Axos Financial Inc
For the period ended Dec 31, 2024. Filed Jan 28, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2024 · Filed Jan 28, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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SELECTED FINANCIAL INFORMATION
| (Dollars in thousands, except per share data) | December 31, 2024 | June 30, 2024 | December 31, 2023 |
|---|---|---|---|
| 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 5% aggregate debit items | $69,805 | $89,442 | $90,812 |
| 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 |
| 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 taxes | 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% |
| Nonaccrual 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 nonaccrual 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. For additional information on non-accrual loans, see “Financial Condition” herein.
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