EXHIBIT 99.2
SLIDE 1
MAF BANCORP, INC.
Lehman Brothers
2005 Financial Services Conference
September 13-15, 2005
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 2
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, unanticipated changes in interest rates or
further flattening of the yield curve, less than anticipated balance sheet
growth, demand for loan products, unanticipated changes in secondary mortgage
market conditions, 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,
deteriorating economic conditions which could result in increased delinquencies
in the Company's loan portfolio, the quality or composition of the Company's
loan or investment portfolios, demand for financial services and residential
real estate in the Company's market area, delays in our Springbank real estate
development project, difficulties or delays related to the pending acquisition
of EFC Bancorp (EFC), the possible short-term dilutive effect of the EFC
acquisition or 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
ADDITIONAL INFORMATION REGARDING PENDING ACQUISITION
Note: The following notice is included to meet certain legal requirements.
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MAF will be filing a registration statement with the Securities and Exchange
Commission containing a proxy statement/prospectus and other documents regarding
its proposed transaction with EFC Bancorp. EFC BANCORP SHAREHOLDERS ARE URGED TO
READ THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL
CONTAIN IMPORTANT INFORMATION ABOUT MAF AND EFC, AND THE PROPOSED TRANSACTION.
When available, copies of this proxy statement/prospectus will be mailed to EFC
shareholders, and it and other documents filed by MAF or EFC 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 EFC at 1695 Larkin Avenue, Elgin, IL 60123.
EFC 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
EFC's stockholders in connection with the proposed merger is set forth in the
EFC's proxy statement filed with the SEC on March 17, 2005 relating to its
annual meeting of stockholders held on April 19, 2005. Additional information
will be set forth in the proxy statement/prospectus when it is filed with the
SEC.
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 4
MAF Bancorp, Inc.
o 8th largest deposit market share in Chicago area*
o 6th largest deposit market share in the Milwaukee area*
o 73 branch offices; average branch size of $84 million
o Over 275,300 households served
o $10.1 billion in assets
o $6.1 billion in deposits
o Market capitalization of $1.4 billion**
* Based on FDIC data as of June 30, 2004
** Based on closing market price on 8/31/05
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 5
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Number of Branches
o Average Branch Size - $84 million
(At Period End)
13 20 22 24 25 27
----- ----- ----- ----- ----- -----
12/95 12/96 12/97 12/98 12/99 12/00
32 34 66 72 73 83*
----- ----- ----- ----- ----- ---------
12/01 12/02 12/03 12/04 6/05 Projected
2006
*Includes EFS, Planned De Novo and MAFB
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 6
[MAP OF MAF BANCORP, INC.'S CHICAGO MARKET AREA SHOWING
MIDAMERICA BANK, DE NOVO AND EFS BANK BRANCHES APPEARS HERE]
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 7
EFC BANCORP ACQUISITION
o $1 billion in assets
o $700 million in deposits
o 9 office branch network
o Population in primary market area (Kane County) predicted to grow more
than 17% over next 5 years
o Moves Mid America to #7 deposit market share in Chicago MSA and #3 in
Kane County
o Expected to close January 2006
o Information Systems conversion planned for February 2006
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 8
DEPOSIT MARKET SHARE
CHICAGO
1. Bank One 16.42%
2. LaSalle Bank 12.83%
3. Harris Trust & Savings Bank 10.43%
4. Northern Trust Co. 3.46%
5. Fifth Third Bank 3.24%
6. Charter One Bank NA 2.88%
7. Citibank FSB 2.40%
8. MID AMERICA BANK FSB 2.06%
9. First Midwest Bank 1.98%
10. National City Bank of MW 1.86%
Based on FDIC data as of June 30, 2004
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 9
[MAP OF MAF BANCORP, INC.'S MARKET AREA SHOWING
MIDAMERICA BRANCH LOCATIONS APPEARS HERE]
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 10
DEPOSIT MARKET SHARE
MILWAUKEE
1. M&I Marshall & Ilsley Bank 25.94%
2. US Bank National Assn 25.50%
3. Bank One National Assn 7.38%
4. Associated Bank NA 4.55%
5. Guaranty Bank 3.21%
6. MID AMERICA BANK FSB 3.16%
7. Wauwatosa Savings Bank 2.73%
8. Bank Mutual 2.45%
9. North Shore Bank FSB 1.85%
10. Wells Fargo Bank WI NA 1.45%
Based on FDIC data as of June 30, 2004
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 11
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Total Assets (Billions)
(At Period End)
$5.2 $5.6 $5.9 $8.9 $9.7 $10.1 $11.2*
----- ----- ----- ----- ----- ------ ------
12/00 12/01 12/02 12/03 12/04 6/05
* Estimated Pro Forma following completion of EFC acquistion.
