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Axos Financial, Inc. Reports First Quarter 2019 Net Income
Loan Portfolio up 15.2%, Year-over-Year

SAN DIEGO, CA – (BUSINESS WIRE) – October 24, 2018 – Axos Financial, Inc. (NYSE: AX) (Axos), parent company of Axos Bank (the Bank), today announced financial results for the first fiscal quarter ended September 30, 2018. Net income was $36.8 million, an increase of 13.8% from $32.4 million for the quarter ended September 30, 2017. Earnings attributable to Axos’ common stockholders were $36.8 million or $0.58 per diluted share for the first quarter of fiscal 2019, an increase of 13.8% from $32.3 million or $0.50 per diluted share for the first quarter ended September 30, 2017.
Adjusted earnings and adjusted earnings per diluted common share (“adjusted EPS”), non-GAAP measures, which exclude non-cash amortization expenses and non-recurring costs related to mergers and acquisitions and excess FDIC expense, increased 18.6% to $38.4 million and 22.0% to $0.61, respectively, for the quarter ended September 30, 2018 compared to $32.4 million and $0.50, respectively, for the quarter ended September 30, 2017.
First Quarter Fiscal 2019 Financial Summary:
 
Three Months Ended September 30
 
 
(Dollars in thousands, except per share data)
Q1 Fiscal 2019
 
Q1 Fiscal 2018
 
% Change
Net interest income
$
86,279

 
$
80,550

 
7.1%
Non-interest income
$
16,543

 
$
13,340

 
24.0%
Net income
$
36,841

 
$
32,383

 
13.8%
Adjusted earnings (Non-GAAP)1
$
38,418

 
$
32,390

 
18.6%
Net income attributable to common stockholders
$
36,764

 
$
32,306

 
13.8%
Diluted EPS
$
0.58

 
$
0.50

 
16.0%
Adjusted EPS (Non-GAAP)1
$
0.61

 
$
0.50

 
22.0%
1 See “Use of Non-GAAP Financial Measures”
 
 
 
 
 

“We successfully completed several key initiatives this quarter, including the launch of our new online banking platform and the rebranding to Axos,” stated Greg Garrabrants, President and Chief Executive Officer of Axos. “We received regulatory approval to acquire deposits from Nationwide and announced an agreement to provide co-branded banking products to Nationwide’s associates and customers. Our opportunistic deployment of capital across a variety of strategic initiatives, including investments in business banking and commercial lending verticals and our acquisitions of COR Clearing and Nationwide Bank’s deposits will further diversify our lending and funding and position Axos to sustain solid earnings growth in 2019 and beyond.”

“We repositioned our balance sheet in preparation for the pending transfer of deposits from Nationwide,” explained Andy Micheletti, Executive Vice President and Chief Financial Officer of Axos. “We intend to repay approximately $2.5 billion of higher cost borrowings using the cash generated from the deposits we are acquiring from Nationwide in mid-November.”

Mr. Micheletti continued, “Non-interest expense for the quarter reflects higher amortization and depreciation costs, expenses related to Axos Fiduciary Services, deal-related expenses, and investments in rebranding, technology and personnel. Excluding approximately $1.6 million of non-cash amortization expense and non-recurring expenses related to our merger and acquisition activity, our non-GAAP adjusted earnings and adjusted EPS are $38.4 million and $0.61, respectively.”



The following information was filed by Axos Financial, Inc. (AX) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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