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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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