Company: AX
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001299709-25-000087
Chunk: 147

Company: Axos Financial, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 147
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146,261 $133,228 $13,033 $439,046 $375,573 $63,473 

For the three months ended March 31, 2025, non-interest expense increased $13.0 million, or 9.8%, primarily due to increases of:

•$7.3 million in salaries and related costs primarily due to increased headcount and salaries; 

•$3.5 million in data and operating processing to support the Company’s growth and continued investments in technology; and 

•$2.4 million in FDIC and regulatory fees primarily due to higher FDIC assessments.

For the nine months ended March 31, 2025, non-interest expense increased $63.5 million, or 16.9%, primarily due to increases of:

•$41.0 million in salaries and related costs primarily due to increased headcount and salaries;

•$7.4 million in data and operational processing to support the Company’s growth and continued investments in technology; and

•$7.0 million in FDIC and regulatory fees primarily due to higher FDIC assessments.

Additionally, general and administrative expense decreased $0.2 million and $1.7 million, for the three and nine months ended March 31, 2025, respectively, primarily due to the payment of the MUFG Union Bank N.A. judgment at an amount less than previously accrued.

40

Provision for Income Taxes

Income tax expense was $42.9 million and $135.4 million for the three and nine months ended March 31, 2025, respectively, compared to $44.8 million and $146.0 million for three and nine months ended March 31, 2024, respectively. Our effective income tax rates for the three months ended March 31, 2025 and 2024 were 28.95% and 28.82%. Our effective income tax rates for the nine months ended March 31, 2025 and 2024 were 29.58% and 29.72%, respectively.

SEGMENT RESULTS

Our Company determines reportable segments based on the services offered, the significance of the services offered, the significance of those services to our Company’s financial condition and operating results and management’s regular review of the operating results of those services. Our Company operates through two operating segments: the Banking Business Segment and the Securities Business Segment. In order to reconcile the two segments to the consolidated totals, our Company