Axos Financial, Inc. Announces Record Net Income of $215.7 million for Fiscal 2021

Earnings Per Share for the Fourth Quarter of Fiscal 2021 up 20.0% Year-over-Year

Axos Financial, Inc. (NYSE: AX) (“Axos”), parent company of Axos Bank (the “Bank”), today announced unaudited financial results for the fourth fiscal quarter and full fiscal year ended June 30, 2021. Net income for the quarter was $54.3 million, an increase of 19.8% over net income of $45.3 million for the quarter ended June 30, 2020. Earnings attributable to Axos’ common stockholders were $54.3 million or $0.90 per diluted share for the fourth quarter of fiscal 2021, an increase of 20.0% from $45.2 million or $0.75 per diluted share for the fourth quarter ended June 30, 2020.

Adjusted earnings and adjusted earnings per diluted common share (“Adjusted EPS”), non-GAAP measures, which exclude non-cash amortization expenses and other non-recurring costs increased 18.6% to $55.8 million and 17.9% to $0.92, respectively, for the quarter ended June 30, 2021 compared to $47.1 million and $0.78, respectively, for the quarter ended June 30, 2020.

Fourth Quarter Fiscal 2021 Financial Summary:

 

Three Months Ended

June 30,

 

 

(Dollars in thousands, except per share data)

2021

 

2020

 

% Change

Net interest income

$

141,654

 

 

$

117,272

 

 

20.8%

Non-interest income

$

16,801

 

 

$

28,702

 

 

(41.5)%

Net income

$

54,255

 

 

$

45,300

 

 

19.8%

Adjusted Earnings (Non-GAAP)1

$

55,811

 

 

$

47,052

 

 

18.6%

Net income attributable to common stockholders

$

54,255

 

 

$

45,223

 

 

20.0%

Diluted EPS

$

0.90

 

 

$

0.75

 

 

20.0%

Adjusted EPS (Non-GAAP)1

$

0.92

 

 

$

0.78

 

 

17.9%

1 See “Use of Non-GAAP Financial Measures”

 

 

 

 

 

For the fiscal year ended June 30, 2021, net income was a record $215.7 million, an increase of 17.6% over net income of $183.4 million for the twelve months ended June 30, 2020. Earnings attributable to Axos’ common stockholders were $215.5 million or $3.56 per diluted share for the twelve months ended June 30, 2021, an increase of 17.7% from $183.1 million or $2.98 per diluted share for the twelve months ended June 30, 2020. Record earnings for the fiscal year ended June 30, 2021 were primarily the result of growth in interest-earning assets and reduced cost of interest-earning liabilities. Operating expenses increased to support growth of the Bank due to higher levels of loan originations and deposit activities.

“We finished the year with strong net interest income growth of 4.4% over the linked quarter and 20.8% year-over-year as a result of solid growth in average assets and a stable net interest margin,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “Our Securities Business generated double-digit growth in margin balances and stock lending, resulting in a $0.5 million pretax income contribution this quarter. We see tremendous opportunities to deliver positive operating leverage in our securities clearing and custody businesses as we expand our product capabilities and scale.”

“We generated solid loan growth of 3.4% over the linked quarter and 20.3% year-over-year excluding single-family jumbo mortgages and single-family warehouse loans,” stated Andy Micheletti, Executive Vice President and Chief Financial Officer of Axos. “Our credit quality remains good, with 7 basis points of net annualized charge-offs to average loans excluding seasonal tax loan products in our fiscal 2021. We had another strong year in returns, with a ROE of 16.51% and a ROA of 1.52% for the twelve months ended June 30, 2021.”

