Axos Financial, Inc. · NYSE:AX
Axos Financial — BofI Holding — Rodman & Renshaw Annual Global Investment Conference 2010
19 slides from Axos Financial's conference presentation, Sep 9, 2010
Slide 1: Rodman & Renshaw Annual Global Investment Conference
Rodman & Renshaw Annual Global Investment Conference Greg Garrabrants President & Chief Executive Officer September 15, 2010 Exhibit 99.1
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of (the “Reform Act”). The words “believe,” “expect,” “anticipate,” “estimate,” “project,” or the negation thereof or similar expressions constitute forward-looking st
Slide 3: Key Accomplishments
1 2 3 4 5 7 8 9 6 Key Accomplishments Common stock currently trading at: 96.9% of book; 5.35x TTM P/E 1. Based upon D.A. Davidson & Co. March 31, California Reports. 2. Assumes pushdown of existing cash of $7M from Holding company to Bank. 3. As of 9/01/10 closing price of $11.87 per share. 21.2% re
Slide 4: Corporate Profile
Corporate Profile 1. Quarter ended June 30, 2. As of 9/01/10 closing price of $11.87 per share $1.4 billion asset savings and loan holding company 10 years operating history, publicly traded on NASDAQ(BOFI) since Headquartered in single branch location in San Diego, CA 32,000 deposit and loan custom
Slide 5: The Best of the Biggest
The Best of the Biggest – The 100 Largest Public Thrifts by Asset Size
Slide 6: Primary Business – Deposits
Deposit products Primary Business – Deposits • Deposit base: ~$942M • Full-featured products • Self-service operations • Highly efficient operations (10 CSRs; 28,000 accounts) • Deposit base: ~$45M • Strong start in first full year of operations • One dedicated employee • Significant expansion oppor
Slide 7: Primary Businesses – Lending
Primary Businesses – Lending Lending Single family Multifamily Wholesale banking Gain-on-sale Mortgage Banking Wholesale Jumbo Retail Wholesale Bank loan purchase Special situations • Internet-focused lend sources • Self-service operation • Low-fixed costs • High-end portfolio lender – “Common Sense
Slide 8: Our Business Model is More Profitable Because Our Costs are Lower
Our Business Model is More Profitable Because Our Costs are Lower Salaries and benefits Premises and equipment 1. Bank of Internet USA only for three months ended 6/30/10 - the most recent data on FDIC website “Statistics on Depository Institutions Report.” Excludes BofI Holding, Inc. to compare to
Slide 9: Our Efficiency Ratio Consistently is One of the Industry's Lowest
Our Efficiency Ratio Consistently is One of the Industry's Lowest Efficiency Ratio (Bank of Internet USA, for the fiscal quarter ended) 1. Reported by FDIC – commercial banks with $1-$10 billion in assets for the quarter ended 6/30/10. Source: FDIC Statistics on Depository Institutions. All data exc
Slide 10: Best in Class Asset Quality
Best in Class Asset Quality 0.85 0.44 (%) BofI ¹ Bank $1-10bn ² 2.80 0.62 (%) BofI ¹ Bank $1-10bn ² 1. Bank of Internet USA only at 6/30/10 (excludes BofI Holding, Inc. to compare to FDIC data). 2. Commercial banks by asset size. FDIC reported at 6/30/10. Total of institutions $1-$10 billion. Assets
Slide 11: Mortgage Loan Portfolio – Years Seasoned and Loan-to-Value
Mortgage Loan Portfolio – Years Seasoned and Loan-to-Value 6/30/10 Single Family Multifamily Commercial Home Equity Percent 1. Based on current loan balance and collateral value at origination or purchase. Weighted-average number of years since origination Weighted-average loan-to-value ¹
Slide 12: Loan Diversity – June 30, 2010
Loan Diversity – June 30, 2010 Loan Portfolio 100% = $789 mm 1. Gross loans before premiums, discounts and allowances Multifamily SF residential Home equity Commercial Consumer and other
Slide 13: Deposits – June 30, 2010
Deposits – June 30, 2010 Deposits (100% = $968 mm) Time Deposits <$100K Savings Time Deposits >$100K Demand
Slide 14: bankofinternet
bankofinternet \ ina state near you vanisidiany ea www.apartmentbank.com
Slide 15: bankofinternet
bankofinternet . Programs that make your business grow. Your Super Jumbo Lender eankotiiamet Hatten ih cn fi tobe gh ane &: \ bankorisernet = Customized Mortgage and Banking Products for the Broker Doster and Financial Advisor Community
Slide 16: Investment Considerations
Investment Considerations High-quality consumer franchise Attractive valuation Scalability Strong credit quality Significant earnings upside potential
Slide 17: Experienced Management Team – Bios (I)
Experienced Management Team 15+ years Finance / Consulting 2+ years with B of I MBA, J.D., CFA Age: 38 McKinsey & Co Major Savings Bank Goldman Sachs Deloitte & Touche 25+ years Financial Services 9+ years with B of I CPA, BS Accounting Age: 52 LPL Financial; CFO Telespectrum Imperial Savings Deloit
Slide 18: Experienced Management Team – Bios (II)
Experienced Management Team 25+ years Financial Services MBA, B Com Accounting Barclays Bank NedBank ADB Bank 25+ years Banking and Financial Services Major Savings Bank National Australia Bank 17+ years Financial Services MBA Washington Mutual Marcus & Millichap Commercial Capital Adriaan van Zyl E
Slide 19: Experienced Management Team – Bios (III)
Experienced Management Team 20+ years Financial Services BA Economics Imperial Capital Bank Prosum Consulting Perot Systems 10+ years Financial Services BA Finance Major Savings Bank Guilani & Co. 15+ years Financial Services Imperial Capital Bank Property Sciences / Commercial Lender Magazine Bios
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