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