Inferra AI / Company / AX / Slides
Axos Financial, Inc. — Presentation / slide deck (8-K exhibit)
Axos Financial, Inc. (AX) · 10 slides · Filed Jul 30, 2025
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All AX deck slides
Slide 1 — Axos Q4 Fiscal 2025
Axos Q4 Fiscal 2025 Earnings Supplement NYSE: AX July 30, 2025
Slide 2 — Loan Growth by Category
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 (Mar) Q3 FY25 Q4 FY25 $ 89 $ 3,697 $ 3,786 111 498 609 (330) 2,059 1,729 (69) 1,281 1,212 342 5,371 5,713 239 985 1,224 48 2,519 2,567 316 2,317 2,633 41 1,555 1,596 30 400 430 6 46 52 — 1 1 $ 823 $ 20,729 $ 21,552 Lender Finance RE CRE Specialty Other Auto & Consumer
Slide 3 — Diversified Deposit Gathering
3 Diversified Deposit Gathering Approximately 90% of deposits are FDIC-insured or collateralized Deposit balances as of June 30, 2025 Note 1: Excludes approximately $450 million of off-balance sheet deposits › Serves approximately 40% 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 $11.6B Specialty Deposits $2.2B Distribution Partners $0.4B Axos Securities1 $1.0B Small Business Banking $0.6B Commercial & Treasury Management $3.9B Diversified Deposit Gathering Business Lines
Slide 4 — Change in Allowance for Credit Losses (ACL) &
4 Change in Allowance for Credit Losses (ACL) & Unfunded Loan Commitments Reserve (UCL) ($ in millions) ACL + UCL ACL + UCL (9.0)
Slide 5 — Allowance for Credit Losses (ACL) by Loan Category
5 Allowance for Credit Losses (ACL) by Loan Category as of June 30, 2025 $ Millions ACL %1 ACL Loan Balance 0.3 % $ 12 $ 4,395 0.9 % 26 2,941 1.6 % 114 6,937 1.8 % 122 6,796 3.3 % 16 483 1.3 % $ 290 $ 21,552 Single Family Mortgage & Warehouse Multifamily & Commercial Mortgage Commercial Real Estate Commercial & Industrial Non-RE Auto & Consumer Loans Note 1: ACL % is based on gross unpaid principal balance
Slide 6 — Credit Quality ($ millions)
6 Credit Quality ($ millions) % Non-Accrual Loans Loans O/S June 30, 2025 1.00 % $ 44 $ 4,395 Single Family-Mortgage & Warehouse 1.12 33 2,941 Multifamily and Commercial Mortgage 0.42 29 6,937 Commercial Real Estate 0.91 62 6,796 Commercial & Industrial - Non-RE 0.41 2 483 Auto & Consumer 0.79 % $ 170 $ 21,552 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 % Non-Accrual Loans Loans O/S June 30, 2024 1.10 % $ 46 $ 4,179 Single Family-Mortgage & Warehouse 0.91 35 3,862 Multifamily and Commercial Mortgage 0.43 26 6,089 Commercial Real Estate 0.08 4 5,241 Commercial & Industrial - Non-RE 0.47 2 432 Auto & Consumer 0.57 % $ 113 $ 19,803 Total
Slide 7 — 7
7 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Selected Balance Sheet Data: $ 22,855,334 $ 23,569,084 $ 23,709,422 $ 23,981,154 $ 24,783,078 Total assets 19,231,385 19,280,609 19,486,727 20,193,630 21,049,610 Loans—net of allowance for credit losses 16,482 14,566 25,436 15,644 10,012 Loans held for sale, carried at fair value 260,542 263,854 270,605 279,950 290,049 Allowance for credit losses 353 594 241 346 649 Securities—trading 141,611 137,996 97,848 79,958 66,008 Securities—available-for-sale 67,212 84,326 114,672 91,915 139,396 Securities borrowed 240,028 262,774 298,887 300,907 252,720 Customer, broker-dealer and clearing receivables 19,359,217 