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Earnings Review and Free Research Report: BofI’s Q3 EPS Rose 11.1%; Outpaced Expectations

Research Desk Line-up: Bancorp Of New Jersey Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 22, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on BofI Holding, Inc. (NASDAQ: BOFI) ("BofI"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=BOFI, following the Company's release of its financial results on September 30, 2017, for the first quarter of the fiscal year 2018. The San Diego, California-based Company's diluted earnings per share (EPS) rose 11.1% y-o-y, topping market forecasts. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:


Get more of our free earnings reports coverage from other constituents of the Savings & Loans industry. Pro-TD has currently selected Bancorp Of New Jersey, Inc. (NYSE AMER: BKJ) for due-diligence and potential coverage as the Company reported on November 09, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Bancorp Of New Jersey when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on BOFI; also brushing on BKJ. With the links below you can directly download the report of your stock of interest free of charge at:



Earnings Reviewed

During the quarter ended September 30, 2017, BofI's net interest income rose 15.4% to $80.55 million from $69.78 million in Q1 FY17. However, the Company's non-interest income fell 9.4% to $13.34 million in Q1 FY18 from $14.73 million in the year ago same quarter. Meanwhile, the non-interest expenses grew to $38.02 million during Q1 FY18 from $32.88 million in Q1 FY17.

The bank holding Company reported a record net income available to common stockholders of $32.31 million, or $0.50 per diluted common share, in Q1 FY18 compared to $28.82 million, or $0.45 per diluted common share, in Q1 FY17. Wall Street had expected the Company to report net income of $0.49 per diluted share. Moreover, the Company's adjusted earnings increased 14.0% to $32.31 million in Q1 FY18 from $28.33 million in Q1 FY17.

Earnings Metrics

During the reported quarter, the bank's return on average assets was 1.54% versus 1.53% in the prior year's comparable quarter. The return on average common stockholders' equity came in at 15.24% in Q1 FY18 compared to 16.59% in Q1 FY17. For Q1 FY18, the bank holding Company's efficiency ratio was 40.49% compared to 38.90% in Q1 FY17, while net interest margin increased to 3.87% in the reported quarter from 3.78% in Q1 FY17. The Company had an interest rate spread of 3.62% in Q1 FY18 compared to 3.61% in Q1 FY17.

The Company's allowance for loan and lease losses was $42.10 million, or 0.55% of total loans and leases, at September 30, 2017, compared to $37.60 million, or 0.57% of total non-purchased loans and leases, at September 30, 2016. Furthermore, allowance for loan and lease losses to non-performing loans and leases ratio was 131.15% as on September 30, 2017, compared to 89.45% as on September 30, 2016.

Balance Sheet

BofI's loans and leases, net of allowance for loan and lease losses, increased to $7.51 billion during quarter ended September 30, 2017, from $6.55 billion in Q1 FY17. Furthermore, the bank had total assets worth $8.58 billion as on September 30, 2017, up 9.2% from $7.86 billion as on September 30, 2016.

Furthermore, the Banks's non-performing assets to total assets was 0.39% as on September 30, 2017, compared to 0.55% as at the end of last year's corresponding quarter. Furthermore, total non-performing assets as on September 30, 2017, was $33.49 million compared to $29.81 million as on June 30, 2017.

Stock Performance

At the closing bell, on Tuesday, November 21, 2017, BofI Holding's stock marginally slipped 0.16%, ending the trading session at $25.66. A total volume of 510.93 thousand shares have exchanged hands. The Company's stock price surged 16.11% in the past six months and 9.19% in the previous twelve months. The stock is trading at a PE ratio of 12.27 and currently has a market cap of $1.59 billion.

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SOURCE: Pro-Trader Daily