Inferra AI / Company / AX / Slides
Axos Financial, Inc. — Presentation / slide deck (8-K exhibit)
Axos Financial, Inc. (AX) · 10 slides · Filed Apr 30, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All AX deck slides
Slide 1 — Axos Q3 Fiscal 2026
Axos Q3 Fiscal 2026 Earnings Supplement NYSE: AX April 30, 2026
Slide 2 — Loan Growth by Category
2 © 2026 Axos Financial, Inc. All Rights Reserved. 2 Loan Growth by Category $ Millions SF Warehouse Lending Multifamily Small Balance Commercial Jumbo Mortgage Asset-Based and Cash Flow Lending Lender Finance Non-RE Capital Call Facilities Auto Unsecured/OD Single Family Mortgage & Warehouse Multifamily & Commercial Mortgage Commercial Real Estate Commercial & Industrial Non-RE Loans Inc (Dec) Q2 FY26 Q3 FY26 $ 33 $ 3,751 $ 3,784 (123) 1,044 921 (32) 1,469 1,437 8 1,029 1,037 174 7,061 7,235 146 1,342 1,488 (155) 2,401 2,246 103 2,817 2,920 63 1,598 1,661 437 1,688 2,125 31 507 538 10 69 79 $ 695 $ 24,776 $ 25,471 Lender Finance RE CRE Specialty Auto & Consumer Equipment Lending and Leasing
Slide 3 — Diversified Deposit Gathering
3 © 2026 Axos Financial, Inc. All Rights Reserved. 3 Diversified Deposit Gathering Deposit balances as of March 31, 2026 Note 1: Excludes approximately $450 million of off-balance sheet deposits › Serves approximately 30% of U.S. Chapter 7 bankruptcy trustees in exclusive relationship › Software allows servicing of SEC receivers and non-chapter 7 cases › Full service digital banking, wealth management, and securities trading › White-label banking › Business banking with simple suite of cash management services › 1031 exchange firms › Title and escrow companies › HOA and property management › Business management and entertainment › Broker-dealer client cash › Broker-dealer reserve accounts › Full service treasury/cash management › Team enhancements and geographic expansion › Bank and securities cross-sell Fiduciary Services $1.1B Consumer Direct $10.8B Specialty Deposits $3.2B Distribution Partners $0.3B Axos Securities1 $1.1B Small Business Banking $0.9B Commercial & Treasury Management $5.0B Approximately 85% of deposits are FDIC-insured or collateralized Total Deposits: $22.4B
Slide 4 — Change in Allowance for Credit Losses (ACL) & Unfunded
4 © 2026 Axos Financial, Inc. All Rights Reserved. 4 Change in Allowance for Credit Losses (ACL) & Unfunded Loan Commitments Reserve (UCL) ($ in millions) ACL + UCL ACL + UCL (20.9)
Slide 5 — Credit Quality ($ millions)
5 © 2026 Axos Financial, Inc. All Rights Reserved. 5 Credit Quality ($ millions) % Non-Accrual Loans Loans O/S March 31, 2026 1.21 % $ 57 $ 4,705 Single Family-Mortgage & Warehouse 0.28 7 2,474 Multifamily and Commercial Mortgage 0.17 15 8,723 Commercial Real Estate 1.09 98 8,952 Commercial & Industrial - Non-RE 0.49 3 617 Auto & Consumer 0.71 % $ 180 $ 25,471 Total % Non-Accrual Loans Loans O/S December 31, 2025 1.17 % $ 56 $ 4,795 Single Family-Mortgage & Warehouse 0.24 6 2,498 Multifamily and Commercial Mortgage 0.26 22 8,403 Commercial Real Estate 0.76 65 8,504 Commercial & Industrial - Non-RE 0.52 3 576 Auto & Consumer 0.61 % $ 152 $ 24,776 Total % Non-Accrual Loans Loans O/S March 31, 2025 1.05 % $ 44 $ 4,195 Single Family-Mortgage & Warehouse 1.02 34 3,341 Multifamily and Commercial Mortgage 0.53 34 6,356 Commercial Real Estate 1.11 71 6,390 Commercial & Industrial - Non-RE 0.45 2 447 Auto & Consumer 0.89 % $ 185 $ 20,729 Total
Slide 6 — AXOS FINANCIAL, INC.
