|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: CAPSTEAD MORTGAGE CORP, 424B5, 1998-01-27 |
Next: COWEN STANDBY TAX EXEMPT RESERVE FUND INC, 485BPOS, 1998-01-27 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): January 27, 1998
H. F. Ahmanson & Company
----------------------------
(Exact name of registrant as specified in charter)
Delaware 1-8930 95-0479700
------------ ---------- --------------
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
4900 Rivergrade Road, Irwindale, California 91706
----------------------------------------------- ---------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (626) 960-6311
Not applicable
------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Investor presentation materials to be used by the Registrant
at one or more presentations for analysts and investors commencing on
January 27, 1998. (In the investor presentation, the Registrant is sometimes
referred to by its stock exchange ticker symbol, "AHM").
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: January 26, 1998 H. F. AHMANSON & COMPANY
/s/ Tim S. Glassett
-----------------------------------
By: Tim S. Glassett
First Vice President and
Assistant General Counsel
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company H. F. Ahmanson America, FSB
logo] & Company logo]
- --------------------------------------------------------------------------------
Salomon Smith Barney
Diversified Financial Services Conference
Kevin M. Twomey
Vice Chairman & Chief Financial Officer
January
1998
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Forward-Looking Statement logo]
- --------------------------------------------------------------------------------
A number of statements we will be making in our presentation and in the
accompanying slides will not be based on historical fact, but will be "forward-
looking statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve risks and
uncertainties, such as statements of the company's plans, objectives,
expectations, estimates and intentions, that are subject to change based on
various important factors (some of which are beyond the company's control). The
following factors, among others, could cause the company's financial performance
to differ materially from the plans, objectives, expectations, estimates and
intentions expressed in any forward-looking statement made herein or by
management of the company: the strength of the U.S. economy in general and the
strength of the local economies in which the company conducts operations; the
effects of and changes in trade, monetary and fiscal policies and laws,
including interest rate policies of the Board of Governors of the Federal
Reserve System; inflation, interest rate, market and monetary fluctuations; the
timely development of and acceptance of new products and services of the company
and the perceived overall value of these products and services by users,
including the features, pricing and quality compared to competitors' products
and services; the willingness of users to substitute the competitors' products
and services for the company's products and services; the success of the company
in gaining regulatory approval of its products and services when required; the
impact of changes in financial services laws and regulations (including laws
concerning taxes, banking, securities and insurance); technological changes;
acquisitions; the progress of integrating Coast Savings Financial; changes in
consumer spending and saving habits; and the success of the company at managing
the risks involved in the foregoing.
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] logo]
- --------------------------------------------------------------------------------
Our Goal:
"Above-average growth in
shareholder value."
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] logo]
- --------------------------------------------------------------------------------
Our Goals:
. ROE - 18%
. Efficiency ratio - below 50%
. EPS growth
. Capital - "well-capitalized"
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] logo]
- --------------------------------------------------------------------------------
5 Years Ago, Ahmanson was:
. A traditional savings & loan
. Focused on size and geography
. With significant credit problems
. And lackluster returns
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] What We Were logo]
- --------------------------------------------------------------------------------
1992
----
. EPS $1.60
. ROA 0.42%
. ROE 7.49%
. NPA Ratio 4.61%
. Stock Price $19.25
. Market Capitalization $2.2 billion
. At or for the year ended
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] logo]
- --------------------------------------------------------------------------------
Today Ahmanson is:
. Full-service consumer bank
. With array of products for small businesses:
- Credit
- Deposit
- Cash management
. With strong returns to shareholders
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Ahmanson Today logo]
- --------------------------------------------------------------------------------
1997
----
. EPS $3.31*
. ROA 0.80%*
. ROE 16.19%*
. NPA Ratio 1.28%
. Stock Price $66.94
. Market Capitalization $8.1 billion**
. At or for the year ended
* Excludes certain charges and gains
** Includes shares to be issued in Coast acquisition and shares issuable upon
conversion of Preferred D
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] logo]
- --------------------------------------------------------------------------------
Positive trends
. Resolving old burdens
. Creating value
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Earnings Per Diluted Share logo]
- --------------------------------------------------------------------------------
[graph appears here]
1992 1.19*
1993 -1.70
1994 1.21*
1995 1.62*
1996 2.19*
1997 3.31*
* Excludes certain charges and gains
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Key Performance Indicators logo]
- --------------------------------------------------------------------------------
Return on Assets Return on Equity
[graph appears here] [graph appears here]
1992 .42 1992 7.49
1993 -.32 1993 -5.58
1994 .46 1994 8.00
1995 .41 1995 7.47
1996 .59* 1996 10.66*
1997 .80* 1997 16.19*
* Excludes certain charges and gains
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] California Economy logo]
- --------------------------------------------------------------------------------
The California market is rebounding strongly.
