Press Release

Axos Financial, Inc. Reports Record Third Quarter 2020 Earnings

Company Release - 4/29/2020 4:10 PM ET

Return on Equity of 18.65% in the Three Months Ended March 31, 2020

SAN DIEGO--(BUSINESS WIRE)-- Axos Financial, Inc. (NYSE: AX) (“Axos”), parent company of Axos Bank (the “Bank”), today announced financial results for the third fiscal quarter ended March 31, 2020. Net income was $56.1 million, an increase of 44.4% from $38.8 million for the quarter ended March 31, 2019. Earnings attributable to Axos’ common stockholders were $56.0 million or $0.91 per diluted share for the third quarter of fiscal 2020, an increase of 44.5% from $38.7 million or $0.63 per diluted share for the third quarter ended March 31, 2019.

Adjusted earnings and adjusted earnings per diluted common share (“adjusted EPS”), non-GAAP measures, which excludes non-cash amortization expenses and non-recurring costs related to mergers and acquisitions, and other non-recurring costs increased 11.9% to $57.7 million and increased 11.9% to $0.94, respectively, for the quarter ended March 31, 2020 compared to $51.5 million and $0.84, respectively, for the quarter ended March 31, 2019.

Third Quarter Fiscal 2020 Financial Summary

 

Three Months Ended

March 31

 

 

(Dollars in thousands, except per share data)

Q3 Fiscal 2020

 

Q3 Fiscal 2019

 

% Change

Net interest income

$

148,616

 

$

129,169

 

15.1%

Non-interest income

$

31,542

 

$

26,098

 

20.9%

Net income

$

56,057

 

$

38,821

 

44.4%

Adjusted earnings (Non-GAAP)1

$

57,652

 

$

51,518

 

11.9%

Net income attributable to common stockholders

$

55,980

 

$

38,744

 

44.5%

Diluted EPS

$

0.91

 

$

0.63

 

44.4%

Adjusted EPS (Non-GAAP)1

$

0.94

 

$

0.84

 

11.9%

1 See “Use of Non-GAAP Financial Measures”

For the nine months ended March 31, 2020, net income was a record $138.1 million, an increase of 20.6% over net income of $114.5 million for the nine months ended March 31, 2019. Earnings attributable to Axos’ common stockholders were $137.9 million or $2.23 per diluted share for the nine months ended March 31, 2020, an increase of 21.9% from $114.3 million or $1.83 per diluted share for the nine months ended March 31, 2019. Record earnings for the fiscal third quarter and for the nine months ended March 31, 2020 were primarily the result of growth in the Bank’s loan and lease portfolio.

“We maintained strong profitability and efficiency in a volatile environment,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “Our team members and management team adjusted quickly to accommodate the needs of our clients, employees and partners across our consumer, commercial and securities businesses. Our record quarterly earnings, strong capital ratios and credit metrics are a direct result of our diverse and efficient business model and our culture of execution.”

Other Highlights

  • Total assets reached $12.2 billion, up $1.3 billion or 11.8% compared to March 31, 2019
  • Loan and lease portfolio grew by $1.3 billion or 14.0% compared to March 31, 2019
  • Loan and lease originations for the three months ended March 31, 2020 were approximately $2.9 billion, up 14.8% compared to the quarter ended March 31, 2019
  • Total deposits increased by $0.9 billion, up 10.5% from March 31, 2019
  • Net interest margin was 4.90% compared to 4.84% in the three months ended March 31, 2019; net interest margin for the banking business segment was 4.97% compared to 4.94% in the March 31, 2019 period
  • Efficiency ratio for the banking business segment was 33.21% compared to 35.26% in the March 31, 2019 period
  • Net annualized charge-offs of 3 basis points compared to 4 basis points in the March 31, 2019 period
  • Provision for loan loss reserves was $28.5 million, up $9.5 million from $19.0 million in the March 31, 2019 period
  • Return on average common stockholders’ equity was 18.65% for the three months ended March 31, 2020
  • Book value increased to $19.77 per share, up 17.1% from March 31, 2019

Third Quarter Fiscal 2020 Income Statement Summary

During the quarter ended March 31, 2020, Axos earned $56.0 million or $0.91 per diluted share compared to $38.7 million, or $0.63 per diluted share for the quarter ended March 31, 2019. Net interest income increased $19.4 million or 15.1% for the quarter ended March 31, 2020 compared to March 31, 2019, primarily due to $1.5 billion growth in average-earning assets at the Bank.

