Le Lézard
Classified in: Business
Subjects: EARNINGS, Conference Call, Webcast

Axos Financial, Inc. Reports Record Second Quarter Fiscal 2024 Results


Axos Financial, Inc. (NYSE: AX) ("Axos" or the "Company") today announced unaudited financial results for the second fiscal quarter ended December 31, 2023. Net income was $151.8 million, an increase of 86.1% from $81.6 million for the quarter ended December 31, 2022. Diluted earnings per share was $2.62, an increase of $1.27, or 94.1%, as compared to diluted earnings per share of $1.35 for the quarter ended December 31, 2022.

Adjusted earnings and adjusted earnings per diluted common share ("Adjusted EPS"), non-GAAP measures, which exclude non-cash amortization expenses, non-recurring items related to mergers and acquisitions, including certain gains and provisions resulting from the Company's FDIC Loan Purchase (as described below), and other non-recurring costs increased $9.1 million to $92.5 million and increased $0.22 to $1.60, respectively, for the quarter ended December 31, 2023, compared to $83.4 million and $1.38, respectively, for the quarter ended December 31, 2022.

Second Quarter Fiscal 2024 Financial Summary

 

Three Months Ended

December 31,

 

 

(Dollars in thousands, except per share data)

 

2023

 

 

2022

 

% Change

Net interest income

$

228,606

 

$

199,910

 

14.4

%

Non-interest income

$

124,129

 

$

28,329

 

338.2

%

Net income

$

151,771

 

$

81,552

 

86.1

%

Adjusted earnings (Non-GAAP)1

$

92,452

 

$

83,354

 

10.9

%

Diluted EPS

$

2.62

 

$

1.35

 

94.1

%

Adjusted EPS (Non-GAAP)1

$

1.60

 

$

1.38

 

15.9

%

1 See "Use of Non-GAAP Financial Measures"

 

 

 

 

 

For the six months ended December 31, 2023, net income was $234.4 million, an increase of 67.5% from net income of $140.0 million for the six months ended December 31, 2022. Diluted earnings per share were $3.98 for the six months ended December 31, 2023, an increase of $1.67, or 72.3%, as compared to diluted earnings per share of $2.31 for the six months ended December 31, 2022.

"Our record second quarter earnings were driven by strong organic loan and deposit growth, further net interest margin expansion, disciplined expense management and a gain associated with an opportunistic loan purchase from the FDIC," stated Greg Garrabrants, President and Chief Executive Officer of Axos. "Excluding the one-time gain and the provision for credit losses associated with the FDIC Loan Purchase, diluted EPS was up 15.7% year-over-year. Our strong returns, margins and excess capital provide us with flexibility to allocate capital to opportunities where we see the best risk-adjusted returns."

"Our credit quality remains resilient, with annualized net charge-offs to average loans declining by 3 basis points year-over-year to 0.02% in the quarter ended December 31, 2023," stated Derrick Walsh, Executive Vice President and Chief Financial Officer of Axos. "Our provision for credit losses was $13.5 million this quarter to account for our strong organic loan growth and the FDIC loan purchase. Additionally, we added approximately $75 million of allowance for credit losses for the FDIC loans we purchased, bringing our total allowance for credit losses to 1.33% of total loans held for investment."

Other Highlights

Second Quarter Fiscal 2024 Income Statement Summary

Net income was $151.8 million and earnings per diluted common share was $2.62 for the three months ended December 31, 2023, compared to net income of $81.6 million and earnings per diluted common share of $1.35 for the three months ended December 31, 2022. Net interest income increased $28.7 million or 14.4% for the three months ended December 31, 2023 compared to the three months ended December 31, 2022, primarily due to an increase in interest income from loans attributable to higher rates earned and higher average balances, partially offset by higher rates paid and higher average interest-bearing deposit balances.

The provision for credit losses was $13.5 million for the three months ended December 31, 2023, compared to $3.0 million for the three months ended December 31, 2022. The provision for credit losses for the three months ended December 31, 2023, was primarily due to loan growth in the Commercial & Industrial - Non-RE portfolio and the loans acquired in the FDIC Loan Purchase.

