{"id":484794,"date":"2021-04-29T16:27:38","date_gmt":"2021-04-29T20:27:38","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/axos-financial-inc-reports-fiscal-third-quarter-2021-results\/"},"modified":"2021-04-29T16:27:38","modified_gmt":"2021-04-29T20:27:38","slug":"axos-financial-inc-reports-fiscal-third-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/axos-financial-inc-reports-fiscal-third-quarter-2021-results\/","title":{"rendered":"Axos Financial, Inc. Reports Fiscal Third Quarter 2021 Results"},"content":{"rendered":"

<\/p>\n

Axos Financial, Inc. Reports Fiscal Third Quarter 2021 Results<\/b><\/p>\n

Net Interest Margin Improved to 3.96% from 3.94% in the Second Quarter of 2021<\/i><\/p>\n

SAN DIEGO–(BUSINESS WIRE<\/a>)–
\nAxos Financial, Inc. (NYSE: AX) (\u201cAxos\u201d), parent company of Axos Bank (the \u201cBank\u201d), today announced financial results for the third fiscal quarter ended March 31, 2021. Net income was $53.6 million, a decrease of 4.3% from $56.1 million for the quarter ended March 31, 2020. Earnings attributable to Axos\u2019 common stockholders were $53.6 million or $0.89 per diluted share for the third quarter of fiscal 2021, a decrease of 4.2% from $56.0 million or $0.91 per diluted share for the third quarter ended March 31, 2020.\n<\/p>\n

\nAdjusted earnings and adjusted earnings per diluted common share (\u201cadjusted EPS\u201d), non-GAAP measures, which excludes non-cash amortization expenses and non-recurring costs related to mergers and acquisitions, and other non-recurring costs decreased 3.9% to $55.4 million and decreased 2.1% to $0.92, respectively, for the quarter ended March 31, 2021 compared to $57.7 million and $0.94, respectively, for the quarter ended March 31, 2020.\n<\/p>\n

Third Quarter Fiscal 2021 Financial Summary:<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Three Months Ended<\/b><\/p>\n

March 31<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

(Dollars in thousands, except per share data)<\/i><\/b><\/p>\n<\/td>\n

\n

Q3 Fiscal 2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

Q3 Fiscal 2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

% Change<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet interest income\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n135,669\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n148,616\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(8.7)%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNon-interest income\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n23,887\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n31,542\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(24.3)%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n53,645\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n56,057\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(4.3)%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted earnings (Non-GAAP)1<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n55,416\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n57,652\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(3.9)%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income attributable to common stockholders\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n53,645\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n55,980\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(4.2)%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted EPS\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.89\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.91\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2.2)%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EPS (Non-GAAP)1<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.92\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.94\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(2.1)%\n<\/p>\n<\/td>\n<\/tr>\n

\n

1<\/sup> See \u201cUse of Non-GAAP Financial Measures\u201d\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nFor the nine months ended March 31, 2021, net income was a record $161.5 million, an increase of 16.9% over net income of $138.1 million for the nine months ended March 31, 2020. Earnings attributable to Axos\u2019 common stockholders were $161.3 million or $2.67 per diluted share for the nine months ended March 31, 2021, an increase of 16.9% from $137.9 million or $2.23 per diluted share for the nine months ended March 31, 2020.\n<\/p>\n

\n\u201cOur fiscal third quarter 2021 results are a continuation of consistent progress in each of our businesses,\u201d stated Greg Garrabrants, President and CEO of Axos. \u201cNet interest margins showed further improvement, increasing by 2 basis points over linked quarter and 12 basis points for the banking business segment. Ending loan balances excluding mortgage warehouse were up 3.1% linked quarter, or 12.3% annualized, led by growth in commercial real estate and C&I lending. Excluding H&R Block-related fees in the prior year period, fee income improved 43.7% year-over-year due to strong growth in mortgage banking and broker-dealer fees. We will deploy some of our excess capital in the announced acquisition of E*TRADE Advisor Services. We are excited about adding a state-of-the-art technology platform, a seasoned team of custody experts, a new source of asset- and transaction-based fee income, and access to over $1 billion of low-cost deposits when the acquisition closes.\u201d\n<\/p>\n

Other Highlights<\/b><\/p>\n