BofI Holding, Inc.NASDAQ
OnDeck's Implosion May Soon Engulf BofI
Aurelius • 32 Comments
Aurelius • 32 Comments
Fri, Oct. 28, 1:12 PM
Fri, Oct. 28, 9:52 AM
- Queried on the earnings call (transcript) about slowing loan growth and increase in repayments in FQ1, CFO Andy Micheletti says management doesn't feel like it's the beginning of a secular trend. He notes the commercial and industrial business didn't pull in as many loans as hoped, but pipelines are generally good.
- He does, however, sound a bit concerned with single-family jumbo loan production, which is not growing like it had previously. "That is an engine of loan growth that we've depended upon, and we haven't been successful in growing that production over the last several quarters."
- CEO Greg Garrabrants says the issue is not competition, but instead weak execution on his bank's part.
- Addressing this week's attack from a Seeking Alpha contributor, Garrabrants more or less calls it amateur hour, and clarifies that BofI (BOFI -5.6%) has no interest or credit exposure to any kind of loan to Jason Galanis or to any loan on which Galanis is a guarantor.
Thu, Oct. 27, 4:24 PM
- FQ1 adjusted earnings of $28.3M or $0.45 per share vs. $25.5M and $0.40 one year earlier.
- Loan portfolio growth of 25.3% Y/Y to $1.324.4B. Loan originations during quarter of $1.160B up 5.7%. Deposits up $1.568.5B up 33%.
- Total NPAs of 0.55% of total assets. Provisions of $1.9M vs. $2.4M a year ago.
- ROE of 16.59%. Tangible book value of $11.25 up from $9.08 a year ago.
- Net interest margin improved to 3.78% from 3.72% three months ago. Higher than expected liquidity cost the bank six bps of NIM this quarter.
- Conference call at 5 ET
- Previously: BofI Holding EPS of $0.45 (Oct. 27)
- BOFI flat after hours
Thu, Oct. 27, 4:05 PM
Wed, Oct. 26, 5:35 PM
- ACTG, AFL, AIV, AJG, ALDR, ALEX, ALJ, AMCC, AMGN, AMZN, ARAY, ARII, ASGN, ATEN, ATR, ATRC, AUY, AZPN, BGS, BIDU, BMRN, BOFI, BOOM, BSAC, BVN, CA, CATM, CBI, CBL, CEMP, CENX, CHDN, CLD, CLMS, CNMD, COLM, COWN, CPT, CRUS, CUBE, CXP, CY, DECK, DGII, DLR, ECOL, EGO, EHTH, ELLI, EMN, ESS, EXPE, FET, FII, FIX, FLEX, FLS, FORM, FPO, FR, FTNT, FTV, GIMO, GOOG, HBI, HIG, HLS, HTH, IART, IM, INT, INVA, IPHS, ISBC, ITGR, KAMN, KIM, KONA, KRG, LEG, LNKD, LOGM, MAA, MAC, MCK, MLNX, MOBL, MOH, MSA, MSTR, NANO, NATI, NGD, NR, NSIT, NSR, OFC, OII, OIS, OMCL, OSIS, PDFS, PEB, PFG, PKD, POWI, PSMT, PXLW, RGC, RSG, SGEN, SHOR, SIMO, SKYW, SMCI, SNMX, SPNC, SPSC, SRCL, SSD, SSNC, STRZA, SYK, SYNA, TDOC, TEAM, TFSL, TGB, TLGT, TMST, VCRA, VDSI, VR, VRSN, WRE, WRI, WSFS, YRCW
Wed, Oct. 26, 10:58 AM
- Following the stories of ties between Banc of California (BANC -2.1%) and Jason Galanis, SA contributor Real Talk Investments looked into the shady character's connection with BOFI. "My research leads me to believe that a reasonable person could infer that Galanis has a relationship with BOFI that remains undisclosed to this date," he writes, calling on CEO Greg Garrabrants to address the issue on tomorrow's earnings call.
- Real Talk also takes note of BofI's external auditor Gary McCormick's ties to fraudster Barry Minkow.
- Down sharply earlier thanks to the story, BofI has rebounded to off 0.15% on the session.
Tue, Sep. 27, 1:02 PM
Tue, Sep. 20, 4:46 PM
- via Bespoke - see table
- Five of the stocks have > 50% of their shares sold short.
- SHLD leads the pack.
Wed, Sep. 7, 3:10 PM
- A federal judge has denied BofI Holdings's (BOFI -1.8%) request for a preliminary injunction to stop former auditor Charles Erhart from disseminating confidential information and require him to return files he allegedly took from the company.
- Erhart last year sued the company, charging he was fired after pointing out unlawful conduct to his superiors and the government. BofI subsequently countersued, claiming Erhart violated the law by publishing confidential information.
- Source: Bloomberg
Thu, Aug. 25, 3:50 PM
Thu, Aug. 25, 1:00 PM
Wed, Aug. 3, 10:04 AM
- FQ4 earnings of $29.7M or $0.46 per share vs. $24.3M and $0.39 one year ago.
- Net interest income of $69.2M up 25.1% Y/Y.
- Noninterest income of $17M up 65.5%. Noninterest expense of $33M up 58%.
- Loan and lease portfolio up 28.9% to $1.43B. Deposits up 35.8% to $1.6B. Loan and lease loss provision of $1.9M down from $2.9M.
- Tangible book value of $10.67 per share up $2.19 Y/Y.
- Previously: BofI Holding EPS and revenue in-line (Aug. 2)
- BOFI +5.75%
Wed, Aug. 3, 9:15 AM
- Gainers: SZMK +45%. KOOL +43%. INVT +26%. GNW +23%. ZAGG +14%. OCLR +12%. FIT +9%. BOFI +8%. ING +8%. TRXC +8%. ETP +7%. FCAU +6%. ETSY +6%. ZTS +6%.
- Losers: RUBI -29%. DRWI -20%. CRAY -20%. VGZ -19%. KATE -18%. CYH -17%. CROX -17%. ELGX -11%. FTAI -9%. QRVO -8%. SHIP -6%. COH -6%. RGC -6%. HBI -6%. KORS -6%. INO -5%.
Tue, Aug. 2, 4:10 PM
Mon, Aug. 1, 5:30 PM
- ABC, ACCO, ADM, AET, AFSI, ALLT, ARW, AVP, BOFI, CAH, CARB, CEQP, CHH, CIE, CMI, CPPL, CSTM, CVS, DISCA, ECL, EIGI, EMR, ENOC, EPC, ETN, ETR, EXPD, FDP, GEO, GLT, GNRC, H, HCLP, HCN, HEP, HMC, HRS, HW, IDCC, IDXX, IIVI, IPI, IQNT, JLL, MLM, MMP, MNK, MOS, MZOR, NI, NJR, NNN, NRZ, NS, NWN, OZM, PBI, PFE, PG, PNW, RCL, RDC, RHP, SABR, SALE, SCAI, SHOO, SHPG, SODA, STX, SUI, TAP, TDC, VG, VSH, WCG, WNR, WNRL, XYL, ZEUS
Wed, Jul. 13, 1:00 PM