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Axos Financial, Inc. — Presentation / slide deck (8-K exhibit)
Axos Financial, Inc. (AX) · 10 slides · Filed Jan 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All AX deck slides
Slide 1 — Axos Q2 Fiscal 2026
Axos Q2 Fiscal 2026 Earnings Supplement NYSE: AX January 29, 2026
Slide 2 — Loan Growth by Category
2 © 2025 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) Q1 FY26 Q2 FY26 $ (2) $ 3,753 $ 3,751 256 788 1,044 (116) 1,585 1,469 (180) 1,209 1,029 1,011 6,050 7,061 97 1,245 1,342 (186) 2,587 2,401 468 3,947 4,415 241 1,447 1,688 36 471 507 9 60 69 $ 1,634 $ 23,142 $ 24,776 Lender Finance RE CRE Specialty Auto & Consumer
Slide 3 — Verdant Commercial Capital ("VCC") Impact
3 © 2025 Axos Financial, Inc. All Rights Reserved. 3 Three Months Ended December 31, 2025 ($ millions) Net Interest Income $ 24.3 Interest Income - Loans and Leases (8.3) Interest Expense - External (4.8) Interest Expense - Internal (Axos Transfer Pricing)1 $ 11.2 Total Net Interest Income $ (1.2) Provision for Credit Losses Non-Interest Income $ 14.1 Operating Lease Income 4.8 Other Income $ 18.9 Total Non-Interest Income Non-interest Expense $ (14.8) Depreciation & Amortization Expense (11.0) Other Non-interest Expense $ (25.8) Total Non-interest Expense $ 3.1 Pre Tax Income Income Statement Verdant Commercial Capital ("VCC") Impact Note 1: Term SOFR + 40bps applied to monthly average non-securitized loans and leases
Slide 4 — Diversified Deposit Gathering
4 © 2025 Axos Financial, Inc. All Rights Reserved. 4 Diversified Deposit Gathering Deposit balances as of December 31, 2025 Note 1: Excludes approximately $460 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 $11.3B Specialty Deposits $3.4B Distribution Partners $0.3B Axos Securities1 $1.1B Small Business Banking $0.8B Commercial & Treasury Management $5.2B Approximately 85% of deposits are FDIC-insured or collateralized Total Deposits: $23.2B
Slide 5 — Change in Allowance for Credit Losses (ACL) & Unfunded
5 © 2025 Axos Financial, Inc. All Rights Reserved. 5 Change in Allowance for Credit Losses (ACL) & Unfunded Loan Commitments Reserve (UCL) ($ in millions) ACL + UCL ACL + UCL (4.8)
Slide 6 — Credit Quality ($ millions)
6 © 2025 Axos Financial, Inc. All Rights Reserved. 6 Credit Quality ($ millions) % 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 September 30, 2025 1.50 % $ 68 $ 4,541 Single Family-Mortgage & Warehouse 0.57 16 2,794 Multifamily and Commercial Mortgage 0.30 22 7,295 Commercial Real Estate 0.78 62 7,981 Commercial & Industrial - Non-RE 0.38 2 531 Auto & Consumer 0.74 % $ 170 $ 23,142 Total % Non-Accrual Loans Loans O/S December 31, 2024 1.69 % $ 70 $ 4,150 Single Family-Mortgage & Warehouse 1.43 49 3,431 Multifamily and Commercial Mortgage 0.97 60 6,215 Commercial Real Estate 1.22 71 5,810 Commercial & Industrial - Non-RE 0.48 2 420 Auto & Consumer 1.26 % $ 252 $ 20,026 Total
Slide 7 — AXOS FINANCIAL, INC.
