Axos Financial Inc Stock Price, News & Analysis

Axos Financial, Inc. (NYSE: AX) released preliminary financial results for Q3 FY2023, revealing a 25% increase in total deposits, approximating $1.0 billion, totaling $16.7 billion as of March 31, 2023. The company reported no borrowings from the Fed’s discount window or the Bank Term Funding Program, with $5.9 billion in total borrowing availability. Cash and cash equivalents rose by $550 million to $2.5 billion. Gross loans increased by $370 million to $16.0 billion. Axos will host a conference call on April 27, 2023, to discuss financial results.

Axos Bank has launched its Insured Cash Sweep (ICS) program, providing multimillion-dollar FDIC insurance coverage for deposits exceeding the $250,000 limit. This program offers enhanced protection for both commercial and consumer banking clients, allowing coverage up to $150 million. Clients enjoy streamlined account opening through dedicated managers and a sophisticated treasury management platform. Axos Bank holds over $18.7 billion in consolidated assets and is a wholly owned subsidiary of Axos Financial (NYSE: AX).

Axos Financial, Inc. (NYSE: AX) reported a 12% annualized increase in average commercial and consumer deposits, totaling $13.7 billion as of March 12, 2023. The overall average deposits remain stable at $15 billion. The company maintains a robust deposit structure, with over 88% being FDIC insured. Its investment securities portfolio shows a minimal unrealized loss of $7 million, while credit quality remains stable across lending portfolios. CEO Gregory Garrabrants expressed optimism about continued deposit growth and the company's capacity to provide secure banking services.

Axos Bank has been recognized in GOBankingRates's Best Banks of 2023, earning top spots in categories like Best Online Banks and Best Checking Accounts. The evaluation considered over 4,300 data points from more than 170 banks and credit unions. Axos Bank is praised for its no-fee accounts, including the Rewards Checking account and Essential Checking, which offer a user-friendly experience. The bank holds over $18.7 billion in consolidated assets and is a wholly owned unit of Axos Financial, listed under the stock symbol AX.

Axos Financial reported strong fiscal second quarter results ending December 31, 2022, with a net income of $81.6 million, up 34% from $60.8 million in Q2 2021. Diluted earnings per share rose to $1.35, a 35% increase from $1.00. Adjusted earnings reached $83.4 million, with adjusted EPS at $1.38, marking a 33% increase. Net interest income was $199.9 million, up 37.3% year-over-year, bolstered by loan growth and rising interest rates. Total assets increased to $18.7 billion, while non-performing loans decreased to 0.61%. A conference call is scheduled for January 26, 2023.

Axos Financial, Inc. (NYSE: AX) will release its second quarter fiscal 2023 earnings results on January 26, 2023, after 4:00 PM ET. A conference call to discuss these results will follow at 5:00 PM ET. The company, parent of Axos Bank, currently holds approximately $18.4 billion in assets and offers banking products through various low-cost distribution channels. Its subsidiaries also provide securities clearing services and digital investment advisory.

Axos Invest has launched FundFinder+, a free tool that provides self-directed investors with access to extensive database insights on mutual funds and ETFs, previously available only to financial advisors.

Featuring integration with LOGICLY for enhanced analytics, FundFinder+ allows investors to research fund options tailored to their specific goals. The tool consolidates information from leading asset management firms, promoting transparency and informed investing. Axos Invest aims to empower individual investors with innovative tools and resources to enhance portfolio management.

Axos Financial, Inc. (NYSE: AX) reported its first fiscal quarter results for the period ended September 30, 2022. Net income was $58.4 million, down 3% from the prior year, with diluted EPS at $0.97, a 2% decrease. However, adjusted earnings rose 15% to $71.6 million, with adjusted EPS also increasing 15% to $1.18. The company experienced a strong 23.1% growth in net interest income, boosted by robust loan growth. Total assets reached $18.4 billion, and total deposits increased to $15.2 billion. Book value rose 15.6% to $28.35 per share.