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Axos Financial, Inc. — Presentation / slide deck (8-K exhibit)
Axos Financial, Inc. (AX) · 10 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All AX deck slides
Slide 1 — Axos Q1 Fiscal 2027
Axos Q1 Fiscal 2027 Earnings Supplement NYSE: AX October 29, 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) Q4 FY26 Q1 FY27 $ (45) $ 3,789 $ 3,744 (90) 793 703 (58) 1,454 1,396 (53) 1,030 977 602 7,271 7,873 188 1,597 1,785 (174) 1,985 1,811 128 3,011 3,139 56 1,750 1,806 (345) 2,750 2,405 43 578 621 11 88 99 $ 263 $ 26,096 $ 26,359 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 September 30, 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 › Title and escrow companies › HOA and property management › 1031 exchange firms › 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 $14.0B Specialty Deposits $3.9B Distribution Partners $0.3B Axos Securities1 $1.0B Small Business Banking $1.3B Commercial & Treasury Management $3.8B Approximately 85% of deposits are FDIC-insured or collateralized Total Deposits: $25.4B
Slide 4 — Change in Allowance for Credit Losses (ACL) & Unfunded
4 © 2026 Axos Financial, Inc. All Rights Reserved. 4 Change in Allowance for Credit Losses (ACL) & Unfunded Loan Commitments Reserve (UCL) ($ in millions) ACL + UCL ACL + UCL 3.2 27.7
Slide 5 — Credit Quality ($ millions)
5 © 2026 Axos Financial, Inc. All Rights Reserved. 5 Credit Quality ($ millions) % Non-Accrual Loans Loans O/S September 30, 2026 1.35 % $ 60 $ 4,447 Single Family-Mortgage & Warehouse 0.25 6 2,373 Multifamily and Commercial Mortgage 0.17 16 9,658 Commercial Real Estate 0.79 72 9,161 Commercial & Industrial - Non-RE 0.14 1 719 Auto & Consumer 0.59 % $ 155 $ 26,358 Total % Non-Accrual Loans Loans O/S June 30, 2026 1.29 % $ 59 $ 4,582 Single Family-Mortgage & Warehouse 0.20 5 2,484 Multifamily and Commercial Mortgage 0.17 15 8,868 Commercial Real Estate 0.81 77 9,496 Commercial & Industrial - Non-RE 0.15 1 666 Auto & Consumer 0.60 % $ 157 $ 26,096 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
Slide 6 — AXOS FINANCIAL, INC.
6 © 2026 Axos Financial, Inc. All Rights Reserved. 6 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Selected Balance Sheet Data: $ 27,431,817 $ 28,201,406 $ 29,248,986 $ 29,961,869 $ 30,844,961 Total assets 22,635,137 24,272,552 24,957,536 25,595,403 25,912,024 Loans—net of allowance for credit losses 307,431 327,043 346,702 347,375 304,361 Allowance for credit losses 57,798 811,126 801,439 803,667 780,585 Securities—available-for-sale 182,518 109,141 133,015 163,462 190,831 Securities borrowed 263,095 277,308 333,699 347,944 320,416 Customer, broker-dealer and clearing receivables 22,264,753 23,232,748 22,388,135 24,565,392 25,413,197 Total deposits 60,000 60,000 1,805,000 154,000 60,000 Advances from the FHLB 782,423 691,507 634,452 576,680 511,647 Secured financings 510,064 364,814 378,065 342,915 343,166 Borrowings, subordinated notes and debentures 204,620 128,869 148,668 194,729 238,502 Securities loaned 385,821 358,727 338,592 365,792 386,792 Customer, broker-dealer and clearing payables $ 2,793,121 $ 2,930,092 $ 3,065,183 $ 3,166,418 $ 3,288,794 Total stockholders’ equity 56,643,547 56,677,323 56,882,190 56,734,049 56,777,418 Common shares outstanding at end of period 71,356,152 71,420,064 71,724,042 71,939,630 72,140,489 Common shares issued at end of period Per Common Share Data: $ 49.31 $ 51.70 $ 53.89 $ 55.81 $ 57.92 Book value per common share $ 45.22 $ 47.79 $ 49.72 $ 50.96 $ 52.68 Tangible book value per common share (Non-GAAP)1 Capital Ratios: 10.18 % 10.39 % 10.48 % 10.57 % 10.66 % Equity to assets at end of period Axos Financial, Inc.: 10.26 % 9.80 % 10.17 % 9.94 % 10.15 % Tier 1 leverage (to adjusted average assets) 11.66 % 11.65 % 11.65 % 11.76 % 12.22 % Common equity tier 1 capital (to risk-weighted assets) 11.66 % 11.65 % 11.65 % 11.76 % 12.22 % Tier 1 capital (to risk-weighted assets) 15.20 % 14.39 % 14.32 % 14.39 % 14.81 % Total capital (to risk-weighted assets) Axos Bank: 9.69 % 9.15 % 9.39 % 9.24 % 9.35 % Tier 1 leverage (to adjusted average assets) 11.37 % 11.12 % 10.90 % 10.93 % 11.33 % Common equity tier 1 capital (to risk-weighted assets) 11.37 % 11.12 % 10.90 % 10.93 % 11.33 % Tier 1 capital (to risk-weighted assets) 12.62 % 12.37 % 12.13 % 12.10 % 12.48 % Total capital (to risk-weighted assets) 