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BofI Holding posts record net income in first quarter of FY2013

BofI Holding Inc. (Nasdaq: BOFI), the parent of BofI Federal Bank, released Thursday its financial results for the first quarter ended Sept. 30, announcing it brought in a record net income of about $8.99 million, an increase of 37.6 percent over the same period a year ago.

Earnings attributable to BofI's common stockholders were $8.91 million, or 67 cents per diluted share for the first quarter of fiscal year 2013, an increase of 15.5 percent from the quarter ended Sept. 30, 2011.

Core earnings, which exclude the after-tax impact of gains and losses associated with the company's securities portfolio, increased 35.1 percent, to $9.15 million.

BofI Holding's total assets increased $230.5 million, or 9.7 percent, to about $2.61 billion, as of Sept. 30, up from $2.38 billion at June 30. The loan portfolio increased a net $192.4 million. Investment securities decreased $16.2 million as principal repayments exceeded new security investments. Total liabilities increased by $222.4 million or 10.2 percent, to $2.40 billion at Sept. 30, up from $2.80 billion at June 30. The increase, the company reported, was due primarily to growth in demand, savings and time deposits of $237.9 million.

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