Shares of Associated Banc Corp (NYSE:ASB) ended Friday session in green amid volatile trading. The shares closed up +0.13 points or 0.66% at $19.81 with 1,153,873 shares getting traded. Post opening the session at $19.76, the shares hit an intraday low of $19.52 and an intraday high of $19.84 and the price vacillated in this range throughout the day. The company has a market cap of $3.00 billion and the numbers of outstanding shares have been calculated to be 150.42 million shares.
Associated Banc Corp (ASB) on Sept. 1, 2016 announced changes involving its executive committee.
Scott S. Hickey, executive vice president and chief credit officer, has announced his plans to retire in the second quarter of 2017. Hickey, who joined Associated in 2008, had a successful career in the financial services industry spanning four decades. He played an integral role in ensuring strategic execution of the company’s credit policy during his tenure on Associated’s executive committee.
“Thanks in large part to Scott’s leadership, the company has successfully built and maintained robust internal portfolio management controls,” said Philip B. Flynn, Associated president and CEO. “Those controls allow us to ensure that loan growth exposure is managed in both a disciplined and business-building manner. We thank him for his contributions and wish him the best.”
In anticipation of Hickey’s retirement, and succession, the company also announced that James Simons has accepted the position of executive vice president and deputy chief credit officer effective September 1, 2016. He will report to Hickey and serve as a member of the executive committee.
With more than 38 years of industry experience, Simons joins Associated from CIT where he most recently served as chief credit officer for the Energy, Power, Technology, Real Estate, Private Banking, Middle Market and SBA business lines. He has also held executive credit roles with Guaranty Bancorp and US Bancorp.
Shares of BofI Holding, Inc. (NASDAQ:BOFI) ended Friday session in green amid volatile trading. The shares closed up +0.42 points or 1.94% at $22.07 with 650,201 shares getting traded. Post opening the session at $21.88, the shares hit an intraday low of $21.57 and an intraday high of $22.35 and the price vacillated in this range throughout the day. The company has a market cap of $1.42 billion and the numbers of outstanding shares have been calculated to be 63.27 million shares.
BofI Holding, Inc. (BOFI) on August 3, 2016 announced financial results for the fourth fiscal quarter ended June 30, 2016. Net income was $29.7 million, an increase of 21.9% over net income of $24.4 million for the quarter ended June 30, 2015. Earnings attributable to BofI’s common stockholders were $29.7 million or $0.46 per diluted share for the fourth quarter of fiscal 2016, an increase of 21.9% from $24.3 million or $0.39 per diluted share for the fourth quarter ended June 30, 2015.
Adjusted earnings, a non-GAAP measure, which excludes the after-tax impact of gains and losses associated with our securities portfolio, increased 26.5% to $29.7 million for the quarter ended June 30, 2016 compared to $23.5 million for the quarter ended June 30, 2015.
For the fiscal year ended June 30, 2016, net income was a record $119.3 million, an increase of 44.3% over net income of $82.7 million for the twelve months ended June 30, 2015. Earnings attributable to BofI’s common stockholders were $119.0 million or $1.85 per diluted share for the twelve months ended June 30, 2016, an increase of 44.4% from $82.4 million or $1.34 per diluted share for the twelve months ended June 30, 2015. Record earnings for the fiscal year ended June 30, 2016 were primarily the result of growth in both the Bank’s loan and lease portfolio and its fee income businesses.
“We finished fiscal 2016 with positive momentum,” stated Greg Garrabrants, President and Chief Executive Officer of BofI. “Loan growth was solid across several of our lending groups, including jumbo single family, multifamily, commercial real estate and C&I lender finance. Strong fee income growth was a key driver in us achieving 1.75% ROA and 19.43% ROE for the full year.” Mr. Garrabrants continued, “Our disciplined credit underwriting and low loan-to-value strategy has resulted in impeccable credit quality, as reflected in our 2 basis points of annualized net charge-offs during the fourth quarter. Our strong capital position and diverse set of businesses across consumer and commercial platforms enable us to invest in our systems, partnerships and personnel to ensure we remain a leader in the next generation of digital banking.”