Company: AX
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001299709-25-000011
Chunk: 84

Company: Axos Financial, Inc.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 1
Chunk 84
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$(25,040)$309,522 For the Six Months Ended December 31, 2023(Dollars in thousands)Banking BusinessSecurities BusinessCorporate/EliminationsAxos ConsolidatedNet interest income$435,854 $11,622 $(7,715)$439,761 Provision for credit losses20,500 — — 20,500 Non-interest income116,336 67,196 (24,896)158,636 Non-interest expense203,068 55,491 (16,214)242,345 Income before income taxes$328,622 $23,327 $(16,397)$335,552 

42

Banking Business Segment

For the three months ended December 31, 2024, our Banking Business Segment had income before income taxes of $152.9 million, compared to income before income taxes of $214.6 million for the prior year period. For the six months ended December 31, 2024, our Banking Business Segment had income before income taxes of $317.7 million, compared to income before income taxes of $328.6 million for the prior year period. 

For the three and six months ended December 31, 2024, the Banking Business Segment’s net interest income increased $50.1 million, or 22.10%, and $129.4 million, or 29.68%, respectively, compared to net interest income for the three and six months ended December 31, 2023, respectively. The increase in net interest income was primarily due to an increase in interest income on loans and interest-earning deposits at other financial institutions, partially offset by higher interest expense on demand and savings deposits.

For the three and six months ended December 31, 2024, the Banking Business Segment’s non-interest income decreased $100.8 million, or 97.2%, and $104.8 million, or 90.1%, respectively, compared to non-interest income for the three and six months ended December 31, 2023. The decrease in non-interest income for the three and six months ended December 31, 2024 was primarily due to absence of the gain on the FDIC Loan Purchase in the current period. 

For the three and six months ended December 31, 2024, the Banking Business Segment’s non-interest expense increased $12.3 million, or 12.0%, and $29.8 million,