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BofI -5.6% post-earnings as loan growth slows

Published 10/28/2016, 09:52 AM
BofI -5.6% post-earnings as loan growth slows
  • Queried on the earnings call about slowing loan growth and increase in repayments in FQ1, CFO Andy Micheletti says management doesn't feel like it's the beginning of a secular trend. He notes the commercial and industrial business didn't pull in as many loans as hoped, but pipelines are generally good.
  • He does, however, sound a bit concerned with single-family jumbo loan production, which is not growing like it had previously. "That is an engine of loan growth that we've depended upon, and we haven't been successful in growing that production over the last several quarters."
  • CEO Greg Garrabrants says the issue is not competition, but instead weak execution on his bank's part.
  • Addressing this week's attack from a Seeking Alpha contributor, Garrabrants more or less calls it amateur hour, and clarifies that BofI (BOFI -5.6%) has no interest or credit exposure to any kind of loan to Jason Galanis or to any loan on which Galanis is a guarantor.

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