Q4 2024 Axos Financial Inc Earnings Call Transcript
Key Points
- Axos Financial Inc (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.
- The company achieved a 26% year-over-year growth in tangible book value per share, driven by strong returns.
- Net interest margin was 4.65% for the quarter, showing an improvement from the previous year.
- Axos Financial Inc (AX) increased deposits by $256 million in the fourth quarter, with significant growth in non-interest-bearing deposits.
- The company maintained strong credit quality, with net annualized charge-offs to average loans at only 5 basis points.
- Net interest margin decreased from 4.87% in the previous quarter to 4.65% due to higher excess liquidity.
- Ending balances for multifamily term loans and commercial real estate specialty loans declined by $122 million and $31 million, respectively.
- Non-interest income decreased slightly compared to the previous year, impacted by lower broker dealer fee income and prepayment penalty fees.
- Non-interest expense increased by $7 million due to higher salary, benefits, and professional service expenses.
- The company faced challenges in loan growth due to tighter spreads and fewer projects, impacting overall growth potential.
Hello, and welcome to the Axos Financial, Inc. fourth quarter 2024 earnings call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to turn the call over to Johnny Lai, Senior Vice President, Corporate Development and Investor Relations. Please go ahead, Johnny.
Thank you, Kevin. Good afternoon, everyone. Thanks for joining us today for Axos Financial, Inc.'s fourth quarter 2024 financial results conference call. On today's call are the company's President and Chief Executive Officer, Greg Garrabrants; and Executive Vice President and Chief Financial Officer, Derrick Walsh.
Greg and Derrick will review and comment on the financial and operational results for the 3 and 12 months ended June 30, 2024, and we will be available to answer questions after the prepared remarks.
Before I begin, I would like to remind listeners that prepared remarks made on this call may contain
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