BofI Holding Inc

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BofI Holding, Inc.
Publicly Traded Corporation
Traded as NASDAQBOFI
S&P 600 Component
Founded 1999, Delaware
Headquarters San Diego, California
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]

Headquartered in San Diego, BofI Holding, Inc. is listed on the NASDAQ under its Global Select Market and is a component of the Russell 2000 Index and the S&P SmallCap 600 Index.[3] Its ticker symbol is BOFI.[4]

BofI Holding, Inc. oversees eight diversified division brands that are unified under BofI Federal Bank. BofI Holding Inc.'s brands provide financing for single and multifamily residential properties, small-to-medium size businesses, as well as consumer and business banking products.

Each of these brands operates exclusively online. Because they do not incur the higher operating costs inherent in a branch-based distribution system, they are able to provide a better value to customers through industry-leading interest rates on deposit products are and loan products featuring low rates and fees.[5]

BofI Holding Inc. Brands[edit]

BofI Federal Bank[edit]

BofI Federal Bank features premier online banking and financial services, including business banking, home loans, and commercial and industrial lending.[5]

Bank of Internet USA[edit]

Bank of Internet USA is the flagship consumer direct Internet banking brand of BofI Federal Bank.[6] As a brand, it focuses on personal banking products and services aimed toward individual consumers, including checking and savings accounts, as well as mortgages. Its motto is "America's Oldest and Most Trusted Internet Bank."[7]

Annuitants Federal Bank[edit]

Annuitants Federal Bank, or AnFed Bank, purchases structured settlements and lottery prize annuity payments with cash.[8]

Apartment Bank[edit]

Apartment Bank provides financing to investors of multifamily, mixed use, student, and other rental housing .[9]

Bank X[edit]

Bank X is branded around its X Checking and X Savings products, intended to serve the needs of consumers who leads an active lifestyle.[10]

BofI Advisor[edit]

BofI Advisor offers investment products with competitive rates, customizable marketing collateral, high-touch service, and an online Advisor platform. All backed by the security of the FDIC .[11]

NetBank[edit]

NetBank is the "second-chance" brand among BofI Federal Bank's banking brands. NetBank offers checking and savings accounts to people who may have been declined by other banks.[11]

UFB Direct[edit]

UFB Direct is an online bank that features an Airline Rewards Checking account that allows customers to earn airline miles when they use their debit card and have direct deposit .[12]

Virtus Bank[edit]

Virtus Bank is the concierge banking brand of BofI Federal Bank, offering premier checking and savings products and services.[13]

History[edit]

BofI Holdings, Inc. (BofI) was incorporated in Delaware in 1999 for the purpose of organizing and opening an Internet-based bank.[14] 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.[14]

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."[15] In 2003, it began offering preferred stock to select investors.[14] A 2004 stock incentive program provided an additional opportunity for consultants, directors, and employees to invest in BofI.[16]

2005 to 2009[edit]

According to filings with the Securities and Exchange Commission, BofI began publicly trading common stock on the NASDAQ National Market on March 15, 2005.[17] It offered 3,052,745 shares of common stock at an initial public offering price of $11.50.[18] On its first day of trading, BofI's stock opened at $11.55 and closed at $11.50.[19]

Following its initial stock offering, BofI Holding, Inc. 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. Its net income rose from $1.0 million to $2.9 million over the same period. By October 2007, BofI announced that it had total assets of over $1 billion.[18]

2010 to 2014[edit]

Seeking Alpha contributor Andrew August recognized BofI's continued 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."[20]

In 2012, the company had assets in excess of $2.2 billion.[21] 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, Zachs.com rated BofI a strong buy in August 2012 as its stock traded above $22.00.[22]

In 2014, BofI reached an agreement with H&R Block, Inc. to act as the bank for H&R Block's branded financial service products including Emerald Prepaid MasterCard®, Refund Transfers, and Emerald Advance® lines of credit through H&R Block's retail and digital channels.[23] That same year, its flagship consumer brand Bank of Internet USA's Rewards Checking account was named one of "The 5 Best Online Checking Accounts of 2014" by GoBankingRates.com.[24]

2015 – Present[edit]

