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BofI Holding, Inc. Announces Fourth Quarter Net Income of $29.7 million, Up 21.9%

Date : 08/02/2016 @ 4:00PM
Source: Business Wire
Stock : Bofi Holding, Inc. (MM) (BOFI)
Quote : $15.34 -0.75 (-4.66%) @ 5:12PM

FY 2016 Net Income Increases 44.3% to $119.3 million

BofI Holding, Inc. (NASDAQ: BOFI) (“BofI”), parent company of BofI Federal Bank (the “Bank”), today announced financial results for the fourth fiscal quarter ended June 30, 2016. Net income was $29.7 million, an increase of 21.9% over net income of $24.4 million for the quarter ended June 30, 2015. Earnings attributable to BofI’s common stockholders were $29.7 million or $0.46 per diluted share for the fourth quarter of fiscal 2016, an increase of 21.9% from $24.3 million or $0.39 per diluted share for the fourth quarter ended June 30, 2015.

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Other Highlights:

- Total assets reached $7,601.4 million, up $1,777.6 million or 30.5% compared to June 30, 2015
- Loan and lease portfolio grew by $1,426.1 million or 28.9% compared to June 30, 2015
- Loan and lease originations for investment for the three months ended June 30, 2016 were $960.3 million, up 12.0%, or 48.0% annualized, compared to the quarter ended March 31, 2016
- Deposits grew by $1,592.1 million or 35.8% compared to June 30, 2015
- Asset quality remains strong with total non-performing assets of 0.42% of total assets and non-performing loans and leases equal to 0.50% of total loans at June 30, 2016
- Net interest margin was 3.72%; excluding average balances associated with short-term H&R Block products the net interest margin was 3.87%
- Tangible book value increased to $10.67 per share, up $2.19 per share compared to June 30, 2015

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Full Year Fiscal 2016 Highlights

- Net income reached a record $119.3 million, an increase of 44.3% compared to the fiscal year ended June 30, 2015
- Loan and lease originations and purchases for the fiscal year ended June 30, 2016 were $5,137.4 million up $814.1 million or 18.8% compared to the year ended June 30, 2015
- Return on average common stockholders’ equity was 19.43%, up from 18.34% for fiscal year 2015
- Net annualized charge-offs to average loans was a recovery of 1 basis point compared to 3 basis points of net charge-offs for fiscal year 2015
- Completed a $51 million public offering of 6.25% Subordinated Notes on March 24, 2016
- BofI was named the top performing large thrift in the U.S. for a fourth consecutive year by SNL Financial/S&P Global Market Intelligence

Source:
http://ih.advfn.com/p.php?pid=nmona&article=72118012

*Another stupendous performance report.

**After hours trading so far reflects well on this report.