x
|
ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
33-0867444
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
4350 La Jolla Village Drive, Suite 140, San Diego, CA
|
|
92122
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
||
Registrant’s telephone number, including area code: (858) 350-6200
|
||
|
||
Securities registered pursuant to Section 12(b) of the Act:
|
||
Title of each class
|
|
Name of each exchange on which registered
|
Common stock, $.01 par value
|
|
NASDAQ Global Select Market
|
6.25% Subordinated Notes Due 2026
|
|
NASDAQ Global Select Market
|
Indicated by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
x
No
¨
|
|||
Indicated by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes
¨
No
x
|
|||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
x
No
¨
|
|||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes
x
No
¨
|
|||
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
¨
|
|||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
|||
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
Emerging growth company
o
|
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
|
|||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
¨
No
x
|
•
|
Changes in interest rates;
|
•
|
General economic and market conditions, including the risk of a significant economic downturn;
|
•
|
The soundness of other financial institutions;
|
•
|
Changes in laws, regulation or regulatory oversight;
|
•
|
Policies and regulations enacted by the Consumer Financial Protection Bureau;
|
•
|
Changes in real estate values;
|
•
|
Possible defaults on our mortgage loans;
|
•
|
Mortgage buying activity of Fannie Mae and Freddie Mac;
|
•
|
The adequacy of our allowance for loan and lease losses;
|
•
|
Changes in our relationship with H&R Block, Inc. and the financial benefits of that relationship;
|
•
|
The outcome or impact of current or future litigation involving the Company;
|
•
|
Our ability to access the equity capital markets;
|
•
|
Access to adequate funding;
|
•
|
Our ability to manage our growth and deploy assets profitably;
|
•
|
Competition for customers from other banks and financial services companies;
|
•
|
Our ability to maintain and enhance our brand;
|
•
|
A natural disaster, especially in California;
|
•
|
Our ability to retain the services of key personnel and attract, hire and retain other skilled managers;
|
•
|
Possible exposure to environmental liability;
|
•
|
Our dependence on third-party service providers for core banking technology;
|
•
|
Privacy concerns relating to our technology that could damage our reputation or deter customers from using our products and services;
|
•
|
Risk of systems failure and security breaches, including “hacking” and “identity theft”; and
|
•
|
Our reliance on continued and unimpeded access to the internet.
|
•
|
Multiple national online banking brands with tailored products targeted to specific consumer segments;
|
•
|
Affinity groups where we gain access to the affinity group’s members, and our exclusive relationships with financial advisory firms;
|
•
|
A business banking division focused on providing deposit products and loans to specific nationwide industry verticals (e.g., Homeowners Associations) and small and medium size businesses;
|
•
|
A commission-based lending sales force that operates from home offices focusing primarily on the origination of single family and multifamily mortgage loans;
|
•
|
A commission-based lending sales force that operates from the corporate office focusing on commercial and industrial loans to businesses;
|
•
|
A commission-based leasing sales force that operates from our Utah office focusing on commercial and industrial leases to businesses; and
|
•
|
Inside sales teams that originate loans and deposits from self-generated internet leads, third-party purchase leads, and from our retention and cross-sell of our existing customer base.
|
•
|
Maintain an annualized return on average common stockholders’ equity of 15.0% or better;
|
•
|
Annually increase average interest-earning assets by 15% or more; and
|
•
|
Maintain annualized efficiency ratio to a level 36% or lower.
|
•
|
Retail.
We originate single family mortgage loans directly through i) our multiple national online banking brand websites, where our customers can view interest rates and loan terms, enter their loan applications and lock in interest rates directly over the internet, ii) our relationships with large affinity groups and iii) our call center which uses self-generated internet leads, third-party purchased leads, and cross-selling to existing customer base.
|
•
|
Wholesale.
We have developed relationships with independent mortgage companies, cooperatives and individual loan brokers and we manage these relationships and our wholesale loan pipeline through our originations systems and websites. Through our secure website, our approved brokers can compare programs, terms and pricing on a real time basis and communicate with our staff.
|
•
|
Correspondent.
We acquire closed loans from third-party mortgage companies that originate single family loans in accordance with our portfolio specifications or the specifications of our investors. We may purchase pools of seasoned, single-family loans originated by others during economic cycles when those loans have more attractive risk-adjusted returns than those we may originate.
|
|
At June 30,
|
|||||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mortgage
|
$
|
3,901,754
|
|
|
52.4
|
%
|
|
$
|
3,678,520
|
|
|
57.5
|
%
|
|
$
|
2,980,795
|
|
|
59.6
|
%
|
|
$
|
1,918,626
|
|
|
53.4
|
%
|
|
$
|
1,070,668
|
|
|
46.5
|
%
|
Home equity
|
2,092
|
|
|
—
|
%
|
|
2,470
|
|
|
—
|
%
|
|
3,604
|
|
|
0.1
|
%
|
|
12,690
|
|
|
0.4
|
%
|
|
22,537
|
|
|
1.0
|
%
|
|||||
Warehouse and other
|
452,390
|
|
|
6.1
|
%
|
|
537,714
|
|
|
8.4
|
%
|
|
385,413
|
|
|
7.7
|
%
|
|
370,717
|
|
|
10.3
|
%
|
|
204,878
|
|
|
8.9
|
%
|
|||||
Multifamily real estate secured
|
1,619,404
|
|
|
21.7
|
%
|
|
1,373,216
|
|
|
21.5
|
%
|
|
1,185,531
|
|
|
23.7
|
%
|
|
978,511
|
|
|
27.2
|
%
|
|
768,023
|
|
|
33.4
|
%
|
|||||
Commercial real estate secured
|
162,715
|
|
|
2.2
|
%
|
|
121,746
|
|
|
1.9
|
%
|
|
61,403
|
|
|
1.2
|
%
|
|
24,061
|
|
|
0.7
|
%
|
|
29,000
|
|
|
1.3
|
%
|
|||||
Auto and RV secured
|
154,246
|
|
|
2.1
|
%
|
|
73,676
|
|
|
1.2
|
%
|
|
13,140
|
|
|
0.3
|
%
|
|
14,740
|
|
|
0.4
|
%
|
|
18,530
|
|
|
0.8
|
%
|
|||||
Factoring
|
160,674
|
|
|
2.1
|
%
|
|
98,275
|
|
|
1.5
|
%
|
|
122,200
|
|
|
2.4
|
%
|
|
118,945
|
|
|
3.3
|
%
|
|
108,144
|
|
|
4.7
|
%
|
|||||
Commercial & Industrial
|
992,232
|
|
|
13.3
|
%
|
|
514,300
|
|
|
8.0
|
%
|
|
248,584
|
|
|
5.0
|
%
|
|
152,619
|
|
|
4.2
|
%
|
|
78,721
|
|
|
3.4
|
%
|
|||||
Other
|
3,754
|
|
|
0.1
|
%
|
|
2,542
|
|
|
—
|
%
|
|
601
|
|
|
—
|
%
|
|
1,971
|
|
|
0.1
|
%
|
|
419
|
|
|
—
|
%
|
|||||
Total loans and leases held for investment
|
7,449,261
|
|
|
100.0
|
%
|
|
6,402,459
|
|
|
100.0
|
%
|
|
5,001,271
|
|
|
100.0
|
%
|
|
3,592,880
|
|
|
100.0
|
%
|
|
2,300,920
|
|
|
100.0
|
%
|
|||||
Allowance for loan and lease losses
|
(40,832
|
)
|
|
|
|
(35,826
|
)
|
|
|
|
(28,327
|
)
|
|
|
|
(18,373
|
)
|
|
|
|
(14,182
|
)
|
|
|
||||||||||
Unamortized premiums/discounts, net of deferred loan fees
|
(33,936
|
)
|
|
|
|
(11,954
|
)
|
|
|
|
(44,326
|
)
|
|
|
|
(41,666
|
)
|
|
|
|
(29,820
|
)
|
|
|
||||||||||
Net loans and leases held for investment
|
$
|
7,374,493
|
|
|
|
|
$
|
6,354,679
|
|
|
|
|
$
|
4,928,618
|
|
|
|
|
$
|
3,532,841
|
|
|
|
|
$
|
2,256,918
|
|
|
|
|
Term to Contractual Maturity
|
||||||||||||||||||
(Dollars in thousands)
|
Less Than Three Months
|
|
Over Three Months Through One Year
|
|
Over One Year Through Five Years
|
|
Over Five Years
|
|
Total
|
||||||||||
June 30, 2017
|
$
|
352,874
|
|
|
$
|
500,306
|
|
|
$
|
914,038
|
|
|
$
|
5,682,043
|
|
|
$
|
7,449,261
|
|
(Dollars in thousands)
|
Fixed
|
|
Floating or
Adjustable
|
|
Total
|
||||||
Single family real estate secured:
|
|
|
|
|
|
||||||
Mortgage
|
$
|
64,413
|
|
|
$
|
3,832,979
|
|
|
$
|
3,897,392
|
|
Home equity
|
994
|
|
|
1,084
|
|
|
2,078
|
|
|||
Warehouse and other
|
97,779
|
|
|
27,998
|
|
|
125,777
|
|
|||
Multifamily real estate secured
|
72,505
|
|
|
1,463,317
|
|
|
1,535,822
|
|
|||
Commercial real estate secured
|
7,903
|
|
|
152,212
|
|
|
160,115
|
|
|||
Auto and RV secured
|
154,240
|
|
|
—
|
|
|
154,240
|
|
|||
Factoring
|
158,933
|
|
|
—
|
|
|
158,933
|
|
|||
Commercial & Industrial
|
259,306
|
|
|
299,430
|
|
|
558,736
|
|
|||
Other
|
2,988
|
|
|
—
|
|
|
2,988
|
|
|||
Total
|
$
|
819,061
|
|
|
$
|
5,777,020
|
|
|
$
|
6,596,081
|
|
|
At June 30, 2017
|
|||||||||||||
|
Percentage of Loan Principal Secured by Real Estate Located in State or Region
|
|||||||||||||
|
|
|
Single family
|
|
|
|
|
|||||||
State or Region
|
Total Real Estate Mortgage Loans
|
|
Mortgage
|
|
Home Equity
|
|
Multifamily
real estate secured
|
|
Commercial
real estate secured
|
|||||
California—south
1
|
51.12
|
%
|
|
49.82
|
%
|
|
26.22
|
%
|
|
54.94
|
%
|
|
49.75
|
%
|
California—north
2
|
18.45
|
%
|
|
16.97
|
%
|
|
19.70
|
%
|
|
21.47
|
%
|
|
27.92
|
%
|
New York
|
8.23
|
%
|
|
10.63
|
%
|
|
12.67
|
%
|
|
2.21
|
%
|
|
2.36
|
%
|
Florida
|
6.06
|
%
|
|
7.76
|
%
|
|
1.52
|
%
|
|
1.94
|
%
|
|
0.77
|
%
|
Arizona
|
2.84
|
%
|
|
3.82
|
%
|
|
5.16
|
%
|
|
0.45
|
%
|
|
0.03
|
%
|
Washington
|
1.59
|
%
|
|
1.00
|
%
|
|
7.06
|
%
|
|
3.08
|
%
|
|
2.89
|
%
|
Illinois
|
1.56
|
%
|
|
0.30
|
%
|
|
0.02
|
%
|
|
4.47
|
%
|
|
6.80
|
%
|
Hawaii
|
1.47
|
%
|
|
1.96
|
%
|
|
0.16
|
%
|
|
0.25
|
%
|
|
—
|
%
|
Texas
|
1.15
|
%
|
|
0.70
|
%
|
|
—
|
%
|
|
2.31
|
%
|
|
2.10
|
%
|
Colorado
|
1.13
|
%
|
|
0.83
|
%
|
|
—
|
%
|
|
1.99
|
%
|
|
0.85
|
%
|
All other states
|
6.40
|
%
|
|
6.21
|
%
|
|
27.49
|
%
|
|
6.89
|
%
|
|
6.53
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
Single family
|
|
|
|
|
|||||||
|
Total Real Estate Mortgage Loans
|
|
Mortgage
|
|
Home Equity
1
|
|
Multifamily real estate secured
|
|
Commercial real estate secured
|
|||||
Weighted Average LTV
|
56.72
|
%
|
|
57.85
|
%
|
|
40.51
|
%
|
|
54.26
|
%
|
|
50.89
|
%
|
Median LTV
|
57.87
|
%
|
|
59.07
|
%
|
|
60.62
|
%
|
|
53.16
|
%
|
|
48.61
|
%
|
|
Available-for-Sale
|
|
Held-to-maturity
|
|
Trading
|
|
|
||||||||
(Dollars in thousands)
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
|
Total
|
||||||||
Fiscal year end
|
|
|
|
|
|
|
|
||||||||
June 30, 2017
|
$
|
264,470
|
|
|
$
|
—
|
|
|
$
|
8,327
|
|
|
$
|
272,797
|
|
June 30, 2016
|
265,447
|
|
|
199,174
|
|
|
7,584
|
|
|
472,205
|
|
||||
June 30, 2015
|
163,361
|
|
|
225,555
|
|
|
7,832
|
|
|
396,748
|
|
||||
June 30, 2014
|
214,778
|
|
|
247,729
|
|
|
8,066
|
|
|
470,573
|
|
||||
June 30, 2013
|
185,607
|
|
|
275,691
|
|
|
7,111
|
|
|
468,409
|
|
|
At June 30, 2017
|
|||||||||||||||||||||||||||||||||
|
Total Amount
|
|
Due Within One Year
|
|
Due After One but within Five Years
|
|
Due After Five but within Ten Years
|
|
Due After Ten Years
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
|
Yield
1
|
|
Amount
|
|
Yield
1
|
|
Amount
|
|
Yield
1
|
|
Amount
|
|
Yield
1
|
|
Amount
|
|
Yield
1
|
|||||||||||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S. Agency
2
|
$
|
27,379
|
|
|
2.36
|
%
|
|
$
|
1,612
|
|
|
2.60
|
%
|
|
$
|
5,469
|
|
|
2.57
|
%
|
|
$
|
5,208
|
|
|
2.52
|
%
|
|
$
|
15,090
|
|
|
2.19
|
%
|
Non-Agency
3
|
65,401
|
|
|
3.63
|
%
|
|
8,874
|
|
|
3.83
|
%
|
|
26,783
|
|
|
3.69
|
%
|
|
19,214
|
|
|
3.54
|
%
|
|
10,530
|
|
|
3.48
|
%
|
|||||
Total Mortgage-Backed Securities
|
$
|
92,780
|
|
|
3.26
|
%
|
|
$
|
10,486
|
|
|
3.64
|
%
|
|
$
|
32,252
|
|
|
3.50
|
%
|
|
$
|
24,422
|
|
|
3.33
|
%
|
|
$
|
25,620
|
|
|
2.72
|
%
|
Other Debt Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Municipal
|
27,568
|
|
|
2.17
|
%
|
|
12,682
|
|
|
0.58
|
%
|
|
1,057
|
|
|
1.30
|
%
|
|
—
|
|
|
—
|
%
|
|
13,829
|
|
|
3.69
|
%
|
|||||
Non-agency
|
137,172
|
|
|
4.98
|
%
|
|
43,946
|
|
|
4.81
|
%
|
|
93,226
|
|
|
5.06
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Total Other Debt Securities
|
$
|
164,740
|
|
|
4.51
|
%
|
|
$
|
56,628
|
|
|
3.86
|
%
|
|
$
|
94,283
|
|
|
5.02
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
13,829
|
|
|
3.69
|
%
|
Available-for-sale—Amortized Cost
|
$
|
257,520
|
|
|
4.06
|
%
|
|
$
|
67,114
|
|
|
3.83
|
%
|
|
$
|
126,535
|
|
|
4.63
|
%
|
|
$
|
24,422
|
|
|
3.33
|
%
|
|
$
|
39,449
|
|
|
3.06
|
%
|
Available-for-sale—Fair Value
|
$
|
264,470
|
|
|
4.06
|
%
|
|
$
|
69,027
|
|
|
3.83
|
%
|
|
$
|
128,618
|
|
|
4.63
|
%
|
|
$
|
26,104
|
|
|
3.33
|
%
|
|
$
|
40,721
|
|
|
3.06
|
%
|
Held-to-maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Held-to-Maturity—Carrying Value
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
Held-to-Maturity—Fair Value
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
Trading
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-Agency—Fair Value
4
|
$
|
8,327
|
|
|
4.13
|
%
|
|
$
|
117
|
|
|
4.10
|
%
|
|
$
|
93
|
|
|
4.11
|
%
|
|
$
|
420
|
|
|
4.15
|
%
|
|
$
|
7,697
|
|
|
4.13
|
%
|
Total securities
|
$
|
272,797
|
|
|
4.05
|
%
|
|
$
|
69,144
|
|
|
3.83
|
%
|
|
$
|
128,711
|
|
|
4.63
|
%
|
|
$
|
26,524
|
|
|
3.34
|
%
|
|
$
|
48,418
|
|
|
3.23
|
%
|
•
|
A business banking division, which focuses on providing deposit products nationwide to industry verticals (e.g., Homeowners Associations and Non-Profit) as well as cash management products to a variety of businesses through a dedicated sales team;
|
•
|
Multiple national online banking brands with tailored products targeted to specific consumer segments. For example, our
Bank of Internet
brand,
America’s Oldest and Most Trusted Internet Bank
is designed for customers who are looking for full-featured demand accounts and very competitive fees and interest rates.
Bank X
brand targets primarily tech-savvy, Generation X and Generation Y customers that are seeking a low-fee cost structure and a high-yield savings account;
|
•
|
A concierge banking offer through Virtus Bank serves the needs of high net worth individuals with premium products and dedicated service;
|
•
|
Financial advisory firms who introduce their clients to our deposit products through BofI Advisor;
|
•
|
Relationships with affinity groups where we gain access to the affinity group’s members;
|
•
|
A call center that opens accounts through self-generated internet leads, third-party purchased leads, affinity relationships, and our retention and cross-sell efforts to our existing customer base; and
|
•
|
A prepaid card division, which provides card issuing and BIN sponsorship services to companies and generate low cost deposits.
|
◦
|
Purchase Rewards.
Customers can earn cash back by using their VISA
®
Debit Card at select merchants.
|
◦
|
Mobile Banking.
Customers can access with Touch ID on eligible devices, review account balances, transfer funds, deposit checks and pay bills from the convenience of their mobile phone.
|
◦
|
Mobile Deposit.
Customers can instantly deposit checks from their smart phones using our Mobile App.
|
◦
|
FinanceWorks
™
.
Customers can easily manage their finances and create budgets using this secure financial management solution.
|
◦
|
Online Bill Payment Service.
Customers can automatically pay their bills online from their account.
|
◦
|
Popmoney.
Customers can securely send money via email or text messaging through this service.
|
◦
|
My Deposit.
Customers can scan checks with this remote deposit solution from their home computers. Scanned images will be electronically transmitted for deposit directly to their account.
|
◦
|
Text Message Banking.
Customers can view their account balances, transaction history, and transfer funds between their accounts via these text message commands from their mobile phones.
|
◦
|
Unlimited ATM reimbursements
. With certain checking accounts, Customers are reimbursed for any fees incurred using an ATM (excludes international ATM transactions). This gives them access to any ATM in the nation, for free.
|
◦
|
Secure Email.
Customers can send and receive secure emails from our customer service department without concern for the security of their information.
|
◦
|
InterBank Transfer.
Customers can transfer money to their accounts at other financial institutions from their online banking platform.
|
◦
|
VISA
®
Debit Cards or ATM Cards.
Customers may choose to receive either a free VISA
®
Debit or an ATM card upon account opening. Customers can access their accounts worldwide at ATMs and any other locations that accept VISA
®
Debit cards.
|
◦
|
Overdraft Protection.
Eligible Customers can enroll in one of our overdraft protection programs.
|
◦
|
Apple Pay
™ mobile experience is easy and seamless. Apple Pay allows the same ease to pay as a debit card with an eligible Apple device.
|
◦
|
Cash Deposit through Reload @ the Register.
Customers can visit any Walmart, Safeway, ACE Cash Express, CVS Pharmacy, Dollar General, Kmart, Rite Aid, 7-Eleven, Walgreens, Dollar Tree and Family Dollar, and ask to load cash into their account at the register. A fee is applied.
