Company: AX
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001299709-25-000087
Chunk: 146

Company: Axos Financial, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 2
Chunk 146
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-interest income increased by $0.2 million, or 0.6%, primarily due to an increase in banking and servicing fee income, primarily driven by higher income on BOLI policies, partially offset by decreases of: 

•$0.7 million in mortgage banking and servicing rights income, primarily attributable to an unfavorable servicing rights fair value adjustment in the current period; and

• $0.5 million in prepayment penalty fee income, reflecting lower levels of prepayments.

For the nine months ended March 31, 2025, non-interest income decreased by $102.0 million, or 53.2%, primarily due to the absence of the gain on the FDIC Loan Purchase in the prior year period, as well as a decrease of $6.7 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.

Non-Interest Expense

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

For the Three Months EndedFor the Nine Months EndedMarch 31, March 31, (Dollars in thousands)20252024Inc (Dec)20252024Inc (Dec)Salaries and related costs$74,677 $67,419 $7,258 $223,067 $182,113 $40,954 Data and operational processing21,776 18,243 3,533 60,075 52,653 7,422 Depreciation and amortization6,847 7,221 (374)21,328 19,587 1,741 Advertising and promotional11,437 10,282 1,155 36,735 30,451 6,284 Professional services8,243 9,073 (830)27,210 24,860 2,350 Occupancy and equipment4,645 4,254 391 13,169 12,101 1,068 FDIC and regulatory fees7,620 5,232 2,388 20,568 13,616 6,952 Broker-dealer clearing charges4,177 4,459 (282)12,783 14,419 (1,636)General and administrative expense6,839 7,045 (206)24,111 25,773 (1,662)Total non-interest expense$