. Four years of economic expansion
. Unemployment 6.1%
- Lowest since 1990
. Population: projected to increase by 15 million by Year 2020 (UCLA Anderson
Forecast)
Four "T's":
. Technology
. Trade
. Tourism
. Tinsel Town
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Drivers of Profitability logo]
- --------------------------------------------------------------------------------
. Improve deposit franchise
. Diversify loan portfolio
- Additional mortgage products
- More consumer and small business loans
. Increase fee income
. Improve asset quality
. Control costs
. Manage capital
. Opportunistic acquisitions
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Improve Deposit Franchise logo]
- --------------------------------------------------------------------------------
Franchise Rationalization
Sold:
. New York
. Illinois
. Ohio
. Missouri
. Arizona
. West Florida
. San Antonio, Texas
. East Florida (sale pending)
-----------------------
Total $15.9 billion
-----------------------
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Improve Deposit Franchise logo]
- --------------------------------------------------------------------------------
Franchise Rationalization
Bought:
. 20 California thrift franchises, bringing $6.1 billion of deposits
. 61 First Interstate branches, bringing $1.9 billion in deposits, new
customers, employees, and products
. Coast Savings Financial, bringing 90 branches, $6.4 billion of deposits, and
418,000 households
-----------------------
Total $14.4 billion
-----------------------
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Diversify Loan Portfolio logo]
- --------------------------------------------------------------------------------
COFI as a Percentage of ARM Fundings
[graph appears here]
1994 94%
1997 12%
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Diversify Loan Portfolio logo]
- --------------------------------------------------------------------------------
($ in millions)
Multi-Family Loan Portfolio
[graph appears here]
12/31/95 9,298
12/31/96 9,594
12/31/97 9,834
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Diversify Loan Portfolio logo]
- --------------------------------------------------------------------------------
($ in millions)
Consumer Loans Funded Consumer Loan Portfolio
[graph appears here] [graph appears here]
1995 191 12/31/95 84
1996 382 12/31/96 785
1997 843 12/31/97 1,081
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Diversify Loan Portfolio logo]
- --------------------------------------------------------------------------------
Quarterly Business Banking
Loan Applications 1997
($ in millions)
[graph appears here]
1Q97 69
2Q97 152
3Q97 172
4Q97 205
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Increase Fee Income logo]
- --------------------------------------------------------------------------------
Banking and Other Retail Fee Income
($ in millions)
[graph appears here]
1996 137
1997 183
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Increase Fee Income logo]
- --------------------------------------------------------------------------------
Griffin Financial Services
Average Daily Core Sales
($ in millions)
[graph appears here]
1995 0.6
1996 2.2
1997 3.4
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Increase Fee Income logo]
- --------------------------------------------------------------------------------
Griffin Financial Services
Assets Under Management
($ in millions)
[graph appears here]
Mutual
Funds Annuities
Dec-93 24 [ 24 ]
Dec-94 119 [119 ]
Dec-95 310 [310 ]
Dec-96 625 [531 94]
Dec-97 1,222 [864 358]
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] logo]
- --------------------------------------------------------------------------------
Credit Costs*
($ in millions)
[graph appears here]
1992 497
1993 787
1994 263
1995 206
1996 251
1997 137
* Represents loan loss provisions and REO expenses
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Improve Asset Quality logo]
- --------------------------------------------------------------------------------
Quarterly Credit Costs*
($ in millions)
[graph appears here]
1Q96 72
2Q96 61
3Q96 61
4Q96 57
1Q97 46
2Q97 40
3Q97 29
4Q97 22
* Represents loan loss provisions and REO expenses
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Improve Asset Quality logo]
- --------------------------------------------------------------------------------
Nonperforming Assets
($ in millions)
[graph appears here]
Dec-92 2,221
