BofI Holding Inc. reported consolidated earnings results for the first quarter ended September 30, 2009. For the quarter, the company recorded net income of $3,708,000, compared to a loss of $1,817,000 for the three months ended September 30, 2008. Earnings available to the company's common stockholders were $3,535,000, or $0.41 per diluted share for the current quarter compared to a loss of $1,988,000, or $0.24 per diluted share for the quarter ended September 30, 2008. Net interest income increased $4.8 million during the first quarter ended September 30, 2009 compared to the first quarter last year and increased $1.3 million compared to the quarter ended June 30, 2009. Total interest and dividend income during the quarter ended September 30, 2009 increased 13.5%, to $21.8 million, compared to $19.2 million during the quarter ended September 30, 2008. The increase in interest and dividend income for the quarter was primarily attributable to growth in the average balance of loans and investment securities and higher rates earned on new loans and securities. The increase in quarterly net income year over year was primarily due to a 60.8% growth in net interest income resulting from the net margin improvement, as well as an 11.1% growth in average earning assets. Income before income tax expense was $6,279,000, compared to loss before income tax expense of $3,094,000 for the same period last year. Book value per common share was $10.19 as on September 30, 2009, compared to $8.36 as on September 30, 2008. Return on average assets was 1.12%, compared to negative return on average assets of 0.61% for the same period last year. Return on average stockholders' equity was 17.20%, compared to negative return on average stockholders' equity of 11.19% for the same period last year.

Annual Shareholders Meeting

BofI Holding Inc., Q1 2010 Earnings Call, Nov-03 2009