Axos Closes Purchase of Two Loan Portfolios from the FDIC
08 12월 2023 - 6:05AM
Business Wire
Axos Acquired Two Loan Portfolios Having an
Aggregate Unpaid Principal Balance of $1.25 Billion and Reflecting
a Discount to Par Value of Approximately 37%
Axos Financial, Inc. (NYSE: AX) (“Axos” or the “Company”)
announces that its wholly-owned subsidiary Axos Bank has completed
the acquisition of two performing commercial real estate (“CRE”)
loan portfolios, including multi-family loans among others, from
the Federal Deposit Insurance Corporation (“FDIC”) at a purchase
price equal to approximately 63% of par value, resulting in an
approximate discount to par value for the purchased loans of $463.7
million. Axos Bank paid cash for the acquired loans.
The acquired loans, subject to final settlement adjustments, are
comprised of the following:
(Dollars in millions)
Loan Type
Unpaid Principal
Balance
Weighted-Average Yield Before
Accretion of Discount
Weighted-Average
Loan-to-Value
Commercial Real Estate Loans
$
578.6
6.8%
50.2%
Multifamily Loans1
674.6
7.0%
67.0%
Total Loans
$
1,253.2
6.9%
59.3%
1Includes Multifamily and Mixed-Use
Loans.
“We believe that we purchased these performing loans at an
attractive valuation that will be accretive to our net interest
margin and net interest income,” said Greg Garrabrants, President
and CEO of Axos. “We performed extensive due diligence and
valuation analysis on each of the properties in the acquired loan
pools. The most recent appraisals received from the FDIC indicated
that the weighted average loan-to-value is approximately 59%. All
58 loans are current on principal and interest payments. The
transaction value was enhanced by the inclusion of a series of
back-to-back interest rate swaps that allow the borrowers to pay an
average fixed rate of 3.8%, while Axos receives a primarily
variable note rate of 6.9%.”
Axos expects to provide additional detail regarding the
allowance for credit losses, purchase accounting, and other aspects
of the loan purchase with its financial results for the three- and
six-months ending December 31, 2023.
About Axos Financial, Inc. and Subsidiaries
Axos Financial, Inc., with approximately $20.8 billion in
consolidated assets as of September 30, 2023, is the holding
company for Axos Bank, Axos Clearing LLC and Axos Invest, Inc. Axos
Bank provides consumer and business banking products nationwide
through its low-cost distribution channels and affinity partners.
Axos Clearing LLC (including its business division Axos Advisor
Services), with approximately $33.9 billion of assets under custody
and/or administration as of September 30, 2023, and Axos Invest,
Inc., provide comprehensive securities clearing services to
introducing broker-dealers and registered investment advisor
correspondents, and digital investment advisory services to retail
investors, respectively. Axos Financial, Inc.’s common stock is
listed on the NYSE under the symbol “AX” and is a component of the
Russell 2000® Index, the S&P SmallCap 600® Index, the KBW
Nasdaq Financial Technology Index, and the Travillian Tech-Forward
Bank Index. For more information on Axos Financial, Inc., please
visit http://investors.axosfinancial.com.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties, including without limitation
statements relating to Axos’ financial prospects and other
projections of its performance and asset quality, Axos’ deposit
balances and capital ratios, Axos’ ability to continue to grow
profitably and increase its business, Axos’ ability to continue to
diversify its lending and deposit franchises, the anticipated
timing and financial performance of other offerings, initiatives,
and acquisitions, expectations of the environment in which Axos
operates and projections of future performance. These
forward-looking statements are made on the basis of the views and
assumptions of management regarding future events and performance
as of the date of this press release. Actual results and the timing
of events could differ materially from those expressed or implied
in such forward-looking statements as a result of risks and
uncertainties, including without limitation Axos’ ability to
successfully integrate acquisitions and realize the anticipated
benefits of the transactions, changes in the interest rate
environment, monetary policy, inflation, government regulation,
general economic conditions, changes in the competitive
marketplace, conditions in the real estate markets in which we
operate, risks associated with credit quality, our ability to
attract and retain deposits and access other sources of liquidity,
and the outcome and effects of litigation and other factors beyond
our control. These and other risks and uncertainties detailed in
Axos’ periodic reports filed with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the fiscal
year ended June 30, 2023, could cause actual results to differ
materially from those expressed or implied in any forward-looking
statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. Axos undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. All written
and oral forward-looking statements made in connection with this
press release, which are attributable to us or persons acting on
Axos’ behalf are expressly qualified in their entirety by the
foregoing information.
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version on businesswire.com: https://www.businesswire.com/news/home/20231207714178/en/
Johnny Lai, CFA SVP, Corporate Development and Investor
Relations Axos Financial, Inc. Phone: 1-858-649-2218 Email:
jlai@axosfinancial.com
Axos Financial (NYSE:AX)
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