The loan and lease loss provision was $28.5 million for the quarter ended March 31, 2020 compared to $19.0 million for the quarter ended March 31, 2019. The increase in the provision is primarily the result of additional provision for Refund Advance loans consistent with increased originations in the loan product and the changes in economic and business conditions, resulting from the COVID-19 pandemic, including in the hospitality, retail and oil & gas sectors.

For the third quarter ended March 31, 2020, non-interest income was $31.5 million compared to $26.1 million for the three months ended March 31, 2019. The $5.4 million increase was the result of a $2.6 million increase in mortgage banking income, an increase of broker dealer fees of $1.3 million, a $0.8 million decrease in unrealized loss on securities, and a $0.7 million increase in prepayment penalty fee income.

Non-interest expense or operating costs decreased $10.0 million to $71.8 million for the quarter ended March 31, 2020 from $81.8 million for the three months ended March 31, 2019. The decrease was mainly a result of a prior year non-recurring charge of $15.3 million in our Securities Business bad debt reserve for an uncollectible receivable, partially offset by an increase in salaries and related expense of $2.5 million due to staffing additions from the acquisition of the Securities Business and to support growth in the Bank’s operations. Other operating expense increases included a $1.4 million increase in depreciation and amortization primarily due to amortization of intangibles and a $1.1 million increase in broker-dealer clearing charges.

Balance Sheet Summary

Axos’ total assets increased $939.7 million, or 8.4%, to $12,159.9 million, as of March 31, 2020, up from $11,220.2 million at June 30, 2019. The increase in total assets was primarily due to an increase in loan portfolio growth of $990.8 million on a net basis, primarily from portfolio loan originations of $5,493.3 million less principal repayments and other adjustments of $4,502.5 million. Total liabilities increased by $828.3 million, or 8.2%, to $10,975.5 million at March 31, 2020, up from $10,147.2 million at June 30, 2019. The increase in total liabilities primarily resulted from an increase in deposits of $584.2 million and a $312.0 million increase in advances from the FHLB, partially offset by $121.8 million decrease in securities loaned. Stockholders’ equity increased by $111.4 million, or 10.4%, to $1,184.5 million at March 31, 2020 from $1,073.1 million at June 30, 2019. The increase was primarily the result of $138.1 million in net income, $12.1 million of vesting and issuance of RSUs and stock-based compensation expense, partially offset by $35.8 million of common stock repurchases and $0.2 million of dividends declared on preferred stock.

The Bank’s Tier 1 core capital to adjusted average assets ratio was 8.72% at March 31, 2020, which is at a seasonally reduced level as a result of carrying increased amounts of short-term tax related assets. At March 31, 2019, the Tier 1 core capital to adjusted average assets ratio was 8.68%.

Conference Call

A conference call and webcast will be held on Wednesday, April 29, 2020 at 5:00 PM Eastern / 2:00 PM Pacific. Analysts and investors may dial in and participate in the question/answer session. To access the call, please dial: 877-407-8293. The conference call will be webcast live and may be accessed at Axos’ website, http://www.axosfinancial.com. For those unable to listen to the live broadcast, a replay will be available until May 29, 2020, at Axos’ website and telephonically by dialing toll-free number 877-660-6853, passcode 13701354.

About Axos Financial, Inc. and Subsidiaries

The condensed consolidated financial statements include the accounts of Axos Financial, Inc. (“Axos”) and its wholly owned subsidiaries, Axos Bank (the “Bank”) and Axos Nevada Holding, LLC (the “Axos Nevada Holding” and collectively, the “Company”). Axos Nevada Holding wholly owns its subsidiary Axos Securities, LLC, which wholly owns subsidiaries Axos Clearing, LLC, a clearing broker dealer, Axos Invest, Inc., a registered investment advisor, and Axos Invest LLC, an introducing broker dealer. With approximately $12.2 billion in assets, Axos Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. Axos Clearing LLC and Axos Invest, Inc., provide comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents and digital investment advisory services to retail investors, respectively. Axos Financial, Inc.’s common stock is listed on the NYSE under the symbol “AX” and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index. For more information on Axos Bank, please visit axosbank.com.

