EXHIBIT 99.2
SLIDE 1
MAF BANCORP, INC.
Keefe, Bruyette & Woods
5th Annual Community
Bank Investor Conference
July 27-29, 2004
These presentation materials are provided to conference attendees for reference
purposes only and should be read in conjunction with the more complete
information in MAF Bancorp's recent releases and SEC reports, copies of which
have been provided herewith.
SLIDE 2
OUTLOOK FOR 2004
----------------
The Company currently expects earnings for 2004 to be in the range of
$3.20-$3.35 per diluted share. The lowered earnings guidance is primarily a
function of current market dynamics. Mortgage loan demand, particularly
refinance activity which comprised a significant portion of overall loan volume
during 2003 and the beginning of 2004, has dropped significantly following the
rise in interest rates during the second quarter. These developments have led
the Company to lower its outlook on mortgage loan volume for the balance of the
year and to increase lower-yielding adjustable-rate mortgages in its projected
mortgage origination product mix. While the Company expects to benefit from
lower non-interest expenses in the second half of the year due to completion of
the St. Francis systems conversion, some of this benefit will be offset by
higher than previously anticipated costs relating to management personnel and
infrastructure improvements to accommodate the growth of the Company, as well as
from increased costs associated with compliance with new laws affecting public
companies.
As a result of lower projected loan origination volume, the Company currently
expects less earning asset growth in 2004 than previously projected, which
impacts expected net interest income. In addition, the Company expects loan sale
profits from 1-4 family originations to be less than previously projected.
Income from real estate development activities is projected to be lower than
previously estimated because of delays in receiving municipal approvals for the
Company's Springbank development. While the approvals are still expected this
year, the delay will postpone at least some of the previously anticipated lot
sale closings in this new project until 2005. The Company currently estimates
income from real estate development operations to be in the range of $6.0-$9.5
million for 2004.
The projections assume a stable housing purchase market, continued good credit
quality and completion of the Company's previously authorized stock buyback
program.
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 3
FORWARD-LOOKING INFORMATION
---------------------------
Statements 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 overhead,
infrastructure and compliance costs needed to support growth in the Company,
difficulties implementing the Company's business model in the Milwaukee area
markets, unanticipated changes in interest rates or flattening of the yield
curve, demand for loan products, unanticipated changes in secondary mortgage
market conditions or the market for mortgage servicing rights, deposit flows,
competition, adverse federal or state legislative or regulatory developments,
monetary and fiscal policies of the U.S. Government, including policies of the
U.S. Treasury and Federal Reserve Board, difficulties or delays in completing
the acquisition of Chesterfield, higher than expected costs or unanticipated
difficulties associated with the integration of Chesterfield into MAF,
deteriorating economic conditions which could result in increased delinquencies
in MAF's or Chesterfield's loan portfolio, the quality or composition of MAF's
or Chesterfield's loan or investment portfolios, demand for financial services
and residential real estate in MAF's or Chesterfield's market area,
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 4
MAF Bancorp, Inc. (incl. Fidelity)
o Largest Chicago-based thrift
o 8th largest deposit market share in Chicago area
o 6th largest deposit market share in the Milwaukee area
o 67 branch offices; average branch size of $85 million
o 273,600 households served
o $9.4 billion in assets
o $5.7 billion in deposits
o Market capitalization of $1.4 billion
All data is as of 6/30/04.
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 5
[MAP OF MAF BANCORP, INC.'S CHICAGO MARKET AREA SHOWING
MIDAMERCA BANK, PLANNED DE NOVO AND CHESTERFIELD BRANCHES APPEARS HERE]
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 6
[MAP OF MAF BANCORP, INC.'S MARKET AREA SHOWING
CURRENT 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
----- ----- ----- ----- ----- -----
12/95 12/96 12/97 12/98 12/99 12/00
32 34 66 67 75*
----- ----- ----- ----- -----------
12/01 12/02 12/03 6/04 (Projected)
*Includes Chesterfield, Planned DeNovo and MAFB
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 8
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Total Assets (Billions)
(At Period End)
$5.20 $5.60 $5.94 $8.93 $9.37
----- ----- ----- ----- -----
12/00 12/01 12/02 12/03 6/04
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 9
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Core Deposits*/Total Deposits
(At Period End)
45.7% 51.8% 56.4% 58.2% 60.6%
----- ----- ----- ----- -----
12/00 12/01 12/02 12/03 6/04
*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
3.00% 3.08% 2.94% 2.89% 2.92% 3.07% 3.10% 3.05%
----- ----- ----- ----- ----- ----- ----- -----
9/02 12/02 3/03 6/03 9/03 12/03 3/04 6/04
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)
115,400 140,600 154,100 230,600 238,500
- ------- ------- ------- ------- -------
12/00 12/01 12/02 12/03 6/04
