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0000950134-06-004361.txt : 200603070000950134-06-004361.hdr.sgml : 2006030720060307060328ACCESSION NUMBER:0000950134-06-004361CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:30CONFORMED PERIOD OF REPORT:20060307ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20060307DATE AS OF CHANGE:20060307
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:INDYMAC BANCORP INCCENTRAL INDEX KEY:0000773468STANDARD INDUSTRIAL CLASSIFICATION:SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]IRS NUMBER:953983415STATE OF INCORPORATION:DEFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-08972FILM NUMBER:06668642
BUSINESS ADDRESS:STREET 1:888 EAST WALNUT STREETCITY:PASADENASTATE:CAZIP:91101-7211BUSINESS PHONE:8006692300
MAIL ADDRESS:STREET 1:888 EAST WALNUT STREETCITY:PASADENASTATE:CAZIP:91101-7211
FORMER COMPANY:FORMER CONFORMED NAME:INDYMAC MORTGAGE HOLDINGS INCDATE OF NAME CHANGE:19980602
FORMER COMPANY:FORMER CONFORMED NAME:INMC MORTGAGE HOLDINGS INCDATE OF NAME CHANGE:19970813
FORMER COMPANY:FORMER CONFORMED NAME:CWM MORTGAGE HOLDINGS INCDATE OF NAME CHANGE:19941025
8-K1a18237e8vk.htmINDYMAC BANCORP, INC.
e8vk
Table of Contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March7, 2006
INDYMAC BANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
1-08972
(Commission File Number)
95-3983415
(IRS Employer Identification No.)
155 North Lake Avenue, Pasadena,
California91101-7211
(Address of Principal Executive Office)
Registrants telephone number, including area code: (800)669-2300
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfythe filing obligation of the registrant under any of the following provisions (see GeneralInstruction A.2. below):
o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule14d-2(b)under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule13e-4(c)under the Exchange Act (17 CFR 240.13e-4(c))
TABLE OF CONTENTS
Item7.01. RegulationFD Disclosure.Item9.01. Financial Statements and ExhibitsSIGNATUREEXHIBIT INDEXExhibit 99.1
Table of Contents
Item7.01. RegulationFD Disclosure.
This information, furnished under this Item7.01. RegulationFD Disclosure, is intended tobe furnished pursuant to RegulationFD (17 CFR 243.100-243.103) and shall not be deemed to be filedfor purposes of the Securities Exchange Act of 1934.
On March7, 2006, at approximately 9:15 a.m. Eastern time, a representative of IndyMacBancorp, Inc. (Indymac) is scheduled to make a presentation at the 27th AnnualInstitutional Investors Conference hosted by Raymond James & Associates in Orlando, Florida. Alsoon March7, 2006 at approximately 7:30 a.m. Pacific time, a representative of Indymac is scheduledto make a presentation at the Fifth Annual Research Conference hosted by JMP Securities in SanFrancisco, California. A copy of the presentation materials for both conferences is attached asExhibit99.1 hereto and is hereby incorporated herein by reference. Such presentation materialsalso will be available on Indymacs Website at http://about.indymacbank.com/investors.
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Table of Contents
Item9.01. Financial Statements and Exhibits
EXHIBIT
NUMBER DESCRIPTION
99.1
IndyMac Bancorp, Inc. presentation materials for the27th Annual Raymond James & Associates InstitutionalInvestors Conference in Orlando, Florida on March7, 2006 andthe Fifth Annual JMP Securities Research Conference in SanFrancisco, California on March7, 2006.
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Table of Contents
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned hereunto duly authorized.
INDYMAC BANCORP, INC.
Date: March 7, 2006 By: /s/ Michael W. Perry
Michael W. Perry
Chairman and
Chief Executive Officer
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Table of Contents
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
99.1
IndyMac Bancorp, Inc. presentation materials for the27th Annual Raymond James & Associates InstitutionalInvestors Conference in Orlando, Florida on March7, 2006 andthe Fifth Annual JMP Securities Research Conference in SanFrancisco, California on March7, 2006.