Non-interest income increased to $124.1 million for the three months ended December 31, 2023, compared to $28.3 million for the three months ended December 31, 2022. The increase was primarily due to a $92.4 million pre-tax gain on the FDIC Loan Purchase and an increase in broker-dealer fee income.

Non-interest expense, comprised of various operating expenses, increased $13.8 million to $121.8 million for the three months ended December 31, 2023 from $108.0 million for the three months ended December 31, 2022. The increase was primarily due to increased salaries and related costs, data and operational processing expense and broker-dealer clearing charges.

Balance Sheet Summary

Axos' total assets increased by $1.3 billion, or 6.3%, to $21.6 billion, at December 31, 2023, from $20.3 billion at June 30, 2023, primarily due to an increase of $1.8 billion in loans, partially offset by a decrease in cash of $0.6 billion. Total liabilities increased by $1.1 billion, or 6.0%, to $19.5 billion at December 31, 2023, from $18.4 billion at June 30, 2023, primarily due to an increase of $1.1 billion in deposits. Stockholders' equity increased by approximately $0.2 billion, or 8.4%, to $2.1 billion at December 31, 2023 from $1.9 billion at June 30, 2023. The increase was primarily the result of net income of $234.4 million, partially offset by purchases of common stock of $83.2 million under the share repurchase program.

Conference Call

A conference call and webcast will be held on Tuesday, January 30, 2024 at 5:00 PM Eastern / 2:00 PM Pacific. Analysts and investors may dial in and participate in the question/answer session. To access the call, please dial: 877-407-8293. The conference call will be webcast live, and both the webcast and the earnings supplement may be accessed at Axos' website, investors.axosfinancial.com. For those unable to listen to the live broadcast, a replay will be available until February 29, 2024, at Axos' website and telephonically by dialing toll-free number 877-660-6853, passcode 13743449.

About Axos Financial, Inc. and Subsidiaries

Axos Financial, Inc., with approximately $21.6 billion in consolidated assets as of December 31, 2023, is the holding company for Axos Bank, Axos Clearing LLC and Axos Invest, Inc. Axos Bank provides consumer and business banking products nationwide through its low-cost distribution channels and affinity partners. Axos Clearing LLC (including its business division Axos Advisor Services), with approximately $34.4 billion of assets under custody and/or administration as of December 31, 2023, and Axos Invest, Inc., provide comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents, and digital investment advisory services to retail investors, respectively. Axos Financial, Inc.'s common stock is listed on the NYSE under the symbol "AX" and is a component of the Russell 2000® Index, the S&P SmallCap 600® Index, the KBW Nasdaq Financial Technology Index, and the Travillian Tech-Forward Bank Index. For more information on Axos Financial, Inc., please visit http://investors.axosfinancial.com.

Segment Reporting

The Company operates through two segments: Banking Business and Securities Business. In order to reconcile the two segments to the consolidated totals, the Company includes parent-only activities and intercompany eliminations. Inter-segment transactions are eliminated in consolidation and primarily include non-interest income earned by the Securities Business segment and non-interest expense incurred by the Banking Business segment for cash sorting fees related to deposits sourced from Securities Business segment customers, as well as interest expense paid by the Banking Business segment to each of the wholly-owned subsidiaries of the Company and to the Company itself for their operating cash held on deposit with the Business Banking segment.

The following tables present the operating results of the segments:

 

For the Three Months Ended December 31, 2023

(Dollars in thousands)

Banking
Business

 

Securities
Business

 

Corporate/
Eliminations

 

Axos
Consolidated

Net interest income

$

226,635

 

$

6,080

 

$

(4,109

)

 

$

228,606

Provision for credit losses

 

13,500

 

 

?

 

 

?

 

 

 

13,500

Non-interest income

 

103,779

 

 

32,641

 

 

(12,291

)

 

 

124,129

Non-interest expense

 

102,282

 

 

27,968

 

 

(8,411

)

 

 

121,839

Income before income taxes

$

214,632

 

$

10,753

 

$

(7,989

)

 

$

217,396

 

 

 

 

 

 

 

 

 

For the Three Months Ended December 31, 2022

(Dollars in thousands)

Banking
Business

 

Securities
Business

 

Corporate/
Eliminations

 

Axos
Consolidated

Net interest income

$

198,545

 

$

4,876

 

$

(3,511

)

 

$

199,910

Provision for credit losses

 

3,001

 

 

?

