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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Axos Finl (delisted) | NASDAQ:BOFI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 34.39 | 34.06 | 34.83 | 0 | 01:00:00 |
Delaware | 000-51201 | 33-0867444 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
4350 La Jolla Village Drive, Suite 140, San Diego, CA | 92122 |
(Address of principal executive offices) | (Zip Code) |
Exhibit | Description | |
99.1 | Press Release of BofI Holding, Inc. dated July 30, 2015 | |
99.2 | Financial Schedules |
BofI Holding, Inc. | ||||
Date: | July 30, 2015 | By: | /s/ Andrew J. Micheletti | |
Andrew J. Micheletti | ||||
EVP and Chief Financial Officer |
Three Months Ended June 30, | |||||||||
(Dollars in thousands, unaudited) | Q4 Fiscal 2015 | Q4 Fiscal 2014 | YOY Change | ||||||
Net Interest Income | $ | 55,294 | $ | 40,496 | 36.5% | ||||
Non-Interest Income | $ | 10,278 | $ | 4,723 | 117.6% | ||||
Net Income | $ | 24,395 | $ | 16,010 | 52.4% | ||||
Adjusted Earnings1 | $ | 23,467 | $ | 16,111 | 45.7% | ||||
Net Income Attributable to Common Stockholders | $ | 24,318 | $ | 15,933 | 52.6% | ||||
Diluted EPS | $ | 1.54 | $ | 1.09 | 41.3% | ||||
• | Total assets reached $5,823.7 million, up $1,420.7 million or 32.3% compared to June 30, 2014 |
• | Loan portfolio grew by $1,395.8 million or 39.5% compared to June 30, 2014 |
• | Loan originations increased by $1,281.4 million, up 42.2% compared to the year ended June 30, 2014 |
• | Deposits grew by $1,410.4 million, or 46.4% compared to June 30, 2014 |
• | Net interest margin remained relatively steady with a slight decrease of 3 bps to 3.92% compared to 3.95% for the year ended June 30, 2014 |
• | Asset quality continues to be strong with total non-performing assets of 0.55% of total assets and non-performing loans equal to 0.62% of total loans at June 30, 2015 |
• | Tangible book value increased to $33.92 per share, up $8.65 per share compared to June 30, 2014 |
Three Months Ended | Fiscal Year Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(Dollars in thousands, unaudited) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Net income | $ | 24,395 | $ | 16,010 | $ | 82,682 | $ | 55,956 | |||||||
Realized securities losses (gains) | — | — | (587 | ) | (208 | ) | |||||||||
FHLB one-time dividend | (1,662 | ) | — | (1,662 | ) | — | |||||||||
Unrealized securities losses | 67 | 172 | 2,599 | 1,848 | |||||||||||
Tax provision | 667 | (71 | ) | (145 | ) | (666 | ) | ||||||||
Adjusted earnings | $ | 23,467 | $ | 16,111 | $ | 82,887 | $ | 56,930 |
At June 30, | |||||||
(Dollars in thousands) | 2015 | 2014 | |||||
Selected Balance Sheet Data: | |||||||
Total assets | $ | 5,823,719 | $ | 4,402,999 | |||
Loans—net of allowance for loan losses | 4,928,618 | 3,532,841 | |||||
Loans held for sale, at fair value | 25,430 | 20,575 | |||||
Loans held for sale, lower of cost or market | 77,891 | 114,796 | |||||
Allowance for loan losses | 28,327 | 18,373 | |||||
Securities—trading | 7,832 | 8,066 | |||||
Securities—available-for-sale | 163,361 | 214,778 | |||||
Securities—held-to-maturity | 225,555 | 247,729 | |||||
Total deposits | 4,451,917 | 3,041,536 | |||||
Securities sold under agreements to repurchase | 35,000 | 45,000 | |||||
Advances from the FHLB | 753,000 | 910,000 | |||||
Subordinated debentures | 5,155 | 5,155 | |||||
Total stockholders’ equity | 533,526 | 370,778 |
At or for the Three Months Ended | At or for the Twelve Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(Dollars in thousands, except per share data) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Selected Income Statement Data: | |||||||||||||||
Interest and dividend income | $ | 67,567 | $ | 50,142 | $ | 244,364 | $ | 172,878 | |||||||
Interest expense | 12,273 | 9,646 | 45,419 | 35,781 | |||||||||||
Net interest income | 55,294 | 40,496 | 198,945 | 137,097 | |||||||||||
Provision for loan losses | 2,900 | 2,250 | 11,200 | 5,350 | |||||||||||
Net interest income after provision for loan losses | 52,394 | 38,246 | 187,745 | 131,747 | |||||||||||
Non-interest income | 10,278 | 4,723 | 30,590 | 22,455 | |||||||||||
Non-interest expense | 20,752 | 15,766 | 77,478 | 59,933 | |||||||||||
Income before income tax expense | 41,920 | 27,203 | 140,857 | 94,269 | |||||||||||
Income tax expense | 17,525 | 11,193 | 58,175 | 38,313 | |||||||||||
Net income | $ | 24,395 | $ | 16,010 | $ | 82,682 | $ | 55,956 | |||||||
