Company: AX
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001299709-25-000011
Chunk: 137

Company: Axos Financial, Inc.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 2
Chunk 137
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34.83 %4.55 %5.00 %4.46 %Net interest margin3 – Banking Business Segment4.87 %4.62 %5.04 %4.54 %Efficiency ratio447.20 %34.54 %46.58 %40.50 %Efficiency ratio4 – Banking Business Segment40.95 %30.96 %40.37 %36.78 %Asset Quality Ratios:Net annualized charge-offs to average loans0.10 %0.04 %0.13 %0.04 %Nonaccrual loans to total loans1.26 %0.65 %1.26 %0.65 %Non-performing assets to total assets1.06 %0.60 %1.06 %0.60 %Allowance for credit losses - loans to total loans held for investment1.37 %1.33 %1.37 %1.33 %Allowance for credit losses - loans to nonaccrual loans5107.58 %205.50 %107.58 %205.50 %

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 decrease in the Allowance for credit losses - loans to nonaccrual loans is primarily attributable to the change in nonaccrual loans. For additional information on non-accrual loans, see “Financial Condition” herein.

36

RESULTS OF OPERATIONS

Comparison of the Three and Six Months Ended December 31, 2024 and 2023

For the three months ended December 31, 2024, we had net income of $104.7 million, or $1.80 per diluted share, compared to net income of $151.8 million, or $2.62 per diluted share, for the three months ended December 31, 2023. For the six months ended December 31, 2024, we had net income of $217.0 million, or $3.72 per