Axos Financial (AX) 8-K B of I Holding, Inc. Announces Record Net Income for Fourth Quarter of Fiscal 2007

Exhibit 99.2

FINANCIAL SCHEDULES

BofI HOLDING, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share data)

(Unaudited)

	June 30, 2007			June 30, 2006
ASSETS
Cash and due from banks	$	1,233		$	1,483
Federal funds sold		38,475			23,805
Total cash and cash equivalents		39,708			25,288
Time deposits in financial institutions		12,082			16,439
Investment securities held to maturity		61,902			12,375
Stock of the Federal Home Loan Bank, at cost		12,659			11,111
Mortgage-backed securities available for sale		296,068			127,261
Loans—net of allowance for loan losses of $1,450 in 2007, $1,475 in 2006		507,906			533,641
Accrued interest receivable		6,013			3,427
Furniture, equipment and software—net		242			222
Deferred income tax		431			865
Bank-owned life insurance—cash surrender value		4,364			4,199
Other assets		5,788			3,007
TOTAL	$	947,163		$	737,835
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing	$	993		$	1,203
Interest bearing		546,956			423,001
Total deposits		547,949			424,204
Securities sold under agreements to repurchase		90,000			—
Advances from the Federal Home Loan Bank		227,292			236,177
Junior subordinated debentures		5,155			5,155
Accrued interest payable		2,712			1,155
Accounts payable and accrued liabilities		1,305			898
Total liabilities		874,413			667,589
STOCKHOLDERS’ EQUITY:
Convertible preferred stock—$10,000 stated value; 1,000,000 shares authorized; 515 shares issued and outstanding (June 2007) and 525 issued and outstanding (June 2006)		5,063			5,163
Common stock—$.01 par value; 25,000,000 shares authorized; 8,587,090 shares issued and 8,267,590 shares outstanding (2007) and 8,561,725 shares issued and 8,380,725 shares outstanding (2006)		86			85
Additional paid-in capital		59,803			59,124
Accumulated other comprehensive income (loss), net of tax		(865	)		(885	)
Retained earnings		11,091			8,084
Treasury stock		(2,428	)		(1,325	)
Total stockholders’ equity		72,750			70,246
TOTAL	$	947,163		$	737,835

BofI HOLDING, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except earnings per share)

(Unaudited)

	Three Months Ended June 30,					Year Ended June 30,
	2007		2006			2007			2006
INTEREST AND DIVIDEND INCOME:
Loans, including fees	$	7,519	$	7,445		$	29,370		$	27,629
Investments		5,031		1,639			15,216			5,084
Total interest and dividend income		12,550		9,084			44,586			32,713
INTEREST EXPENSE:
Deposits		5,960		4,268			21,567			14,930
Advances from the Federal Home Loan Bank		2,615		2,267			10,406			7,466
Other borrowings		936		99			1,765			362
Total interest expense		9,511		6,634			33,738			22,758
Net interest income		3,039		2,450			10,848			9,955
Provision for loan losses		80		(100	)		(25	)		60
Net interest income, after provision for loan losses		2,959		2,550			10,873			9,895
NON-INTEREST INCOME:
Prepayment penalty fee income		115		143			399			721
Mortgage banking income		87		30			93			289
Gain on sale of securities		—		—			403			—
Banking service fees and other income		7		92			285			332
Total non-interest income		209		265			1,180			1,342
NON-INTEREST EXPENSE:
Compensation:
Salaries and benefits		630		549			2,502			2,386
Stock options and stock grants		128		105			491			409
Total compensation		758		654			2,993			2,795
Professional services		80		85			537			443
Occupancy and equipment		94		88			363			347
Data processing and internet		141		132			586			491
Depreciation and amortization		23		20			88			89
Other general and administrative		560		441			1,883			1,624
Total non-interest expense		1,656		1,420			6,450			5,789
INCOME BEFORE INCOME TAXES		1,512		1,395			5,603			5,448
INCOME TAXES		608		553			2,284			2,182
NET INCOME	$	904	$	842		$	3,319		$	3,266
NET INCOME ATTRIBUTABLE TO COMMON STOCK	$	827	$	763		$	3,007		$	2,906
Basic earnings per share	$	0.10	$	0.09		$	0.36		$	0.35
Diluted earnings per share	$	0.10	$	0.09		$	0.36		$	0.34

