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Axos Q1 Fiscal 2027 Earnings SupplementNYSE: AXOctober 29, 2026
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2 © 2026 Axos Financial, Inc. All Rights Reserved. 2 Loan Growth by Category$ Millions SF Warehouse Lending Multifamily Small Balance Commercial Jumbo Mortgage Asset-Based and Cash Flow Lending Lender Finance Non-RE Capital Call Facilities Auto Unsecured/OD Single FamilyMortgage & WarehouseMultifamily & Commercial MortgageCommercialReal EstateCommercial &IndustrialNon-RELoansInc (Dec)Q4 FY26Q1 FY27$ (45)$ 3,789$ 3,744(90)793703(58)1,4541,396(53)1,0309776027,2717,8731881,5971,785(174)1,9851,8111283,0113,139561,7501,806(345)2,7502,40543578621118899$ 263$ 26,096$ 26,359 Lender Finance RE CRE SpecialtyAuto & Consumer Equipment Lending and Leasing
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3 © 2026 Axos Financial, Inc. All Rights Reserved. 3 Diversified Deposit Gathering Deposit balances as of September 30, 2026Note 1: Excludes approximately $450 million of off-balance sheet deposits › Serves approximately 30% of U.S. Chapter 7 bankruptcy trustees in exclusive relationship› Software allows servicing of SEC receivers and non-chapter 7 cases› Full service digital banking, wealth management, and securities trading› White-label banking› Business banking with simple suite of cash management services› Title and escrow companies› HOA and property management› 1031 exchange firms› Business management and entertainment› Broker-dealer client cash› Broker-dealer reserve accounts› Full service treasury/cash management› Team enhancements and geographic expansion› Bank and securities cross-sell Fiduciary Services$1.1BConsumerDirect$14.0BSpecialtyDeposits$3.9BDistributionPartners$0.3BAxosSecurities1$1.0BSmall Business Banking$1.3BCommercial & Treasury Management$3.8B Approximately 85% of deposits are FDIC-insured or collateralizedTotal Deposits:$25.4B
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4 © 2026 Axos Financial, Inc. All Rights Reserved. 4 Change in Allowance for Credit Losses (ACL) & Unfunded Loan Commitments Reserve (UCL)($ in millions) ACL+ UCLACL+ UCL3.227.7
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5 © 2026 Axos Financial, Inc. All Rights Reserved. 5 Credit Quality ($ millions)%Non-Accrual LoansLoans O/SSeptember 30, 20261.35 %$ 60$ 4,447Single Family-Mortgage & Warehouse0.2562,373Multifamily and Commercial Mortgage0.17169,658Commercial Real Estate0.79729,161Commercial & Industrial - Non-RE0.141719Auto & Consumer0.59 %$ 155$ 26,358Total%Non-Accrual LoansLoans O/SJune 30, 20261.29 %$ 59$ 4,582Single Family-Mortgage & Warehouse0.2052,484Multifamily and Commercial Mortgage0.17158,868Commercial Real Estate0.81779,496Commercial & Industrial - Non-RE0.151666Auto & Consumer0.60 %$ 157$ 26,096Total%Non-Accrual LoansLoans O/SSeptember 30, 20251.50 %$ 68$ 4,541Single Family-Mortgage & Warehouse0.57162,794Multifamily and Commercial Mortgage0.30227,295Commercial Real Estate0.78627,981Commercial & Industrial - Non-RE0.382531Auto & Consumer0.74 %$ 170$ 23,142Total
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6 © 2026 Axos Financial, Inc. All Rights Reserved. 6 September 30, 2025December 31, 2025March 31, 2026June 30, 2026September 30, 2026Selected Balance Sheet Data:$ 27,431,817$ 28,201,406$ 29,248,986$ 29,961,869$ 30,844,961Total assets22,635,13724,272,55224,957,53625,595,40325,912,024Loans—net of allowance for credit losses307,431327,043346,702347,375304,361Allowance for credit losses57,798811,126801,439803,667780,585Securities—available-for-sale182,518109,141133,015163,462190,831Securities borrowed263,095277,308333,699347,944320,416Customer, broker-dealer and clearing receivables22,264,75323,232,74822,388,13524,565,39225,413,197Total deposits60,00060,0001,805,000154,00060,000Advances from the FHLB782,423691,507634,452576,680511,647Secured financings510,064364,814378,065342,915343,166Borrowings, subordinated notes and debentures204,620128,869148,668194,729238,502Securities