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Axos Financial
First known as Bank of Internet USA, Axos was recently named America s best online bank for the third year in a row, according to the independent financial comparison site MyBankTracker.com.
Awards are nice and all, but as investors we care about the bottom line. Fortunately, Axos shines in this area as well. The last quarterly earnings period saw loans and leases grow 5.6% to $141 million, interest expense related to deposits drop nearly 50% due to lower interest rates, and mortgage banking income grow to $19.5 million, or 600% compared to the same quarter last year. Taken together, all of these helped net income increase by $12 million, a 30% increase compared to the same quarter last year.
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