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EverBank Financial Corp Announces Full Year And Fourth Quarter 2012 Financial Results

Organic asset generation totaled $3.5 billion and retained organic production totaled $0.7 billion for the fourth quarter of 2012. Residential preferred jumbo loan volume originated during the fourth quarter was $397.5 million, an increase of 116% over the prior quarter. We executed $178 million of preferred jumbo whole loan sales to third parties for securitization during the fourth quarter and had approximately $500 million of preferred jumbo loans classified as HFS on December 31, 2012, which we intend to sell or securitize.

Deposit and Other Funding Sources

Total deposits grew by $1.3 billion, or 11%, to $13.1 billion at December 31, 2012, from $11.8 billion at September 30, 2012, and by $2.9 billion, or 28%, from $10.3 billion at December 31, 2011. At December 31, 2012, our deposits were comprised of the following:
  • Non-interest bearing accounts were $1.4 billion, or 11% of total deposits;
  • Interest-bearing checking accounts were $2.7 billion, or 20% of total deposits;
  • Savings and money market accounts were $4.5 billion, or 34% of total deposits;
  • Global markets money market and time accounts were $1.2 billion, or 9% of total deposits; and
  • Time deposit accounts, excluding global markets, were $3.4 billion, or 26% of total deposits.

Total other borrowings were $3.2 billion at December 31, 2012, an increase of $349.1 million compared to $2.8 billion at September 30, 2012 and an increase of $1.9 billion compared to $1.3 billion at December 31, 2011. The increase in other borrowings was the result of overall balance sheet positioning and funding the BPL acquisition. We expect to replace a portion of our wholesale borrowings with core deposits over time.

Credit Quality

Our adjusted non-performing assets were 1.08% of total assets at December 31, 2012, a decrease from 1.29% at September 30, 2012 and 1.86% at December 31, 2011. We recorded a provision for loan and lease losses of $10.5 million during the fourth quarter of 2012, an increase of $6.2 million, or 142%, compared to the third quarter of 2012. The increase was driven by a one-time $6.0 million provision related to our adoption of the Office of the Comptroller of the Currency's ("OCC") troubled debt restructuring guidance on performing loans in Chapter 7 bankruptcy. Excluding this non-recurring charge, our provision was $4.6 million, an increase of $0.2 million, or 4%, from the prior quarter.

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