EXHIBIT 99.2
------------
SLIDE 1
MAF BANCORP, INC.
"PAYING A HIGHER RATE OF ATTENTION" [LOGO]
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 2
Forward-Looking Information
Information and data contained in this presentation that are not historical
facts constitute forward-looking statements (within the meaning of Section 21E
of the Securities Exchange Act of 1934, as amended), which involve significant
risks and uncertainties. The Company intends such forward-looking statements to
be covered by the safe harbor provisions for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995, and is
including this statement for purposes of invoking these safe harbor provisions.
These forward-looking statements, which are based on certain assumptions and
describe future plans, strategies and expectations of the Company, are generally
identifiable by use of the words "believe," "expect," "intend," "anticipate,"
"estimate," "project," "plan," or similar expressions. The Company's ability to
predict results or the actual effect of future plans or strategies is inherently
uncertain and actual results may differ from those predicted. The Company
undertakes no obligation to update these forward-looking statements in the
future.
Factors which could have a material adverse effect on operations and could
affect management's outlook or future prospects of the Company and its
subsidiaries include, but are not limited to, higher than expected costs related
to the St. Francis transaction, delays in the St. Francis data processing and
systems conversions, unanticipated changes in interest rates or flattening of
the yield curve, deteriorating economic conditions which could result in
increased delinquencies in MAF's loan portfolio, higher than expected overhead,
infrastructure and compliance costs needed to support growth in the Company's
operations, legislative or regulatory developments, monetary and fiscal policies
of the U.S. Government, including policies of the U.S. Treasury and the Federal
Reserve Board, the quality or composition of MAF's loan or investment
portfolios, demand for loan products, secondary mortgage market conditions,
deposit flows, competition, demand for financial services and residential real
estate in MAF's market areas, unanticipated slowdowns in real estate lot sales
or problems in closing pending real estate contracts, delays in real estate
development projects, the possible short-term dilutive effect of other potential
acquisitions, if any, and changes in accounting principles, policies and
guidelines. These risks and uncertainties should be considered in evaluating
forward-looking statements and undue reliance should not be placed on such
statements.
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 3
2004 PROJECTIONS
The Company's projections for 2004 assume balance sheet growth in the 10-12%
range. Mortgage loan originations are expected to be significantly lower during
the year due to reduced refinancing activity. Due to the market shifting toward
adjustable rate loans and increased price competition, the Company expects lower
loan sale volumes and reduced margins compared to 2003. Assuming modest Federal
Reserve tightening in the second half of 2004 and in light of an expected change
in loan mix, management expects the net interest margin to be in a range of
3.00%-3.15%. The Company expects to report continued growth in fee income
revenues in 2004 and is currently estimating income from real estate operations
in the range of $9.0-$10.5 million for 2004, with the income heavily weighted in
the second half of the year. The projections also assume a strong housing
purchase market, continued good credit quality, completion of the Company's
previously authorized stock buyback program, and successful conversion and
integration of St. Francis systems in late May 2004. The majority of expected
cost savings related to the St. Francis merger will not begin to be realized
until the second half of 2004. Based on these timing expectations and projection
of loan originations, loan sales and income from real estate development,
management expects that earnings will be stronger in later quarters than in
earlier quarters of 2004. Due to the timing of the St. Francis merger,
management personnel and infrastructure to accommodate the Company's growth, it
is expected that the Company's efficiency ratio will be near 50% in 2004 before
trending back down in 2005.
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 4
MAF Bancorp, Inc.
o Largest Chicago-based thrift
o 8th largest deposit market share in Chicago area
o 66 branch offices; average branch size of $85 million
o 274,100 households served
o $8.9 billion in assets
o $5.6 billion in deposits
o Market capitalization of $1.5 billion (2/17/04)
All data is as of 12/31/03, unless otherwise indicated.
