This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

EverBank Financial Corp. Announces First Quarter 2012 Financial Results

Stocks in this article: EVER

Credit Quality

Our adjusted non-performing assets as a percentage of total assets decreased to 1.63% at March 31, 2012 from 1.86% at December 31, 2011. We recorded provision for loan and lease losses of $11.4 million at March 31, 2012, which is a decrease of $6.7 million when compared to the first quarter of 2011. Net charge-offs during the first quarter of 2012 declined to $10.9 million from $22.1 million in the first quarter of 2011. On an annualized basis, net charge-offs were 0.65% of total average loans and leases held for investment outstanding for the first quarter of 2012 in comparison to 1.45% for the first quarter of 2011.

Capital Strength

Total shareholder’s equity was $995 million at March 31, 2012 compared to $968 million at December 31, 2011. The bank’s Tier 1 (core) capital ratio was 7.7% and total risk-based capital ratio was 15.2% at March 31, 2012.

In addition, we completed our initial public offering on May 8, 2012 which raised approximately $200 million of growth capital.

Income Statement Highlights

Net Interest Income

For the first quarter of 2012, net interest income increased by $1.9 million to $115.6 million from $113.7 million for the first quarter of 2011. This increase in net interest income was attributable to a decrease in interest expense of $6.6 million, partially offset by a decrease in interest income of $4.6 million. Our net interest margin decreased to 3.97% for the first quarter of 2012 from 4.33% for the first quarter of 2011. The primary driver of the decrease in net interest margin was a reduction in accretion income partially offset by a reduction in deposit and borrowing interest expense.

Noninterest Income

Noninterest income for the first quarter of 2012 increased by $7.3 million or 11% to $73.2 million compared to the same period in 2011. This increase was driven by production revenues and gain on sale of loans which increased by $35.7 million to $55.6 million. This was partially offset by a decrease in net loan servicing income which decreased $25.0 million to $1.1 million. Net loan servicing income includes a non-cash MSR impairment of $15.1 million as well as elevated amortization expense of $29.3 million. These changes were primarily related to an increase in residential lending volume of $0.7 billion to $1.9 billion and related pay-off activity.

3 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs