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axos FINANCIAL Axos Financial , Inc. Reports Record First Quarter Fiscal 2022 Results Diluted Earnings Per Share in First Quarter 2022 up 12.5 % Year - Over - Year SAN DIEGO , CA - ( BUSINESS WIRE ) - October 28 , 2021 - Axos Financial , Inc. ( NYSE : AX ) ( " Axos " ) , parent company of Axos Bank ( the " Bank " ) , today announced unaudited financial results for the first quarter ended September 30 , 2021. Net income was $ 60.2 million , an increase of 13.6 % from $ 53.0 million for the quarter ended September 30 , 2020. Earnings attributable to Axos ' common stockholders was $ 60.2 million or $ 0.99 per diluted share for the first quarter of fiscal 2022 , an increase of 13.7 % from $ 52.9 million and 12.5 % from $ 0.88 per diluted share for the first quarter of fiscal 2021 . 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 other non- recurring costs increased 13.5 % to $ 62.2 million and 13.2 % to $ 1.03 , respectively , for the quarter ended September 30 , 2021 compared to $ 54.8 million and $ 0.91 , respectively , for the quarter ended September 30 , 2020 . First Quarter Fiscal 2022 Financial Summary ( Dollars in thousands , except per share data ) Net interest income Non - interest income Net income Adjusted earnings ( Non - GAAP ) ' Net income attributable to common stockholders Diluted EPS Adjusted EPS ( Non - GAAP ) ' 1 See " Use of Non - GAAP Financial Measures " Three Months Ended September 30 , 2021 2020 % Change S 146,642 $ 127,327 15.2 % S 26,702 $ 35,855 ( 25.5 ) % S 60,210 $ 53,022 13.6 % $ 62,228 $ 54,841 13.5 % S 60,210 $ 52,945 13.7 % S 0.99 $ 0.88 12.5 % S 1.03 $ 0.91 13.2 % " We generated strong loan growth while increasing our net interest margins , " stated Greg Garrabrants , President and Chief Executive Officer of Axos . " Net loans increased by $ 464.2 million , or 16.3 % annualized , as a result of robust originations in auto , single family mortgage , and C & I lending . Our net interest margin increased 30 basis points linked quarter and 38 basis points year - over - year to 4.22 % . We continue to maintain strong asset yields and reduce our funding costs . With over $ 3.6 billion of non - interest bearing deposits and the addition of the Axos Advisor Services ( " AAS " ) RIA custody business , we are well positioned to grow net interest income , fee income and net interest margin , irrespective of the interest rate environment . " " We continue to generate strong profitability and returns , as reflected by our 1.66 % return on assets , 16.2 % return on equity and 39.9 % efficiency ratio for the banking business segment this quarter , " stated Derrick Walsh , Executive Vice President and Chief Financial Officer of Axos . " Excluding one - time expenses related to the E * TRADE Advisor Services ( " EAS " ) acquisition , which was rebranded as AAS post - close , Axos Clearing posted a pretax profit of $ 1.5 million in the three months ended September 30 , 2021. Our credit quality remains strong , with only 1 basis point of net annualized charge - offs and 94 basis points of non - performing assets comprised of primarily low LTV loans secured by real estate . "