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 12
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Deposit Account Service Charges (Millions)
o 25% Annual Growth Rate (12/99 - 12/03)
$10.2 $12.7 $16.5 $22.2 $24.6 $16.6
- ----- ----- ----- ----- ----- -----
12/99 12/00 12/01 12/02 12/03 6/04
(Six Months)
Year Ended
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 13
[PIE CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Non-Interest Income Sources
o $39 Million for the Six Months Ended 6/30/04
Deposit Account Service Fees 42%
Mortgage Banking 14%
Real Estate Development 9%
Brokerage Fees 5%
Other 30%
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 14
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Efficiency Ratio
44.6% 47.0% 46.4% 47.7% 57.8% 53.6%
- ----- ----- ----- ----- ----- -----
12/00 12/01 12/02 12/03 3/04 6/04
Year Ended
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 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 $3.20-$3.35
- ----- ----- ----- ----- ----- -----------
1999 2000 2001 2002 2003 2004
(Projected)
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 16
Stock Price Performance
Compounded Annual Growth Rate
One Year 17%
Three Year 14%
Five Year 14%
Ten Year 18%
Since Inception 24%
Period Ended 6/30/04 (Dividends Reinvested)
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 17
[PIE CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Loan Diversification
o $6.7 Billion as of June 30, 2004
1-4 Family 61%
Commercial/Other 11%
Consumer 17%
Multifamily 9%
C&I 2%
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 18
o Diversity of Loan Type
o Customers for Life
o Numerous Sources of Fee Income
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 19
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 20
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Loan Originations / Loan Sales
(Millions)
Loan Originations
- -----------------
$1,484 $2,828 $3,691 $4,994 $2,197
------ ------ ------ ------ ------
2000 2001 2002 2003 6/04
(Six Months)
Loan Sales
- ----------
$336 $1,020 $1,315 $1,765 $391
---- ------ ------ ------ ----
2000 2001 2002 2003 6/04
(Six Months)
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 21
Home Loans - Cross Penetration
Six Months Ended June 30, 2004
o 42% - Equity Lines of Credit
o 41% - Checking Accounts
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 22
Loan-Generated Fee Income
o Mortgage Banking
o Title Insurance
o Risk Sharing with Mortgage Insurance Companies
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 23
Mortgage Banking Operation
(Millions)
Year Ended 6 Months Ended
---------------------- --------------
2002 2003 6/30/04
-------- -------- -------
Gain on Sale of Loans $ 16.4 $ 25.9 $ 3.5
Loans Sold $1,315 $1,765 $ 391
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 24
[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 $3,309
- ------ ----- ------ ------ ------ ------
12/99 12/00 12/01 12/02 12/03 6/04
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 25
Loan-Generated Fee Income
o Mortgage Banking
o Title Insurance
o Risk Sharing with Mortgage Insurance Companies
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 26
Credit Quality - 6/30/04
o NPL/Total Loans: .43%
o Allowance for Loan Losses/NPL: 120%
o Allowance for Loan Losses/Total Loans: .52%
o 93% of NPL are secured by 1-4 Family Properties
o YTD 2004 Net Charge-offs: $414,000
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 27
[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 28
[MAP OF SPRINGBANK OF PLAINFIELD APPEARS HERE]
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 29
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
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 30
MAF BANCORP, INC.
"PAYING A HIGHER RATE OF ATTENTION" [LOGO]
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 31
ADDITIONAL INFORMATION REGARDING PENDING ACQUISITION
NOTE: The following notice is included to meet certain legal requirements.
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MAF has filed a registration statement containing a preliminary proxy
statement/prospectus and other documents regarding its proposed transaction with
Chesterfield Financial Corp. with the Securities and Exchange Commission.
CHESTERFIELD SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS,
BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT MAF AND CHESTERFIELD, AND THE
PROPOSED TRANSACTION. When available, copies of the proxy statement/prospectus
will be mailed to Chesterfield shareholders, and it and other documents filed by
MAF or Chesterfield with the SEC may be obtained free of charge at the SEC's web
site at http://www.sec.gov, or by directing a request to MAF at 55th Street &
Holmes Avenue, Clarendon Hills, IL 60514 or Chesterfield at 10801 S. Western
Avenue, Chicago, IL 60643.
Chesterfield and its directors, executive officers and certain other members of
management and employees may be soliciting proxies from their stockholders in
favor of the proposed merger. Information regarding such persons who may, under
the rules of the SEC, be considered to be participants in the solicitation of
Chesterfield's stockholders in connection with the proposed merger is set forth
in Chesterfield's proxy statement filed with the SEC on October 17, 2003
relating to its annual meeting of stockholders held on November 18, 2003.
Additional information is set forth in the preliminary proxy
statement/prospectus on file with the SEC.
[MAF BANCORP, INC. LOGO APPEARS HERE]