Net income attributable to common stock | $ | 24,318 | $ | 15,933 | $ | 82,373 | $ | 55,647 | |||||||
Per Share Data: | |||||||||||||||
Net income: | |||||||||||||||
Basic | $ | 1.55 | $ | 1.09 | $ | 5.39 | $ | 3.87 | |||||||
Diluted | $ | 1.54 | $ | 1.09 | $ | 5.37 | $ | 3.85 | |||||||
Book value per common share | $ | 34.05 | $ | 25.31 | $ | 34.05 | $ | 25.31 | |||||||
Tangible book value per common share | $ | 33.92 | $ | 25.27 | $ | 33.92 | $ | 25.27 | |||||||
Weighted average number of shares outstanding: | |||||||||||||||
Basic | 15,707,704 | 14,601,972 | 15,294,477 | 14,367,824 | |||||||||||
Diluted | 15,756,846 | 14,670,848 | 15,351,091 | 14,442,692 | |||||||||||
Common shares outstanding at end of period | 15,518,751 | 14,451,900 | 15,518,751 | 14,451,900 | |||||||||||
Common shares issued at end of period | 16,589,111 | 15,423,822 | 16,589,111 | 15,423,822 | |||||||||||
Performance Ratios and Other Data: | |||||||||||||||
Loan originations for investment | $ | 851,889 | $ | 680,492 | $ | 3,271,911 | $ | 2,297,976 | |||||||
Loan originations for sale | $ | 327,202 | $ | 217,933 | $ | 1,048,982 | $ | 741,494 | |||||||
Loan purchases | $ | 2,306 | $ | 95 | $ | 2,452 | $ | 95 | |||||||
Return on average assets | 1.73 | % | 1.57 | % | 1.61 | % | 1.59 | % | |||||||
Return on average common stockholders’ equity | 18.86 | % | 18.14 | % | 18.34 | % | 17.89 | % | |||||||
Interest rate spread1 | 3.82 | % | 3.89 | % | 3.79 | % | 3.81 | % | |||||||
Net interest margin2 | 3.97 | % | 4.02 | % | 3.92 | % | 3.95 | % | |||||||
Efficiency ratio | 31.65 | % | 34.87 | % | 33.75 | % | 37.56 | % | |||||||
Capital Ratios: | |||||||||||||||
Equity to assets at end of period | 9.16 | % | 8.42 | % | 9.16 | % | 8.42 | % | |||||||
Tier 1 leverage (core) capital to adjusted average asset3 | 9.25 | % | N/A | 9.25 | % | N/A | |||||||||
Tier 1 leverage (core) capital to adjusted tangible assets3 | N/A | 8.66 | % | N/A | 8.66 | % | |||||||||
Common equity tier 1 capital (to risk-weighted assets) 3 | 14.58 | % | N/A | 14.58 | % | N/A | |||||||||
Tier 1 capital (to risk-weighted assets) 3 | 14.58 | % | 14.42 | % | 14.58 | % | 14.42 | % | |||||||
Total capital (to risk-weighted assets) 3 | 15.38 | % | 15.11 | % | 15.38 | % | 15.11 | % | |||||||
Asset Quality Ratios: | |||||||||||||||
Net annualized charge-offs to average loans outstanding | — | % | (0.02 | )% | 0.03 | % | 0.04 | % | |||||||
Non-performing loans to total loans | 0.62 | % | 0.57 | % | 0.62 | % | 0.57 | % | |||||||
Non-performing assets to total assets | 0.55 | % | 0.46 | % | 0.55 | % | 0.46 | % | |||||||
Allowance for loan losses to total loans at end of period | 0.57 | % | 0.51 | % | 0.57 | % | 0.51 | % | |||||||
Allowance for loan losses to non-performing loans | 91.88 | % | 90.13 | % | 91.88 | % | 90.13 | % |
BOFI HOLDING, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||
At June 30, | |||||||
(Dollars in thousands, except par and stated value) | 2015 | 2014 | |||||
ASSETS | |||||||
Cash and due from banks | $ | 222,774 | $ | 155,484 | |||
Federal funds sold | 100 | 100 | |||||
Total cash and cash equivalents | 222,874 | 155,584 | |||||
Securities: | |||||||
Trading | 7,832 | 8,066 | |||||
Available for sale | 163,361 | 214,778 | |||||
Held to maturity—fair value of $228,323 at June 2015 and $243,966 at June 2014 | 225,555 | 247,729 | |||||
Stock of the Federal Home Loan Bank, at cost | 66,270 | 42,770 | |||||
Loans held for sale, carried at fair value | 25,430 | 20,575 | |||||
Loans held for sale, carried at lower of cost or fair value | 77,891 | 114,796 | |||||
Loans—net of allowance for loan losses of $28,327 as of June 2015 and $18,373 as of June 2014 | 4,928,618 | 3,532,841 | |||||
Accrued interest receivable | 20,268 | 13,863 | |||||
Furniture, equipment and software—net | 8,551 | 6,707 | |||||
Deferred income tax | 32,955 | 25,245 | |||||
Cash surrender value of life insurance | 5,806 | 5,625 | |||||
Mortgage servicing rights, carried at fair value | 2,098 | 562 | |||||
Other real estate owned and repossessed vehicles | 1,240 | 75 | |||||
Other assets | 34,970 | 13,783 | |||||
TOTAL ASSETS | $ | 5,823,719 | $ | 4,402,999 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Non-interest bearing | $ | 309,339 | $ | 186,786 | |||
Interest bearing | 4,142,578 | 2,854,750 | |||||
Total deposits | 4,451,917 | 3,041,536 | |||||
Securities sold under agreements to repurchase | 35,000 | 45,000 | |||||