|
|
At June 30,
|
|||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||
Non-Interest bearing, prepaid and other
|
3,113,128
|
|
|
1,816,266
|
|
|
553,245
|
|
|
182,011
|
|
|
3,124
|
|
Checking and savings accounts
|
274,962
|
|
|
292,012
|
|
|
31,461
|
|
|
24,098
|
|
|
19,245
|
|
Time deposits
|
2,748
|
|
|
4,807
|
|
|
5,515
|
|
|
7,571
|
|
|
11,103
|
|
Total number of deposit accounts
|
3,390,838
|
|
|
2,113,085
|
|
|
590,221
|
|
|
213,680
|
|
|
33,472
|
|
|
At June 30,
|
|||||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
|
Rate
1
|
|
Amount
|
|
Rate
1
|
|
Amount
|
|
Rate
1
|
|
Amount
|
|
Rate
1
|
|
Amount
|
|
Rate
1
|
|||||||||||||||
Non-interest-bearing
|
$
|
848,544
|
|
|
—
|
|
|
$
|
588,774
|
|
|
—
|
|
|
$
|
309,339
|
|
|
—
|
|
|
$
|
186,786
|
|
|
—
|
|
|
$
|
81,524
|
|
|
—
|
|
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Demand
|
2,593,491
|
|
|
0.89
|
%
|
|
1,916,525
|
|
|
0.63
|
%
|
|
1,224,308
|
|
|
0.48
|
%
|
|
1,129,535
|
|
|
0.63
|
%
|
|
311,539
|
|
|
0.50
|
%
|
|||||
Savings
|
2,651,176
|
|
|
0.81
|
%
|
|
2,484,994
|
|
|
0.69
|
%
|
|
2,126,792
|
|
|
0.67
|
%
|
|
935,973
|
|
|
0.73
|
%
|
|
641,534
|
|
|
0.67
|
%
|
|||||
Total demand and savings
|
5,244,667
|
|
|
0.85
|
%
|
|
4,401,519
|
|
|
0.66
|
%
|
|
3,351,100
|
|
|
0.60
|
%
|
|
2,065,508
|
|
|
0.67
|
%
|
|
953,073
|
|
|
0.61
|
%
|
|||||
Time deposits
|
806,296
|
|
|
2.46
|
%
|
|
1,053,758
|
|
|
1.96
|
%
|
|
791,478
|
|
|
1.99
|
%
|
|
789,242
|
|
|
1.61
|
%
|
|
1,057,402
|
|
|
1.50
|
%
|
|||||
Total interest-bearing
|
6,050,963
|
|
|
1.06
|
%
|
|
5,455,277
|
|
|
0.91
|
%
|
|
4,142,578
|
|
|
0.87
|
%
|
|
2,854,750
|
|
|
0.93
|
%
|
|
2,010,475
|
|
|
1.08
|
%
|
|||||
Total deposits
|
$
|
6,899,507
|
|
|
0.93
|
%
|
|
$
|
6,044,051
|
|
|
0.82
|
%
|
|
$
|
4,451,917
|
|
|
0.81
|
%
|
|
$
|
3,041,536
|
|
|
0.88
|
%
|
|
$
|
2,091,999
|
|
|
1.04
|
%
|
|
For the Fiscal Year Ended June 30,
|
|||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||||
(Dollars in thousands)
|
Average Balance
|
|
Interest Expense
|
|
Avg. Rate Paid
|
|
Average Balance
|
|
Interest Expense
|
|
Avg. Rate Paid
|
|
Average Balance
|
|
Interest Expense
|
|
Avg. Rate Paid
|
|||||||||||||||
Demand
|
$
|
2,197,000
|
|
|
$
|
16,049
|
|
|
0.73
|
%
|
|
$
|
1,460,266
|
|
|
$
|
8,750
|
|
|
0.60
|
%
|
|
$
|
1,549,207
|
|
|
$
|
10,165
|
|
|
0.66
|
%
|
Savings
|
2,422,769
|
|
|
18,507
|
|
|
0.76
|
%
|
|
2,189,157
|
|
|
15,861
|
|
|
0.72
|
%
|
|
1,313,088
|
|
|
10,544
|
|
|
0.80
|
%
|
||||||
Time deposits
|
941,919
|
|
|
21,938
|
|
|
2.33
|
%
|
|
852,590
|
|
|
18,056
|
|
|
2.12
|
%
|
|
790,661
|
|
|
14,024
|
|
|
1.77
|
%
|
||||||
Total interest-bearing deposits
|
$
|
5,561,688
|
|
|
$
|
56,494
|
|
|
1.02
|
%
|
|
$
|
4,502,013
|
|
|
$
|
42,667
|
|
|
0.95
|
%
|
|
$
|
3,652,956
|
|
|
$
|
34,733
|
|
|
0.95
|
%
|
Total deposits
|
$
|
6,336,099
|
|
|
$
|
56,494
|
|
|
0.89
|
%
|
|
$
|
5,241,777
|
|
|
$
|
42,667
|
|
|
0.81
|
%
|
|
$
|
3,908,277
|
|
|
$
|
34,733
|
|
|
0.89
|
%
|
|
For the Fiscal Year Ended June 30,
|
||||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||||
(Dollars in thousands)
|
Average
Balance |
|
Interest
Expense |
|
Avg. Rate
Paid |
|
Average
Balance |
|
Interest
Expense |
|
Avg. Rate
Paid |
||||||||||
Demand
|
$
|
869,673
|
|
|
$
|
5,736
|
|
|
0.66
|
%
|
|
$
|
286,549
|
|
|
$
|
1,999
|
|
|
0.70
|
%
|
Savings
|
653,211
|
|
|
4,987
|
|
|
0.76
|
%
|
|
540,248
|
|
|
4,400
|
|
|
0.81
|
%
|
||||
Time deposits
|
876,621
|
|
|
14,094
|
|
|
1.61
|
%
|
|
1,065,669
|
|
|
16,469
|
|
|
1.55
|
%
|
||||
Total interest-bearing deposits
|
$
|
2,399,505
|
|
|
$
|
24,817
|
|
|
1.03
|
%
|
|
$
|
1,892,466
|
|
|
$
|
22,868
|
|
|
1.21
|
%
|
Total deposits
|
$
|
2,523,364
|
|
|
$
|
24,817
|
|
|
0.98
|
%
|
|
$
|
1,937,765
|
|
|
$
|
22,868
|
|
|
1.18
|
%
|
|
At June 30,
|
||||||||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Within 12 months
|
$
|
187,536
|
|
|
$
|
497,825
|
|
|
$
|
373,999
|
|
|
$
|
363,879
|
|
|
$
|
585,309
|
|
13 to 24 months
|
14,149
|
|
|
41,668
|
|
|
73,118
|
|
|
137,647
|
|
|
149,720
|
|
|||||
25 to 36 months
|
74,631
|
|
|
5,463
|
|
|
36,991
|
|
|
61,491
|
|
|
55,664
|
|
|||||
37 to 48 months
|
3,305
|
|
|
71,518
|
|
|
4,605
|
|
|
31,867
|
|
|
52,025
|
|
|||||
49 months and thereafter
|
526,675
|
|
|
437,284
|
|
|
302,765
|
|
|
194,358
|
|
|
214,684
|
|
|||||
Total
|
$
|
806,296
|
|
|
$
|
1,053,758
|
|
|
$
|
791,478
|
|
|
$
|
789,242
|
|
|
$
|
1,057,402
|
|
|
Term to Maturity
|
|
|
||||||||||||||||
(Dollars in thousands)
|
Within Three Months
|
|
Over Three Months to Six Months
|
|
Over Six Months to One Year
|
|
Over One Year
|
|
Total
|
||||||||||
Fiscal year end
|
|
|
|
|
|
|
|
|
|
||||||||||
June 30, 2017
|
$
|
71,771
|
|
|
$
|
21,137
|
|
|
$
|
71,266
|
|
|
$
|
606,892
|
|
|
$
|
771,066
|
|
June 30, 2016
|
100,048
|
|
|
133,603
|
|
|
228,532
|
|
|
539,726
|
|
|
1,001,909
|
|
|||||
June 30, 2015
|
37,842
|
|
|
189,604
|
|
|
106,826
|
|
|
386,837
|
|
|
721,109
|
|
|||||
June 30, 2014
|
74,741
|
|
|
107,997
|
|
|
115,127
|
|
|
384,083
|
|
|
681,948
|
|
|||||
June 30, 2013
|
201,463
|
|
|
166,042
|
|
|
94,195
|
|
|
411,948
|
|
|
873,648
|
|
|
At or For The Fiscal Years Ended June 30,
|
||||||||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Advances from the FHLB:
|
|
|
|
|
|
|
|
|
|
||||||||||
Average balance outstanding
|
$
|
798,982
|
|
|
$
|
855,029
|
|
|
$
|
700,805
|
|
|
$
|
576,307
|
|
|
$
|
436,383
|
|
Maximum amount outstanding at any month-end during the period
|
1,317,000
|
|
|
1,129,000
|
|
|
1,075,000
|
|
|
910,000
|
|
|
590,417
|
|
|||||
Balance outstanding at end of period
|
640,000
|
|
|
727,000
|
|
|
753,000
|
|
|
910,000
|
|
|
590,417
|
|
|||||
Average interest rate at end of period
|
1.79
|
%
|
|
1.53
|
%
|
|
1.36
|
%
|
|
0.97
|
%
|
|
0.92
|
%
|
|||||
Average interest rate during period
|
1.55
|
%
|
|
1.31
|
%
|
|
1.27
|
%
|
|
1.21
|
%
|
|
1.36
|
%
|
|||||
Securities sold under agreements to repurchase:
|
|
|
|
|
|
|
|
|
|
||||||||||
Average balance outstanding
|
$
|
33,068
|
|
|
$
|
35,000
|
|
|
$
|
36,562
|
|
|
$
|
85,726
|
|
|
$
|
114,247
|
|
Maximum amount outstanding at any month-end during the period
|
35,000
|
|
|
35,000
|
|
|
45,000
|
|
|
110,000
|
|
|
120,000
|
|
|||||
Balance outstanding at end of period
|
20,000
|
|
|
35,000
|
|
|
35,000
|
|
|
45,000
|
|
|
110,000
|
|
|||||
Average interest rate at end of period
|
4.25
|
%
|
|
4.38
|
%
|
|
4.38
|
%
|
|
4.46
|
%
|
|
4.40
|
%
|
|||||
Average interest rate during period
|
4.43
|
%
|
|
4.44
|
%
|
|
4.47
|
%
|
|
4.48
|
%
|
|
4.44
|
%
|
|||||
Subordinated notes and debentures and other:
|
|
|
|
|
|
|
|
|
|
||||||||||
Average balance outstanding
|
$
|
55,873
|
|
|
$
|
22,025
|
|
|
$
|
5,155
|
|
|
$
|
5,155
|
|
|
$
|
5,155
|
|
Maximum amount outstanding at any month-end during the period
|
56,511
|
|
|
58,185
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|||||
Balance outstanding at end of period
|
54,463
|
|
|
58,066
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|||||
Average interest rate at end of period
|
6.57
|
%
|
|
6.27
|
%
|
|
2.68
|
%
|
|
2.63
|
%
|
|
2.67
|
%
|
|||||
Average interest rate during period
|
6.62
|
%
|
|
5.90
|
%
|
|
2.77
|
%
|
|
2.77
|
%
|
|
2.93
|
%
|
•
|
directly or indirectly or acting in concert with one or more persons, owns, controls, or has the power to vote 25% or more of the voting securities of a company;
|
•
|
controls in any manner the election of a majority of the directors (or any individual who performs similar functions in respect of any company, including a trustee under a trust) of the board; or
|
•
|
directly or indirectly exercises a controlling influence over the management or policies of the bank.
|
•
|
The savings association is in compliance with its fully phased-in capital requirements;
|
•
|
The loans comply with applicable loan-to-value requirements; and
|
•
|
The aggregate amount of loans made under this authority does not exceed 150% of unimpaired capital and surplus.
|
•
|
Be required to file an application and await approval from the OCC before it makes a capital distribution;
|
•
|
Be required to file a notice 30 days before the capital distribution; or
|
•
|
Be permitted to make the capital distribution without notice or application to the OCC.
|
•
|
Having a large and increasing number of customers who use our bank for their banking needs;
|
•
|
Our ability to attract, hire and retain key personnel as our business grows;
|
•
|
Our ability to secure additional capital as needed;
|
•
|
The relevance of our products and services to customer needs and demands and the rate at which we and our competitors introduce or modify new products and services;
|
•
|
Our ability to offer products and services with fewer employees than competitors;
|
•
|
The satisfaction of our customers with our customer service;
|
•
|
Ease of use of our websites; and
|
•
|
Our ability to provide a secure and stable technology platform for financial services that provides us with reliable and effective operational, financial and information systems.
|
Period
|
Number of Shares Purchased
|
|
Average Price Paid Per Shares
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Approximate
Dollar Value of
Shares that May
Yet be Purchased
Under the Plans
or Programs
|
||||||
Stock Repurchases
(dollars in thousands)
|
|
|
|
|
|
|
|
||||||
Quarter Ended June 30, 2017
|
|
|
|
|
|
|
|
||||||
April 1, 2017 to June 30, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
100,000
|
|
For the Three Months Ended June 30, 2017
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
100,000
|
|
Stock Retained in Net Settlement
|
|
|
|
|
|
|
|
||||||
April 1, 2017 to April 30, 2017
|
18
|
|
|
|
|
|
|
|
|||||
May 1, 2017 to May 31, 2017
|
18
|
|
|
|
|
|
|
|
|||||
June 1, 2017 to June 30, 2017
|
171,220
|
|
|
|
|
|
|
|
|||||
For the Three Months Ended June 30, 2017
|
171,256
|
|
|
|
|
|
|
|
Plan Category
|
(a)
Number of securities to be issued upon exercise of outstanding options and units granted
|
|
(b)
Weighted-average exercise price of outstanding options and units granted
|
|
(c)
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
|
||||
Equity compensation plans approved by security holders
|
570,764
|
|
|
$
|
—
|
|
|
3,034,609
|
|
Equity compensation plans not approved by security holders
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
Total
|
570,764
|
|
|
$
|
—
|
|
|
3,034,609
|
|
|
At or for the Fiscal Years Ended June 30,
|
||||||||||||||||||
(Dollars in thousands, except per share amounts)
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Selected Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
8,501,680
|
|
|
$
|
7,599,304
|
|
|
$
|
5,823,719
|
|
|
$
|
4,402,999
|
|
|
$
|
3,090,771
|
|
Loans and leases, net of allowance for loan and lease losses
|
7,374,493
|
|
|
6,354,679
|
|
|
4,928,618
|
|
|
3,532,841
|
|
|
2,256,918
|
|
|||||
Loans held for sale, at fair value
|
18,738
|
|
|
20,871
|
|
|
25,430
|
|
|
20,575
|
|
|
36,665
|
|
|||||
Loans held for sale, at cost
|
6,669
|
|
|
33,530
|
|
|
77,891
|
|
|
114,796
|
|
|
40,326
|
|
|||||
Allowance for loan and lease losses
|
40,832
|
|
|
35,826
|
|
|
28,327
|
|
|
18,373
|
|
|
14,182
|
|
|||||
Securities—trading
|
8,327
|
|
|
7,584
|
|
|
7,832
|
|
|
8,066
|
|
|
7,111
|
|
|||||
Securities—available-for-sale
|
264,470
|
|
|
265,447
|
|
|
163,361
|
|
|
214,778
|
|
|
185,607
|
|
|||||
Securities—held-to-maturity
|
—
|
|
|
199,174
|
|
|
225,555
|
|
|
247,729
|
|
|
275,691
|
|
|||||
Total deposits
|
6,899,507
|
|
|
6,044,051
|
|
|
4,451,917
|
|
|
3,041,536
|
|
|
2,091,999
|
|
|||||
Securities sold under agreements to repurchase
|
20,000
|
|
|
35,000
|
|
|
35,000
|
|
|
45,000
|
|
|
110,000
|
|
|||||
Advances from the FHLB
|
640,000
|
|
|
727,000
|
|
|
753,000
|
|
|
910,000
|
|
|
590,417
|
|
|||||
Subordinated notes and debentures and other
|
54,463
|
|
|
56,016
|
|
|
5,155
|
|
|
5,155
|
|
|
5,155
|
|
|||||
Total stockholders’ equity
|
834,247
|
|
|
683,590
|
|
|
533,526
|
|
|
370,778
|
|
|
268,262
|
|
|||||
Selected Income Statement Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and dividend income
|
$
|
387,286
|
|
|
$
|
317,707
|
|
|
$
|
244,364
|
|
|
$
|
172,878
|
|
|
$
|
135,654
|
|
Interest expense
|
74,059
|
|
|
56,696
|
|
|
45,419
|
|
|
35,781
|
|
|
34,026
|
|
|||||
Net interest income
|
313,227
|
|
|
261,011
|
|
|
198,945
|
|
|
137,097
|
|
|
101,628
|
|
|||||
Provision for loan and lease losses
|
11,061
|
|
|
9,700
|
|
|
11,200
|
|
|
5,350
|
|
|
7,550
|
|
|||||
Net interest income after provision for loan losses
|
302,166
|
|
|
251,311
|
|
|
187,745
|
|
|
131,747
|
|
|
94,078
|
|
|||||
Non-interest income
|
68,132
|
|
|
66,340
|
|
|
30,590
|
|
|
22,455
|
|
|
27,710
|
|
|||||
Non-interest expense
|
137,605
|
|
|
112,756
|
|
|
77,478
|
|
|
59,933
|
|
|
53,587
|
|
|||||
Income before income tax expense
|
232,693
|
|
|
204,895
|
|
|
140,857
|
|
|
94,269
|
|
|
68,201
|
|
|||||
Income tax expense
|
97,953
|
|
|
85,604
|
|
|
58,175
|
|
|
38,313
|
|
|
27,910
|
|
|||||
Net income
|
$
|
134,740
|
|
|
$
|
119,291
|
|
|
$
|
82,682
|
|
|
$
|
55,956
|
|
|
$
|
40,291
|
|
Net income attributable to common stock
|
$
|
134,431
|
|
|
$
|
118,982
|
|
|
$
|
82,373
|
|
|
$
|
55,647
|
|
|
$
|
39,456
|
|
Per Share Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
2.07
|
|
|
$
|
1.85
|
|
|
$
|
1.35
|
|
|
$
|
0.97
|
|
|
$
|
0.75
|
|
Diluted
|
$
|
2.07
|
|
|
$
|
1.85
|
|
|
$
|
1.34
|
|
|
$
|
0.96
|
|
|
$
|
0.72
|
|
Book value per common share
|
$
|
13.05
|
|
|
$
|
10.73
|
|
|
$
|
8.51
|
|
|
$
|
6.33
|
|
|
$
|
4.79
|
|
Tangible book value per common share
|
$
|
12.94
|
|
|
$
|
10.67
|
|
|
$
|
8.48
|
|
|
$
|
6.32
|
|
|
$
|
4.79
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
1
|
64,850,114
|
|
|
64,265,207
|
|
|
61,177,908
|
|
|
57,471,296
|
|
|
52,626,584
|
|
|||||
Diluted
1
|
64,850,114
|
|
|
64,271,052
|
|
|
61,404,364
|
|
|
57,770,768
|
|
|
55,277,648
|
|
|||||
Common shares outstanding at end of period
1
|
63,536,244
|
|
|
63,219,392
|
|
|
62,075,004
|
|
|
57,807,600
|
|
|
54,933,300
|
|
|||||
Performance Ratios and Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loan and lease originations for investment
|
$
|
4,182,701
|
|
|
$
|
3,633,911
|
|
|
$
|
3,271,911
|
|
|
$
|
2,297,976
|
|
|
$
|
1,054,624
|
|
Loan originations for sale
|
$
|
1,375,443
|
|
|
$
|
1,363,025
|
|
|
$
|
1,048,982
|
|
|
$
|
741,494
|
|
|
$
|
1,085,941
|
|
Loan and lease purchases
|
$
|
276,917
|
|
|
$
|
140,493
|
|
|
$
|
2,452
|
|
|
$
|
95
|
|
|
$
|
1,541
|
|
Return on average assets
|
1.68
|
%
|
|
1.75
|
%
|
|
1.61
|
%
|
|
1.59
|
%
|
|
1.46
|
%
|
|||||
Return on average common stockholders’ equity
|
17.78
|
%
|
|
19.43
|
%
|
|
18.34
|
%
|
|
17.89
|
%
|
|
17.57
|
%
|
|||||
Interest rate spread
2
|
3.74
|
%
|
|
3.70
|
%
|
|
3.79
|
%
|
|
3.81
|
%
|
|
3.66
|
%
|
|||||
Net interest margin
3
|
3.95
|
%
|
|
3.91
|
%
|
|
3.92
|
%
|
|
3.95
|
%
|
|
3.79
|
%
|
|||||
Efficiency ratio
4
|
36.08
|
%
|
|
34.44
|
%
|
|
33.75
|
%
|
|
37.56
|
%
|
|
41.43
|
%
|
|
At or for the Fiscal Years Ended June 30,
|
||||||||||||||||||
(Dollars in thousands, except per share amounts)
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity to assets at end of period
|
9.81
|
%
|
|
8.99
|
%
|
|
9.16
|
%
|
|
8.42
|
%
|
|
8.68
|
%
|
|||||
BofI Holding, Inc:
|
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1 leverage (core) capital to adjusted average assets
|
9.95
|
%
|
|
9.12
|
%
|
|
9.59
|
%
|
|
N/A
|
|
|
N/A
|
|
|||||
Common equity tier 1 capital (to risk-weighted assets)
|
14.66
|
%
|
|
14.42
|
%
|
|
14.98
|
%
|
|
N/A
|
|
|
N/A
|
|
|||||
Tier 1 capital (to risk-weighted assets)
|
14.75
|
%
|
|
14.53
|
%
|
|
15.12
|
%
|
|
N/A
|
|
|
N/A
|
|
|||||
Total capital (to risk-weighted assets)
|
16.38
|
%
|
|
16.36
|
%
|
|
15.91
|
%
|
|
N/A
|
|
|
N/A
|
|
|||||
BofI Federal Bank:
|
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1 leverage (core) capital to adjusted average assets
|
9.60
|
%
|
|
8.78
|
%
|
|
9.25
|
%
|
|
N/A
|
|
|
N/A
|
|
|||||
Tier 1 leverage (core) capital to adjusted tangible assets
5
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
8.66
|
%
|
|
8.63
|
%
|
|||||
Common equity tier 1 capital (to risk-weighted assets)
|
14.25
|
%
|
|
14.00
|
%
|
|
14.58
|
%
|
|
N/A
|
|
|
N/A
|
|
|||||
Tier 1 capital (to risk-weighted assets)
|
14.25
|
%
|
|
14.00
|
%
|
|
14.58
|
%
|
|
14.42
|
%
|
|
14.52
|
%
|
|||||
Total capital (to risk-weighted assets)
|
14.97
|
%
|
|
14.75
|
%
|
|
15.38
|
%
|
|
15.11
|
%
|
|
15.28
|
%
|
|||||
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs to average loans and leases
6
|
0.06
|
%
|
|
(0.01
|
)%
|
|
0.03
|
%
|
|
0.04
|
%
|
|
0.14
|
%
|
|||||
Non-performing loans and leases to total loans and leases
|
0.38
|
%
|
|
0.50
|
%
|
|
0.62
|
%
|
|
0.57
|
%
|
|
0.80
|
%
|
|||||
Non-performing assets to total assets
|
0.35
|
%
|
|
0.42
|
%
|
|
0.55
|
%
|
|
0.46
|
%
|
|
0.66
|
%
|
|||||
Allowance for loan and lease losses to total loans and leases held for investment at end of period
|
0.55
|
%
|
|
0.56
|
%
|
|
0.57
|
%
|
|
0.51
|
%
|
|
0.62
|
%
|
|||||
Allowance for loan and lease losses to non-performing loans and leases
|
143.81
|
%
|
|
112.45
|
%
|
|
91.88
|
%
|
|
90.13
|
%
|
|
77.48
|
%
|
|
For the Fiscal Years Ended June 30,
|
|||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||||
(Dollars in thousands)
|
Average
Balance
1
|
|
Interest
Income /
Expense
|
|
Average
Yields
Earned /
Rates Paid
|
|
Average
Balance
1
|
|
Interest
Income /
Expense
|
|
Average
Yields
Earned /
Rates Paid
|
|
Average
Balance
1
|
|
Interest
Income /
Expense
|
|
Average
Yields
Earned /
Rates Paid
|
|||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans and leases
2,3
|
$
|
6,819,102
|
|
|
$
|
358,849
|
|
|
5.26
|
%
|
|
$
|
5,680,003
|
|
|
$
|
291,058
|
|
|
5.12
|
%
|
|
$
|
4,388,336
|
|
|
$
|
220,486
|
|
|
5.02
|
%
|
Interest-earning deposits in other financial institutions
|
658,580
|
|
|
5,204
|
|
|
0.79
|
%
|
|
498,483
|
|
|
2,070
|
|
|
0.42
|
%
|
|
204,176
|
|
|
511
|
|
|
0.25
|
%
|
||||||
Mortgage-backed and other investment securities
|
393,334
|
|
|
16,889
|
|
|
4.29
|
%
|
|
442,070
|
|
|
18,910
|
|
|
4.28
|
%
|
|
432,948
|
|
|
18,165
|
|
|
4.20
|
%
|
||||||
Stock of the FHLB, at cost
|
55,577
|
|
|
6,344
|
|
|
11.41
|
%
|
|
62,255
|
|
|
5,669
|
|
|
9.11
|
%
|
|
46,819
|
|
|
5,202
|
|
|
11.11
|
%
|
||||||
Total interest-earning assets
|
7,926,593
|
|
|
387,286
|
|
|
4.89
|
%
|
|
6,682,811
|
|
|
317,707
|
|
|
4.75
|
%
|
|
5,072,279
|
|
|
244,364
|
|
|
4.82
|
%
|
||||||
Non-interest-earning assets
|
116,545
|
|
|
|
|
|
|
140,066
|
|
|
|
|
|
|
68,039
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
8,043,138
|
|
|
|
|
|
|
$
|
6,822,877
|
|
|
|
|
|
|
$
|
5,140,318
|
|
|
|
|
|
|||||||||
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand and savings
|
$
|
4,619,769
|
|
|
$
|
34,556
|
|
|
0.75
|
%
|
|
$
|
3,649,423
|
|
|
$
|
24,611
|
|
|
0.67
|
%
|
|
$
|
2,862,295
|
|
|
$
|
20,709
|
|
|
0.72
|
%
|
Time deposits
|
941,919
|
|
|
21,938
|
|
|
2.33
|
%
|
|
852,590
|
|
|
18,056
|
|
|
2.12
|
%
|
|
790,661
|
|
|
14,024
|
|
|
1.77
|
%
|
||||||
Securities sold under agreements to repurchase
|
33,068
|
|
|
1,465
|
|
|
4.43
|
%
|
|
35,000
|
|
|
1,555
|
|
|
4.44
|
%
|
|
36,562
|
|
|
1,633
|
|
|
4.47
|
%
|
||||||
Advances from the FHLB
|
798,982
|
|
|
12,403
|
|
|
1.55
|
%
|
|
855,029
|
|
|
11,175
|
|
|
1.31
|
%
|
|
700,805
|
|
|
8,910
|
|
|
1.27
|
%
|
||||||
Subordinated notes and debentures and other
|
55,873
|
|
|
3,697
|
|
|
6.62
|
%
|
|
22,025
|
|
|
1,299
|
|
|
5.90
|
%
|
|
5,155
|
|
|
143
|
|
|
2.77
|
%
|
||||||
Total interest-bearing liabilities
|
6,449,611
|
|
|
74,059
|
|
|
1.15
|
%
|
|
5,414,067
|
|
|
56,696
|
|
|
1.05
|
%
|
|
4,395,478
|
|
|
45,419
|
|
|
1.03
|
%
|
||||||
Non-interest-bearing demand deposits
|
774,411
|
|
|
|
|
|
|
739,764
|
|
|
|
|
|
|
255,321
|
|
|
|
|
|
||||||||||||
Other non-interest-bearing liabilities
|
58,040
|
|
|
|
|
|
|
51,672
|
|
|
|
|
|
|
35,219
|
|
|
|
|
|
||||||||||||
Stockholders’ equity