Other Highlights:

  • Net interest margin was 3.92%, up 3 basis points from 3.89% for the three months ended June 30, 2020
  • Average funding costs were 61 basis points for the three months ended June 30, 2021 compared to 1.25% for the three months ended June 30, 2020
  • Pretax income for the Securities Business was $0.5 million compared to a pretax loss of $1.6 million in the three months ended June 30, 2020
  • Average loan balances for the three months ended June 30, 2021 grew $914.4 million, or 8.6%, compared to the three months ended June 30, 2020
  • Loan originations for investment for the three months ended June 30, 2021 increased by 38.4% to $1,824.5 million compared to $1,317.8 million for the quarter ended June 30, 2020
  • Return on average common stockholders’ equity was 15.56% for the three months ended June 30, 2021
  • Total net annualized charge-offs to average loans, excluding seasonal tax loan products, were 0.01% for the three months ended June 30, 2021
  • Tangible book value increased to $21.36 per share, up 16.8% compared to June 30, 2020

Fourth Quarter Fiscal 2021 Income Statement Summary

During the quarter ended June 30, 2021, Axos earned $54.3 million or $0.90 per diluted share compared to $45.3 million, or $0.75 per diluted share for the quarter ended June 30, 2020. Net interest income increased $24.4 million or 20.8% for the quarter ended June 30, 2021 compared to June 30, 2020, primarily due to the lower cost of deposits and borrowing resulting from interest rate reductions and increases in non-interest-bearing demand deposits.

The provision for credit losses was $1.3 million for the quarter ended June 30, 2021 compared to $6.5 million for the quarter ended June 30, 2020. The decrease was primarily due to overall loan portfolio decline and changes in the loan mix.

For the fourth quarter ended June 30, 2021, non-interest income was $16.8 million compared to $28.7 million for the three months ended June 30, 2020. The decrease year over year was primarily the result of decreases in mortgage banking fee income of $9.8 million and a decrease in banking and service fees of $3.8 million, partially offset by an increase in prepayment penalty fee income of $1.7 million and an increase in broker-dealer fee income of $0.7 million.

Non-interest expense or operating costs increased $10.3 million to $81.9 million for the quarter ended June 30, 2021 from $71.5 million for the three months ended June 30, 2020. The increase was mainly a result of an increase in data processing of $4.1 million, due to software initiatives and enhancements to the Bank’s core processing system. Additional contributors to the increase in operating expenses were an increase in other general and administrative of $2.9 million, an increase in professional services of $1.7 million, an increase of $1.0 million in broker-dealer clearing charges, an increase in occupancy and equipment related expenses of $1.0 million, and an increase in advertising and promotional expenses of $0.8 million.

Our effective tax rate was 27.99% for the three months ended June 30, 2021 compared to 33.31% for the three months ended June 30, 2020. The decrease in the tax rate for the three months ended June 30, 2021, is primarily due to a tax benefit from stock compensation during the quarter ended June 30, 2021, compared to a write off of a deferred tax asset for stock compensation that wasn’t expected to be realized in the future, which resulted in $2.0 million of additional expense for the three months ended June 30, 2020.

Full Year Fiscal 2021 Highlights

  • Net income reached a record $215.7 million, an increase of 17.6% compared to the fiscal year ended June 30, 2020
  • Earnings per diluted share outstanding were $3.56, up 19.5% from $2.98 in the fiscal year ended June 30, 2020
  • Loan originations for investment for the fiscal year ended June 30, 2021 were $7,304.4 million, up 7.4% compared to the fiscal year ended June 30, 2020
  • Net interest margin for the Banking Business decreased to 4.11% for the fiscal year ended June 30, 2021 compared to 4.19% for the fiscal year ended June 30, 2020
  • Mortgage banking income increased by 104.2% to $42.2 million for the twelve months ended June 30, 2021
  • Efficiency for the Banking Business was 41.95% for the fiscal year ended June 30, 2021 compared to 39.81% for the fiscal year ended June 30, 2020
  • Return on average assets remained strong at 1.52% for the fiscal year ended June 30, 2021

Balance Sheet Summary

Axos’ total assets increased $413.7 million, or 3.0%, to $14,265.6 million, as of June 30, 2021, up from $13,851.9 million at June 30, 2020. The loan portfolio increased $783.5 million or 7.4% on a net basis. Total cash decreased by $912.7 million primarily due to decreased deposits. Total liabilities increased by $243.6 million, or 1.9%, to $12,864.6 million at June 30, 2021, up from $12,621.1 million at June 30, 2020. The increase in total liabilities resulted primarily from growth in securities loaned of $473.0 million, advances from the Federal Home Loan Bank of $111.0 million and customer and broker-dealer payables of $187.8 million, partially offset by decreased deposits of $520.9 million. Stockholders’ equity increased by $170.1 million, or 13.8%, to $1,400.9 million at June 30, 2021 from $1,230.8 million at June 30, 2020. The increase was primarily the result of $215.7 million in net income and $10.0 million of vesting and issuance of RSUs and stock-based compensation expense, partially offset by a $37.0 million adjustment to retained earnings for the adoption of ASC 326, $16.8 million of stock repurchases, $5.2 million for redemption of series-A preferred stock, $3.4 million of unrealized loss in other comprehensive income, net of tax, and $0.1 million of dividends declared on preferred stock.