Segment Reporting

The Company determines reportable segments based on what separate financial information is available and what segment results are evaluated regularly by the Chief Executive Officer in deciding how to allocate resources and in assessing performance. The Company operates through two segments: Banking Business and Securities Business. In order to reconcile the two segments to the consolidated totals, the Company includes parent-only activities and intercompany eliminations.

The following tables present the operating results of the segments:

 

Three Months Ended March 31, 2020

(Dollars in thousands)

Banking

Business

 

Securities

Business

 

Corporate/

Eliminations

 

Axos

Consolidated

Net interest income

$

145,372

 

$

3,954

 

 

$

(710

)

 

$

148,616

Provision for loan losses

 

28,500

 

 

 

 

 

 

28,500

Non-interest income

 

25,259

 

 

6,402

 

 

 

(119

)

 

 

31,542

Non-interest expense

 

56,661

 

 

11,137

 

 

 

3,992

 

 

 

71,790

Income before taxes

$

85,470

 

$

(781

)

 

$

(4,821

)

 

$

79,868

 

 

Three Months Ended March 31, 2019

(Dollars in thousands)

Banking

Business

 

Securities

Business

 

Corporate/

Eliminations

 

Axos

Consolidated

Net interest income

$

127,072

 

$

2,951

 

 

$

(854

)

 

$

129,169

Provision for loan losses

 

19,000

 

 

 

 

 

 

19,000

Non-interest income

 

21,027

 

 

5,071

 

 

 

 

 

26,098

Non-interest expense

 

52,224

 

 

23,102

 

 

 

6,489

 

 

 

81,815

Income before taxes

$

76,875

 

$

(15,080

)

 

$

(7,343

)

 

$

54,452

 

 

Nine Months Ended March 31, 2020

(Dollars in thousands)

Banking

Business

 

Securities

Business

 

Corporate/

Eliminations

 

Axos

Consolidated

Net interest income

$

350,184

 

$

13,137

 

 

$

(2,982

)

 

$

360,339

Provision for loan losses

 

35,700

 

 

 

 

 

 

35,700

Non-interest income

 

57,274

 

 

19,087

 

 

 

(2,076

)

 

 

74,285

Non-interest expense

 

160,547

 

 

32,656

 

 

 

11,019

 

 

 

204,222

Income before taxes

$

211,211

 

$

(432

)

 

$

(16,077

)

 

$

194,702

 

 

Nine Months Ended March 31, 2019

(Dollars in thousands)

Banking

Business

 

Securities

Business

 

Corporate/

Eliminations

 

Axos

Consolidated

Net interest income

$

307,564

 

$

2,951

 

 

$

(2,347

)

 

$

308,168

Provision for loan losses

 

24,550

 

 

 

 

 

 

24,550

Non-interest income

 

54,462

 

 

5,071

 

 

 

 

 

59,533

Non-interest expense

 

142,291

 

 

23,102

 

 

 

20,277

 

 

 

185,670

Income before taxes

$

195,185

 

$

(15,080

)

 

$

(22,624

)

 

$

157,481

Use of Non-GAAP Financial Measures

In addition to the results presented in accordance with GAAP, this report includes non-GAAP financial measures such as adjusted earnings, adjusted earnings per common share, and tangible book value per common share. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. Readers should be aware of these limitations and should be cautious as to their use of 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 net income without the after-tax impact of non-recurring acquisition-related costs (including amortization of intangible assets related to acquisitions), and excess FDIC expense, and other costs (unusual or non-recurring charges), as “adjusted earnings,” a non-GAAP financial measure. Excess FDIC expense is defined as the higher insurance costs associated with increased levels of short-term brokered deposits in anticipation of the acquisition of deposits from Nationwide Bank. 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 Bank’s operating performance. Excluding the non-recurring acquisition related costs, excessive FDIC expense, and other costs provides investors with an understanding of Axos’ business without these non-recurring costs.