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 5
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Number of Households Served
(At Period End)
132,900 139,800 146,600 160,700 166,500 172,300 180,700 274,100
- ------- ------- ------- ------- ------- ------- ------- -------
12/96 12/97 12/98 12/99 12/00 12/01 12/02 12/03
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 6
MARKET AREA
[MAP OF MAF BANCORP, INC.'S BRANCH LOCATIONS APPEARS HERE]
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 7
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Number of Branches
(At Period End)
13 20 22 24 25 27 32 34 66*
- ----- ----- ----- ----- ----- ----- ----- ----- -----
12/95 12/96 12/97 12/98 12/99 12/00 12/01 12/02 12/03
*MAFB: 43; St. Francis: 23
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 8
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Total Assets (Billions)
(At Period End)
$4.66 $5.20 $5.60 $5.94 $8.93
----- ----- ----- ----- -----
12/99 12/00 12/01 12/02 12/03
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 9
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Core Deposits*/Total Deposits
(At Period End)
45.5% 45.7% 51.8% 56.4% 58.2%
----- ----- ----- ----- -----
12/99 12/00 12/01 12/02 12/03
*Core Deposits include checking, savings and money market accounts
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 10
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Net Interest Margin
2.73% 2.88% 3.00% 3.08% 2.94% 2.89% 2.92% 3.07%
----- ----- ----- ----- ----- ----- ----- -----
3/02 6/02 9/02 12/02 3/03 6/03 9/03 12/03
Quarter Ended
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 11
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Number of Checking Accounts
(At Period End)
102,600 115,400 140,600 154,100 230,600*
------- ------- ------- ------- --------
12/99 12/00 12/01 12/02 12/03
*MAFB: 173,300; St. Francis: 57,300
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 12
[PIE CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Non-Interest Income Sources
o $72 Million for the Twelve Months Ended 12/31/03
Deposit Account Service Fees 34%
Mortgage Banking 30%
Real Estate Development 16%
Brokerage Fees 5%
Other 15%
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 13
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Efficiency Ratio
45.2% 44.6% 47.0% 46.4% 47.7%
----- ----- ----- ----- -----
12/99 12/00 12/01 12/02 12/03
Efficiency ratio is calculated by dividing non-interest expense by the sum of
net interest income and non-interest income, excluding net gain/(loss) on sale
and writedown of mortgage-backed and investment securities.
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 14
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Return on Average Equity
15.0% 15.6% 14.8% 15.8% 14.2%
----- ----- ----- ----- -----
12/99 12/00 12/01 12/02 12/03
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 15
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Earnings Per Share by Year
o 12% Annual Growth Rate (1999-2003)
$2.07 $2.40 $2.56 $3.11 $3.26 $3.52-$3.65
----- ----- ----- ----- ----- -----------
1999 2000 2001 2002 2003 2004
(Projected)
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 16
[CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Quarterly EPS (1990 - 2003)
o 20% Compounded Annual Growth Rate Since 3/90
DATE EPS DATE EPS DATE EPS
---- --- ---- --- ---- ---
3/90 $.07 3/96 $.33 6/02 $.69
6/90 .15 6/96 .31 9/02 .87
9/90 .13 9/96 .35 12/02 .85
12/90 .02 12/96 .37 3/03 .81
3/91 .15 3/97 .38 6/03 .82
6/91 .07 6/97 .42 9/03 .79
9/91 .17 9/97 .39 12/03 .84
12/91 .15 12/97 .39
3/92 .17 3/98 .39
6/92 .18 6/98 .42
9/92 .22 9/98 .42
12/92 .23 12/98 .43
3/93 .28 3/99 .46
6/93 .24 6/99 .53
9/93 .25 9/99 .52
12/93 .27 12/99 .56
3/94 .26 3/00 .55
6/94 .19 6/00 .58
9/94 .22 9/00 .60
12/94 .34 12/00 .57
3/95 .25 3/01 .60
6/95 .33 6/01 .60
9/95 .32 9/01 .59
12/95 .31 12/01 .77
3/02 .70
(Excludes extraordinary or special items)
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 17