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EX-99.12a18237exv99w1.htmEXHIBIT 99.1
exv99w1
Exhibit 99.1
IndyMac Bancorp, Inc.
Raymond James -27th AnnualInstitutionalInvestors Conference
IndyMac Bancorp, Inc.
JMP Securities -Fifth Annual ResearchConference
Forward-Looking Statements
Certain statements contained in this presentation may be deemed to be forward-lookingstatements within the meaning of the federal securities laws. The words "anticipate," "believe,""estimate," "expect," "project," "plan," "forecast," "intend," "goal," "target," and similar expressionsidentify forward-looking statements that are inherently subject to risks and uncertainties, many ofwhich cannot be predicted or quantified. Actual results and the timing of certain events coulddiffer materially from those projected in or contemplated by the forward-looking statements due toa number of factors, including, the effect of economic and market conditions includingindustry volumes and margins; the level and volatility of interest rates; Indymac's hedgingstrategies, hedge effectiveness and asset and liability management; the accuracy ofestimates used in determining the fair value of financial assets of Indymac; the credit risks withrespect to our loans and other financial assets; the actions undertaken by both current andpotential new competitors; the availability of funds from Indymac's lenders and from loan salesand securitizations to fund mortgage loan originations and portfolio investments; the executionof Indymac's growth plans and ability to gain market share in a significant markettransition; the impact of disruptions triggered by natural disasters, including the assessment ofthe effects of the Gulf Coast Hurricanes and the effects of any future hurricanes; the impact ofcurrent, pending or future legislation, regulations or litigation; and other risk factors described inthe reports that Indymac files with the Securities and Exchange Commission, including theAnnual Report on Form 10-K, Quarterly Reports on Form 10-Q, and its reports on Form 8-K.
While all of the above items are important, the highlighted items represent those that, inmanagement's view, merit increased focus given current conditions.
Overview
Overview of Indymac
Indymac's Strategies for Long-Term Growth
Conclusion
Indymac... Growth-Oriented, Hybrid Thrift/MortgageBanker
2005 loan production of$63 billion
Niche Alt-A productsrepresent 66% of 2005mortgage production
Other niche productsinclude reversemortgages, consumerconstruction loans andhome equity lines ofcredit
Largest Bank/S&L in LACounty(1)
Total assets of $21.5billion
Loans held for investment of$8.2 billion
Mortgage-backed securitiesof $4.1 billion
Deposits total 40% ofborrowings and areFDIC insured
FHLB advances total37% of borrowings
Equity to assets of 7.1%
Member Russell 1000index
2005 ROE of 22%
Market cap ofapproximately $2.5billion
23% annualized totalreturn to shareholders,under currentmanagement, for theperiod 1992 throughFebruary 28, 2006
9th Largest S&L inthe US(1)
9th Largest SFRmortgage originator(2)
Member S&P 400mid cap index
Based on assets
Q4 05 National Mortgage News Survey
Hybrid Thrift/Mortgage Bank ... Structured To Maximize HighReturns of Mortgage Bank And Earnings Stability Of Thrift
Mortgage Banking
69% of EPS
Mortgage
Professionals
54%
Wholesale
Conduit
Correspondent
Consumer Direct
0%
Financial Freedom
(Reverse Mortgage)
5%
MSRs and Other
Retained Assets
10%
Prime SFRMortgage Loans
10%
Mortgage-BackedSecurities
4%
Home EquityLending
5%
ConsumerConstruction & LotLoans
7%
SubdivisionConstructionFinancing
5%
Warehouse Lending
0%
Production
Divisions
Thrift
31% of EPS
Note: The percentages shown in the divisions represent their 2005 contribution to EPSbefore overhead and eliminations
