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

About EverBank Financial Corp

EverBank Financial Corp, through its wholly-owned subsidiary EverBank, provides a diverse range of financial products and services directly to clients nationwide through multiple business channels. Headquartered in Jacksonville, Florida, EverBank has $18.2 billion in assets and $13.1 billion in deposits as of December 31, 2012. With an emphasis on value, innovation and service, EverBank offers a broad selection of banking, lending and investing products to consumers and businesses nationwide. EverBank provides services to clients through the internet, over the phone, through the mail, at its Florida-based financial centers and at other business offices throughout the country. More information on EverBank can be found at www.abouteverbank.com/ir.

EverBank Financial Corp and Subsidiaries Consolidated Balance Sheets (unaudited) (Dollars in thousands, except per share data)
		December 31, 2012				December 31, 2011
Assets
Cash and due from banks		$	175,400			$	31,441
Interest-bearing deposits in banks		268,514				263,540
Total cash and cash equivalents		443,914				294,981
Investment securities:
Available for sale, at fair value		1,619,878				1,903,922
Held to maturity (fair value of $146,709 and $194,350 as of December 31, 2012 and 2011, respectively)		143,234				189,518
Other investments		158,172				98,392
Total investment securities		1,921,284				2,191,832
Loans held for sale (includes $1,439,685 and $777,280 carried at fair value as of December 31, 2012 and 2011, respectively)		2,088,046				2,725,286
Loans and leases held for investment:
Covered by loss share or indemnification agreements		592,959				841,146
Not covered by loss share or indemnification agreements		11,912,130				5,678,135
Loans and leases held for investment, net of unearned income		12,505,089				6,519,281
Allowance for loan and lease losses		(82,102		)		(77,765		)
Total loans and leases held for investment, net		12,422,987				6,441,516
Equipment under operating leases, net		50,040				56,399
Mortgage servicing rights (MSR), net		375,859				489,496
Deferred income taxes, net		170,877				151,634
Premises and equipment, net		66,806				43,738
Other assets		703,065				646,796
Total Assets		$	18,242,878			$	13,041,678
Liabilities
Deposits:
Noninterest-bearing		$	1,445,783			$	1,234,615
Interest-bearing		11,696,605				9,031,148
Total deposits		13,142,388				10,265,763
Other borrowings		3,173,021				1,257,879
Trust preferred securities		103,750				103,750
Accounts payable and accrued liabilities		372,543				446,621
Total Liabilities		16,791,702				12,074,013
Commitments and Contingencies
Shareholders’ Equity
Series A 6% Cumulative Convertible Preferred Stock, $0.01 par value (1,000,000 shares authorized and 186,744 shares issued and outstanding at December 31, 2011; no shares authorized, issued or outstanding at December 31, 2012)		—				2
Series B 4% Cumulative Convertible Preferred Stock, $0.01 par value (liquidation preference of $1,000 per share; 1,000,000 shares authorized inclusive of Series A 4% Preferred Stock and 136,544 shares issued and outstanding at December 31, 2011; no shares authorized, issued or outstanding at December 31, 2012)		—				1
Series A 6.75% Non-Cumulative Perpetual Preferred Stock, $0.01 par value (liquidation preference of $25,000 per share;10,000,000 shares authorized and 6,000 issued and outstanding at December 31, 2012; no shares authorized, issued or outstanding at December 31, 2011)		150,000				—
Common Stock, $0.01 par value (500,000,000 and 150,000,000 shares authorized at December 31, 2012 and 2011, respectively;120,987,955 and 75,094,375 issued and outstanding at December 31, 2012 and 2011, respectively)		1,210				751
Additional paid-in capital		811,085				561,247
Retained earnings		575,665				513,413
Accumulated other comprehensive income (loss) (AOCI), net of benefit for income taxes of $53,193 and $65,367 at December 31, 2012 and 2011, respectively		(86,784		)		(107,749		)
Total Shareholders’ Equity		1,451,176				967,665
Total Liabilities and Shareholders’ Equity		$	18,242,878			$	13,041,678

