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BofI Holding Posts Record Profits Again Behind Organic Loan Growth


Organic loan growth propelled the Internet banking company BofI Holding (BOFI) to record profits in the quarter that ended March 31.

The $3.9 billion-asset company earned $14.6 million in its fiscal year third quarter, up 40.5% from the same period a year earlier. This increase marks the ninth consecutive quarter that the San Diego company, which is the parent of BofI Federal Bank, attained record earnings.

Earnings per share rose 45% to $1, BofI said.

BofI's third-quarter earnings were boosted by a surge in loan originations, particularly in its commercial and industrial portfolio. BofI originated $696 million in the quarter, up 56% from the same period in 2013.BofI's loan portfolio increased 41% year over year, to $906.1 million.

An uptick in deposits also aided the record earnings, as deposits increased by 35% on a yearly basis, to $730 million.

Net interest income was 36% higher than a year ago, to $9.5 million, as average earning assets grew by $861 million. Meanwhile, the company's net interest margin increased 15 basis points, to 3.89%.

The bank's Tier 1 capital was up 43 basis points through fiscal year third quarter to 9.07%.




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