Mortgage Bank Is People-Intensive With High ROEs vs.Thrift Which Is Capital-Intensive But Provides StableReturns
(1) Business unit capital, employees, and ROE exclude overhead
(2) Earnings for 2004 are presented on a pro forma basis, excluding the impact related to implementation of SAB 105 and purchase accounting adjustments. A full reconciliation ofGAAP and pro forma amounts is included in the appendix to this presentation
Indymac's Strategies For Long-Term Growth
Business
Definition
Indymac Bank is in the
business of designing,
manufacturing, and distributing
(principally via intermediaries) cost-
efficient financing for the acquisition,
development, and improvement of
single-family homes. Indymac providesfinancing secured by single-family homes tofacilitate consumers' personal financial goalsand opportunistically invests
in and trades single-family lending relatedassets
Strategic Mission
Indymac Bank, operating with the highest level of ethics with a customer-friendlyorientation, and the fairest lending model, will be a Top Six lender in the USAearning at least $10 per share by 2009. Additionally, we will be a low cost providerof single-family permanent and construction-lending financing (for both consumersand homebuilders) and the best manager of risks related to such lending programs
We will gain share without compromising profitability goals by executing a hybrid thrift model, where we:
1. Leverage our mortgage banking platform to gain share through expansion of our marketing and sales,
geographic presence, and by creating specialty niche mortgage lending businesses
Balance earnings and enhance franchise value by:
Building our investment portfolio
Establishing a Southern California retail banking franchise
3. Support above strategy with internal capabilities and best practices by:
Investing in a strong team and state-of-the-art capabilities in manufacturing mortgages, fair and risk-basedlending, trading and investing
Enhancing our performance culture to out-execute the competition including a major focus on aligning payplans to customer retention and expanding revenue from existing customers.
Core strategy
We Believe A Strong Business Foundation Is TheKey To Success ... Indymac's Needed Refinement
Old BusinessFoundation
Indymac's Revised And Expanded Business FoundationRemains Focused On The Execution Of Our Hybrid Thrift/Mortgage Banking Model
Business Definition
Indymac Bank, operating as a hybrid thrift/mortgage banker, provides cost-efficient financing for theacquisition, development, and improvement of single-family homes. Indymac also provides financingsecured by single-family homes and other banking products to facilitate consumers' personal financialgoals.
Core Strategy
We will execute a hybrid thrift/mortgage banking model, where we:
Opportunistically invest in and trade single-family mortgage-related loans, servicing rights andsecurities.
Aggressively expand and refine our proven and significant mortgage professionals business.
Build a strong consumer franchise, including a major Southern California retail banking network.
Maximize the potential of our specialty niche mortgage lending products.
Establish new sources of revenues and profits by incubating or acquiring mortgage-related channels,products and services.
Support the above, with a strong meritocracy culture and world-class risk management and efficiencyimprovement.
Strategic Mission
With an increased focus on building customer relationships and a valuable consumer franchise, Indymacwill become a top six mortgage lender in the USA by 2010, while maintaining annualized earnings pershare growth in excess of 15%. We will constantly raise expectations and conduct ourselves with thehighest level of ethics.
