BofI Holding, Inc., the holding company for BofI Federal Bank, recently announced record financial results for the fourth quarter and fiscal year ending June 30, 2013.
BofI’s net income for the fiscal year ended June 30 was $11,132,000 – a company record and an increase of 30% over the previous year’s net income of $8,565,000 for the same quarter. Earnings of $11,055,000 or $0.78 per diluted share, attributable to the company’s stockholders, represented an increase of 35% over the same quarter of the previous year, which amounted to $8,187,000 or $0.64 per diluted share.
Core earnings for the company – excluding the after-tax impact of gains and losses associated with its securities portfolio – were $12,046,000 for the fourth quarter ending June 30, which represents a 36.6% increase from $8,817,000 for the same quarter of the previous year.
For the fiscal year ending June 30, BofI’s net income was $40,291,000 – also a company record and representing an increase of 36.7% over the previous fiscal year’s net income of $29,476,000. Fiscal year earnings attributable to the company’s stockholders were $39,456,000 or $2.89 per diluted share; this represents an increase of 39.9% from $28,205,000 or $2.33 per diluted share reported for the fiscal year ending June 30, 2012. These record earnings for both the quarter and the fiscal year chiefly resulted from growth in both the bank’s loan portfolio and its fee income business.
In addition to posting record earnings, BofI has made significant progress in diversifying its deposit base. The company achieved significant growth in consumer and business checking account balances and also successfully entered the prepaid sponsorship marketplace. Additionally, the company substantially improved its deposit mix during this fiscal year and continues diversifying its lending businesses as well as developing new sources of fee income. These measures are making the company more resilient to changes in market conditions.
BofI is well-positioned for future growth, boasting a robust pipeline that includes increased jumbo and multifamily mortgages and increased C & I loans, as compared with the company’s pipeline at the conclusion of the quarter ending March 31, 2013. The company anticipates closing its announced acquisition of around $200 million in low-rate consumer deposits from the principal bank by the conclusion of the next quarter, helping fund BofI’s expected future growth. The bank is also well-positioned to deploy capital to grow its loan portfolio. The bank’s Tier 1 capital ratio was 8.63% on June 30, 2013 – before considering $14 million in cash available at the holding company and before considering approximately $43 million of common stock that the holding company can issue “at-the-market” through its ATM public offering, which commenced in March 2013.
A nationwide branchless bank, BofI Federal Bank offers financing for single and multifamily residential properties, small to medium-sized businesses in target sectors, and selected specialty finance receivables. Possessing more than $3.09 billion in assets, the company provides consumer and business banking products through low-cost distribution channels and affinity partners.
For more information about BofI Holding, including investor information and further details regarding the company’s quarter and fiscal year earnings, visit www.bofifederalbank.com
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