The Bank’s Tier 1 core capital to adjusted average assets ratio was 9.45% at June 30, 2021.

Conference Call

A conference call and webcast will be held on Thursday, July 29, 2021 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 may be accessed at Axos’ website, http://www.axosfinancial.com. For those unable to listen to the live broadcast, a replay will be available until August 29, 2021, at Axos’ website and telephonically by dialing toll-free number 877-660-6853, passcode 13721053.

About Axos Financial, Inc. and subsidiaries

The condensed consolidated financial statements include the accounts of Axos Financial, Inc. (“Axos”) and its wholly owned subsidiaries, Axos Bank (the “Bank”) and Axos Nevada Holding, LLC (“Axos Nevada Holding” and collectively, the “Company”). Axos Nevada Holding wholly owns its subsidiary Axos Securities, LLC, which wholly owns subsidiaries Axos Clearing LLC, a clearing broker-dealer, Axos Invest, Inc., a registered investment advisor, and Axos Invest LLC, an introducing broker-dealer. With approximately $14.3 billion in assets, Axos Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. Axos Clearing LLC and Axos Invest, Inc. provide comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents, and digital investment advisory services to retail investors, respectively. Axos Financial, Inc.’s common stock is listed on the NYSE under the symbol “AX” and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index. For more information on Axos Bank, please visit axosbank.com.

SEGMENT REPORTING

The Company determines reportable segments based on the services offered, the significance of the services offered, the significance of those services to the Company’s financial condition and operating results and the CEO’s evaluation of the operating results of those services in deciding how to allocate resources and assess performance. 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.

The following tables present the operating results of the segments and reconciliations:

 

For the Three Months Ended June 30, 2021

(Dollars in thousands)

Banking

Business

 

Securities

Business

 

Corporate/Eliminations

 

Axos

Consolidated

Net interest income

$

137,493

 

 

$

5,744

 

 

$

(1,583

)

 

 

$

141,654

 

Provision for loan losses

1,250

 

 

 

 

 

 

 

1,250

 

Non-interest income

10,442

 

 

6,902

 

 

(543

)

 

 

16,801

 

Non-interest expense

66,863

 

 

12,149

 

 

2,848

 

 

 

81,860

 

Income (Loss) before income taxes

$

79,822

 

 

$

497

 

 

$

(4,974

)

 

 

$

75,345

 

 

For the Three Months Ended June 30, 2020

(Dollars in thousands)

Banking

Business

 

Securities

Business

 

Corporate/Eliminations

 

Axos

Consolidated

Net interest income

$

114,264

 

 

$

3,493

 

 

 

$

(485

)

 

 

$

117,272

 

Provision for loan losses

6,500

 

 

 

 

 

 

 

 

6,500

 

Non-interest income

23,100

 

 

5,730

 

 

 

(128

)

 

 

28,702

 

Non-interest expense

56,348

 

 

10,869

 

 

 

4,327

 

 

 

71,544

 

Income (Loss) before income taxes

$

74,516

 

 

$

(1,646

)

 

 

$

(4,940

)

 

 

$

67,930

 

 

Twelve Months Ended June 30, 2021

(Dollars in thousands)

Banking

Business

 

Securities

Business

 

Corporate/Eliminations

 

Axos

Consolidated

Net interest income

$

527,760

 

 

$

18,746

 

 

 

$

(7,764

)

 

 

$

538,742

 

Provision for loan losses

23,750

 

 

 

 

 

 

 

 

23,750

 

Non-interest income

79,150

 

 

27,627

 

 

 

(1,516

)

 

 

105,261

 

Non-interest expense

254,596

 

 

48,095

 

 

 

11,819

 

 

 