|
761,076
|
|
|
|
|
|
|
617,374
|
|
|
|
|
|
|
454,300
|
|
|
|
|
|
||||||||||||
Total liabilities and stockholders’ equity
|
$
|
8,043,138
|
|
|
|
|
|
|
$
|
6,822,877
|
|
|
|
|
|
|
$
|
5,140,318
|
|
|
|
|
|
|||||||||
Net interest income
|
|
|
$
|
313,227
|
|
|
|
|
|
|
$
|
261,011
|
|
|
|
|
|
|
$
|
198,945
|
|
|
|
|||||||||
Interest rate spread
4
|
|
|
|
|
3.74
|
%
|
|
|
|
|
|
3.70
|
%
|
|
|
|
|
|
3.79
|
%
|
||||||||||||
Net interest margin
5
|
|
|
|
|
3.95
|
%
|
|
|
|
|
|
3.91
|
%
|
|
|
|
|
|
3.92
|
%
|
|
Fiscal Year Ended June 30, 2017 vs 2016
|
||||||||||||||
|
Increase (Decrease) Due to
|
||||||||||||||
(Dollars in thousands)
|
Volume
|
|
Rate
|
|
Rate/
Volume |
|
Total
Increase (Decrease) |
||||||||
Increase (decrease) in interest income:
|
|
|
|
|
|
|
|
||||||||
Loans and leases
|
$
|
58,322
|
|
|
$
|
7,952
|
|
|
$
|
1,517
|
|
|
$
|
67,791
|
|
Interest-earning deposits in other financial institutions
|
672
|
|
|
1,844
|
|
|
618
|
|
|
3,134
|
|
||||
Mortgage-backed and other investment securities
|
(2,086
|
)
|
|
44
|
|
|
21
|
|
|
(2,021
|
)
|
||||
Stock of the FHLB, at cost
|
(608
|
)
|
|
1,432
|
|
|
(149
|
)
|
|
675
|
|
||||
Total increase (decrease) in interest income
|
$
|
56,300
|
|
|
$
|
11,272
|
|
|
$
|
2,007
|
|
|
$
|
69,579
|
|
Increase (decrease) in interest expense:
|
|
|
|
|
|
|
|
||||||||
Interest-bearing demand and savings
|
$
|
6,501
|
|
|
$
|
2,920
|
|
|
$
|
524
|
|
|
$
|
9,945
|
|
Time deposits
|
1,894
|
|
|
1,790
|
|
|
198
|
|
|
3,882
|
|
||||
Securities sold under agreements to repurchase
|
(86
|
)
|
|
(4
|
)
|
|
—
|
|
|
(90
|
)
|
||||
Advances from the FHLB
|
(734
|
)
|
|
2,052
|
|
|
(90
|
)
|
|
1,228
|
|
||||
Other borrowings
|
1,997
|
|
|
159
|
|
|
242
|
|
|
2,398
|
|
||||
Total increase (decrease) in interest expense
|
$
|
9,572
|
|
|
$
|
6,917
|
|
|
$
|
874
|
|
|
$
|
17,363
|
|
|
|||||||
|
For the Fiscal Year Ended June 30,
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Realized gain on securities:
|
|
|
|
||||
Sale of securities
|
$
|
3,920
|
|
|
$
|
1,427
|
|
Total realized gain on securities
|
3,920
|
|
|
1,427
|
|
||
Unrealized loss on securities:
|
|
|
|
||||
Total impairment losses
|
(10,937
|
)
|
|
(3,472
|
)
|
||
Loss (gain) recognized in other comprehensive income
|
8,973
|
|
|
2,907
|
|
||
Net impairment loss recognized in earnings
|
(1,964
|
)
|
|
(565
|
)
|
||
Fair value (gain) loss on trading securities
|
743
|
|
|
(248
|
)
|
||
Total unrealized loss on securities
|
(1,221
|
)
|
|
(813
|
)
|
||
Prepayment penalty fee income
|
4,574
|
|
|
2,914
|
|
||
Gain on sale – other
|
4,487
|
|
|
15,540
|
|
||
Mortgage banking income
|
14,284
|
|
|
11,076
|
|
||
Banking service fees and other income
|
42,088
|
|
|
36,196
|
|
||
Total non-interest income
|
$
|
68,132
|
|
|
$
|
66,340
|
|
|
For the Fiscal Year Ended June 30,
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Salaries and related costs
|
$
|
81,821
|
|
|
$
|
66,667
|
|
Data processing and internet
|
13,323
|
|
|
10,348
|
|
||
Advertising and promotional
|
9,367
|
|
|
6,867
|
|
||
Depreciation and amortization
|
6,094
|
|
|
4,795
|
|
||
Occupancy and equipment
|
5,612
|
|
|
4,326
|
|
||
Professional services
|
4,980
|
|
|
4,700
|
|
||
FDIC and regulator fees
|
4,330
|
|
|
4,632
|
|
||
Real estate owned and repossessed vehicles
|
498
|
|
|
(46
|
)
|
||
Other general and administrative
|
11,580
|
|
|
10,467
|
|
||
Total non-interest expense
|
$
|
137,605
|
|
|
$
|
112,756
|
|
|
Fiscal Year Ended June 30, 2016 vs 2015
|
||||||||||||||
|
Increase (Decrease) Due to
|
||||||||||||||
(Dollars in thousands)
|
Volume
|
|
Rate
|
|
Rate/
Volume
|
|
Total
Increase
(Decrease)
|
||||||||
Increase/(decrease) in interest income:
|
|
|
|
|
|
|
|
||||||||
Loan and Leases
|
$
|
64,842
|
|
|
$
|
4,388
|
|
|
$
|
1,342
|
|
|
$
|
70,572
|
|
Interest-earning deposits in other financial institutions
|
736
|
|
|
347
|
|
|
476
|
|
|
1,559
|
|
||||
Mortgage-backed and other investment securities
|
383
|
|
|
346
|
|
|
16
|
|
|
745
|
|
||||
Stock of the FHLB, at cost
|
1,715
|
|
|
(936
|
)
|
|
(312
|
)
|
|
467
|
|
||||
Total increase/(decrease) in interest income
|
$
|
67,676
|
|
|
$
|
4,145
|
|
|
$
|
1,522
|
|
|
$
|
73,343
|
|
Increase/(decrease) in interest expense:
|
|
|
|
|
|
|
|
||||||||
Interest-bearing demand and savings
|
$
|
5,667
|
|
|
$
|
(1,431
|
)
|
|
$
|
(334
|
)
|
|
$
|
3,902
|
|
Time deposits
|
1,096
|
|
|
2,767
|
|
|
169
|
|
|
4,032
|
|
||||
Securities sold under agreements to repurchase
|
(70
|
)
|
|
(11
|
)
|
|
3
|
|
|
(78
|
)
|
||||
Advances from the FHLB
|
1,959
|
|
|
280
|
|
|
26
|
|
|
2,265
|
|
||||
Other borrowings
|
467
|
|
|
161
|
|
|
528
|
|
|
1,156
|
|
||||
Total increase/(decrease) in interest expense
|
$
|
9,119
|
|
|
$
|
1,766
|
|
|
$
|
392
|
|
|
$
|
11,277
|
|
|
For the Fiscal Year Ended June 30,
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Realized gain on securities:
|
|
|
|
||||
Sale of mortgage-backed securities
|
$
|
1,427
|
|
|
$
|
587
|
|
Total realized gain on securities
|
1,427
|
|
|
587
|
|
||
Unrealized loss on securities:
|
|
|
|
||||
Total impairment losses
|
(3,472
|
)
|
|
(6,805
|
)
|
||
Loss (gain) recognized in other comprehensive income
|
2,907
|
|
|
4,440
|
|
||
Net impairment loss recognized in earnings
|
(565
|
)
|
|
(2,365
|
)
|
||
Fair value gain (loss) on trading securities
|
(248
|
)
|
|
(234
|
)
|
||
Total unrealized loss on securities
|
(813
|
)
|
|
(2,599
|
)
|
||
Prepayment penalty fee income
|
2,914
|
|
|
4,695
|
|
||
Gain on sale-other
|
15,540
|
|
|
5,793
|
|
||
Mortgage banking income
|
11,076
|
|
|
15,264
|
|
||
Banking service fees and other income
|
36,196
|
|
|
6,850
|
|
||
Total non-interest income
|
$
|
66,340
|
|
|
$
|
30,590
|
|
|
For the Fiscal Year Ended June 30,
|
||||||
(Dollars in thousands)
|
2016
|
|
2015
|
||||
Salaries and related costs
|
$
|
66,667
|
|
|
$
|
43,819
|
|
Data processing and internet
|
10,348
|
|
|
6,632
|
|
||
Advertising and promotional
|
6,867
|
|
|
6,060
|
|
||
Depreciation and amortization
|
4,795
|
|
|
3,273
|
|
||
Occupancy and equipment
|
4,326
|
|
|
3,091
|
|
||
Professional services
|
4,700
|
|
|
4,122
|
|
||
FDIC and regulator fees
|
4,632
|
|
|
3,434
|
|
||
Real estate owned and repossessed vehicles
|
(46
|
)
|
|
(120
|
)
|
||
Other general and administrative
|
10,467
|
|
|
7,167
|
|
||
Total non-interest expense
|
$
|
112,756
|
|
|
$
|
77,478
|
|
|
At June 30,
|
||||||||||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Non-performing assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-accrual loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage
|
$
|
23,377
|
|
|
$
|
28,400
|
|
|
$
|
22,842
|
|
|
$
|
12,396
|
|
|
$
|
11,353
|
|
Home equity
|
16
|
|
|
33
|
|
|
9
|
|
|
168
|
|
|
37
|
|
|||||
Multifamily real estate secured
|
4,255
|
|
|
2,218
|
|
|
5,399
|
|
|
4,302
|
|
|
2,882
|
|
|||||
Commercial real estate secured
|
—
|
|
|
254
|
|
|
2,128
|
|
|
2,985
|
|
|
3,559
|
|
|||||
Total non-accrual loans secured by real estate
|
27,648
|
|
|
30,905
|
|
|
30,378
|
|
|
19,851
|
|
|
17,831
|
|
|||||
Auto and recreational vehicle secured
|
157
|
|
|
278
|
|
|
453
|
|
|
534
|
|
|
472
|
|
|||||
Commercial & Industrial
|
314
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
274
|
|
|
676
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total non-performing loans and leases
|
28,393
|
|
|
31,859
|
|
|
30,831
|
|
|
20,385
|
|
|
18,303
|
|
|||||
Foreclosed real estate
|
1,353
|
|
|
207
|
|
|
1,225
|
|
|
—
|
|
|
1,865
|
|
|||||
Repossessed vehicles
|
60
|
|
|
45
|
|
|
15
|
|
|
75
|
|
|
141
|
|
|||||
Total non-performing assets
|
$
|
29,806
|
|
|
$
|
32,111
|
|
|
$
|
32,071
|
|
|
$
|
20,460
|
|
|
$
|
20,309
|
|
Total non-performing loans and leases as a percentage of total loans and leases
|
0.38
|
%
|
|
0.50
|
%
|
|
0.62
|
%
|
|
0.57
|
%
|
|
0.80
|
%
|
|||||
Total non-performing assets as a percentage of total assets
|
0.35
|
%
|
|
0.42
|
%
|
|
0.55
|
%
|
|
0.46
|
%
|
|
0.66
|
%
|
|
At June 30,
|
|||||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
Amount of
Allowance
|
|
Loan
Category
as a %
of Total
Loans
|
|
Amount of
Allowance
|
|
Loan
Category as a % of Total Loans |
|
Amount of
Allowance
|
|
Loan
Category as a % of Total Loans |
|
Amount of
Allowance
|
|
Loan
Category as a % of Total Loans |
|
Amount of
Allowance
|
|
Loan
Category as a % of Total Loans |
|||||||||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mortgage
|
$
|
19,972
|
|
|
52.4
|
%
|
|
$
|
18,666
|
|
|
57.5
|
%
|
|
$
|
13,664
|
|
|
59.6
|
%
|
|
$
|
7,959
|
|
|
53.4
|
%
|
|
$
|
4,812
|
|
|
46.5
|
%
|
Home equity
|
19
|
|
|
—
|
%
|
|
23
|
|
|
—
|
%
|
|
122
|
|
|
0.1
|
%
|
|
134
|
|
|
0.4
|
%
|
|
183
|
|
|
1.0
|
%
|
|||||
Warehouse & Other
|
2,298
|
|
|
6.1
|
%
|
|
2,685
|
|
|
8.4
|
%
|
|
1,879
|
|
|
7.7
|
%
|
|
1,259
|
|
|
10.3
|
%
|
|
1,250
|
|
|
8.9
|
%
|
|||||
Multifamily real estate secured
|
4,638
|
|
|
21.7
|
%
|
|
3,938
|
|
|
21.5
|
%
|
|
4,363
|
|
|
23.7
|
%
|
|
3,785
|
|
|
27.2
|
%
|
|
3,186
|
|
|
33.4
|
%
|
|||||
Commercial real estate secured
|
1,008
|
|
|
2.2
|
%
|
|
882
|
|
|
1.9
|
%
|
|
1,103
|
|
|
1.2
|
%
|
|
1,035
|
|
|
0.7
|
%
|
|
1,378
|
|
|
1.3
|
%
|
|||||
Auto & RV secured
|
2,379
|
|
|
2.1
|
%
|
|
1,615
|
|
|
1.2
|
%
|
|
953
|
|
|
0.3
|
%
|
|
812
|
|
|
0.4
|
%
|
|
1,536
|
|
|
0.8
|
%
|
|||||
Factoring
|
401
|
|
|
2.1
|
%
|
|
245
|
|
|
1.5
|
%
|
|
292
|
|
|
2.4
|
%
|
|
279
|
|
|
3.3
|
%
|
|
201
|
|
|
4.7
|
%
|
|||||
Commercial & Industrial
|
9,881
|
|
|
13.3
|
%
|
|
7,630
|
|
|
8.0
|
%
|
|
5,882
|
|
|
5.0
|
%
|
|
3,048
|
|
|
4.2
|
%
|
|
1,623
|
|
|
3.4
|
%
|
|||||
Other
|
236
|
|
|
0.1
|
%
|
|
142
|
|
|
—
|
%
|
|
69
|
|
|
—
|
%
|
|
62
|
|
|
0.1
|
%
|
|
13
|
|
|
—
|
%
|
|||||
Total
|
$
|
40,832
|
|
|
100.0
|
%
|
|
$
|
35,826
|
|
|
100.0
|
%
|
|
$
|
28,327
|
|
|
100.0
|
%
|
|
$
|
18,373
|
|
|
100.0
|
%
|
|
$
|
14,182
|
|
|
100.0
|
%
|
Distribution Agent
|
Month
|
Weighted Average Per Share Price
1
|
Number of
Shares Sold 1 |
Net Proceeds
|
Compensation to Distribution Agent
|
|||||||
Keefe, Bruyette & Woods, Inc.
|
August 2014
|
$
|
19.68
|
|
177,668
|
|
$
|
3,409
|
|
$
|
87
|
|
Keefe, Bruyette & Woods, Inc.
|
September 2014
|
$
|
18.65
|
|
947,200
|
|
$
|
17,218
|
|
$
|
441
|
|
Keefe, Bruyette & Woods, Inc.
|
October 2014
|
$
|
17.56
|
|
200,000
|
|
$
|
3,423
|
|
$
|
88
|
|
Keefe, Bruyette & Woods, Inc.
|
November 2014
|
$
|
19.58
|
|
520,000
|
|
$
|
9,924
|
|
$
|
254
|
|
Keefe, Bruyette & Woods, Inc.
|
December 2014
|
$
|
19.69
|
|
267,200
|
|
$
|
5,130
|
|
$
|
132
|
|
Keefe, Bruyette & Woods, Inc.
|
January 2015
|
$
|
20.35
|
|
486,280
|
|
$
|
9,646
|
|
$
|
248
|
|
Distribution Agent
|
Month
|
Weighted Average Per Share Price
1
|
Number of
Shares Sold 1 |
Net Proceeds
|
Compensation to Distribution Agent
|
|||||||
FBR Capital Markets & Co.
|
February 2015
|
$
|
22.68
|
|
40,000
|
|
$
|
884
|
|
$
|
23
|
|
FBR Capital Markets & Co.
|
March 2015
|
$
|
23.38
|
|
518,528
|
|
$
|
11,818
|
|
$
|
303
|
|
FBR Capital Markets & Co.
|
April 2015
|
$
|
23.10
|
|
265,088
|
|
$
|
5,971
|
|
$
|
153
|
|
FBR Capital Markets & Co.
|
May 2015
|
$
|
23.69
|
|
122,800
|
|
$
|
2,837
|
|
$
|
73
|
|
FBR Capital Markets & Co.
|
June 2015
|
$
|
24.69
|
|
251,592
|
|
$
|
6,057
|
|
$
|
155
|
|
FBR Capital Markets & Co.
|
July 2015
|
$
|
27.37
|
|
280,000
|
|
$
|
7,471
|
|
$
|
192
|
|
FBR Capital Markets & Co.
|
August 2015
|
$
|
32.81
|
|
40,000
|
|
$
|
1,279
|
|
$
|
33
|
|
FBR Capital Markets & Co.
|
September 2015
|
$
|
30.99
|
|
240,000
|
|
$
|
7,252
|
|
$
|
186
|
|
FBR Capital Markets & Co.
|
October 2015
|
$
|
32.43
|
|
163,808
|
|
$
|
5,181
|
|
$
|
132
|
|
|
At June 30, 2017
|
||||||||||||||||||
|
Payments Due by Period
|
||||||||||||||||||
(Dollars in thousands)
|
Total
|
|
Less than
One Year
|
|
One to
Three Years
|
|
Three to
Five Years
|
|
More than
Five Years
|
||||||||||
Long-term debt obligations
1, 2
|
$
|
775,611
|
|
|
$
|
297,412
|
|
|
$
|
220,639
|
|
|
$
|
127,491
|
|
|
$
|
130,069
|
|
Time deposits
2
|
923,096
|
|
|
205,399
|
|
|
120,841
|
|
|
65,958
|
|
|
530,898
|
|
|||||
Operating lease obligations
3
|
17,397
|
|
|
4,406
|
|
|
9,632
|
|
|
1,854
|
|
|
1,505
|
|
|||||
Total
|
$
|
1,716,104
|
|
|
$
|
507,217
|
|
|
$
|
351,112
|
|
|
$
|
195,303
|
|
|
$
|
662,472
|
|
|
BofI Holding, Inc.
|
|
BofI Federal Bank
|
|
“Well
Capitalized” Ratio |
|
Minimum Capital
Ratio |
||||||||||||||
(Dollars in thousands)
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
|
|||||||||||||
Regulatory Capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1
|
$
|
833,759
|
|
|
$
|
690,893
|
|
|
$
|
804,317
|
|
|
$
|
664,427
|
|
|
|
|
|
||
Common equity tier 1
|
$
|
828,696
|
|
|
$
|
685,830
|
|
|
$
|
804,317
|
|
|
$
|
664,427
|
|
|
|
|
|
||
Total capital (to risk-weighted assets)
|
$
|
925,720
|
|
|
$
|
777,834
|
|
|
$
|
845,278
|
|
|
$
|
700,368
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average adjusted
|
$
|
8,380,909
|
|
|
$
|
7,575,526
|
|
|
$
|
8,374,509
|
|
|
$
|
7,566,865
|
|
|
|
|
|
||
Total risk-weighted
|
$
|
5,651,522
|
|
|
$
|
4,755,242
|
|
|
$
|
5,645,112
|
|
|
$
|
4,747,496
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Regulatory Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1 leverage (core) capital to adjusted average assets
|
9.95
|
%
|
|
9.12
|
%
|
|
9.60
|
%
|
|
8.78
|
%
|
|
5.00
|
%
|
|
4.00
|
%
|
||||
Common equity tier 1 capital (to risk-weighted assets)
|
14.66
|
%
|
|
14.42
|
%
|
|
14.25
|
%
|
|
14.00
|
%
|
|
6.50
|
%
|
|
4.50
|
%
|
||||
Tier 1 capital (to risk-weighted assets)
|
14.75
|
%
|
|
14.53
|
%
|
|
14.25
|
%
|
|
14.00
|
%
|
|
8.00
|
%
|
|
6.00
|
%
|
||||
Total capital (to risk-weighted assets)
|
16.38
|
%
|
|
16.36
|
%
|
|
14.97
|
%
|
|
14.75
|
%
|
|
10.00
|
%
|
|
8.00
|
%
|
|
Term to Repricing, Repayment, or Maturity at
|
||||||||||||||||||
|
June 30, 2017
|
||||||||||||||||||
(Dollars in thousands)
|
Six Months or Less
|
|
Over Six
Months Through One Year |
|
Over One
Year
through
Five Years
|
|
Over Five
Years
|
|
Total
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
643,541
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
643,541
|
|
Mortgage-backed and other investment securities
1
|
251,599
|
|
|
2,694
|
|
|
12,679
|
|
|
5,825
|
|
|
272,797
|
|
|||||
Stock of the FHLB, at cost
|
63,207
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63,207
|
|
|||||
Loans, net of allowance for loan and lease losses
2
|
2,545,071
|
|
|
930,038
|
|
|
3,776,547
|
|
|
122,837
|
|
|
7,374,493
|
|
|||||
Loans held for sale
|
25,407
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,407
|
|
|||||
Total interest-earning assets
|
3,528,825
|
|
|
932,732
|
|
|
3,789,226
|
|
|
128,662
|
|
|
8,379,445
|
|
|||||
Non-interest-earning assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
122,235
|
|
|||||
Total assets
|
$
|
3,528,825
|
|
|
$
|
932,732
|
|
|
$
|
3,789,226
|
|
|
$
|
128,662
|
|
|
$
|
8,501,680
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits
3
|
$
|
165,063
|
|
|
$
|
5,266,923
|
|
|
$
|
127,428
|
|
|
$
|
491,549
|
|
|
$
|
6,050,963
|
|
Securities sold under agreements to repurchase
4
|
20,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,000
|
|
|||||
Advances from the FHLB
|
240,000
|
|
|
25,000
|
|
|
317,500
|
|
|
57,500
|
|
|
640,000
|
|
|||||
Other borrowings
|
5,225
|
|
|
—
|
|
|
—
|
|
|
49,238
|
|
|
54,463
|
|
|||||
Total interest-bearing liabilities
|
430,288
|
|
|
5,291,923
|
|
|
444,928
|
|
|
598,287
|
|
|
6,765,426
|
|
|||||
Other non-interest-bearing liabilities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
902,007
|
|
|||||
Stockholders’ equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
834,247
|
|
|||||
Total liabilities and equity
|
$
|
430,288
|
|
|
$
|
5,291,923
|
|
|
$
|
444,928
|
|
|
$
|
598,287
|
|
|
$
|
8,501,680
|
|
Net interest rate sensitivity gap
|
$
|
3,098,537
|
|
|
$
|
(4,359,191
|
)
|
|
$
|
3,344,298
|
|
|
$
|
(469,625
|
)
|
|
$
|
1,614,019
|
|
Cumulative gap
|
$
|
3,098,537
|
|
|
$
|
(1,260,654
|
)
|
|
$
|
2,083,644
|
|
|
$
|
1,614,019
|
|
|
$
|
1,614,019
|
|
Net interest rate sensitivity gap—as a % of interest-earning assets
|
36.98
|
%
|
|
(52.02
|
)%
|
|
39.91
|
%
|
|
(5.60
|
)%
|
|
19.26
|
%
|
|||||
Cumulative gap—as a % of cumulative interest-earning assets
|
36.98
|
%
|
|
(15.04
|
)%
|
|
24.87
|
%
|
|
19.26
|
%
|
|
19.26
|
%
|
|
As of June 30, 2017
|
||||||||
(Dollars in thousands)
|
Market Value of Equity
|
|
Percentage
Change from Base |
|
MVE as a
Percentage of Assets |
||||
Up 300 basis points
|
$
|
1,041,282
|
|
|
3.0
|
%
|
|
12.6
|
%
|
Up 200 basis points
|
$
|
1,062,441
|
|
|
5.1
|
%
|
|
12.6
|
%
|
Up 100 basis points
|
$
|
1,060,918
|
|
|
5.0
|
%
|
|
12.4
|
%
|
Base
|
$
|
1,010,553
|
|
|
—
|
%
|
|
11.7
|
%
|
Down 100 basis points
|
$
|
893,166
|
|
|
(11.6
|
)%
|
|
10.3
|
%
|
DESCRIPTION
|
|
PAGE
|
Reports of Independent Registered Public Accounting Firms
|
|
|
Consolidated Balance Sheets at June 30, 2017 and 2016
|
|
|
Consolidated Statements of Income for the years ended June 30, 2017, 2016 and 2015
|
|
|
Consolidated Statements of Comprehensive Income for the years ended June 30, 2017, 2016 and 2015
|
|
|
Consolidated Statements of Stockholders’ Equity for the years ended June 30, 2017, 2016 and 2015
|
|
|
Consolidated Statements of Cash Flows for the years ended June 30, 2017, 2016 and 2015
|
|
|
Notes to Consolidated Financial Statements
|
|
•
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions of our assets;
|
•
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
|
•
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
|
(a)(1).
|
Financial Statements: See Part II, Item 8—Financial Statements and Supplementary data.
|
(a)(2).
|
Financial Statement Schedules: All financial statement schedules have been omitted as they are either not required, not applicable, or the information is otherwise included.
|
(a)(3).
|
Exhibits:
|
Exhibit
Number
|
Description
|
|
Incorporated By Reference to
|
3.1
|
Certificate of Incorporation of the Company, filed with the Delaware Secretary of State on July 6, 1999
|
|
Exhibit 3.1 to the Registration Statement on Form S-1/A (File No. 333-121329) filed on January 26, 2005.
|
3.1.1
|
Certificate of Amendment of Certificate of Incorporation of the Company, filed with the Delaware Secretary of State on August 19, 1999
|
|
Exhibit 3.5 to the Registration Statement on Form S-1/A (File No. 333-121329) filed on January 26, 2005.
|
3.1.2
|
Certificate of Amendment of Certificate of Incorporation of the Company, filed with the Delaware Secretary of State on February 25, 2003
|
|
Exhibit 3.6 to the Registration Statement on Form S-1/A (File No. 333-121329) filed on January 26, 2005.
|
3.1.3
|
Certificate of Amendment of Certificate of Incorporation of the Company, filed with the Delaware Secretary of State on January 25, 2005
|
|
Exhibit 3.2 to the Registration Statement on Form S-1/A (File No. 333-121329) filed on January 26, 2005.
|
3.1.4
|
Certificate Eliminating Reference to a Series of Shares from the Certificate of Incorporation of the Company
|
|
Exhibit 3.3 to the Current Report on Form 8-K filed on September 7, 2011.
|
3.1.5
|
Certificate of Amendment of Certificate of Incorporation of the Company, filed with the Delaware Secretary of State on October 25, 2013
|
|
Exhibit 3.1 to the Current Report on Form 8-K filed on October 28, 2013.
|
3.1.6
|
Certificate of Amendment of Certificate of Incorporation of the Company, filed with the Delaware Secretary of State on November 5, 2015
|
|
Exhibit 3.1 to the Current Report on Form 8-K filed on November 6, 2015.
|
3.2
|
By-laws
|
|
Exhibit 3.2 to the Registration Statement on Form S-1 (File No. 333-121329) filed on December 16, 2004 and amended January 26, 2005; February 24, 2005 and March 11, 2005.
|
4.1
|
Certificate of Designation-Series A – 6% Cumulative Nonparticipating Perpetual Preferred Stock, Convertible through January 1, 2009
|
|
Exhibit 3.3 to the Registration Statement on Form S-1/A (File No. 333-121329) filed on January 26, 2005.
