Company: AX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001299709-25-000184
Chunk: 78

Company: Axos Financial, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 78
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 Three Months Ended September 30, 2025(Dollars in thousands)Banking Business SegmentSecurities Business SegmentCorporate/EliminationsAxos ConsolidatedNet interest income$287,200 $8,194 $(4,344)$291,050 Provision for credit losses17,255 — — 17,255 Non-interest income12,375 29,457 (9,492)32,340 Non-interest expense128,493 29,367 (1,614)156,246 Income before income taxes$153,827 $8,284 $(12,222)$149,889 For the Three Months Ended September 30, 2024(Dollars in thousands)Banking Business SegmentSecurities Business SegmentCorporate/EliminationsAxos ConsolidatedNet interest income$288,492 $7,267 $(3,711)$292,048 Provision for credit losses14,000 — — 14,000 Non-interest income8,590 29,902 (9,883)28,609 Non-interest expense118,315 28,091 1,059 147,465 Income before income taxes$164,767 $9,078 $(14,653)$159,192 

Banking Business Segment

For the three months ended September 30, 2025, the Banking Business Segment had income before income taxes of $153.8 million, compared to income before income taxes of $164.8 million for the three months ended September 30, 2024.

For the three months ended September 30, 2025, the Banking Business Segment’s net interest income decreased  $1.3 million, or 0.4% compared to net interest income for the three months ended September 30, 2024. The decrease in net interest income was primarily due to a decrease in interest income on deposits in other financial institutions, primarily driven by lower rates earned, as well as lower interest earned on loans, reflecting lower rates earned, partially offset by higher average balances. These decreases were partially offset by a decrease in interest expense on demand and savings deposits, reflecting lower rates paid, partially offset by higher deposit balances.

The increase in non-interest income for the three months ended September 30, 2025 was primarily due to higher income on BOLI policies and more favorable servicing rights fair value adjustments in the current period.

For the three months ended September 30,