Axos Financial, Inc. · NYSE:AX
Axos Financial — BofI Holding — Shareholder Meeting (October 2010)
22 slides from Axos Financial's shareholder meeting presentation, Oct 21, 2010
Slide 1: 2010 Annual Meeting of The Shareholders
2010 Annual Meeting of The Shareholders Greg Garrabrants President and Chief Executive Officer October 21, 2010 Exhibit 99.2
Slide 2: Safe Harbor
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,” “estimate,” “project,” or the negation thereof or similar expressions constitute forward-looki
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 21.2% return on equity (FYE 6/10) 29.3% efficiency ratio (FYE 6/10) 5-year asset growth of 18.4% (CAGR) 5-year deposit growth of 21.8% (CAGR) Third highest ranking on SNL list of top performing thri
Slide 4: Corporate Profile
Corporate Profile 1. Quarter ended June 30, 2010 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 c
Slide 5: The Best of the Biggest – The Largest Public Thrifts by Asset Size
The Best of the Biggest – The 100 Largest Public Thrifts by Asset Size BofI Holding, Inc. (BOFI) CA 89.40 1,401.1 1.16 15.87 13.14 32.23 1.21 0.80
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 Whole loan purchases Special situations • Internet-focused lead sources • Self-service operation • Low-fixed costs • High-end portfolio lender – “Common Sen
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 e
Slide 10: Best in Class Asset Quality
Best in Class Asset Quality 0.85 0.44 (%) BofI Bank $1-10bn Assets 30-89 days delinquent Assets in non-accrual 2.80 0.62 (%) BofI Bank $1-10bn 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. T
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. 4.6 5.3 3.5 2.7 Weighted-average loan-to-value Weighted-average number of years since originat
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: Recent Marketing Campaign
Recent Marketing Campaign- Scotsman Guide Cover
Slide 15: bankofinternet: Programs that make your business grow
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: Technology Improvements In Process
Technology Improvements In Process Rollout in January of Online Financial Management Solution Key Features Account Aggregation Safe Interbank Transfers Financial Management Reporting Tools Expanded Cross-Sell Capabilities Target Marketing (assuming consumer opt-in)
Slide 17: A Complete Financial Picture All From Our Website
A Complete Financial Picture All From Our Website View accounts across 16,000+ institutions Spending Reports Simplified budgeting tool Alerts and reminders for Bill Payment Calculate your net worth
Slide 18: Home Page with Purchase Rewards
Home Page with Purchase Rewards • Solves for the most critical money management tasks on first page: Check balances and review recent transactions Make transfers Pay bills Review new and activated offers through Purchase Rewards View your spending • Extended cross-sell capabilities from the page whe
Slide 19: Investment Considerations
Investment Considerations High-quality consumer franchise Attractive valuation Scalability Strong credit quality Significant earnings upside potential
Slide 20: Experienced Management Team
Experienced Management Team 18+ years Finance / Consulting / Banking MBA, J.D., CFA McKinsey & Co Major Savings Bank Goldman Sachs Deloitte & Touche 25+ years Financial Services CPA, BS Accounting LPL Financial; CFO Telespectrum Imperial Savings Deloitte & Touche 23+ years Banking and Financial Serv
Slide 21: Experienced Management Team
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 22: Senior Management Team
20+ years Financial Services BA Economics Imperial Capital Bank Prosum Consulting Perot Systems 10+ years Financial Services BA Finance Major Savings Bank Giuliani & Co. 15+ years Banking and Financial Services Imperial Capital Bank Property Sciences / Commercial Lender Magazine 10+ years Financial