MissionIR News - BofI Holding Posts Q2 and Six Month Financial Results for Fiscal 2011

Share Article

Bank announces strong second-quarter improvements and 50% growth in loan portfolio.

Our strong performance this quarter was again driven by robust single and multifamily loan originations that have allowed us to both meet our portfolio growth objectives and increase our non-interest income from loan sales.

MissionIR would like to highlight BofI Holding, Inc., the holding company for BofI Federal Bank, a nationwide bank that provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables. With over $2.2 billion in assets, BofI Federal Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners.

In the company’s news this week,

Bofl Holding announced its financial results for the second fiscal quarter and half-year ended December 31, 2011.

The company reported a 35.2 percent increase in second quarter net income to $6.66 million over net income of $4.92 million reported for the fiscal second quarter ended December 31, 2010.

Earnings for the second quarter of 2011 were reported at $6.28 million, or $0.54 per diluted share, a 20 percent increase over the $4.85 million, or $0.45 per diluted share, reported for the comparable quarter of 2010. The company attributes the earnings increase primarily to increased net interest income and non-interest income.

Net income was $13.19 million for the six months ended December 31, 2011, representing a 35.2 percent increase over $9.75 million earned for the six months ended December 31, 2010.

Earnings were $12.68 million, or $1.14 per diluted share, for the six months ended December 31, 2011, an increase of 28.1 percent from $9.60 million, or $0.89 per diluted share, for the six months ended December 31, 2010.

“Our strong performance this quarter was again driven by robust single and multifamily loan originations that have allowed us to both meet our portfolio growth objectives and increase our non-interest income from loan sales,” Greg Garrabrants, president and CEO stated in the press release. “For the twelve months ended December 31, 2011, our loan portfolio has grown at an annual rate of 52.2 percent. Our total loan originations for the portfolio and for sale this quarter were $360.0 million, up 63.0 percent from the $220.8 million originated in the quarter ended December 31, 2010.”

Garrabrants said one of the bank’s most integral strengths is the quality of its assets. Non-performing assets as a percentage of total assets improved to 64 basis points at December 31, 2011, down from 80 basis points at September 30, 2011, and down from 125 basis points at December 31, 2010.

Garrabrants also noted that since June 30, 2011, the bank raised approximately $34 million in equity capital, with gross proceeds of $13.8 million raised in the most recent quarter.

“The bank continues to execute its business plan, tapping the capital markets only when we can do so on terms favorable to our current shareholders,” he stated.

Bofl Holding’s total assets increased $283.7 million, or 14.6 percent, to $2,223.8 million, as of December 31, 2011, up from $1,940.1 million at June 30, 2011.

About MissionIR
MissionIR is committed to connecting the investment community with companies that have great potential and a strong dedication to building shareholder value. We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices.

To sign up for The MissionIR Report, please visit: http://MissionIR.com

To connect with MissionIR via Facebook, please visit: http://Facebook.com/MissionIR

To connect with MissionIR via Twitter, please visit: http://Twitter.com/MissionIR

Please read FULL disclaimer on the MissionIR website: http://Disclaimer.MissionIR.com

Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.

# # #

Share article on social media or email:

View article via:

Pdf Print

Contact Author

MissionIR Communications
Visit website