Advances from the Federal Home Loan Bank | 753,000 | 910,000 | |||||
Subordinated debentures | 5,155 | 5,155 | |||||
Accrued interest payable | 1,266 | 1,350 | |||||
Accounts payable and accrued liabilities and other liabilities | 43,855 | 29,180 | |||||
Total liabilities | 5,290,193 | 4,032,221 | |||||
STOCKHOLDERS’ EQUITY: | |||||||
Preferred stock—$0.01 par value; 1,000,000 shares authorized; | |||||||
Series A— $10,000 stated value and liquidation preference per share; 515 shares issued and outstanding as of June 2015 and June 2014 | 5,063 | 5,063 | |||||
Common stock—$0.01 par value; 50,000,000 shares authorized, 16,589,111 shares issued and 15,518,751 shares outstanding as of June 2015, 15,423,822 shares issued and 14,451,900 shares outstanding as of June 2014 | 166 | 154 | |||||
Additional paid-in capital | 296,507 | 207,579 | |||||
Accumulated other comprehensive income (loss) — net of tax | (9,399 | ) | (10,366 | ) | |||
Retained earnings | 265,833 | 183,460 | |||||
Treasury stock, at cost; 1,070,360 shares as of June 2015 and 971,922 shares as of June 2014 | (24,644 | ) | (15,112 | ) | |||
Total stockholders’ equity | 533,526 | 370,778 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 5,823,719 | $ | 4,402,999 |
BOFI HOLDING, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||
Year Ended June 30, | |||||||||||
(Dollars in thousands, except earnings per share) | 2015 | 2014 | 2013 | ||||||||
INTEREST AND DIVIDEND INCOME: | |||||||||||
Loans, including fees | $ | 220,486 | $ | 147,664 | $ | 113,503 | |||||
Investments | 23,878 | 25,214 | 22,151 | ||||||||
Total interest and dividend income | 244,364 | 172,878 | 135,654 | ||||||||
INTEREST EXPENSE: | |||||||||||
Deposits | 34,733 | 24,817 | 22,868 | ||||||||
Advances from the Federal Home Loan Bank | 8,910 | 6,981 | 5,939 | ||||||||
Other borrowings | 1,776 | 3,983 | 5,219 | ||||||||
Total interest expense | 45,419 | 35,781 | 34,026 | ||||||||
Net interest income | 198,945 | 137,097 | 101,628 | ||||||||
Provision for loan losses | 11,200 | 5,350 | 7,550 | ||||||||
Net interest income, after provision for loan losses | 187,745 | 131,747 | 94,078 | ||||||||
NON-INTEREST INCOME: | |||||||||||
Realized gain (loss) on sale of mortgage-backed securities | 587 | 208 | 212 | ||||||||
Other-than-temporary loss on securities: | |||||||||||
Total impairment (losses) gains | (6,805 | ) | (2,359 | ) | (8,080 | ) | |||||
Loss (gain) recognized in other comprehensive income (loss) | 4,440 | (443 | ) | 4,579 | |||||||
Net impairment loss recognized in earnings | (2,365 | ) | (2,802 | ) | (3,501 | ) | |||||
Fair value gain (loss) on trading securities | (234 | ) | 954 | 1,274 | |||||||
Total unrealized loss on securities | (2,599 | ) | (1,848 | ) | (2,227 | ) | |||||
Prepayment penalty fee income | 4,695 | 2,687 | 1,742 | ||||||||
Gain on sale - other | 5,793 | 6,658 | 1,130 | ||||||||
Mortgage banking income | 15,264 | 10,170 | 22,953 | ||||||||
Banking service fees and other income | 6,850 | 4,580 | 3,900 | ||||||||
Total non-interest income | 30,590 | 22,455 | 27,710 | ||||||||
NON-INTEREST EXPENSE: | |||||||||||
Salaries and related costs | 43,819 | 32,240 | 28,874 | ||||||||
Professional services | 4,122 | 5,421 | 3,531 | ||||||||
Occupancy and equipment | 3,091 | 2,324 | 2,086 | ||||||||
Data processing and internet | 6,632 | 5,373 | 2,773 | ||||||||
Advertising and promotional | 6,060 | 3,724 | 4,084 | ||||||||
Depreciation and amortization | 3,273 | 2,874 | 1,904 | ||||||||
Real estate owned and repossessed vehicles | (120 | ) | (149 | ) | 505 | ||||||
FDIC and regulatory fees | 3,434 | 2,343 | 2,125 | ||||||||
Other general and administrative | 7,167 | 5,783 | 7,705 | ||||||||
Total non-interest expense | 77,478 | 59,933 | 53,587 | ||||||||
INCOME BEFORE INCOME TAXES | 140,857 | 94,269 | 68,201 | ||||||||
INCOME TAXES | 58,175 | 38,313 | 27,910 | ||||||||
NET INCOME | $ | 82,682 | $ | 55,956 | $ | 40,291 | |||||
NET INCOME ATTRIBUTABLE TO COMMON STOCK | $ | 82,373 | $ | 55,647 | $ | 39,456 | |||||
COMPREHENSIVE INCOME | $ | 83,649 | $ | 56,390 | $ | 34,926 | |||||
Basic earnings per share | $ | 5.39 | $ | 3.87 | $ | 3.00 | |||||
Diluted earnings per share | $ | 5.37 | $ | 3.85 | $ | 2.89 |
For the Quarters Ended June 30, | |||||||
(Dollars in thousands, except earnings per share) | 2015 | 2014 | |||||
INTEREST AND DIVIDEND INCOME: | |||||||