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Annual Cash Dividends
$0.06 $0.14 $0.15 $0.18 $0.26
----- ----- ----- ----- -----
1994 1995 1996 1997 1998
$0.34 $0.39 $0.46 $0.60 $0.72 $0.84
----- ----- ----- ----- ----- -----
1999 2000 2001 2002 2003 2004
(Projected)
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 18
Stock Price Performance
Compounded Annual Growth Rate
One Year 26%
Three Year 16%
Five Year 12%
Ten Year 18%
Period Ended 12/31/03 (Dividends Reinvested)
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 19
[PIE CHARTS APPEAR HERE WITH THE FOLLOWING PLOT POINTS]
Loan Diversification
(Based on Loans as of 12/31/03)
MAF ONLY MAF AND ST. FRANCIS
- -------- -------------------
($5.1 Billion) ($6.4 Billion)
1-4 Family 74% 1-4 Family 61%
Commercial/Other 5% Commercial/Other 12%
Multi-Family 9% Multi-Family 10%
C&I 1% C&I 2%
Consumer 11% Consumer 15%
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 20
o Diversity of Loan Type
o Customers for Life
o Numerous Sources of Fee Income
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 21
Business Banking
o Direct Connection with Business Customers
o No Syndicated Loans or National Leases
o Focus on Lending and Deposit Services
o High Credit Quality
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 22
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Loan Originations / Loan Sales
(Millions)
Loan Originations
- -----------------
$1,484 $2,828 $3,691 $4,994
------ ------ ------ ------
2000 2001 2002 2003
Loan Sales
- ----------
$336 $1,020 $1,315 $1,765
---- ------ ------ ------
2000 2001 2002 2003
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 23
Home Loan Cross Sells - 2003
o 33% - Equity Lines of Credit
o 40% - Checking Accounts
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 24
Loan-Generated Fee Income
o Mortgage Banking
o Title Insurance
o Risk Sharing with Mortgage Insurance Companies
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 25
Mortgage Banking Operation
(Millions)
Year Ended
------------------------
2002 2003
------ ------
Gain on Sale of Loans $ 16.4 $25.9
Loans Sold $1,375 $1,765
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 26
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Loan Servicing Portfolio (Millions)
(At Period End)
$1,227 $785 $1,402 $2,022 $3,330*
------ ----- ------ ------ ------
12/99 12/00 12/01 12/02 12/03
*MAF: $2,468; St. Francis: $862
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 27
Loan-Generated Fee Income
o Mortgage Banking
o Title Insurance
o Risk Sharing with Mortgage Insurance Companies
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 28
Credit Quality - 12/31/03
o NPL/Total Loans: .51%
o Allowance for Loan Losses/NPL: 105.4%
o Allowance for Loan Losses/Total Loans: .54%
o 76% of NPL are secured by 1-4 Family Properties
o 2003 Net Charge-Offs: $299,000
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 29
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Income from Real Estate Operations
(Millions)
$9.6 $9.5 $11.5 $9.7 $11.3
----- ----- ----- ----- -----
12/99 12/00 12/01 12/02 12/03
Year Ended
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 30
SPRINGBANK OF PLAINFIELD
[MAP OF SPRINGBANK OF PLAINFIELD DEVELOPMENT APPEARS HERE]
SLIDE 31
Company Highlights
o Growing franchise in attractive markets
o Strong and varied asset-generation capabilities
o Excellent credit quality
o Multiple non-interest income sources
o Solid earnings growth history - 13% compounded annual growth rate over
the past 10 year period
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 32
MAF BANCORP, INC.
"PAYING A HIGHER RATE OF ATTENTION" [LOGO]
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 33
This document does not offer to sell any securities of MAF Bancorp and is not
soliciting an offer to buy any securities. The information in this material
should be read in conjunction with the periodic reports that MAF Bancorp files
with the Securities and Exchange Commission.
[MAF BANCORP, INC. LOGO APPEARS HERE]