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TheStreet Open House

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

Stock quotes in this article: EVER

In the tables below, we have provided a reconciliation of, where applicable, the most comparable GAAP financial measures and ratios to the non-GAAP financial measures and ratios used in this press release, or a reconciliation of the non-GAAP calculation of the financial measure for the periods indicated:

 
EverBank Financial Corp and Subsidiaries
Adjusted Net Income
  Three Months Ended
(dollars in thousands) December 31, 2012   September 30, 2012   June 30, 2012   March 31, 2012   December 31, 2011
Net income $ 28,846 $ 22,178 $ 11,172 $ 11,846 $ 13,760
Transaction expense, net of tax 903 1,268 2,363 821 802
Non-recurring regulatory related expense, net of tax 9,564 1,326 3,780 3,063 3,529
Increase in Bank of Florida non-accretable discount, net of tax 486 111 463 2,135 2,208
Adoption of TDR guidance and policy change, net of tax 3,709
MSR impairment, net of tax   11,302   18,684   9,389   11,638  
Adjusted net income $ 43,508   $ 36,185   $ 36,462   $ 27,254   $ 31,937  
 
Tangible Equity, Tangible Common Equity,

Adjusted Tangible Common Equity and Tangible Assets

(dollars in thousands) December 31, 2012 September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011
Shareholders’ equity $ 1,451,176 $ 1,258,022 $ 1,181,369 $ 994,689 $ 967,665
Less:
Goodwill 46,859 10,238 10,238 10,238 10,238
Intangible assets 7,921   6,348   6,700   7,052   7,404  
Tangible equity 1,396,396 1,241,436 1,164,431 977,399 950,023
Less:
Perpetual preferred stock 150,000          
Tangible common equity 1,246,396 1,241,436 1,164,431 977,399 950,023
Less:
Accumulated other comprehensive loss (86,784 ) (106,731 ) (113,094 ) (89,196 ) (107,749 )
Adjusted tangible common equity $ 1,333,180   $ 1,348,167   $ 1,277,525   $ 1,066,595   $ 1,057,772  
Total assets $ 18,242,878 $ 16,509,440 $ 15,040,824 $ 13,774,821 $ 13,041,678
Less:
Goodwill 46,859 10,238 10,238 10,238 10,238
Intangible assets 7,921   6,348   6,700   7,052   7,404  
Tangible assets $ 18,188,098   $ 16,492,854   $ 15,023,886   $ 13,757,531   $ 13,024,036  
 
Regulatory Capital (bank level)
(dollars in thousands) December 31, 2012 September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011
Shareholders’ equity $ 1,518,934 $ 1,339,669 $ 1,263,687 $ 1,099,404 $ 1,070,887
Less: Goodwill and other intangibles (54,780 ) (16,586 ) (16,938 ) (17,290 ) (17,642 )
Disallowed servicing asset (32,378 ) (33,366 ) (36,650 ) (40,783 ) (38,925 )
Disallowed deferred tax asset (67,296 ) (69,412 ) (70,357 ) (71,302 ) (71,803 )
Add: Accumulated losses on securities and cash flow hedges 83,477   103,238   110,101   86,981   105,682  
Tier 1 capital 1,447,957 1,323,543 1,249,843 1,057,010 1,048,199
Less: Low-level recourse and residual interests (20,424 ) (21,587 )
Add: Allowance for loan and lease losses 82,102   76,469   77,393   78,254   77,765  
Total regulatory capital $ 1,530,059   $ 1,400,012   $ 1,327,236   $ 1,114,840   $ 1,104,377  
Adjusted total assets $ 18,141,856 $ 16,488,067 $ 15,022,729 $ 13,731,482 $ 13,081,401
Risk-weighted assets 11,339,415 8,701,164 8,424,290 7,311,556 7,043,371
 
 
EverBank Financial Corp and Subsidiaries
Non-Performing Assets (1)
(dollars in thousands)  