Loans, including fees | $ | 60,670 | $ | 43,391 | |||
Investments | 6,897 | 6,751 | |||||
Total interest and dividend income | 67,567 | 50,142 | |||||
INTEREST EXPENSE: | |||||||
Deposits | 9,593 | 6,923 | |||||
Advances from the Federal Home Loan Bank | 2,255 | 2,093 | |||||
Other borrowings | 425 | 630 | |||||
Total interest expense | 12,273 | 9,646 | |||||
Net interest income | 55,294 | 40,496 | |||||
Provision for loan losses | 2,900 | 2,250 | |||||
Net interest income, after provision for loan losses | 52,394 | 38,246 | |||||
NON-INTEREST INCOME: | |||||||
Realized gain (loss) on sale of mortgage-backed securities | — | — | |||||
Other-than-temporary loss on securities: | |||||||
Total impairment (losses) gains | (973 | ) | (390 | ) | |||
Loss (gain) recognized in other comprehensive income (loss) | 812 | (248 | ) | ||||
Net impairment loss recognized in earnings | (161 | ) | (638 | ) | |||
Fair value gain (loss) on trading securities | 94 | 466 | |||||
Total unrealized loss on securities | (67 | ) | (172 | ) | |||
Prepayment penalty fee income | 2,311 | 401 | |||||
Gain on sale - other | 1,368 | 607 | |||||
Mortgage banking income | 4,934 | 2,687 | |||||
Banking service fees and other income | 1,732 | 1,200 | |||||
Total non-interest income | 10,278 | 4,723 | |||||
NON-INTEREST EXPENSE: | |||||||
Salaries and related costs | 12,109 | 8,776 | |||||
Professional services | 798 | 1,096 | |||||
Occupancy and equipment | 803 | 609 | |||||
Data processing and internet | 1,718 | 1,305 | |||||
Advertising and promotional | 1,843 | 1,251 | |||||
Depreciation and amortization | 922 | 713 | |||||
Real estate owned and repossessed vehicles | (272 | ) | (3 | ) | |||
FDIC and regulatory fees | 926 | 677 | |||||
Other general and administrative | 1,905 | 1,342 | |||||
Total non-interest expense | 20,752 | 15,766 | |||||
INCOME BEFORE INCOME TAXES | 41,920 | 27,203 | |||||
INCOME TAXES | 17,525 | 11,193 | |||||
NET INCOME | $ | 24,395 | $ | 16,010 | |||
NET INCOME ATTRIBUTABLE TO COMMON STOCK | $ | 24,318 | $ | 15,933 | |||
COMPREHENSIVE INCOME | $ | 23,293 | $ | 17,013 | |||
Basic earnings per share | $ | 1.55 | $ | 1.09 | |||
Diluted earnings per share | $ | 1.54 | $ | 1.09 |
Year Ended June 30, | |||||||||||
(Dollars in thousands) | 2015 | 2014 | 2013 | ||||||||
NET INCOME | $ | 82,682 | $ | 55,956 | $ | 40,291 | |||||
Net unrealized gain (loss) from available-for-sale securities, net of tax expense (benefit) of $(132), $(36) and $1,865 for the years ended June 30, 2015, 2014 and 2013, respectively. | 180 | 54 | (2,796 | ) | |||||||
Other-than-temporary impairment on securities recognized in other comprehensive income, net of tax expense (benefit) of $(832), $(253) and $1,713 for the years ended June 30, 2015, 2014 and 2013, respectively. | 1,139 | 380 | (2,569 | ) | |||||||
Reclassification of net (gain) loss from available-for-sale securities included in income, net of tax expense (benefit) of $235, $0 and $0 for the years ended June 30, 2015, 2014 and 2013, respectively. | (352 | ) | — | — | |||||||
Other comprehensive income (loss) | $ | 967 | $ | 434 | $ | (5,365 | ) | ||||
Comprehensive income | $ | 83,649 | $ | 56,390 | $ | 34,926 |
BOFI HOLDING, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) | |||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss), Net of Income Tax | Treasury Stock | Total | |||||||||||||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Shares | Amount | Issued | Treasury | Outstanding | Amount | |||||||||||||||||||||||||||||||||
Balance as of June 30, 2012 | 20,647 | $ | 24,502 | 12,321,578 | (809,042 | ) | 11,512,536 | $ | 123 | $ | 105,683 | $ | 88,357 | $ | (5,435 | ) | $ | (6,610 | ) | $ | 206,620 | ||||||||||||||||||
Net income | — | — | — | — | — | — | — | 40,291 | — | — | 40,291 | ||||||||||||||||||||||||||||
Net unrealized loss from investment securities—net of income tax expense | — | — | — | — | — | — | — | — | (5,365 | ) | — | (5,365 | ) | ||||||||||||||||||||||||||
Cash dividends on preferred stock | — | — | — | — | — | — | — | (835 | ) | — | — | (835 | ) | ||||||||||||||||||||||||||
Issuance of convertible preferred stock | 1,857 | 18,544 | — | — | — | — | — | — | — | — | 18,544 | ||||||||||||||||||||||||||||
Issuance of common stock | — | — | 200,000 | — | 200,000 | 2 | 6,763 | — | — | — | 6,765 | ||||||||||||||||||||||||||||