 

 

?

 

 

 

3,001

Non-interest income

 

10,557

 

 

36,004

 

 

(18,232

)

 

 

28,329

Non-interest expense

 

96,783

 

 

25,271

 

 

(14,027

)

 

 

108,027

Income before income taxes

$

109,318

 

$

15,609

 

$

(7,716

)

 

$

117,211

 

 

 

 

 

 

 

 

 

For the Six Months Ended December 31, 2023

(Dollars in thousands)

Banking
Business

 

Securities
Business

 

Corporate/
Eliminations

 

Axos
Consolidated

Net interest income

$

435,854

 

$

11,622

 

$

(7,715

)

 

$

439,761

Provision for credit losses

 

20,500

 

 

?

 

 

?

 

 

 

20,500

Non-interest income

 

116,336

 

 

67,196

 

 

(24,896

)

 

 

158,636

Non-interest expense

 

203,068

 

 

55,491

 

 

(16,214

)

 

 

242,345

Income before income taxes

$

328,622

 

$

23,327

 

$

(16,397

)

 

$

335,552

 

 

 

 

 

 

 

 

 

For the Six Months Ended December 31, 2022

(Dollars in thousands)

Banking
Business

 

Securities
Business

 

Corporate/
Eliminations

 

Axos
Consolidated

Net interest income

$

378,275

 

$

9,151

 

$

(7,041

)

 

$

380,385

Provision for credit losses

 

11,751

 

 

?

 

 

?

 

 

 

11,751

Non-interest income

 

21,269

 

 

65,169

 

 

(30,901

)

 

 

55,537

Non-interest expense

 

197,579

 

 

49,786

 

 

(23,251

)

 

 

224,114

Income before income taxes

$

190,214

 

$

24,534

 

$

(14,691

)

 

$

200,057

Use of Non-GAAP Financial Measures

In addition to the results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), this release includes non-GAAP financial measures such as adjusted earnings, adjusted earnings per diluted common share, and tangible book value per common share. Non-GAAP financial measures have inherent limitations, may not be comparable to similarly titled measures used by other companies and are not audited. Readers should be aware of these limitations and should be cautious as to their reliance on such measures. Although we believe the non-GAAP financial measures disclosed in this release enhance investors' understanding of our business and performance, these non-GAAP measures should not be considered in isolation, or as a substitute for GAAP basis financial measures.

We define "adjusted earnings", a non-GAAP financial measure, as net income without the after-tax impact of non-recurring acquisition-related items (including amortization of intangible assets related to acquisitions) and other costs (unusual or non-recurring charges). Adjusted EPS, a non-GAAP financial measure, is calculated by dividing non-GAAP adjusted earnings by the average number of diluted common shares outstanding during the period. We believe the non-GAAP measures of adjusted earnings and Adjusted EPS provide useful information about Axos' operating performance. We believe excluding the non-recurring acquisition-related costs, and other costs provides investors with an alternative understanding of Axos' core business.

Below is a reconciliation of net income, the nearest compatible GAAP measure, to adjusted earnings and adjusted EPS (Non-GAAP) for the periods shown:

 

Three Months Ended

 

Six Months Ended

 

December 31,

 

December 31,

(Dollars in thousands, except per share amounts)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net income

$

151,771

 

 

$

81,552

 

 

$

234,416

 

 

$

139,959

 

FDIC Loan Purchase - Gain on purchase

 

(92,397

)

 

 

?

 

 

 

(92,397

)

 

 

?

 

FDIC Loan Purchase - Provision for credit losses

 

4,648

 

 

 

?

 

 

 

4,648

 

 

 

?

 

Acquisition-related costs

 

2,780

 

 

 

2,590

 

 

 

5,570

 

 

 

5,324

 

Other costs1

 

?

 

 

 

?

 

 

 

?

