Company: AX
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001299709-25-000011
Chunk: 143

Company: Axos Financial, Inc.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 2
Chunk 143
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 and dividend income increased 15.6% from the three months ended December 31, 2023, primarily due to a $53.0 million increase in interest income on loans, mainly attributable to higher loan balances, and a $8.9 million increase in interest income on interest-earning deposits at other financial institutions.

For the three months ended December 31, 2024, total interest expense increased 6.0% from the three months ended December 31, 2023, primarily due to a $11.3 million increase in interest expense on demand and savings deposits, reflecting higher deposit balances, partially offset by lower rates paid.

For the six months ended December 31, 2024, net interest income totaled $572.1 million, an increase of $132.4 million, or 30.1%, compared to net interest income of $439.8 million for the six months ended December 31, 2023. For the six months ended December 31, 2024, net interest margin increased by 54 basis points compared to the net interest margin of 4.46% for the six months ended December 31, 2023.

For the six months ended December 31, 2024, total interest and dividend income increased 24.0% from the six months ended December 31, 2023, primarily due to a $164.3 million increase in interest income on loans, attributable to higher loan balances and higher rates earned, and a $17.8 million increase in interest income on interest-earning deposits at other financial institutions.

For the six months ended December 31, 2024, total interest expense increased 15.5% from the six months ended December 31, 2023, primarily due to a $54.7 million increase in interest expense on demand and savings deposits, mainly reflecting higher deposit balances.

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Provision for Credit Losses

The provision for credit losses was $12.2 million and $26.2 million for the three and six months ended December 31, 2024, respectively, compared to $13.5 million and $20.5 million for the three and six months ended December 31, 2023, respectively. The provision for credit losses consists of provisions for both funded loans and for unfunded lending commitments. The provision for credit losses for funded loans was $11.7 million and $23.2 million for the three and six months ended December 31, 2024,