Axos Financial, Inc. reported significant financial growth for the three months ended September 30, 2024, with net income reaching $112.3 million, a substantial increase from $82.6 million in the same period of 2023. This growth translated to earnings per share of $1.97, up from $1.40 year-over-year. The company’s total interest and dividend income rose to $484.3 million, a 33.1% increase compared to $363.9 million in Q3 2023, primarily driven by a $111.3 million increase in interest income from loans.
Net interest income also saw a notable rise, reaching $292.0 million, up 38.3% from $211.2 million in the prior year. This increase was attributed to a higher average balance of loans, which grew by $2.8 billion, alongside a 116 basis point increase in the average yield. However, total non-interest income decreased to $28.6 million from $34.5 million, largely due to declines in mortgage banking and servicing rights income.
Total assets as of September 30, 2024, amounted to $23.6 billion, up from $22.9 billion at the end of June 2024. Total deposits increased to $20.0 billion, reflecting a 3.2% rise from the previous quarter. The company’s stockholders’ equity also improved, reaching $2.4 billion, compared to $2.3 billion in June 2024.
In terms of strategic developments, Axos Financial completed the acquisition of two loan portfolios from the FDIC on December 7, 2023, with an aggregate unpaid principal balance of $1.3 billion at a 37% discount to par. This acquisition is expected to enhance the yield on the company’s loan portfolio.
The company’s provision for credit losses increased to $14.0 million from $7.0 million in Q3 2023, reflecting macroeconomic factors and specific reserves in the commercial and industrial portfolio. Non-performing assets rose to $177.4 million, up from $115.8 million, primarily due to an increase in nonaccrual loans.
Overall, Axos Financial demonstrated robust financial performance in Q3 2024, marked by increased revenues and strategic acquisitions, despite challenges in non-interest income and rising provisions for credit losses.
About Axos Financial, Inc.
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