BofI Holding, Inc. Assesses the Financial Impact from Tax Legislation
January 09 2018 - 8:00AM
Business Wire
Company to Announce Second Quarter 2018 Results
on January 30, 2018
BofI Holding, Inc. (NASDAQ: BOFI) (the “Company”), parent of
BofI Federal Bank, has assessed the financial impact expected to
result from the Tax Cuts and Jobs Act signed into law December 22,
2017. Based on currently available information, the Company expects
to incur a one-time charge of approximately $8-$9 million, or
$0.12-$0.14 per diluted share, against its deferred tax asset in
the second quarter of fiscal 2018 ended December 31, 2017. The
deferred tax asset revaluation relates primarily to the reduced
value of deferred tax assets resulting from loan loss reserves.
The Company will receive the benefit of the reduced federal tax
rate as of January 1, 2018, through a reduction in the average tax
rate applied to the income earned in fiscal year 2018. The
reduction in the federal corporate tax rate from 35% to 21%,
starting January 1, 2018, will be partially offset by changes in
deductions of certain state and local taxes. Based on currently
available information, the Company estimates its GAAP combined
federal and state effective tax rate for the remainder of fiscal
year 2018 and for fiscal year 2019 to be as follows:
9/30/2017 12/31/2017 3/31/2018
6/30/2018 6/30/2019 June 30 Fiscal Year End Q1 2018*
Q2 2018 Q3 2018 Q4 2018 FY 2019 GAAP effective
tax rate excluding DTA adjustment in Q2 2018 42%
29%-31% 35%-37% 35%-37% 28%-30%
*Q1 2018 reported tax rate
BOFI will host its second quarter 2018 earnings conference call
on Tuesday, January 30, 2018 at 2:00 PM PT (5:00 PM ET). Earnings
results will be available at approximately 1:00 PM PT (4:00 PM ET)
on January 30, 2018.
Interested parties may access the live conference call by
visiting BOFI’s website at bofiholding.com and clicking on the
webcast link or by dialing toll-free number 877-407-8293. For those
interested parties who may be unavailable to listen to the live
broadcast, a replay will be available until March 2, 2018, at the
Company’s website and telephonically by dialing toll-free number
877-660-6853, passcode 13674938.
About BofI Holding, Inc.
BofI Holding, Inc. is the holding company for BofI Federal Bank,
a nationwide bank that provides financing for single and
multifamily residential properties, small-to-medium size businesses
in target sectors, and selected specialty finance receivables. With
approximately $8.6 billion in assets, BofI Federal Bank provides
consumer and business banking products through its low-cost
distribution channels and affinity partners. BofI Holding, Inc.’s
common stock is listed on the NASDAQ Global Select Market under the
symbol “BOFI” and is a component of the Russell 2000® Index, the
S&P SmallCap 600® Index, and the KBW Nasdaq Financial
Technology Index. For more information on BofI Federal Bank, please
visit bofifederalbank.com.
Forward-Looking Safe Harbor Statement
This press release contains forward-looking statements that
involve risks and uncertainties, including without limitation
statements relating to the financial impact of the Tax Cuts and
Jobs Act signed into law December 22, 2017, the valuation of BofI’s
deferred tax assets, effective tax rates in the current and future
periods, BofI’s performance and asset quality, BofI's ability to
grow and increase its business, diversify its lending, and the
anticipated timing and financial performance of new initiatives.
These forward-looking statements are made on the basis of the views
and assumptions of management regarding future events and
performance as of the date of this press release. Actual results
and the timing of events could differ materially from those
expressed or implied in such forward-looking statements as a result
of risks and uncertainties, including without limitation changes in
interest rates, inflation, government regulation, general economic
conditions, conditions in the real estate markets in which we
operate and other factors beyond our control. These and other risks
and uncertainties detailed in BofI's periodic reports filed with
the Securities and Exchange Commission could cause actual results
to differ materially from those expressed or implied in any
forward-looking statements. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. All forward-looking statements
are qualified in their entirety by this cautionary statement, and
BofI undertakes no obligation to revise or update any
forward-looking statements to reflect events or circumstances after
the date of this press release.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180109005651/en/
Investor Relations Contact:BofI Holding, Inc.Johnny Lai, CFAVP,
Corporate Development and Investor
Relations1-858-649-2218jlai@bofi.com
Axos Finl (delisted) (NASDAQ:BOFI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Axos Finl (delisted) (NASDAQ:BOFI)
Historical Stock Chart
From Sep 2023 to Sep 2024