I had some comments re. BOFI in the prior post about INBK that I wanted to mention here in case some saw the INBK label on the post and did not bother to read.

In addition to those, I have heard (not here) some folks complain about the dilution that results from BOFI tapping their equity ATM (selling stock off a shelf registration). Speaking as just one investor, I am delighted when I see that happen. As you know, banking is highly regulated and one constraint on growth is the capital base that a bank employs. I consider BOFI management to be top-notch and therefore, believe that they would not acquire more capital unless there is an indication that future growth will require it. I believe, also, that they perceive that it is in the shareholders best interest to acquire the capital gradually so that it is deployed into earning assets more quickly than the traditional method of raising several years worth of capital growth at once. I see this as management telling us that there will be profitable growth ahead for the deployment of this capital AND that the next time we need some capital that growth in profits will more than balance the little dilution this has caused.