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EverBank Financial Corp. Announces First Quarter 2012 Financial Results

Stocks in this article: EVER

In the tables below, we have provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-GAAP financial measures and ratios used in this press release, or a reconciliation of the non-GAAP calculation of the financial measure for the periods indicated:

Adjusted Net Income Attributable to the Company from Continuing Operations

  Three Months Ended
March 31,  

December 31,

  September 30,   June 30,   March 31,
(dollars in thousands)   2012   2011   2011   2011   2011  
Net income attributable to the Company from continuing operations $ 11,846 $ 13,760 $ 7,758 $ 21,795 $ 9,416
Gain on repurchase of trust preferred securities, net of tax - - - - (2,910)
Transaction and non-recurring regulatory related expense, net of tax 3,884 4,331 4,751 2,136 5,613
Decrease in fair value of Tygris indemnification asset resulting from a decrease in estimated future credit losses, net of tax - - - - 5,382
Increase in Bank of Florida non-accretable discount, net of tax 2,135 2,208 298 - 501
Impact of change in ALLL methodology, net of tax - - - - 1,178
Early adoption of TDR guidance and policy change, net of tax - - - 1,561 4,664
MSR impairment, net of tax 9,389 11,638 12,824 -
Tax expense related to revaluation of Tygris net unrealized built-in losses   -   -   -   -   691
Adjusted net income attributable to the Company from continuing operations   $ 27,254   $ 31,937   $ 25,631   $ 25,492   $ 24,535
 
 
Tangible Equity, Adjusted Tangible Equity and Tangible Assets
March 31,

December 31,

September 30,

June 30, March 31,
(dollars in thousands)   2012   2011   2011   2011   2011
Shareholders' equity $ 994,689 $ 967,665 $ 973,708 $ 1,027,685 $ 1,020,584
Less:
Goodwill 10,238 10,238 10,238 10,238 10,238
Intangible assets   7,052   7,404   7,756   8,081   8,351
Tangible equity $ 977,399 $ 950,023 $ 955,714 $ 1,009,366 $ 1,001,995
Less:
Accumulated other comprehensive loss   (89,196)   (107,749)   (87,303)   (24,728)   (8,407)
Adjusted tangible equity   $ 1,066,595   $ 1,057,772   $ 1,043,017   $ 1,034,094   $ 1,010,402
Total assets $ 13,774,821 $ 13,041,678 $ 12,550,764 $ 12,520,174 $ 11,889,363
Less:
Goodwill 10,238 10,238 10,238 10,238 10,238
Intangible assets   7,052   7,404   7,756   8,081   8,351
Tangible assets   $ 13,757,531   $ 13,024,036   $ 12,532,770   $ 12,501,855   $ 11,870,774
 

Non-Performing Assets (1)

(dollars in thousands)  

March 31,

2012

     

December 31,

2011

     

September 30,

2011

     

June 30,

2011

      March 31,

2011

Non-accrual loans and leases:                  
Residential mortgages $ 74,810 $ 81,594 $ 74,194 $ 65,130 $ 56,851
Commercial and commercial real estate 89,576 104,829 92,966 88,086 113,678
Lease financing receivables 1,861 2,385 1,745 1,986 3,224
Home equity lines 3,771 4,251 3,803 2,730 1,699
Consumer and credit card   571       419       471       641       729
Total non-accrual loans and leases 170,589 193,478 173,179 158,573 176,181
Accruing loans 90 days or more past due   5,119       6,673       4,808       4,584       5,288
Total non-performing loans (NPL) 175,708 200,151 177,987 163,157 181,469
Other real estate owned (OREO)   49,304       42,664       39,431       42,081       34,456
Total non-performing assets (NPA) 225,012 242,815 217,418 205,238 215,925
Troubled debt restructurings (TDR) less than 90 days past due   92,954       92,628       89,129       79,242       78,729
Total NPA and TDR (1)   $ 317,966       $ 335,443       $ 306,547       $ 284,480       $ 294,654
Total NPA and TDR $ 317,966 $ 335,443 $ 306,547 $ 284,480 $ 294,654
Government-insured 90 days or more past due still accruing 1,530,665 1,570,787 883,478 762,461 529,247
Tygris and Bank of Florida loans and leases accounted for under
ASC 310-30 or by analogy:
90 days or more past due 146,379 149,743 159,767 190,544 182,397
OREO   22,852       19,456       19,616       22,566       20,226
Total regulatory NPA and TDR   $ 2,017,862       $ 2,075,429       $ 1,369,408       $ 1,260,051       $ 1,026,524
Adjusted credit quality ratios excluding government-insured loans and loans and leases accounted for under ASC 310-30 or by analogy: (1)
NPL to total loans 1.80 % 2.18 % 2.23 % 2.16 % 2.57 %
NPA to total assets 1.63 1.86 1.73 1.64 1.82
NPA and TDR to total assets 2.31 2.57 2.44 2.27 2.48
Credit quality ratios including government-insured loans and loans and leases accounted for under ASC 310-30 or by analogy:
NPL to total loans 18.95 % 20.95 % 15.28 % 14.77 % 12.65 %
NPA to total assets 13.97 15.20 10.20 9.43 7.97
NPA and TDR to total assets 14.65 15.91 10.91 10.06 8.63
 

(1) We define non-performing assets, or NPA, as non-accrual loans, accruing loans past due 90 days or more and foreclosed property. Our NPA calculation excludes government-insured pool buyout loans for which payment is insured by the government. We also exclude loans, leases and foreclosed property acquired in the Tygris and Bank of Florida acquisitions accounted for under ASC 310-30 or by analogy because as of March 31, 2012, we expected to fully collect the carrying value of such loans, leases and foreclosed property.

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