Company: AX
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001299709-25-000011
Chunk: 81

Company: Axos Financial, Inc.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 1
Chunk 81
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,397)— 92,397 (92,397)Total non-interest income$27,799 $124,129 $(96,330)$56,408 $158,636 $(102,228)

40

For the three months ended December 31, 2024, non-interest income decreased by $96.3 million, or 77.6%, primarily due to the absence of the gain on the FDIC Loan Purchase in the prior year period, as well as decreases of: 

•$2.6 million in mortgage banking and servicing rights income, primarily attributable to losses related to loans sold, partially offset by a favorable servicing rights fair value adjustment in the current period; and

•$1.5 million in broker-dealer fee income, primarily attributable to lower average cash-sorting balances.

For the six months ended December 31, 2024, non-interest income decreased by $102.2 million, or 64.4%, primarily due to the absence of the gain on the FDIC Loan Purchase in the prior year period, as well as decreases of: 

•$6.0 million in mortgage banking and servicing rights income, primarily attributable to losses related to loans sold and the absence of a $1.9 million fair value gain in the prior year period; and

•$2.9 million in broker-dealer fee income, primarily attributable to lower average cash-sorting balances.

Non-Interest Expense

The following table sets forth information regarding our non-interest expense:

For the Three Months EndedFor the Six Months EndedDecember 31, December 31, (Dollars in thousands)20242023Inc (Dec)20242023Inc (Dec)Salaries and related costs$74,097 $58,883 $15,214 $148,390 $114,694 $33,696 Data and operational processing19,314 18,326 988 38,299 34,410 3,889 Depreciation and amortization7,031 6,488 543 14,481 12,366 2,115 Advertising and promotional11,045 9,794 1,251 25,298 20,169 5,129 Professional services9,072 5,976 3,096 18,967 15,787 3,180 Occupancy and equipment4,206 4,001 205 8,524 7,847