Convert preferred stock to common stock | (21,989 | ) | (37,983 | ) | 1,855,411 | — | 1,855,411 | 18 | 37,965 | — | — | — | — | ||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | 3,297 | — | — | — | 3,297 | ||||||||||||||||||||||||||||
Restricted stock grants | — | — | 234,105 | (95,862 | ) | 138,243 | 3 | 2,173 | — | — | (3,647 | ) | (1,471 | ) | |||||||||||||||||||||||||
Stock option exercises and tax benefits of equity compensation | — | — | 27,135 | — | 27,135 | — | 416 | — | — | — | 416 | ||||||||||||||||||||||||||||
Balance as of June 30, 2013 | 515 | $ | 5,063 | 14,638,229 | (904,904 | ) | 13,733,325 | $ | 146 | $ | 156,297 | $ | 127,813 | $ | (10,800 | ) | $ | (10,257 | ) | $ | 268,262 | ||||||||||||||||||
Net income | — | — | — | — | — | — | — | 55,956 | — | — | 55,956 | ||||||||||||||||||||||||||||
Net unrealized loss from investment securities—net of income tax expense | — | — | — | — | — | — | — | — | 434 | — | 434 | ||||||||||||||||||||||||||||
Cash dividends on preferred stock | — | — | — | — | — | — | — | (309 | ) | — | — | (309 | ) | ||||||||||||||||||||||||||
Issuance of common stock | — | — | 560,301 | — | 560,301 | 7 | 41,576 | — | — | — | 41,583 | ||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | 4,358 | — | — | — | 4,358 | ||||||||||||||||||||||||||||
Restricted stock grants | — | — | 169,760 | (67,018 | ) | 102,742 | 1 | 3,470 | — | — | (4,855 | ) | (1,384 | ) | |||||||||||||||||||||||||
Stock option exercises and tax benefits of equity compensation | — | — | 55,532 | — | 55,532 | — | 1,878 | — | — | — | 1,878 | ||||||||||||||||||||||||||||
Balance as of June 30, 2014 | 515 | $ | 5,063 | 15,423,822 | (971,922 | ) | 14,451,900 | $ | 154 | $ | 207,579 | $ | 183,460 | $ | (10,366 | ) | $ | (15,112 | ) | $ | 370,778 | ||||||||||||||||||
Net income | — | — | — | — | — | — | — | 82,682 | — | — | 82,682 | ||||||||||||||||||||||||||||
Net unrealized loss from investment securities—net of income tax expense | — | — | — | — | — | — | — | — | 967 | — | 967 | ||||||||||||||||||||||||||||
Cash dividends on preferred stock | — | — | — | — | — | — | — | (309 | ) | — | — | (309 | ) | ||||||||||||||||||||||||||
Issuance of common stock | — | — | 949,089 | — | 949,089 | 9 | 75,976 | — | — | — | 75,985 | ||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | 6,648 | — | — | — | 6,648 | ||||||||||||||||||||||||||||
Restricted stock grants | — | — | 129,850 | (56,151 | ) | 73,699 | 2 | 2,428 | — | — | (5,310 | ) | (2,880 | ) | |||||||||||||||||||||||||
Stock option exercises and tax benefits of equity compensation | — | — | 86,350 | (42,287 | ) | 44,063 | 1 | 3,876 | — | — | (4,222 | ) | (345 | ) | |||||||||||||||||||||||||
Balance as of June 30, 2015 | 515 | $ | 5,063 | 16,589,111 | (1,070,360 | ) | 15,518,751 | $ | 166 | $ | 296,507 | $ | 265,833 | $ | (9,399 | ) | $ | (24,644 | ) | $ | 533,526 |
BOFI HOLDING, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||||||
Year Ended June 30, | |||||||||||
(Dollars in thousands) | 2015 | 2014 | 2013 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 82,682 | $ | 55,956 | $ | 40,291 | |||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Accretion of discounts on securities | (5,517 | ) | (8,340 | ) | (7,687 | ) | |||||
Net accretion of discounts on loans | (27 | ) | (2,647 | ) | (3,443 | ) | |||||
Stock-based compensation expense | 6,648 | 4,358 | 3,297 | ||||||||
Tax benefit from exercise of common stock options and vesting of restricted stock grants | (5,526 | ) | (4,856 | ) | (2,332 | ) | |||||
Valuation of financial instruments carried at fair value | 234 | (955 | ) | (1,273 | ) | ||||||
Net gain on sale of investment securities | (587 | ) | — | (212 | ) | ||||||
Impairment charge on securities | 2,365 | 2,802 | 3,501 | ||||||||
Provision for loan losses | 11,200 | 5,350 | 7,550 | ||||||||
Deferred income taxes | (9,034 | ) | (2,040 | ) | (4,618 | ) | |||||
Origination of loans held for sale | (1,048,982 | ) | (741,494 | ) | (1,085,941 | ) | |||||
Unrealized (gain) loss on loans held for sale | 119 | 179 | 284 | ||||||||
Gain on sales of loans held for sale | (21,057 | ) | (17,007 | ) | (24,367 | ) | |||||
Proceeds from sale of loans held for sale | 1,114,097 | 727,265 | 1,081,954 | ||||||||
Change in fair value of mortgage servicing rights | 265 | (45 | ) | — | |||||||
(Gain) loss on sale of other real estate and foreclosed assets | (283 | ) | (350 | ) | (372 | ) | |||||
Depreciation and amortization of furniture, equipment and software | 3,273 | 2,874 | 1,904 | ||||||||