|
4.2
|
Subordinated Indenture, dated as of March 3, 2016, between BofI Holding, Inc. and U.S. Bank National Association, as trustee.
|
|
Exhibit 4.1 to the Current Report on Form 8-K filed on February 26, 2016.
|
4.3
|
First Supplemental Indenture, dated as of March 3, 2016, between BofI Holding, Inc. and U.S. Bank National Association, as trustee.
|
|
Exhibit 4.2 to the Current Report on Form 8-K filed on February 26, 2016.
|
4.4
|
Global Note to represent the 6.25% Subordinated Notes due February 28, 2026 of BofI Holding, Inc.
|
|
Exhibit 4.3 to the Current Report on Form 8-K filed on February 26, 2016.
|
4.5
|
Amendment No.1 dated March 24, 2016 to First Supplemental Indenture, dated as of March 3, 2016, between BofI Holding, Inc. and U.S. Bank National Association, as trustee.
|
|
Exhibit 4.1 to the Current Report on Form 8-K filed on March 24, 2016.
|
10.1
|
Form of Indemnification Agreement between the Company and each of its executive officers and directors
|
|
Exhibit 10.1 to the Registration Statement on Form S-1/A (File No. 333-121329) filed on February 24, 2005.
|
10.2*
|
Amended and Restated 1999 Stock Option Plan, as amended
|
|
Exhibit 10.2 to the Registration Statement on Form S-1 (File No. 333-121329) filed on December 16, 2004.
|
10.3*
|
2004 Stock Incentive Plan, as amended November 20, 2007
|
|
Exhibit 10.3 to the Registration Statement on Form S-1 (File No. 333-121329) filed on December 16, 2004.
|
10.4*
|
2004 Employee Stock Purchase Plan, including forms of agreements thereunder
|
|
Exhibit 10.4 to the Registration Statement on Form S-1 (File No. 333-121329) filed on December 16, 2004.
|
10.5*
|
First Amended Employment Agreement, dated April 22, 2010, between Bank of Internet USA and Andrew J. Micheletti.
|
|
Exhibit 99.1 to the Current Report on Form 8-K filed on April 28, 2010.
|
10.6
|
Amended and Restated Declaration of Trust of BofI Trust I dated December 16, 2004
|
|
Exhibit 10.10 to the Registration Statement on Form S-1/A (File No. 333-121329) filed on January 26, 2005.
|
10.7*
|
Amended and Restated Employment Agreement, dated May 26, 2011, between the Company and subsidiaries, and Gregory Garrabrants
|
|
Exhibit 99.1 to the Current Report on Form 8-K filed on May 27, 2011.
|
Exhibit
Number
|
Description
|
|
Incorporated By Reference to
|
10.7.1*
|
Second Amended and Restated Employment Agreement, dated June 30, 2017, between the Company and subsidiaries, and Gregory Garrabrants
|
|
Exhibit 99.1 to the Current Report on Form 8-K filed on July 7, 2017.
|
10.8
|
Lease Agreement dated December 5, 2011 between La Jolla Village, LLC and the Company
|
|
Exhibit 99.1 to the Current Report on Form 8-K filed on December 9, 2011.
|
10.9*
|
BofI Holding, Inc. 2014 Stock Incentive Plan
|
|
Appendix A to the Definitive Proxy Statement on Schedule 14A, filed on September 8, 2014.
|
10.10*
|
Amendment to BofI Holding, Inc. 2014 Stock Incentive Plan
|
|
Filed herewith.
|
10.11*
|
Description of Amendment to Employment Letter between Eshel Bar-Adon and BofI Federal Bank
|
|
Exhibit 10.2 to the Quarterly Report on Form 10-Q filed on May 6, 2014.
|
10.12*
|
Description of Amendment to Employment Letter between Brian Swanson and BofI Federal Bank
|
|
Exhibit 10.4 to the Quarterly Report on Form 10-Q filed on May 6, 2014.
|
10.12.1*
|
Description of Amendment to Employment Letter between Brian Swanson and BofI Federal Bank
|
|
Exhibits 99.1 and 99.2 to the Current Report on Form 8-K filed on January 15, 2015.
|
10.13
|
Program Management Agreement, dated August 31, 2015, by and among BofI Federal Bank, H&R Block and Emerald Financial Services, LLC
|
|
Exhibit 10.1 (Program Management Agreement) to Form 8-K filed by H&R Block, Inc. on September 1, 2015. ***
|
10.13.1
|
Emerald Advance Receivables Participation Agreement, dated August 31, 2015, by and among BofI Federal Bank, H&R Block, Emerald Financial Services, LLC and HRB Participant I, LLC
|
|
Exhibit 10.2 to Form 8-K filed by H&R Block, Inc. on September 1, 2015. ***
|
10.13.2
|
Guaranty Agreement, dated August 31, 2015, by and among BofI Federal Bank and H&R Block
|
|
Exhibit 10.3 to Form 8-K filed by H&R Block, Inc. on September 1, 2015. ***
|
10.14*
|
Description of Amendment to Employment Letter between Thomas Constantine and BofI Federal Bank
|
|
Exhibit 10.16 to the Annual Report on Form 10-K filed on August 26, 2015.
|
21.1
|
Subsidiaries of the Company consist of BofI Federal Bank (federal charter) and BofI Trust I (Delaware charter)
|
|
|
23.1
|
Consent of BDO USA, LLP, Independent Registered Public Accounting Firm
|
|
Filed herewith.
|
24.1
|
Power of Attorney, incorporated by reference to the signature page to this report.
|
|
Signature page to this report.
|
31.1
|
Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith.
|
31.2
|
Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith.
|
32.1
|
Chief Executive Officer Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith.
|
32.2
|
Chief Financial Officer Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Filed herewith.
|
101.INS**
|
XBRL Instance Document
|
|
Filed herewith.
|
101.SCH**
|
XBRL Taxonomy Extension Schema Document
|
|
Filed herewith.
|
101.CAL**
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed herewith.
|
101.DEF**
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed herewith.
|
101.LAB**
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
Filed herewith.
|
101.PRE**
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed herewith.
|
|
|
BOFI HOLDING, INC.
|
||
|
|
|
|
|
Date:
|
August 23, 2017
|
By:
|
|
/s/ Gregory Garrabrants
|
|
|
|
|
Gregory Garrabrants
President and Chief Executive Officer
|
Signature
|
|
Title
|
|
|
|
/s/ Gregory Garrabrants
|
|
Chief Executive Officer (Principal Executive Officer), Director
|
Gregory Garrabrants
|
|
|
|
|
|
/s/ Andrew J. Micheletti
|
|
Chief Financial Officer (Principal Financial Officer)
|
Andrew J. Micheletti
|
|
|
|
|
|
/s/ Derrick K. Walsh
|
|
Chief Accounting Officer (Principal Accounting Officer)
|
Derrick K. Walsh
|
|
|
|
|
|
/s/ Paul Grinberg
|
|
Chairman
|
Paul Grinberg
|
|
|
|
|
|
/s/ Nicholas A. Mosich
|
|
Vice Chairman
|
Nicholas A. Mosich
|
|
|
|
|
|
/s/ James S. Argalas
|
|
Director
|
James S. Argalas
|
|
|
|
|
|
/s/ Gary Burke
|
|
Director
|
Gary Burke
|
|
|
|
|
|
/s/ James Court
|
|
Director
|
James Court
|
|
|
|
|
|
/s/ Edward J. Ratinoff
|
|
Director
|
Edward J. Ratinoff
|
|
|
|
|
|
/s/ Uzair Dada
|
|
Director
|
Uzair Dada
|
|
|
|
|
|
DESCRIPTION
|
|
PAGE
|
Report of Independent Registered Public Accounting Firm
|
|
|
Consolidated Balance Sheets at June 30, 2017 and 2016
|
|
|
Consolidated Statements of Income for the years ended June 30, 2017, 2016 and 2015
|
|
|
Consolidated Statements of Comprehensive Income for the years ended June 30, 2017, 2016 and 2015
|
|
|
Consolidated Statements of Stockholders’ Equity for the years ended June 30, 2017, 2016 and 2015
|
|
|
Consolidated Statements of Cash Flows for the years ended June 30, 2017, 2016 and 2015
|
|
|
Notes to Consolidated Financial Statements
|
|
BOFI HOLDING, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
|
|||||||
|
At June 30,
|
||||||
(Dollars in thousands, except par and stated value)
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
||||
Cash and due from banks
|
$
|
628,172
|
|
|
$
|
486,627
|
|
Federal funds sold
|
15,369
|
|
|
100
|
|
||
Total cash and cash equivalents
|
643,541
|
|
|
486,727
|
|
||
Securities:
|
|
|
|
||||
Trading
|
8,327
|
|
|
7,584
|
|
||
Available for sale
|
264,470
|
|
|
265,447
|
|
||
Held to maturity—fair value of $0 at June 2017 and $202,677 at June 2016
|
—
|
|
|
199,174
|
|
||
Stock of the Federal Home Loan Bank, at cost
|
63,207
|
|
|
57,123
|
|
||
Loans held for sale, carried at fair value
|
18,738
|
|
|
20,871
|
|
||
Loans held for sale, carried at lower of cost or fair value
|
6,669
|
|
|
33,530
|
|
||
Loans and leases—net of allowance for loan and lease losses of $40,832 as of June 2017 and $35,826 as of June 2016
|
7,374,493
|
|
|
6,354,679
|
|
||
Accrued interest receivable
|
20,781
|
|
|
26,201
|
|
||
Furniture, equipment and software—net
|
16,659
|
|
|
13,995
|
|
||
Deferred income tax
|
34,341
|
|
|
39,171
|
|
||
Cash surrender value of life insurance
|
6,174
|
|
|
5,990
|
|
||
Mortgage servicing rights, carried at fair value
|
7,200
|
|
|
3,943
|
|
||
Other real estate owned and repossessed vehicles
|
1,413
|
|
|
252
|
|
||
Other assets
|
35,667
|
|
|
84,617
|
|
||
TOTAL ASSETS
|
$
|
8,501,680
|
|
|
$
|
7,599,304
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Non-interest bearing
|
$
|
848,544
|
|
|
$
|
588,774
|
|
Interest bearing
|
6,050,963
|
|
|
5,455,277
|
|
||
Total deposits
|
6,899,507
|
|
|
6,044,051
|
|
||
Securities sold under agreements to repurchase
|
20,000
|
|
|
35,000
|
|
||
Advances from the Federal Home Loan Bank
|
640,000
|
|
|
727,000
|
|
||
Subordinated notes and debentures and other
|
54,463
|
|
|
56,016
|
|
||
Accrued interest payable
|
1,284
|
|
|
1,667
|
|
||
Accounts payable and accrued liabilities and other liabilities
|
52,179
|
|
|
51,980
|
|
||
Total liabilities
|
7,667,433
|
|
|
6,915,714
|
|
||
COMMITMENTS AND CONTINGENCIES (Note 14)
|
|
|
|
||||
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 2017 and June 2016
|
5,063
|
|
|
5,063
|
|
||
Common stock—$0.01 par value; 150,000,000 shares authorized, 65,115,932 shares issued and 63,536,244 shares outstanding as of June 2017, 64,513,494 shares issued and 63,219,392 shares outstanding as of June 2016
|
651
|
|
|
645
|
|
||
Additional paid-in capital
|
346,117
|
|
|
331,156
|
|
||
Accumulated other comprehensive income (loss)—net of tax
|
487
|
|
|
(7,304
|
)
|
||
Retained earnings
|
519,246
|
|
|
384,815
|
|
||
Treasury stock, at cost; 1,579,688 shares as of June 2017 and 1,294,102 shares as of June 2016
|
(37,317
|
)
|
|
(30,785
|
)
|
||
Total stockholders’ equity
|
834,247
|
|
|
683,590
|
|
||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
8,501,680
|
|
|
$
|
7,599,304
|
|
BOFI HOLDING, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
|
|||||||||||
|
Year Ended June 30,
|
||||||||||
(Dollars in thousands, except earnings per share)
|
2017
|
|
2016
|
|
2015
|
||||||
INTEREST AND DIVIDEND INCOME:
|
|
|
|
|
|
||||||
Loans and leases, including fees
|
$
|
358,849
|
|
|
$
|
291,058
|
|
|
$
|
220,486
|
|
Investments
|
28,437
|
|
|
26,649
|
|
|
23,878
|
|
|||
Total interest and dividend income
|
387,286
|
|
|
317,707
|
|
|
244,364
|
|
|||
INTEREST EXPENSE:
|
|
|
|
|
|
||||||
Deposits
|
56,494
|
|
|
42,667
|
|
|
34,733
|
|
|||
Advances from the Federal Home Loan Bank
|
12,403
|
|
|
11,175
|
|
|
8,910
|
|
|||
Other borrowings
|
5,162
|
|
|
2,854
|
|
|
1,776
|
|
|||
Total interest expense
|
74,059
|
|
|
56,696
|
|
|
45,419
|
|
|||
Net interest income
|
313,227
|
|
|
261,011
|
|
|
198,945
|
|
|||
Provision for loan and lease losses
|
11,061
|
|
|
9,700
|
|
|
11,200
|
|
|||
Net interest income, after provision for loan and lease losses
|
302,166
|
|
|
251,311
|
|
|
187,745
|
|
|||
NON-INTEREST INCOME:
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Realized gain (loss) on sale of securities
|
3,920
|
|
|
1,427
|
|
|
587
|
|
|||
Other-than-temporary loss on securities:
|
|
|
|
|
|
||||||
Total impairment losses
|
(10,937
|
)
|
|
(3,472
|
)
|
|
(6,805
|
)
|
|||
Loss (gain) recognized in other comprehensive income
|
8,973
|
|
|
2,907
|
|
|
4,440
|
|
|||
Net impairment loss recognized in earnings
|
(1,964
|
)
|
|
(565
|
)
|
|
(2,365
|
)
|
|||
Fair value gain (loss) on trading securities
|
743
|
|
|
(248
|
)
|
|
(234
|
)
|
|||
Total unrealized loss on securities
|
(1,221
|
)
|
|
(813
|
)
|
|
(2,599
|
)
|
|||
Prepayment penalty fee income
|
4,574
|
|
|
2,914
|
|
|
4,695
|
|
|||
Gain on sale – other
|
4,487
|
|
|
15,540
|
|
|
5,793
|
|
|||
Mortgage banking income
|
14,284
|
|
|
11,076
|
|
|
15,264
|
|
|||
Banking service fees and other income
|
42,088
|
|
|
36,196
|
|
|
6,850
|
|
|||
Total non-interest income
|
68,132
|
|
|
66,340
|
|
|
30,590
|
|
|||
NON-INTEREST EXPENSE:
|
|
|
|
|
|
||||||
Salaries and related costs
|
81,821
|
|
|
66,667
|
|
|
43,819
|
|
|||
Data processing and internet
|
13,323
|
|
|
10,348
|
|
|
6,632
|
|
|||
Advertising and promotional
|
9,367
|
|
|
6,867
|
|
|
6,060
|
|
|||
Depreciation and amortization
|
6,094
|
|
|
4,795
|
|
|
3,273
|
|
|||
Occupancy and equipment
|
5,612
|
|
|
4,326
|
|
|
3,091
|
|
|||
Professional services
|
4,980
|
|
|
4,700
|
|
|
4,122
|
|
|||
FDIC and regulatory fees
|
4,330
|
|
|
4,632
|
|
|
3,434
|
|
|||
Real estate owned and repossessed vehicles
|
498
|
|
|
(46
|
)
|
|
(120
|
)
|
|||
Other general and administrative
|
11,580
|
|
|
10,467
|
|
|
7,167
|
|
|||
Total non-interest expense
|
137,605
|
|
|
112,756
|
|
|
77,478
|
|
|||
INCOME BEFORE INCOME TAXES
|
232,693
|
|
|
204,895
|
|
|
140,857
|
|
|||
INCOME TAXES
|
97,953
|
|
|
85,604
|
|
|
58,175
|
|
|||
NET INCOME
|
$
|
134,740
|
|
|
$
|
119,291
|
|
|
$
|
82,682
|
|
NET INCOME ATTRIBUTABLE TO COMMON STOCK
|
$
|
134,431
|
|
|
$
|
118,982
|
|
|
$
|
82,373
|
|
COMPREHENSIVE INCOME
|
$
|
142,531
|
|
|
$
|
121,386
|
|
|
$
|
83,649
|
|
Basic earnings per share
1
|
$
|
2.07
|
|
|
$
|
1.85
|
|
|
$
|
1.35
|
|
Diluted earnings per share
1
|
$
|
2.07
|
|
|
$
|
1.85
|
|
|
$
|
1.34
|
|
|
Year Ended June 30,
|
||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
NET INCOME
|
$
|
134,740
|
|
|
$
|
119,291
|
|
|
$
|
82,682
|
|
Net unrealized gain (loss) from available-for-sale securities, net of tax expense (benefit) of $3,363, $(68), and $132 for the years ended June 30, 2017, 2016 and 2015, respectively.
|
5,218
|
|
|
(94
|
)
|
|
180
|
|
|||
Other-than-temporary impairment on securities recognized in other comprehensive income, net of tax expense (benefit) of $3,195, $2,177 and $832 for the years ended June 30, 2017, 2016 and 2015, respectively.
|
4,957
|
|
|
3,018
|
|
|
1,139
|
|
|||
Reclassification of net (gain) loss from available-for-sale securities included in income, net of tax expense (benefit) of $1,536, $598 and $235 for the years ended June 30, 2017, 2016 and 2015, respectively.
|
(2,384
|
)
|
|
(829
|
)
|
|
(352
|
)
|
|||
Other comprehensive income (loss)
|
7,791
|
|
|
2,095
|
|
|
967
|
|
|||
Comprehensive income
|
$
|
142,531
|
|
|
$
|
121,386
|
|
|
$
|
83,649
|
|
BOFI HOLDING, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
|
|||||||||||||||||||||||||||||||||||||||
|
Convertible
Preferred Stock |
|
Common Stock
|
|
Additional
Paid-in Capital 1 |
|
Retained
Earnings |
|
Accumulated Other Comprehensive Income (Loss), Net of
Income Tax |
|
Treasury
Stock |
|
Total
|
||||||||||||||||||||||||||
|
|
|
|
|
Number of Shares
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
(Dollars in thousands)
|
Shares
|
|
|
Amount
|
|
|
Issued
1
|
|
Treasury
|
|
|
Outstanding
1
|
|
|
Amount
1
|
|
|
|
|
|
|
||||||||||||||||||
Balance as of June 30, 2014
|
515
|
|
|
$
|
5,063
|
|
|
58,779,522
|
|
|
(971,922
|
)
|
|
57,807,600
|
|
|
$
|
587
|
|
|
$
|
207,146
|
|
|
$
|
183,460
|
|
|
$
|
(10,366
|
)
|
|
$
|
(15,112
|
)
|
|
$
|
370,778
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82,682
|
|
|
—
|
|
|
—
|
|
|
82,682
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
967
|
|
|
—
|
|
|
967
|
|
|||||||
Cash dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(309
|
)
|
|
—
|
|
|
—
|
|
|
(309
|
)
|
|||||||
Issuance of common stock
|
—
|
|
|
—
|
|
|
3,796,356
|
|
|
—
|
|
|
3,796,356
|
|
|
38
|
|
|
75,947
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,985
|
|
|||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,648
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,648
|
|
|||||||
Restricted stock unit vesting and tax benefits
|
—
|
|
|
—
|
|
|
350,947
|
|
|
(56,151
|
)
|
|
294,796
|
|
|
4
|
|
|
2,426
|
|
|
—
|
|
|
—
|
|
|
(5,310
|
)
|
|
(2,880
|
)
|
|||||||
Stock option exercises and tax benefits
|
—
|
|
|
—
|
|
|
218,539
|
|
|
(42,287
|
)
|
|
176,252
|
|
|
2
|
|
|
3,875
|
|
|
—
|
|
|
—
|
|
|
(4,222
|
)
|
|
(345
|
)
|
|||||||
Balance as of June 30, 2015
|
515
|
|
|
$
|
5,063
|
|
|
63,145,364
|
|
|
(1,070,360
|
)
|
|
62,075,004
|
|
|
$
|
631
|
|
|
$
|
296,042
|
|
|
$
|
265,833
|
|
|
$
|
(9,399
|
)
|
|
$
|
(24,644
|
)
|
|
$
|
533,526
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119,291
|
|
|
—
|
|
|
—
|
|
|
119,291
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,095
|
|
|
—
|
|
|
2,095
|
|
|||||||
Cash dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(309
|
)
|
|
—
|
|
|
—
|
|
|
(309
|
)
|
|||||||
Issuance of common stock
|
—
|
|
|
—
|
|
|
723,808
|
|
|
—
|
|
|
723,808
|
|
|
7
|
|
|
21,113
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,120
|
|
|||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
25,394
|
|
|
—
|
|
|
25,394
|
|
|
1
|
|
|
11,325
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,326
|
|
|||||||
Restricted stock unit vesting and tax benefits
|
—
|
|
|
—
|
|
|
536,528
|
|
|
(223,742
|
)
|
|
312,786
|
|
|
5
|
|
|
1,520
|
|
|
—
|
|
|
—
|
|
|
(6,141
|
)
|
|
(4,616
|
)
|
|||||||
Stock option exercises and tax benefits
|
—
|
|
|
—
|
|
|
82,400
|
|
|
—
|
|
|
82,400
|
|
|
1
|
|
|
1,156
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,157
|
|
|||||||
Balance as of June 30, 2016
|
515
|
|
|
$
|
5,063
|
|
|
64,513,494
|
|
|
(1,294,102
|
)
|
|
63,219,392
|
|
|
$
|
645
|
|
|
$
|
331,156
|
|
|
$
|
384,815
|
|
|
$
|
(7,304
|
)
|
|
$
|
(30,785
|
)
|
|
$
|
683,590
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
134,740
|
|
|
|
|
|
—
|
|
|
134,740
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,791
|
|
|
—
|
|
|
7,791
|
|
|||||||
Cash dividends on preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(309
|
)
|
|
|
|
|
—
|
|
|
(309
|
)
|
|||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
31,674
|
|
|
—
|
|
|
31,674
|
|
|
—
|
|
|
14,535
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,535
|
|
|||||||
Restricted stock unit vesting and tax benefits
|
—
|
|
|
—
|
|
|
570,764
|
|
|
(285,586
|
)
|
|
285,178
|
|
|
6
|
|
|
426
|
|
|
—
|
|
|
—
|
|
|
(6,532
|
)
|
|
(6,100
|
)
|
|||||||
Balance as of June 30, 2017
|
515
|
|
|
$
|
5,063
|
|
|
65,115,932
|
|
|
(1,579,688
|
)
|
|
63,536,244
|
|
|
$
|
651
|
|
|
$
|
346,117
|
|
|
$
|
519,246
|
|
|
$
|
487
|
|
|
$
|
(37,317
|
)
|
|
$
|
834,247
|
|
BOFI HOLDING, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||||||
|
Year Ended June 30,
|
||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
134,740
|
|
|
$
|
119,291
|
|
|
$
|
82,682
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Accretion of discounts on securities
|
(2,766
|
)
|
|
(5,276
|
)
|
|
(5,517
|
)
|
|||
Net accretion of discounts on loans and leases
|
(4,859
|
)
|
|
959
|
|
|
(27
|
)
|
|||
Amortization of borrowing costs
|
208
|
|
|
72
|
|
|
5
|
|
|||
Stock-based compensation expense
|
14,535
|
|
|
11,326
|
|
|
6,648
|
|
|||
Tax benefit from exercise of common stock options and vesting of restricted stock units
|
(432
|
)
|
|
(2,531
|
)
|
|
(5,526
|
)
|
|||
Valuation of financial instruments carried at fair value
|
(743
|
)
|
|
248
|
|
|
234
|
|
|||
Net gain on sale of investment securities
|
(3,920
|
)
|
|
(1,427
|
)
|
|
(587
|
)
|
|||
Impairment charge on securities
|
1,964
|
|
|
565
|
|
|
2,365
|
|
|||
Provision for loan and lease losses
|
11,061
|
|
|
9,700
|
|
|
11,200
|
|
|||
Deferred income taxes
|
(2,220
|
)
|
|
(6,647
|
)
|
|
(8,818
|
)
|
|||
Origination of loans held for sale
|
(1,375,443
|
)
|
|
(1,363,025
|
)
|
|
(1,048,982
|
)
|
|||
Unrealized (gain) loss on loans held for sale
|
222
|
|
|
(97
|
)
|
|
119
|
|
|||
Gain on sales of loans held for sale
|
(18,771
|
)
|
|
(26,616
|
)
|
|
(21,057
|
)
|
|||
Proceeds from sale of loans held for sale
|
1,420,031
|
|
|
1,523,113
|
|
|
1,114,097
|
|
|||
Change in fair value of mortgage servicing rights
|
(31
|
)
|
|
889
|
|
|
265
|
|
|||
(Gain) loss on sale of other real estate and foreclosed assets
|
(42
|
)
|
|
(145
|
)
|
|
(283
|
)
|
|||
Depreciation and amortization of furniture, equipment and software
|
6,094
|
|
|
4,795
|
|
|
3,273
|
|
|||
Net changes in assets and liabilities which provide (use) cash:
|
|
|
|
|
|
||||||
Accrued interest receivable
|
4,511
|
|
|
(6,070
|
)
|
|
(6,405
|
)
|
|||
Other assets
|
45,762
|
|
|
(54,784
|
)
|
|
(17,953
|
)
|
|||
Accrued interest payable
|
(383
|
)
|
|
401
|
|
|
(84
|
)
|
|||
Accounts payable and accrued liabilities
|
(5,634
|
)
|
|
5,903
|
|
|
10,453
|
|
|||
Net cash provided by (used) in operating activities
|
223,884
|
|
|
210,644
|
|
|
116,102
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Purchases of investment securities
|
(249,909
|
)
|
|
(161,395
|
)
|
|
(10,464
|
)
|
|||
Proceeds from sales of available-for-sale securities
|
161,048
|
|
|
14,969
|
|
|
9,539
|
|
|||
Proceeds from repayment of securities
|
307,456
|
|
|
80,009
|
|
|
80,546
|
|
|||
Purchase of stock of the Federal Home Loan Bank
|
(66,294
|
)
|
|
(136,952
|
)
|
|
(60,870
|
)
|
|||
Proceeds from redemption of stock of Federal Home Loan Bank
|
60,210
|
|
|
146,099
|
|
|
37,370
|
|
|||
Origination of loans held for investment
|
(4,068,990
|
)
|
|
(3,582,766
|
)
|
|
(3,242,828
|
)
|
|||
Origination of mortgage warehouse loans, net
|
(113,711
|
)
|
|
(51,145
|
)
|
|
(29,083
|
)
|
|||
Proceeds from sales of other real estate owned and repossessed assets
|
367
|
|
|
1,478
|
|
|
1,518
|
|
|||
Purchases of loans and leases, net of discounts and premiums
|
(269,886
|
)
|
|
(140,493
|
)
|
|
(2,452
|
)
|
|||
Principal repayments on loans and leases
|
3,427,818
|
|
|
2,253,017
|
|
|
1,847,665
|
|
|||
Purchases of furniture, equipment and software
|
(8,758
|
)
|
|
(10,239
|
)
|
|
(5,117
|
)
|
|||
Net cash used in investing activities
|
(820,649
|
)
|
|
(1,587,418
|
)
|
|
(1,374,176
|
)
|
BOFI HOLDING, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||||||
|
Year Ended June 30,
|
||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Net increase in deposits
|
$
|
855,456
|
|
|
$
|
1,592,134
|
|
|
$
|
1,410,381
|
|
Proceeds from the Federal Home Loan Bank advances
|
1,117,000
|
|
|
920,000
|
|
|
734,000
|
|
|||
Repayment of the Federal Home Loan Bank advances
|
(1,204,000
|
)
|
|
(946,000
|
)
|
|
(891,000
|
)
|
|||
Repayments of other borrowings and securities sold under agreements to repurchase
|
(15,000
|
)
|
|
—
|
|
|
(10,000
|
)
|
|||
Proceeds from exercise of common stock options
|
—
|
|
|
151
|
|
|
781
|
|
|||
Proceeds from issuance of common stock
|
—
|
|
|
21,120
|
|
|
75,985
|
|
|||
Tax benefit from exercise of common stock options and vesting of restricted stock grants
|
432
|
|
|
2,531
|
|
|
5,526
|
|
|||
Cash dividends paid on preferred stock
|
(309
|
)
|
|
(309
|
)
|
|
(309
|
)
|
|||
Proceeds from issuance of subordinated notes
|
—
|
|
|
51,000
|
|
|
—
|
|
|||
Net cash provided by financing activities
|
753,579
|
|
|
1,640,627
|
|
|
1,325,364
|
|
|||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
156,814
|
|
|
263,853
|
|
|
67,290
|
|
|||
CASH AND CASH EQUIVALENTS—Beginning of year
|
$
|
486,727
|
|
|
$
|
222,874
|
|
|
$
|
155,584
|
|
CASH AND CASH EQUIVALENTS—End of year
|
$
|
643,541
|
|
|
$
|
486,727
|
|
|
$
|
222,874
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
||||||
Interest paid on deposits and borrowed funds
|
$
|
74,442
|
|
|
$
|
56,296
|
|
|
$
|
45,503
|
|
Income taxes paid
|
$
|
102,482
|
|
|
$
|
89,184
|
|
|
$
|
68,481
|
|
Transfers to other real estate and repossessed vehicles
|
$
|
1,982
|
|
|
$
|
571
|
|
|
$
|
2,484
|
|
Transfers from loans and leases held for investment to loans held for sale
|
$
|
2,935
|
|
|
$
|
72,920
|
|
|
$
|
30,000
|
|
Transfers from loans held for sale to loans and leases held for investment
|
$
|
2,790
|
|
|
$
|
21,488
|
|
|
$
|
7,237
|
|
Securities transferred from held-to-maturity to available-for-sale portfolio
|
$
|
194,153
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Level 1:
|
|
Quoted prices in active markets for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
|
|
|
|
Level 2:
|
|
Observable inputs other than Level 1 prices such as quoted prices for
similar
assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets include securities with quoted prices that are traded less frequently than exchange-traded instruments and whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data.
