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EverBank Financial Corp. Announces First Quarter 2012 Financial Results

Business Segments Selected Financial Information

(dollars in thousands)   Banking and Wealth Management   Mortgage Banking   Corporate Services  

Eliminations
 

Consolidated
Three Months Ended March 31, 2012          
Net interest income $ 106,545 $ 10,496 $ (1,418) $

 
$ 115,623
Provision for loan and lease losses   10,315   1,040   -    

-
 

11,355
Net interest income after provision for loan and lease losses 96,230 9,456 (1,418)

-

104,268
Noninterest income 25,228 47,873 92

-

73,193
Noninterest expense:
Foreclosure and OREO expense 7,962 2,997 -

-

10,959
Other credit-related expenses (183) 11,990 3

-

11,810
All other noninterest expense   51,846   56,864   27,342    

-
 

136,052
Income (loss) before income tax   61,833   (14,522)   (28,671)    

-
 

18,640
Adjustment items (pre-tax):
Increase in Bank of Florida non-accretable discount 3,444 - -

-

3,444
MSR impairment - 15,144 -

-

15,144
Transaction and non-recurring regulatory related expense   -   4,722   1,542    

-
 

6,264
Adjusted income (loss) before income tax   65,277   5,344   (27,129)        

43,492
Total assets as of March 31, 2012   12,494,752   1,438,744   92,381    

(251,056)
 

13,774,821
Efficiency Ratios:
GAAP basis:
including foreclosure, OREO and other credit-related expenses 45.2% 84.1%
excluding foreclosure, OREO and other credit-related expenses 39.3% 72.1%
Adjusted basis:
including foreclosure, OREO and other credit-related expenses 45.2% 74.8%
excluding foreclosure, OREO and other credit-related expenses   39.3%                 63.6%
Three Months Ended December 31, 2011
Net interest income $ 104,117 $ 12,372 $ (1,651) $ $ 114,838
Provision for loan and lease losses   9,014   1,398   -    

-
 

10,412
Net interest income after provision for loan and lease losses 95,103 10,974 (1,651)

-

104,426
Noninterest income 29,309 31,637 15

-

60,961
Noninterest expense:
Foreclosure and OREO expense 6,470 4,839 -

-

11,309
Other credit-related expenses 2,629 5,956 -

-

8,585
All other noninterest expense   49,617   47,424   30,725    

-
 

127,766
Income (loss) before income tax   65,696   (15,608)   (32,361)    

-
 

17,727
Adjustment items (pre-tax):
Increase in Bank of Florida non-accretable discount 3,567 - -

-

3,567
MSR impairment - 18,771 -

-

18,771
Transaction and non-recurring regulatory related expense   -   3,802   3,180    

-
 

6,982
Adjusted income (loss) before income tax   69,263   6,965   (29,181)    

-
 

47,047
Total assets as of December 31, 2011   11,658,702   1,557,421   99,886    

(274,331)
 

13,041,678
Efficiency Ratios:
GAAP basis:
including foreclosure, OREO and other credit-related expenses 44.0% 84.0%
excluding foreclosure, OREO and other credit-related expenses 37.2% 72.7%
Adjusted basis:
including foreclosure, OREO and other credit-related expenses 44.0% 72.3%
excluding foreclosure, OREO and other credit-related expenses   37.2%                 62.1%
Three Months Ended March 31, 2011
Net interest income $ 105,925 $ 9,422 $ (1,654) $ $ 113,693
Provision for loan and lease losses   17,186   844   -    

-
 

18,030
Net interest income after provision for loan and lease losses 88,739 8,578 (1,654)

-

95,663
Noninterest income 15,905 45,238 4,709

-

65,852
Noninterest expense:
Foreclosure and OREO expense 8,567 3,333 -

-

11,900
Other credit-related expenses 1,812 13,708 -

-

15,520
All other noninterest expense   49,400   37,128   31,291    

-
 

117,819
Income (loss) before income tax   44,865   (353)   (28,236)    

-
 

16,276
Adjustment items (pre-tax):
Increase in Bank of Florida non-accretable discount 807 - -

-

807
Impact of change in ALLL methodology 1,900 - -

-

1,900
Early adoption of TDR guidance and policy change 7,522 - -

-

7,522
Gain on repurchase of trust preferred securities - - (4,692)

-

(4,692)
Decrease in fair value of Tygris indemnification asset 8,680 - -

-

8,680
Transaction and non-recurring regulatory related expense   -   205   8,848    

-
 

9,053
Adjusted income (loss) before income tax   63,774   (148)   (24,080)    

-
 

39,546
Total assets as of March 31, 2011   10,654,475   1,332,606   113,093    

(210,811)
 

11,889,363
 
Efficiency Ratios:
GAAP basis:

including foreclosure, OREO and other credit-related expenses

49.1%

80.9%

excluding foreclosure, OREO and other credit-related expenses

40.5%

65.6%

 

Adjusted basis:

including foreclosure, OREO and other credit-related expenses

41.9%

72.9%

excluding foreclosure, OREO and other credit-related expenses

33.4%

57.2%

 

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