Disciplined Adherence To Best Execution Model Drives StrategyTo Opportunistically Invest In and Trade Single-Family Mortgage-Related Loans, Servicing Rights and Securities
Mortgage production segments are profit and market share incented
Assets acquired by the thrift portfolio are required to meet a hurdle ROE, creating aprice discipline to the bid submitted to secondary marketing
Secondary marketing group is incented on profit, therefore they will select bestprice bidder whether from Indymac thrift portfolio or external bidder
Result is thrift portfolio grows when prices from the external market weaken
Build Thrift Portfolios(whole loans, investmentsecurities, HELOCs)
Servicing &Retained Assets
SecondaryMarketing
MortgageProduction
Bids received fromIndymac's ThriftPortfolio, GSEs,Financial Institutions(whole loans), andsecuritizations
If economic valueexceeds marketvalue, then growThrift Portfolio
If market valueexceedseconomic value,sell loans
Sell SFRassets, andearn higherMortgageBankingrevenue
Core Strategy 1
2005 2006 2007 2008 2009 2010 Mortgage Bank 420.2 496.1 499.5 564.6 624.9 693.2 Servicing 260 395.9 541.5 670.5 815.7 971.4 Thrift 620.1 782.4 1051.4 1265 1502 1742.6
Capital in thriftand servicing
64%
ROE=21%
More Capital Is Likely To Be Deployed In The Thrift AndServicing Which Should Help Drive Future P/E MultipleHigher
$1.4B
$1.6B
$1.9B
$2.3B
$2.8B
$3.3B
ROE = 23%
ROE = 23%
ROE = 22%
ROE = 23%
ROE = 24%
ROE = 24%
ROE = 18%
ROE = 16%
ROE = 18%
ROE = 19%
ROE = 19%
ROE = 20%
ROE = 65%
ROE = 54%
ROE = 63%
ROE = 67%
ROE = 71%
ROE = 74%
Capital in thriftand servicing
81%
ROE=23%
Capital Deployed
Note: Capital allocated to the business units may not equal 100% as this does not include capital allocated to corporate unitswhich in some periods can be negative
Core Strategy 1
Targets Targets CAGRs CAGRs CAGRs CAGRs Metrics 1999 2004 2005 2006 2010 99-05 04-05 05-10 06-10 # Active Customers 1,744 5,047 6,728 8,140 17,450 25% 33% 21% 21% # Regional Mortgage Center 3 10 13 17 25 28% 30% 14% 10% Sales Force 43 573 712 890 1,907 60% 24% 22% 21% Customer Retention Not Avail Not Avail 69% 75% 80% Not Avail 9% 3% 2% Sales Force turnover Not Avail 63% 36% 33% 30% n/a n/a n/a n/a Earnings ($ in millions) $78.6 $168.6 $247.1 $223.0 $357.6 21% 47% 8% 13%
Strategies:
Expand our regional mortgage centers from 13 today to 25 by 2007 to serve the top mortgage markets
Continue to grow our conduit business with internal profitability hurdle rate of 20% ROE
Make customer service, retention, and cross selling paramount in our strategies, accountability systems and payplans
Solidify our relationship with mortgage professionals by offering products/services that allow them to grow theirbusiness with as little complication as possible: financing their office purchase, payroll/bookkeeping and saleleaseback
Earnings From Our Largest Division, Mortgage Professionals,Grew 47% in 2005, Providing 54% of 2005 Earnings(1)
Customer Retention And Growth Are Key To Continued ExpansionOf Our Mortgage Professionals Business
(1) Before overhead and eliminations
Core Strategy 2
Based on MBA February Forecast.
Data obtained from National Mortgage News, adjusted for consolidations and company press releases.
1999 marked the beginning of Indymac's transition to a depository institution and transition of business toe-MITS.
