Bofl Holding Inc., parent company of BofI Federal Bank, yesterday announced its financial results for the second fiscal quarter and half-year ended December 31, 2011.
The company reported a 35.2 percent increase in second quarter net income to $6.66 million over net income of $4.92 million reported for the fiscal second quarter ended December 31, 2010.
Earnings for the second quarter of 2011 were reported at $6.28 million, or $0.54 per diluted share, a 20 percent increase over the $4.85 million, or $0.45 per diluted share, reported for the comparable quarter of 2010. The company attributes the earnings increase primarily to increased net interest income and non-interest income.
Net income was $13.19 million for the six months ended December 31, 2011, representing a 35.2 percent increase over $9.75 million earned for the six months ended December 31, 2010.
Earnings were $12.68 million, or $1.14 per diluted share, for the six months ended December 31, 2011, an increase of 28.1 percent from $9.60 million, or $0.89 per diluted share, for the six months ended December 31, 2010.
"Our strong performance this quarter was again driven by robust single and multifamily loan originations that have allowed us to both meet our portfolio growth objectives and increase our non-interest income from loan sales," Greg Garrabrants, president and CEO stated in the press release. "For the twelve months ended December 31, 2011, our loan portfolio has grown at an annual rate of 52.2 percent. Our total loan originations for the portfolio and for sale this quarter were $360.0 million, up 63.0 percent from the $220.8 million originated in the quarter ended December 31, 2010."
Garrabrants said one of the bank's most integral strengths is the quality of its assets. Non-performing assets as a percentage of total assets improved to 64 basis points at December 31, 2011, down from 80 basis points at September 30, 2011, and down from 125 basis points at December 31, 2010.
Garrabrants also noted that since June 30, 2011, the bank raised approximately $34 million in equity capital, with gross proceeds of $13.8 million raised in the most recent quarter.
"The bank continues to execute its business plan, tapping the capital markets only when we can do so on terms favorable to our current shareholders," he stated.
Bofl Holding's total assets increased $283.7 million, or 14.6 percent, to $2,223.8 million, as of December 31, 2011, up from $1,940.1 million at June 30, 2011.
For more information visit www.bofiholding.com
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