124 |
|
Common shares issued at end of period |
|
70,033,523 |
|
|
|
69,340,533 |
|
|
|
70,033,523 |
|
|
|
69,340,533 |
|
|
|
|
|
|
|
|
|
||||||||
Performance Ratios and Other Data: |
|
|
|
|
|
|
|
||||||||
Loan originations for investment |
$ |
2,801,110 |
|
|
$ |
1,735,651 |
|
|
$ |
8,145,703 |
|
|
$ |
6,235,451 |
|
Loan originations for sale |
|
47,821 |
|
|
|
45,200 |
|
|
|
144,731 |
|
|
|
158,500 |
|
Loan purchases |
|
— |
|
|
|
787 |
|
|
|
841,408 |
|
|
|
914 |
|
Return on average assets |
|
1.98 |
% |
|
|
1.71 |
% |
|
|
2.18 |
% |
|
|
1.60 |
% |
Return on average common stockholders’ equity |
|
20.71 |
% |
|
|
17.42 |
% |
|
|
22.65 |
% |
|
|
16.73 |
% |
Interest rate spread2 |
|
3.88 |
% |
|
|
3.46 |
% |
|
|
3.62 |
% |
|
|
3.57 |
% |
Net interest margin3 |
|
4.87 |
% |
|
|
4.42 |
% |
|
|
4.61 |
% |
|
|
4.41 |
% |
Net interest margin3 – Banking Business Segment |
|
4.92 |
% |
|
|
4.50 |
% |
|
|
4.68 |
% |
|
|
4.56 |
% |
Efficiency ratio4 |
|
45.20 |
% |
|
|
48.02 |
% |
|
|
42.05 |
% |
|
|
50.24 |
% |
Efficiency ratio4 – Banking Business Segment |
|
38.82 |
% |
|
|
47.48 |
% |
|
|
37.45 |
% |
|
|
48.78 |
% |
|
|
|
|
|
|
|
|
||||||||
Asset Quality Ratios: |
|
|
|
|
|
|
|
||||||||
Net annualized charge-offs to average loans |
|
0.07 |
% |
|
|
0.04 |
% |
|
|
0.05 |
% |
|
|
0.04 |
% |
Non-performing loans and leases to total loans |
|
0.63 |
% |
|
|
0.60 |
% |
|
|
0.63 |
% |
|
|
0.60 |
% |
Non-performing assets to total assets |
|
0.54 |
% |
|
|
0.51 |
% |
|
|
0.54 |
% |
|
|
0.51 |
% |
Allowance for credit losses - loans to total loans held for investment |
|
1.36 |
% |
|
|
1.01 |
% |
|
|
1.36 |
% |
|
|
1.01 |
% |
Allowance for credit losses - loans to non-performing loans |
|
210.95 |
% |
|
|
168.12 |
% |
|
|
210.95 |
% |
|
|
168.12 |
% |
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
|
|
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/20240430288574/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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