BofI Holding, Inc. was named one of the top performing banks in Bank Director Magazine's 2015 Bank Performance Scorecard.[25] NerdWallet also recognized BofI Holding in 2015 for their Bank of Internet USA Rewards Checking as a top checking account with the "Best ATM Options."[26] At the end of 2015, BofI Holding, Inc. reported just under $6.7 billion in total assets.[27]

BofI Holding continued to strengthen its partnership with tax leader H&R Block in 2016 by launching a co-branded Individual Retirement Accounts (IRAs) program. This program, available to H&R Block customers, aims to "maximize tax contributions for the 2015 tax year without paying any account opening fees."[28]

In 2016, BofI Holding was recognized again by Bank Director for being a Top 5 ranking bank by their Bank Performance Scorecard.[29]

Recognition[edit]

BofI Federal Bank received a five-star (superior) rating from Bauer Financial, an independent financial rating agency.[30]

2012[edit]

  • BofI Holding, Inc. ranked first place "The Best of the Biggest Thrifts" by SNL Financial[31]

2013[edit]

  • BofI Holding, Inc. ranked first place "The Best of the Biggest Thrifts" by SNL Financial[31]

2014[edit]

  • BofI Holding, Inc. ranked first place "The Best of the Biggest Thrifts" by SNL Financial [31]
  • BofI Holding ranked #69 on Fortune 100 Fastest-Growing Companies [32]
  • Bank of Internet USA's Rewards Checking account was named one of "The 5 Best Online Checking Accounts of 2014" by GoBankingRates.com.[33]
  • Bank of Internet USA Rewards Checking Account named 2014 Overall Best Online Checking Account by WalletHub.com [30]
  • Bank of Internet was named 1 of the Top 5 Online Banks of 2014 by MyBankTracker.com[30]

2015[edit]

  • Money named BofI Rewards Checking the best checking account (in a tie with Aspiration Summit) in its list of Best Banks in America 2015-16[34]
  • BofI Holding, Inc. named one of the top performing banks in Bank Director Magazine's 2015 Bank Performance Scorecard[25]
  • BofI Holding ranked #56 on Fortune 100 Fastest-Growing Companies [35]
  • NerdWallet named Bank of Internet USA Rewards Checking as a top checking account with the "Best ATM Options" [36]
  • BofI Holding, Inc. named 2015 Bank & Thrift Sm-All Star [37]
  • BofI Holding, Inc. ranked first place "The Best of the Biggest Thrifts" by SNL Financial[38]

2016[edit]

  • Bank of Internet USA named one of AdvisoryHQ Best Banks to Bank With in America "Best Online Banks"[39]
  • Bank of Internet USA named a 2016 "Best Online Bank" by GoBankingRates.com [40]
  • Bank of Internet USA's Rewards Checking account was named one of "10 Best Checking Accounts of 2016" by GoBankingRates.com [41]
  • BofI Holding Inc. ranked Top Residential Real Estate Lender by Bank Director Magazine[42]
  • BofI Holding, Inc. named one 3rd top performing bank in Bank Director Magazine's 2016 Bank Performance Scorecard[29]

Stock Market Prospects - 7/18/2016[edit]

References[edit]