Mortgage Production Indexed to Q1 99 (3)
0.40%
Market Share
2.91%
Market Share
Annualized growth rates since Q1 99:
Indymac 44%
Mortgage industry(1) 8%
Top five mortgage lenders(2) 16%
Indymac's Mortgage Loan
Origination Ranking (2):
Q1 99: 26th
Q4 05: 9th
2010 goal: 6th, at 4.26% share
Every quarter that industry volumes declined, Indymac has gained share
We Have Historically Grown Market Share When The Market ContractsIndymac's Market Share Reached A New High Of 2.91% In Q4 05
Core Strategy 2
Retooling Recently Underperforming Consumer DirectChannel Provides Significant Opportunity For Earnings &Market Share Growth Targets Targets Metrics 2005 2006 2010 Loan Servicing Loan Servicing Loan Servicing Loan Servicing Loans serviced for others($ billions) $84.5 $120.9 $266.6 Loan servicing customers (000s) 404 568 1,538 Retention volume ($ billions) $1.1 $2.4 $7.1 Branch Banking Branch Banking Branch Banking Branch Banking # of branches 26 30-35 80-100 Deposits ($ billions) $7.7 $8.5 $15.2 Deposit customers (000s) 130 165 450 Consumer Direct Consumer Direct Consumer Direct Consumer Direct Originations ($ billions) $1.9 $2.2 $4.7 Earnings ($ millions) $0.01 $9.2 $43.0
Unite all of Indymac's consumer customers totaling nearly 600K today, our direct lending channels, and our SouthernCA branch network under one strong leader to profitably grow this franchise
Refine the strategies to develop our customer relationships emphasizing customer retention, utilization and cross-sellof Indymac products
Through solid execution, quadrupling this customer base to 2 million by 2010 and increasing utilization from 1.0products today to 1.5 products
Strategies:
Consumer direct channel earned $45.3million, or 26% of total earnings in2003, the height of refi boom, butcontributed 0% in 2005. By focusing onconsumer franchise to cross-sell andexpand customer base, we believecontribution to earnings in 2010 will be$43.0 million, or 5% of total earnings Multiple Products Single Product East 0.08 0.92
Multiple ProductCustomers
Single ProductCustomers
580,906 total customers today
Core Strategy 3
Focus On Specialty Niche Mortgage Products Propels EarningsGrowth Through 2010
Our HELOC and Financial Freedom divisions have been separated so that each has a dedicated leader to maximize theopportunity and attention to their product
Plan under development to train mortgage professionals to become correspondents for reverse mortgages
Continue to work towards increased penetration of the consumer construction through the retail channel/affinity relationships
Product development group work to maintain Indymac's position in the Alt-A space by continually seeking new productopportunities
Strategies:
Core Strategy 4
Execution
Profitable
Not
Profitable
Planning
Launch
Infrastructure
in place
Idea/Topic
Champion
Concept
Leader
Approved
Strategic
Plan
Not on
track
On
track
Not on
track
On
track
Graduated
Killed
Incubator Group Has Implemented A Disciplined Process ToAccelerate New Initiatives From Ideas To Execution...NoEarnings From These Initiatives Are Currently Included In the Plan
Develop and drive disciplined incubation process to ensuresuccess of existing ascent businesses
Source, develop and launch new businesses that support ouroverall strategic mission
Work with business units to address strategic or operationalissues in under-performing replication businesses
Pursue acquisition opportunities that support our core strategy ofleveraging our mortgage banking platform or that serve as anentree to distinctive niche businesses
Strategies:
Core Strategy 5
Hispanic
Lending
FHA/VA
FSBO
PIP
Affinity
(Web)
Affinity(Affinity)
Super
Realtor
B2R 2.0
CRA (ProfitCenter)
Private Label
SBA Lending
1031Exchange
Settlement Svces
MI Captive Reins.
Nationwide CLO
InsuranceServices
CommercialRE Lending
Affinity(Employer)
CLO BranchLending
Broker/Dealer
FLO
HED-direct
Front Path
ABA-MLS
Affinity
(Retailer)
Ware-houseLending
SmallBuilderCustomer
Correspondent
Conduit
ConsumerBank Deposits
ServicingRetention
HCL Retail
VIP Lending
Microbroker
Mezz Equity
B2R 1.0
TraditionalBranchLending
FinancialServices(cons bank)
M&A Group Created To Build On Success To Date Successful Successful Successful Successful Unsuccessful Unsuccessful Unsuccessful Acquisition Year Acquisition Cost Current Value Acquisition Year Write Off Financial Freedom (Reverse Mortgages) 2005 $68.0 mm $200.0 mm GAP Mortgage Fraud Database Company 1996 $1 mm
SGV Bancorp 2000 $59.5 mm N/A, but NDE market cap increase of $1.6 bn from $860 mm at purchase PNB Mortgage (FHA/VA lender) 2000 ~$0.6 mm Servicing Platform 1997 $0.8 mm N/A, but $80.8 bn servicing portfolio with net ancillary income of $1.78 per loan
Core Strategy 5
Leveraging Infrastructure Improves Expense Ratios ButMovement Of Capital Into More Capital Intensive BusinessesResults In Flat Capital Requirement Ratios
Core Strategy 6
Expense EfficiencyRatio
Corporate Overhead /Net Revenue
Capital Required toGenerate $1 of NetRevenues
Net Revenuesper FTE(Thousands)
ROE
Note: In comparison, Golden West's efficiency ratio is better than Indymac's as they are a portfolio lender, which is less people-intensive than a mortgage banking franchise. However, Golden West uses significantly more capital as a portfolio lender, resulting in alower ROE of 19% compared to Indymac's 22%.
