BofI Holding Inc. Announces Record Net Income for Fiscal 2018, up 13.1%
“We generated strong loan growth in the fourth quarter, led by robust loan originations in jumbo single family mortgage, multifamily, and C&I lending,” stated Greg Garrabrants, President and Chief Executive Officer of BofI. “Our multi-year investments to diversify of our lending are paying off, as reflected in ending loan balances increasing $368 million in the fourth quarter and $1.06 billion in fiscal 2018. Demand for loans remains strong, as evidenced by our $1.2 billion loan pipeline at June 30, 2018.”
“Non-interest expense for the quarter was elevated due to expenses related to Epiq, expenses related to RSUs, deal-related expenses, and investments in rebranding, technology, and personnel,” said Andy Micheletti, Executive Vice President and Chief Financial Officer of BofI. “Our efficiency ratio for fiscal 2018 was 39.58%.”
He continued, “Credit quality remains healthy. Non-performing loans to total loans was 37 basis points at June 30, 2018, down from 38 basis points at June 30, 2017. Excluding charge-offs related to the H&R Block tax product loans, our net annualized charge-off ratio was 2 basis points in the fourth quarter of 2018 and 2 basis point for fiscal year 2018.”
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