Net changes in assets and liabilities which provide (use) cash: | |||||||||||
Accrued interest receivable | (6,405 | ) | (4,100 | ) | (1,891 | ) | |||||
Other assets | (17,948 | ) | (1,224 | ) | 3,466 | ||||||
Accrued interest payable | (84 | ) | (324 | ) | (128 | ) | |||||
Accounts payable and accrued liabilities | 10,669 | 5,917 | 5,767 | ||||||||
Net cash provided by (used) in operating activities | 116,102 | 21,319 | 15,750 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of investment securities | (10,464 | ) | (83,033 | ) | (79,533 | ) | |||||
Proceeds from sales of available-for-sale mortgage-backed securities | 9,539 | — | 2,775 | ||||||||
Proceeds from repayment of securities | 80,546 | 88,086 | 88,106 | ||||||||
Purchase of stock of the Federal Home Loan Bank | (60,870 | ) | (34,221 | ) | (14,868 | ) | |||||
Proceeds from redemption of stock of Federal Home Loan Bank | 37,370 | 19,201 | 7,798 | ||||||||
Origination of loans held for investment | (3,242,828 | ) | (2,297,976 | ) | (953,012 | ) | |||||
Origination of mortgage warehouse loans, net | (29,083 | ) | — | (101,612 | ) | ||||||
Proceeds from sales of other real estate owned and repossessed assets | 1,518 | 2,724 | 3,151 | ||||||||
Purchases of loans, net of discounts and premiums | (2,452 | ) | (95 | ) | (1,541 | ) | |||||
Principal repayments on loans | 1,847,665 | 990,305 | 541,076 | ||||||||
Purchases of furniture, equipment and software | (5,117 | ) | (3,163 | ) | (3,914 | ) | |||||
Net cash used in investing activities | $ | (1,374,176 | ) | $ | (1,318,172 | ) | $ | (511,574 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net increase in deposits | $ | 1,410,381 | $ | 949,537 | $ | 476,911 | |||||
Proceeds from the Federal Home Loan Bank advances | 734,000 | 950,000 | 327,417 | ||||||||
Repayment of the Federal Home Loan Bank advances | (891,000 | ) | (630,417 | ) | (159,000 | ) | |||||
Repayments of other borrowings and securities sold under agreements to repurchase | (10,000 | ) | (65,000 | ) | (10,000 | ) | |||||
Proceeds from exercise of common stock options | 781 | 500 | 260 | ||||||||
Proceeds from issuance of common stock | 75,985 | 41,576 | 6,765 | ||||||||
Proceeds from issuance of preferred stock | — | — | 18,544 | ||||||||
Tax benefit from exercise of common stock options and vesting of restricted stock grants | 5,526 | 4,856 | 2,332 | ||||||||
Cash dividends paid on preferred stock | (309 | ) | (309 | ) | (1,137 | ) | |||||
Net cash provided by financing activities | 1,325,364 | 1,250,743 | 662,092 | ||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 67,290 | (46,110 | ) | 166,268 | |||||||
CASH AND CASH EQUIVALENTS—Beginning of year | 155,584 | 201,694 | 35,426 | ||||||||
CASH AND CASH EQUIVALENTS—End of year | $ | 222,874 | $ | 155,584 | $ | 201,694 | |||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||||||
Interest paid on deposits and borrowed funds | $ | 45,503 | $ | 36,104 | $ | 34,154 | |||||
Income taxes paid | $ | 68,481 | $ | 37,339 | $ | 35,830 | |||||
Transfers to other real estate and repossessed vehicles | $ | 2,484 | $ | 1,206 | $ | 4,466 | |||||
Transfers from loans held for investment to loans held for sale | $ | 30,000 | $ | 39,799 | $ | 4,654 | |||||
Transfers from loans held for sale to loans held for investment | $ | 7,237 | $ | 1,471 | $ | 40,779 | |||||
Transfer from preferred stock to common stock | $ | — | $ | — | $ | 18 | |||||
Transfer from preferred stock to additional paid-in capital | $ | — | $ | — | $ | 37,965 |
(Unaudited) (Dollars in thousands) | June 30, 2015 | June 30, 2014 | |||||
Single family real estate secured: | |||||||
Mortgage | $ | 2,980,795 | $ | 1,918,626 | |||
Home equity | 3,604 | 12,690 | |||||
Warehouse and other1 | 385,413 | 370,717 | |||||
Multifamily real estate secured | 1,185,531 | 978,511 | |||||
Commercial real estate secured | 61,403 | 24,061 | |||||
Auto and RV secured | 13,140 | 14,740 | |||||
Factoring | 122,200 | 118,945 | |||||
Commercial & Industrial | 248,584 | 152,619 | |||||
Other | 601 | 1,971 | |||||
Total gross loans | 5,001,271 | 3,592,880 | |||||
Allowance for loan losses | (28,327 | ) | (18,373 | ) | |||
Unaccreted discounts and loan fees | (44,326 | ) | (41,666 | ) | |||
Total net loans | $ | 4,928,618 | $ | 3,532,841 |
June 30, 2015 | |||||||||||||||||||||||||||||||||||
Trading | Available for sale | Held to maturity | |||||||||||||||||||||||||||||||||