7 © 2025 Axos Financial, Inc. All Rights Reserved. 7 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Selected Balance Sheet Data: $ 23,709,422 $ 23,981,154 $ 24,783,078 $ 27,431,817 $ 28,201,406 Total assets 19,486,727 20,193,630 21,049,610 22,635,137 24,272,552 Loans—net of allowance for credit losses 25,436 15,644 10,012 12,202 18,826 Loans held for sale, carried at fair value 270,605 279,950 290,049 307,431 327,043 Allowance for credit losses 241 346 649 533 880 Securities—trading 97,848 79,958 66,008 57,798 811,126 Securities—available-for-sale 114,672 91,915 139,396 182,518 109,141 Securities borrowed 298,887 300,907 252,720 263,095 277,308 Customer, broker-dealer and clearing receivables 19,934,904 20,136,714 20,829,543 22,264,753 23,232,748 Total deposits 60,000 60,000 60,000 60,000 60,000 Advances from the FHLB — — — 782,423 691,507 Secured financings 358,692 377,427 312,671 510,064 364,814 Borrowings, subordinated notes and debentures 135,258 111,094 139,426 204,620 128,869 Securities loaned 309,593 314,399 350,606 385,821 358,727 Customer, broker-dealer and clearing payables $ 2,521,962 $ 2,603,900 $ 2,680,677 $ 2,793,121 $ 2,930,092 Total stockholders’ equity 57,097,632 56,865,524 56,483,617 56,643,547 56,677,323 Common shares outstanding at end of period 70,571,332 70,813,637 71,101,642 71,356,152 71,419,706 Common shares issued at end of period Per Common Share Data: $ 44.17 $ 45.79 $ 47.46 $ 49.31 $ 51.70 Book value per common share $ 41.27 $ 42.91 $ 44.60 $ 45.21 $ 47.79 Tangible book value per common share (Non-GAAP)1 Capital Ratios: 10.64 % 10.86 % 10.82 % 10.18 % 10.39 % Equity to assets at end of period Axos Financial, Inc.: 10.02 % 10.45 % 10.73 % 10.26 % 9.80 % Tier 1 leverage (to adjusted average assets) 12.42 % 12.39 % 12.52 % 11.66 % 11.65 % Common equity tier 1 capital (to risk-weighted assets) 12.42 % 12.39 % 12.52 % 11.66 % 11.65 % Tier 1 capital (to risk-weighted assets) 15.23 % 15.21 % 15.28 % 15.20 % 14.39 % Total capital (to risk-weighted assets) Axos Bank: 9.85 % 10.14 % 10.23 % 9.69 % 9.15 % Tier 1 leverage (to adjusted average assets) 12.67 % 12.31 % 12.42 % 11.37 % 11.12 % Common equity tier 1 capital (to risk-weighted assets) 12.67 % 12.31 % 12.42 % 11.37 % 11.12 % Tier 1 capital (to risk-weighted assets) 13.86 % 13.49 % 13.70 % 12.62 % 12.37 % Total capital (to risk-weighted assets) Axos Clearing LLC: $ 83,932 $ 79,264 $ 86,996 $ 91,442 $ 94,673 Net capital $ 78,282 $ 73,172 $ 81,834 $ 86,042 $ 88,369 Excess capital 29.71 % 26.02 % 33.71 % 33.87 % 30.04 % Net capital as a percentage of aggregate debit items $ 69,805 $ 64,035 $ 74,091 $ 77,942 $ 78,913 Net capital in excess of 5% aggregate debit items AXOS FINANCIAL, INC. SELECTED FINANCIAL INFORMATION (Unaudited – dollars in thousands)
Slide 8 — AXOS FINANCIAL, INC.