6 © 2026 Axos Financial, Inc. All Rights Reserved. 6 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Selected Balance Sheet Data: $ 23,981,154 $ 24,783,078 $ 27,431,817 $ 28,201,406 $ 29,248,986 Total assets 20,193,630 21,049,610 22,635,137 24,272,552 24,957,536 Loans—net of allowance for credit losses 15,644 10,012 12,202 18,826 23,964 Loans held for sale, carried at fair value 279,950 290,049 307,431 327,043 346,702 Allowance for credit losses 346 649 533 880 444 Securities—trading 79,958 66,008 57,798 811,126 801,439 Securities—available-for-sale 91,915 139,396 182,518 109,141 133,015 Securities borrowed 300,907 252,720 263,095 277,308 333,699 Customer, broker-dealer and clearing receivables 20,136,714 20,829,543 22,264,753 23,232,748 22,388,135 Total deposits 60,000 60,000 60,000 60,000 1,805,000 Advances from the FHLB — — 782,423 691,507 634,452 Secured financings 377,427 312,671 510,064 364,814 378,065 Borrowings, subordinated notes and debentures 111,094 139,426 204,620 128,869 148,668 Securities loaned 314,399 350,606 385,821 358,727 338,592 Customer, broker-dealer and clearing payables $ 2,603,900 $ 2,680,677 $ 2,793,121 $ 2,930,092 $ 3,065,183 Total stockholders’ equity 56,865,524 56,483,617 56,643,547 56,677,323 56,882,190 Common shares outstanding at end of period 70,813,637 71,101,642 71,356,152 71,419,706 71,724,042 Common shares issued at end of period Per Common Share Data: $ 45.79 $ 47.46 $ 49.31 $ 51.70 $ 53.89 Book value per common share $ 42.91 $ 44.60 $ 45.21 $ 47.79 $ 49.71 Tangible book value per common share (Non-GAAP)1 Capital Ratios: 10.86 % 10.82 % 10.18 % 10.39 % 10.48 % Equity to assets at end of period Axos Financial, Inc.: 10.45 % 10.73 % 10.26 % 9.80 % 10.17 % Tier 1 leverage (to adjusted average assets) 12.39 % 12.52 % 11.66 % 11.65 % 11.65 % Common equity tier 1 capital (to risk-weighted assets) 12.39 % 12.52 % 11.66 % 11.65 % 11.65 % Tier 1 capital (to risk-weighted assets) 15.21 % 15.28 % 15.20 % 14.39 % 14.32 % Total capital (to risk-weighted assets) Axos Bank: 10.14 % 10.23 % 9.69 % 9.15 % 9.39 % Tier 1 leverage (to adjusted average assets) 12.31 % 12.42 % 11.37 % 11.12 % 10.90 % Common equity tier 1 capital (to risk-weighted assets) 12.31 % 12.42 % 11.37 % 11.12 % 10.90 % Tier 1 capital (to risk-weighted assets) 13.49 % 13.70 % 12.62 % 12.37 % 12.13 % Total capital (to risk-weighted assets) Axos Clearing LLC: $ 79,264 $ 86,996 $ 91,442 $ 94,673 $ 103,752 Net capital $ 73,172 $ 81,834 $ 86,042 $ 88,369 $ 97,249 Excess capital 26.02 % 33.71 % 33.87 % 30.04 % 31.91 % Net capital as a percentage of aggregate debit items $ 64,035 $ 74,091 $ 77,942 $ 78,913 $ 87,495 Net capital in excess of 5% aggregate debit items AXOS FINANCIAL, INC. SELECTED FINANCIAL INFORMATION (Unaudited – dollars in thousands)
Slide 7 — AXOS FINANCIAL, INC.