(Unaudited) (Dollars in thousands) | Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | Carrying Amount | Unrecognized Gains | Unrecognized Losses | Fair Value | ||||||||||||||||||||||||||
Mortgage-backed securities (RMBS): | |||||||||||||||||||||||||||||||||||
U.S agencies1 | $ | — | $ | 43,738 | $ | 701 | $ | (948 | ) | $ | 43,491 | $ | 41,993 | $ | 1,398 | $ | — | $ | 43,391 | ||||||||||||||||
Non-agency2 | — | 23,799 | 2,835 | (1 | ) | 26,633 | 147,586 | 10,045 | (12,749 | ) | 144,882 | ||||||||||||||||||||||||
Total mortgage-backed securities | — | 67,537 | 3,536 | (949 | ) | 70,124 | 189,579 | 11,443 | (12,749 | ) | 188,273 | ||||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||||||||||||||
U.S. agencies1 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Municipal | — | 21,731 | 390 | (86 | ) | 22,035 | 35,976 | 4,074 | — | 40,050 | |||||||||||||||||||||||||
Non-agency | 7,832 | 70,216 | 1,271 | (285 | ) | 71,202 | — | — | — | — | |||||||||||||||||||||||||
Total other debt securities | 7,832 | 91,947 | 1,661 | (371 | ) | 93,237 | 35,976 | 4,074 | — | 40,050 | |||||||||||||||||||||||||
Total debt securities | $ | 7,832 | $ | 159,484 | $ | 5,197 | $ | (1,320 | ) | $ | 163,361 | $ | 225,555 | $ | 15,517 | $ | (12,749 | ) | $ | 228,323 | |||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||||
Trading | Available for sale | Held to maturity | |||||||||||||||||||||||||||||||||
(Unaudited) (Dollars in thousands) | Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | Carrying Amount | Unrecognized Gains | Unrecognized Losses | Fair Value | ||||||||||||||||||||||||||
Mortgage-backed securities (RMBS): | |||||||||||||||||||||||||||||||||||
U.S agencies1 | $ | — | $ | 60,670 | $ | 1,060 | $ | (1,850 | ) | $ | 59,880 | $ | 47,982 | $ | 1,895 | $ | — | $ | 49,877 | ||||||||||||||||
Non-agency2 | — | 33,521 | 4,077 | (189 | ) | 37,409 | 163,695 | 6,352 | (15,490 | ) | 154,557 | ||||||||||||||||||||||||
Total mortgage-backed securities | — | 94,191 | 5,137 | (2,039 | ) | 97,289 | 211,677 | 8,247 | (15,490 | ) | 204,434 | ||||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||||||||||||||
U.S. agencies1 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Municipal | — | 28,522 | 425 | (4 | ) | 28,943 | 36,052 | 3,480 | — | 39,532 | |||||||||||||||||||||||||
Non-agency | 8,066 | 87,913 | 687 | (54 | ) | 88,546 | — | — | — | — | |||||||||||||||||||||||||
Total other debt securities | 8,066 | 116,435 | 1,112 | (58 | ) | 117,489 | 36,052 | 3,480 | — | 39,532 | |||||||||||||||||||||||||
Total debt securities | $ | 8,066 | $ | 210,626 | $ | 6,249 | $ | (2,097 | ) | $ | 214,778 | $ | 247,729 | $ | 11,727 | $ | (15,490 | ) | $ | 243,966 |
(Unaudited) | June 30, 2015 | June 30, 2014 | |||||||||||
(Dollars in thousands) | Amount | Rate1 | Amount | Rate1 | |||||||||
Non-interest bearing | $ | 309,339 | — | % | $ | 186,786 | — | % | |||||
Interest bearing: | |||||||||||||
Demand | 1,224,308 | 0.48 | % | 1,129,535 | 0.63 | % | |||||||
Savings | 2,126,792 | 0.67 | % | 935,973 | 0.73 | % | |||||||
Total interest-bearing demand and savings | 3,351,100 | 0.60 | % | 2,065,508 | 0.67 | % | |||||||
Time deposits: | |||||||||||||
Under $100,000 | 70,369 | 1.26 | % | 107,294 | 1.23 | % | |||||||
$100,000 or more2 | 721,109 | 2.06 | % | 681,948 | 1.67 | % | |||||||
Total time deposits | 791,478 | 1.99 | % | 789,242 | 1.61 | % | |||||||
Total interest bearing2 | 4,142,578 | 0.87 | % | 2,854,750 | 0.93 | % | |||||||
Total deposits | $ | 4,451,917 | 0.81 | % | $ | 3,041,536 | 0.88 | % |
At June 30, | ||||||||||||||
(Unaudited) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||
Checking and savings accounts | 36,305 | 30,402 | 23,567 | 19,931 | 16,105 | |||||||||
Time deposits | 5,515 | 7,571 | 11,103 | 12,341 | 16,793 | |||||||||
Total number of deposit accounts | 41,820 | 37,973 | 34,670 | 32,272 | 32,898 |
For the Fiscal Years Ended June 30, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||
(Unaudited)(Dollars in thousands) | Average Balance1 | Interest Income / Expense | Average Yields Earned / Rates Paid | Average Balance1 | Interest Income / Expense | Average Yields Earned / Rates Paid | Average Balance1 | Interest Income / Expense | Average Yields Earned / Rates Paid | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Loans2,3 | $ | 4,388,336 | $ | 220,486 | 5.02 | % | $ | 2,850,600 | $ | 147,664 | 5.18 | % | $ | 2,157,974 | $ | 113,503 | 5.26 | % | ||||||||||||||