  1. ^ 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. ^ "BofI Holding, Inc. Form 10-K". Securities and Exchange Commission. 
  4. ^ "BofI Holdings – Exhibit 10 Stock Option Plan". Securities and Exchange Commission. 
  5. ^ a b "Who Is BofI Federal Bank?". BofI Federal Bank. Retrieved 2016-06-23. 
  6. ^ "BofI Holding Inc. Changes Name of Bank Subsidiary to BofI Federal Bank". Marketwire. 
  7. ^ "Bank of Internet USA - America's Oldest and Most Trusted Internet Bank". Bank of Internet USA. Retrieved 2016-06-23. 
  8. ^ "About AnFed Bank: We Want to Buy Your Annuity". www.anfedbank.com. Retrieved 2016-06-23. 
  9. ^ "Loan Products: Financing for Multifamily Housing | Apartment Bank". www.apartmentbank.com. Retrieved 2016-06-23. 
  10. ^ "Bank X - Banking for Your Active Lifestyle". Bank X. Retrieved 2016-06-23. 
  11. ^ a b "Bofi Federal Bank: Our Banking Brands". BofI Federal Bank. Retrieved 2016-06-23. 
  12. ^ "Airline Rewards Checking | Debit Card | UFB Direct". www.ufbdirect.com. Retrieved 2016-06-23. 
  13. ^ "Virtus Bank - Premier Checking and Savings Products". Virtus Bank. Retrieved 2016-06-23. 
  14. ^ a b c d Securities and Exchange Commission. "BofI Holdings – Form S1". Retrieved 14 August 2012. 
  15. ^ Securities and Exchange Commission. "BofI Holdings – Exhibit 10 Stock Option Plan". Retrieved 14 August 2012. 
  16. ^ Securities and Exchange Commission. "BofI Holdings – 2004 Stock Incentive Plan". Retrieved 14 August 2012. 
  17. ^ "SEC Filings". Retrieved 14 August 2012. 
  18. ^ a b "Securities and Exchange Commission". Retrieved 14 August 2012. 
  19. ^ "BOFI Historical Prices | BofI Holding, Inc. Stock - Yahoo! Finance". finance.yahoo.com. Retrieved 2016-06-24. 
  20. ^ August, Andrew (2011-02-07). "Bank of Internet: Neither Tech Stock Nor Financial Black Box but Probably a Good Investment". Seeking Alpha. Retrieved 2016-06-24. 
  21. ^ "Corporate Profile". www.bofiholding.com. Retrieved 2016-06-24. 
  22. ^ "Securities and Exchange Commission". Retrieved 14 August 2012. 
  23. ^ "H&R Block Reaches Definitive Agreement to Divest its Bank". Retrieved 2016-06-24. 
  24. ^ "Bank of Internet USA Rewards Checking Named One of "The 5 Best Online Checking Accounts of 2014". Market Wired. Retrieved 27 January 2014. 
  25. ^ a b "Bank Director :: Digital Edition". www.nxtbook.com. Retrieved 2016-06-24. 
  26. ^ "Best Online Checking Accounts of 2016 - NerdWallet". Retrieved 2016-06-24. 
  27. ^ "BOFI Balance Sheet | BofI Holding, Inc. Stock - Yahoo! Finance". finance.yahoo.com. Retrieved 2016-06-24. 
  28. ^ "Bank of Internet USA Launches Individual Retirement Accounts (IRAs) Through H&R Block Partnership". money.cnn.com. Retrieved 2016-06-24. 
  29. ^ a b "BofI Holding, Inc. Ranked in Top-5 by Bank Director for Second Consecutive Year". Retrieved 2016-07-28. 
  30. ^ a b c "Bank of Internet USA | Personal Banking | Mortgages". bofifederalbank.intelliresponse.com. Retrieved 2016-06-24. 
  31. ^ a b c "BOFI Completes Three-Peat -- Named Best of the Biggest Public Thrifts by SNL Financial for the Third Year in a Row". www.snl.com. Retrieved 2016-06-24. 
  32. ^ "100 Fastest Growing Companies". Fortune Magazine. 2014-08-14. Retrieved 2016-06-24. 
  33. ^ "Bank of Internet USA Rewards Checking Named One of "The 5 Best Online Checking Accounts of 2014". 
  34. ^ "The Best Bank for Debit Card Users". MONEY.com. Retrieved 2016-06-24. 
  35. ^ "Fastest-Growing Companies". Fortune. 2015-08-19. Retrieved 2016-06-24. 
  36. ^ "Best Online Checking Accounts of 2016 - NerdWallet". Retrieved 2016-06-24. 
  37. ^ "2015 Bank & Thrift Sm-all Star" (PDF). Community Bank. 
  38. ^ "BofI Holding Inc. Wins Best Public Thrift for the Fourth Year in a Row". BofI USA. Retrieved 2016-06-24. 
  39. ^ "Best Banks to Bank With in America". AdvisoryHQ. Retrieved 2016-06-24. 
  40. ^ "Announcing the Best Banks of 2016 | GOBankingRates". 2016-01-05. Retrieved 2016-06-24. 
  41. ^ "10 Best Checking Accounts of 2016 | GOBankingRates". 2016-01-11. Retrieved 2016-06-24. 
  42. ^ "BofI Holding, Inc. Ranked a Top Residential Real Estate Lender by Bank Director Magazine". Retrieved 2016-06-24. 

External links[edit]