Below is a reconciliation of net income to adjusted earnings and adjusted EPS (Non-GAAP) for the periods shown:

 

Three Months Ended

 

Nine Months Ended

 

March 31,

 

March 31,

(Dollars in thousands, except per share amounts)

2020

 

2019

 

2020

 

2019

Net income

$

56,057

 

 

$

38,821

 

 

$

138,138

 

 

$

114,497

 

Acquisition-related costs

 

2,273

 

 

 

2,511

 

 

 

6,520

 

 

 

4,644

 

Excess FDIC expense

 

 

 

 

 

 

 

1,111

 

Other costs

 

 

 

15,299

 

 

 

 

 

15,299

 

Income taxes

 

(678

)

 

 

(5,113

)

 

 

(1,895

)

 

 

(5,746

)

Adjusted earnings (Non-GAAP)

$

57,652

 

 

$

51,518

 

 

$

142,763

 

 

$

129,805

 

Adjusted EPS (Non-GAAP)

$

0.94

 

 

$

0.84

 

 

$

2.31

 

 

$

2.07

 

We define book value adjusted for goodwill and other intangible assets as tangible book value (“tangible book value”), a non-GAAP financial measure. Tangible book value is calculated using common stockholders’ equity minus mortgage 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 to tangible book value (Non-GAAP) as of the dates indicated:

 

March 31,

(Dollars in thousands, except per share amounts)

2020

 

2019

Total stockholders’ equity

$

1,184,452

 

$

1,039,485

Less: preferred stock

 

5,063

 

 

5,063

Common stockholders’ equity

 

1,179,389

 

 

1,034,422

Less: mortgage servicing rights, carried at fair value

 

9,962

 

 

10,355

Less: goodwill and other intangible assets

 

127,962

 

 

136,076

Tangible common stockholders’ equity (Non-GAAP)

$

1,041,465

 

$

887,991

Common shares outstanding at end of period

 

59,653,192

 

 

61,285,375

Tangible book value per common share (Non-GAAP)

$

17.46

 

$

14.49

Forward-Looking Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to the effects on our business of the current novel coronavirus pandemic (“COVID-19”), Axos’ financial prospects and other projections of its performance and asset quality, Axos’ ability to continue to grow profitably and increase its business, Axos’ ability to successfully integrate its recent acquisitions and realize the anticipated benefits of the transactions, Axos’ ability to continue to diversify its lending and deposit franchises and the anticipated timing and financial performance of other offerings, initiatives, and acquisitions. These forward-looking statements are made on the basis of the views and assumptions of management regarding future events and performance as of the date of this press release. Actual results and the timing of events could differ materially from those expressed or implied in such forward-looking statements as a result of risks and uncertainties, including without limitation uncertainties surrounding the severity, duration, and effects of the COVID-19 pandemic, changes in the interest rate environment, inflation, government regulation, general economic conditions, conditions in the real estate markets in which we operate, risks associated with credit quality, the outcome and effects of pending class action litigation filed against the Company and other factors beyond our control. These and other risks and uncertainties detailed in Axos’ periodic reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those expressed or implied in any forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Axos undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

The following tables set forth certain selected financial data concerning the periods indicated:

AXOS FINANCIAL, INC. AND SUBSIDIARIES

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited – dollars in thousands)

 

 

March 31,

2020

 

June 30,

2019

 

March 31,

2019

Selected Balance Sheet Data:

 

 

 

 

 

Total assets

$

12,159,919

 

 

$

11,220,238

 

 

$

10,875,561

 

Loans and leases—net of allowance for loan and lease losses

 

10,372,921

 

 

 

9,382,124

 

 

 

9,098,453

 

Loans held for sale, carried at fair value

 

40,236

 

 

 

33,260

 

 

 

15,714

 

Loans held for sale, lower of cost or fair value

 

29

 

 

 

4,800

 

 

 