Dec-93 960
Dec-94 843
Dec-95 949
Dec-96 846
Dec-97 595
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company The Value of Further Improvement America, FSB
logo] in Asset Quality on EPS logo]
- --------------------------------------------------------------------------------
. 1997 credit costs = 31 bps of loans and MBS
. Each 10 bps of credit cost improvement adds $0.24 to EPS
[graph appears here]
10 bps $0.24
15 bps $0.36
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Control Costs logo]
- --------------------------------------------------------------------------------
Efficiency Ratio
[graph appears here]
1995 58.9%
1996 52.2%*
1997 49.8%
* Excludes certain gains and charges
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Manage Capital logo]
- --------------------------------------------------------------------------------
Home Savings of America
Core Capital
[graph appears here]
Dec-92 4.47
Dec-93 4.76
Dec-94 5.06
Dec-95 5.89
Dec-96 5.56
Dec-97 5.87
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Manage Capital logo]
- --------------------------------------------------------------------------------
Core Capital Ratio
$ Excess to 5%
($ in millions)
[graph appears here]
Dec-92 -248
Dec-93 -121
Dec-94 30
Dec-95 444
Dec-96 275
Dec-97 401
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Earnings Improvement logo]
- --------------------------------------------------------------------------------
1997 vs 1996
[graph appears here]
Net Income 30%*
EPS 51%*
* Excludes certain gains and charges
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Manage Capital logo]
- --------------------------------------------------------------------------------
Stock Buyback Programs as of December 31, 1997
Amount # Shares
Authorized Purchased Average
(millions) (millions) Price Paid
---------- ---------- ----------
First $ 250 10.4 $24.01
Second 150 5.2 $28.61
Third 250 6.8 $36.77
Fourth 250 4.7 $52.96
Fifth* 400 0.5 $65.00
------ ----
Total $1,300 27.6 $33.57
====== ====
* Remaining in Fifth Program at December 31, 1997: $374.4 million
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Manage Capital logo]
- --------------------------------------------------------------------------------
($ in millions)
Annual Dividend Payment
-----------------------
Issue Amount Rate Cost Tax Earliest Permitted
- ----- ------ ---- ---- Deductible? Call Date
----------- ---------
B $175 9.60% $16.8 No Sept. 3, 1996*
C $195 8.40% $16.4 No Mar. 1, 1998**
Conv. D $284 6.00% $16.9 No Sept. 1, 1998
* Redeemed 9/3/96.
** Redemption announced 1/6/98.
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Manage Capital logo]
- --------------------------------------------------------------------------------
Cash at Parent
December 31, 1997
$305 million
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Opportunistic Acquisitions logo]
- --------------------------------------------------------------------------------
Overview of Coast Financial
. Sixth largest thrift and ninth largest financial institution in California
. $8.8 billion in assets
. $6.4 billion in deposits, 90 branches and 106 ATMs
. Traditional thrift with 81% of its loan and MBS portfolio in 1-4 unit
mortgages and 76% of its deposits in CDs
. Serves 418,000 California households
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Opportunistic Acquisitions logo]
- --------------------------------------------------------------------------------
Transaction Summary
Ahmanson to acquire Coast Savings Financial; rights to benefits of
Coast's goodwill claim to be distributed to Coast shareholders in
conjunction with this transaction
Purchase price per Coast share: $46.17 (excluding Coast's goodwill claim) *
Fixed exchange ratio: 0.8082 Ahmanson shares for each Coast share
Structure: Purchase accounting/tax-free exchange
Transaction value: $901 million (excluding goodwill claim) *
Additional pre-tax reserves: $75 million in restructuring charges
$25 million in credit-related charges
Projected cost savings: $75 million pre-tax annually
(50% of Coast's 1998 expense base)
Fully implemented within 12 months of
closing
Revenue enhancements: Financial accretion projections include zero
revenue enhancements
* At time of acquisition announcement
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Opportunistic Acquisitions logo]
- --------------------------------------------------------------------------------
Why is Coast Acquisition Compelling?