|
|
|
|
Level 3:
|
|
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models such as discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
|
|
June 30, 2017
|
||||||||||||||
(Dollars in thousands)
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
ASSETS:
|
|
|
|
|
|
|
|
||||||||
Securities—Trading: Collateralized Debt Obligations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,327
|
|
|
$
|
8,327
|
|
Securities—Available-for-Sale:
|
|
|
|
|
|
|
|
||||||||
Agency RMBS
|
—
|
|
|
27,206
|
|
|
—
|
|
|
27,206
|
|
||||
Non-Agency RMBS
|
—
|
|
|
—
|
|
|
71,503
|
|
|
71,503
|
|
||||
Municipal
|
—
|
|
|
27,163
|
|
|
—
|
|
|
27,163
|
|
||||
Other Debt Securities
|
—
|
|
|
138,598
|
|
|
—
|
|
|
138,598
|
|
||||
Total—Securities—Available-for-Sale
|
$
|
—
|
|
|
$
|
192,967
|
|
|
$
|
71,503
|
|
|
$
|
264,470
|
|
Loans Held for Sale
|
$
|
—
|
|
|
$
|
18,738
|
|
|
$
|
—
|
|
|
$
|
18,738
|
|
Mortgage servicing rights
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,200
|
|
|
$
|
7,200
|
|
Other assets—Derivative instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,194
|
|
|
$
|
1,194
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
||||||||
Other liabilities—Derivative instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
168
|
|
|
$
|
168
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
June 30, 2016
|
||||||||||||||
(Dollars in thousands)
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
ASSETS:
|
|
|
|
|
|
|
|
||||||||
Securities—Trading: Collateralized Debt Obligations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,584
|
|
|
$
|
7,584
|
|
Securities—Available-for-Sale:
|
|
|
|
|
|
|
|
||||||||
Agency RMBS
|
—
|
|
|
33,722
|
|
|
—
|
|
|
33,722
|
|
||||
Non-Agency RMBS
|
—
|
|
|
—
|
|
|
9,364
|
|
|
9,364
|
|
||||
Municipal
|
—
|
|
|
34,719
|
|
|
—
|
|
|
34,719
|
|
||||
Other Debt Securities
|
—
|
|
|
187,642
|
|
|
—
|
|
|
187,642
|
|
||||
Total—Securities—Available-for-Sale
|
$
|
—
|
|
|
$
|
256,083
|
|
|
$
|
9,364
|
|
|
$
|
265,447
|
|
Loans Held for Sale
|
$
|
—
|
|
|
$
|
20,871
|
|
|
$
|
—
|
|
|
$
|
20,871
|
|
Mortgage servicing rights
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,943
|
|
|
$
|
3,943
|
|
Other assets—Derivative Instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,202
|
|
|
$
|
2,202
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
||||||||
Other liabilities—Derivative instruments
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
884
|
|
|
$
|
884
|
|
|
Year Ended June 30, 2017
|
||||||||||||||||||
(Dollars in thousands)
|
Securities-
Trading: Collateralized Debt Obligations |
|
Securities-
Available-for- Sale: Non- Agency RMBS 1 |
|
Mortgage Servicing Rights
|
|
Derivative Instruments, net
|
|
Total
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Opening Balance
|
$
|
7,584
|
|
|
$
|
9,364
|
|
|
$
|
3,943
|
|
|
$
|
1,318
|
|
|
$
|
22,209
|
|
Transfers into Level 3
|
—
|
|
|
124,547
|
|
|
—
|
|
|
—
|
|
|
124,547
|
|
|||||
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total gains or losses for the period:
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in earnings—Sale of mortgage-backed securities
|
—
|
|
|
(1,509
|
)
|
|
—
|
|
|
—
|
|
|
(1,509
|
)
|
|||||
Included in earnings—Fair value gain(loss) on trading securities
|
743
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
743
|
|
|||||
Included in earnings—Mortgage banking income
|
—
|
|
|
—
|
|
|
697
|
|
|
(292
|
)
|
|
405
|
|
|||||
Included in other comprehensive income
|
—
|
|
|
13,933
|
|
|
—
|
|
|
—
|
|
|
13,933
|
|
|||||
Purchases, issues, sales and settlements:
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||
Purchases
|
—
|
|
|
—
|
|
|
2,560
|
|
|
—
|
|
|
2,560
|
|
|||||
Issues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Sales
|
—
|
|
|
(59,896
|
)
|
|
—
|
|
|
—
|
|
|
(59,896
|
)
|
|||||
Settlements
|
—
|
|
|
(12,972
|
)
|
|
—
|
|
|
—
|
|
|
(12,972
|
)
|
|||||
Other-than-temporary impairment
|
—
|
|
|
(1,964
|
)
|
|
—
|
|
|
—
|
|
|
(1,964
|
)
|
|||||
Closing balance
|
$
|
8,327
|
|
|
$
|
71,503
|
|
|
$
|
7,200
|
|
|
$
|
1,026
|
|
|
$
|
88,056
|
|
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period
|
$
|
743
|
|
|
$
|
(1,509
|
)
|
|
$
|
697
|
|
|
$
|
(292
|
)
|
|
$
|
(361
|
)
|
|
Year Ended June 30, 2016
|
||||||||||||||||||
(Dollars in thousands)
|
Securities-
Trading: Collateralized Debt Obligations |
|
Securities-
Available-for- Sale: Non- Agency RMBS |
|
Mortgage Servicing Rights
|
|
Derivative Instruments, net
|
|
Total
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Opening Balance
|
$
|
7,832
|
|
|
$
|
26,633
|
|
|
$
|
2,098
|
|
|
$
|
2,261
|
|
|
$
|
38,824
|
|
Transfers into Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Transfers out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total gains or losses for the period:
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in earnings—Sale of mortgage-backed securities
|
—
|
|
|
(1,174
|
)
|
|
—
|
|
|
—
|
|
|
(1,174
|
)
|
|||||
Included in earnings—Fair value gain(loss) on trading securities
|
(248
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(248
|
)
|
|||||
Included in earnings—Mortgage banking income
|
—
|
|
|
—
|
|
|
(889
|
)
|
|
(943
|
)
|
|
(1,832
|
)
|
|||||
Included in other comprehensive income
|
—
|
|
|
(2,380
|
)
|
|
—
|
|
|
—
|
|
|
(2,380
|
)
|
|||||
Purchases, issues, sales and settlements:
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||
Purchases
|
—
|
|
|
—
|
|
|
2,734
|
|
|
—
|
|
|
2,734
|
|
|||||
Issues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Sales
|
—
|
|
|
(6,974
|
)
|
|
—
|
|
|
—
|
|
|
(6,974
|
)
|
|||||
Settlements
|
—
|
|
|
(6,313
|
)
|
|
—
|
|
|
—
|
|
|
(6,313
|
)
|
|||||
Other-than-temporary impairment
|
—
|
|
|
(428
|
)
|
|
—
|
|
|
—
|
|
|
(428
|
)
|
|||||
Closing balance
|
$
|
7,584
|
|
|
$
|
9,364
|
|
|
$
|
3,943
|
|
|
$
|
1,318
|
|
|
$
|
22,209
|
|
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period
|
$
|
(248
|
)
|
|
$
|
(1,174
|
)
|
|
$
|
(889
|
)
|
|
$
|
(943
|
)
|
|
$
|
(3,254
|
)
|
|
June 30, 2017
|
|||||
(Dollars in thousands)
|
Fair Value
|
Valuation Technique
|
Unobservable Inputs
|
Range (Weighted Average)
|
||
Securities – Trading
|
$
|
8,327
|
|
Discounted Cash Flow
|
Total Projected Defaults,
Discount Rate over Treasury
|
12.2 to 21.8% (16.8%)
4.5 to 4.5% (4.5%)
|
Securities – Non-agency MBS
|
$
|
71,503
|
|
Discounted Cash Flow
|
Projected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate over LIBOR
|
2.5 to 23.4% (12.5%)
1.5 to 18.9% (5.3%)
40.0 to 68.8% (57.9%)
2.6 to 5.8% (3.3%)
|
Mortgage Servicing Rights
|
$
|
7,200
|
|
Discounted Cash Flow
|
Projected Constant Prepayment Rate,
Life (in years),
Discount Rate
|
6.3 to 26.9% (9.5%)
2.5 to 7.8 (6.6)
9.5 to 13.0% (9.7%)
|
Derivative Instruments
|
$
|
1,026
|
|
Sales Comparison Approach
|
Projected Sales Profit of Underlying Loans
|
0.3 to 0.6% (0.5%)
|
|
June 30, 2016
|
|||||
(Dollars in thousands)
|
Fair Value
|
Valuation Technique
|
Unobservable Inputs
|
Range (Weighted Average)
|
||
Securities – Trading
|
$
|
7,584
|
|
Discounted Cash Flow
|
Total Projected Defaults,
Discount Rate over Treasury
|
11.7 to 21.0% (16.5%)
5.0 to 5.0% (5.0%) |
Securities – Non-agency MBS
|
$
|
9,364
|
|
Discounted Cash Flow
|
Projected Constant Prepayment Rate,
Projected Constant Default Rate, Projected Loss Severity, Discount Rate over LIBOR |
9.1 to 20.6% (14.2%)
1.5 to 13.6% (6.1%) 40.0 to 68.8% (51.5%) 2.5 to 2.9% (2.8%) |
Mortgage Servicing Rights
|
$
|
3,943
|
|
Discounted Cash Flow
|
Projected Constant Prepayment Rate,
Life (in years), Discount Rate |
7.8 to 21.8% (10.6%)
3.5 to 7.1 (6.2) 9.5 to 10.5% (9.5%) |
Derivative Instruments
|
$
|
1,318
|
|
Sales Comparison Approach
|
Projected Sales Profit of Underlying Loans
|
0.3 to 0.6% (0.4%)
|
|
Year Ended June 30,
|
||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Interest income on investments
|
$
|
311
|
|
|
$
|
245
|
|
|
$
|
223
|
|
Fair value adjustment
|
743
|
|
|
(248
|
)
|
|
(234
|
)
|
|||
Total
|
$
|
1,054
|
|
|
$
|
(3
|
)
|
|
$
|
(11
|
)
|
|
June 30, 2017
|
||||||||||||||
(Dollars in thousands)
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Significant
Unobservable Inputs
(Level 3)
|
|
Balance
|
||||||||
Impaired loans and leases:
|
|
|
|
|
|
|
|
||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
||||||||
Mortgage
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,377
|
|
|
$
|
23,377
|
|
Home equity
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
||||
Multifamily real estate secured
|
—
|
|
|
—
|
|
|
4,255
|
|
|
4,255
|
|
||||
Auto and RV secured
|
—
|
|
|
—
|
|
|
157
|
|
|
157
|
|
||||
Commercial & Industrial
|
—
|
|
|
—
|
|
|
314
|
|
|
314
|
|
||||
Other
|
—
|
|
|
—
|
|
|
274
|
|
|
274
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,393
|
|
|
$
|
28,393
|
|
Other real estate owned and foreclosed assets:
|
|
|
|
|
|
|
|
||||||||
Single family real estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,353
|
|
|
$
|
1,353
|
|
Autos and RVs
|
—
|
|
|
—
|
|
|
60
|
|
|
60
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,413
|
|
|
$
|
1,413
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
June 30, 2016
|
||||||||||||||
(Dollars in thousands)
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Balance
|
||||||||
Impaired loans and leases:
|
|
||||||||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
||||||||
Mortgage
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,610
|
|
|
$
|
28,610
|
|
Home equity
|
—
|
|
|
—
|
|
|
33
|
|
|
33
|
|
||||
Multifamily real estate secured
|
—
|
|
|
—
|
|
|
2,218
|
|
|
2,218
|
|
||||
Commercial real estate secured
|
—
|
|
|
—
|
|
|
254
|
|
|
254
|
|
||||
Auto and RV secured
|
—
|
|
|
—
|
|
|
278
|
|
|
278
|
|
||||
Other
|
—
|
|
|
—
|
|
|
676
|
|
|
$
|
676
|
|
|||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32,069
|
|
|
$
|
32,069
|
|
Other real estate owned and foreclosed assets:
|
|
|
|
|
|
|
|
||||||||
Multifamily real estate
|
—
|
|
|
—
|
|
|
207
|
|
|
207
|
|
||||
Autos and RVs
|
—
|
|
|
—
|
|
|
45
|
|
|
45
|
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
252
|
|
|
$
|
252
|
|
HTM Securities – Non-agency MBS
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
79,164
|
|
|
$
|
79,164
|
|
|
At June 30,
|
||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Aggregate fair value
|
$
|
18,738
|
|
|
$
|
20,871
|
|
|
$
|
25,430
|
|
Contractual balance
|
18,311
|
|
|
20,226
|
|
|
24,886
|
|
|||
Gain
|
$
|
427
|
|
|
$
|
645
|
|
|
$
|
544
|
|
|
At June 30,
|
||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Interest income
|
$
|
602
|
|
|
$
|
826
|
|
|
$
|
671
|
|
Change in fair value
|
(514
|
)
|
|
(846
|
)
|
|
1,505
|
|
|||
Total change in fair value
|
$
|
88
|
|
|
$
|
(20
|
)
|
|
$
|
2,176
|
|
|
June 30, 2017
|
|||||
(Dollars in thousands)
|
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range (Weighted Average)
1
|
||
Impaired loans and leases:
|
|
|
|
|
||
Single family real estate secured:
|
|
|
|
|
||
Mortgage
|
$
|
23,377
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-38.5 to 79.8% (6.4%)
|
Home equity
|
$
|
16
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-6.1 to 26.1% (7.8%)
|
Multifamily real estate secured
|
$
|
4,255
|
|
Sales comparison approach and income approach
|
Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, capitalization rate
|
-24.2 to 48.7% (2.4%)
|
Auto and RV secured
|
$
|
157
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-17.2 to 42.4% (-5.5%)
|
Commercial & Industrial
|
$
|
314
|
|
Discounted cash flow
|
Discount Rate
|
34.8 to 34.8% (34.8%)
|
Other
|
$
|
274
|
|
Discounted cash flow
|
Projected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate
|
0.0 to 0.0% (0.0%)
0.0 to 10.0% (5.0%)
100.0 to 100.0% (100.0%)
4.5 to 5.2% (4.9%)
|
Other real estate owned and foreclosed assets:
|
|
|
|
|
||
Single family real estate
|
$
|
1,353
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-10.5 to 12.5% (0.1%)
|
Autos and RVs
|
$
|
60
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-17.0 to 20.5% (6.2%)
|
|
June 30, 2016
|
|||||
(Dollars in thousands)
|
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range (Weighted Average)
1
|
||
Impaired loans and leases:
|
|
|
|
|
||
Single family real estate secured:
|
|
|
|
|
||
Mortgage
|
$
|
28,610
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-40.6 to 69.5% (6.2%)
|
Home equity
|
$
|
33
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
-27.2 to 0.0% (-11.1%)
|
Multifamily real estate secured
|
$
|
2,218
|
|
Sales comparison approach and income approach
|
Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, capitalization rate
|
-29.7 to 58.0% (3.0%)
|
Commercial real estate secured
|
$
|
254
|
|
Sales comparison approach and income approach
|
Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, capitalization rate
|
0.0 to 66.7% (33.3%)
|
Auto and RV secured
|
$
|
278
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
0.0 to 22.8% (10.6%)
|
Other
|
$
|
676
|
|
Discounted cash flow
|
Projected Constant Prepayment Rate,
Projected Constant Default Rate, Projected Loss Severity, Discount Rate |
0.0 to 0.0% (0.0%)
0.0 to 10.0% (5.0%) 100.0 to 100.0% (100.0%) 6.6 to 8.0% (7.3%) |
Other real estate owned and foreclosed assets:
|
|
|
|
|
||
Multifamily real estate
|
$
|
207
|
|
Sales comparison approach and income approach
|
Adjustment for differences between the comparable sales and adjustments for differences in net operating income expectations, capitalization rate
|
0.0 to 25.0% (12.5%)
|
Autos and RVs
|
$
|
45
|
|
Sales comparison approach
|
Adjustment for differences between the comparable sales
|
0.0 to 20.6% (10.2%)
|
HTM Securities – Non-agency MBS
|
$
|
79,164
|
|
Discounted cash flow
|
Projected Constant Prepayment Rate,
Projected Constant Default Rate, Projected Loss Severity, Discount Rate over LIBOR |
2.6 to 48.8% (12.0%)
1.5 to 17.8% (5.7%) 40.0 to 65.9% (56.5%) 2.9 to 8.2% (5.7%) |
|
June 30, 2017
|
||||||||||||||||||
(Dollars in thousands)
|
Carrying
Amount |
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Fair Value
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
643,541
|
|
|
$
|
643,541
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
643,541
|
|
Securities trading
|
8,327
|
|
|
—
|
|
|
—
|
|
|
8,327
|
|
|
8,327
|
|
|||||
Securities available-for-sale
|
264,470
|
|
|
—
|
|
|
192,967
|
|
|
71,503
|
|
|
264,470
|
|
|||||
Loans held for sale, at fair value
|
18,738
|
|
|
—
|
|
|
18,738
|
|
|
—
|
|
|
18,738
|
|
|||||
Loans held for sale, at lower of cost or fair value
|
6,669
|
|
|
—
|
|
|
—
|
|
|
7,328
|
|
|
7,328
|
|
|||||
Loans and leases held for investment—net
|
7,374,493
|
|
|
—
|
|
|
—
|
|
|
7,521,281
|
|
|
7,521,281
|
|
|||||
Accrued interest receivable
|
20,781
|
|
|
—
|
|
|
—
|
|
|
20,781
|
|
|
20,781
|
|
|||||
Mortgage servicing rights
|
7,200
|
|
|
—
|
|
|
—
|
|
|
7,200
|
|
|
7,200
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total deposits
|
6,899,507
|
|
|
—
|
|
|
6,544,056
|
|
|
—
|
|
|
6,544,056
|
|
|||||
Securities sold under agreements to repurchase
|
20,000
|
|
|
—
|
|
|
20,152
|
|
|
—
|
|
|
20,152
|
|
|||||
Advances from the Federal Home Loan Bank
|
640,000
|
|
|
—
|
|
|
645,339
|
|
|
—
|
|
|
645,339
|
|
|||||
Subordinated notes and debentures
|
54,463
|
|
|
—
|
|
|
52,930
|
|
|
—
|
|
|
52,930
|
|
|||||
Accrued interest payable
|
1,284
|
|
|
—
|
|
|
1,284
|
|
|
—
|
|
|
1,284
|
|
|
June 30, 2016
|
||||||||||||||||||
(Dollars in thousands)
|
Carrying
Amount |
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Fair Value
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
486,727
|
|
|
$
|
486,727
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
486,727
|
|
Securities trading
|
7,584
|
|
|
—
|
|
|
—
|
|
|
7,584
|
|
|
7,584
|
|
|||||
Securities available-for-sale
|
265,447
|
|
|
—
|
|
|
256,083
|
|
|
9,364
|
|
|
265,447
|
|
|||||
Securities held-to-maturity
|
199,174
|
|
|
—
|
|
|
77,415
|
|
|
125,262
|
|
|
202,677
|
|
|||||
Loans held for sale, at fair value
|
20,871
|
|
|
—
|
|
|
20,871
|
|
|
—
|
|
|
20,871
|
|
|||||
Loans held for sale, at lower of cost or fair value
|
33,530
|
|
|
—
|
|
|
—
|
|
|
33,530
|
|
|
33,530
|
|
|||||
Loans and leases held for investment—net
|
6,354,679
|
|
|
—
|
|
|
—
|
|
|
6,640,918
|
|
|
6,640,918
|
|
|||||
Accrued interest receivable
|
26,201
|
|
|
—
|
|
|
—
|
|
|
26,201
|
|
|
26,201
|
|
|||||
Mortgage servicing rights
|
3,943
|
|
|
—
|
|
|
—
|
|
|
3,943
|
|
|
3,943
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total deposits
|
6,044,051
|
|
|
—
|
|
|
5,946,991
|
|
|
—
|
|
|
5,946,991
|
|
|||||
Securities sold under agreements to repurchase
|
35,000
|
|
|
—
|
|
|
36,391
|
|
|
—
|
|
|
36,391
|
|
|||||
Advances from the Federal Home Loan Bank
|
727,000
|
|
|
—
|
|
|
747,940
|
|
|
—
|
|
|
747,940
|
|
|||||
Subordinated notes and debentures
|
58,066
|
|
|
—
|
|
|
58,299
|
|
|
—
|
|
|
58,299
|
|
|||||
Accrued interest payable
|
1,667
|
|
|
—
|
|
|
1,667
|
|
|
—
|
|
|
1,667
|
|
|
June 30, 2017
|
||||||||||||||||||||||||||||||||||
|
Trading
|
|
Available-for-sale
|
|
Held-to-maturity
|
||||||||||||||||||||||||||||||
(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 agencies
1
|
$
|
—
|
|
|
$
|
27,379
|
|
|
$
|
286
|
|
|
$
|
(459
|
)
|
|
$
|
27,206
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-agency
2
|
—
|
|
|
65,401
|
|
|
7,406
|
|
|
(1,304
|
)
|
|
71,503
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total mortgage-backed securities
|
—
|
|
|
92,780
|
|
|
7,692
|
|
|
(1,763
|
)
|
|
98,709
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Other debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Municipal
|
—
|
|
|
27,568
|
|
|
19
|
|
|
(424
|
)
|
|
27,163
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Non-agency
|
8,327
|
|
|
137,172
|
|
|
1,517
|
|
|
(91
|
)
|
|
138,598
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total other debt securities
|
8,327
|
|
|
164,740
|
|
|
1,536
|
|
|
(515
|
)
|
|
165,761
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total debt securities
|
$
|
8,327
|
|
|
$
|
257,520
|
|
|
$
|
9,228
|
|
|
$
|
(2,278
|
)
|
|
$
|
264,470
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
June 30, 2016
|
||||||||||||||||||||||||||||||||||
|
Trading
|
|
Available-for-sale
|
|
Held-to-maturity
|
||||||||||||||||||||||||||||||
(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. agencies
1
|
$
|
—
|
|
|
$
|
33,256
|
|
|
$
|
489
|
|
|
$
|
(23
|
)
|
|
$
|
33,722
|
|
|
$
|
35,067
|
|
|
$
|
843
|
|
|
$
|
(1
|
)
|
|
$
|
35,909
|
|
Non-agency
2
|
—
|
|
|
9,043
|
|
|
321
|
|
|
—
|
|
|
9,364
|
|
|
128,211
|
|
|
7,095
|
|
|
(10,044
|
)
|
|
125,262
|
|
|||||||||
Total mortgage-backed securities
|
—
|
|
|
42,299
|
|
|
810
|
|
|
(23
|
)
|
|
43,086
|
|
|
163,278
|
|
|
7,938
|
|
|
(10,045
|
)
|
|
161,171
|
|
|||||||||
Other debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Municipal
|
—
|
|
|
34,543
|
|
|
185
|
|
|
(10
|
)
|
|
34,718
|
|
|
35,896
|
|
|
5,610
|
|
|
—
|
|
|
41,506
|
|
|||||||||
Non-agency
|
7,584
|
|
|
186,316
|
|
|
1,501
|
|
|
(174
|
)
|
|
187,643
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total other debt securities
|
7,584
|
|
|
220,859
|
|
|
1,686
|
|
|
(184
|
)
|
|
222,361
|
|
|
35,896
|
|
|
5,610
|
|
|
—
|
|
|
41,506
|
|
|||||||||
Total debt securities
|
$
|
7,584
|
|
|
$
|
263,158
|
|
|
$
|
2,496
|
|
|
$
|
(207
|
)
|
|
$
|
265,447
|
|
|
$
|
199,174
|
|
|
$
|
13,548
|
|
|
$
|
(10,045
|
)
|
|
$
|
202,677
|
|
|
June 30, 2017
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Available-for-sale securities in loss position for
|
|
Held-to-maturity securities in loss position for
|
||||||||||||||||||||||||||||||||||||||||||||
|
Less Than 12
Months
|
|
More Than 12
Months
|
|
Total
|
|
Less Than 12
Months
|
|
More Than 12
Months
|
|
Total
|
||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
||||||||||||||||||||||||
RMBS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
U.S. agencies
|
$
|
17,161
|
|
|
$
|
(374
|
)
|
|
$
|
2,348
|
|
|
$
|
(85
|
)
|
|
$
|
19,509
|
|
|
$
|
(459
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-agency
|
2,487
|
|
|
(16
|
)
|
|
25,097
|
|
|
(1,288
|
)
|
|
27,584
|
|
|
(1,304
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Total RMBS securities
|
19,648
|
|
|
(390
|
)
|
|
27,445
|
|
|
(1,373
|
)
|
|
47,093
|
|
|
(1,763
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Other debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Municipal debt
|
13,431
|
|
|
(420
|
)
|
|
1,757
|
|
|
(4
|
)
|
|
15,188
|
|
|
(424
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Non-agency