3,267

 

Allowance for loan and lease losses

 

87,097

 

 

 

57,085

 

 

 

71,746

 

Securities—trading

 

919

 

 

 

 

 

Securities—available-for-sale

 

191,388

 

 

 

227,513

 

 

 

219,156

 

Securities borrowed

 

53,816

 

 

 

144,706

 

 

 

127,167

 

Customer, broker-dealer and clearing receivables

 

187,353

 

 

 

203,192

 

 

 

252,900

 

Total deposits

 

9,567,338

 

 

 

8,983,173

 

 

 

8,655,455

 

Advances from the FHLB

 

770,500

 

 

 

458,500

 

 

 

443,500

 

Borrowings, subordinated notes and debentures

 

76,285

 

 

 

168,929

 

 

 

214,477

 

Securities loaned

 

76,587

 

 

 

198,356

 

 

 

201,574

 

Customer, broker-dealer and clearing payables

 

318,100

 

 

 

238,604

 

 

 

245,208

 

Total stockholders’ equity

 

1,184,452

 

 

 

1,073,050

 

 

 

1,039,485

 

 

 

 

 

 

 

Capital Ratios:

 

 

 

 

 

Equity to assets at end of period

 

9.74

%

 

 

9.56

%

 

 

9.56

%

Axos Financial, Inc.:

 

 

 

 

 

Tier 1 leverage (core) capital to adjusted average assets

 

8.55

%

 

 

8.75

%

 

 

8.36

%

Common equity tier 1 capital (to risk-weighted assets)

 

11.34

%

 

 

11.43

%

 

 

11.46

%

Tier 1 capital (to risk-weighted assets)

 

11.39

%

 

 

11.49

%

 

 

11.52

%

Total capital (to risk-weighted assets)

 

12.96

%

 

 

12.91

%

 

 

13.19

%

Axos Bank:

 

 

 

 

 

Tier 1 leverage (core) capital to adjusted average assets

 

8.72

%

 

 

9.21

%

 

 

8.68

%

Common equity tier 1 capital (to risk-weighted assets)

 

11.62

%

 

 

12.14

%

 

 

12.33

%

Tier 1 capital (to risk-weighted assets)

 

11.62

%

 

 

12.14

%

 

 

12.33

%

Total capital (to risk-weighted assets)

 

12.60

%

 

 

12.89

%

 

 

13.31

%

Axos Clearing, LLC:

 

 

 

 

 

Net capital

$

33,863

 

 

$

21,669

 

 

$

22,381

 

Excess capital

$

30,341

 

 

$

17,858

 

 

$

17,759

 

Net capital as a percentage of aggregate debit items

 

19.23

%

 

 

11.37

%

 

 

9.68

%

Net capital in excess of 5% aggregate debit items

$

25,057

 

 

$

12,142

 

 

$

10,825

 

AXOS FINANCIAL, INC. AND SUBSIDIARIES

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited – dollars in thousands, except per share data)

 

 

At or for the Three Months Ended

 

At or for the Nine Months Ended

 

March 31,

 

March 31,

 

2020

 

2019

 

2020

 

2019

Selected Income Statement Data:

 

 

 

 

 

 

 

Interest and dividend income

$

185,063

 

 

$

169,208

 

 

$

478,696

 

 

$

423,244

 

Interest expense

 

36,447

 

 

 

40,039

 

 

 

118,357

 

 

 

115,076

 

Net interest income

 

148,616

 

 

 

129,169

 

 

 

360,339

 

 

 

308,168

 

Provision for loan and lease losses

 

28,500

 

 

 

19,000

 

 

 

35,700

 

 

 

24,550

 

Net interest income after provision for loan and lease losses

 

120,116

 

 

 

110,169

 

 

 

324,639

 

 

 

283,618

 

Non-interest income

 

31,542

 

 

 

26,098

 

 

 

74,285

 

 

 

59,533

 

Non-interest expense

 

71,790

 

 

 

81,815

 

 

 

204,222

 

 

 

185,670

 

Income before income tax expense

 

79,868

 

 

 

54,452

 

 

 

194,702

 

 