. Significant cash and reported EPS accretion
EPS Accretion: 1998 1999 2000
(Based on First Call Estimates) *
Reported: 2% 6% 7%
Cash: 6% 10% 10%
. 20% internal rate of return
. Well-priced deal, well-received by the market
- AHM stock increased $1.50 and 2.6% on day of announcement
. Accelerates strategy of becoming a full-service consumer and small business
bank
* At time of acquisition announcement
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] Opportunistic Acquisitions logo]
- --------------------------------------------------------------------------------
Improved California Deposit Market Position
. #3 in California
. #2 in Southern California
[graph appears here] [graph appears here]
BAC 20.3% BAC 18.9%
WFC 14.4% AHM 12.2%
AHM 9.1% WFC 10.5%
WAMU 9.0% WAMU 9.6%
California Southern California
Source: SNL Securities, LP, as of June 30, 1996; pro forma for subsequent
mergers and acquisitions.
Southern CA includes Los Angeles, San Diego, Riverside, San Bernardino, Ventura,
Kern and Imperial Counties.
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] 1997 Total Return To Shareholders logo]
- --------------------------------------------------------------------------------
[graph appears here]
NASDAQ 22
DOW 25
WFC 28
SP Mny Bk 34
KB Bnk 44
BAC 49
SP Reg Bk 50
WAMU 50
AHM 110
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company Total Return To Shareholders America, FSB
logo] 12/31/94 - 12/31/97 logo]
- --------------------------------------------------------------------------------
[graph appears here]
SP Mny Bk 55
NASDAQ 112
DOW 120
WFC 150
SP Reg Bk 224
KB Bnk 224
BAC 300
WAMU 310
AHM 355
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] logo]
- --------------------------------------------------------------------------------
Opportunities
. Lots of progress
. More remains to be achieved
. For example...
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] logo]
- --------------------------------------------------------------------------------
Residential Loan Originations
Distribution of LC* Production
1997 Originations
[graph appears here]
Cumulative Cumulative
% of LCs % of Volume % of LCs % of Volume
1.07% 6.08% 41.96% 86.54%
1.96% 10.30% 43.04% 87.34%
3.04% 14.52% 43.93% 87.98%
3.93% 17.79% 45.00% 88.72%
5.00% 21.56% 46.07% 89.43%
6.07% 25.11% 46.96% 89.99%
6.96% 27.94% 48.04% 90.64%
8.04% 31.24% 48.93% 91.14%
10.00% 36.76% 50.00% 91.70%
11.07% 39.49% 51.07% 92.21%
11.96% 41.61% 51.96% 92.62%
13.04% 44.05% 53.04% 93.08%
15.00% 48.30% 53.93% 93.46%
16.07% 50.55% 55.00% 93.90%
16.96% 52.39% 56.07% 94.33%
18.04% 54.50% 56.96% 94.67%
18.93% 56.23% 58.04% 95.06%
20.00% 58.25% 58.93% 95.38%
21.07% 60.25% 60.00% 95.73%
21.96% 61.87% 61.07% 96.06%
23.04% 63.73% 61.96% 96.31%
23.93% 65.23% 63.04% 96.60%
25.00% 66.95% 63.93% 96.82%
26.07% 68.63% 65.00% 97.08%
26.96% 69.97% 66.07% 97.32%
28.05% 71.53% 66.96% 97.50%