|
27,750
|
|
|
(91
|
)
|
|
—
|
|
|
—
|
|
|
27,750
|
|
|
(91
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Total other debt
|
41,181
|
|
|
(511
|
)
|
|
1,757
|
|
|
(4
|
)
|
|
42,938
|
|
|
(515
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Total debt securities
|
$
|
60,829
|
|
|
$
|
(901
|
)
|
|
$
|
29,202
|
|
|
$
|
(1,377
|
)
|
|
$
|
90,031
|
|
|
$
|
(2,278
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
June 30, 2016
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Available-for-sale securities in loss position for
|
|
Held-to-maturity securities in loss position for
|
||||||||||||||||||||||||||||||||||||||||||||
|
Less Than 12
Months
|
|
More Than 12
Months
|
|
Total
|
|
Less Than 12
Months
|
|
More Than 12
Months
|
|
Total
|
||||||||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
|
Fair
Value
|
|
Gross Unrealized Losses
|
||||||||||||||||||||||||
RMBS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
U.S. agencies
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,094
|
|
|
$
|
(23
|
)
|
|
$
|
5,094
|
|
|
$
|
(23
|
)
|
|
$
|
129
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
129
|
|
|
$
|
(1
|
)
|
Non-agency
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,011
|
|
|
(419
|
)
|
|
53,372
|
|
|
(9,625
|
)
|
|
68,383
|
|
|
(10,044
|
)
|
||||||||||||
Total RMBS securities
|
—
|
|
|
—
|
|
|
5,094
|
|
|
(23
|
)
|
|
5,094
|
|
|
(23
|
)
|
|
15,140
|
|
|
(420
|
)
|
|
53,372
|
|
|
(9,625
|
)
|
|
68,512
|
|
|
(10,045
|
)
|
||||||||||||
Other debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Municipal debt
|
10,267
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
10,267
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Non-agency
|
5,566
|
|
|
(5
|
)
|
|
16,963
|
|
|
(169
|
)
|
|
22,529
|
|
|
(174
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Total other debt
|
15,833
|
|
|
(15
|
)
|
|
16,963
|
|
|
(169
|
)
|
|
32,796
|
|
|
(184
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Total debt securities
|
$
|
15,833
|
|
|
$
|
(15
|
)
|
|
$
|
22,057
|
|
|
$
|
(192
|
)
|
|
$
|
37,890
|
|
|
$
|
(207
|
)
|
|
$
|
15,140
|
|
|
$
|
(420
|
)
|
|
$
|
53,372
|
|
|
$
|
(9,625
|
)
|
|
$
|
68,512
|
|
|
$
|
(10,045
|
)
|
|
At June 30,
|
||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Beginning balance
|
$
|
(20,865
|
)
|
|
$
|
(20,503
|
)
|
|
$
|
(18,138
|
)
|
Additions for the amounts related to the credit loss for which an other-than-temporary impairment was not previously recognized
|
(342
|
)
|
|
(112
|
)
|
|
(742
|
)
|
|||
Increases to the amount related to the credit loss for which other-than-temporary impairment was previously recognized
|
(1,622
|
)
|
|
(453
|
)
|
|
(1,623
|
)
|
|||
Credit losses realized for securities sold
|
7,301
|
|
|
203
|
|
|
$
|
—
|
|
||
Ending balance
|
$
|
(15,528
|
)
|
|
$
|
(20,865
|
)
|
|
$
|
(20,503
|
)
|
|
At June 30,
|
||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Proceeds
|
$
|
161,048
|
|
|
$
|
14,969
|
|
|
$
|
9,614
|
|
Gross realized gains
|
$
|
7,386
|
|
|
$
|
1,427
|
|
|
$
|
587
|
|
Gross realized loss
|
(3,466
|
)
|
|
—
|
|
|
—
|
|
|||
Net gain on securities
|
$
|
3,920
|
|
|
$
|
1,427
|
|
|
$
|
587
|
|
|
At June 30,
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Available-for-sale debt securities—net unrealized gains
|
$
|
6,949
|
|
|
$
|
2,288
|
|
Available-for-sale debt securities—non-credit related
|
(6,115
|
)
|
|
(138
|
)
|
||
Held-to-maturity debt securities—non-credit related
|
—
|
|
|
(14,129
|
)
|
||
Subtotal
|
834
|
|
|
(11,979
|
)
|
||
Tax (provision) benefit
|
(347
|
)
|
|
4,675
|
|
||
Net unrealized gain (loss) on investment securities in accumulated other comprehensive loss
|
$
|
487
|
|
|
$
|
(7,304
|
)
|
|
June 30, 2017
|
||||||||||||||||||
|
Available-for-sale
|
|
Held-to-maturity
|
|
Trading
|
||||||||||||||
(Dollars in thousands)
|
Amortized
Cost
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
|
Fair
Value
|
||||||||||
RMBS—U.S. agencies
1
:
|
|
|
|
|
|
|
|
|
|
||||||||||
Due within one year
|
$
|
1,612
|
|
|
$
|
1,599
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Due one to five years
|
5,469
|
|
|
5,445
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Due five to ten years
|
5,208
|
|
|
5,211
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Due after ten years
|
15,090
|
|
|
14,951
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total RMBS—U.S. agencies
1
|
27,379
|
|
|
27,206
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
RMBS—Non-agency:
|
|
|
|
|
|
|
|
|
|
||||||||||
Due within one year
|
8,874
|
|
|
9,445
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Due one to five years
|
26,783
|
|
|
28,817
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Due five to ten years
|
19,214
|
|
|
20,893
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Due after ten years
|
10,530
|
|
|
12,348
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total RMBS—Non-agency
|
65,401
|
|
|
71,503
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other debt:
|
|
|
|
|
|
|
|
|
|
||||||||||
Due within one year
|
56,628
|
|
|
57,983
|
|
|
—
|
|
|
—
|
|
|
117
|
|
|||||
Due one to five years
|
94,283
|
|
|
94,356
|
|
|
—
|
|
|
—
|
|
|
93
|
|
|||||
Due five to ten years
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
420
|
|
|||||
Due after ten years
|
13,829
|
|
|
13,422
|
|
|
—
|
|
|
—
|
|
|
7,697
|
|
|||||
Total other debt
|
164,740
|
|
|
165,761
|
|
|
—
|
|
|
—
|
|
|
8,327
|
|
|||||
Total
|
$
|
257,520
|
|
|
$
|
264,470
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,327
|
|
|
At June 30,
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Single family real estate secured:
|
|
|
|
||||
Mortgage
|
$
|
3,901,754
|
|
|
$
|
3,678,520
|
|
Home equity
|
2,092
|
|
|
2,470
|
|
||
Warehouse and other
1
|
452,390
|
|
|
537,714
|
|
||
Multifamily real estate secured
|
1,619,404
|
|
|
1,373,216
|
|
||
Commercial real estate secured
|
162,715
|
|
|
121,746
|
|
||
Auto and RV secured
|
154,246
|
|
|
73,676
|
|
||
Factoring
|
160,674
|
|
|
98,275
|
|
||
Commercial & Industrial
|
992,232
|
|
|
514,300
|
|
||
Other
|
3,754
|
|
|
2,542
|
|
||
Total gross loans and leases
|
7,449,261
|
|
|
6,402,459
|
|
||
Allowance for loan and lease losses
|
(40,832
|
)
|
|
(35,826
|
)
|
||
Unaccreted discounts and loan and lease fees
|
(33,936
|
)
|
|
(11,954
|
)
|
||
Total net loans and leases
|
$
|
7,374,493
|
|
|
$
|
6,354,679
|
|
|
At June 30,
|
||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Balance—beginning of period
|
$
|
35,826
|
|
|
$
|
28,327
|
|
|
$
|
18,373
|
|
Provision for loan and lease loss
|
11,061
|
|
|
9,700
|
|
|
11,200
|
|
|||
Charged off
|
(5,096
|
)
|
|
(808
|
)
|
|
(1,561
|
)
|
|||
Transfers to held for sale
|
(1,828
|
)
|
|
(2,727
|
)
|
|
—
|
|
|||
Recoveries
|
869
|
|
|
1,334
|
|
|
315
|
|
|||
Balance—end of period
|
$
|
40,832
|
|
|
$
|
35,826
|
|
|
$
|
28,327
|
|
|
At June 30,
|
||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Non-performing loans and leases—90+ days past due plus other non-accrual loans and leases
|
$
|
26,815
|
|
|
$
|
28,790
|
|
|
$
|
25,873
|
|
Troubled debt restructured loans and leases—non-accrual
|
1,578
|
|
|
3,069
|
|
|
4,958
|
|
|||
Troubled debt restructured loans and leases—performing
|
—
|
|
|
210
|
|
|
217
|
|
|||
Total impaired loans and leases
|
$
|
28,393
|
|
|
$
|
32,069
|
|
|
$
|
31,048
|
|
|
June 30, 2017
|
||||||||||||||||||||||||||||||||||||||
|
Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Mortgage
|
|
Home
Equity |
|
Warehouse & Other
|
|
Multi-
family real estate secured |
|
Commercial
real estate secured |
|
Auto and RV secured
|
|
Factoring
|
|
Commercial & Industrial
|
|
Other
|
|
Total
|
||||||||||||||||||||
Balance at July 1, 2016
|
$
|
18,666
|
|
|
$
|
23
|
|
|
$
|
2,685
|
|
|
$
|
3,938
|
|
|
$
|
882
|
|
|
$
|
1,615
|
|
|
$
|
245
|
|
|
$
|
7,630
|
|
|
$
|
142
|
|
|
$
|
35,826
|
|
Provision for loan and lease loss
|
2,308
|
|
|
(6
|
)
|
|
(387
|
)
|
|
323
|
|
|
110
|
|
|
990
|
|
|
156
|
|
|
2,251
|
|
|
5,316
|
|
|
11,061
|
|
||||||||||
Charge-offs
|
(1,115
|
)
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
(433
|
)
|
|
—
|
|
|
—
|
|
|
(3,502
|
)
|
|
(5,096
|
)
|
||||||||||
Transfers to held for sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,828
|
)
|
|
(1,828
|
)
|
||||||||||
Recoveries
|
113
|
|
|
25
|
|
|
—
|
|
|
377
|
|
|
39
|
|
|
207
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
869
|
|
||||||||||
Balance at June 30, 2017
|
$
|
19,972
|
|
|
$
|
19
|
|
|
$
|
2,298
|
|
|
$
|
4,638
|
|
|
$
|
1,008
|
|
|
$
|
2,379
|
|
|
$
|
401
|
|
|
$
|
9,881
|
|
|
$
|
236
|
|
|
$
|
40,832
|
|
|
June 30, 2016
|
||||||||||||||||||||||||||||||||||||||
|
Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Mortgage
|
|
Home
Equity |
|
Warehouse & Other
|
|
Multi-
family real estate secured |
|
Commercial
real estate secured |
|
Auto and RV secured
|
|
Factoring
|
|
Commercial & Industrial
|
|
Other
|
|
Total
|
||||||||||||||||||||
Balance at July 1, 2015
|
$
|
13,664
|
|
|
$
|
122
|
|
|
$
|
1,879
|
|
|
$
|
4,363
|
|
|
$
|
1,103
|
|
|
$
|
953
|
|
|
$
|
292
|
|
|
$
|
5,882
|
|
|
$
|
69
|
|
|
$
|
28,327
|
|
Provision for loan and lease loss
|
5,040
|
|
|
(134
|
)
|
|
806
|
|
|
(311
|
)
|
|
(1,056
|
)
|
|
854
|
|
|
(47
|
)
|
|
1,748
|
|
|
2,800
|
|
|
9,700
|
|
||||||||||
Charge-offs
|
(205
|
)
|
|
(3
|
)
|
|
—
|
|
|
(114
|
)
|
|
(147
|
)
|
|
(339
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(808
|
)
|
||||||||||
Transfers to held for sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,727
|
)
|
|
(2,727
|
)
|
||||||||||
Recoveries
|
167
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
982
|
|
|
147
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,334
|
|
||||||||||
Balance at June 30, 2016
|
$
|
18,666
|
|
|
$
|
23
|
|
|
$
|
2,685
|
|
|
$
|
3,938
|
|
|
$
|
882
|
|
|
$
|
1,615
|
|
|
$
|
245
|
|
|
$
|
7,630
|
|
|
$
|
142
|
|
|
$
|
35,826
|
|
|
June 30, 2015
|
||||||||||||||||||||||||||||||||||||||
|
Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Mortgage
|
|
Home
Equity |
|
Warehouse & Other
|
|
Multi-
family real estate secured |
|
Commercial
real estate secured |
|
Auto and RV secured
|
|
Factoring
|
|
Commercial & Industrial
|
|
Consumer & Other
|
|
Total
|
||||||||||||||||||||
Balance at July 1, 2014
|
$
|
7,959
|
|
|
$
|
134
|
|
|
$
|
1,259
|
|
|
$
|
3,785
|
|
|
$
|
1,035
|
|
|
$
|
812
|
|
|
$
|
279
|
|
|
$
|
3,048
|
|
|
$
|
62
|
|
|
$
|
18,373
|
|
Provision for loan and lease loss
|
6,305
|
|
|
(1
|
)
|
|
620
|
|
|
922
|
|
|
224
|
|
|
288
|
|
|
13
|
|
|
2,834
|
|
|
(5
|
)
|
|
11,200
|
|
||||||||||
Charge-offs
|
(747
|
)
|
|
(43
|
)
|
|
—
|
|
|
(344
|
)
|
|
(156
|
)
|
|
(271
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,561
|
)
|
||||||||||
Recoveries
|
147
|
|
|
32
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
315
|
|
||||||||||
Balance at June 30, 2015
|
$
|
13,664
|
|
|
$
|
122
|
|
|
$
|
1,879
|
|
|
$
|
4,363
|
|
|
$
|
1,103
|
|
|
$
|
953
|
|
|
$
|
292
|
|
|
$
|
5,882
|
|
|
$
|
69
|
|
|
$
|
28,327
|
|
|
June 30, 2017
|
|
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Unpaid
Principal Balance |
|
Principal Balance Adjustment
1
|
|
Unpaid Book Balance
|
|
Accrued Interest/Origination Fees
|
|
Recorded
Investment |
|
Related
Allocation of General Allowance |
|
Related
Allocation of Specific Allowance |
||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
$
|
4,240
|
|
|
$
|
1,032
|
|
|
$
|
3,208
|
|
|
$
|
205
|
|
|
$
|
3,413
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Purchased
|
4,563
|
|
|
1,903
|
|
|
2,660
|
|
|
—
|
|
|
2,660
|
|
|
—
|
|
|
—
|
|
|||||||
Multifamily real estate secured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Purchased
|
492
|
|
|
215
|
|
|
277
|
|
|
—
|
|
|
277
|
|
|
—
|
|
|
—
|
|
|||||||
Auto and RV secured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
418
|
|
|
295
|
|
|
123
|
|
|
3
|
|
|
126
|
|
|
—
|
|
|
—
|
|
|||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
16,124
|
|
|
12
|
|
|
16,112
|
|
|
—
|
|
|
16,112
|
|
|
643
|
|
|
—
|
|
|||||||
Purchased
|
1,429
|
|
|
32
|
|
|
1,397
|
|
|
17
|
|
|
1,414
|
|
|
37
|
|
|
—
|
|
|||||||
Home equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
18
|
|
|
2
|
|
|
16
|
|
|
—
|
|
|
16
|
|
|
1
|
|
|
—
|
|
|||||||
Multifamily real estate secured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
4,170
|
|
|
192
|
|
|
3,978
|
|
|
186
|
|
|
4,164
|
|
|
19
|
|
|
—
|
|
|||||||
Auto and RV secured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
42
|
|
|
8
|
|
|
34
|
|
|
2
|
|
|
36
|
|
|
1
|
|
|
—
|
|
|||||||
Commercial & Industrial
|
314
|
|
|
—
|
|
|
314
|
|
|
—
|
|
|
314
|
|
|
314
|
|
|
—
|
|
|||||||
Other
|
274
|
|
|
—
|
|
|
274
|
|
|
—
|
|
|
274
|
|
|
43
|
|
|
—
|
|
|||||||
Total
|
$
|
32,084
|
|
|
$
|
3,691
|
|
|
$
|
28,393
|
|
|
$
|
413
|
|
|
$
|
28,806
|
|
|
$
|
1,058
|
|
|
$
|
—
|
|
As a % of total gross loans and leases
|
0.43
|
%
|
|
0.05
|
%
|
|
0.38
|
%
|
|
0.01
|
%
|
|
0.39
|
%
|
|
0.01
|
%
|
|
—
|
%
|
|
June 30, 2016
|
|
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Unpaid
Principal Balance |
|
Principal Balance Adjustment
1
|
|
Unpaid Book Balance
|
|
Accrued Interest/Origination Fees
|
|
Recorded
Investment |
|
Related
Allocation of General Allowance |
|
Related
Allocation of Specific Allowance |
||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
$
|
8,989
|
|
|
$
|
727
|
|
|
$
|
8,262
|
|
|
$
|
657
|
|
|
$
|
8,919
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Purchased
|
5,852
|
|
|
2,132
|
|
|
3,720
|
|
|
110
|
|
|
3,830
|
|
|
—
|
|
|
—
|
|
|||||||
Multifamily real estate secured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Purchased
|
2,520
|
|
|
1,093
|
|
|
1,427
|
|
|
—
|
|
|
1,427
|
|
|
—
|
|
|
—
|
|
|||||||
Commercial real estate secured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Purchased
|
629
|
|
|
375
|
|
|
254
|
|
|
61
|
|
|
315
|
|
|
—
|
|
|
—
|
|
|||||||
Auto and RV secured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
902
|
|
|
663
|
|
|
239
|
|
|
10
|
|
|
249
|
|
|
—
|
|
|
—
|
|
|||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
14,707
|
|
|
11
|
|
|
14,696
|
|
|
65
|
|
|
14,761
|
|
|
575
|
|
|
—
|
|
|||||||
Purchased
|
1,976
|
|
|
44
|
|
|
1,932
|
|
|
5
|
|
|
1,937
|
|
|
46
|
|
|
—
|
|
|||||||
Home equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
35
|
|
|
2
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|
1
|
|
|
—
|
|
|||||||
Multifamily real estate secured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
795
|
|
|
4
|
|
|
791
|
|
|
65
|
|
|
856
|
|
|
1
|
|
|
—
|
|
|||||||
Auto and RV secured
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
In-house originated
|
46
|
|
|
7
|
|
|
39
|
|
|
4
|
|
|
43
|
|
|
2
|
|
|
—
|
|
|||||||
Other
|
676
|
|
|
—
|
|
|
676
|
|
|
—
|
|
|
676
|
|
|
67
|
|
|
—
|
|
|||||||
Total
|
$
|
37,127
|
|
|
$
|
5,058
|
|
|
$
|
32,069
|
|
|
$
|
977
|
|
|
$
|
33,046
|
|
|
$
|
692
|
|
|
$
|
—
|
|
As a % of total gross loans and leases
|
0.58
|
%
|
|
0.08
|
%
|
|
0.50
|
%
|
|
0.02
|
%
|
|
0.52
|
%
|
|
0.01
|
%
|
|
—
|
%
|
|
June 30, 2017
|
||||||||||||||||||||||||||||||||||||||
|
Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Mortgage
|
|
Home
Equity |
|
Warehouse & Other
|
|
Multi-
family real estate secured |
|
Commercial
real estate secured |
|
Auto and RV secured
|
|
Factoring
|
|
Commercial & Industrial
|
|
Other
|
|
Total
|
||||||||||||||||||||
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Ending allowance balance attributable to loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Individually evaluated for impairment–
general allowance
|
$
|
680
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
314
|
|
|
$
|
43
|
|
|
$
|
1,058
|
|
Collectively evaluated for impairment
|
19,292
|
|
|
18
|
|
|
2,298
|
|
|
4,619
|
|
|
1,008
|
|
|
2,378
|
|
|
401
|
|
|
9,567
|
|
|
193
|
|
|
39,774
|
|
||||||||||
Total ending allowance balance
|
$
|
19,972
|
|
|
$
|
19
|
|
|
$
|
2,298
|
|
|
$
|
4,638
|
|
|
$
|
1,008
|
|
|
$
|
2,379
|
|
|
$
|
401
|
|
|
$
|
9,881
|
|
|
$
|
236
|
|
|
$
|
40,832
|
|
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Loans and leases individually evaluated for impairment
1
|
$
|
23,377
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
4,255
|
|
|
$
|
—
|
|
|
$
|
157
|
|
|
$
|
—
|
|
|
$
|
314
|
|
|
$
|
274
|
|
|
$
|
28,393
|
|
Loans and leases collectively evaluated for impairment
|
3,878,377
|
|
|
2,076
|
|
|
452,390
|
|
|
1,615,149
|
|
|
162,715
|
|
|
154,089
|
|
|
160,674
|
|
|
991,918
|
|
|
3,480
|
|
|
7,420,868
|
|
||||||||||
Principal loan and lease balance
|
3,901,754
|
|
|
2,092
|
|
|
452,390
|
|
|
1,619,404
|
|
|
162,715
|
|
|
154,246
|
|
|
160,674
|
|
|
992,232
|
|
|
3,754
|
|
|
7,449,261
|
|
||||||||||
Unaccreted discounts and loan and lease fees
|
10,486
|
|
|
34
|
|
|
(1,702
|
)
|
|
4,586
|
|
|
744
|
|
|
2,054
|
|
|
(49,350
|
)
|
|
(640
|
)
|
|
(148
|
)
|
|
(33,936
|
)
|
||||||||||
Accrued interest receivable
|
8,831
|
|
|
1
|
|
|
(766
|
)
|
|
4,946
|
|
|
377
|
|
|
284
|
|
|
213
|
|
|
4,757
|
|
|
13
|
|
|
18,656
|
|
||||||||||
Total recorded investment in loans and leases
|
$
|
3,921,071
|
|
|
$
|
2,127
|
|
|
$
|
449,922
|
|
|
$
|
1,628,936
|
|
|
$
|
163,836
|
|
|
$
|
156,584
|
|
|
$
|
111,537
|
|
|
$
|
996,349
|
|
|
$
|
3,619
|
|
|
$
|
7,433,981
|
|
|
June 30, 2016
|
||||||||||||||||||||||||||||||||||||||
|
Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Mortgage
|
|
Home
Equity |
|
Warehouse & Other
|
|
Multi-
family real estate secured |
|
Commercial
real estate secured |
|
Auto and RV secured
|
|
Factoring
|
|
Commercial & Industrial
|
|
Other
|
|
Total
|
||||||||||||||||||||
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Ending allowance balance attributable to loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Individually evaluated for impairment –
general allowance
|
$
|
621
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
67
|
|
|
$
|
692
|
|
Collectively evaluated for impairment
|
18,045
|
|
|
22
|
|
|
2,685
|
|
|
3,937
|
|
|
882
|
|
|
1,613
|
|
|
245
|
|
|
7,630
|
|
|
75
|
|
|
35,134
|
|
||||||||||
Total ending allowance balance
|
$
|
18,666
|
|
|
$
|
23
|
|
|
$
|
2,685
|
|
|
$
|
3,938
|
|
|
$
|
882
|
|
|
$
|
1,615
|
|
|
$
|
245
|
|
|
$
|
7,630
|
|
|
$
|
142
|
|
|
$
|
35,826
|
|
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Loans and leases individually evaluated for impairment
1
|
$
|
28,610
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
2,218
|
|
|
$
|
254
|
|
|
$
|
278
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
676
|
|
|
$
|
32,069
|
|
Loans and leases collectively evaluated for impairment
|
3,649,910
|
|
|
2,437
|
|
|
537,714
|
|
|
1,370,998
|
|
|
121,492
|
|
|
73,398
|
|
|
98,275
|
|
|
514,300
|
|
|
1,866
|
|
|
6,370,390
|
|
||||||||||
Principal loan and lease balance
|
3,678,520
|
|
|
2,470
|
|
|
537,714
|
|
|
1,373,216
|
|
|
121,746
|
|
|
73,676
|
|
|
98,275
|
|
|
514,300
|
|
|
2,542
|
|
|
6,402,459
|
|
||||||||||
Unaccreted discounts and loan and lease fees
|
13,142
|
|
|
24
|
|
|
(2,200
|
)
|
|
3,957
|
|
|
542
|
|
|
975
|
|
|
(30,533
|
)
|
|
2,172
|
|
|
(33
|
)
|
|
(11,954
|
)
|
||||||||||
Accrued interest receivable
|
12,460
|
|
|
2
|
|
|
1,870
|
|
|
5,409
|
|
|
389
|
|
|
169
|
|
|
327
|
|
|
2,202
|
|
|
3
|
|
|
22,831
|
|
||||||||||
Total recorded investment in loans and leases
|
$
|
3,704,122
|
|
|
$
|
2,496
|
|
|
$
|
537,384
|
|
|
$
|
1,382,582
|
|
|
$
|
122,677
|
|
|
$
|
74,820
|
|
|
$
|
68,069
|
|
|
$
|
518,674
|
|
|
$
|
2,512
|
|
|
$
|
6,413,336
|
|
|
At June 30,
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Nonaccrual loans and leases:
|
|
|
|
||||
Single Family Real Estate Secured:
|
|
|
|
||||
Mortgage
|
|
|
|
||||
In-house originated
|
$
|
19,320
|
|
|
$
|
22,958
|
|
Purchased
|
4,057
|
|
|
5,442
|
|
||
Home Equity
|
|
|
|
||||
In-house originated
|
16
|
|
|
33
|
|
||
Multifamily Real Estate Secured
|
|
|
|
||||
In-house originated
|
3,978
|
|
|
791
|
|
||
Purchased
|
277
|
|
|
1,427
|
|
||
Commercial Real Estate Secured
|
|
|
|
||||
Purchased
|
—
|
|
|
254
|
|
||
Total nonaccrual loans secured by real estate
|
27,648
|
|
|
30,905
|
|
||
Auto and RV Secured
|
157
|
|
|
278
|
|
||
Commercial and Industrial
|
314
|
|
|
—
|
|
||
Other
|
274
|
|
|
676
|
|
||
Total nonperforming loans and leases
|
$
|
28,393
|
|
|
$
|
31,859
|
|
Nonperforming loans and leases to total loans and leases
|
0.38
|
%
|
|
0.50
|
%
|
|
June 30, 2017
|
||||||||||||||||||||||||||||||||||||||
|
Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Mortgage
|
|
Home
Equity |
|
Warehouse & Other
|