8 © 2025 Axos Financial, Inc. All Rights Reserved. 8 At or For The Three Months Ended December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Selected Income Statement Data: $ 456,068 $ 432,722 $ 442,413 $ 465,736 $ 513,845 Interest and dividend income 175,969 157,258 162,252 174,686 182,136 Interest expense 280,099 275,464 280,161 291,050 331,709 Net interest income 12,248 14,500 14,997 17,255 25,000 Provision for credit losses 267,851 260,964 265,164 273,795 306,709 Net interest income, after provision for credit losses 27,799 33,373 41,285 32,340 53,378 Non-interest income 145,320 146,261 150,652 156,246 184,574 Non-interest expense 150,330 148,076 155,797 149,889 175,513 Income before income taxes 45,643 42,870 45,122 37,537 47,116 Income taxes $ 104,687 $ 105,206 $ 110,675 $ 112,352 $ 128,397 Net income Weighted average number of common shares outstanding: 57,094,153 57,029,078 56,392,620 56,512,587 56,660,833 Basic 58,226,006 58,174,696 57,558,280 57,782,828 57,731,339 Diluted Per Common Share Data: Net income: $ 1.83 $ 1.84 $ 1.96 $ 1.99 $ 2.27 Basic $ 1.80 $ 1.81 $ 1.92 $ 1.94 $ 2.22 Diluted $ 1.82 $ 1.81 $ 1.94 $ 2.07 $ 2.25 Adjusted earnings per common share (Non-GAAP)1 Performance Ratios and Other Data: $ 206,118 $ 706,903 $ 855,980 $ 1,585,527 $ 1,637,415 Growth in loans held for investment, net $ 66,826 $ 20,962 $ 42,487 $ 47,122 $ 61,009 Loan originations for sale 1.74 % 1.77 % 1.85 % 1.77 % 1.83 % Return on average assets 16.97 % 16.44 % 16.85 % 15.94 % 17.44 % Return on average common stockholders’ equity 3.91 % 3.91 % 3.97 % 3.89 % 4.17 % Interest rate spread2 4.83 % 4.78 % 4.84 % 4.75 % 4.94 % Net interest margin3 4.87 % 4.83 % 4.88 % 4.80 % 5.02 % Net interest margin3 – Banking Business Segment 47.20 % 47.36 % 46.87 % 48.32 % 47.93 % Efficiency ratio4 40.95 % 41.53 % 40.94 % 42.89 % 41.39 % Efficiency ratio4 – Banking Business Segment Asset Quality Ratios: 0.10 % 0.09 % 0.16 % 0.11 % 0.04 % Net annualized charge-offs to average loans 1.26 % 0.89 % 0.79 % 0.74 % 0.61 % Nonaccrual loans to total loans 1.06 % 0.79 % 0.71 % 0.64 % 0.56 % Non-performing assets to total assets 1.37 % 1.37 % 1.36 % 1.34 % 1.33 % Allowance for credit losses - loans to total loans held for investment 107.58 % 151.28 % 170.23 % 180.41 % 215.81 % 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 9 — Use of Non-GAAP Financial Measures
9 © 2025 Axos Financial, Inc. All Rights Reserved. 9 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 (Dollars in thousands, except per share amounts) $ 104,687 $ 105,206 $ 110,675 $ 112,352 $ 128,397 Net income 1,645 1,604 1,604 2,941 2,419 Acquisition-related costs1 — — — 7,765 — Verdant acquisition - Provision for credit losses — (1,879) — — — Other costs2 (503) 80 (465) (2,681) (649) Income taxes $ 105,829 $ 105,011 $ 111,814 $ 120,377 $ 130,167 Adjusted earnings (non-GAAP) 58,226,006 58,174,696 57,558,280 57,782,828 57,731,339 Average dilutive common shares outstanding $ 1.80 $ 1.81 $ 1.92 $ 1.94 $ 2.22 Diluted EPS 0.03 0.03 0.03 0.05 0.04 Acquisition-related costs1 — — — 0.13 — Verdant acquisition - Provision for credit losses — (0.03) — — — Other costs2 (0.01) — (0.01) (0.05) (0.01) Income taxes $ 1.82 $ 1.81 $ 1.94 $ 2.07 $ 2.25 Adjusted EPS (Non-GAAP) 1 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. 2 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. 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: December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 (Dollars in thousands, except per share amounts) $ 2,521,962 $ 2,603,900 $ 2,680,677 $ 2,793,121 $ 2,930,092 Common stockholders’ equity 28,045 27,585 27,218 26,243 25,431 Less: servicing rights, carried at fair value 137,570 135,966 134,502 205,747 196,119 Less: goodwill and intangible assets $ 2,356,347 $ 2,440,349 $ 2,518,957 $ 2,561,131 $ 2,708,542 Tangible common stockholders’ equity (Non-GAAP) 57,097,632 56,865,524 56,483,617 56,643,547 56,677,323 Common shares outstanding at end of period $ 44.17 $ 45.79 $ 47.46 $ 49.31 $ 51.70 Book value per common share $ 0.49 $ 0.49 $ 0.48 $ 0.46 $ 0.45 Less: servicing rights, carried at fair value per common share $ 2.41 $ 2.39 $ 2.38 $ 3.63 $ 3.46 Less: goodwill and other intangible assets per common share $ 41.27 $ 42.91 $ 44.60 $ 45.22 $ 47.79 Tangible book value per common share (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 10 — Contact Information
10 © 2025 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