This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: EVER

General and administrative expense, excluding credit-related expenses, increased by $20.9 million, or 42%, from the third quarter primarily due to a $5.3 million and $14.4 million increase in professional fees and other expenses, respectively. The increase in professional fees was attributed to legal and consulting fees related to the consent order. The increase in other general and administrative expense was largely driven by expenses related to our independent foreclosure review. Credit-related expenses for the fourth quarter decreased $9.8 million, or 39%, to $15.3 million from $25.1 million in the third quarter 2012. Key drivers of the decrease include a decline in of our expenses related to GNMA pool buyout loans and a decrease in foreclosure and REO expense related to the Bank of Florida portfolio.

Income Tax Expense

Our effective tax rate for the fourth quarter of 2012 was 35%, compared to 37% for the third quarter of 2012 and 22% for the fourth quarter 2011.

Segment Analysis for the Fourth Quarter of 2012

  • Banking and Wealth Management adjusted pre-tax income was $84.6 million, including other credit-related expenses, foreclosure and OREO expenses of $8.6 million.
  • Mortgage Banking adjusted pre-tax income was $20.3 million, including other credit-related expenses, foreclosure and OREO expenses of $6.6 million.
  • Corporate Services had an adjusted pre-tax loss of $36.6 million.

Independent Foreclosure Review

Earlier this month, several mortgage servicers announced they had entered into settlement agreements with the OCC and the Federal Reserve Board that would end their independent foreclosure reviews under consent orders entered into between those servicers and their regulators in April 2011. EverBank elected not to participate in the settlement and we are in the process of completing our foreclosure review, which we expect to conclude by the end of the second quarter 2013.

6 of 10

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs