Company: AX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001299709-25-000184
Chunk: 80

Company: Axos Financial, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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For the three months ended September 30, 2025, non-interest expense increased $1.3 million or 4.5%, compared to the three months ended September 30, 2024. The increase reflects higher data and operational processing and professional services expenses.

The following table provides selected information for Axos Clearing:

(Dollars in thousands)September 30, 2025June 30, 2025FDIC insured deposit program balances at banks$1,534,502 $1,444,830 Margin balances$239,067 $229,387 Cash reserves for the benefit of customers$197,853 $146,835 Securities lending:Interest-earning assets – securities borrowed$182,518 $139,396 Interest-bearing liabilities – securities loaned$204,620 $139,426 

FINANCIAL CONDITION

Balance Sheet Analysis

Our total assets increased $2.6 billion, or 10.7%, to $27.4 billion at September 30, 2025, from $24.8 billion at June 30, 2025, primarily attributable to an increase in loans, mainly attributable to the Verdant acquisition, and higher cash and cash equivalents. Our total liabilities increased $2.5 billion, or 11.5%, to $24.6 billion at September 30, 2025 from $22.1 billion at June 30, 2025, primarily attributable to higher deposit balances, as well as secured financings assumed as part of the Verdant acquisition.

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Loans and Allowance for Credit Losses - Loans

The following table sets forth the composition of the loan portfolio:

September 30, 2025June 30, 2025(Dollars in thousands)AmountPercentAmountPercentSingle Family - Mortgage & Warehouse$4,540,889 19.6 %$4,395,278 20.4 %Multifamily and Commercial Mortgage2,793,762 12.1 %2,940,739 13.6 %Commercial Real Estate7,295,572 31.5 %6,937,187 32.2 %Commercial & Industrial - Non-RE7,980,981 34.5 %6,795,497 31.6 %Auto & Consumer531,044 2.3 %482,996 2.2 %Total gross loans23,142