SAN DIEGO, CA--(Marketwired - Jan 25, 2016) - BofI Holding, Inc. (NASDAQ: BOFI) ("BOFI" or the "Company"), parent company of BofI Federal Bank (the "Bank"), today announced that the Company and the Bank have received investment grade ratings with a stable outlook from Kroll Bond Rating Agency ("KBRA"), a Nationally Recognized Statistical Rating Organization registered with the SEC.
KBRA assigned the Company BBB+ for senior unsecured debt, BBB for subordinated debt, and K2 for short-term debt. The Bank was assigned A- for deposits and senior unsecured debt and K2 for short-term deposits/debt. The outlook for all ratings was noted as stable. KBRA noted that the ratings were supported by the Company's "above average asset quality, sound earnings history, strong efficiency and extensive infrastructure." KBRA also noted that the Bank's asset quality has been relatively strong through and beyond the downturn and the Bank's regulatory capital ratios are both sound and stable. KBRA further noted that the Company is well diversified geographically and the Company is strongly focused on all aspects of risk management.
Andrew Micheletti, Executive Vice President and Chief Financial Officer, commented, "We are pleased that both our Holding Company and Bank were assigned investment grade ratings by KBRA. These ratings reaffirm the Company's financial strength and provide an additional layer of flexibility to further optimize our capital structure."
A copy of the report is available on Kroll Bond Rating Agency's website at www.kbra.com.
About BofI Holding, Inc. and BofI Federal Bank
BofI Holding, Inc. ("BOFI") is the holding company for BofI Federal Bank, a nationwide bank that provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables. With approximately $6.3 billion in assets, BofI Federal Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. BofI Holding, Inc.'s common stock is listed on the NASDAQ Global Select Market under the symbol "BOFI" and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index. For more information on BofI Federal Bank, please visit bofifederalbank.com.
About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).
Forward-Looking Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to BofI's financial prospects and other projections of its performance and asset quality, BofI's ability to grow and increase its business, diversify its lending, the outcome and effects of pending class action litigation recently filed against the Company, and the anticipated timing and financial performance of new initiatives. These forward-looking statements are made on the basis of the views and assumptions of management regarding future events and performance as of the date of this press release. Actual results and the timing of events could differ materially from those expressed or implied in such forward-looking statements as a result of risks and uncertainties, including without limitation changes in interest rates, inflation, government regulation, general economic conditions, conditions in the real estate markets in which we operate and other factors beyond our control. These and other risks and uncertainties detailed in BofI's periodic reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those expressed or implied in any forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and BofI undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.