BofI Holding Inc., parent company of BofI Federal Bank, formerly called Bank of Internet USA, reported fourth quarter net income of $16 million, up 44 percent from the like quarter of 2013.

For the full fiscal year ended June 30, BofI Holding reported net income of $56 million, up 39 percent from its 2013 fiscal year net profit.

CEO Greg Garrabrants said the bank’s loan portfolio increased 118 percent year over year, which generated higher net interest income and led to the bank having its 10th consecutive year of record net income.

At June 30, BofI had total assets of $4.4 billion, up $1.3 billion or 42.5 percent from the fourth quarter of 2013. BofI Federal is San Diego’s second largest bank, behind only California Bank & Trust with about $11 billion in assets.

Garrabrants said the bank increased its loan growth without reducing its credit standards. Net charge offs to average loans declined to 0.04 percent for the fiscal year, down from 0.14 percent in FY 2013

Nonperforming loans as a percentage of total assets for the past fiscal year was 0.46 percent compared with 0.66 percent for the prior fiscal year.

The bank’s capital ratios all exceeded the minimum standards to be regarded as well-capitalized with total risk-based capital at June 30 of 15.11 percent, down from 15.28 percent for June 30, 2013.

The bank recently raised another $50 million in capital through a common stock offering to continue expanding.