Axos Financial reported a strong QQ1 2025, delivering double-digit YoY growth in earnings per share and tangible book value per share for the 10th consecutive quarter. The quarter ended September 30, 2024 saw deposits rise by approximately $614 million, with growth concentrated in interest-bearing demand and savings accounts, supporting a consolidated net interest margin (NIM) of 5.17% (up 81 bps YoY). Ending loan balances grew 0.3% QoQ to $19.3 billion, with YoY loan growth of 13.7%. Management highlighted the marginal drag from prepayments in select loan categories and the contribution of FDIC-acquired loans to NIM, noting that excluding those payoffs the core NIM would have been 4.87%. The company continues to diversify earnings through its Banking and Securities segments, including a growing Axos Clearing and a nascent but expanding securities advisory and wealth platform. Notable operating metrics include ROE of 19.1% for the quarter and a 28% YoY expansion in tangible book value per share. Management guided for 2025 loan growth in the high single digits to low-teens, excluding FDIC-purchased portfolios, and projected that the consolidated NIM ex-FDIC benefit should stay in a 4.25%–4.35% corridor with an incremental 30–35 bps NIM lift from FDIC acquisitions in FY2025. The deposit cost trajectory remains a focal point as competition and rate movements shape pricing and funding costs. The firm also signaled ongoing investment in growth initiatives (legacy and new verticals) and an emphasis on fee-based revenue, particularly in securities processing and custody, which could broadly augment operating leverage over time.