BofI Holding, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2016
January 30, 2017 at 09:00 pm
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BofI Holding, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended December 31, 2016. Net income was $32.3 million, an increase of 14.7% over net income of $28.1 million for the quarter ended December 31, 2015. Earnings attributable to BofI’s common stockholders were $32.2 million or $0.50 per diluted share for the second quarter of fiscal 2017, an increase of 14.8% from $28.1 million or $0.44 per diluted share for the second quarter ended December 31, 2015. Adjusted earnings, a non-GAAP measure, which excludes the after-tax impact of gains and losses associated with the company’s securities portfolio, increased 14.9% to $31.9 million for the quarter ended December 31, 2016 compared to $27.7 million for the quarter ended December 31, 2015. Net interest income increased $13.2 million or 20.9% for the quarter ended December 31, 2016 compared to December 31, 2015, due to the $1.5 billion growth in average-earning assets. Return on average assets was 1.66% against 1.77% for the same period a year ago. Return on average common stockholders’ equity was 17.49% against 18.81% for the same period a year ago. Revenue grew to $93.1 million from $79.4 million a year ago.
For the six months, the company reported net interest income of $146,141,000, income before income tax expense of $105,395,000, net income attributable to common stock of $61,042,000, book value per common share of $11.82, return on average assets of 1.60%, return on average common stockholders’ equity of 17.05%, adjusted earnings of $60,205,000 compared to the net interest income of $122,299,000, income before income tax expense of $92,145,000, net income attributable to common stock of $53,495,000, book value per common share of $9.65, return on average assets of 1.73%, return on average common stockholders’ equity of 18.55%, adjusted earnings of $53,262,000 for the same quarter a year ago.
Axos Financial Inc. is a financial holding company that operates through its subsidiary, Axos Bank (the Bank). The Bank provides consumer and commercial banking products through its digital online and mobile banking platforms, distribution channels and affinity partners. The Companyâs segments include Banking Business and Securities Business. Banking Business segment has a range of banking services, including online banking, concierge banking, and mortgage, vehicle, and unsecured lending through online and telephonic distribution channels. In addition, it focuses on providing deposit products nationwide to industry verticals, cash management products to a variety of businesses, and commercial & industrial and commercial real estate lending to clients. Securities Business segment includes the clearing broker-dealer, registered investment advisor custody business, registered investment advisor, and introducing broker-dealer lines of businesses.