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EverBank Financial Corp Announces Third Quarter 2012 Financial Results

Stocks in this article: EVER

EverBank Financial Corp (NYSE: EVER) (“EverBank”, "we", "our" or the “Company”) announced today its financial results for the quarter ended September 30, 2012.

Adjusted diluted earnings per share was $0.30 in the third quarter 2012, an 11% increase from $0.27 in the third quarter 2011. GAAP diluted earnings per share was $0.19, a 138% increase from $0.08 in the third quarter 2011. 1

“We are pleased to see that our asset and deposit generation platforms produced solid earnings per share and growth across all channels in the third quarter,” said Robert M. Clements, Chairman and Chief Executive Officer. “Our recent acquisition of Business Property Lending closed on schedule and we have started integrating the operations into EverBank. We remain enthusiastic about the strategic growth and diversification benefits we believe this business will bring to EverBank and its shareholders.”

Key Highlights

  • Total loans and leases were $11.4 billion at September 30, 2012, up $0.5 billion, or 5%, for the quarter and up $3.4 billion, or 42%, year over year.
  • Loans and leases generated were $3.3 billion for the third quarter 2012, an increase of 19% for the quarter and 89% year over year.
  • Asset quality improved as adjusted nonperforming assets were 1.29% of total assets at September 30, 2012, compared to 1.46% in the second quarter of 2012 and 1.73% for the third quarter of 2011. Annualized net charge-offs to average loans and leases held for investment were 0.25% for the three months ended September 30, 2012, compared to 0.34% in the second quarter of 2012 and 1.03% for the third quarter of 2011. 1
  • Deposits were $11.8 billion at September 30, 2012, up $1.0 billion, or 9%, from the second quarter 2012 and up $1.6 billion, or 16%, as compared to the third quarter of 2011.
  • GAAP net income was $22.2 million for the third quarter of 2012, compared to $11.2 million for the second quarter 2012 and $7.8 million in the third quarter of 2011.
  • Adjusted net income was $36.2 million for the third quarter of 2012, compared to $36.5 million for the second quarter 2012 and $25.6 million for the third quarter of 2011. 1
  • Tangible book value per common share was $10.29 at September 30, 2012, and excluding accumulated other comprehensive loss was $11.18.
  • On October 1, 2012, we closed our acquisition of Business Property Lending, Inc. ("BPL") from GE Capital Corporation with total net assets of approximately $2.4 billion.

"The mortgage banking environment continued to strengthen in the third quarter with origination volumes increasing 12% compared to the second quarter.” said W. Blake Wilson, President and Chief Operating Officer. “Our increased investment in marketing yielded strong core deposit growth as we positioned the balance sheet to close the BPL acquisition. We also continued to invest in our retail lending strategy which we believe positions us well to capitalize on improving trends in purchase mortgage transactions.”

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 $1.5 billion, or 10%, to $16.5 billion at September 30, 2012, from $15.0 billion at June 30, 2012, and by $4.0 billion, or 32%, from $12.6 billion at September 30, 2011. Our interest-earning assets for the third quarter 2012 were largely comprised of:

  • Residential loans held for investment which increased by 33% to $8.2 billion from the third quarter of 2011. During the quarter, we transferred $1.9 billion of GNMA pool buyout loans from loans held for sale to loans held for investment due to our intention to hold the loans for the foreseeable future;
  • Commercial and commercial real estate loans which increased by 101% to $2.3 billion, from the third quarter of 2011;
  • Commercial leases which increased by 43% to $0.7 billion, from the third quarter of 2011; and
  • Investment securities which decreased by 24% to $2.0 billion, from the third quarter of 2011.

During the third quarter we accumulated a cash balance of $1.6 billion and slowed our retention of organic assets in preparation for funding the BPL acquisition which closed on October 1, 2012.

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