 

 

 

16,000

 

Income tax effect

 

25,650

 

 

 

(788

)

 

 

24,811

 

 

 

(6,406

)

Adjusted earnings (Non-GAAP)

$

92,452

 

 

$

83,354

 

 

$

177,048

 

 

$

154,877

 

 

 

 

 

 

 

 

 

Average dilutive common shares outstanding

 

57,932,834

 

 

 

60,514,635

 

 

 

58,930,427

 

 

 

60,540,353

 

 

 

 

 

 

 

 

 

Diluted EPS

$

2.62

 

 

$

1.35

 

 

$

3.98

 

 

$

2.31

 

FDIC Loan Purchase - Gain on purchase

 

(1.59

)

 

 

?

 

 

 

(1.57

)

 

 

?

 

FDIC Loan Purchase - Provision for credit losses

 

0.08

 

 

 

?

 

 

 

0.08

 

 

 

?

 

Acquisition-related costs

 

0.05

 

 

 

0.04

 

 

 

0.09

 

 

 

0.09

 

Other costs1

 

?

 

 

 

?

 

 

 

?

 

 

 

0.26

 

Income tax effect

 

0.44

 

 

 

(0.01

)

 

 

0.42

 

 

 

(0.10

)

Adjusted EPS (Non-GAAP)

$

1.60

 

 

$

1.38

 

 

$

3.00

 

 

$

2.56

 

1 Other costs for the six months ended December 31, 2022 reflect an accrual recorded in the first quarter of fiscal year 2023 as a result of an adverse legal judgement that has not been finalized.

We define "tangible book value", a non-GAAP financial measure, as book value adjusted for goodwill and other intangible assets. Tangible book value is calculated using common stockholders' equity minus servicing rights, goodwill and other intangible assets. Tangible book value per common share, a non-GAAP financial measure, is calculated by dividing tangible book value by the common shares outstanding at the end of the period. We believe tangible book value per common share is useful in evaluating the Company's capital strength, financial condition, and ability to manage potential losses.

Below is a reconciliation of total stockholders' equity, the nearest compatible GAAP measure, to tangible book value per common share (non-GAAP) as of the dates indicated:

 

December 31,

(Dollars in thousands, except per share amounts)

 

2023

 

 

2022

Common stockholders' equity

$

2,078,224

 

$

1,787,559

Less: servicing rights, carried at fair value

 

28,043

 

 

25,526

Less: goodwill and intangible assets?net

 

146,793

 

 

157,585

Tangible common stockholders' equity (Non-GAAP)

$

1,903,388

 

$

1,604,448

 

 

 

 

Common shares outstanding at end of period

 

56,898,377

 

 

60,000,079

 

 

 

 

Book value per common share

 

36.53

 

 

29.79

Less: servicing rights, carried at fair value per common share

 

0.49

 

 

0.43

Less: goodwill and other intangible assets?net per common share

 

2.59

 

 

2.62

Tangible book value per common share (Non-GAAP)

$

33.45

 

$

26.74

Forward-Looking Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to Axos' financial prospects and other projections of its performance and asset quality, Axos' deposit balances and capital ratios, Axos' ability to continue to grow profitably and increase its business, Axos' ability to continue to diversify its lending and deposit franchises, the anticipated timing and financial performance of other offerings, initiatives, and acquisitions, expectations of the environment in which Axos operates and projections of future performance. These forward-looking statements are made on the basis of the views and assumptions of management regarding future events and performance as of the date of this press release. Actual results and the timing of events could differ materially from those expressed or implied in such forward-looking statements as a result of risks and uncertainties, including without limitation Axos' ability to successfully integrate acquisitions and realize the anticipated benefits of the transactions, changes in the interest rate environment, monetary policy, inflation, government regulation, general economic conditions, changes in the competitive marketplace, conditions in the real estate markets in which we operate, risks associated with credit quality, our ability to attract and retain deposits and access other sources of liquidity, and the outcome and effects of litigation and other factors beyond our control. These and other risks and uncertainties detailed in Axos' periodic reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2023, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Axos undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All written and oral forward-looking statements made in connection with this press release, which are attributable to us or persons acting on Axos' behalf are expressly qualified in their entirety by the foregoing information.

AXOS FINANCIAL, INC.

