Welcome to our dedicated page for Axos Financial news (Ticker: AX), a resource for investors and traders seeking the latest updates and insights on Axos Financial stock.
Axos Financial, Inc. reports news on its nationwide digital banking and securities-services businesses. The company is the holding company for Axos Bank, Axos Clearing LLC and Axos Invest, Inc., with operations organized around a Banking Business Segment and a Securities Business Segment.
Recurring updates cover fiscal results, loan and deposit trends, small business banking, digital account and payments partnerships, securities clearing and advisory services, and capital or regulatory developments affecting the bank subsidiary. News also includes Verdant Commercial Capital, a division of Axos Bank that provides equipment and software financing for business-essential assets and participates in equipment receivables securitizations.
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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.