BofI Holding, Inc. Announces Record Third Quarter Net Income, Up 44.2%
(firmenpresse) - SAN DIEGO, CA -- (Marketwired) -- 04/30/15 -- BofI Holding, Inc. (NASDAQ: BOFI) ("BofI"), parent company of BofI Federal Bank (the "Bank"), today announced financial results for the third fiscal quarter ended March 31, 2015. Net income was a record $21.1 million, an increase of 44.2% over net income of $14.6 million for the quarter ended March 31, 2014. Earnings attributable to BofI's common stockholders were $21.0 million or $1.35 per diluted share for the third quarter of fiscal 2015, an increase of 44.5% from $14.5 million or $1.00 per diluted share for the third quarter ended March 31, 2014.
Core earnings, a non-GAAP measure which excludes the after-tax impact of gains and losses associated with our securities portfolio, increased 43.8% to $21.6 million for the quarter ended March 31, 2015 compared to $15.0 million for the quarter ended March 31, 2014.
"Strong loan growth, continued efficiency improvements and a stable net interest margin resulted in another quarter of record earnings," stated Greg Garrabrants, President and Chief Executive Officer. Mr. Garrabrants continued, "Our deposit growth outpaced loan growth for a second consecutive quarter, with checking and savings account balances increasing by approximately 80% year-over-year and business banking deposits increasing to over half of our deposit base. This quarter marked our thirteenth consecutive quarter of record earnings. Looking forward, we believe our prospects for continued earnings growth are strong based on our near record loan pipeline, our opportunities to expand our business and consumer deposit base and our continued diversification and expansion of our lending and fee income businesses. Additionally, our announced transaction with H&R Block, that is pending regulatory approval, is expected to provide significant additional fee income, low cost deposits, and product distribution opportunities."
Total assets reached $5,528.5 million, up $1,677.7 million or 43.6% compared to March 31, 2014
Loan portfolio grew by $1,539.9 million or 49.7% compared to March 31, 2014
Loan originations for the three months ended March 31, 2015 were $1,058.2 million, up 52.0% compared to the quarter ended March 31, 2014
Deposits grew by $1,535.8 million, or 54.2% compared to March 31, 2014
Asset quality remains strong with total non-performing assets of 0.65% of total assets and non-performing loans equal to 0.72% of total loans at March 31, 2015
Return on average common stockholders' equity was 17.86% compared to 17.94% for the three months ended March 31, 2014
Tangible book value increased to $32.03 per share, up $8.52 per share compared to March 31, 2014
During the quarter ended March 31, 2015, BofI earned $21.1 million or $1.35 per diluted share compared to $14.6 million, or $1.00 per diluted share for the quarter ended March 31, 2014. Net interest income increased $15.0 million or 42.1% for the quarter ended March 31, 2015 compared to March 31, 2014. Average earning assets grew year over year by $1,591.1 million and our net interest margin was 3.85% compared to 3.89% for the quarters ended March 31, 2015 and 2014, respectively.
The loan loss provision was $2.9 million for the quarter ended March 31, 2015 compared to $1.6 million for the quarter ended March 31, 2014. The increase was primarily the result of growth in the loan portfolio.
For the third quarter ended March 31, 2015, non-interest income was $8.4 million compared to $5.2 million for the three months ended March 31, 2014. The increase year over year was primarily the result of a $2.0 million increase in mortgage banking income and a $0.8 million increase in banking service fees and other income.
Non-interest expense or operating costs increased $6.0 million to $20.3 million for the quarter ended March 31, 2015 from $14.3 million for the three months ended March 31, 2014. The increase was mainly a result of an increase in compensation expense of $3.5 million related to additional staffing added since March 31, 2014, an increase of $0.8 million in advertising and promotional expense and an increase of $0.5 million in other general and administrative expense. The increases in staffing, advertising and promotional expense and other general and administrative expense were incurred to support the growth of the Bank's lending and deposit operations.
BofI's total assets increased $1,125.5 million, or 25.6%, to $5,528.5 million, as of March 31, 2015, up from $4,403.0 million at June 30, 2014. The loan portfolio increased a net $1,108.5 million, primarily from portfolio loan originations of $2,420.2 million less principal repayments and other adjustments of $1,311.7 million. Loans held for sale decreased $26.9 million. Investment securities decreased $61.8 million primarily due to principal repayments and the sale of two securities. Total liabilities increased by $1,000.3 million, or 24.8%, to $5,032.5 million at March 31, 2015, up from $4,032.2 million at June 30, 2014. The increase in total liabilities resulted primarily from growth in deposits of $1,327.2 million, which was partially offset by a decline in FHLB advances of $327.0 million. Stockholders' equity increased by $125.2 million, or 33.8%, to $496.0 million at March 31, 2015 from $370.8 million at June 30, 2014. The increase was primarily the result of $58.3 million in net income and sale of common stock of $61.2 million, net of commissions and fees.
The Bank's Tier 1 core capital to adjusted average assets ratio was 9.32% at March 31, 2015.
A conference call and webcast will be held on Thursday, April 30, 2015 at 4:30 PM Eastern / 1:30 PM Pacific. Analysts and investors may dial in and participate in the question/answer session. To access the call, please dial: 888-430-8691, passcode 2357730. The conference call will be webcast live and may be accessed at BofI's website, . For those unable to listen to the live broadcast, a replay will be available shortly after the call on BofI's website for 30 days.
BofI Holding, Inc. ("BofI") is 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 approximately $5.5 billion in assets, BofI Federal Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. BofI Holding, Inc.'s common stock is listed on the NASDAQ Global Select Market under the symbol "BOFI" and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index. For more information on BofI Federal Bank, please visit .
In addition to the results presented in accordance with GAAP, this report includes non-GAAP financial measures such as core earnings. Core earnings exclude realized and unrealized gains and losses associated with our securities portfolios. Excluding these gains and losses provides investors with an understanding of BofI's core lending and mortgage banking business. Non-GAAP financial measures that have inherent limitations are not required to be uniformly applied and are not audited. Readers should be aware of these limitations and should be cautious as to their use of such measures. Although BofI believes the non-GAAP financial measures disclosed in this report enhance investors' understanding of its business and performance, these non-GAAP measures should not be considered in isolation, or as a substitute for GAAP basis financial measures. Below is a reconciliation of GAAP net income to core earnings:
This press release contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to BofI's financial prospects and other projections of its performance and asset quality, BofI's ability to grow and increase its business, diversify its lending, and the anticipated timing and financial performance of new initiatives. These forward-looking statements are made on the basis of the views and assumptions of management regarding future events and performance as of the date of this press release. Actual results and the timing of events could differ materially from those expressed or implied in such forward-looking statements as a result of risks and uncertainties, including without limitation changes in interest rates, inflation, government regulation, general economic conditions, conditions in the real estate markets in which we operate and other factors beyond our control. These and other risks and uncertainties detailed in BofI's periodic reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those expressed or implied in any forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and BofI undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
The following tables set forth certain selected financial data concerning the periods indicated:
Investor Relations Contact:
Johnny Lai, CFA
VP, Corporate Development & Investor Relations
858-649-2218
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 30.04.2015 - 13:00 Uhr
Sprache: Deutsch
News-ID 389837
Anzahl Zeichen: 0
contact information:
Town:
SAN DIEGO, CA
Kategorie:
Commercial & Investment Banking
Diese Pressemitteilung wurde bisher 165 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"BofI Holding, Inc. Announces Record Third Quarter Net Income, Up 44.2%"
steht unter der journalistisch-redaktionellen Verantwortung von
BofI Holding, Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
