User:PrezMittens/sandbox/BOI

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

History
BofI Holdings, Inc. (BofI) was incorporated in Delaware in 1999 for “the purpose of organizing and opening an Internet-based bank.” After designing and implementing a platform for deposit accounts and loans, it formed the Bank of Internet in 2000 to provide exclusive online banking services to its customers. At its inception, BofI aimed to lower the price of banking services for its customers through the use of online technologies. It also planned to expand nationwide; its Internet platform gave it a low cost means to accomplish its goals. It offered services through a number of websites, including www.bankofinternet.com, www.bancodeinternet.com, and www.apartmentbank.com.

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.” In 2003, it began offering preferred stock to select investors. A 2004 stock incentive program provided an additional opportunity for consultants, directors, and employees to invest in BofI. According to filings with the Securities and Exchange Commission, BofI began publicly trading common stock on the NASDAQ National Market on March 15, 2005. It offered 3,052,745 shares of common stock at an initial public offering price of $11.50. On its first day of trading, BofI’s stock opened at $11.55 and closed at $11.50.

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.” Its net income rose from $1.0 million to $2.9 million over the same period. In October of 2007, BofI announced that it had total assets of over $1 billion. 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.” In 2012, the company had assets in excess of $2.2 billion dollars. 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. Shortly after Zachs.com rated BofI a strong buy in August 2012, it stock traded above $22.00.

Deposit Accounts
BofI Federal Bank offers checking accounts, savings accounts, and certificates of deposit (COD) through Internet entities BankofInternet.com and UFBDirect.com. Its Bank of Internet Rewards Checking account provides customers with features such as unlimited ATM reimbursements, instant check deposits from customers’ homes and offices, free online transfers, and cash-back rewards from purchases. With Bank of Internet’s High Yield Savings accounts, interest is compounded daily. UFB Direct’s checking and savings accounts offer airline rewards for customers based on purchases and direct deposit. There are no monthly fees for these checking and savings accounts.

Mortgages
BofI provides fixed and adjustable-rate mortgages for single and multifamily residential properties. 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.” 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.”

Business Banking
BofI Federal Bank offers a variety of business checking accounts: basic, business interest, premier business, and analyzed business. It also provides a money-market savings account and CODs for business clients, including sole proprietors, small businesses, and limited liability companies. Through business banking, clients have access to free online-banking tools, remote deposit, cash management, and fraud protection.

Annuitant’s Federal Bank
BofI’s Anfed Bank focuses on customers with lottery winnings and structured settlements. AnFed offers lump-sum payments for customers selling their lottery annuities and settlements. AnFed also provides personal-banking services, including checking and savings accounts, and several loan options such as automobile financing and mortgages. In addition, the bank gives debt relief consultations, credit analysis, and emergency loans for structured annuitants and lottery winners.

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.