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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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