BofI HOLDING, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY AND COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)

						Common Stock							Additional Paid in Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss), Net of Tax			Treasury Stock			Total
	Convertible Preferred Stock					Number of Shares
	Shares		Amount			Issued	Treasury		Outstanding		Amount
BALANCE—July 1, 2007	525		$	5,163		8,561,725	(163,500	)	8,380,725		$	85	$	59,124	$	8,084		$	(885	)	$	(1,325	)	$	70,246
Comprehensive income:
Net income	—			—		—	—		—			—		—		3,319			—			—			3,319
Net unrealized loss from investment securities—net of income tax expense	—			—		—	—		—			—		—		—			20			—			20
Total comprehensive income																									3,339
Cash dividends on convertible preferred stock	—			—		—	—		—			—		—		(312	)		—			—			(312	)
Convert preferred stock to common stock	(10	)		(100	)	7,690	—		7,690			1		100		—			—			—			1
Stock-based compensation expense	—			—		—	—		—			—		491		—			—			—			491
Restricted stock grant	—			—		16,100	—		16,100			—		—		—			—			—			—
Restricted stock distributed to trust	—			—		—	—		17,500			—		—		—			—			—			—
Purchase of treasury stock	—			—		—	(156,000	)	(156,000	)		—		—		—			—			(1,103	)		(1,103	)
Stock option exercises and vesting of restricted stock	—			—		1,575	—		1,575			—		88		—			—			—			88
BALANCE—June 30, 2007	515		$	5,063		8,587,090	(319,500	)	8,267,590		$	86	$	59,803	$	11,091		$	(865	)	$	(2,428	)	$	72,750

BofI HOLDING, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

	Year Ended June 30,
	2007			2006
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	3,319		$	3,266
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of premiums on securities		427			227
Amortization of premiums and deferred loan fees		1,587			1,885
Amortization of borrowing costs		115			115
Accrued stock options and stock grants compensation		491			409
Gain on sale of available for sale securities		(403	)		—
Provision for loan losses		(25	)		60
Deferred income taxes		428			22
Origination of loans held for sale		(7,579	)		(20,762	)
Gain on sales of loans held for sale		(30	)		(108	)
Proceeds from sale of loans held for sale		7,609			21,059
Depreciation and amortization		88			89
Stock dividends from the Federal Home Loan Bank		(624	)		(409	)
(Gain) loss on disposal of fixed assets		—			(10	)
Net changes in assets and liabilities which provide (use) cash:
Accrued interest receivable		(2,586	)		(1,072	)
Other assets		(2,863	)		(2,220	)
Accrued interest payable		1,557			502
Accounts payable and accrued liabilities		397			(539	)
Net cash provided by operating activities		1,908			2,514
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of mortgage-backed securities available for sale		(303,384	)		(95,411	)
Purchases of held to maturity investments and time deposits		(75,027	)		(21,236	)
Proceeds from sale of available for sale securities		74,746			—
Proceeds from sale of mortgage-backed securities		8,500			—
Proceeds from repayment of available for sale securities		59,843			29,179
Repayments of investments Held To Maturity and time deposits		21,357			12,343
Purchase of stock of the Federal Home Loan Bank		(924	)		(2,576	)
Origination of loans		(67,449	)		(7,720	)
Purchases of loans		(44,976	)		(165,906	)
Principal repayments on loans		136,598			124,912
Purchases of furniture, equipment and software		(108	)		(87	)
Premium paid for bank-owned life insurance		—			—
Net cash used in investing activities		(190,824	)		(126,502	)