7 © 2026 Axos Financial, Inc. All Rights Reserved. 7 At or For The Three Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Selected Income Statement Data: $ 432,722 $ 442,413 $ 465,736 $ 513,845 $ 478,241 Interest and dividend income 157,258 162,252 174,686 182,136 171,980 Interest expense 275,464 280,161 291,050 331,709 306,261 Net interest income 14,500 14,997 17,255 25,000 41,000 Provision for credit losses 260,964 265,164 273,795 306,709 265,261 Net interest income, after provision for credit losses 33,373 41,285 32,340 53,378 85,988 Non-interest income 146,261 150,652 156,246 184,574 185,953 Non-interest expense 148,076 155,797 149,889 175,513 165,296 Income before income taxes 42,870 45,122 37,537 47,116 40,619 Income taxes $ 105,206 $ 110,675 $ 112,352 $ 128,397 $ 124,677 Net income Weighted average number of common shares outstanding: 57,029,078 56,392,620 56,512,587 56,660,833 56,724,054 Basic 58,174,696 57,558,280 57,782,828 57,731,339 58,073,257 Diluted Per Common Share Data: Net income: $ 1.84 $ 1.96 $ 1.99 $ 2.27 $ 2.20 Basic $ 1.81 $ 1.92 $ 1.94 $ 2.22 $ 2.15 Diluted $ 1.81 $ 1.94 $ 2.07 $ 2.25 $ 1.90 Adjusted earnings per common share (Non-GAAP)1 Performance Ratios and Other Data: $ 706,903 $ 855,980 $ 1,585,527 $ 1,637,415 $ 684,984 Growth in loans held for investment, net $ 20,962 $ 42,487 $ 47,122 $ 61,009 $ 70,080 Loan originations for sale 1.77 % 1.85 % 1.77 % 1.83 % 1.77 % Return on average assets 16.44 % 16.85 % 15.94 % 17.44 % 16.26 % Return on average common stockholders’ equity 3.91 % 3.97 % 3.89 % 4.17 % 3.88 % Interest rate spread2 4.78 % 4.84 % 4.75 % 4.94 % 4.57 % Net interest margin3 4.83 % 4.88 % 4.80 % 5.02 % 4.62 % Net interest margin3 – Banking Business Segment 47.36 % 46.87 % 48.32 % 47.93 % 47.41 % Efficiency ratio4 41.53 % 40.94 % 42.89 % 41.39 % 41.54 % Efficiency ratio4 – Banking Business Segment Asset Quality Ratios: 0.09 % 0.16 % 0.11 % 0.04 % 0.31 % Net annualized charge-offs to average loans 0.89 % 0.79 % 0.74 % 0.61 % 0.71 % Nonaccrual loans to total loans 0.79 % 0.71 % 0.64 % 0.56 % 0.62 % Non-performing assets to total assets 1.37 % 1.36 % 1.34 % 1.33 % 1.37 % Allowance for credit losses - loans to total loans held for investment 151.28 % 170.23 % 180.41 % 215.81 % 192.15 % Allowance for credit losses - loans to non-performing loans 1 See “Use of Non-GAAP Financial Measures” herein. 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. AXOS FINANCIAL, INC. SELECTED FINANCIAL INFORMATION (Unaudited – dollars in thousands)
Slide 8 — Use of Non-GAAP Financial Measures
8 © 2026 Axos Financial, Inc. All Rights Reserved. 8 1 Favorable legal settlement reflects the recognition of a legal settlement in the Company’s favor reached in March 2026. 2 Acquisition-related costs includes amortization of intangible assets, and for the three months ended September 30, 2025, also includes $1.3 million of acquisition-related costs associated with the Verdant acquisition. 3 Other costs for the three months ended March 31, 2025, primarily reflects the payment of a legal judgment at an amount less than previously accrued. March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 (Dollars in thousands, except per share amounts) $ 105,206 $ 110,675 $ 112,352 $ 128,397 $ 124,677 Net income — — — — (22,000) Favorable legal settlement1 1,604 1,604 2,941 2,419 2,834 Acquisition-related costs2 — — 7,765 — — Verdant acquisition - Provision for credit losses (1,879) — — — — Other costs3 80 (465) (2,681) (649) 4,713 Income taxes $ 105,011 $ 111,814 $ 120,377 $ 130,167 $ 110,224 Adjusted earnings (non-GAAP) 58,174,696 57,558,280 57,782,828 57,731,339 58,073,257 Average dilutive common shares outstanding $ 1.81 $ 1.92 $ 1.94 $ 2.22 $ 2.15 Diluted EPS — — — — (0.38) Favorable legal settlement1 0.03 0.03 0.05 0.04 0.05 Acquisition-related costs2 — — 0.13 — — Verdant acquisition - Provision for credit losses (0.03) — — — — Other costs3 — (0.01) (0.05) (0.01) 0.08 Income taxes $ 1.81 $ 1.94 $ 2.07 $ 2.25 $ 1.90 Adjusted EPS (Non-GAAP) In addition to the results presented in accordance with GAAP, this earnings supplement includes non-GAAP financial measures such as adjusted earnings, adjusted earnings per diluted common share, and tangible book value per common share. Non-GAAP financial measures have inherent limitations, may not be comparable to similarly titled measures used by other companies and are not audited. Readers should be aware of these limitations and should be cautious as to their reliance on such measures. Although we believe the non-GAAP financial measures disclosed in this report enhance investors’ understanding of our business and performance, these non-GAAP measures should not be considered in isolation, or as a substitute for GAAP basis financial measures. We define “adjusted earnings”, a non-GAAP financial measure, as net income without the after-tax impact of non-recurring acquisition-related costs and other costs (unusual or non-recurring charges). Adjusted earnings per diluted common share (“adjusted EPS”), a non-GAAP financial measure, is calculated by dividing non-GAAP adjusted earnings by the average number of diluted common shares outstanding during the period. We believe the non-GAAP measures of adjusted earnings and adjusted EPS provide useful information about the Company’s operating performance. We believe excluding the non-recurring acquisition related costs and other costs (unusual or non-recurring) provides investors with an alternative understanding of Axos’ core business. Below is a reconciliation of net income, the nearest comparable GAAP measure, to adjusted earnings and adjusted EPS (non-GAAP) for the periods shown: Use of Non-GAAP Financial Measures
Slide 9 — Use of Non-GAAP Financial Measures (cont'd)
9 © 2026 Axos Financial, Inc. All Rights Reserved. 9 We define “tangible book value”, a non-GAAP financial measure, as book value adjusted for goodwill and other intangible assets. Tangible book value is calculated using common stockholders’ equity minus servicing rights, goodwill and other intangible assets. Tangible book value per common share, a non-GAAP financial measure, is calculated by dividing tangible book value by the common shares outstanding at the end of the period. We believe tangible book value per common share is useful in evaluating the Company’s capital strength, financial condition, and ability to manage potential losses. Below is a reconciliation of total stockholders’ equity, the nearest comparable GAAP measure, to tangible book value per common share (non-GAAP) as of the dates indicated: March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 (Dollars in thousands, except per share amounts) $ 2,603,900 $ 2,680,677 $ 2,793,121 $ 2,930,092 $ 3,065,183 Common stockholders’ equity 27,585 27,218 26,243 25,431 26,299 Less: servicing rights, carried at fair value 135,966 134,502 205,747 196,119 211,046 Less: goodwill and intangible assets $ 2,440,349 $ 2,518,957 $ 2,561,131 $ 2,708,542 $ 2,827,838 Tangible common stockholders’ equity (Non-GAAP) 56,865,524 56,483,617 56,643,547 56,677,323 56,882,190 Common shares outstanding at end of period $ 45.79 $ 47.46 $ 49.31 $ 51.70 $ 53.89 Book value per common share 0.49 0.48 0.46 0.45 0.46 Less: servicing rights, carried at fair value per common share 2.39 2.38 3.63 3.46 3.71 Less: goodwill and other intangible assets per common share $ 42.91 $ 44.60 $ 45.22 $ 47.79 $ 49.72 Tangible book value per common share (Non-GAAP) Use of Non-GAAP Financial Measures (cont'd)
Slide 10 — Contact Information
10 © 2026 Axos Financial, Inc. All Rights Reserved. 10 Greg Garrabrants, President and CEO Derrick Walsh, EVP and CFO [email protected] www.axosfinancial.com Johnny Lai, SVP Corporate Development and Investor Relations Phone: 858.649.2218 Mobile: 858.245.1442 [email protected] Contact Information