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 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Selected Income Statement Data: $ 465,736 $ 513,845 $ 478,241 $ 499,130 $ 517,077 Interest and dividend income 174,686 182,136 171,980 181,240 185,821 Interest expense 291,050 331,709 306,261 317,890 331,256 Net interest income 17,255 25,000 41,000 17,850 24,500 Provision for credit losses 273,795 306,709 265,261 300,040 306,756 Net interest income, after provision for credit losses 32,340 53,378 85,988 61,877 63,815 Non-interest income 156,246 184,574 185,953 205,945 195,410 Non-interest expense 149,889 175,513 165,296 155,972 175,161 Income before income taxes 37,537 47,116 40,619 31,026 45,513 Income taxes $ 112,352 $ 128,397 $ 124,677 $ 124,946 $ 129,648 Net income Weighted average number of common shares outstanding: 56,512,587 56,660,833 56,724,054 56,729,416 56,756,005 Basic 57,782,828 57,731,339 58,073,257 57,737,351 57,554,935 Diluted Per Common Share Data: Net income: $ 1.99 $ 2.27 $ 2.20 $ 2.20 $ 2.28 Basic $ 1.94 $ 2.22 $ 2.15 $ 2.16 $ 2.25 Diluted $ 2.07 $ 2.25 $ 1.90 $ 2.53 $ 2.34 Adjusted earnings per common share (Non-GAAP)1 Performance Ratios and Other Data: $ 1,585,527 $ 1,637,415 $ 684,984 $ 637,867 $ 316,621 Growth in loans held for investment, net $ 47,122 $ 61,009 $ 70,080 $ 62,144 $ 47,342 Loan originations for sale 1.77 % 1.83 % 1.77 % 1.69 % 1.72 % Return on average assets 15.94 % 17.44 % 16.26 % 15.69 % 15.66 % Return on average common stockholders’ equity 3.89 % 4.17 % 3.88 % 3.81 % 3.91 % Interest rate spread2 4.75 % 4.94 % 4.57 % 4.54 % 4.64 % Net interest margin3 4.80 % 5.02 % 4.62 % 4.56 % 4.67 % Net interest margin3 – Banking Business Segment 48.32 % 47.93 % 47.41 % 54.23 % 49.46 % Efficiency ratio4 42.89 % 41.39 % 41.54 % 43.10 % 45.13 % Efficiency ratio4 – Banking Business Segment Asset Quality Ratios: 0.11 % 0.04 % 0.31 % 0.25 % 1.09 % Net annualized charge-offs to average loans 0.74 % 0.61 % 0.71 % 0.60 % 0.59 % Nonaccrual loans to total loans 0.64 % 0.56 % 0.62 % 0.53 % 0.51 % Non-performing assets to total assets 1.34 % 1.33 % 1.37 % 1.34 % 1.16 % Allowance for credit losses - loans to total loans held for investment 180.41 % 215.81 % 192.15 % 221.07 % 195.79 % Allowance for credit losses - loans to nonaccrual 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 include amortization of intangible assets, and for the three months ended September 30, 2025, also include $1.3 million of acquisition-related costs associated with the Verdant acquisition. September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 (Dollars in thousands, except per share amounts) $ 112,352 $ 128,397 $ 124,677 $ 124,946 $ 129,648 Net income — — (22,000) — — Favorable legal settlement1 — — — 21,000 — FINRA arbitration matter 2,941 2,419 2,834 5,495 7,012 Acquisition-related costs2 7,765 — — — — Verdant acquisition - Provision for credit losses (2,681) (649) 4,713 (5,271) (1,822) Income taxes $ 120,377 $ 130,167 $ 110,224 $ 146,170 $ 134,838 Adjusted earnings (non-GAAP) 57,782,828 57,731,339 58,073,257 57,737,351 57,554,935 Average dilutive common shares outstanding $ 1.94 $ 2.22 $ 2.15 $ 2.16 $ 2.25 Diluted EPS — — (0.38) — — Favorable legal settlement1 — — — 0.36 — FINRA arbitration matter 0.05 0.04 0.05 0.10 0.12 Acquisition-related costs2 0.13 — — — — Verdant acquisition - Provision for credit losses (0.05) (0.01) 0.08 (0.09) (0.03) Income taxes $ 2.07 $ 2.25 $ 1.90 $ 2.53 $ 2.34 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: September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 (Dollars in thousands, except per share amounts) $ 2,793,121 $ 2,930,092 $ 3,065,183 $ 3,166,418 $ 3,288,794 Common stockholders’ equity 26,243 25,431 26,299 25,653 26,469 Less: servicing rights, carried at fair value 205,747 196,119 211,046 249,317 271,505 Less: goodwill and intangible assets $ 2,561,131 $ 2,708,542 $ 2,827,838 $ 2,891,448 $ 2,990,820 Tangible common stockholders’ equity (Non-GAAP) 56,643,547 56,677,323 56,882,190 56,734,049 56,777,418 Common shares outstanding at end of period $ 49.31 $ 51.70 $ 53.89 $ 55.81 $ 57.92 Book value per common share 0.46 0.45 0.46 0.45 0.47 Less: servicing rights, carried at fair value per common share 3.63 3.46 3.71 4.40 4.77 Less: goodwill and other intangible assets per common share $ 45.22 $ 47.79 $ 49.72 $ 50.96 $ 52.68 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