Axos Financial, Inc.

actual financial fourth quarter 2025 earnings followed by cash. At this time, all participants are in English as you know. The question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce you to your host, Johnny Lai, SVP, Corporate Development and IR. Thank you, Johnny. You may begin.

Thanks, Alicia. Good afternoon, everyone, and thanks for your interest in Axos. Joining us today for Axos Financial Inc.' 's fourth quarter and fiscal 2025 financial results conference call are the company's president and chief executive officer, Greg Garabrantz, and Executive Vice President and Chief Financial Officer, Derek Walsh. Greg and Derek will review and comment on the financial and operational results for the quarter and fiscal year ended June 30th, 2025, and we will be available to answer questions after the prepared remarks. Before I begin, I'd like to remind listeners that prepared remarks made on this call may contain forward-looking statements that are subject to risk and uncertainties, and that management may make additional forelinking statements in response to your questions. Please refer to the safe harbor statement 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 website located at accessfinancial.com for 30 days. Details for this call were provided on the conference call announcement and in today's earnings press releases. 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 in a K with additional financial schedules. All of these documents can be found on accessfinancial.com. With that, I'd like to turn the call over to Greg.

Thank you, 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 2025, ended June 30th, 2025. I thank you for your interest in Axos Financial and Axos Bank. We delivered strong results this quarter, generating $856 million of net loan growth linked quarter, six basis points of net interest margin expansion, and an 18 percent year-over-year increase in book value per share. We continue to generate high returns as evidenced by the 17% return on average common equity and the 1.9% return on assets in the three months ended June 30, 2025. Other highlights in the quarter include net interest income was $280 million for the three months ended June 30, 2025, up 7.7% from the $260 million in the prior year period. Net interest margin was 4.84% for the quarter ended June 30, 2025, up six basis points from the 4.78% in the quarter ended March 31, 2025. One loan from the FDIC purchase pool paid off this quarter, and that accelerated accretion of the purchase price discount increased our net interest income by approximately $450,000. We continue to maintain a best-in-class net interest margin with or without the benefit of the accretion from loans purchased from the FDIC. Total on-balance sheet deposits increased 7.6 percent year-over-year to 21 million. Our diverse and granular deposit base across consumer and commercial banking and our securities businesses continue to support our organic loan growth. We managed our operating expenses well this quarter. Total non-interest expenses for the quarter ended June 30th, 2025, were up by 3 percent from the prior quarter, excluding the reversal of a legal rule in the prior quarter, which reduced other G&A expenses by approximately 2 million. Total non-interest expenses were up 2.5 million from March to June. Total non-accrual loans declined by 15 million link quarter, resulting in our non-accrual loans, the total loans ratio improving by 89 basis points in the quarter ended March 31st, 2025 to 79 basis points as of June 30th, 2025. Net income was approximately $110.7 million in the quarter ended June 30th, 2025, compared to $105.2 million in the quarter ended March 31st. The looted EPS was $1.92 for the quarter ended June 30th, 2025, compared to $1.81 in the March quarter. We had a few non-recurring items this quarter that impacted our net income and EPS. We recognized a $12 million pre-tax gain from the sale of multifamily loans that were included in mortgage banking income. We also recognized a one-time non-cash deferred tax impairment that increased our net income tax by $5.5 million. Excluding the impact from those two non-reoccurring items, our adjusted net income and adjusted earnings-predicted share would have been $107.7 million and $1.87 per share, respectively. We took advantage of the temporary market downturn in April to repurchase approximately $31 million of common stock at an average price of $59 per share. Total originations for investment, excluding single-family warehouse lending, increased 5% on a linked quarter basis, resulting in net loan growth in loans for investment of approximately $856 million for the three months ended June 30, 2025, representing an increase of 4.2% Asset-based lending, commercial real estate, specialty lending, equipment leasing, lender finance, and single-family warehouse had strong originations in net loan growth this quarter. Additionally, we grew ending loan balances and single-family mortgage for the second consecutive quarter. Average loan yields for the three months ended June 30, 2025, were 8% flat compared to the prior quarter. Average loan yields for non-purchase loans were 7.66%, and average yields for purchase loans were 14.9%, which includes the accretion of our purchase price discount. The FDIC purchase loans continue to perform, and all loans in the portfolio remain current. New loan interest rates were the following. Single-family mortgage, 7.2%, multifamily, 7.1%, CNI, 7.8%, and auto, 8.3%. Ending deposit balances were $20.8 billion, and they were up 3.4% link quarter and up 7.6% year over year. Demand, money market, and savings accounts representing 95% of total deposits at June 30, 2025, increased by 7% year over year. We have a diverse mix of funding across a variety of business verticals with consumer and small business representing 59% of total deposits, commercial cash, treasury management, and institutional representing 20%, Commercial Specialty representing 11%, Axos Fiduciary Services representing 5%, and Axos Securities, which is our custody and clearing business, representing 5%. Total non-interest-bearing deposits were approximately $3 billion at the end of the quarter, up slightly from the prior quarter. Client cash sorting deposits ended the quarter around $980 million, up from $900 million at March 31, 2025. We remain focused on adding new assets from existing and new advisors to grow our assets under custody and cash balances. In addition, our access securities deposits on our balance sheet, we had approximately $450 million of