Strong Loan Growth
Axos Financial reported $1.6 billion net loan growth, including $1 billion from the Verdant acquisition, with a 17% year-over-year increase in book value per share.
Improved Credit Metrics
Reduction in net charge-offs by 5 basis points and nonaccrual loans to total loans improved from 79 to 74 basis points linked quarter.
Revenue Growth
Net interest income increased by $11 million linked quarter, or 15.6% annualized, reaching $291 million.
Increased Noninterest Income
Noninterest income grew by approximately 13% year-over-year due to higher banking service fees and mortgage banking income.
Successful Acquisition
The Verdant acquisition expected to add $150-200 million in net new loans and operating leases per quarter at attractive spreads.