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Friday, Feb 3, 2023
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Branchless and Growing: Bank of Internet Reports Profit

B of I Holding Inc., parent of Bank of Internet USA, which conducts all its business online, reported May 6 that it received net income of $1 million for its third quarter ended March 31, up 57 percent from the like quarter of 2007.

For the nine months, the savings bank reported net income of $2.4 million , $1,000 more than what it earned in the nine months ended March 31, 2007.

B of I’s loans increased to $599 million, up 22 percent from the like quarter of last year. Deposits stood at $590 million, up 6 percent from the prior year.

The loan quality was near perfect with nonperforming loans making up only 0.09 percent of the loan portfolio.

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Assets at the mortgage lender were $1.1 billion as of March 31, compared with $847 million for the like period of last year.

, Mike Allen

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