BofI Holding posts record quarterly net income
Up 32.7% from 2012
BofI Holding (BOFI), the parent company of the BofI Federal Bank, posted a record second quarter net income of $13.2 million for the quarter ended Dec. 31, 2013, a 34.7% increase over a net income of $9.8 million last year.
This marks the eighth consecutive quarter of record earnings across two fiscal years for the residential mortgage lender and bank.
Earnings attributable to BofI's common stockholders hit $13.1 million, or 91 cents per diluted share, up 38.6% from $9.4 million, or 70 cents per diluted share, the previous quarter.
Excluding the after-tax impact of gains and losses associated with bank’s securities portfolio, core earnings increased 36.8% to $13.8 million, from $10.1 million last year.
"Our continued success is based on the strength and diversity of our deposit, lending and fee income businesses,” said Greg Garrabrants, president and CEO of BofI. “This quarter our net interest margin reached 4.01% as our cost of funds continues to decline due to growth in core deposits and declines in higher-cost CDs and borrowings.”
Meanwhile, total assets reached $3,568.3 million, up $694 million, or 24.1%, from a year ago.
The lender’s loan portfolio grew by $622 million or 28.9%, while loan originations hit $787.6 million, up 28.6% compared to 2012