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

1 A reconciliation of Non-GAAP financial measures can be found in the financial tables attached hereto.

Balance Sheet

Continued Balance Sheet Growth

Total assets increased by $1.3 billion, or 9%, to $15.0 billion at June 30, 2012, from $13.8 billion at March 31, 2012, and by $2.5 billion, or 20%, from $12.5 billion at June 30, 2011. Our interest-earning assets for the second quarter 2012 were largely comprised of:

  • Residential loans held for investment which increased by 1% to $5.1 billion from the second quarter of 2011;
  • Commercial and commercial real estate loans which increased by 63% to $1.8 billion, from the second quarter of 2011, excluding the warehouse loans acquired at closing of the warehouse finance acquisition, commercial and commercial real estate loans increased by 32% from the second quarter of 2011;
  • Commercial leases which increased by 43% to $0.7 billion, from the second quarter of 2011;
  • Loans held for sale, which now includes the majority of our GNMA pool buyouts, increased by 301% to $3.2 billion, from the second quarter of 2011; and
  • Investment securities which decreased by 26% to $2.2 billion, from the second quarter of 2011.

Loan Origination and Portfolio Activities

Organic originations of residential loans, commercial loans and leases totaled $2.7 billion for the second quarter of 2012.

During the second quarter of 2012, we closed on the warehouse finance acquisition. Total loans outstanding at closing on April 2, 2012 were $351 million, which we grew to $527 million by the end of second quarter through a combination of increased utilization and new customer originations.

Deposit and Other Funding Sources

Total deposits grew by $0.3 billion, or 2%, to $10.8 billion at June 30, 2012, from $10.6 billion at March 31, 2012, and by $0.9 billion, or 9%, from $9.9 billion at June 30, 2011. At June 30, 2012, our deposits were comprised of the following:

  • Non-interest bearing accounts were $1.4 billion, or 13%, of total deposits;
  • Interest-bearing checking accounts were $2.2 billion, or 20%, of total deposits;
  • Savings and money market accounts were $4.0 billion, or 37%, of total deposits;
  • Global markets money market and time accounts were $1.3 billion, or 12%, of total deposits; and
  • Time deposit accounts, excluding global markets, were $2.1 billion, or 19%, of total deposits.

Total other borrowings were $2.5 billion at June 30, 2012, compared to $1.7 billion at March 31, 2012, as a result of an increase in term Federal Home Loan Bank advances to fund the warehouse finance acquisition and to take advantage of historically low long-term borrowing rates.

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