In January, BofI Holding, parent company of Bank of Internet USA, announced that CFO Andrew Micheletti was going to present at the Sidoti & Company, LLC, Semiannual New York Micro-Cap Conference held on January 10. It was a good time to present, given BofI’s earlier release of second quarter financial results, showing net income growth of just over 35% from the same quarter of the previous year.
BofI is known as a “branchless bank”, operating via state-of-the-art online banking technology versus traditional brick-and-mortar branches, allowing BofI customers to bank using mobile applications as well as standard browsers. Headquartered in San Diego, California, but serving personal, commercial, and industrial customers throughout the country, they now carry $2 billion in assets. The company aims to become “the most innovative branchless bank in the United States providing products and services superior to our competitors, branch-based or otherwise.” BofI specializes in income property lending, providing multi-family housing loans and some commercial property lending, in addition to a wide range of home lending products. They also do bulk loan pool acquisitions, C&I loans, structured finance, mortgage loan trading, and secondary marketing/loan sales.
It’s a model that has worked well for BofI, reducing operating costs for the bank while maximizing service availability for customers. BofI’s revenues have grown rapidly to over $100 million, from only $23 million in 2005. With net income up 35%, total deposits up 39%, non-performing assets down from 80 basis points to 64 basis points, and a strong mortgage loan pipeline, BofI anticipates a record 2012. It’s all good information to take to the investment community. In Sidoti’s case, it must have worked. The New York based equities research firm just initiated coverage with a “Buy” rating.
For more information, see the company website at www.BOFIFederalBank.com
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