Axos Financial Inc (AX)

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BofI Holding, Inc. Announces Record Net Income

Date : 04/25/2017 @ 4:00PM
Source : Business Wire
Stock : BOFI Holding, Inc. (MM) (BOFI)
Quote : $24.035  -2.315 (-8.79%) @ 3:24PM

Third Quarter and Year-to-Date Net Income Up 14.1%

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, 2017. Net income was a record $41.0 million, an increase of 14.1% over net income of $35.9 million for the quarter ended March 31, 2016. Earnings attributable to BofI’s common stockholders were $40.9 million or $0.63 per diluted share for the third quarter of fiscal 2017, an increase of 14.2% from $35.8 million or $0.56 per diluted share for the third quarter ended March 31, 2016.

Adjusted earnings, a non-GAAP measure, which excludes the after-tax impact of gains and losses associated with our securities portfolio, increased 13.5% to $40.9 million for the quarter ended March 31, 2017 compared to $36.0 million for the quarter ended March 31, 2016.

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Other Highlights:

- Total assets reached $8,700.0 million, up $996.4 million or 12.9% compared to March 31, 2016

- Loan and lease portfolio grew by $986.0 million or 16.3% compared to March 31, 2016

- Loan and lease originations and purchases for the three months ended March 31, 2017 were $1,561.0 million, up 25% compared to the quarter ended March 31, 2016

- Deposits grew by $751.6 million, or 12.4% compared to March 31, 2016

- Asset quality remains strong with total non-performing assets of 0.39% of total assets at March 31, 2017

- Return on average common stockholders’ equity (ROE) was 21.10% for the three months ended March 31, 2017

- Tangible book value increased to $12.44 per share, up $2.21 per share compared to March 31, 2016

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https://ih.advfn.com/p.php?pid=nmona&article=74417479

*Despite another record financial report comments by President Trump today regarding simplified tax filing coming soon was bad news for H & R Block...which was bad news for BOFI.

**BOFI selling at slightly under 2 x Book.