December 31, 2012

 

September 30, 2012

 

June 30, 2012

 

March 31, 2012

 

December 31, 2011

Non-accrual loans and leases:
Residential mortgages $ 73,752 $ 75,355 $ 66,956 $ 74,810 $ 81,594
Commercial and commercial real estate 76,289 85,306 95,882 89,576 104,829
Lease financing receivables 2,010 2,018 1,295 1,861 2,385
Home equity lines 4,246 4,492 4,256 3,771 4,251
Consumer and credit card 332   479   573   571   419  
Total non-accrual loans and leases 156,629 167,650 168,962 170,589 193,478
Accruing loans 90 days or more past due   1,973   1,800   5,119   6,673  
Total non-performing loans (NPL) 156,629 169,623 170,762 175,708 200,151
Other real estate owned (OREO) 40,492   43,612   49,248   49,304   42,664  
Total non-performing assets (NPA) 197,121 213,235 220,010 225,012 242,815
Troubled debt restructurings (TDR) less than 90 days past due 90,094   82,030   93,184   92,954   92,628  
Total NPA and TDR (1) $ 287,215   $ 295,265   $ 313,194   $ 317,966   $ 335,443  
 
Total NPA and TDR $ 287,215 $ 295,265 $ 313,194 $ 317,966 $ 335,443
Government-insured 90 days or more past due still accruing 1,729,877 1,684,550 1,647,567 1,530,665 1,570,787
Loans accounted for under ASC 310-30:
90 days or more past due 79,984 117,506 140,797 146,379 149,743
OREO 16,528   18,557   20,379   22,852   19,456  
Total regulatory NPA and TDR $ 2,113,604   $ 2,115,878   $ 2,121,937   $ 2,017,862   $ 2,075,429  
Adjusted credit quality ratios excluding government-insured loans and loans accounted for under ASC 310-30: (1)
NPL to total loans 1.08 % 1.49 % 1.57 % 1.80 % 2.18 %
NPA to total assets 1.08 % 1.29 % 1.46 % 1.63 % 1.86 %
NPA and TDR to total assets 1.57 % 1.79 % 2.08 % 2.31 % 2.57 %
Credit quality ratios including government-insured loans and loans accounted for under ASC 310-30:
NPL to total loans 13.55 % 17.32 % 18.00 % 18.95 % 20.95 %
NPA to total assets 11.09 % 12.32 % 13.49 % 13.97 % 15.20 %
NPA and TDR to total assets 11.59 % 12.82 % 14.11 % 14.65 % 15.91 %
 

(1) We define non-performing assets, or NPA, as non-accrual loans, accruing loans past due 90 days or more and foreclosed property. Our NPA calculation excludes government-insured pool buyout loans for which payment is insured by the government. We also exclude loans and foreclosed property accounted for under ASC 310-30 because we expect to fully collect the carrying value of such loans and foreclosed property.

