Company: AX
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001299709-25-000011
Chunk: 82

Company: Axos Financial, Inc.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 1
Chunk 82
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 677 FDIC and regulatory fees6,992 3,935 3,057 12,948 8,384 4,564 Broker-dealer clearing charges4,299 5,948 (1,649)8,606 9,960 (1,354)General and administrative expense9,264 8,488 776 17,272 18,728 (1,456)Total non-interest expense$145,320 $121,839 $23,481 $292,785 $242,345 $50,440 

For the three months ended December 31, 2024, non-interest expense increased $23.5 million, or 19.3%, primarily due to increases of:

•$15.2 million in salaries and related costs primarily due to increased headcount and salaries; 

•$3.1 million in professional services primarily due to higher consulting and legal expenses; and 

•$3.1 million in FDIC and regulatory fees primarily due to higher FDIC assessments.

For the six months ended December 31, 2024, non-interest expense increased $50.4 million, or 20.8%, primarily due to increases of:

•$33.7 million in salaries and related costs primarily due to increased headcount and salaries; and

•$5.1 million in advertising and promotional expenses primarily due to higher marketing expenses, including deposit marketing expense; 

•$4.6 million in FDIC and regulatory fees primarily due to higher FDIC assessments; and

•$3.9 million in data and operational processing primarily due to continued investments in technology.

Provision for Income Taxes

Income tax expense was $45.6 million and $92.5 million for the three and six months ended December 31, 2024, respectively, compared to $65.6 million and $101.1 million for three and six months ended December 31, 2023, respectively. Our effective income tax rates for the three months ended December 31, 2024 and 2023 were 30.36% and 30.19%. Our effective income tax rates for the six months ended December 31, 2024 and 2023 were 29.88% and 30.14%, respectively.

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SEGMENT RESULTS

Our Company determines reportable segments based on the services offered, the significance of the services offered, the significance of those services to