314,510

 

Income (Loss) before income taxes

$

328,564

 

 

$

(1,722

)

 

 

$

(21,099

)

 

 

$

305,743

 

 

Twelve Months Ended June 30, 2020

(Dollars in thousands)

Banking

Business

 

Securities

Business

 

Corporate/Eliminations

 

Axos

Consolidated

Net interest income

$

464,448

 

 

$

16,630

 

 

 

$

(3,467

)

 

 

$

477,611

 

Provision for loan losses

42,200

 

 

 

 

 

 

 

 

42,200

 

Non-interest income

80,374

 

 

24,817

 

 

 

(2,204

)

 

 

102,987

 

Non-interest expense

216,895

 

 

43,525

 

 

 

15,346

 

 

 

275,766

 

Income (Loss) before income taxes

$

285,727

 

 

$

(2,078

)

 

 

$

(21,017

)

 

 

$

262,632

 

Use of Non-GAAP Financial Measures

In addition to the results presented in accordance with GAAP, this report includes non-GAAP financial measures such as adjusted earnings, adjusted earnings per diluted common share, and tangible book value per common share. Non-GAAP financial measures have inherent limitations, may not be comparable to similarly titled measures used by other companies and are not audited. Readers should be aware of these limitations and should be cautious as to their reliance on such measures. Although we believe the non-GAAP financial measures disclosed in this report enhance investors’ understanding of our business and performance, these non-GAAP measures should not be considered in isolation, or as a substitute for GAAP basis financial measures.

We define “adjusted earnings”, a non-GAAP financial measure, as net income without the after-tax impact of non-recurring acquisition-related costs and other costs (unusual or non-recurring charges), as adjusted earnings, a non-GAAP financial measure. Adjusted earnings per diluted common share (“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 the Bank’s operating performance. We believe excluding the non-recurring acquisition related costs and other (unusual or non-recurring) 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

 

Twelve Months Ended

 

June 30,

 

June 30,

(Dollars in thousands, except per share amounts)

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

$

54,255

 

 

 

$

45,300

 

 

 

$

215,707

 

 

 

$

183,438

 

 

Acquisition-related costs

2,161

 

 

 

2,627

 

 

 

9,826

 

 

 

10,108

 

 

Income taxes

(605

)

 

 

(875

)

 

 

(2,894

)

 

 

(3,048

)

 

Adjusted earnings (Non-GAAP)

$

55,811

 

 

 

$

47,052

 

 

 

$

222,639

 

 

 

$

190,498

 

 

Adjusted EPS (Non-GAAP)

$

0.92

 

 

 

$

0.78

 

 

 

$

3.68

 

 

 

$

3.10

 

 

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 mortgage 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 to tangible book value (Non-GAAP) as of the dates indicated:

 

June 30,

(Dollars in thousands, except per share amounts)

2021

 

2020

Total stockholders’ equity

$

1,400,936

 

 

$

1,230,846

 

Less: preferred stock

 

 

5,063

 

Common stockholders’ equity

1,400,936

 

 

1,225,783

 

Less: mortgage servicing rights, carried at fair value

17,911

 

 

10,675

 

Less: goodwill and other intangible assets

115,972

 

 

125,389

 

Tangible common stockholders’ equity (Non-GAAP)

$

1,267,053

 

 

$

1,089,719

 

Common shares outstanding at end of period

59,317,944

 

 

59,612,635

 

Tangible book value per common share (Non-GAAP)

$

21.36

 

 

$

18.28

 

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’ ability to continue to grow profitably and increase its business, following closing, Axos’ ability to integrate E*TRADE Advisor Services and realize the benefits of the transaction, Axos’ ability to continue to diversify its lending and deposit franchises and the anticipated timing and financial performance of other offerings, initiatives, and acquisitions. 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 uncertainties surrounding the severity, duration, and effects of the COVID-19 pandemic, Axos’ ability to successfully integrate acquisitions and realize the anticipated benefits of the transactions, changes in the interest rate environment, inflation, government regulation, general economic conditions, conditions in the real estate markets in which we operate, risks associated with credit quality, the outcome and effects of pending class action litigation filed against the Company and other factors beyond our control. These and other risks and uncertainties detailed in Axos’ periodic reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those expressed or implied in any forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Axos undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