 

157,481

 

Income tax expense

 

23,811

 

 

 

15,631

 

 

 

56,564

 

 

 

42,984

 

Net income

$

56,057

 

 

$

38,821

 

 

$

138,138

 

 

$

114,497

 

Net income attributable to common stock

$

55,980

 

 

$

38,744

 

 

$

137,906

 

 

$

114,265

 

 

 

 

 

 

 

 

 

Per Common Share Data:

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

Basic

$

0.92

 

 

$

0.63

 

 

$

2.25

 

 

$

1.84

 

Diluted

$

0.91

 

 

$

0.63

 

 

$

2.23

 

 

$

1.83

 

Adjusted earnings (Non-GAAP)

$

0.94

 

 

$

0.84

 

 

$

2.31

 

 

$

2.07

 

Book value

$

19.77

 

 

$

16.88

 

 

$

19.77

 

 

$

16.88

 

Tangible book value (Non-GAAP)

$

17.46

 

 

$

14.49

 

 

$

17.46

 

 

$

14.49

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

Basic

 

60,967,892

 

 

 

61,259,419

 

 

 

61,176,715

 

 

 

62,130,598

 

Diluted

 

61,523,513

 

 

 

61,589,662

 

 

 

61,811,845

 

 

 

62,597,283

 

Common shares outstanding at end of period

 

59,653,192

 

 

 

61,285,375

 

 

 

59,653,192

 

 

 

61,285,375

 

Common shares issued at end of period

 

67,084,817

 

 

 

66,253,298

 

 

 

67,084,817

 

 

 

66,253,298

 

 

 

 

 

 

 

 

 

Performance Ratios and Other Data:

 

 

 

 

 

 

 

Loan and lease originations for investment

$

2,596,420

 

 

$

2,227,387

 

 

$

5,493,338

 

 

$

5,432,902

 

Loan originations for sale

$

292,226

 

 

$

287,869

 

 

$

1,286,230

 

 

$

1,201,001

 

Loan and lease purchases

$

 

 

$

 

 

$

 

 

$

11,009

 

Return on average assets

 

1.79

%

 

 

1.42

%

 

 

1.56

%

 

 

1.52

%

Return on average common stockholders’ equity

 

18.65

%

 

 

15.34

%

 

 

15.99

%

 

 

15.32

%

Interest rate spread1

 

4.33

%

 

 

4.39

%

 

 

3.70

%

 

 

3.79

%

Net interest margin2

 

4.90

%

 

 

4.84

%

 

 

4.20

%

 

 

4.19

%

Net interest margin2 – Banking Business Segment only

 

4.97

%

 

 

4.94

%

 

 

4.28

%

 

 

4.24

%

Efficiency ratio3

 

39.85

%

 

 

52.69

%

 

 

46.99

%

 

 

50.49

%

Efficiency ratio3 – Banking Business Segment only

 

33.21

%

 

 

35.26

%

 

 

39.40

%

 

 

39.30

%

 

 

 

 

 

 

 

 

Asset Quality Ratios:

 

 

 

 

 

 

 

Net annualized charge-offs to average loans and leases

 

0.03

%

 

 

0.04

%

 

 

0.08

%

 

 

0.03

%

Non-performing loans and leases to total loans and leases

 

0.55

%

 

 

0.49

%

 

 

0.55

%

 

 

0.49

%

Non-performing assets to total assets

 

0.54

%

 

 

0.48

%

 

 

0.54

%

 

 

0.48

%

Allowance for loan and lease losses to total loans and leases held for investment at end of period

 

0.83

%

 

 

0.78

%

 

 

0.83

%

 

 

0.78

%

Allowance for loan and lease losses to non-performing loans and leases

 

150.33

%

 

 

161.11

%

 

 

150.33

%

 

 

161.11

%

1.

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.

2.

Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

3.

Efficiency ratio represents non-interest expense as a percentage of the aggregate of net interest income and non-interest income.

 

Investor Relations Contact:
Johnny Lai, CFA
VP, Corporate Development & Investor Relations
858-649-2218
[email protected]

Source: Axos Financial, Inc.