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Axos Financial Inc. (AX-2.45%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details financial results for the quarter, including a net income of $104.7 million, or $1.80 per diluted share, compared to $151.8 million, or $2.62 per diluted share, for the same period in the previous year.
Net interest income increased to $280.1 million from $228.6 million in the prior year period, driven by higher loan balances and interest-earning deposits.
The provision for credit losses was $12.2 million for the quarter, compared to $13.5 million in the previous year, reflecting changes in macroeconomic variables and loan growth.
Non-interest income decreased significantly to $27.8 million from $124.1 million, primarily due to the absence of a gain from the FDIC Loan Purchase recorded in the prior year.
Non-interest expense rose to $145.3 million from $121.8 million, largely due to increased salaries and related costs, professional services, and FDIC fees.
Total assets increased to $23.7 billion, with total deposits growing to $19.9 billion. The allowance for credit losses on loans was $270.6 million.
The company maintains a strong capital position, with a tier 1 leverage ratio of 10.02% and a total capital ratio of 15.23%.
Axos Financial continues to focus on expanding its banking and securities segments, with a reported increase in net interest income and a stable liquidity position.
The company announced an at-the-market equity offering of up to $150 million, aiming to strengthen its capital resources further.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Axos Financial Inc. quarterly 10-Q report dated January 28, 2025. To report an error, please email earnings@qz.com.