In This Article:
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Net Income: Approximately $105 million for the quarter ended June 30, 2024, up 20% year-over-year.
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Earnings Per Share (EPS): $1.80 for the quarter and $7.66 for the fiscal year, representing year-over-year growth of 23% and 51%, respectively.
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Net Interest Margin: 4.65% for the quarter ended June 30, 2024, up from 4.19% a year ago.
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Loan Balances: Ending loan balances increased 2.7% linked quarter and 16.9% year-over-year to $19.2 billion.
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Deposit Growth: Deposits grew by approximately $256 million linked quarter, primarily from non-interest bearing deposits.
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Return on Average Common Shareholder Equity: 18.8% for the quarter and 21.6% for the fiscal year.
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Tangible Book Value Per Share: Increased by 26% year-over-year.
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Loan Originations: $2.5 billion for the quarter, up approximately 11% year-over-year.
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Non-Performing Loans: Total non-performing loans dropped by $9 million linked quarter.
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Allowance for Credit Losses: 1.34% of total loans held for investment.
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Non-Interest Income: Approximately $31 million for the quarter, down from $32.7 million a year ago.
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Share Repurchases: $13.2 million of common stock repurchased in the fourth quarter at an average price of $48 per share.
Release Date: July 30, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Axos Financial Inc (NYSE:AX) reported double-digit year-over-year growth in earnings per share, book value per share, and ending loan balances for the ninth consecutive quarter.
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The company achieved a 26% year-over-year growth in tangible book value per share, driven by strong returns.
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Net interest margin was 4.65% for the quarter, showing an improvement from the previous year.
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Axos Financial Inc (NYSE:AX) increased deposits by $256 million in the fourth quarter, with significant growth in non-interest-bearing deposits.
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The company maintained strong credit quality, with net annualized charge-offs to average loans at only 5 basis points.
Negative Points
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Net interest margin decreased from 4.87% in the previous quarter to 4.65% due to higher excess liquidity.
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Ending balances for multifamily term loans and commercial real estate specialty loans declined by $122 million and $31 million, respectively.
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Non-interest income decreased slightly compared to the previous year, impacted by lower broker dealer fee income and prepayment penalty fees.
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Non-interest expense increased by $7 million due to higher salary, benefits, and professional service expenses.
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The company faced challenges in loan growth due to tighter spreads and fewer projects, impacting overall growth potential.