Axos Financial Inc
For the period ended Dec 31, 2023. Filed Jan 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Jan 30, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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SELECTED FINANCIAL INFORMATION
SELECTED CONSOLIDATED FINANCIAL INFORMATION
| (Dollars in thousands) | December 31, 2023 | June 30, 2023 | December 31, 2022 |
|---|---|---|---|
| Selected Balance Sheet Data: | |||
| Total assets | $21,623,764 | $20,348,469 | $18,741,035 |
| Loans—net of allowance for credit losses | 18,264,354 | 16,456,728 | 15,473,212 |
| Loans held for sale, carried at fair value | 13,468 | 23,203 | 4,292 |
| Loans held for sale, lower of cost or fair value | — | 776 | 455 |
| Allowance for credit losses | 251,749 | 166,680 | 157,218 |
| Trading securities | 329 | 758 | 372 |
| Available-for-sale securities | 239,812 | 232,350 | 248,062 |
| Securities borrowed | 145,176 | 134,339 | 58,846 |
| Customer, broker-dealer and clearing receivables | 265,857 | 374,074 | 272,579 |
| Total deposits | 18,203,912 | 17,123,108 | 15,690,494 |
| Advances from the Federal Home Loan Bank | 90,000 | 90,000 | 100,000 |
| Borrowings, subordinated debentures and debentures | 341,086 | 361,779 | 334,077 |
| Securities loaned | 155,492 | 159,832 | 156,008 |
| Customer, broker-dealer and clearing payables | 368,885 | 445,477 | 420,947 |
| Total stockholders’ equity | 2,078,224 | 1,917,159 | 1,787,559 |
| Capital Ratios: | |||
| Equity to assets at end of period | 9.61% | 9.42% | 9.54% |
| Axos Financial, Inc.: | |||
| Tier 1 leverage (to adjusted average assets) | 9.39% | 8.96% | 9.06% |
| Common equity tier 1 capital (to risk-weighted assets) | 10.97% | 10.94% | 10.55% |
| Tier 1 capital (to risk-weighted assets) | 10.97% | 10.94% | 10.55% |
| Total capital (to risk-weighted assets) | 13.79% | 13.82% | 13.49% |
| Axos Bank: | |||
| Tier 1 leverage (to adjusted average assets) | 10.22% | 9.68% | 10.05% |
| Common equity tier 1 capital (to risk-weighted assets) | 12.26% | 11.63% | 11.28% |
| Tier 1 capital (to risk-weighted assets) | 12.26% | 11.63% | 11.28% |
| Total capital (to risk-weighted assets) | 13.25% | 12.50% | 12.13% |
| Axos Clearing LLC: | |||
| Net capital | $103,454 | $35,221 | $60,334 |
| Excess capital | $98,397 | $29,905 | $55,977 |
| Net capital as a percentage of aggregate debit items | 40.92% | 13.25% | 27.69% |
| Net capital in excess of 5% aggregate debit items | $90,812 | $21,930 | $49,441 |
SELECTED CONSOLIDATED FINANCIAL INFORMATION
| At or for theThree Months Ended · At or for theSix Months Ended | ||||
|---|---|---|---|---|
| December 31, | December 31, | |||
| (Dollars in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 |
| Selected Income Statement Data: | ||||
| Interest and dividend income | $394,663 | $279,588 | $758,615 | $503,374 |
| Interest expense | 166,057 | 79,678 | 318,854 | 122,989 |
| Net interest income | 228,606 | 199,910 | 439,761 | 380,385 |
| Provision for credit losses | 13,500 | 3,001 | 20,500 | 11,751 |
| Net interest income, after provision for credit losses | 215,106 | 196,909 | 419,261 | 368,634 |
| Non-interest income | 124,129 | 28,329 | 158,636 | 55,537 |
| Non-interest expense | 121,839 | 108,027 | 242,345 | 224,114 |
| Income before income taxes | 217,396 | 117,211 | 335,552 | 200,057 |
| Income taxes | 65,625 | 35,659 | 101,136 | 60,098 |
| Net income | $151,771 | $81,552 | $234,416 | $139,959 |
| Per Common Share Data: | ||||
| Net income: | ||||
| Basic | $2.65 | $1.36 | $4.04 | $2.34 |
| Diluted | $2.62 | $1.35 | $3.98 | $2.31 |
| Adjusted earnings per common share (Non-GAAP)1 | $1.60 | $1.38 | $3.00 | $2.56 |
| Book value per common share | $36.53 | $29.79 | $36.53 | $29.79 |
| Tangible book value per common share (Non-GAAP)1 | $33.45 | $26.74 | $33.45 | $26.74 |
| Weighted average number of common shares outstanding: | ||||
| Basic | 57,216,621 | 59,999,573 | 58,082,830 | 59,927,078 |
| Diluted | 57,932,834 | 60,514,635 | 58,930,427 | 60,540,353 |
| Common shares outstanding at end of period | 56,898,377 | 60,000,079 | 56,898,377 | 60,000,079 |
| Common shares issued at end of period | 69,828,709 | 69,153,591 | 69,828,709 | 69,153,591 |
| Performance Ratios and Other Data: | ||||
| Loan originations for investment | $2,739,261 | $2,013,576 | $5,344,593 | $4,499,800 |
| Loan originations for sale | 44,325 | 43,227 | 96,910 | 113,300 |
| Loan purchases | 789,516 | 76 | 841,408 | 127 |
| Return on average assets | 2.90% | 1.77% | 2.29% | 1.55% |
| Return on average common stockholders’ equity | 30.39% | 18.71% | 23.72% | 16.35% |
| Interest rate spread2 | 3.58% | 3.64% | 3.48% | 3.63% |
| Net interest margin3 | 4.55% | 4.49% | 4.46% | 4.38% |
| Net interest margin3 – Banking Business Segment | 4.62% | 4.65% | 4.54% | 4.58% |
| Efficiency ratio4 | 34.54% | 47.33% | 40.50% | 51.41% |
| Efficiency ratio4 – Banking Business Segment | 30.96% | 46.29% | 36.78% | 49.45% |
| Asset Quality Ratios: | ||||
| Net annualized charge-offs to average loans | 0.02% | 0.05% | 0.04% | 0.05% |
| Non-performing loans and leases to total loans | 0.65% | 0.61% | 0.65% | 0.61% |
| Non-performing assets to total assets | 0.60% | 0.54% | 0.60% | 0.54% |
| Allowance for credit losses - loans to total loans held for investment5 | 1.33% | 1.00% | 1.33% | 1.00% |
| Allowance for credit losses - loans to non-performing loans5 | 205.50% | 165.51% | 205.50% | 165.51% |
1 See “Use of Non-GAAP Financial Measures.”
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 increase in the ratios of the allowance for credit losses - loans to total loans held for investment and the allowance for credit losses - loans to non-performing loans at December 31, 2023 was primarily attributable to the allowance for credit losses related to the PCD loans acquired in the FDIC Loan Purchase. See Note 2 - “Acquisitions” for additional information.
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