Exhibit 99.3
2nd Quarter Earnings Supplement July 26, 2012
Disclaimer
THIS PRESENTATION HAS BEEN PREPARED BY EVERBANK FINANCIAL CORP (“EVERBANK” OR THE “COMPANY”) SOLELY FOR INFORMATIONAL PURPOSES BASED ON ITS OWN INFORMATION, AS WELL AS INFORMATION FROM PUBLIC SOURCES. THIS PRESENTATION HAS BEEN PREPARED TO ASSIST INTERESTED PARTIES IN MAKING THEIR OWN EVALUATION OF EVERBANK AND DOES NOT PURPORT TO CONTAIN ALL OF THE
INFORMATION THAT MAY BE RELEVANT. IN ALL CASES, INTERESTED PARTIES SHOULD CONDUCT THEIR OWN INVESTIGATION AND ANALYSIS OF EVERBANK AND THE DATA SET FORTH IN THIS PRESENTATION AND OTHER INFORMATION PROVIDED BY OR ON BEHALF OF EVERBANK.
EXCEPT AS OTHERWISE INDICATED, THIS PRESENTATION SPEAKS AS OF THE DATE HEREOF. THE DELIVERY OF THIS PRESENTATION SHALL NOT, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY AFTER THE DATE HEREOF.
CERTAIN OF THE INFORMATION CONTAINED HEREIN MAY BE DERIVED FROM INFORMATION PROVIDED BY INDUSTRY SOURCES. EVERBANK BELIEVES THAT SUCH INFORMATION IS ACCURATE AND THAT THE SOURCES FROM WHICH IT HAS BEEN OBTAINED ARE RELIABLE. EVERBANK CANNOT GUARANTEE THE ACCURACY OF SUCH INFORMATION, HOWEVER, AND HAS NOT INDEPENDENTLY VERIFIED SUCH INFORMATION. THIS PRESENTATION MAY CONTAIN CERTAIN FORWARD-LOOKING STATEMENTS AS DEFINED IN THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. WORDS SUCH AS “OUTLOOK,” “BELIEVES,” “EXPECTS,” “POTENTIAL,” “CONTINUES,” “MAY,” “WILL,” “COULD,” “SHOULD,” “SEEKS,” “APPROXIMATELY,” “PREDICTS,” “INTENDS,” “PLANS,” “ESTIMATES,” “ANTICIPATES” OR THE NEGATIVE VERSION OF THOSE WORDS OR OTHER COMPARABLE WORDS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS BUT ARE NOT THE EXCLUSIVE MEANS OF IDENTIFYING SUCH STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE NOT HISTORICAL FACTS, AND ARE BASED ON CURRENT EXPECTATIONS, ESTIMATES AND PROJECTIONS ABOUT THE COMPANY’S INDUSTRY, MANAGEMENT’S BELIEFS AND CERTAIN ASSUMPTIONS MADE BY
MANAGEMENT, MANY OF WHICH, BY THEIR NATURE, ARE INHERENTLY UNCERTAIN AND BEYOND THE COMPANY’S CONTROL. ACCORDINGLY, YOU ARE CAUTIONED THAT ANY SUCH FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND ARE SUBJECT TO CERTAIN RISKS, UNCERTAINTIES AND ASSUMPTIONS THAT ARE DIFFICULT TO PREDICT. ALTHOUGH THE COMPANY BELIEVES THAT THE
EXPECTATIONS REFLECTED IN SUCH FORWARD-LOOKING STATEMENTS ARE REASONABLE AS OF THE DATE MADE, EXPECTATIONS MAY PROVE TO HAVE BEEN MATERIALLY DIFFERENT FROM THE RESULTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. UNLESS OTHERWISE REQUIRED BY LAW, EVERBANK ALSO DISCLAIMS ANY OBLIGATION TO UPDATE ITS VIEW OF ANY SUCH RISKS OR UNCERTAINTIES OR TO ANNOUNCE PUBLICLY THE RESULT OF ANY REVISIONS TO THE FORWARD-LOOKING STATEMENTS MADE IN THIS PRESENTATION. INTERESTED PARTIES SHOULD NOT PLACE UNDUE RELIANCE ON ANY FORWARD-LOOKING STATEMENT AND SHOULD CONSIDER THE UNCERTAINTIES AND RISKS DISCUSSED UNDER ITEM 1A. “RISK FACTORS” OF EVERBANK’S QUARTERLY REPORT ON FORM 10-Q AND IN ANY OF EVERBANK’S
SUBSEQUENT FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
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Key Highlights – 2Q12
Earnings per share growth
Adjusted EPS of $0.33, up 18% linked quarter (LQ) GAAP EPS of $0.09, up 13% LQ
Increased adjusted ROAE and ROAA
Adjusted ROAE of 13.4%, up 235bps LQ Adjusted ROAA of 1.01%, up 18bps LQ
Stable NIM
Net interest margin was 3.86%, down 11bps LQ Core net interest margin was 3.53%, up 1bp LQ
Strong balance sheet growth
$714mm retained organic asset generation Total loans up $1.1bn, or 11%, LQ to $10.9bn Deposits up $0.3bn, or 2%, LQ to $10.8bn
Solid capital ratios
TCE / TA: 7.8%
Tier 1 leverage (bank): 8.3% Total risk-based (bank): 15.8%
Improved credit quality
Adjusted non-performing assets were 1.46% of total assets, down 17bps LQ Net charge-offs were 0.34% of average loans held for investment, down 31bps LQ
Execution of strategic goals
Closed acquisition of warehouse finance business from MetLife Completed Initial Public Offering
Executed definitive agreements to acquire Business Property Lending from GE Capital
Note: A reconciliation of non-GAAP financial measures can be found in the appendix.
