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EverBank Financial Corp Announces Second Quarter 2012 Financial Results And Initiation Of Quarterly Dividend

EverBank Financial Corp (NYSE: EVER) (“EverBank” or the “Company”) announced today its financial results for the quarter ended June 30, 2012. In addition, the Company’s Board of Directors declared a quarterly cash dividend of $0.02 per common share, payable on August 21, 2012, to stockholders of record as of August 6, 2012.

“We are pleased that the investments we have made contributed to our solid asset and deposit growth in the second quarter,” said Robert M. Clements, Chairman and Chief Executive Officer. “Our financial results highlight our ability to deliver positive earnings while we continue to make investments that we expect will deliver future growth. In addition, the acquisition of the GE Business Property Lending unit which we recently announced and is currently pending regulatory approval, will complement our strategic growth expansion as well as further diversify our balance sheet.”

Key Highlights

  • Total loans and leases were $10.9 billion at June 30, 2012, up $1.1 billion, or 11%, for the quarter and up $3.3 billion, or 44%, year over year.
  • Loans and leases originated were $2.7 billion for the second quarter 2012, an increase of 19% for the quarter and 89% year over year.
  • Closed the acquisition of the warehouse finance business from MetLife.
  • Our adjusted non-performing assets as a percentage of total assets was 1.46% at June 30, 2012, representing continued improvement from 1.63% at March 31, 2012 and 1.86% at December 31, 2011. 1
  • GAAP net income was $11.2 million for the second quarter of 2012, compared to $21.8 million for the second quarter of 2011. GAAP diluted earnings per share (“EPS”) was $0.09 for the second quarter of 2012, compared to $0.08 in the first quarter of 2012 and $0.23 for the second quarter of 2011.
  • Adjusted net income was $36.5 million for the second quarter of 2012, compared to $25.5 million for the second quarter of 2011. Adjusted diluted EPS was $0.33 for the second quarter of 2012, as compared to $0.28 in the first quarter of 2012 and $0.26 for the second quarter of 2011. 1
  • Deposits were $10.8 billion at June 30, 2012, up $0.3 billion, or 2%, from the first quarter 2012 and $0.9 billion, or 9%, as compared to the second quarter of 2011.
  • Announced the execution of a definitive agreement to acquire Business Property Lending, Inc. from GE Capital Real Estate, North America for a purchase price of approximately $2.51 billion.

“We completed the integration of the warehouse finance business and our second quarter results reflect the diversification and growth benefits to our franchise,” said W. Blake Wilson, President and Chief Operating Officer. “We continue to make strategic investments to support the future growth of the Company, including executing on our retail lending expansion strategy which generated approximately $300 million of new loans during the second quarter.”

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