|
Multi-
family real estate secured |
|
Commercial
real estate secured |
|
Auto and RV secured
|
|
Factoring
|
|
Commercial & Industrial
|
|
Other
|
|
Total
|
||||||||||||||||||||
Performing
|
$
|
3,878,377
|
|
|
$
|
2,076
|
|
|
$
|
452,390
|
|
|
$
|
1,615,149
|
|
|
$
|
162,715
|
|
|
$
|
154,089
|
|
|
$
|
160,674
|
|
|
$
|
991,918
|
|
|
$
|
3,480
|
|
|
$
|
7,420,868
|
|
Non-performing
|
23,377
|
|
|
16
|
|
|
—
|
|
|
4,255
|
|
|
—
|
|
|
157
|
|
|
—
|
|
|
314
|
|
|
274
|
|
|
28,393
|
|
||||||||||
Total
|
$
|
3,901,754
|
|
|
$
|
2,092
|
|
|
$
|
452,390
|
|
|
$
|
1,619,404
|
|
|
$
|
162,715
|
|
|
$
|
154,246
|
|
|
$
|
160,674
|
|
|
$
|
992,232
|
|
|
$
|
3,754
|
|
|
$
|
7,449,261
|
|
|
June 30, 2016
|
||||||||||||||||||||||||||||||||||||||
|
Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Mortgage
|
|
Home
Equity |
|
Warehouse & Other
|
|
Multi-
family real estate secured |
|
Commercial
real estate secured |
|
Auto and RV secured
|
|
Factoring
|
|
Commercial & Industrial
|
|
Other
|
|
Total
|
||||||||||||||||||||
Performing
|
$
|
3,650,120
|
|
|
$
|
2,437
|
|
|
$
|
537,714
|
|
|
$
|
1,370,998
|
|
|
$
|
121,492
|
|
|
$
|
73,398
|
|
|
$
|
98,275
|
|
|
$
|
514,300
|
|
|
$
|
1,866
|
|
|
$
|
6,370,600
|
|
Non-performing
|
28,400
|
|
|
33
|
|
|
—
|
|
|
2,218
|
|
|
254
|
|
|
278
|
|
|
—
|
|
|
—
|
|
|
676
|
|
|
31,859
|
|
||||||||||
Total
|
$
|
3,678,520
|
|
|
$
|
2,470
|
|
|
$
|
537,714
|
|
|
$
|
1,373,216
|
|
|
$
|
121,746
|
|
|
$
|
73,676
|
|
|
$
|
98,275
|
|
|
$
|
514,300
|
|
|
$
|
2,542
|
|
|
$
|
6,402,459
|
|
|
June 30, 2017
|
|||||||||||||||||||||||||||||||||||
|
Single Family Real Estate Secured: Mortgage
|
|
Multifamily Real Estate Secured
|
|
Commercial Real Estate Secured
|
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Origination
|
|
Purchase
|
|
Total
|
|
Origination
|
|
Purchase
|
|
Total
|
|
Origination
|
|
Purchase
|
|
Total
|
|||||||||||||||||||
Performing
|
$
|
3,827,649
|
|
|
$
|
50,728
|
|
—
|
|
$
|
3,878,377
|
|
|
$
|
1,528,912
|
|
|
$
|
86,237
|
|
|
$
|
1,615,149
|
|
|
$
|
150,880
|
|
|
$
|
11,835
|
|
|
$
|
162,715
|
|
Non-performing
|
19,320
|
|
|
4,057
|
|
|
23,377
|
|
|
3,978
|
|
|
277
|
|
|
4,255
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Total
|
$
|
3,846,969
|
|
|
$
|
54,785
|
|
|
$
|
3,901,754
|
|
|
$
|
1,532,890
|
|
|
$
|
86,514
|
|
|
$
|
1,619,404
|
|
|
$
|
150,880
|
|
|
$
|
11,835
|
|
|
$
|
162,715
|
|
|
June 30, 2016
|
||||||||||||||||||||||||||||||||||
|
Single Family Real Estate Secured: Mortgage
|
|
Multifamily Real Estate Secured
|
|
Commercial Real Estate Secured
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Origination
|
|
Purchase
|
|
Total
|
|
Origination
|
|
Purchase
|
|
Total
|
|
Origination
|
|
Purchase
|
|
Total
|
||||||||||||||||||
Performing
|
$
|
3,578,629
|
|
|
$
|
71,491
|
|
|
$
|
3,650,120
|
|
|
$
|
1,270,379
|
|
|
$
|
100,619
|
|
|
$
|
1,370,998
|
|
|
$
|
109,370
|
|
|
$
|
12,122
|
|
|
$
|
121,492
|
|
Non-performing
|
22,958
|
|
|
5,442
|
|
|
28,400
|
|
|
791
|
|
|
1,427
|
|
|
2,218
|
|
|
—
|
|
|
254
|
|
|
254
|
|
|||||||||
Total
|
$
|
3,601,587
|
|
|
$
|
76,933
|
|
|
$
|
3,678,520
|
|
|
$
|
1,271,170
|
|
|
$
|
102,046
|
|
|
$
|
1,373,216
|
|
|
$
|
109,370
|
|
|
$
|
12,376
|
|
|
$
|
121,746
|
|
|
June 30, 2017
|
||||||||||||||||||||||||||||||||||||||
|
Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Mortgage
|
|
Home
Equity |
|
Warehouse & Other
|
|
Multi-
family real estate secured |
|
Commercial
real estate secured |
|
Auto and RV secured
|
|
Factoring
|
|
Commercial & Industrial
|
|
Other
|
|
Total
|
||||||||||||||||||||
Performing loans temporarily modified as TDR
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-performing loans and leases
|
23,377
|
|
|
16
|
|
|
—
|
|
|
4,255
|
|
|
—
|
|
|
157
|
|
|
—
|
|
|
314
|
|
|
274
|
|
|
28,393
|
|
||||||||||
Total impaired loans and leases
|
$
|
23,377
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
4,255
|
|
|
$
|
—
|
|
|
$
|
157
|
|
|
$
|
—
|
|
|
$
|
314
|
|
|
$
|
274
|
|
|
$
|
28,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Year Ended June 30, 2017
|
||||||||||||||||||||||||||||||||||||||
|
Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Mortgage
|
|
Home
Equity |
|
Warehouse & Other
|
|
Multi-
family real estate secured |
|
Commercial
real estate secured |
|
Auto and RV secured
|
|
Factoring
|
|
Commercial & Industrial
|
|
Other
|
|
Total
|
||||||||||||||||||||
Interest income recognized on performing TDRs
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7
|
|
Average balances of performing TDRs
|
$
|
125
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
125
|
|
Average balances of impaired loans and leases
|
$
|
28,823
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
4,409
|
|
|
$
|
144
|
|
|
$
|
231
|
|
|
$
|
—
|
|
|
$
|
63
|
|
|
$
|
450
|
|
|
$
|
34,154
|
|
|
June 30, 2016
|
||||||||||||||||||||||||||||||||||||||
|
Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Mortgage
|
|
Home
Equity |
|
Warehouse & Other
|
|
Multi-
family real estate secured |
|
Commercial
real estate secured |
|
Auto and RV secured
|
|
Factoring
|
|
Commercial & Industrial
|
|
Other
|
|
Total
|
||||||||||||||||||||
Performing loans temporarily modified as TDR
|
$
|
210
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
210
|
|
Non-performing loans and leases
|
28,400
|
|
|
33
|
|
|
—
|
|
|
2,218
|
|
|
254
|
|
|
278
|
|
|
—
|
|
|
—
|
|
|
676
|
|
|
31,859
|
|
||||||||||
Total impaired loans and leases
|
$
|
28,610
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
2,218
|
|
|
$
|
254
|
|
|
$
|
278
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
676
|
|
|
$
|
32,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Year Ended June 30, 2016
|
||||||||||||||||||||||||||||||||||||||
|
Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Mortgage
|
|
Home
Equity |
|
Warehouse & Other
|
|
Multi-
family real estate secured |
|
Commercial
real estate secured |
|
Auto and RV secured
|
|
Factoring
|
|
Commercial & Industrial
|
|
Other
|
|
Total
|
||||||||||||||||||||
Interest income recognized on performing TDRs
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9
|
|
Average balances of performing TDRs
|
$
|
214
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
214
|
|
Average balances of impaired loans and leases
|
$
|
22,969
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
4,495
|
|
|
$
|
969
|
|
|
$
|
327
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
135
|
|
|
$
|
28,913
|
|
|
June 30, 2015
|
||||||||||||||||||||||||||||||||||||||
|
Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Mortgage
|
|
Home
Equity |
|
Warehouse & Other
|
|
Multi-
family real estate secured |
|
Commercial
real estate secured |
|
Auto and RV secured
|
|
Factoring
|
|
Commercial & Industrial
|
|
Other
|
|
Total
|
||||||||||||||||||||
Performing loans temporarily modified as TDR
|
$
|
217
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
217
|
|
Non-performing loans
|
22,842
|
|
|
9
|
|
|
—
|
|
|
5,399
|
|
|
2,128
|
|
|
453
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,831
|
|
||||||||||
Total impaired loans
|
$
|
23,059
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
5,399
|
|
|
$
|
2,128
|
|
|
$
|
453
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
31,048
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Year Ended June 30, 2015
|
||||||||||||||||||||||||||||||||||||||
|
Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
(Dollars in thousands)
|
Mortgage
|
|
Home
Equity |
|
Warehouse & Other
|
|
Multi-
family real estate secured |
|
Commercial
real estate secured |
|
Auto and RV secured
|
|
Factoring
|
|
Commercial & Industrial
|
|
Other
|
|
Total
|
||||||||||||||||||||
Interest income recognized on performing TDRs
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37
|
|
Average balances of performing TDRs
|
$
|
500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
278
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
778
|
|
Average balances of impaired loans
|
$
|
21,106
|
|
|
$
|
51
|
|
|
$
|
—
|
|
|
$
|
5,320
|
|
|
$
|
3,028
|
|
|
$
|
462
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29,967
|
|
|
Year Ended June 30,
|
||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Single family real estate secured:
|
|
|
|
|
|
||||||
Mortgage
|
|
|
|
|
|
||||||
In-house originated
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36
|
|
Total TDR loans secured by real estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36
|
|
Other
|
259
|
|
|
—
|
|
|
—
|
|
|||
Total loans modified as TDRs
|
$
|
259
|
|
|
$
|
—
|
|
|
$
|
36
|
|
|
Year Ended June 30, 2017
|
||||||||
(Dollars in thousands)
|
Number of Loans
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
||||
Troubled Debt Restructurings:
|
|
|
|
|
|
||||
Other
|
7
|
|
259
|
|
|
259
|
|
||
Total
|
7
|
|
$
|
259
|
|
|
$
|
259
|
|
|
Year Ended June 30, 2016
|
||||||||
(Dollars in thousands)
|
Number of Loans
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
||||
Troubled Debt Restructurings:
|
|
|
|
|
|
||||
Single family real estate secured:
|
|
|
|
|
|
||||
Mortgage
|
|
|
|
|
|
||||
In-house originated
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
Total
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Year Ended June 30, 2015
|
||||||||
(Dollars in thousands)
|
Number of Loans
|
|
Pre-Modification Outstanding Recorded Investment
|
|
Post-Modification Outstanding Recorded Investment
|
||||
Troubled Debt Restructurings:
|
|
|
|
|
|
||||
Single family real estate secured:
|
|
|
|
|
|
||||
Mortgage
|
|
|
|
|
|
||||
In-house originated
|
1
|
|
$
|
36
|
|
|
$
|
36
|
|
Total
|
1
|
|
$
|
36
|
|
|
$
|
36
|
|
|
June 30, 2017
|
||||||||||||||||||
(Dollars in thousands)
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
$
|
3,808,886
|
|
|
$
|
18,763
|
|
|
$
|
19,320
|
|
|
$
|
—
|
|
|
$
|
3,846,969
|
|
Purchased
|
49,893
|
|
|
538
|
|
|
4,354
|
|
|
—
|
|
|
54,785
|
|
|||||
Home equity
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
2,076
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
2,092
|
|
|||||
Warehouse and other
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
452,390
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
452,390
|
|
|||||
Multifamily real estate secured
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
1,526,931
|
|
|
1,981
|
|
|
3,978
|
|
|
—
|
|
|
1,532,890
|
|
|||||
Purchased
|
84,775
|
|
|
452
|
|
|
1,287
|
|
|
—
|
|
|
86,514
|
|
|||||
Commercial real estate secured
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
150,880
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
150,880
|
|
|||||
Purchased
|
9,868
|
|
|
1,967
|
|
|
—
|
|
|
—
|
|
|
11,835
|
|
|||||
Auto and RV secured
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
153,994
|
|
|
77
|
|
|
175
|
|
|
—
|
|
|
154,246
|
|
|||||
Factoring
|
160,674
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
160,674
|
|
|||||
Commercial & Industrial
|
991,918
|
|
|
—
|
|
|
314
|
|
|
—
|
|
|
992,232
|
|
|||||
Other
|
3,480
|
|
|
—
|
|
|
274
|
|
|
—
|
|
|
3,754
|
|
|||||
Total
|
$
|
7,395,765
|
|
|
$
|
23,778
|
|
|
$
|
29,718
|
|
|
$
|
—
|
|
|
$
|
7,449,261
|
|
As of % of gross loans and leases
|
99.3
|
%
|
|
0.3
|
%
|
|
0.4
|
%
|
|
—
|
%
|
|
100.0
|
%
|
|
June 30, 2016
|
||||||||||||||||||
(Dollars in thousands)
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
$
|
3,563,430
|
|
|
$
|
10,938
|
|
|
$
|
27,219
|
|
|
$
|
—
|
|
|
$
|
3,601,587
|
|
Purchased
|
71,111
|
|
|
—
|
|
|
5,822
|
|
|
—
|
|
|
76,933
|
|
|||||
Home equity
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
2,420
|
|
|
17
|
|
|
33
|
|
|
—
|
|
|
2,470
|
|
|||||
Warehouse and other
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
534,868
|
|
|
2,846
|
|
|
—
|
|
|
—
|
|
|
537,714
|
|
|||||
Multifamily real estate secured
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
1,262,384
|
|
|
4,721
|
|
|
4,065
|
|
|
—
|
|
|
1,271,170
|
|
|||||
Purchased
|
96,792
|
|
|
2,769
|
|
|
2,485
|
|
|
—
|
|
|
102,046
|
|
|||||
Commercial real estate secured
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
109,370
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
109,370
|
|
|||||
Purchased
|
10,110
|
|
|
2,012
|
|
|
254
|
|
|
—
|
|
|
12,376
|
|
|||||
Auto and RV secured
|
|
|
|
|
|
|
|
|
|
||||||||||
In-house originated
|
73,192
|
|
|
97
|
|
|
387
|
|
|
—
|
|
|
73,676
|
|
|||||
Factoring
|
98,275
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98,275
|
|
|||||
Commercial & Industrial
|
513,310
|
|
|
—
|
|
|
990
|
|
|
—
|
|
|
514,300
|
|
|||||
Other
|
1,715
|
|
|
151
|
|
|
676
|
|
|
—
|
|
|
2,542
|
|
|||||
Total
|
$
|
6,336,977
|
|
|
$
|
23,551
|
|
|
$
|
41,931
|
|
|
$
|
—
|
|
|
$
|
6,402,459
|
|
As of % of gross loans and leases
|
99.0
|
%
|
|
0.4
|
%
|
|
0.6
|
%
|
|
—
|
%
|
|
100.0
|
%
|
|
June 30, 2017
|
||||||||||||||
(Dollars in thousands)
|
30-59 Days Past
Due
|
|
60-89 Days Past
Due
|
|
90+ Days Past Due
|
|
Total
|
||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
||||||||
Mortgage
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
$
|
4,892
|
|
|
$
|
2,325
|
|
|
$
|
19,297
|
|
|
$
|
26,514
|
|
Purchased
|
244
|
|
|
101
|
|
|
1,751
|
|
|
2,096
|
|
||||
Home equity
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
||||
Multifamily real estate secured
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
—
|
|
|
—
|
|
|
3,978
|
|
|
3,978
|
|
||||
Auto and RV secured
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
149
|
|
|
77
|
|
|
3
|
|
|
229
|
|
||||
Commercial & Industrial
|
—
|
|
|
—
|
|
|
314
|
|
|
314
|
|
||||
Other
|
—
|
|
|
—
|
|
|
274
|
|
|
274
|
|
||||
Total
|
$
|
5,285
|
|
|
$
|
2,503
|
|
|
$
|
25,633
|
|
|
$
|
33,421
|
|
As a % of gross loans and leases
|
0.07
|
%
|
|
0.03
|
%
|
|
0.35
|
%
|
|
0.45
|
%
|
|
June 30, 2016
|
||||||||||||||
(Dollars in thousands)
|
30-59 Days Past
Due |
|
60-89 Days Past
Due |
|
90+ Days Past Due
|
|
Total
|
||||||||
Single family real estate secured:
|
|
|
|
|
|
|
|
||||||||
Mortgage
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
$
|
5,192
|
|
|
$
|
1,866
|
|
|
$
|
21,722
|
|
|
$
|
28,780
|
|
Purchased
|
572
|
|
|
—
|
|
|
2,538
|
|
|
3,110
|
|
||||
Home equity
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
—
|
|
|
17
|
|
|
29
|
|
|
46
|
|
||||
Multifamily real estate secured
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
3,594
|
|
|
—
|
|
|
791
|
|
|
4,385
|
|
||||
Commercial real estate secured
|
|
|
|
|
|
|
|
||||||||
Purchased
|
—
|
|
|
—
|
|
|
254
|
|
|
254
|
|
||||
Auto and RV secured
|
|
|
|
|
|
|
|
||||||||
In-house originated
|
200
|
|
|
136
|
|
|
104
|
|
|
440
|
|
||||
Commercial & Industrial
|
142
|
|
|
—
|
|
|
—
|
|
|
142
|
|
||||
Other
|
62
|
|
|
151
|
|
|
676
|
|
|
889
|
|
||||
Total
|
$
|
9,762
|
|
|
$
|
2,170
|
|
|
$
|
26,114
|
|
|
$
|
38,046
|
|
As a % of gross loans and leases
|
0.15
|
%
|
|
0.03
|
%
|
|
0.41
|
%
|
|
0.59
|
%
|
|
At June 30,
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Leasehold improvements
|
$
|
1,983
|
|
|
$
|
1,803
|
|
Furniture and fixtures
|
5,083
|
|
|
4,401
|
|
||
Computer hardware and equipment
|
14,254
|
|
|
12,525
|
|
||
Software
|
17,228
|
|
|
11,051
|
|
||
Total
|
38,548
|
|
|
29,780
|
|
||
Less accumulated depreciation and amortization
|
(21,889
|
)
|
|
(15,785
|
)
|
||
Furniture, equipment and software — net
|
$
|
16,659
|
|
|
$
|
13,995
|
|
|
At June 30,
|
||||||||||||
|
2017
|
|
2016
|
||||||||||
(Dollars in thousands)
|
Amount
|
|
Rate
1
|
|
Amount
|
|
Rate
1
|
||||||
Non-interest bearing
|
$
|
848,544
|
|
|
—
|
%
|
|
$
|
588,774
|
|
|
—
|
%
|
Interest bearing:
|
|
|
|
|
|
|
|
||||||
Demand
|
2,593,491
|
|
|
0.89
|
%
|
|
1,916,525
|
|
|
0.63
|
%
|
||
Savings
|
2,651,176
|
|
|
0.81
|
%
|
|
2,484,994
|
|
|
0.69
|
%
|
||
|
5,244,667
|
|
|
0.85
|
%
|
|
4,401,519
|
|
|
0.66
|
%
|
||
Time deposits:
|
|
|
|
|
|
|
|
||||||
$250 and under
2
|
774,627
|
|
|
2.54
|
%
|
|
1,017,451
|
|
|
2.00
|
%
|
||
Greater than $250
|
31,669
|
|
|
0.39
|
%
|
|
36,307
|
|
|
0.63
|
%
|
||
Total time deposits
|
806,296
|
|
|
2.46
|
%
|
|
1,053,758
|
|
|
1.96
|
%
|
||
Total interest bearing
2
|
6,050,963
|
|
|
1.06
|
%
|
|
5,455,277
|
|
|
0.91
|
%
|
||
Total deposits
|
$
|
6,899,507
|
|
|
0.93
|
%
|
|
$
|
6,044,051
|
|
|
0.82
|
%
|
|
At June 30,
|
||
(Dollars in thousands)
|
2017
|
||
Within 12 months
|
$
|
187,536
|
|
13 to 24 months
|
14,149
|
|
|
25 to 36 months
|
74,631
|
|
|
37 to 48 months
|
3,305
|
|
|
49 to 60 months
|
35,343
|
|
|
Thereafter
|
491,332
|
|
|
Total
|
$
|
806,296
|
|
|
At June 30,
|
||||||||||||
|
2017
|
|
2016
|
||||||||||
(Dollars in thousands)
|
Amount
|
|
Weighted-
Average Rate
|
|
Amount
|
|
Weighted-
Average Rate
|
||||||
Within one year
|
$
|
265,000
|
|
|
1.28
|
%
|
|
$
|
322,000
|
|
|
0.70
|
%
|
After one but within two years
|
147,500
|
|
|
1.98
|
%
|
|
30,000
|
|
|
2.80
|
%
|
||
After two but within three years
|
55,000
|
|
|
1.79
|
%
|
|
147,500
|
|
|
1.98
|
%
|
||
After three but within four years
|
65,000
|
|
|
2.30
|
%
|
|
55,000
|
|
|
1.79
|
%
|
||
After four but within five years
|
50,000
|
|
|
2.47
|
%
|
|
65,000
|
|
|
2.30
|
%
|
||
After five years
|
57,500
|
|
|
2.47
|
%
|
|
107,500
|
|
|
2.47
|
%
|
||
Total
|
$
|
640,000
|
|
|
1.79
|
%
|
|
$
|
727,000
|
|
|
1.53
|
%
|
|
At June 30,
|
||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
74,053
|
|
|
$
|
67,773
|
|
|
$
|
49,801
|
|
State
|
26,120
|
|
|
24,478
|
|
|
17,192
|
|
|||
|
100,173
|
|
|
92,251
|
|
|
66,993
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
(1,886
|
)
|
|
(5,363
|
)
|
|
(7,015
|
)
|
|||
State
|
(334
|
)
|
|
(1,284
|
)
|
|
(1,803
|
)
|
|||
|
(2,220
|
)
|
|
(6,647
|
)
|
|
(8,818
|
)
|
|||
Total
|
$
|
97,953
|
|
|
$
|
85,604
|
|
|
$
|
58,175
|
|
|
At June 30,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Statutory federal tax rate
|
35.00
|
%
|
|
35.00
|
%
|
|
35.00
|
%
|
Increase (decrease) resulting from:
|
|
|
|
|
|
|||
State taxes—net of federal tax benefit
|
7.23
|
%
|
|
7.31
|
%
|
|
6.81
|
%
|
Cash surrender value
|
(0.03
|
)%
|
|
(0.03
|
)%
|
|
(0.04
|
)%
|
Tax credits
|
(0.19
|
)%
|
|
(0.18
|
)%
|
|
(0.24
|
)%
|
Non-taxable income
|
(0.28
|
)%
|
|
(0.36
|
)%
|
|
(0.58
|
)%
|
Other
|
0.37
|
%
|
|
0.04
|
%
|
|
0.35
|
%
|
Effective tax rate
|
42.10
|
%
|
|
41.78
|
%
|
|
41.30
|
%
|
|
At June 30,
|
||||||
(Dollars in thousands)
|
2017
|
|
2016
|
||||
Deferred tax assets:
|
|
|
|
||||
Allowance for loan and lease losses and charge-offs
|
$
|
18,845
|
|
|
$
|
16,601
|
|
State taxes
|
6,893
|
|
|
5,327
|
|
||
Stock-based compensation expense
|
2,703
|
|
|
1,915
|
|
||
Unrealized net (gains) losses on securities
|
(385
|
)
|
|
5,551
|
|
||
Deferred bonus / vacation
|
959
|
|
|
625
|
|
||
Securities impaired
|
8,395
|
|
|
11,345
|
|
||
Deferred loan fees
|
2,377
|
|
|
1,128
|
|
||
Total deferred tax assets
|
39,787
|
|
|
42,492
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
FHLB stock dividend
|
(1,181
|
)
|
|
(1,187
|
)
|
||
Other assets—prepaids
|
(1,363
|
)
|
|
(937
|
)
|
||
Depreciation
|
(2,902
|
)
|
|
(2,671
|
)
|
||
Total deferred tax liabilities
|
(5,446
|
)
|
|
(4,795
|
)
|
||
Net deferred tax asset
|
$
|
34,341
|
|
|
$
|
37,697
|
|
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Balance—beginning of period
|
$
|
880
|
|
|
$
|
779
|
|
|
$
|
293
|
|
Additions—current year tax positions
|
180
|
|
|
181
|
|
|
135
|
|
|||
Additions—prior year tax positions
|
17
|
|
|
—
|
|
|
568
|
|
|||
Reductions—prior year tax positions
|
(212
|
)
|
|
(80
|
)
|
|
(217
|
)
|
|||
Total liability for unrecognized tax positions—end of period
|
$
|
865
|
|
|
$
|
880
|
|
|
$
|
779
|
|
|
At June 30,
|
||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||||||||
|
Issued
1
|
|
Outstanding
1
|
|
Issued
1
|
|
Outstanding
1
|
|
Issued
1
|
|
Outstanding
1
|
||||||
Beginning of year:
|
64,513,494
|
|
|
63,219,392
|
|
|
63,145,364
|
|
|
62,075,004
|
|
|
58,779,522
|
|
|
57,807,600
|
|
Common stock issued through option exercise or exchange
|
—
|
|
|
—
|
|
|
82,400
|
|
|
82,400
|
|
|
218,539
|
|
|
176,252
|
|
Common stock issued through public offering
|
—
|
|
|
—
|
|
|
723,808
|
|
|
723,808
|
|
|
3,796,356
|
|
|
3,796,356
|
|
Common stock issued through grants of restricted stock units
|
602,438
|
|
|
316,852
|
|
|
561,922
|
|
|
338,180
|
|
|
350,947
|
|
|
294,796
|
|
End of year:
|
65,115,932
|
|
|
63,536,244
|
|
|
64,513,494
|
|
|
63,219,392
|
|
|
63,145,364
|
|
|
62,075,004
|
|
Distribution Agent
|
Month
|
Weighted Average Per Share Price
1
|
Number of
Shares Sold
1
|
Net Proceeds
|
Compensation to Distribution Agent
|
|||||||
Keefe, Bruyette & Woods, Inc.
