SAN DIEGO-B of I Holding Inc., the parent of Bank of Internet USA, has raised $15.94 million in an offering of common stock at $13 per share. Proceeds of the offering will be used for general corporate purposes, including growth of the bank, according to a prepared statement by the bank. The offering of more than 1.2 million shares included 159,949 shares purchased by the sole underwriter, B. Riley & Co. LLC, through the exercise of an over-allotment option. The bank says that net proceeds after underwriting discounts and estimated transaction expenses were approximately $15.18 million.

Bank of Internet, whose CEO Greg Garrabrants was featured recently on TV, provides a variety of consumer and wholesale banking services, focusing on gathering retail deposits over the Internet, and originating and purchasing single and multifamily mortgage loans, and purchasing mortgage-backed securities. The company operates its Internet-based bank from a single location in San Diego.

In its latest quarterly earnings report, B of I Holding Inc. reported net income of $5.5 million for its second quarter ended Dec. 31, compared to net income of $2.7 million for the three months ended Dec. 31, 2008. Earnings per diluted share were $0.61 for the quarter, compared to $.30 per diluted share for the quarter ended Dec. 31, 2008.

B of I’s quarterly net income of nearly $5.55 million and its quarterly diluted earnings per share of $0.61 were new historic highs for the company, according to its public filings. Net income for the second quarter ended Dec. 31 increased 100.9% compared to net income for last year’s second quarter.

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