19,973,329 19,934,904 20,136,714 20,829,543 Total deposits 90,000 90,000 60,000 60,000 60,000 Advances from the FHLB 325,679 313,519 358,692 377,427 312,671 Borrowings, subordinated notes and debentures 74,177 95,883 135,258 111,094 139,426 Securities loaned 301,127 315,985 309,593 314,399 350,606 Customer, broker-dealer and clearing payables $ 2,290,596 $ 2,405,728 $ 2,521,962 $ 2,603,900 $ 2,680,677 Total stockholders’ equity 56,894,565 57,092,216 57,097,632 56,865,524 56,483,617 Common shares outstanding at end of period 70,221,632 70,562,333 70,571,332 70,813,637 71,101,642 Common shares issued at end of period Per Common Share Data: $ 40.26 $ 42.14 $ 44.17 $ 45.79 $ 47.46 Book value per common share $ 37.26 $ 39.22 $ 41.27 $ 42.91 $ 44.60 Tangible book value per common share (Non-GAAP)1 Capital Ratios: 10.02 % 10.21 % 10.64 % 10.86 % 10.82 % Equity to assets at end of period Axos Financial, Inc.: 9.43 % 9.78 % 10.02 % 10.45 % 10.72 % Tier 1 leverage (to adjusted average assets) 12.01 % 12.44 % 12.42 % 12.39 % 12.51 % Common equity tier 1 capital (to risk-weighted assets) 12.01 % 12.44 % 12.42 % 12.39 % 12.51 % Tier 1 capital (to risk-weighted assets) 14.84 % 15.29 % 15.23 % 15.21 % 15.39 % Total capital (to risk-weighted assets) Axos Bank: 9.74 % 9.82 % 9.85 % 10.14 % 10.24 % Tier 1 leverage (to adjusted average assets) 12.74 % 12.87 % 12.67 % 12.31 % 12.45 % Common equity tier 1 capital (to risk-weighted assets) 12.74 % 12.87 % 12.67 % 12.31 % 12.45 % Tier 1 capital (to risk-weighted assets) 13.81 % 14.06 % 13.86 % 13.49 % 13.74 % Total capital (to risk-weighted assets) Axos Clearing LLC: $ 101,462 $ 85,292 $ 83,932 $ 79,264 $ 86,996 Net capital $ 96,654 $ 80,081 $ 78,282 $ 73,172 $ 81,834 Excess capital 42.21 % 32.73 % 29.71 % 26.02 % 33.71 % Net capital as a percentage of aggregate debit items $ 89,442 $ 72,264 $ 69,805 $ 64,035 $ 74,091 Net capital in excess of 5% aggregate debit items AXOS FINANCIAL, INC. SELECTED FINANCIAL INFORMATION (Unaudited – dollars in thousands)
Slide 8 — 8
8 At or For The Three Months Ended June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Selected Income Statement Data: $ 453,428 $ 484,262 $ 456,068 $ 432,722 $ 442,413 Interest and dividend income 193,366 192,214 175,969 157,258 162,252 Interest expense 260,062 292,048 280,099 275,464 280,161 Net interest income 6,000 14,000 12,248 14,500 14,997 Provision for credit losses 254,062 278,048 267,851 260,964 265,164 Net interest income, after provision for credit losses 30,861 28,609 27,799 33,373 41,285 Non-interest income 140,535 147,465 145,320 146,261 150,652 Non-interest expense 144,388 159,192 150,330 148,076 155,797 Income before income taxes 39,516 46,852 45,643 42,870 45,122 Income taxes $ 104,872 $ 112,340 $ 104,687 $ 105,206 $ 110,675 Net income Weighted average number of common shares outstanding: 56,938,405 56,934,671 57,094,153 57,029,078 56,392,620 Basic 58,164,623 58,168,468 58,226,006 58,174,696 57,558,280 Diluted Per Common Share Data: Net income: $ 1.84 $ 1.97 $ 1.83 $ 1.84 $ 1.96 Basic $ 1.80 $ 1.93 $ 1.80 $ 1.81 $ 1.92 Diluted $ 1.83 $ 1.96 $ 1.82 $ 1.81 $ 1.94 Adjusted earnings per common share (Non-GAAP)1 Performance Ratios and Other Data: $ 497,930 $ 49,224 $ 206,118 $ 706,903 $ 855,980 Growth in loans held for investment, net 52,574 69,570 66,826 20,962 42,487 Loan originations for sale 1.81 % 1.92 % 1.74 % 1.77 % 1.85 % Return on average assets 18.81 % 19.12 % 16.97 % 16.44 % 16.85 % Return on average common stockholders’ equity 3.63 % 4.13 % 3.91 % 3.91 % 3.97 % Interest rate spread2 4.65 % 5.17 % 4.83 % 4.78 % 4.84 % Net interest margin3 4.68 % 5.21 % 4.87 % 4.83 % 4.88 % Net interest margin3 – Banking Business Segment 48.31 % 45.99 % 47.20 % 47.36 % 46.87 % Efficiency ratio4 41.39 % 39.83 % 40.95 % 41.53 % 40.94 % Efficiency ratio4 – Banking Business Segment Asset Quality Ratios: 0.05 % 0.17 % 0.10 % 0.09 % 0.16 % Net annualized charge-offs to average loans 0.57 % 0.89 % 1.26 % 0.89 % 0.79 % Nonaccrual loans to total loans 0.51 % 0.75 % 1.06 % 0.79 % 0.71 % Non-performing assets to total assets 1.34 % 1.35 % 1.37 % 1.37 % 1.36 % Allowance for credit losses - loans to total loans held for investment 229.84 % 149.32 % 107.58 % 151.28 % 170.23 % Allowance for credit losses - loans to non-performing loans5 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. 5 The decrease in the Allowance for credit losses - loans to nonaccrual loans is primarily attributable to the change in nonaccrual loans. AXOS FINANCIAL, INC. SELECTED FINANCIAL INFORMATION (Unaudited – dollars in thousands)
Slide 9 — 9
9 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 (Dollars in thousands, except per share amounts) $ 104,872 $ 112,340 $ 104,687 $ 105,206 $ 110,675 Net income 2,554 2,554 1,645 1,604 1,604 Acquisition-related costs — — — (1,879) Other costs1 (699) (752) (503) 80 (465) Income taxes $ 106,727 $ 114,142 $ 105,829 $ 105,011 $ 111,814 Adjusted earnings (non-GAAP) 58,164,623 58,168,468 58,226,006 58,174,696 57,558,280 Average dilutive common shares outstanding $ 1.80 $ 1.93 $ 1.80 $ 1.81 $ 1.92 Diluted EPS 0.04 0.04 0.03 0.03 0.03 Acquisition-related costs — — — (0.03) — Other costs1 (0.01) (0.01) (0.01) — (0.01) Income taxes $ 1.83 $ 1.96 $ 1.82 $ 1.81 $ 1.94 Adjusted EPS (Non-GAAP) 1 Other costs 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: June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 (Dollars in thousands, except per share amounts) $ 2,290,596 $ 2,405,728 $ 2,521,962 $ 2,603,900 $ 2,680,677 Common stockholders’ equity 28,924 27,335 28,045 27,585 27,218 Less: servicing rights, carried at fair value 141,769 139,215 137,570 135,966 134,502 Less: goodwill and intangible assets $ 2,119,903 $ 2,239,178 $ 2,356,347 $ 2,440,349 $ 2,518,957 Tangible common stockholders’ equity (Non-GAAP) 56,894,565 57,092,216 57,097,632 56,865,524 56,483,617 Common shares outstanding at end of period $ 40.26 $ 42.14 $ 44.17 $ 45.79 $ 47.46 Book value per common share $ 0.51 $ 0.48 $ 0.49 $ 0.49 $ 0.48 Less: servicing rights, carried at fair value per common share $ 2.49 $ 2.44 $ 2.41 $ 2.39 $ 2.38 Less: goodwill and other intangible assets per common share $ 37.26 $ 39.22 $ 41.27 $ 42.91 $ 44.60 Tangible book value per common share (Non-GAAP) Use of Non-GAAP Financial Measures 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:
Slide 10 — Greg Garrabrants, President and CEO
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