loaned385,821358,727338,592365,792386,792Customer, broker-dealer and clearing payables$ 2,793,121$ 2,930,092$ 3,065,183$ 3,166,418$ 3,288,794Total stockholders’ equity56,643,54756,677,32356,882,19056,734,04956,777,418Common shares outstanding at end of period71,356,15271,420,06471,724,04271,939,63072,140,489Common shares issued at end of periodPer Common Share Data:$ 49.31$ 51.70$ 53.89$ 55.81$ 57.92Book value per common share$ 45.22$ 47.79$ 49.72$ 50.96$ 52.68Tangible book value per common share (Non-GAAP)1Capital Ratios:10.18 %10.39 %10.48 %10.57 %10.66 %Equity to assets at end of periodAxos Financial, Inc.:10.26 %9.80 %10.17 %9.94 %10.15 %Tier 1 leverage (to adjusted average assets)11.66 %11.65 %11.65 %11.76 %12.22 %Common equity tier 1 capital (to risk-weighted assets)11.66 %11.65 %11.65 %11.76 %12.22 %Tier 1 capital (to risk-weighted assets)15.20 %14.39 %14.32 %14.39 %14.81 %Total capital (to risk-weighted assets)Axos Bank:9.69 %9.15 %9.39 %9.24 %9.35 %Tier 1 leverage (to adjusted average assets)11.37 %11.12 %10.90 %10.93 %11.33 %Common equity tier 1 capital (to risk-weighted assets)11.37 %11.12 %10.90 %10.93 %11.33 %Tier 1 capital (to risk-weighted assets)12.62 %12.37 %12.13 %12.10 %12.48 %Total capital (to risk-weighted assets) AXOS FINANCIAL, INC.SELECTED FINANCIAL INFORMATION(Unaudited – dollars in thousands)
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7 © 2026 Axos Financial, Inc. All Rights Reserved. 7 At or For the Three Months EndedSeptember 30, 2025December 31, 2025March 31, 2026June 30, 2026September 30, 2026Selected Income Statement Data:$ 465,736$ 513,845$ 478,241$ 499,130$ 517,077Interest and dividend income174,686182,136171,980181,240185,821Interest expense291,050331,709306,261317,890331,256Net interest income17,25525,00041,00017,85024,500Provision for credit losses273,795306,709265,261300,040306,756Net interest income, after provision for credit losses32,34053,37885,98861,87763,815Non-interest income156,246184,574185,953205,945195,410Non-interest expense149,889175,513165,296155,972175,161Income before income taxes37,53747,11640,61931,02645,513Income taxes$ 112,352$ 128,397$ 124,677$ 124,946$ 129,648Net incomeWeighted average number of common shares outstanding:56,512,58756,660,83356,724,05456,729,41656,756,005Basic57,782,82857,731,33958,073,25757,737,35157,554,935DilutedPer Common Share Data:Net income:$ 1.99$ 2.27$ 2.20$ 2.20$ 2.28Basic$ 1.94$ 2.22$ 2.15$ 2.16$ 2.25Diluted$ 2.07$ 2.25$ 1.90$ 2.53$ 2.34Adjusted earnings per common share (Non-GAAP)1Performance Ratios and Other Data:$ 1,585,527$ 1,637,415$ 684,984$ 637,867$ 316,621Growth in loans held for investment, net$ 47,122$ 61,009$ 70,080$ 62,144$ 47,342Loan originations for sale1.77 %1.83 %1.77 %1.69 %1.72 %Return on average assets15.94 %17.44 %16.26 %15.69 %15.66 %Return on average common stockholders’ equity3.89 %4.17 %3.88 %3.81 %3.91 %Interest rate spread2 4.75 %4.94 %4.57 %4.54 %4.64 %Net interest margin3 4.80 %5.02 %4.62 %4.56 %4.67 %Net interest margin3– Banking Business Segment48.32 %47.93 %47.41 %54.23 %49.46 %Efficiency ratio4 42.89 %41.39 %41.54 %43.10 %45.13 %Efficiency ratio4– Banking Business SegmentAsset Quality Ratios:0.11 %0.04 %0.31 %0.25 %1.09 %Net annualized charge-offs to average loans0.74 %0.61 %0.71 %0.60 %0.59 %Nonaccrual loans to total loans0.64 %0.56 %0.62 %0.53 %0.51 %Non-performing assets to total assets1.34 %1.33 %1.37 %1.34 %1.16 %Allowance for credit losses - loans to total loans held for investment180.41 %215.81 %192.15 %221.07 %195.79 %Allowance for credit losses - loans to nonaccrual loans1See “Use of Non-GAAP Financial Measures” herein.2Interest 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.3Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.4Efficiency ratio represents non-interest expense as a percentage of the aggregate of net interest income and non-interest income. AXOS FINANCIAL, INC.SELECTED FINANCIAL INFORMATION(Unaudited – dollars in thousands)