28.93% 72.78% 68.04% 97.71%
30.00% 74.24% 68.93% 97.87%
31.07% 75.61% 70.00% 98.05%
31.96% 76.68% 71.07% 98.22%
33.04% 77.94% 71.96% 98.35%
33.93% 78.97% 73.04% 98.50%
35.00% 80.17% 73.93% 98.61%
36.07% 81.32% 75.00% 98.74%
36.96% 82.23% 80.00% 99.22%
38.04% 83.26% 85.00% 99.56%
38.93% 84.06% 90.00% 99.79%
40.00% 84.97% 95.00% 99.94%
41.07% 85.85% 100.00% 100.00%
-------------------------------------------
One-third of LCs produced 78% of volume
-------------------------------------------
* LC = Loan Consultant
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] logo]
- --------------------------------------------------------------------------------
Consumer Loan Originations
Distribution of Branch Production
1997 Originations
[graph appears here]
Cumulative Cumulative
% of branches % of Volume % of branches % of Volume
0.52% 6.40% 50.78% 84.62%
1.04% 8.99% 51.30% 84.96%
1.55% 11.13% 51.81% 85.31%
2.07% 13.21% 52.33% 85.64%
2.59% 15.19% 52.85% 85.98%
3.11% 16.94% 53.37% 86.30%
3.63% 18.64% 53.89% 86.63%
4.15% 20.30% 54.40% 86.94%
4.66% 21.93% 54.92% 87.25%
5.18% 23.50% 55.44% 87.56%
5.70% 25.00% 55.96% 87.86%
6.22% 26.43% 56.48% 88.17%
6.74% 27.76% 56.99% 88.46%
7.25% 29.02% 57.51% 88.76%
7.77% 30.28% 58.03% 89.04%
8.29% 31.53% 58.55% 89.33%
8.81% 32.74% 59.07% 89.61%
9.33% 33.89% 59.59% 89.88%
9.84% 35.01% 60.10% 90.15%
10.36% 36.11% 60.62% 90.41%
10.88% 37.20% 61.14% 90.67%
11.40% 38.25% 61.66% 90.92%
11.92% 39.30% 62.18% 91.17%
12.44% 40.31% 62.69% 91.42%
12.95% 41.31% 63.21% 91.66%
13.47% 42.28% 63.73% 91.90%
13.99% 43.22% 64.25% 92.14%
14.51% 44.15% 64.77% 92.37%
15.03% 45.06% 65.28% 92.61%
15.54% 45.97% 65.80% 92.83%
16.06% 46.86% 66.32% 93.06%
16.58% 47.75% 66.84% 93.28%
17.10% 48.63% 67.36% 93.50%
17.62% 49.50% 67.88% 93.72%
18.13% 50.35% 68.39% 93.93%
18.65% 51.18% 68.91% 94.15%
19.17% 52.00% 69.43% 94.35%
19.69% 52.80% 69.95% 94.56%
20.21% 53.60% 70.47% 94.76%
20.73% 54.38% 70.98% 94.95%
21.24% 55.15% 71.50% 95.15%
21.76% 55.91% 72.02% 95.34%
22.28% 56.66% 72.54% 95.53%
22.80% 57.40% 73.06% 95.71%
23.32% 58.12% 73.58% 95.88%
23.83% 58.84% 74.09% 96.06%
24.35% 59.54% 74.61% 96.23%
24.87% 60.22% 75.13% 96.39%
25.39% 60.89% 75.65% 96.55%
25.91% 61.55% 76.17% 96.71%
26.42% 62.18% 76.68% 96.86%
26.94% 62.80% 77.20% 97.01%
27.46% 63.41% 77.72% 97.16%
27.98% 64.00% 78.24% 97.30%
28.50% 64.59% 78.76% 97.43%
29.02% 65.18% 79.27% 97.57%
29.53% 65.75% 79.79% 97.70%
30.05% 66.33% 80.31% 97.82%
30.57% 66.90% 80.83% 97.93%
31.09% 67.46% 81.35% 98.05%
31.61% 68.02% 81.87% 98.16%
32.12% 68.58% 82.38% 98.26%
32.64% 69.13% 82.90% 98.36%
33.16% 69.67% 83.42% 98.46%
33.68% 70.22% 83.94% 98.56%
34.20% 70.76% 84.46% 98.65%
34.72% 71.29% 84.97% 98.74%
35.23% 71.81% 85.49% 98.83%
35.75% 72.33% 86.01% 98.92%
36.27% 72.85% 86.53% 99.00%
36.79% 73.35% 87.05% 99.08%
37.31% 73.85% 87.56% 99.16%
37.82% 74.34% 88.08% 99.23%
38.34% 74.82% 88.60% 99.30%
38.86% 75.29% 89.12% 99.36%
39.38% 75.76% 89.64% 99.43%
39.90% 76.22% 90.16% 99.49%
40.41% 76.68% 90.67% 99.54%
40.93% 77.12% 91.19% 99.59%
41.45% 77.57% 91.71% 99.64%
41.97% 78.00% 92.23% 99.68%
42.49% 78.43% 92.75% 99.72%
43.01% 78.86% 93.26% 99.76%
43.52% 79.28% 93.78% 99.80%
44.04% 79.70% 94.30% 99.83%
44.56% 80.11% 94.82% 99.86%
45.08% 80.53% 95.34% 99.89%
45.60% 80.93% 95.85% 99.91%
46.11% 81.33% 96.37% 99.94%
46.63% 81.72% 96.89% 99.95%
47.15% 82.10% 97.41% 99.97%
47.67% 82.47% 97.93% 99.98%
48.19% 82.84% 98.45% 99.99%
48.70% 83.20% 98.96% 100.00%
49.22% 83.56% 99.48% 100.00%
49.74% 83.92% 100.00% 100.00%
50.26% 84.28%
-----------------------------------------------
One-third of network produced 70% of volume
-----------------------------------------------
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] logo]
- --------------------------------------------------------------------------------
Business Loan Originations
Distribution of Branch Production
1997 Originations
[graph appears here]
Cumulative Cumulative
% of branches % of Volume % of branches % of Volume
1.01% 15.37% 41.89% 88.47%
2.03% 22.73% 42.91% 89.03%
3.04% 28.05% 43.92% 89.58%
4.05% 32.65% 44.93% 90.10%
5.07% 36.75% 45.95% 90.60%
6.08% 40.61% 46.96% 91.08%
7.09% 44.23% 47.97% 91.56%
8.11% 47.31% 48.99% 92.09%
9.12% 49.90% 50.00% 92.42%
10.14% 52.21% 51.01% 92.84%
11.15% 54.32% 52.03% 93.24%
12.16% 56.26% 53.04% 93.62%
13.18% 58.08% 54.05% 93.98%
13.85% 59.28% 55.07% 94.34%
14.86% 61.06% 56.08% 94.69%
15.88% 62.76% 57.09% 95.03%
16.89% 64.33% 58.11% 95.35%
17.91% 65.88% 59.12% 95.66%
18.92% 67.39% 60.14% 95.96%
19.93% 68.83% 61.15% 96.23%
20.95% 70.24% 62.16% 96.51%
21.96% 71.60% 63.18% 96.77%
22.97% 72.87% 63.85% 96.93%
23.99% 74.10% 64.86% 97.17%
25.00% 75.28% 65.88% 97.39%
26.01% 76.39% 66.89% 97.59%
27.03% 77.45% 67.91% 97.78%
28.04% 78.45% 68.92% 97.98%
29.05% 79.40% 69.93% 98.17%
30.06% 80.32% 70.95% 98.34%
31.08% 81.20% 71.96% 98.51%
32.09% 82.04% 72.97% 98.65%
33.11% 82.86% 73.99% 98.79%
34.12% 83.63% 75.00% 98.93%
35.14% 84.34% 80.07% 99.57%
36.15% 85.03% 85.14% 99.93%
37.16% 85.68% 89.86% 100.00%
38.18% 86.32% 94.93% 100.00%
38.85% 86.72% 97.64% 100.00%
39.86% 87.33% 100.00% 100.00%
40.88% 87.91%
-------------------------------------------------
One-quarter of network produced 75% of volume
-------------------------------------------------
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] logo]
- --------------------------------------------------------------------------------
Griffin Financial Services
Distribution of Branch Production
Core Sales for 1997
[graph appears here]
Cumulative Cumulative
% of branches % of Volume % of branches % of Volume
1.10% 7.26% 44.93% 82.65%
1.92% 11.09% 46.03% 83.39%
3.01% 15.24% 47.12% 84.13%
4.11% 18.93% 47.95% 84.66%
4.93% 21.52% 49.04% 85.36%
6.03% 24.74% 50.14% 86.02%
7.12% 27.79% 50.96% 86.50%
