Axos Financial, Inc. Fixed Income Investor Presentation
Historical Interest Coverage
($ Thousands)
Bank level equity
Consolidated equity
Double leverage ratio
Interest Coverage
Earnings:
Income from continuing operations before taxes
(+) Interest on advances from the FHLB
(+) Interest on securities loaned
(+) Interest on other borrowings
(+) Interest Attributable to $150MM Subordinated Debt Raise (1)(2)
Earnings available to pay down interest on other borrowings (net of deposit interest expense)
(+) Interest on deposits
Earings available to pay down interest on deposits and other borrowings
Interest Expense:
Interest on advances from the FHLB
Interest on securities loaned
Interest on other borrowings
Interest Attributable to $150MM Subordinated Debt Raise(¹)(2)
Interest expense on other borrowings (excluding interest on deposits)
Interest on deposits
Total interest expense (including interest on deposits)
Interest coverage on other borrowings (excluding deposit interest expense) - A/C
Interest coverage on deposits and other borrowings - B / D
Note: Company uses a June 30 fiscal year-end.
(1) Assumes $150 million subordinated debt raise for illustrative purposes.
(2) Assumes 3.50% coupon rate for illustrative purposes.
$
$
$
FY 2018
905,159
960,513
94%
$
3,881
266,428
79,851
$ 346,279 $
FY 2019
$ 1,009,678
1,073,050
239,699 $ 212,806 $
22,848
32,834
748
5,620
22,848 $
3,881
26,729
79,851
94%
106,580 $
10.0x
3.2x
FY 2020
$1,148,527.
1,230,846
252,008
117,080
369,088 $
32,834 $
748
5,620
39,202
117,080
156,282 $
6.4x
2.4x
93%
262,632 $
11,988
679
5,645
FY 2021
$ 1,299,911
1,400,936
93%
280,944
126,916
407,860 $
11,988 $
679
5,645
18,312
126,916
145,228
15.3x
2.8x
$
305,743
4,672
1,496
12,424
Q2'22 YTD
$ 1,395,737
1,523,157
$
324,335
60,529
384,864 $
18,592
60,529
79,121
17.4x
4.9x
4,672 $
1,496
12,424
$
92%
171,249
1,989
469
5,201
178,908
15,517
194,425
axos
7,659
15,517
23,176
23.4x
8.4x
Pro Forma (¹)
$ 1,545,737
1,523,157
101%
$ 168,624
1,989
469
5,201
2,625
178,908
15,517
$ 194,425
1,989 $
469
5,201
$
1,989
469
5,201
2,625
10,284
15,517
25,801
17.4x
7.5x
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