BofI Holding Inc

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BofI Holding, Inc.
Publicly Traded Corporation
Founded 1999, Delaware
Number of locations
World Wide Web
Key people
Gregory Garrabrants, President & CEO
Website Official BofI Holding, Inc. Website

BofI Holding, Inc. is the publicly traded, California-based parent company for Bank of Internet Federal Bank.[1] BofI Federal Bank is a federally chartered, OCC-regulated branchless bank that distributes a variety of financial products through a branchless distribution network.[2] BofI Holdings’ common stock is listed on the NASDAQ under its Global Select Market. Its ticker symbol is BOFI.[3] It is headquartered in San Diego, California. Gregory Garrabrants serves as the company’s President and Chief Executive Officer.[1][4]


BofI Holdings, Inc. (BofI) was incorporated in Delaware in 1999 for the purpose of organizing and opening an Internet-based bank.[5] After designing and implementing a platform for deposit accounts and loans, it formed the Bank of Internet in 2000 to provide online banking services to its customers.[5]

In 2001, BofI began issuing and selling unregistered securities in the form of common-stock options to consultants, directors, and employees in order to “improve operations and increase profits.”[6] In 2003, it began offering preferred stock to select investors.[5] A 2004 stock incentive program provided an additional opportunity for consultants, directors, and employees to invest in BofI.[7] According to filings with the Securities and Exchange Commission, BofI began publicly trading common stock on the NASDAQ National Market on March 15, 2005.[8] It offered 3,052,745 shares of common stock at an initial public offering price of $11.50.[9] On its first day of trading, BofI’s stock opened at $11.55 and closed at $11.50.[10]

Following its stock offering, BofI continued to expand. A 2005 annual report showed an increase in total assets from “$217.6 million in 2002 to $609.5 million in 2005.”[11] Its net income rose from $1.0 million to $2.9 million over the same period.[11] In October of 2007, BofI announced that it had total assets of over $1 billion.[12] Seeking Alpha contributor Andrew August recognized BofI’s growth in 2011, stating “[t]he company also holds a portfolio of residential mortgage backed securities (RMBS) valued at $561 [million]…the real estate market backing them would have to absolutely crumble for them to take a hit.”[13] In 2012, the company had assets in excess of $2.2 billion.[1] In June of the same year, BofI was added to the NASDAQ’s OMX AMA Community Bank Index (NASDAQ: ABQI), which serves as a benchmark for other banks.[14] Shortly after rated BofI a strong buy in August 2012, its stock traded above $22.00.[15][16]


Deposit Accounts[edit]

BofI Federal Bank offers checking accounts, savings accounts, and certificates of deposit (COD) through Internet entities and[1][17][18] [19] UFB Direct’s checking and savings accounts offer airline rewards for customers based on purchases and direct deposit.[20]


BofI provides fixed and adjustable-rate mortgages for single and multifamily residential properties.[1] Single-family mortgages, including reverse mortgages, are offered through Bank of Internet. (BM) Apartment Loans, a division of BofI Federal Bank, “provides multi-family financing for affordable and market-rate rental housing.”[21] Some analysts have noted BofI’s “stringent” requirements for loan approval: “BOFI does a good job of avoiding credit risk…[by focusing] largely on single and multi-family mortgages.”[22]

Business Banking[edit]

BofI Federal Bank offers a variety of business checking accounts: basic, business interest, premier business, and analyzed business.[23] It also provides a money-market savings account and CODs for business clients, including sole proprietors, small businesses, and limited liability companies.[24]

Annuitant’s Federal Bank[edit]

BofI’s Anfed Bank focuses on customers with lottery winnings and structured settlements.[25] AnFed offers lump-sum payments for customers selling their lottery annuities and settlements.[26] AnFed also provides personal-banking services, including checking and savings accounts, and several loan options such as automobile financing and mortgages.[25]

Through BofI Federal Bank and its affinity companies, BofI Holding, Inc. currently operates throughout the United States. Deposits are insured through BofI Federal Bank by the FDIC.[19][20]


  1. ^ a b c d e BofI Holding. "Homepage". Retrieved 14 August 2012. 
  2. ^ Yahoo Finance. "Interview With The President And CEO: Bank of Internet USA (BOFI) - Gregory Garrabrants". Retrieved 14 August 2012. 
  3. ^ Nasdaq. "BofI Holdings". Retrieved 14 August 2012. 
  4. ^ Maureen Farrell (November 1, 2012). "Forget BofA. Check out online bank BofI". CNN Money. Retrieved November 2, 2012. 
  5. ^ a b c Securities and Exchange Commission. "BofI Holdings – Form S1". Retrieved 14 August 2012. 
  6. ^ Securities and Exchange Commission. "BofI Holdings – Exhibit 10 Stock Option Plan". Retrieved 14 August 2012. 
  7. ^ Securities and Exchange Commission. "BofI Holdings – 2004 Stock Incentive Plan". Retrieved 14 August 2012. 
  8. ^ SEC Filings. "BofI Form 10-K". Retrieved 14 August 2012. 
  9. ^ Securities and Exchange Commission. "Registration – B of I Holdings, Inc.". Retrieved 14 August 2012. 
  10. ^ Yahoo Finance. "BofI Historical Prices". Retrieved 14 August 2012. 
  11. ^ a b Securities and Exchange Commission. "BofI Holdings Form 10-K". Retrieved 14 August 2012. 
  12. ^ Securities and Exchange Commission. "BofI Holding, Inc. Reaches $1 Billion in Assets, Announces First Quarter's Earnings Call and Annual Shareholders Meeting". Retrieved 14 August 2012. 
  13. ^ Seeking Alpha. "Bank of Internet Neither Tech Stock nor Financial Black Box But Probably A Good Investment". Retrieved 14 August 2012. 
  14. ^ Nasdaq. "BofI Holdings Added to the Nasdaq". Retrieved 14 August 2012. 
  15. ^ MorningStar. "BofI Holdings". Retrieved 14 August 2012. 
  16. ^ Zacks Investment Research. "BofI Holdings". Retrieved 14 August 2012. 
  17. ^ Bank of Internet USA. "BofI". Retrieved 14 August 2012. 
  18. ^ UFB Direct. "UFB Direct Homepage". Retrieved 14 August 2012. 
  19. ^ a b Bank of Internet USA. "Products – Personal Banking, Checking, Rewards". Retrieved 14 August 2012. 
  20. ^ a b UFB Direct. "Products – Personal Banking, Checking, Airline Rewards". Retrieved 14 August 2012. 
  21. ^ Apartment Bank. "Apartment Bank Homepage". Retrieved 14 August 2012. 
  22. ^ Seeking Alpha. "BofI Holdings A Conservatively Operated Low Priced Bank". Retrieved 14 August 2012. 
  23. ^ BofI Federal Bank. "Product Overview". Retrieved 14 August 2012. 
  24. ^ BofI Federal Bank. "Home, Business Banking, Business Banking Pro – Products". Retrieved 14 August 2012. 
  25. ^ a b AnFed Bank. "Structured Settlements and Lottery Winners - AnFed Bank". Retrieved 20 November 2014. 
  26. ^ AnFed Bank. "Sell Lottery or Prize Payments - AnFed Bank". Retrieved 20 November 2014. 

External links[edit]