The following tables set forth certain selected financial data concerning the periods indicated:

AXOS FINANCIAL, INC. AND SUBSIDIARIES

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited – dollars in thousands)

 

(Dollars in thousands)

June 30,

2021

 

June 30,

2020

 

June 30,

2019

Selected Balance Sheet Data:

 

 

 

 

 

Total assets

$

14,265,565

 

 

$

13,851,900

 

 

$

11,220,238

 

Loans—net of allowance for credit losses

11,414,814

 

 

10,631,349

 

 

9,382,124

 

Loans held for sale, carried at fair value

29,768

 

 

51,995

 

 

33,260

 

Loans held for sale, lower of cost or fair value

12,294

 

 

44,565

 

 

4,800

 

Allowance for credit losses - loans

132,958

 

 

75,807

 

 

57,085

 

Securities—trading

1,983

 

 

105

 

 

 

Securities—available-for-sale

187,335

 

 

187,627

 

 

227,513

 

Securities borrowed

619,088

 

 

222,368

 

 

144,706

 

Customer, broker-dealer and clearing receivables

369,815

 

 

220,266

 

 

203,192

 

Total deposits

10,815,797

 

 

11,336,694

 

 

8,983,173

 

Advances from the FHLB

353,500

 

 

242,500

 

 

458,500

 

Borrowings, subordinated notes and debentures

221,358

 

 

235,789

 

 

168,929

 

Securities loaned

728,988

 

 

255,945

 

 

198,356

 

Customer, broker-dealer and clearing payables

535,425

 

 

347,614

 

 

238,604

 

Total stockholders’ equity

1,400,936

 

 

1,230,846

 

 

1,073,050

 

 

 

 

 

 

 

Capital Ratios:

 

 

 

 

 

Equity to assets at end of period

9.82

%

 

8.89

%

 

9.56

%

Axos Financial, Inc.:

 

 

 

 

 

Tier 1 leverage (core) capital to adjusted average assets

8.82

%

 

8.97

%

 

8.75

%

Common equity tier 1 capital (to risk-weighted assets)

11.36

%

 

11.22

%

 

11.43

%

Tier 1 capital (to risk-weighted assets)

11.36

%

 

11.27

%

 

11.49

%

Total capital (to risk-weighted assets)

13.78

%

 

12.64

%

 

12.91

%

Axos Bank:

 

 

 

 

 

Tier 1 leverage (core) capital to adjusted average assets

9.45

%

 

9.25

%

 

9.21

%

Common equity tier 1 capital (to risk-weighted assets)

12.28

%

 

11.79

%

 

12.14

%

Tier 1 capital (to risk-weighted assets)

12.28

%

 

11.79

%

 

12.14

%

Total capital (to risk-weighted assets)

13.21

%

 

12.62

%

 

12.89

%

Axos Clearing, LLC:

 

 

 

 

 

Net capital

$

35,950

 

 

$

34,022

 

 

$

25,027

 

Excess capital

$

27,904

 

 

$

29,450

 

 

$

21,199

 

Net capital as a percentage of aggregate debit items

8.94

%

 

14.88

%

 

13.08

%

Net capital in excess of 5% aggregate debit items

$

15,836

 

 

$

22,593

 

 

$

15,458

 

AXOS FINANCIAL, INC. AND SUBSIDIARIES

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited – dollars in thousands, except per share data)

 

 

At or for the Three Months Ended

 

At or for the Fiscal year ending

 

June 30,

 

June 30,

(Dollars in thousands, except per share data)

2021

 

2020

 

2021

 

2020

Selected Income Statement Data:

 

 

 

 

 

 

 

Interest and dividend income

$

156,921

 

 

$

144,143

 

 

$

617,863

 

 

$

622,839

 

Interest expense

15,267

 

 

26,871

 

 

79,121

 

 

145,228

 

Net interest income

141,654

 

 

117,272

 

 

538,742

 

 

477,611

 

Provision for credit losses

1,250

 

 

6,500

 

 

23,750

 

 

42,200

 

Net interest income after provision for loan losses

140,404

 

 

110,772

 

 

514,992

 

 

435,411

 

Non-interest income

16,801

 