BofI HOLDING, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

	Year Ended June 30,
	2007			2006
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits	$	123,745		$	63,153
Proceeds from the Federal Home Loan Bank advances		38,000			80,000
Repayment of the Federal Home Loan Bank advance		(47,000	)		(16,500	)
Proceeds from reverse repurchases		90,000			—
Proceeds from note payable		—			—
Repayment of note payable		—			—
Proceeds from issuance of junior subordinated debentures		—			—
Proceeds from issuance of common stock		—			—
Net proceeds from issuance of convertible preferred stock		—			—
Purchase of treasury stock		(1,103	)		(1,325	)
Proceeds from exercise of common stock options		6			427
Proceeds from exercise of common stock warrants		—			—
Tax benefit from exercise of common stock options		—			70
Cash dividends on convertible preferred stock		(312	)		(360	)
Net cash provided by financing activities		203,336			125,465
NET CHANGE IN CASH AND CASH EQUIVALENTS		14,420			1,477
CASH AND CASH EQUIVALENTS—Beginning of year		25,288			23,811
CASH AND CASH EQUIVALENTS—End of year	$	39,708		$	25,288
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid on deposits and borrowed funds	$	32,066		$	22,140
Income taxes paid	$	1,710		$	2,403

LOANS

The following table sets forth the composition of the portfolio of loans held for investment at June 30:

	2007					2006
	(Unaudited. Dollars in thousands. )
	Amount			Percent		Amount			Percent
Residential real estate loans:
Single family (one to four units)	$	104,960		20.8	%	$	113,242		21.4	%
Home Equity	$	18,815		3.8	%	$	628		0.1	%
Multifamily ( five units or more)		325,880		64.6	%		402,166		75.9	%
Commercial real estate and land		11,256		2.2	%		13,743		2.6	%
Consumer—Recreational vehicles		42,327		8.4	%		—		0.0	%
Other		981		0.2	%		81		0.0	%
Total loans		504,219		100.0	%		529,860		100.0	%
Allowance for loan losses		(1,450	)				(1,475	)
Unamortized premiums, net of deferred loan fees		5,137					5,256
Net loans	$	507,906				$	533,641

DEPOSITS

Deposits accounts are summarized as follows at June 30:

	2007				2006
	Amount		Rate*		Amount		Rate*
	(Unaudited dollars in thousands)
Non-interest bearing	$	993	0.00	%	$	1,203	0.00	%
Interest bearing:
Demand		48,575	3.52	%		35,978	2.79	%
Savings		22,840	3.75	%		28,980	3.58	%
Time deposits:
Under $100		298,767	5.06	%		228,204	4.52	%
$100 or more		176,774	5.09	%		129,839	4.54	%
Total time deposits		475,541	5.07	%		358,043	4.52	%
Total interest bearing		546,956	4.87	%		423,001	4.31	%
Total deposits	$	547,949	4.87	%	$	424,204	4.30	%
* Based on weighted-average stated interest rates.

The number of deposit accounts at June 30, 2007 and at June 30, 2006 and 2005 are set forth below.

	2007	2006	2005
Checking and savings accounts	8,315	8,195	8,829
Time deposits	17,502	14,303	10,998
Total number of deposit accounts	25,817	22,498	19,827

AVERAGE BALANCE AND RATE ANALYSIS

The following tables presents information regarding (i) average balances; (ii) the total amount of interest income from interest-earning assets and the weighted average yields on such assets; (iii) the total amount of interest expense on interest-bearing liabilities and the weighted average rates paid on such liabilities; (iv) net interest income; (v) interest rate spread; and (vi) net interest margin for the three month periods and for the years ended June 30, 2007 and 2006.