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited ? dollars in thousands)

 

 

December 31,
2023

 

June 30,
2023

 

December 31,
2022

Selected Balance Sheet Data:

 

 

 

 

 

Total assets

$

21,623,764

 

 

$

20,348,469

 

 

$

18,741,035

 

Loans?net of allowance for credit losses

 

18,264,354

 

 

 

16,456,728

 

 

 

15,473,212

 

Loans held for sale, carried at fair value

 

13,468

 

 

 

23,203

 

 

 

4,292

 

Loans held for sale, lower of cost or fair value

 

?

 

 

 

776

 

 

 

455

 

Allowance for credit losses

 

251,749

 

 

 

166,680

 

 

 

157,218

 

Trading securities

 

329

 

 

 

758

 

 

 

372

 

Available-for-sale securities

 

239,812

 

 

 

232,350

 

 

 

248,062

 

Securities borrowed

 

145,176

 

 

 

134,339

 

 

 

58,846

 

Customer, broker-dealer and clearing receivables

 

265,857

 

 

 

374,074

 

 

 

272,579

 

Total deposits

 

18,203,912

 

 

 

17,123,108

 

 

 

15,690,494

 

Advances from the Federal Home Loan Bank

 

90,000

 

 

 

90,000

 

 

 

100,000

 

Borrowings, subordinated notes and debentures

 

341,086

 

 

 

361,779

 

 

 

334,077

 

Securities loaned

 

155,492

 

 

 

159,832

 

 

 

156,008

 

Customer, broker-dealer and clearing payables

 

368,885

 

 

 

445,477

 

 

 

420,947

 

Total stockholders' equity

 

2,078,224

 

 

 

1,917,159

 

 

 

1,787,559

 

 

 

 

 

 

 

Capital Ratios:

 

 

 

 

 

Equity to assets at end of period

 

9.61

%

 

 

9.42

%

 

 

9.54

%

Axos Financial, Inc.:

 

 

 

 

 

Tier 1 leverage (to adjusted average assets)

 

9.39

%

 

 

8.96

%

 

 

9.06

%

Common equity tier 1 capital (to risk-weighted assets)

 

10.97

%

 

 

10.94

%

 

 

10.55

%

Tier 1 capital (to risk-weighted assets)

 

10.97

%

 

 

10.94

%

 

 

10.55

%

Total capital (to risk-weighted assets)

 

13.79

%

 

 

13.82

%

 

 

13.49

%

Axos Bank:

 

 

 

 

 

Tier 1 leverage (to adjusted average assets)

 

10.22

%

 

 

9.68

%

 

 

10.05

%

Common equity tier 1 capital (to risk-weighted assets)

 

12.26

%

 

 

11.63

%

 

 

11.28

%

Tier 1 capital (to risk-weighted assets)

 

12.26

%

 

 

11.63

%

 

 

11.28

%

Total capital (to risk-weighted assets)

 

13.25

%

 

 

12.50

%

 

 

12.13

%

Axos Clearing LLC:

 

 

 

 

 

Net capital

$

103,454

 

 

$

35,221

 

 

$

60,334

 

Excess capital

$

98,397

 

 

$

29,905

 

 

$

55,977

 

Net capital as a percentage of aggregate debit items

 

40.92

%

 

 

13.25

%

 

 

27.69

%

Net capital in excess of 5% aggregate debit items

$

90,812

 

 

$

21,930

 

 

$

49,441

 

AXOS FINANCIAL, INC.

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited ? dollars in thousands, except per share data)

 

 

As of or for the
Three Months Ended

 

As of or for the
Six Months Ended

 

December 31,

 

December 31,

(Dollars in thousands, except per share data)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Selected Income Statement Data:

 

 

 

 

 

 

 

Interest and dividend income

$

394,663

 

 

$

279,588

 

 

$

758,615

 

 

$

503,374

 

Interest expense

 

166,057

 

 

 

79,678

 

 

 

318,854

 

 

 

122,989

 

Net interest income

 

228,606

 

 

 

199,910

 

 

 

439,761

 

 

 

380,385

 

Provision for credit losses

 

13,500

 

 

 

3,001

 

 

 

20,500

 

 

 

11,751

 

Net interest income, after provision for credit losses

 

215,106

 

 

 

196,909

 

 

 

419,261

 

 

 

368,634

 

Non-interest income

 

124,129

 

 

 

28,329

 

 

 

158,636

 

 

