Axos Financial, Inc. - AX STOCK NEWS

Axos Financial, Inc. (NYSE: AX) announced the appointment of Derrick K. Walsh as Executive Vice President and Chief Financial Officer, effective September 23, 2021. Walsh, who joined Axos in 2013, previously served as Senior Vice President and Chief Accounting Officer. He succeeds Andrew J. Micheletti, who will transition to Executive Vice President, Finance. The change aims to ensure seamless leadership continuity as the company focuses on strategic growth and investor relations, with both the outgoing and incoming executives highlighting their collaborative history.

Axos Financial, Inc. (NYSE: AX) announced the election of Stefani Carter as an independent director, effective August 31, 2021. Carter brings a wealth of experience in legal, corporate governance, and public company board service. Chairman Paul Grinberg expressed confidence that her insights will benefit the company's growth. Carter, an attorney since 2005, has held various legal roles and has served in the Texas House of Representatives. Axos Financial continues its transformation from a consumer-focused bank to a diversified financial services entity.

Axos Financial, Inc. (NYSE: AX) has successfully completed its acquisition of E*TRADE Advisor Services (EAS), enhancing its investment advisory services. EAS, now rebranded as Axos Advisor Services, holds approximately $24.8 billion in assets under custody. The transition to a broker-dealer platform was achieved within four months, signaling quick integration. CEO Gregory Garrabrants highlighted the strategic importance of this deal, emphasizing growth opportunities in serving independent RIAs. The acquisition is expected to significantly boost Axos' banking and securities service offerings.

Axos Financial, Inc. (NYSE: AX) reported strong financial performance for Q4 and FY2021, with net income of $54.3 million for the quarter, up 19.8% YoY, and record annual net income of $215.7 million, a 17.6% increase. Diluted EPS grew to $0.90 and $3.56 for the quarter and year respectively, reflecting substantial growth in loan originations and interest income. However, non-interest income fell by 41.5% in Q4. The overall loan portfolio increased by 7.4% and total assets rose to $14.27 billion. The effective tax rate decreased to 27.99% from 33.31% year-over-year.

Axos Financial, Inc. (NYSE: AX) announced a conference call on July 29, 2021, at 5:00 PM ET to discuss its Q4 fiscal 2021 financial results, concluding on June 30, 2021. The earnings report will be made available earlier that day at 4:00 PM ET. CEO Gregory Garrabrants and CFO Andrew J. Micheletti will lead the discussion. Interested parties can join via Axos' website or by calling a designated toll-free number, with a replay option available until August 29, 2021. Axos Financial, with $14.8 billion in assets, operates Axos Bank and other financial services subsidiaries.

Axos Bank has been recognized for the second consecutive year by Kiplinger.com as one of the three Best Internet Banks and one of the Best Banks for Parents with Kids. The bank's no-fee checking accounts appeal to a wide range of customers, offering features like unlimited reimbursements for out-of-network ATM fees. Notable accounts include the Essential Checking with early paycheck access, the Rewards Checking that offers up to 1.25% APY, and CashBack Checking which provides cash back with certain conditions. Axos Bank boasts nearly $15 billion in assets.

Axos Bank's Business Interest Checking has been recognized as America’s Best Business Checking Account by WalletHub, receiving high praise for its offerings aimed at small businesses. Customers can earn up to 0.81% APY and can avoid monthly fees with a balance of $5,000. New clients opening an account by June 30, 2021, using promo code NEWBIZ100, can earn a $100 welcome bonus. With $14.8 billion in assets, Axos Financial is a significant player in the digital banking sector.

Axos Financial, Inc. (NYSE: AX) reported its third fiscal quarter results for the period ending March 31, 2021. Net income fell 4.3% to $53.6 million, with diluted earnings per share at $0.89, down from $0.91 year-over-year. Adjusted earnings also decreased by 3.9% to $55.4 million. Net interest income decreased by 8.7%, primarily due to a decline in tax product-related earnings. However, total assets rose 21.9% to $14.8 billion. The company announced plans to deploy excess capital in acquiring E*TRADE Advisor Services, enhancing its technological capabilities and fee income sources.

Axos Financial, Inc. (NYSE: AX) announced the acquisition of certain assets and liabilities of E*TRADE Advisor Services for $55 million. This purchase, funded by existing capital, is set to close in the third quarter of 2021. The acquisition will add approximately 200 RIA custody relationships with $23 billion in assets and $1.2 billion in client cash deposits, enhancing Axos Clearing's service offerings. The deal is expected to be 5% accretive to fiscal 2023 earnings per share, with a tangible book value earn-back in about three years.