|
August 2014
|
$
|
19.68
|
|
177,668
|
|
$
|
3,409
|
|
$
|
87
|
|
Keefe, Bruyette & Woods, Inc.
|
September 2014
|
$
|
18.65
|
|
947,200
|
|
$
|
17,218
|
|
$
|
441
|
|
Keefe, Bruyette & Woods, Inc.
|
October 2014
|
$
|
17.56
|
|
200,000
|
|
$
|
3,423
|
|
$
|
88
|
|
Keefe, Bruyette & Woods, Inc.
|
November 2014
|
$
|
19.58
|
|
520,000
|
|
$
|
9,924
|
|
$
|
254
|
|
Keefe, Bruyette & Woods, Inc.
|
December 2014
|
$
|
19.69
|
|
267,200
|
|
$
|
5,130
|
|
$
|
132
|
|
Keefe, Bruyette & Woods, Inc.
|
January 2015
|
$
|
20.35
|
|
486,280
|
|
$
|
9,646
|
|
$
|
248
|
|
Distribution Agent
|
Month
|
Weighted Average Per Share Price
1
|
Number of
Shares Sold 1 |
Net Proceeds
|
Compensation to Distribution Agent
|
|||||||
FBR Capital Markets & Co.
|
February 2015
|
$
|
22.68
|
|
40,000
|
|
$
|
884
|
|
$
|
23
|
|
FBR Capital Markets & Co.
|
March 2015
|
$
|
23.38
|
|
518,528
|
|
$
|
11,818
|
|
$
|
303
|
|
FBR Capital Markets & Co.
|
April 2015
|
$
|
23.10
|
|
265,088
|
|
$
|
5,971
|
|
$
|
153
|
|
FBR Capital Markets & Co.
|
May 2015
|
$
|
23.69
|
|
122,800
|
|
$
|
2,837
|
|
$
|
73
|
|
FBR Capital Markets & Co.
|
June 2015
|
$
|
24.69
|
|
251,592
|
|
$
|
6,057
|
|
$
|
155
|
|
FBR Capital Markets & Co.
|
July 2015
|
$
|
27.37
|
|
280,000
|
|
$
|
7,471
|
|
$
|
192
|
|
FBR Capital Markets & Co.
|
August 2015
|
$
|
32.81
|
|
40,000
|
|
$
|
1,279
|
|
$
|
33
|
|
FBR Capital Markets & Co.
|
September 2015
|
$
|
30.99
|
|
240,000
|
|
$
|
7,252
|
|
$
|
186
|
|
FBR Capital Markets & Co.
|
October 2015
|
$
|
32.43
|
|
163,808
|
|
$
|
5,181
|
|
$
|
132
|
|
|
|
Number
of Shares
1
|
|
Weighted-Average
Exercise Price
Per Share
1
|
|||
Outstanding—June 30, 2014
|
|
427,800
|
|
|
$
|
2.18
|
|
Granted
|
|
—
|
|
|
—
|
|
|
Exercised
|
|
(218,539
|
)
|
|
2.26
|
|
|
Canceled
|
|
(126,861
|
)
|
|
2.26
|
|
|
Outstanding—June 30, 2015
|
|
82,400
|
|
|
$
|
1.84
|
|
Granted
|
|
—
|
|
|
—
|
|
|
Exercised
|
|
(82,400
|
)
|
|
1.84
|
|
|
Canceled
|
|
—
|
|
|
—
|
|
|
Outstanding—June 30, 2016
|
|
—
|
|
|
$
|
—
|
|
Granted
|
|
—
|
|
|
—
|
|
|
Exercised
|
|
—
|
|
|
—
|
|
|
Canceled
|
|
—
|
|
|
—
|
|
|
Outstanding—June 30, 2017
|
|
—
|
|
|
$
|
—
|
|
Options exercisable—June 30, 2015
|
|
82,400
|
|
|
$
|
1.84
|
|
Options exercisable—June 30, 2016
|
|
—
|
|
|
$
|
—
|
|
Options exercisable—June 30, 2017
|
|
—
|
|
|
$
|
—
|
|
(Dollars in thousands)
|
Stock Award
Compensation Expense
|
||
For the fiscal year ended June 30:
|
|
||
2018
|
$
|
11,894
|
|
2019
|
7,764
|
|
|
2020
|
2,454
|
|
|
Total
|
$
|
22,112
|
|
|
|
Restricted Stock
Unit Shares
1
|
|
Weighted-Average
Grant-Date Fair Value
1
|
|||
Non-vested balance at June 30, 2014
|
|
945,756
|
|
|
$
|
10.29
|
|
|
Granted
|
775,836
|
|
|
19.99
|
|
|
|
Vested
|
(350,947
|
)
|
|
10.11
|
|
|
|
Canceled
|
(235,557
|
)
|
|
11.26
|
|
|
Non-vested balance at June 30, 2015
|
|
1,135,088
|
|
|
$
|
17.01
|
|
|
Granted
|
615,834
|
|
|
26.60
|
|
|
|
Vested
|
(536,528
|
)
|
|
16.14
|
|
|
|
Canceled
|
(154,668
|
)
|
|
18.70
|
|
|
Non-vested balance at June 30, 2016
|
|
1,059,726
|
|
|
$
|
22.53
|
|
|
Granted
|
843,611
|
|
|
21.13
|
|
|
|
Vested
|
(570,764
|
)
|
|
20.86
|
|
|
|
Canceled
|
(92,251
|
)
|
|
20.26
|
|
|
Non-vested balance at June 30, 2017
|
|
1,240,322
|
|
|
$
|
22.52
|
|
|
At June 30,
|
||||||||||
(Dollars in thousands, except per share data)
|
2017
|
|
2016
|
|
2015
|
||||||
Earnings Per Common Share
1
|
|
|
|
|
|
||||||
Net income
|
$
|
134,740
|
|
|
$
|
119,291
|
|
|
$
|
82,682
|
|
Preferred stock dividends
|
(309
|
)
|
|
(309
|
)
|
|
(309
|
)
|
|||
Net income attributable to common shareholders
|
$
|
134,431
|
|
|
$
|
118,982
|
|
|
$
|
82,373
|
|
Average common shares issued and outstanding
|
63,358,886
|
|
|
62,909,411
|
|
|
59,939,844
|
|
|||
Average unvested restricted stock grant and RSU shares
|
1,491,228
|
|
|
1,355,796
|
|
|
1,238,064
|
|
|||
Total qualifying shares
|
64,850,114
|
|
|
64,265,207
|
|
|
61,177,908
|
|
|||
Earnings per common share
|
$
|
2.07
|
|
|
$
|
1.85
|
|
|
$
|
1.35
|
|
Diluted Earnings Per Common Share
1
|
|
|
|
|
|
||||||
Net income attributable to common shareholders
|
$
|
134,431
|
|
|
$
|
118,982
|
|
|
$
|
82,373
|
|
Dilutive net income attributable to common shareholders
|
$
|
134,431
|
|
|
$
|
118,982
|
|
|
$
|
82,373
|
|
Average common shares issued and outstanding
|
64,850,114
|
|
|
64,265,207
|
|
|
61,177,908
|
|
|||
Dilutive effect of stock options
|
—
|
|
|
5,845
|
|
|
226,456
|
|
|||
Total dilutive common shares issued and outstanding
|
64,850,114
|
|
|
64,271,052
|
|
|
61,404,364
|
|
|||
Diluted earnings per common share
|
$
|
2.07
|
|
|
$
|
1.85
|
|
|
$
|
1.34
|
|
|
BofI Holding, Inc.
|
|
BofI Federal Bank
|
|
“Well
Capitalized” Ratio |
|
Minimum Capital
Ratio |
||||||||||||||
(Dollars in thousands)
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
|
|||||||||||||
Regulatory Capital:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1
|
$
|
833,759
|
|
|
$
|
690,893
|
|
|
$
|
804,317
|
|
|
$
|
664,427
|
|
|
|
|
|
||
Common equity tier 1
|
$
|
828,696
|
|
|
$
|
685,830
|
|
|
$
|
804,317
|
|
|
$
|
664,427
|
|
|
|
|
|
||
Total capital (to risk-weighted assets)
|
$
|
925,720
|
|
|
$
|
777,834
|
|
|
$
|
845,278
|
|
|
$
|
700,368
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average adjusted
|
$
|
8,380,909
|
|
|
$
|
7,575,526
|
|
|
$
|
8,374,509
|
|
|
$
|
7,566,865
|
|
|
|
|
|
||
Total risk-weighted
|
$
|
5,651,522
|
|
|
$
|
4,755,242
|
|
|
$
|
5,645,112
|
|
|
$
|
4,747,496
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Regulatory Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1 leverage (core) capital to adjusted average assets
|
9.95
|
%
|
|
9.12
|
%
|
|
9.60
|
%
|
|
8.78
|
%
|
|
5.00
|
%
|
|
4.00
|
%
|
||||
Common equity tier 1 capital (to risk-weighted assets)
|
14.66
|
%
|
|
14.42
|
%
|
|
14.25
|
%
|
|
14.00
|
%
|
|
6.50
|
%
|
|
4.50
|
%
|
||||
Tier 1 capital (to risk-weighted assets)
|
14.75
|
%
|
|
14.53
|
%
|
|
14.25
|
%
|
|
14.00
|
%
|
|
8.00
|
%
|
|
6.00
|
%
|
||||
Total capital (to risk-weighted assets)
|
16.38
|
%
|
|
16.36
|
%
|
|
14.97
|
%
|
|
14.75
|
%
|
|
10.00
|
%
|
|
8.00
|
%
|
BofI Holding, Inc.
(Parent Company Only)
STATEMENTS OF INCOME
|
|||||||||||
|
Year Ended June 30,
|
||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
Interest income
|
$
|
621
|
|
|
$
|
136
|
|
|
$
|
111
|
|
Interest expense
|
3,613
|
|
|
1,275
|
|
|
143
|
|
|||
Net interest (expense) income
|
(2,992
|
)
|
|
(1,139
|
)
|
|
(32
|
)
|
|||
Provision for loan losses
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net interest (expense) income, after provision for loan losses
|
(2,992
|
)
|
|
(1,139
|
)
|
|
(32
|
)
|
|||
Non-interest income (loss)
|
—
|
|
|
339
|
|
|
(9
|
)
|
|||
Non-interest expense
|
8,561
|
|
|
7,345
|
|
|
4,678
|
|
|||
Income (loss) before dividends from subsidiary and equity in undistributed income of subsidiary
|
(11,553
|
)
|
|
(8,145
|
)
|
|
(4,719
|
)
|
|||
Dividends from subsidiary
|
6,400
|
|
|
2,900
|
|
|
1,950
|
|
|||
Equity in undistributed earnings of subsidiary
|
139,893
|
|
|
124,536
|
|
|
85,451
|
|
|||
Net income
|
$
|
134,740
|
|
|
$
|
119,291
|
|
|
$
|
82,682
|
|
Comprehensive income
|
$
|
142,531
|
|
|
$
|
121,386
|
|
|
$
|
83,649
|
|
BofI Holding, Inc.
(Parent Company Only)
STATEMENT OF CASH FLOWS
|
|||||||||||
|
Year Ended June 30,
|
||||||||||
(Dollars in thousands)
|
2017
|
|
2016
|
|
2015
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net income
|
$
|
134,740
|
|
|
$
|
119,291
|
|
|
$
|
82,682
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
|
|
||||||
Accretion of discounts on securities
|
—
|
|
|
(50
|
)
|
|
(69
|
)
|
|||
Amortization of borrowing costs
|
208
|
|
|
72
|
|
|
5
|
|
|||
Impairment charge on securities
|
(1
|
)
|
|
—
|
|
|
9
|
|
|||
Accretion of discounts on loans
|
—
|
|
|
(6
|
)
|
|
(12
|
)
|
|||
Gain on sales of loans held for sale
|
—
|
|
|
(339
|
)
|
|
—
|
|
|||
Stock-based compensation expense
|
14,535
|
|
|
11,326
|
|
|
6,648
|
|
|||
Tax effect from exercise of common stock options and vesting of restricted stock grants
|
(432
|
)
|
|
(2,531
|
)
|
|
(5,526
|
)
|
|||
Equity in undistributed earnings of subsidiary
|
(139,893
|
)
|
|
(124,533
|
)
|
|
(85,368
|
)
|
|||
Decrease (increase) in other assets
|
469
|
|
|
(1,361
|
)
|
|
(1,977
|
)
|
|||
Increase (decrease) in other liabilities
|
(5,784
|
)
|
|
(5,247
|
)
|
|
(3,702
|
)
|
|||
Net cash provided by (used in) operating activities
|
3,842
|
|
|
(3,378
|
)
|
|
(7,310
|
)
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Proceeds from sale of available-for-sale securities
|
—
|
|
|
531
|
|
|
—
|
|
|||
Proceeds from principal repayments on loans
|
8
|
|
|
8
|
|
|
7
|
|
|||
Investment in subsidiary
|
—
|
|
|
(17,000
|
)
|
|
(55,000
|
)
|
|||
Net cash used in investing activities
|
8
|
|
|
(16,461
|
)
|
|
(54,993
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Proceeds from exercise of common stock options
|
—
|
|
|
151
|
|
|
781
|
|
|||
Proceeds from issuance of common stock
|
—
|
|
|
21,120
|
|
|
75,985
|
|
|||
Tax effect from exercise of common stock options and vesting of restricted stock units
|
432
|
|
|
2,531
|
|
|
5,526
|
|
|||
Proceeds from issuance of subordinated notes
|
—
|
|
|
51,000
|
|
|
—
|
|
|||
Cash dividends on preferred stock
|
(309
|
)
|
|
(309
|
)
|
|
(309
|
)
|
|||
Net cash provided by (used in) financing activities
|
123
|
|
|
74,493
|
|
|
81,983
|
|
|||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
3,973
|
|
|
54,654
|
|
|
19,680
|
|
|||
CASH AND CASH EQUIVALENTS—Beginning of year
|
77,383
|
|
|
22,729
|
|
|
3,049
|
|
|||
CASH AND CASH EQUIVALENTS—End of year
|
$
|
81,356
|
|
|
$
|
77,383
|
|
|
$
|
22,729
|
|
|
Quarters Ended in Fiscal Year 2017
|
||||||||||||||
(Dollars in thousands)
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||
Interest and dividend income
|
$
|
98,543
|
|
|
$
|
106,962
|
|
|
$
|
94,301
|
|
|
$
|
87,480
|
|
Interest expense
|
20,016
|
|
|
18,403
|
|
|
17,940
|
|
|
17,700
|
|
||||
Net interest income
|
78,527
|
|
|
88,559
|
|
|
76,361
|
|
|
69,780
|
|
||||
Provision for loan losses
|
200
|
|
|
4,862
|
|
|
4,100
|
|
|
1,900
|
|
||||
Net interest income after provision for loan losses
|
78,327
|
|
|
83,697
|
|
|
72,261
|
|
|
67,880
|
|
||||
Non-interest income
|
13,533
|
|
|
23,168
|
|
|
16,700
|
|
|
14,732
|
|
||||
Non-interest expense
|
35,979
|
|
|
35,448
|
|
|
33,300
|
|
|
32,878
|
|
||||
Income before income taxes
|
55,881
|
|
|
71,417
|
|
|
55,661
|
|
|
49,734
|
|
||||
Income tax expense
|
23,332
|
|
|
30,423
|
|
|
23,361
|
|
|
20,837
|
|
||||
Net income
|
$
|
32,549
|
|
|
$
|
40,994
|
|
|
$
|
32,300
|
|
|
$
|
28,897
|
|
Net income attributable to common stock
|
$
|
32,472
|
|
|
$
|
40,917
|
|
|
$
|
32,222
|
|
|
$
|
28,820
|
|
Basic earnings per share
|
$
|
0.50
|
|
|
$
|
0.63
|
|
|
$
|
0.50
|
|
|
$
|
0.45
|
|
Diluted earnings per share
|
$
|
0.50
|
|
|
$
|
0.63
|
|
|
$
|
0.50
|
|
|
$
|
0.45
|
|
|
Quarters Ended in Fiscal Year 2016
|
||||||||||||||
(Dollars in thousands)
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||
Interest and dividend income
|
$
|
86,261
|
|
|
$
|
84,282
|
|
|
$
|
75,935
|
|
|
$
|
71,229
|
|
Interest expense
|
17,106
|
|
|
14,725
|
|
|
12,764
|
|
|
12,101
|
|
||||
Net interest income
|
69,155
|
|
|
69,557
|
|
|
63,171
|
|
|
59,128
|
|
||||
Provision for loan losses
|
1,900
|
|
|
2,000
|
|
|
3,400
|
|
|
2,400
|
|
||||
Net interest income after provision for loan losses
|
67,255
|
|
|
67,557
|
|
|
59,771
|
|
|
56,728
|
|
||||
Non-interest income
|
17,015
|
|
|
23,316
|
|
|
16,220
|
|
|
9,789
|
|
||||
Non-interest expense
|
32,985
|
|
|
29,408
|
|
|
27,445
|
|
|
22,918
|
|
||||
Income before income taxes
|
51,285
|
|
|
61,465
|
|
|
48,546
|
|
|
43,599
|
|
||||
Income tax expense
|
21,558
|
|
|
25,551
|
|
|
20,397
|
|
|
18,098
|
|
||||
Net income
|
$
|
29,727
|
|
|
$
|
35,914
|
|
|
$
|
28,149
|
|
|
$
|
25,501
|
|
Net income attributable to common stock
|
$
|
29,650
|
|
|
$
|
35,837
|
|
|
$
|
28,071
|
|
|
$
|
25,424
|
|
Basic earnings per share
1
|
$
|
0.46
|
|
|
$
|
0.56
|
|
|
$
|
0.44
|
|
|
$
|
0.40
|
|
Diluted earnings per share
1
|
$
|
0.46
|
|
|
$
|
0.56
|
|
|
$
|
0.44
|
|
|
$
|
0.40
|
|
1.
|
I have reviewed this annual report on Form 10-K of BofI Holding, Inc. (the “registrant”).
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report.
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting or, caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
|
Date:
|
August 23, 2017
|
|
|
|
/s/ GREGORY GARRABRANTS
|
|
|
GREGORY GARRABRANTS
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
1.
|
I have reviewed this annual report on Form 10-K of BofI Holding, Inc. (the “registrant”).
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report.
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting or, caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures, and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
|
Date:
|
August 23, 2017
|
|
|
|
/s/ ANDREW J. MICHELETTI
|
|
|
ANDREW J. MICHELETTI
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
(a)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(b)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
|
Date:
|
August 23, 2017
|
/s/ GREGORY GARRABRANTS
|
|
|
GREGORY GARRABRANTS
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
(a)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(b)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
August 23, 2017
|
|
|
|
/s/ ANDREW J. MICHELETTI
|
|
|
ANDREW J. MICHELETTI
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|