 

55,537

 

Non-interest expense

 

121,839

 

 

 

108,027

 

 

 

242,345

 

 

 

224,114

 

Income before income taxes

 

217,396

 

 

 

117,211

 

 

 

335,552

 

 

 

200,057

 

Income tax expense

 

65,625

 

 

 

35,659

 

 

 

101,136

 

 

 

60,098

 

Net income

$

151,771

 

 

$

81,552

 

 

$

234,416

 

 

$

139,959

 

 

 

 

 

 

 

 

 

Per Common Share Data:

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

Basic

$

2.65

 

 

$

1.36

 

 

$

4.04

 

 

$

2.34

 

Diluted

$

2.62

 

 

$

1.35

 

 

$

3.98

 

 

$

2.31

 

Adjusted earnings per common share (Non-GAAP)1

$

1.60

 

 

$

1.38

 

 

$

3.00

 

 

$

2.56

 

Book value per common share

$

36.53

 

 

$

29.79

 

 

$

36.53

 

 

$

29.79

 

Tangible book value per common share (Non-GAAP)1

$

33.45

 

 

$

26.74

 

 

$

33.45

 

 

$

26.74

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

Basic

 

57,216,621

 

 

 

59,999,573

 

 

 

58,082,830

 

 

 

59,927,078

 

Diluted

 

57,932,834

 

 

 

60,514,635

 

 

 

58,930,427

 

 

 

60,540,353

 

Common shares outstanding at end of period

 

56,898,377

 

 

 

60,000,079

 

 

 

56,898,377

 

 

 

60,000,079

 

Common shares issued at end of period

 

69,828,709

 

 

 

69,153,591

 

 

 

69,828,709

 

 

 

69,153,591

 

 

 

 

 

 

 

 

 

Performance Ratios and Other Data:

 

 

 

 

 

 

 

Loan originations for investment

$

2,739,261

 

 

$

2,013,576

 

 

$

5,344,593

 

 

$

4,499,800

 

Loan originations for sale

 

44,325

 

 

 

43,227

 

 

 

96,910

 

 

 

113,300

 

Loan purchases

 

789,516

 

 

 

76

 

 

 

841,408

 

 

 

127

 

Return on average assets

 

2.90

%

 

 

1.77

%

 

 

2.29

%

 

 

1.55

%

Return on average common stockholders' equity

 

30.39

%

 

 

18.71

%

 

 

23.72

%

 

 

16.35

%

Interest rate spread2

 

3.58

%

 

 

3.64

%

 

 

3.48

%

 

 

3.63

%

Net interest margin3

 

4.55

%

 

 

4.49

%

 

 

4.46

%

 

 

4.38

%

Net interest margin3 ? Banking Business Segment

 

4.62

%

 

 

4.65

%

 

 

4.54

%

 

 

4.58

%

Efficiency ratio4

 

34.54

%

 

 

47.33

%

 

 

40.50

%

 

 

51.41

%

Efficiency ratio4 ? Banking Business Segment

 

30.96

%

 

 

46.29

%

 

 

36.78

%

 

 

49.45

%

 

 

 

 

 

 

 

 

Asset Quality Ratios:

 

 

 

 

 

 

 

Net annualized charge-offs to average loans

 

0.02

%

 

 

0.05

%

 

 

0.04

%

 

 

0.05

%

Non-performing loans and leases to total loans

 

0.65

%

 

 

0.61

%

 

 

0.65

%

 

 

0.61

%

Non-performing assets to total assets

 

0.60

%

 

 

0.54

%

 

 

0.60

%

 

 

0.54

%

Allowance for credit losses - loans to total loans held for investment

 

1.33

%

 

 

1.00

%

 

 

1.33

%

 

 

1.00

%

Allowance for credit losses - loans to non-performing loans

 

205.50

%

 

 

165.51

%

 

 

205.50

%

 

 

165.51

%

1

See "Use of Non-GAAP Financial Measures" herein.

2

Interest rate spread represents the difference between the annualized weighted average yield on interest-earning assets and the annualized weighted average rate paid on interest-bearing liabilities.

3

Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

4

Efficiency ratio represents non-interest expense as a percentage of the aggregate of net interest income and non-interest income.

 


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