 
EverBank Financial Corp and Subsidiaries
Business Segments Selected Financial Information
(dollars in thousands)   Banking and Wealth Management   Mortgage Banking   Corporate Services   Eliminations   Consolidated
Three Months Ended December 31, 2012
Net interest income $ 135,686 $ 12,531 $ (1,224 ) $ $ 146,993
Provision for loan and lease losses 8,866   1,662       10,528  
Net interest income after provision for loan and lease losses 126,820 10,869 (1,224 ) 136,465
Noninterest income 34,057 91,012 88 125,157
Noninterest expense:
Foreclosure and OREO expense 7,246 1,572 8,818
Other credit-related expenses 1,387 5,062 6,449
All other noninterest expense 74,435   87,180   40,115     201,730  
Income (loss) before income tax 77,809   8,067   (41,251 )   44,625  
Adjustment items (pre-tax):
Increase in Bank of Florida non-accretable discount 784 784
Adoption of TDR guidance and policy change 5,982 5,982
Transaction and non-recurring regulatory related expense   12,276   4,606     16,882  
Adjusted income (loss) before income tax 84,575   20,343   (36,645 )   68,273  
Total assets as of December 31, 2012 16,119,927   2,127,100   166,234   (170,383 ) 18,242,878  
Efficiency Ratios:
GAAP basis:
including foreclosure, OREO expenses and other credit-related expenses 48.9 % 79.7 %
excluding foreclosure, OREO expenses and other credit-related expenses 43.9 % 74.1 %
Adjusted basis:
including foreclosure, OREO expenses and other credit-related expenses 48.9 % 73.5 %
excluding foreclosure, OREO expenses and other credit-related expenses 43.9 % 67.9 %
Three Months Ended September 30, 2012
Net interest income $ 114,587 $ 13,105 $ (1,498 ) $ $ 126,194
Provision for loan and lease losses 3,547   812       4,359  
Net interest income after provision for loan and lease losses 111,040 12,293 (1,498 ) 121,835
Noninterest income 20,608 76,693 (2 ) 97,299
Noninterest expense:
Foreclosure and OREO expense 17,463 2,176 19,639
Other credit-related expenses 1,879 3,544 2 5,425
All other noninterest expense 60,526   65,900   32,479     158,905  
Income (loss) before income tax 51,780   17,366   (33,981 )   35,165  
Adjustment items (pre-tax):
Increase in Bank of Florida non-accretable discount 178 178
MSR impairment 18,229 18,229
Transaction and non-recurring regulatory related expense   1,657   2,527     4,184  
Adjusted income (loss) before income tax 51,958   37,252   (31,454 )   57,756  
Total assets as of September 30, 2012 14,696,893   1,838,964   129,141   (155,558 ) 16,509,440  
Efficiency Ratios:
GAAP basis:
including foreclosure, OREO expenses and other credit-related expenses 59.1 % 82.3 %
excluding foreclosure, OREO expenses and other credit-related expenses 44.8 % 71.1 %
Adjusted basis:
including foreclosure, OREO expenses and other credit-related expenses 59.1 % 74.4 %
excluding foreclosure, OREO expenses and other credit-related expenses 44.8 % 64.0 %
 
 
EverBank Financial Corp and Subsidiaries
Business Segments Selected Financial Information (continued)
(dollars in thousands)   Banking and Wealth Management   Mortgage Banking   Corporate Services   Eliminations   Consolidated
Three Months Ended December 31, 2011
Net interest income $ 104,117 $ 12,372 $ (1,651 ) $ $ 114,838
Provision for loan and lease losses 9,014   1,398       10,412  
Net interest income after provision for loan and lease losses 95,103 10,974 (1,651 ) 104,426
Noninterest income 29,309 31,637 15 60,961
Noninterest expense:
Foreclosure and OREO expense 6,470 4,839 11,309
Other credit-related expenses 2,629 5,956 8,585
All other noninterest expense 49,617   47,424   30,725     127,766  
Income (loss) before income tax 65,696   (15,608 ) (32,361 )   17,727  
Adjustment items (pre-tax):
Increase in Bank of Florida non-accretable discount 3,567 3,567
MSR impairment 18,771 18,771
Transaction and non-recurring regulatory related expense   3,802   3,180     6,982  
Adjusted income (loss) before income tax 69,263   6,965   (29,181 )   47,047  
Total assets as of December 31, 2011 11,658,702   1,557,421   99,886   (274,331 ) 13,041,678  
Efficiency Ratios:
GAAP basis:
including foreclosure, OREO expenses and other credit-related expenses 44.0 % 84.0 %
excluding foreclosure, OREO expenses and other credit-related expenses 37.2 % 72.7 %
Adjusted basis:
including foreclosure, OREO expenses and other credit-related expenses 44.0 % 72.3 %
excluding foreclosure, OREO expenses and other credit-related expenses 37.2 % 62.1 %
 




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