Company: AX
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001299709-25-000087
Chunk: 149

Company: Axos Financial, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 149
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18,755 $(11,677)$701,367 Provision for credit losses26,500 — — 26,500 Non-interest income128,244 99,942 (36,387)191,799 Non-interest expense308,027 87,979 (20,433)375,573 Income before income taxes$488,006 $30,718 $(27,631)$491,093 

41

Banking Business Segment

For the three months ended March 31, 2025, the Banking Business Segment had income before income taxes of $152.1 million, compared to income before income taxes of $159.4 million for the prior year period. For the nine months ended March 31, 2025, the Banking Business Segment had income before income taxes of $469.8 million, compared to income before income taxes of $488.0 million for the prior year period. 

For the three and nine months ended March 31, 2025, the Banking Business Segment’s net interest income increased $13.8 million, or 5.3%, and $143.2 million, or 20.6%, respectively, compared to net interest income for the three and nine months ended March 31, 2024, respectively. The increase in net interest income was primarily due to a decrease in rates paid on deposits and higher loan balances.

For the three and nine months ended March 31, 2025, the Banking Business Segment’s non-interest income increased $0.8 million, or 6.4%, and decreased $104.0 million, or 81.1%, respectively, compared to non-interest income for the three and nine months ended March 31, 2024. The increase in non-interest income for the three months ended March 31, 2025 was primarily due to higher income on BOLI policies, while the decrease for the nine months ended March 31, 2025 primarily reflects the absence of the gain on the FDIC Loan Purchase in the current period. 

For the three and nine months ended March 31, 2025, the Banking Business Segment’s non-interest expense increased $13.4 million, or 12.7%, and $43.1 million, or 14.0%, respectively, compared to non-interest expense for the three and nine months ended March 31, 2024. The increase in non-interest expense for the three and nine months ended March