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 12
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Efficiency Ratio
57.8% 54.7% 55.0%
----- ----- -----
3/04 12/04 6/05
Qtr End Year End Qtr End
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 13
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Non Interest Expense/Average Assets
1.86% 1.99% 1.89%
- ----- ----- -----
12/03 12/04 6/05
Qtr Ended
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 14
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Core Deposits*/Total Deposits
(At Period End)
45.7% 51.7% 56.4% 58.2% 59.6% 57.7%
----- ----- ----- ----- ----- -----
12/00 12/01 12/02 12/03 12/04 6/05
*Core Deposits include checking, savings and money market accounts
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 15
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Net Interest Margin
2.92% 3.07% 3.10% 3.05% 3.00% 3.07% 3.04% 2.96%
----- ----- ----- ----- ----- ----- ----- -----
9/03 12/03 3/04 6/04 9/04 12/04 3/05 6/05
Quarter Ended
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 16
[PIE CHARTS APPEAR HERE WITH THE FOLLOWING PLOT POINTS]
Loan Portfolio Composition
12/31/02 6/30/05
------------ ------------
$4.5 Billion $7.0 Billion
1-4 Family 79% 59%
Commercial/Other 5% 10%
Consumer 9% 19%
Multifamily 6% 10%
C&I 1% 2%
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 17
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS SHOWING TOTAL AMOUNT OF
LOANS AND PERCENTAGES OF LOANS THAT ARE 1-4 FAMILY]
Loan Diversification
(Millions)
Total Loans
- -----------
$3,894 $4,311 $4,323 $4,410 $6,402 $6,878 $6,980
- ------ ------ ------ ------ ------ ------ ------
1999 2000 2001 2002 2003 2004 6/05
1-4 Family Loans
- ----------------
89% 88% 82% 79% 61% 59% 59%
- ------ ------ ------ ------ ------ ------ ------
1999 2000 2001 2002 2003 2004 6/05
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 18
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
1-4 Family First Mortgage Lending Volume
(Millions)
Total Volume
- ------------
$2,445 $3,048 $3,979 $2,387 $953
------ ------ ------ ------ ----
2001 2002 2003 2004 2005
(Six Months)
Total Purchase Volume
- --------------------
$1,436 $1,692 $2,049 $1,377 $631
------ ------ ------ ------ ----
2001 2002 2003 2004 2005
(Six Months)
Total Refinance Volume
- ----------------------
$1,009 $1,356 $1,930 $1,009 $322
------ ------ ------ ------ ----
2001 2002 2003 2004 2005
(Six Months)
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 19
Mortgage Banking Operation
(Millions)
Six Months
Year Ended Ended
--------------------------------- -------
2001 2002 2003 2004 6/30/05
------ ------ ------ ---- -------
Gain on Sale of Loans $8.7 $16.3 $25.9 $9.3 $6.2
Loans Sold $1,020 $1,315 $1,765 $914 $416
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 20
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Loans Serviced for Others (Millions)
(At Period End)
$1,227 $785 $1,402 $2,022 $3,331 $3,641 $3,641
------ ------ ------ ------ ------ ------ ------
12/99 12/00 12/01 12/02 12/03 12/04 6/05
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 21
Home Loans - Cross Penetration
Six Months Ended June 30, 2005
o 44% - Equity Lines of Credit
o 43% - Checking Accounts
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 22
Loan-Generated Fee Income
o Risk Sharing with Mortgage Insurance Companies
o Title Insurance
o Mortgage Servicing
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 23
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Home Equity Line of Credit Balances
(Millions)
$259 $387 $898 $1,281 $1,286
---- ---- ---- ------ ------
2001 2002 2003 2004 6/05
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 24
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Home Equity Line of Credit Origination Volume
(Millions)
$196 $383 $592 $1,152 $643
---- ---- ---- ------ ----
2001 2002 2003 2004 6/05
(Six Months)
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 25
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Multi-Family Loan Balances (Millions)
o June 30, 2005
Illinois Wisconsin
-------- ---------
$542 $112
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 26
BUSINESS BANKING
o Direct Connection with Business Customers
o No Syndicated Loans or National Leases
o Focus on Lending and Deposit Services
o Excellent Credit Quality
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 27
CREDIT QUALITY - 6/30/05
o NPL/Total Loans: .44%
o Allowance for Loan Loss Reserves: $36.1 million
o Allowance for Loan Losses/NPL: 118%
o Allowance for Loan Losses/Total Loans: .52%
o 94% of NPL are secured by 1-4 Family Properties
o YTD 2005 net Charge-offs: $121,000
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 28
[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 $6.7 $0.166
------ ----- ----- ----- ----- ----- ------
12/99 12/00 12/01 12/02 12/03 12/04 6/05
Year Ended Six Months
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 29
[MAP OF SPRINGBANK OF PLAINFIELD DEVELOPMENT APPEARS HERE]
SLIDE 30
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Stockholders Equity/Total Assets
7.6% 7.5% 7.8% 8.5% 10.1% 10.1% 9.5%
- ----- ----- ----- ----- ----- ----- ----
12/99 12/00 12/01 12/02 12/03 12/04 6/05
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 31
[BAR CHART APPEARS HERE WITH THE FOLLOWING PLOT POINTS]
Annual Cash Dividends
$0.06 $0.14 $0.15 $0.18 $0.26 $0.34
- ----- ----- ----- ----- ----- -----
1994 1995 1996 1997 1998 1999
$0.39 $0.46 $0.60 $0.72 $0.84 $0.92
- ----- ----- ----- ----- ----- -----
2000 2001 2002 2003 2004 2005
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 32
Stock Price Performance - Growth Rates
Compounded
Annual Total
Return Return
---------- ------
One Year 5% 5%
Three Year 8% 27%
Five Year 17% 119%
Ten Year 17% 370%
Since Inception 22% 2,121%
Period Ended 8/31/05 (Dividends Reinvested)
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 33
Company Highlights
o Growing franchise in attractive markets
o Strong and varied asset - generation capabilities
o Multiple non-interest income sources
o Excellent credit quality
[MAF BANCORP, INC. LOGO APPEARS HERE]
SLIDE 34
MAF BANCORP, INC.
[MAF BANCORP, INC. LOGO APPEARS HERE]