Company: AX
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001299709-25-000087
Chunk: 135

Company: Axos Financial, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 135
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 an amount less than previously accrued.

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.

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Below is a reconciliation of total stockholders’ equity, the nearest comparable GAAP measure, to tangible book value (Non-GAAP):

(Dollars in thousands, except per share data)March 31, 2025June 30,2024March 31, 2024Common stockholders’ equity$2,603,900 $2,290,596 $2,196,293 Less: servicing rights, carried at fair value27,585 28,924 28,130 Less: goodwill and other intangible assets—net135,966 141,769 144,324 Tangible common stockholders’ equity (Non-GAAP)$2,440,349 $2,119,903 $2,023,839 Common shares outstanding at end of period56,865,524 56,894,565 57,079,429 Book value per common share45.79 40.26 38.48 Less: servicing rights, carried at fair value per common share0.49 0.51 0.49 Less: goodwill and other intangible assets—net per common share2.39 2.49 2.53 Tangible book value per common share (Non-GAAP)$42.91 $37.26 $35.46 

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SELECTED FINANCIAL INFORMATION

(Dollars in thousands, except per share data)March 31, 2025June 30, 2024March 31, 2024Selected Balance Sheet Data:Total assets$23,981,154$22,855,334$22,642,133Loans—net of allowance for credit losses20,193,63019,231,38518,733,455Loans held for sale, carried at fair value15,64416,48216,239Allowance for credit losses