Bank of Internet, whose CEO Greg Garrabrants was featured recently on GlobeSt.com 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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