Axos Financial, Inc. (NYSE:AX) Q4 2024 Results Conference Call July 30, 2024 5:00 PM ET

Company Participants

Johnny Lai - Senior VP, Corporate Development and IR
Greg Garrabrants - President and CEO
Derrick Walsh - EVP and CFO

Conference Call Participants

David Feaster - Raymond James
Gary Tenner - D. A. Davidson
Andrew Liesch - Piper Sandler
Kelly Motta - KBW
Edward Hemmelgarn - Shaker Investments

Operator

Hello, and welcome to the Axos Financial, Inc. Fourth Quarter 2024 Earnings Call and Webcast [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Johnny Lai, Senior Vice President, Corporate Development and Investor Relations. Please go ahead, Johnny.

Johnny Lai

Thank you, Kevin. Good afternoon, everyone. Thanks for joining us today for Axos Financial, Inc.'s fourth quarter 2024 financial results conference call. On today's call are the company's President and Chief Executive Officer, Greg Garrabrants; and Executive Vice President and Chief Financial Officer, Derrick Walsh. Greg and Derrick will review and comment on the financial and operational results for the three and 12 months ended June 30, 2024, and we will be available to answer questions after the prepared remarks. Before I begin, I would like to remind listeners that prepared remarks made on this call may contain forward-looking statements that are subject to risks and uncertainties, and that management may make additional forward-looking statements in response to your questions. Please refer to the Safe Harbor statements found in today's earnings press release and in our investor presentation for additional details. This call is being webcast and there will be an audio replay available in the Investor Relations section of the company's Web site located at axosfinancial.com for 30 days. Details for this call were provided on the conference call announcement and in today's earnings press release. Before handing over the call to Greg, I'd like to remind listeners that in addition to the earnings press release, we also issued an earnings supplement and 8-K with additional financial schedules for this call. All of these documents can be found on the Axos Financial Web site. With that, I'd like to turn the call over to Greg.

Greg Garrabrants

Thanks, Johnny. Good afternoon, everyone. And thank you for joining us. I'd like to welcome everyone to Axos Financial's conference call for the fourth quarter of fiscal 2024 ended June 30, 2024. I thank you for your interest in Axos Financial. We delivered outstanding results in our fiscal fourth quarter of 2024, generating double digits year-over-year growth in earnings per share, book value per share and ending loan balances for a ninth consecutive quarter. We outperformed the majority of our peers primarily due to successful execution of our strategic and operational initiatives. We grew deposits by approximately $256 million linked quarter with growth coming primarily from non-interest bearing deposits. Ending loan balances were up 2.7% linked quarter or 16.9% year-over-year to $19.2 billion. The diversity of our lending and deposit businesses allowed us to grow profitably in the three and 12 months ended June 30, 2024 as evidenced by our 18.8% and 21.6% return on average common shareholder activity respectively. Our strong returns contributed to the 26% year-over-year growth in our tangible book value per share.