San Diego Business Journal

BofI Holding Co. Reports Net Profit of $10.4M for Q3

Monday, May 13, 2013

BofI Holding Co., parent firm to BofI Federal Bank, reported fiscal 2013 third quarter net profit of $10.4 million, up 35 percent from the like quarter of 2012.

It was the fifth consecutive quarter of record net income, as the bank that does all of its business online grows and diversifies its business, said CEO Greg Garrabrants.

The bank that launched in 2000 and is now headquartered in University Towne Center area grew its assets by about $684 million, up 30 percent over the year, to bring the total to $2.96 billion. Total loans increased by $600 million to $2.2 billion, up 38 percent.

Loan originations for the past quarter were $446.5 million, up 37.5 percent from the like quarter in 2012.

Garrabrants noted BofI Federal was recently ranked by Virginia-based research firm SNL Financial as the top performing savings bank for 2012. The ranking is based on six metrics: return on average assets, return on average tangible common equity, efficiency ratio, median three-year growth in tangible book value per share, nonperforming loans to total loans, and net charge-offs to average loans for the full year.

BofI Fed’s problem assets to its total assets ratio at the end of March was 0.71 percent, down from 0.76 percent at the end of March 2012.

Shares of BofI closed up $1 May 9 to $40.97on the Nasdaq exchange, giving it a market capitalization of $525 million. Its 52 week range is $18.13 to $41.84.

— Mike Allen