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

Stocks in this article: EVER

Credit Quality

Our adjusted non-performing assets as a percentage of total assets decreased to 1.46% at June 30, 2012, from 1.63% at March 31, 2012. We recorded provision for loan and lease losses of $5.8 million during the second quarter of 2012, which is a decrease of $3.2 million, or 36%, when compared to the second quarter of 2011. Net charge-offs during the second quarter of 2012 declined to $6.6 million, from $9.5 million in the second quarter of 2011, a decline of 30%. On an annualized basis, net charge-offs were 0.34% of total average loans and leases held for investment outstanding for the second quarter of 2012, compared to 0.58% for the second quarter of 2011.

Originated Loan Repurchase Activity

Our loan repurchase activity declined during the second quarter 2012, with losses on repurchase obligations for loans sold or securitized of $2.4 million, a 25% and 43% decline when compared to the first quarter 2012 and second quarter 2011, respectively. Severities over the last twelve months were 44% as of the second quarter 2012, compared to 58% in the second quarter 2011. We are currently reserved at more than three times our trailing twelve month net realized losses.

Capital Strength

Total shareholder’s equity was $1.2 billion at June 30, 2012, compared to $995 million at March 31, 2012. The increase is primarily due to the completion of our initial public offering on May 8, 2012, which raised $198 million. Additionally, at the initial public offering we converted all of our shares of Series B Preferred Stock into shares of our common stock. As a result at June 30, 2012 the ratio of tangible common equity to tangible assets was 7.8%. The bank’s Tier 1 leverage ratio was 8.3% and total risk-based capital ratio was 15.8% at June 30, 2012.

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