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EverBank Financial Corp. Announces First Quarter 2012 Financial Results

About EverBank Financial Corp.

EverBank Financial Corp provides a diverse range of financial products and services directly to clients nationwide through multiple business channels. Headquartered in Jacksonville, Florida, EverBank has $13.8 billion in assets and $10.6 billion in deposits as of March 31, 2012. With an emphasis on value, innovation and service, EverBank offers a broad selection of banking, lending and investing products to consumers and businesses. EverBank provides services to customers through websites, over the phone, through the mail and at its Florida-based financial centers. More information on EverBank can be found at www.abouteverbank.com

EverBank Financial Corp

Quarterly Performance Summary

First Quarter 2012

EverBank Financial Corp and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)

(Dollars in thousands, except per share data)

 

March 31,   December 31,
2012 2011
Assets
Cash and due from banks $ 29,142 $ 31,441
Interest-bearing deposits in banks 355,581   263,540
 
Total cash and cash equivalents 384,723 294,981
 
Investment securities:
Available for sale, at fair value 1,937,748 1,903,922
Held to maturity (fair value of $194,867 and $194,350 as of March 31, 2012 and
December 31, 2011, respectively) 190,642 189,518
Other investments 99,915   98,392
 
Total investment securities 2,228,305 2,191,832
 
Loans held for sale (includes $672,651 and $777,280 carried at fair value as of
March 31, 2012 and December 31, 2011, respectively) 2,530,966 2,725,286
 
Loans and leases held for investment:
Covered by loss share or indemnification agreements 788,129 841,146
Not covered by loss share or indemnification agreements 6,535,058   5,678,135
 
Loans and leases held for investment, net of unearned income 7,323,187 6,519,281
Allowance for loan and lease losses (78,254)   (77,765)
 
Total loans and leases held for investment, net 7,244,933 6,441,516
 
Equipment under operating leases, net 67,899 56,399
Mortgage servicing rights (MSR), net 462,420 489,496
Deferred income taxes, net 143,218 151,634
Premises and equipment, net 45,744 43,738
Other assets 666,613   646,796
 
Total Assets $ 13,774,821 $ 13,041,678
 
Liabilities
Deposits
Noninterest-bearing $ 1,367,592 $ 1,234,615
Interest-bearing 9,185,368   9,031,148
 
Total deposits 10,552,960 10,265,763
 
Other borrowings 1,706,298 1,257,879
Trust preferred securities 103,750 103,750
Accounts payable and accrued liabilities 417,124   446,621
 
Total Liabilities 12,780,132 12,074,013
 
Commitments and Contingencies
 
Shareholders' Equity
Series A 6% Cumulative Convertible Preferred Stock, $0.01 par value (1,000,000
shares authorized; 0 and 186,744 issued and outstanding at March 31, 2012 and
December 31, 2011, respectively) - 2
Series B 4% Cumulative Convertible Preferred Stock, $0.01 par value (liquidation
preference of $1,000 per share; 1,000,000 shares authorized inclusive of Series A
Preferred Stock; 136,544 issued and outstanding at March 31, 2012 and
December 31, 2011) 1 1
Common Stock, $0.01 par value (150,000,000 shares authorized; 77,994,699 and
75,094,375 issued and outstanding at March 31, 2012 and December 31, 2011
respectively) 780 751
Additional paid-in capital 562,327 561,247
Retained earnings 520,777 513,413
Accumulated other comprehensive loss (89,196) (107,749)
 
Total Shareholders' Equity 994,689 967,665
 
Total Liabilities and Shareholders' Equity $ 13,774,821 $ 13,041,678
 

EverBank Financial Corp and Subsidiaries

Condensed Consolidated Statements of Income (unaudited)

(Dollars in thousands, except per share data)

 
Three Months Ended
March 31,
2012   2011
 
Interest Income
Interest and fees on loans and leases $ 124,778 $ 122,993
Interest and dividends on investment securities 20,549 26,244
Other interest income 104 842
 
Total interest income 145,431 150,079
 
Interest Expense
Deposits 20,974 26,190
Other borrowings 8,834 10,196
 
Total interest expense 29,808 36,386
 
Net Interest Income 115,623 113,693
 
Provision for Loan and Lease Losses 11,355 18,030
 
Net Interest Income after Provision for Loan and Lease Losses 104,268 95,663
 
Noninterest Income
Loan servicing fee income 45,556 48,876
Amortization and impairment of mortgage servicing rights (44,483) (22,788)
 
Net loan servicing income 1,073 26,088
 
Gain on sale of loans 48,177 13,477
Loan production revenue 7,437 6,407
Deposit fee income 6,239 5,160
Other lease income 8,663 6,732
Other 1,604 7,988
 
Total noninterest income 73,193 65,852
 
Noninterest Expense
Salaries, commissions and other employee benefits expense 66,590 57,373
Equipment expense 15,948 10,760
Occupancy expense 5,349 4,540
General and administrative expense 70,934 72,566
 
Total noninterest expense 158,821 145,239
 
Income before Income Taxes 18,640 16,276
 
Provision for Income Taxes 6,794 6,860
 
Net Income $ 11,846 $ 9,416
 
Less: Net Income Allocated to Participating Preferred Stock (5,879) (2,407)
 
Net Income Allocated to Common Shareholders $ 5,967 $ 7,009
 
Net Earnings per Common Share, Basic $ 0.08 $ 0.09
 
Net Earnings per Common Share, Diluted $ 0.08 $ 0.09
 

Non-GAAP Financial Measures

This press release contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Non-Performing Asset Ratio, Tangible Shareholders’ Equity, Adjusted Tangible Shareholders’ Equity, Tangible Assets, and Adjusted Efficiency Ratios are non-GAAP financial measures. The Company’s management uses these measures to evaluate the underlying performance and efficiency of its operations. The Company’s management believes these non-GAAP measures allow for a better evaluation and transparency of the operating performance of the Company’s business and facilitate a meaningful comparison of our results in the current period to those in prior periods and future periods because these non-GAAP measures exclude certain items that may not be indicative of our core operating results and business outlook. In addition the Company’s management believes that certain of these non-GAAP measures represent a consistent benchmark against which to evaluate the Company’s growth, profitability and capital position. These non-GAAP measures are provided to enhance investors’ overall understanding of our current financial performance, and not as a substitute for, the Company's reported results. Moreover, the manner in which we calculate these measures may differ from that of other companies reporting non-GAAP measures with similar names.

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