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EverBank Financial Corp. Announces First Quarter 2012 Financial Results

EverBank Financial Corp. (NYSE:EVER) (“EverBank” or the “Company”) announced today its financial results for the quarter ended March 31, 2012.

“After our successful initial public offering completed this month, in which we raised approximately $200 million of growth capital, we are pleased to report strong earnings and continued asset growth in the first quarter,” said Robert M. Clements, Chairman and Chief Executive Officer. “Our results highlight our ability to deliver solid performance while continuing to make investments in our business infrastructure to support future growth. We are very excited about our position in the marketplace and plan to leverage our nationwide core businesses in lending, banking and investing to deepen client relationships and maximize franchise value.”

Key Highlights

  • GAAP net income was $11.8 million for the first quarter of 2012, compared to $9.4 million for the first quarter of 2011. GAAP diluted earnings per share (“EPS”) was $0.08 for the first quarter of 2012, compared to $0.09 for the first quarter of 2011.
  • Adjusted net income was $27.3 million for the first quarter of 2012, compared to $24.5 million for the first quarter of 2011. Adjusted diluted EPS was $0.28 for the first quarter of 2012, as compared to $0.25 for the first quarter of 2011.
  • Total loans and leases held for investment were $7.2 billion at March 31, 2012, up $0.8 billion, or 12%, from December 31, 2011.
  • Loans and leases originated were $2.2 billion for the first quarter.
  • Deposits were $10.6 billion at March 31, 2012, up $0.3 billion, or 3%, for the quarter and $0.9 billion or 9% year over year.
  • Our adjusted non-performing assets as a percentage of total assets was 1.63% at March 31, 2012, down from 1.86% at December 31, 2011.
  • Tangible book value per as converted common share was $10.40 at March 31, 2012 excluding accumulated other comprehensive income, it was $11.35 up 5% year over year.
  • We completed the acquisition of MetLife Bank’s Warehouse Finance business on April 2, 2012 which included approximately $350 million of loans outstanding.

“All of our asset origination platforms had strong performance in the first quarter,” said W. Blake Wilson, President and Chief Operating Officer. “The addition of MetLife Bank’s Warehouse Finance business following the quarter will further diversify our origination capabilities and continue to drive our sustained growth.”

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