A tremendously positive earnings report sent Impac Mortgage Holdings’ (IMH) stock soaring on Friday.

After reporting Thursday that its first-quarter net earnings were $34 million, compared to a net loss of $3 million for the first quarter of 2014, and a net loss of $2.2 million for the fourth quarter of 2014, Impac’s stock rose by more than 33% in Friday’s trading.

The stock closed Friday at $19.20, up $4.78 for the day.

According to Impac, its operating income, defined as revenues less operating expenses, increased to $17.2 million in the first quarter of 2015, compared to operating losses of $2.8 million and $4.7 million in the fourth quarter of 2014 and the first quarter of 2014, respectively.

The company said that the increase in operating income was primarily driven by the increase in origination volumes in the first quarter and more specifically, the retail origination volumes of CashCall, which Impac agreed to acquire in January, putting a name to industry talks first announced on Dec. 12.

A Friday report from Bloomberg highlights just how far Impac has come since the financial crisis.

From Bloomberg:

Only seven years ago Impac stock was worth mere pennies as the company, along with the entire US mortgage industry, reeled from the effects of a bursting housing bubble. Before the 2008 crash, Impac specialized in Alt-A mortgages – a category of home loans featuring limited documentation or other risks but that aren't considered as bad as the subprime stuff.

Bloomberg notes that the company is still trading far below where it was at its peak, once trading above $250 per share.