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Balance Sheet Overview
End of period loans: $10.9bn, up $1.1bn, or 11%, LQ and $3.3bn, or
44%, YoY
Loans Loans held for sale (HFS) increased $0.6bn, or 26%, and
Loans held for investment (HFI) increased $0.5bn, or 6%, LQ
Securities Securities decreased $53.9mm, or 2%, LQ to $2.2bn
Total deposits increased to $10.8bn, up $250.8mm, or 2%, LQ and
Deposits $867.3mm, or 9%, YoY
Borrowings Balances up $797mm, or 47%, LQ reflecting an increase in FHLB
advances to support recent balance sheet growth
Capital Completed Initial Public Offering in May with net proceeds of ~$198mm
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Income Statement Overview
Total interest income up $11.2mm, or 8%, LQ driven by an increase in
interest and fees collected on loans and leases
Net Interest Income Interest expense up $1.8mm, or 6%, LQ and down $3.6mm, or 10%, YoY
Net interest margin decreased 11bps LQ to 3.86%
Core net interest margin increased 1bp LQ to 3.53%
Loan production and gain on sale income of $79.8mm, an increase of
$24.2mm, or 43%, LQ due to elevated levels of residential originations
Noninterest Income Loan servicing fee income was $42.5mm, down $3.1mm, or 7%, LQ
MSR amortization expense of $34.1mm and non-cash increase in
valuation allowance of $30.1mm
Salaries, commissions and other employee benefit expenses were
$76.3mm, up $9.7mm, or 15%, LQ
Fixed expense increase associated with warehouse finance acquisition and retail
lending expansion
Noninterest Expense Variable expense increase due to elevated origination levels
General and administrative expenses up $5.7mm, or 8%, LQ
Increased marketing activity to grow deposits
Initial Public Offering, Business Property Lending acquisition diligence and regulatory
expenses
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Loans
End of Period Loans ($mm)
10,887
9,167 9,776
7,990 3,179
7,559 2,531
2,725
792 1,793
6.67% 6.21%
5.72% 5.45% 5.11%
6,767 6,198 6,442 7,245 7,708
2Q11 3Q11 4Q11 1Q12 2Q12
Loans HFI Loans HFS Average Loan HFI Yield
Loans HFI Composition ($mm)
7,708
7,245 7%
6,767 6,442 8% 9%
7% 6,198
9% 17%
17% 8% 17%
18% 18%
76% 75% 67%
73% 73%
2Q11 3Q11 4Q11 1Q12 2Q12
Residential Commercial Commercial Finance Warehouse Finance
Quarter Highlights
End of period loans up $1.1bn, or 11%, LQ and $3.3bn, or 44%, YoY
Residential loans up 5% LQ and 40% YoY
Commercial loans up 49% LQ and 63% YoY
Lease financing receivables up 12% LQ and 43% YoY
Loan growth driven by strong organic origination activity in all asset classes and the closing of warehouse finance acquisition
Loan yield on average loans HFI of 5.11% down 34 bps linked quarter
Decrease in excess accretion and addition of short-term, variable rate warehouse finance loans
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Deposits
Average Deposits and Rates ($mm)
9,825 10,156 10,411 10,443 10,676
915 1,127 1,455 1,305 1,463
9,214
9,029 9,139
8,910 8,956
1.04% 0.94%
0.82% 0.81% 0.77%
2Q11 3Q11 4Q11 1Q12 2Q12
Interest-bearing Noninterest-bearing Cost of deposits
2Q12 Deposit Composition
Noninterest-bearing
19% 12%
Checking
20%
Global Market
37% 12% MMDA & Savings
Time Deposits
Note: Cost of deposits shown above represents interest expense paid on deposits over average total deposits.
