Insider Activity in Motion: BofI Holding, Inc. (BOFI)

BofI Holding, Inc. (BOFI) insider has recently participated in insider trading activity. EVP & Chief Financial Officer, Micheletti Andrew J bought 1,000 shares for $13,694 via one transaction Feb 11. Following the transaction, the insider now owns 458,484 shares in total, priced at $6,670,942.2 as of Friday. Another notable insider trading was done by the same insider on Dec 09. Garrabrants Gregory acquired 1,000 shares at an average price of $18.47 for a total of $18,470. Moreover, this insider carried out a buy of 2,000 shares at $18.99 each on Dec 08. The transaction amounted to $37,980.President & CEO Garrabrants Gregory bought 1,605 shares for $150,726 through one transaction Nov 04. Following this sale, this insider’s stake in the company comprises 186,403 shares, priced at $2,712,163.7 as of Friday.

The stock has experienced a total of 8 insider trades in the past three months. These trades include 1 sell activities and 7 buy trades. Furthermore, over the past 12 months, the stock was traded 39 times by insiders. In 29 of these trades, the insider was a seller while an employee of the company was the buyer in just 10 instances.

BofI Holding, Inc. (BOFI) on Jan 28, 2016 announced financial results for the second fiscal quarter ended December 31, 2015. Net income was a record $28.1 million, an increase of 45.3% over net income of $19.4 million for the quarter ended December 31, 2014. Earnings attributable to BofI’s common stockholders were $28.1 million or $0.44 per diluted share for the second quarter of fiscal 2016, an increase of 45.5% from $19.3 million or $0.32 per diluted share for the second quarter ended December 31, 2014.

Adjusted earnings, a non-GAAP measure, which excludes the after-tax impact of gains and losses associated with our securities portfolio, increased 43.1% to $27.7 million for the quarter ended December 31, 2015 compared to $19.4 million for the quarter ended December 31, 2014.

For the six months ended December 31, 2015, net income was a record $53.7 million, an increase of 44.2% over net income of $37.2 million for the six months ended December 31, 2014. Earnings attributable to BofI’s common stockholders were $53.5 million or $0.84 per diluted share for the six months ended December 31, 2015, an increase of 44.4% from $37.1 million or $0.62 per diluted share for the six months ended December 31, 2014. Record earnings for the quarter and for the six months ended December 31, 2015 were primarily the result of growth in both the Bank’s loan portfolio and its fee income businesses.

“Our strong performance reflects the resilience of our business model and the focus of our employees,” stated Greg Garrabrants, President and Chief Executive Officer. Mr. Garrabrants continued, “Growth in our jumbo single family lending business was augmented by acceleration in two newer lines of business — small balance commercial real estate and C&I lending. We see tremendous opportunities to expand geographically and to adjacent market segments in both of these businesses as we further refine our data analytics and distribution capabilities. With a well collateralized loan portfolio and no exposure to oil and gas industry lending, our credit performance remains strong. Our net interest margin improved this quarter to 4.10%, at the high end of our guidance. We completed a successful first full quarter of our strategic partnership with H&R Block, adding high margin fee income. With a strong balance sheet, a highly profitable and scalable core business and investments in new initiatives, we are well positioned for continued growth.”