Conclusion
Indymac Has Achieved Strong Financial Results DespiteManagement Focus Required For Major Structural Changes
1993
1995
1997
1999
2001
2003
2005
Transformation from passiveREIT to actively managedlender begins
$2.5MM in earnings
$120MM in capital
4 employees/no customers
E-Mits deployed to3rd party customers
Survived globalliquidity crisis
Independencefrom Countrywide;paid $76MM instock to achieve
De-Reited (1/'00) - EPScut nearly in half
Converted to a Thrift(7/'00)
19th largest mortgagelender (12/'00)
Reinstated cash dividend
Introduces the Hybrid ThriftModel
Assets exceed $10B
$1B in capital
Top 10 mortgage lender
$1B in revenue
$20B in assets
9th largest thrift
Over 7,000 employees (550 in India)
Over 580,000 consumer customers
26 SoCal branches
13 regional mortgage centers
Implement regional presidentstructure
Acquired Financial Freedom
Added to S&P400 (3/'01)
With Current Solid Business Foundation & Hybrid Thrift/Mortgage Banking Model In Place, 5 Year Plan Projects EPSCAGR of 21% Through 2010
2005
2007
2008
2009
2010
2006
Over 3% marketshare
Investment graderatings
25 regionalcenters
Top 6 mortgage lender
$2.7B in revenue
2 million consumer customers
Over $11 EPS
100 SoCal branches
Top 10 mortgage lender
$1B in revenue
$20B in assets
9th largest thrift
Over 7,000 employees (550 in India)
Over 580,000 consumer customers
26 SoCal branches
13 regional mortgage centers
Implement regional president structure
Added to S&P 500
Fortune 100 employer
"Eight in '08"
$8 EPS
8th largest lender
Long Term Earnings Projections Imply ContinuedStrong Shareholder Returns
After stock option expense,
Assumes a 4% dividendyield 2005 2006 2007 2008 2009 2010 West 4.42 4.91 6.28 8.02 9.62 11.32
EPS Growth (1)
21%CAGR
Exceeds our Long-Term Target
Actual
This Year's Plan
Management Has A Strong Track Record Of GrowthAnd Returns Over Various Interest Rate Environments
(1) 1999 marked the beginning of Indymac's transition to a depository institution and taxable entity (earnings and EPS in 1999 are presented pro forma fully-taxed). 12/31/92 marked inceptionof Indymac's transition from a passive REIT to an operating mortgage banker with current senior management.
Appendix
Forecast For 2006 EPS Ranges From $4.50 To $5.20...Base Case Of $4.88 Represents 10% Growth Over 2005
While the forecast above represents our best estimation at this time, actual results couldvary significantly
Reconciliation of Pro Forma Net Earnings toGAAP
The above table provides a reconciliation of IndyMac's results on both a GAAP basis and on a pro forma basis excluding the SAB 105 adjustment. This tableis provided to assist investors with an evaluation of the Company's results in comparison to prior periods.
NYSE: NDE
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