EverBank Financial Corp. (NYSE:EVER) announced today its financial results for the second quarter ended June 30, 2013.
GAAP diluted earnings per share was $0.35, a 17% increase from $0.30 in the first quarter 2013 and a 289% increase from $0.09 in the second quarter 2012. Adjusted diluted earnings per share was $0.28, a 15% decrease from $0.33 in the first quarter 2013 and a 15% decrease from $0.33 in the second quarter 2012. 1
“EverBank's results for the second quarter highlight the power of our banking franchise as we achieved quarterly portfolio loan growth of 5% and a return on equity of 12.7%," said Robert M. Clements, Chairman and Chief Executive Officer. "The second quarter saw a meaningful rise in interest rates and we look forward to benefiting from this transition given the composition of our balance sheet and flexibility of our business model. We remain confident in our ability to generate earnings growth and attractive risk-adjusted returns over the long term."
Second Quarter 2013 Key Highlights
- Return on equity ("ROE") was 12.7% and adjusted ROE was 10.2%.
- Net income of $46 million, an increase of 17% compared to the prior quarter and an increase of 312% compared to the second quarter of 2012.
- Adjusted net income of $37 million, a decrease of 15% compared to the prior quarter and an increase of 2% compared to the second quarter of 2012.
- Revenue of $288 million, an increase of 4% compared to the prior quarter and an increase of 45% compared to the second quarter of 2012.
- Total organic asset generation of $3.8 billion, an increase of 15% compared to the prior quarter and an increase of 39% compared to the second quarter of 2012.
- Total loans and leases held for investment were $12.9 billion, an increase of 5% compared to the prior quarter.
- Annualized net charge-offs to average loans and leases held for investment were 0.12% for the quarter.
- Tangible common equity per common share was $11.00 at June 30, 2013, an increase of 3% compared to the prior quarter and an increase of 10% compared to the second quarter 2012.
- Our board of directors approved a 50% increase in the quarterly common stock dividend to $0.03 per share.
|1||A reconciliation of Non-GAAP financial measures can be found in the financial tables attached hereto.|
|($ in millions)||June 30, 2013||March 31, 2013||June 30, 2012|
|Commercial & commercial real estate||3,798||3,722||1,320|
|Lease financing receivables||1,015||911||681|
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