Federal funds sold | — | — | — | % | — | — | — | % | 17,017 | 30 | 0.18 | % | ||||||||||||||||||||
Interest-earning deposits in other financial institutions | 204,176 | 511 | 0.25 | % | 107,534 | 275 | 0.26 | % | 23,632 | 47 | 0.20 | % | ||||||||||||||||||||
Mortgage-backed and other investment securities | 479,767 | 23,367 | 4.87 | % | 513,055 | 24,939 | 4.86 | % | 485,540 | 22,074 | 4.55 | % | ||||||||||||||||||||
Total interest-earning assets | 5,072,279 | 244,364 | 4.82 | % | 3,471,189 | 172,878 | 4.98 | % | 2,684,163 | 135,654 | 5.05 | % | ||||||||||||||||||||
Non-interest-earning assets | 68,039 | 58,953 | 70,896 | |||||||||||||||||||||||||||||
Total assets | $ | 5,140,318 | $ | 3,530,142 | $ | 2,755,059 | ||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||||||||||||||||||
Interest-bearing demand and savings | $ | 2,862,295 | $ | 20,709 | 0.72 | % | $ | 1,522,884 | $ | 10,723 | 0.70 | % | $ | 826,797 | $ | 6,399 | 0.77 | % | ||||||||||||||
Time deposits | 790,661 | 14,024 | 1.77 | % | 876,621 | 14,094 | 1.61 | % | 1,065,669 | 16,469 | 1.55 | % | ||||||||||||||||||||
Securities sold under agreements to repurchase | 36,562 | 1,633 | 4.47 | % | 85,726 | 3,840 | 4.48 | % | 114,247 | 5,068 | 4.44 | % | ||||||||||||||||||||
Advances from the FHLB | 700,805 | 8,910 | 1.27 | % | 576,307 | 6,981 | 1.21 | % | 436,383 | 5,939 | 1.36 | % | ||||||||||||||||||||
Other borrowings | 5,155 | 143 | 2.77 | % | 5,155 | 143 | 2.77 | % | 5,155 | 151 | 2.93 | % | ||||||||||||||||||||
Total interest-bearing liabilities | 4,395,478 | 45,419 | 1.03 | % | 3,066,693 | 35,781 | 1.17 | % | 2,448,251 | 34,026 | 1.39 | % | ||||||||||||||||||||
Non-interest-bearing demand deposits | 255,321 | 123,859 | 45,299 | |||||||||||||||||||||||||||||
Other non-interest-bearing liabilities | 35,219 | 23,549 | 18,681 | |||||||||||||||||||||||||||||
Stockholders’ equity | 454,300 | 316,041 | 242,828 | |||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,140,318 | $ | 3,530,142 | $ | 2,755,059 | ||||||||||||||||||||||||||
Net interest income | $ | 198,945 | $ | 137,097 | $ | 101,628 | ||||||||||||||||||||||||||
Interest rate spread4 | 3.79 | % | 3.81 | % | 3.66 | % | ||||||||||||||||||||||||||
Net interest margin5 | 3.92 | % | 3.95 | % | 3.79 | % |
For the three months ended June 30, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
(Unaudited) (Dollars in thousands) | Average Balance2 | Interest Income / Expense | Average Yields Earned / Rates Paid1 | Average Balance2 | Interest Income / Expense | Average Yields Earned / Rates Paid1 | |||||||||||||||
Assets: | |||||||||||||||||||||
Loans3,4 | $ | 4,865,501 | $ | 60,670 | 4.99 | % | $ | 3,390,891 | $ | 43,391 | 5.12 | % | |||||||||
Interest-earning deposits in other financial institutions | 252,539 | 178 | 0.28 | % | 127,994 | 87 | 0.27 | % | |||||||||||||
Mortgage-backed and other investment securities | 455,425 | 6,719 | 5.90 | % | 506,986 | 6,664 | 5.26 | % | |||||||||||||
Total interest-earning assets | 5,573,465 | 67,567 | 4.85 | % | 4,025,871 | 50,142 | 4.98 | % | |||||||||||||
Non-interest-earning assets | 77,234 | 53,658 | |||||||||||||||||||
Total assets | $ | 5,650,699 | $ | 4,079,529 | |||||||||||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||||||||||
Interest-bearing demand and savings | $ | 3,404,566 | $ | 5,753 | 0.68 | % | $ | 1,978,485 | $ | 3,542 | 0.72 | % | |||||||||
Time deposits | 815,405 | 3,840 | 1.88 | % | 836,646 | 3,381 | 1.62 | % | |||||||||||||
Securities sold under agreements to repurchase | 35,008 | 389 | 4.44 | % | 52,759 | 594 | 4.50 | % | |||||||||||||
Advances from the FHLB | 528,365 | 2,255 | 1.71 | % | 667,612 | 2,093 | 1.25 | % | |||||||||||||
Other borrowings | 5,155 | 36 | 2.79 | % | 5,155 | 36 | 2.79 | % | |||||||||||||
Total interest-bearing liabilities | 4,788,499 | 12,273 | 1.03 | % | 3,540,657 | 9,646 | 1.09 | % | |||||||||||||
Non-interest-bearing demand deposits | 301,893 | 160,678 | |||||||||||||||||||
Other non-interest-bearing liabilities | 39,371 | 21,836 | |||||||||||||||||||
Stockholders’ equity | 520,936 | 356,358 | |||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 5,650,699 | $ | 4,079,529 | |||||||||||||||||
Net interest income | $ | 55,294 | $ | 40,496 | |||||||||||||||||
Interest rate spread5 | 3.82 | % | 3.89 | % | |||||||||||||||||
Net interest margin6 | 3.97 | % | 4.02 | % |
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