EverBank Financial Corp and Subsidiaries Consolidated Statements of Income (unaudited) (Dollars in thousands, except per share data)
		Three Months Ended December 31,								Year Ended December 31,
		2012				2011				2012				2011
Interest Income
Interest and fees on loans and leases		$	173,619			$	121,519			$	574,443			$	479,938
Interest and dividends on investment securities		18,501				24,072				80,628				106,850
Other interest income		147				120				485				1,432
Total Interest Income		192,267				145,711				655,556				588,220
Interest Expense
Deposits		24,901				21,452				88,785				97,011
Other borrowings		20,373				9,421				52,977				38,899
Total Interest Expense		45,274				30,873				141,762				135,910
Net Interest Income		146,993				114,838				513,794				452,310
Provision for Loan and Lease Losses		10,528				10,412				31,999				49,704
Net Interest Income after Provision for Loan and Lease Losses		136,465				104,426				481,795				402,606
Noninterest Income
Loan servicing fee income		44,884				45,416				175,264				189,439
Amortization and impairment of mortgage servicing rights		(37,660		)		(47,208		)		(200,941		)		(135,478		)
Net loan servicing income (loss)		7,224				(1,792		)		(25,677		)		53,961
Gain on sale of loans		85,681				33,439				289,532				73,293
Loan production revenue		16,841				7,958				44,658				26,471
Deposit fee income		4,712				6,568				21,450				25,966
Other lease income		8,570				8,761				33,158				30,924
Other		2,129				6,027				6,651				22,488
Total Noninterest Income		125,157				60,961				369,772				233,103
Noninterest Expense
Salaries, commissions and other employee benefits expense		103,490				61,320				331,756				232,771
Equipment expense		20,445				13,641				70,856				49,718
Occupancy expense		7,596				5,381				25,581				20,189
General and administrative expense		85,466				67,318				307,377				251,517
Total Noninterest Expense		216,997				147,660				735,570				554,195
Income before Provision for Income Taxes		44,625				17,727				115,997				81,514
Provision for Income Taxes		15,779				3,967				41,955				28,785
Net Income		$	28,846			$	13,760			$	74,042			$	52,729
Less: Net Income Allocated to Preferred Stock		(1,491		)		(2,799		)		(10,724		)		(11,218		)
Net Income Allocated to Common Shareholders		$	27,355			$	10,961			$	63,318			$	41,511
Basic Earnings Per Common Share		$	0.23			$	0.15			$	0.61			$	0.55
Diluted Earnings Per Common Share		$	0.22			$	0.14			$	0.60			$	0.54
Dividends Declared Per Common Share		$	0.02			$	—			$	0.04			$	—

Non-GAAP Financial Measures

This press release contains financial information and performance measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Non-Performing Asset Ratio, Tangible Shareholders’ Equity, Tangible Common Shareholders' Equity, Adjusted Tangible Common Shareholders’ Equity, Tangible Assets, and Adjusted Efficiency Ratios are non-GAAP financial measures. The Company’s management uses these measures to evaluate the underlying performance and efficiency of its operations. The Company’s management believes these non-GAAP measures allow for a better evaluation and transparency of the operating performance of the Company’s business and facilitate a meaningful comparison of our results in the current period to those in prior periods and future periods because these non-GAAP measures exclude certain items that may not be indicative of our core operating results and business outlook. In addition the Company’s management believes that certain of these non-GAAP measures represent a consistent benchmark against which to evaluate the Company’s growth, profitability and capital position. These non-GAAP measures are provided to enhance investors’ overall understanding of our current financial performance, and not as a substitute for, the Company’s reported results. Moreover, the manner in which we calculate these measures may differ from that of other companies reporting non-GAAP measures with similar names.

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