Axos Financial, Inc. · NYSE:AX
Axos Financial — Q2 FY2024 Earnings Presentation
14 slides from Axos Financial's earnings presentation, Jan 30, 2024
Slide 1: Axos Q2 Fiscal 2024 Earnings Supplement
Axos Q2 Fiscal 2024 Earnings Supplement January 30, 2024 NYSE: AX
Slide 2: Loan Growth by Category for Second Quarter Ended December 31, 2023
Loan Growth by Category for Second Quarter Ended December 31, 2023 $ Millions Q2 FY24 Q1 FY24 Inc (Dec) Single Family Jumbo Mortgage $ 3,993 $ 4,019 $ (26) Mortgage & Warehouse SF Warehouse Lending 99 295 (196) Multifamily & Multifamily 2,708 2,130 578 Commercial Mortgage* Small Balance Commercial 1
Slide 3: FDIC Loan Purchase Summary
FDIC Loan Purchase Summary Acquired $1.25 billion UPB of CRE/Multifamily Loans at 63% of Par Value $300.8 million remaining discount to be recognized over the expected remaining term to maturity of the acquired loans Timing and amount of accretion will depend on: Amount and pace of refinancing/pay
Slide 4: Acquired Loans
Acquired Loans as of December 7, 2023 acquisition date Weighted- Unpaid Average Yield Weighted- Remaining Loan Type Principal Before Average LTV Term (Months) Balance (mm) Accretion of Discount Office $ 250 7.5 % 53.1 % 51 Data Center 121 4.1 38.0 21 Land 56 7.9 42.2 20 Other 52 6.8 52.5 18 Industri
Slide 5: Commercial Real Estate Specialty Detail / LTV Distribution
Commercial Real Estate Specialty* Detail as of December 31, 2023 Non-Performing Loan Type Balance (mm) Weighted Avg. LTV Loans (mm) Multifamily $ 1,829 38 % $ 11 Hotel 1,104 40 — SFR 917 41 15 Office 418 38 — Industrial 513 48 — Retail 232 40 — Other 387 39 — Total $ 5,400 40 % $ 26 LTV Distribution
Slide 6: Interest Rate Components of Loan & Lease Portfolio
Interest Rate Components of Loan & Lease Portfolio As of December 31, 2023 Mix of Loan Repricing Types Fixed/Hybrid Years to Maturity / Repricing* Years 9% 17% 35% 53% 84% 99% 100% *Excludes SF Warehouse Lending and Equipment Leasing. The years to repricing assumes no loan prepayments and reflects o
Slide 7: Diversified Deposit Gathering
Diversified Deposit Gathering Approximately 90% of deposits are FDIC-insured or collateralized › Serves approximately 40% of U.S. Chapter 7 › Full service digital banking, wealth bankruptcy trustees in exclusive relationship management, and securities trading › Software allows servicing of SEC recei
Slide 8: Change in Allowance for Credit Losses (ACL) & Unfunded Loan Commitments Reserve (UCL)
Change in Allowance for Credit Losses (ACL) & Unfunded Loan Commitments Reserve (UCL) ($ in millions) 1.0 12.7 0.6 (2.4) 12.5 11.7 ACL + UCL ACL + UCL 8
Slide 9: Allowance for Credit Losses (ACL) by Loan Category
Allowance for Credit Losses (ACL) by Loan Category as of December 31, 2023 $ Millions Loan Balance ACL $ ACL % Single Family Mortgage & Warehouse $ 4,092 15 0.4 % Multifamily & Commercial Mortgage 4,065 78 1.9 % Commercial Real Estate 6,043 78 1.3 % Loans Commercial & Industrial Non-RE 4,177 69 1.7
Slide 10: Credit Quality ($ millions)
Credit Quality ($ millions) December 31, 2023 Loans O/S NPLs % Single Family-Mortgage & Warehouse $4,092 $54 1.33% Multifamily and Commercial Mortgage 4,065 37 0.92 Commercial Real Estate 6,043 26 0.43 Commercial & Industrial - Non-RE 4,177 3 0.07 Auto & Consumer 478 2 0.31 Other 5 0 — Total $18,860
Slide 11: Selected Consolidated Financial Information (balance sheet data)
AXOS FINANCIAL, INC. SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited – dollars in thousands) December 31, September 30, June 30, March 31, December 31, 2023 2023 2023 2023 2022 Selected Balance Sheet Data: Total assets $ 21,623,764 $ 20,825,206 $ 20,348,469 $ 19,782,481 $ 18,741,035 Loans—net
Slide 12: Selected Consolidated Financial Information (income statement data)
AXOS FINANCIAL, INC. SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited – dollars in thousands) At or for the Three Months Ended December 31, September 30, June 30, March 31, December 31, 2023 2023 2023 2023 2022 Selected Income Statement Data: Interest and dividend income $ 394,663 $ 363,952 $
Slide 13: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures In addition to the results presented in accordance with GAAP, this earnings supplement includes non-GAAP financial measures such as adjusted earnings, adjusted earnings per diluted common share, and tangible book value per common share. Non-GAAP financial measures
Slide 14: Contact Information
Contact Information Greg Garrabrants, President and CEO Derrick Walsh, EVP and CFO investors@axosfinancial.com www.axosfinancial.com Johnny Lai, SVP Corporate Development and Investor Relations Phone: 858.649.2218 Mobile: 858.245.1442 jlai@axosfinancial.com 14