	For the Three Months Ended June 30,
	2007						2006
	Average Balance		Interest Income / Expense		Rates Earned / Paid(1)		Average Balance		Interest Income / Expense		Rates Earned / Paid(1)
	(Unaudited, Dollars in thousands)
Assets
Loans (2) (3)	$	503,074	$	7,519	5.98	%	$	552,119	$	7,445	5.39	%
Federal funds sold		8,185		106	5.18	%		10,148		123	4.85	%
Interest-bearing deposits in other financial institutions		12,958		193	5.96	%		16,167		211	5.22	%
Investment securities (3) (4)		336,866		4,592	5.45	%		109,722		1,176	4.29	%
Stock of FHLB, at cost		12,615		140	4.44	%		10,754		129	4.80	%
Total interest-earning assets		873,698		12,550	5.75	%		698,910		9,084	5.20	%
Noninterest-earning assets		13,764						9,960
Total assets	$	887,462					$	708,870
Liabilities and Stockholders’ Equity:
Interest-bearing demand and savings	$	57,399	$	511	3.56	%	$	66,376	$	516	3.11	%
Time deposits		434,477		5,449	5.02	%		343,995		3,752	4.36	%
Securities sold under agreements to repurchase		75,293		834	4.43	%
Advances from the FHLB		236,838		2,615	4.42	%		218,653		2,267	4.15	%
Other borrowings		5,155		102	7.99	%		5,155		99	7.68	%
Total interest-bearing liabilities		809,162		9,511	4.70	%		634,179		6,634	4.18	%
Noninterest-bearing demand deposits		1,041						1,569
Other interest-free liabilities		3,938						2,600
Stockholders’ equity		73,321						70,522
Total liabilities and stockholders’ equity	$	887,462					$	708,870
Net interest income			$	3,039					$	2,450
Net interest spread (5)					1.05	%					1.02	%
Net interest margin (6)					1.39	%					1.40	%

(1) Annualized.

(2) Loans include loans held for sale, allowance for loan losses, loan premiums and unearned fees.

(3) Interest income includes reductions for amortization of loan and investment securities premiums and earnings from accretion of discounts and loan fees. Loan fee income is not significant. The rate earned on loans does not include loan prepayment penalty income, which is classified as non-interest income.

(4) All investments are taxable.

(5) Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.

(6) Net interest margin represents net interest income as a percentage of average interest-earning assets.

	For the Years Ended June 30,
	2007						2006
	Average Balance		Interest Income / Expense		Rates Earned / Paid		Average Balance		Interest Income / Expense		Rates Earned / Paid
	(Unaudited. Dollars in thousands.)
Assets
Loans (1) (2)	$	512,599	$	29,370	5.73	%	$	533,522	$	27,629	5.18	%
Federal funds sold		11,755		614	5.22	%		7,129		310	4.35	%
Interest-bearing deposits in other financial institutions		14,333		791	5.54	%		14,947		666	4.46	%
Investment securities (2) (3)		249,128		13,164	5.25	%		94,297		3,642	3.86	%
Stock of FHLB, at cost		12,084		647	5.35	%		9,675		466	4.82	%
Total interest-earning assets		799,899		44,586	5.57	%		659,570		32,713	4.96	%
Noninterest-earning assets		11,738						9,493
Total assets	$	811,637					$	669,063
Liabilities and Stockholders’ Equity:
Interest-bearing demand and savings	$	60,007	$	2,025	3.37	%	$	72,288	$	2,040	2.82	%
Time deposits		399,855		19,543	4.89	%		321,817		12,890	4.01	%
Securities sold under agreements to repurchase		30,648		1,351	4.41	%
Advances from the FHLB		239,742		10,406	4.34	%		193,632		7,466	3.86	%
Other borrowings		5,155		413	8.01	%		5,155		362	7.02	%
Total interest-bearing liabilities		735,407		33,738	4.59	%		592,892		22,758	3.84	%
Noninterest-bearing demand deposits		1,052						4,021
Other interest-free liabilities		3,219						2,500
Stockholders’ equity		71,959						69,650
Total liabilities and stockholders’ equity	$	811,637					$	669,063
Net interest income			$	10,848					$	9,955
Net interest spread (4)					0.98	%					1.12	%
Net interest margin (5)					1.36	%					1.51	%

(1) Loans include loans held for sale, allowance for loan losses, loan premiums and unearned fees.

(2) Interest income includes reductions for amortization of loan and investment securities premiums and earnings from accretion of discounts and loan fees. Loan fee income is not significant. The rate earned on loans does not include loan prepayment penalty income, which is classified as non-interest income.

(3) All investments are taxable.

(4) Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.

(5) Net interest margin represents net interest income as a percentage of average interest-earning assets.