Company: AX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001299709-25-000184
Chunk: 72

Company: Axos Financial, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 72
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 held for investment1.34 %1.35 %Allowance for credit losses - loans to nonaccrual loans5180.41 %149.32 %

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 increase in the Allowance for credit losses - loans to nonaccrual loans is primarily attributable to the increase in the ACL, including the impact of the Verdant acquisition. For additional information on the Verdant acquisition, see Note 2, “Acquisitions” in the accompanying interim condensed consolidated financial statements.

34

RESULTS OF OPERATIONS

Comparison of the Three Months Ended September 30, 2025 and 2024

For the three months ended September 30, 2025, we had net income of $112.4 million, or $1.94 per diluted share, compared to net income of $112.3 million, or $1.93 per diluted share, for the three months ended September 30, 2024.

Average Balances, Net Interest Income, Yields Earned and Rates Paid

The following table presents information regarding (i) average balances; (ii) the total amount of interest income from interest-earning assets and the weighted average yields on such assets; (iii) the total amount of interest expense on interest-bearing liabilities and the weighted average rates paid on such liabilities; (iv) net interest income; (v) interest rate spread; and (vi) net interest margin: 

For the Three Months Ended,September 30, 2025September 30, 2024(Dollars in thousands)AverageBalance1InterestIncome/ExpenseAverage YieldsEarned/RatesPaid2AverageBalance1InterestIncome/ExpenseAverage YieldsEarned/RatesPaid2Assets:Loans3, 4$21,507,709 $429,575 7.99 %$19,447,016 $438,229 9.01 %Non-purchased loans20,642,301 395,362 7.66 %18,469,398 382,459