 

28,702

 

 

105,261

 

 

102,987

 

Non-interest expense

81,860

 

 

71,544

 

 

314,510

 

 

275,766

 

Income before income tax expense

75,345

 

 

67,930

 

 

305,743

 

 

262,632

 

Income tax expense

21,090

 

 

22,630

 

 

90,036

 

 

79,194

 

Net income

$

54,255

 

 

$

45,300

 

 

$

215,707

 

 

$

183,438

 

Net income attributable to common stock

$

54,255

 

 

$

45,223

 

 

$

215,518

 

 

$

183,129

 

 

 

 

 

 

 

 

 

Per Share Data:

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

Basic

$

0.92

 

 

$

0.76

 

 

$

3.64

 

 

$

3.01

 

Diluted

$

0.90

 

 

$

0.75

 

 

$

3.56

 

 

$

2.98

 

Adjusted earnings per common share (Non-GAAP)

$

0.92

 

 

$

0.78

 

 

$

3.68

 

 

$

3.10

 

Book value per common share

$

23.62

 

 

$

20.56

 

 

$

23.62

 

 

$

20.56

 

Tangible book value per common share (Non-GAAP)

$

21.36

 

 

$

18.28

 

 

$

21.36

 

 

$

18.28

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding:

 

 

 

 

 

 

 

Basic

59,241,753

 

 

59,648,076

 

 

59,229,495

 

 

60,794,555

 

Diluted

60,546,574

 

 

60,158,545

 

 

60,519,611

 

 

61,437,635

 

Common shares outstanding at end of period

59,317,944

 

 

59,612,635

 

 

59,317,944

 

 

59,612,635

 

Common shares issued at end of period

68,069,321

 

 

67,323,053

 

 

68,069,321

 

 

67,323,053

 

 

 

 

 

 

 

 

 

Performance Ratios and Other Data:

 

 

 

 

 

 

 

Loan originations for investment

$

1,824,527

 

 

$

1,317,826

 

 

$

7,304,414

 

 

$

6,797,971

 

Loan originations for sale

$

259,017

 

 

$

315,349

 

 

$

1,608,700

 

 

$

1,601,579

 

Loan purchases

$

1,435

 

 

$

 

 

$

3,619

 

 

$

 

Return on average assets

1.46

%

 

1.45

%

 

1.52

%

 

1.53

%

Return on average common stockholders’ equity

15.56

%

 

14.71

%

 

16.51

%

 

15.65

%

Interest rate spread1

3.73

%

 

3.53

%

 

3.70

%

 

3.65

%

Net interest margin2

3.92

%

 

3.89

%

 

3.92

%

 

4.12

%

Net interest margin2 - Banking Business Segment only

4.16

%

 

3.95

%

 

4.11

%

 

4.19

%

Efficiency ratio3

51.66

%

 

49.01

%

 

48.84

%

 

47.50

%

Efficiency ratio3 - Banking Business Segment only

45.20

%

 

41.02

%

 

41.95

%

 

39.81

%

 

 

 

 

 

 

 

 

Asset Quality Ratios:

 

 

 

 

 

 

 

Net annualized charge-offs to average loans

0.22

%

 

0.67

%

 

0.12

%

 

0.23

%

Net annualized charge-offs to average loans, excluding seasonal tax loan products

0.01

%

 

0.05

%

 

0.07

%

 

0.08

%

Non-performing loans to total loans

1.26

%

 

0.82

%

 

1.26

%

 

0.82

%

Non-performing assets to total assets

1.07

%

 

0.68

%

 

1.07

%

 

0.68

%

Allowance for credit losses to total loans held for investment at end of period

1.15

%

 

0.71

%

 

1.15

%

 

0.71

%

Allowance for credit losses to non-performing loans

91.57

%

 

86.20

%

 

91.57

%

 

86.20

%

1.

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

2.

Net interest margin represents annualized net interest income as a percentage of average interest-earning assets

3.

Efficiency ratio represents non-interest expense as a percentage of the aggregate of net interest income and non-interest income.

 

Contacts

Investor Relations Contact:

Johnny Lai, CFA

VP, Corporate Development & Investor Relations

1-858-649-2218

jlai@axosfinancial.com

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