deposits off balance sheet at partner banks. Our consolidated net interest margin was 4.84% for the quarter ended June 30, 2025, compared to 4.78% in the quarter ended March 31, 2025. We are seeing strong growth in accounts and balances from our Axos One consumer bundle deposit product, which includes a checking and a savings account. Growth in Axos One and other deposit businesses, including our commercial, cash, and treasury management and specialty businesses, has provided us with sufficient funding to support our strong organic loan growth. We are also making excellent progress cross-selling deposits across our lending businesses. We expect our consolidated net interest margin ex-FDIC loan purchase accretion to stay at the high or slightly above the 4.25% to 4.35% range we have targeted over the past year. While new loan yields are coming in slightly lower in many lending categories we compete in, we continue to offset some of that pressure through refinancing or paying off lower-yielding single-family and multifamily loans originated two to three years ago. Our loan pipelines have improved over the past few quarters as a result of successfully expanding our distribution channels across certain commercial lending categories and contributions from teams we have onboarded over the past 12 months. We also believe we have moved past our peak level of prepayments in our commercial specialty real estate portfolio. which had been a significant headwind to net loan growth for the past several quarters. Taking all of these factors into consideration, we expect organic loan growth to come in toward the mid- to high-end of our single-digit and low-teens range on an annual basis in fiscal 2026. The credit quality of our loan book continues to be solid, and our historic and current net charge-offs remain low. Total non-performing assets declined by $13.4 million in the quarter, representing $71 billion The sequential decrease in non-accrual loans were primarily driven by $9.4 million in our CNI portfolio and $4.9 million in our commercial real estate lending business. We did not anticipate a material loss from loans currently classified as non-performing in our single-family, multifamily, or commercial real estate loan portfolio. Our commercial real estate specialty portfolio continues to perform very well and in line with expectations. Non-accrual C&I loan balances at June 30, 2025 were down by approximately $9.4 million from the prior quarter. The two largest C&I loans we have on non-accrual continue to be up to date on their payments, and no new C&I loans were placed on non-accrual in the quarter. We continue to monitor the credit trends across all loan portfolios and have not seen any broad-based deterioration in any individual lending category. Access clearing, which includes our correspondent clearing and RA and custody business, had a good quarter. to $39.4 billion at June 30, 2025. Net new assets for our custody business increased by $215 million in the June quarter, extending the positive net new asset momentum we have experienced over the past several quarters. The stock market has rebounded off its year-to-date lows, and many of our custody clients continue to generate positive assets under management growth. The pipeline for new custody clients remains healthy for small and large RIA firms, underpinning our optimism in continued net positive net new asset growth in our securities business. Total deposits at Axios Clearing were $1.4 billion at the end of the quarter, up $90 million from where they were in the prior quarter. Of the $1.4 billion of deposits from Axios Clearing, approximately $990 million were on the balance sheet and $450 million were held at partner banks. The slight sequential increase in deposits is encouraging given the strong rally in the stock market. While it's difficult to be absolutely certain that cash sorting has bottomed, we believe that clients and advisors are becoming less focused on maximizing yield in their sweep accounts compared to a year ago. Many of our commercial lending and deposit teams, including our life science and technology business and our middle market banking teams that we have added over the prior few quarters are now producing nicely and contributing to loan and commercial deposit growth. We onboarded a new floor plan lending team that will help us scale our floor plan lending business. We continue to evaluate M&A opportunities to augment growth from our existing businesses and team lift-outs. The pace and quality of M&A opportunities have increased over the past few months, and seller expectations have become more reasonable. We are evaluating specialty lending and non-banking businesses that generate asset and transaction-based income and low-cost deposits. Our strong capital, liquidity, and profitability allow us to be disciplined in how and where we deploy capital to ensure the investments meet our strategic and valuation hurdles. We ended fiscal 2025 with positive momentum. Loan growth accelerated in the back half of the year, our credit quality was strong, and our net interest margin remained above our long-term target. We expect the change in the income tax calculation methodology for the State of California will reduce our income tax rate by three percentage points starting in the This being the 25th anniversary of Axos Bank, we are proud of delivering consistent performance through a variety of economic, geopolitical, and regulatory environments. I'm even more excited about the opportunities that we have in each of our businesses. We remain hyper-focused on executing our strategic and operational initiatives. These include investments in technology and operations to scale businesses and roll out new products faster while maintaining a best-in-class operating efficiency ratio. We believe we will see benefits in our operating efficiency from the implementation of artificial intelligence across the organization and believe that its implementation will enable us to create greater operating leverage and improve the speed, quality, and cost of software development projects and accelerate new product delivery. We believe that we can deploy our capital in a disciplined manner in our existing and new businesses to further diversify our lending, funding, and fee-based incomes. We have a lot of runway in each of our businesses, and I feel confident that our teams and our leaders will deliver the results that our shareholders have come to expect from us. Now I'll turn the call over to Derek, who will provide additional details on our financial results.