Axos Financial, Inc. · NYSE:AX
Axos Financial — BofI Holding — B. Riley & Co. California Bank Conference 2009
14 slides from Axos Financial's conference presentation, Aug 4, 2009
Slide 1: B. Riley & Co. California Bank Conference
B. Riley & Co. California Bank Conference August 4, 2009 Greg Garrabrants, CEO Exhibit 99.1 Safe Harbor This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). The words “believe,” “expect,” “anticipate,” “e
Slide 2: Why We Are Different – By The Numbers
154.81% 36.35% 1.06% 0.61% 68.52% Why We Are Different – By The Numbers Percent increase in net income from Q3 2008 to Q3 2009 Efficiency ratio Q3 2009 consolidated Increase in net interest margin from Q3 2008 to Q3 2009 Ratio of non-performing assets to total assets (3/31/09) Share price as % of ta
Slide 3: Corporate Profile
Corporate Profile $1.2 billion asset savings and loan holding company (1) 9+ years operating history, publically traded on NASDAQ since 2005 Headquartered in single branch location in San Diego, CA 30,000 deposit and loan customers 51 employees (over $24 million in assets per employee) Market Capita
Slide 4: Primary Businesses
Deposit Products Online Retail Loan Origination Wholesale Banking Servicing Primary Businesses Highly efficient operations (8 CSRs; 25,000 accounts) Full-featured products Self-service operations Ability to adjust asset class and credit standards quickly Low fixed costs Wide network of seller relati
Slide 5: Our Business Model Is Profitable With Lower Spreads Because Our Costs Are Lower
Our Business Model Is Profitable With Lower Spreads Because Our Costs Are Lower Salaries and Benefits Premises and Equipment 1. Bank of Internet USA only for quarter-ended 3/31/09 - the most recent quarter on FDIC website. Excludes BofI Holding company to compare to FDIC data. 2. Commercial banks by
Slide 6: Our Credit Quality Is Best-In-Class
Our Credit Quality Is Best-In-Class Assets 30-89 days delinquent Assets >90 days delinquent BofI (1) 0.49% 0.11% Banks $1-$10bn (2) 1.20% 0.19% Assets In Non-Accrual 0.15% 2.48% Banks $0.5-$1bn (2) 1.23% 0.20% 1.98% 1. Bank of Internet USA only at 3/31/09 (excludes BofI Holding, Inc. to compare to F
Slide 7: Net Interest Margin Improvement
1.76% 2.68% 2.42% 2.98% 2.82% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Net Interest Margin Improvement Consolidated Net Interest Margin Last 5 Quarters
Slide 8: And Our Efficiency Ratio Improved Dramatically
One of the lowest rates in the industry 29.17% 27.35% 30.09% 35.98% 64.41% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% Q4'08 Q1'09 Q2'09 Q3'09 Banks(1) And Our Efficiency Ratio Improved Dramatically Efficiency Ratio (Bank of Internet USA, for the quarter ended) Source: FDIC statistics on
Slide 9: Resulting In Higher After-Tax Net Income and Return On Equity
$1,018 $1,780 $2,893 $2,761 $2,594 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 Q3'08 Q4'08 Q1'09(1) Q2'09 Q3'09 Resulting In Higher After-Tax Net Income and Return On Equity ($ in 000s) 1. Q1’09 excludes $4.7mm after tax loss on sale of Fannie Mae preferred stock due to US government conservat
Slide 10: Loan Diversity – March 31, 2009
Loan Diversity – March 31, 2009 100% = $639 mm Loan Portfolio (1) 1. Gross loans before premiums, discounts and allowances. 5% 12% 26% 6% 51% SF Residential Home Equity Multifamily Commercial Consumer & Other
Slide 11: Loan Portfolio – Years Seasoned / Loan to Value
Single Family Multifamily Commercial Home Equity 3.08 4.50 2.33 1.33 0.58 0.53 0.52 0.58 Loan Portfolio – Years Seasoned / Loan to Value Weighted-Average Years Since Origination and Weighted-Average Loan to Value, by Loan Type, at 3/31/09 (Number of Years or LTV) WA Years of Seasoning WA Loan to Val
Slide 12: Deposits – March 31, 2009
31% 31% 11% 27% Time Deposits <$100k Time Deposits >$100k Demand Savings Deposits – March 31, 2009 100% = $694 mm Deposits
Slide 13: Investment Considerations
Investment Considerations High-Quality Consumer Franchise Attractive Valuation Scalability Strong Credit Quality Significant Earnings Upside Potential
Slide 14: * * * * * ********************* ********************* ********************* *********************
* * * * * ********************* ********************* ********************* *********************
BofI Holding — B. Riley & Co. California Bank Conference 2009 on 6ix