7.95% 30.00% 52.05% 87.11%
9.04% 32.80% 52.88% 87.56%
10.14% 35.52% 53.97% 88.14%
10.96% 37.50% 55.07% 88.69%
12.05% 40.07% 55.89% 89.09%
12.88% 41.93% 56.99% 89.60%
13.97% 44.19% 58.08% 90.10%
15.07% 46.33% 58.90% 90.45%
15.89% 47.86% 60.00% 90.92%
16.99% 49.85% 61.10% 91.38%
18.08% 51.76% 61.92% 91.72%
18.90% 53.17% 63.01% 92.15%
20.00% 55.01% 64.11% 92.59%
21.10% 56.76% 64.93% 92.91%
21.92% 58.03% 66.03% 93.32%
23.01% 59.63% 67.12% 93.72%
24.11% 61.18% 67.95% 94.01%
24.93% 62.32% 69.04% 94.39%
26.03% 63.80% 70.14% 94.75%
27.12% 65.25% 70.96% 95.01%
27.95% 66.31% 72.05% 95.35%
29.04% 67.69% 72.88% 95.60%
30.14% 69.01% 73.97% 95.93%
30.96% 69.95% 75.07% 96.25%
32.05% 71.17% 75.89% 96.48%
32.88% 72.07% 76.99% 96.78%
33.97% 73.24% 78.08% 97.07%
35.07% 74.39% 78.90% 97.27%
35.89% 75.21% 80.00% 97.55%
36.99% 76.27% 84.93% 98.56%
38.08% 77.27% 90.14% 99.35%
38.90% 77.99% 95.07% 99.84%
40.00% 78.90% 95.89% 99.89%
41.10% 79.78% 96.99% 99.93%
41.92% 80.42% 98.08% 99.97%
43.01% 81.25% 98.90% 99.99%
44.11% 82.06% 100.00% 100.00%
-----------------------------------------------
One-third of network produced 72% of volume
-----------------------------------------------
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] logo]
- --------------------------------------------------------------------------------
Our Goal:
"Above-average growth in
shareholder value."
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] logo]
- --------------------------------------------------------------------------------
Our Goals:
. ROE - 18%
. Efficiency ratio - below 50%
. EPS growth
. Capital - "well-capitalized"
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] logo]
- --------------------------------------------------------------------------------
Analyst Conference at Ahmanson
February 22 and 23, 1998
Location:
The RITZ CARLTON
4375 Admiralty Way
Marina Del Rey, CA 90292
Contact:
Steve Swartz, Investor Relations
(626) 814-7986
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] logo]
- --------------------------------------------------------------------------------
Appendix
<PAGE>
[H. F. Ahmanson & [Home Savings of
Company America, FSB
logo] New Management Team logo]
- --------------------------------------------------------------------------------
Year
Office of the Chairman Joined Position
- ---------------------- ------ --------
Charles Rinehart 1989 Chairman and CEO
Bruce Willison 1996 President and COO
Kevin Twomey 1993 Vice Chairman and CFO
Madeleine Kleiner 1995 Sr. Exec. Vice President, General
Counsel, Secretary and CAO
Management Group
- ----------------
Anne-Drue Anderson 1993 EVP, Residential Lending
Jan Cloyde 1996 EVP, Banking Services
Carl Forsythe 1995 EVP, Consumer Lending and Marketing
E. Nancy Markle 1994 EVP, Chief Information Officer
Robert McAuslan 1996 EVP, Chief Credit Officer
Jaynie Studenmund 1997 EVP, Retail Banking Services
|
|