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8 © 2026 Axos Financial, Inc. All Rights Reserved. 81Favorable legal settlement reflects the recognition of a legal settlement in the Company’s favor reached in March 2026.2Acquisition-related costs include amortization of intangible assets, and for the three months ended September 30, 2025, also include $1.3 million of acquisition-related costs associated with the Verdantacquisition.September 30, 2025December 31, 2025March 31, 2026June 30, 2026September 30, 2026(Dollars in thousands, except per share amounts)$ 112,352$ 128,397$ 124,677$ 124,946$ 129,648Net income——(22,000)——Favorable legal settlement1 ———21,000—FINRA arbitration matter2,9412,4192,8345,4957,012Acquisition-related costs2 7,765————Verdant acquisition - Provision for credit losses(2,681)(649)4,713(5,271)(1,822)Income taxes$ 120,377$ 130,167$ 110,224$ 146,170$ 134,838Adjusted earnings (non-GAAP)57,782,82857,731,33958,073,25757,737,35157,554,935Average dilutive common shares outstanding$ 1.94$ 2.22$ 2.15$ 2.16$ 2.25Diluted EPS——(0.38)——Favorable legal settlement1 ———0.36—FINRA arbitration matter0.050.040.050.100.12Acquisition-related costs2 0.13————Verdant acquisition - Provision for credit losses(0.05)(0.01)0.08(0.09)(0.03)Income taxes$ 2.07$ 2.25$ 1.90$ 2.53$ 2.34Adjusted EPS (Non-GAAP) In addition to the results presented in accordance with GAAP, this earnings supplement includes non-GAAP financial measures such as adjusted earnings, adjusted earnings per diluted common share, andtangible 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. Readersshould 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 report 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 costs and other costs (unusual or non-recurring charges).Adjusted earnings per diluted common share (“Adjusted EPS”), a non-GAAP financial measure, is calculated by dividing non-GAAP adjusted earnings by the average number of diluted common sharesoutstanding during the period. We believe the non-GAAP measures of adjusted earnings and Adjusted EPS provide useful information about the Company’s operating performance. We believe excluding thenon-recurring acquisition related costs and other costs (unusual or non-recurring) provides investors with an alternative understanding of Axos’ core business.Below is a reconciliation of net income, the nearest comparable GAAP measure, to adjusted earnings and adjusted EPS (non-GAAP) for the periods shown:Use of Non-GAAP Financial Measures
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9 © 2026 Axos Financial, Inc. All Rights Reserved. 9 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 minusservicing 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 theend 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 comparable GAAP measure, to tangible book value per common share (non-GAAP) as of the dates indicated:September 30, 2025December 31, 2025March 31, 2026June 30, 2026September 30, 2026(Dollars in thousands, except per share amounts)$ 2,793,121$ 2,930,092$ 3,065,183$ 3,166,418$ 3,288,794Common stockholders’ equity26,24325,43126,29925,65326,469Less: servicing rights, carried at fair value205,747196,119211,046249,317271,505Less: goodwill and intangible assets$ 2,561,131$ 2,708,542$ 2,827,838$ 2,891,448$ 2,990,820Tangible common stockholders’ equity (Non-GAAP)56,643,54756,677,32356,882,19056,734,04956,777,418Common shares outstanding at end of period$ 49.31$ 51.70$ 53.89$ 55.81$ 57.92Book value per common share0.460.450.460.450.47Less: servicing rights, carried at fair value per common share3.633.463.714.404.77Less: goodwill and other intangible assets per common share$ 45.22$ 47.79$ 49.72$ 50.96$ 52.68Tangible book value per common share (Non-GAAP)Use of Non-GAAP Financial Measures(cont'd)
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10 © 2026 Axos Financial, Inc. All Rights Reserved. 10 Greg Garrabrants, President and CEODerrick Walsh, EVP and CFOinvestors@axosfinancial.comwww.axosfinancial.comJohnny Lai, SVP Corporate Development and Investor RelationsPhone: 858.649.2218Mobile: 858.245.1442jlai@axosfinancial.com Contact Information