Quarter Highlights
Average deposits up $232.6mm, or 2%, LQ and $850.9mm, or 9%, YoY
Noninterest-bearing deposits up 12% LQ and 60% YoY
Checking deposits up 1% LQ and 4% YoY
Global market deposits down 3% LQ and 4% YoY
MMDA & savings deposits up 2% LQ and 6% YoY
Time deposits down 1% LQ and up 1% YoY
Cost of deposits declined 4 bps linked quarter and 27 bps year over year to 0.77%
Over 70% of CD book will mature in the next 12 months
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Net Interest Income
Net Interest Income ($mm)
125
113 111 115 116
4.22%
3.98% 3.94% 3.97% 3.86%
2Q11 3Q11 4Q11 1Q12 2Q12
Net Interest Income Net Interest Margin
Core NIM
($mm) 4Q11 1Q12 2Q12
Average interest-earning assets $ 11,571 $ 11,707 $ 13,025
Net interest income $ 115 $ 116 $ 125
Reported NIM 3.94% 3.97% 3.86%
Net interest income $ 115 $ 116 $ 125
Less: Discount accretion from
Tygris acquisition 15 13 11
Adjusted net interest income $ 100 $ 102 $ 114
Core NIM 3.43% 3.52% 3.53%
Quarter Highlights
Net interest income up $9.4mm, or 8%, LQ and $12.1mm, or 11%, YoY
Average interest earning assets up 11% LQ and 22% YoY
Reported NIM declined 11 bps LQ and 36 bps YoY to 3.86%
Core NIM rose 1 bp LQ to 3.53%
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Noninterest Income and Expense
Noninterest Income
($mm) 2Q11 1Q12 2Q12
Loan servicing fee income $ 47 $ 46 $ 42
MSR amortization and valuation
allowance (21) (44) (64)
Loan production and
gain on sale income 11 56 80
Deposit, lease and other income 17 17 16
Noninterest income $ 53 $ 73 $ 74
Increase in MSR valuation
allowance - 15 30
Adjusted noninterest income $ 53 $ 88 $ 104
Quarter Highlights
Adjusted noninterest income up $15.9mm, or 18%,
LQ and $51.2mm, or 97%, YoY
Loan production and gain on sale income up $24.2mm,
or 43%, LQ on lending volume of $2.7bn
Non-cash increase in MSR valuation allowance of
$30.1mm
Noninterest Expense
($mm) 2Q11 1Q12 2Q12
Salaries, commissions and other
employee benefits expense $ 56 $ 67 $ 76
Equipment expense 12 16 17
Occupancy expense 5 5 6
General and administrative expense 49 71 77
Total noninterest expense $ 122 $ 159 $ 176
Transaction and regulatory related 3 6 10
Credit-related 17 23 21
Adjusted pre-credit noninterest expense $ 101 $ 130 $ 145
Quarter Highlights
Adjusted pre-credit noninterest expense increased
$15.3mm, or 12%, LQ and $44.0mm, or 44%, YoY
Salaries, commissions and other employee benefits
rose $9.7mm, or 15%, LQ
Warehouse finance acquisition and retail lending
expansion
Commissions and incentives increased 26% due to
elevated loan origination activity
FDIC clawback expense increase of $2.7mm
Advertising and marketing increase of $2.7mm
Credit-related expenses down $2.0mm, or 9%, LQ
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Banking and Wealth Management
Segment Earnings
($mm) 2Q11 1Q12 2Q12
Net interest income $ 105 $ 107 $ 115
Provision for loan and lease losses (8) (10) (5)
Net interest income after provision 97 96 110
Noninterest income 16 25 26
Noninterest expense:
Credit-related expenses 6 8 14
All other noninterest expense 40 52 62
Pre-tax income $ 66 $ 62 $ 60
Adjustment items (pre-tax) 3 3 1
Adjusted pre-tax income $ 69 $ 65 $ 61
Retained Asset Volume ($mm)
714
617
25%
495 501
31%
422
24% 3% 29% 31%
24% 2%
13%
9%
74% 66%
76% 58%
35%
2Q11 3Q11 4Q11 1Q12 2Q12
Residential Commercial Commercial finance Warehouse finance
Segment Highlights
Net interest income up $8.3mm, or 8%, LQ and $9.7mm, or 9%, YoY due to loan growth Provision for loan and lease losses down $5.3mm, or 51%, LQ and $3.2mm, or 39% YoY due to credit quality improvement Credit-related expenses increased due to elevated foreclosure activity related to our GNMA pool buyout loans
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Mortgage Banking
Segment Earnings
($mm) 2Q11 1Q12 2Q12
Net interest income after provision $ 9 $ 9 $ 11
Noninterest income 37 48 49
Noninterest expense:
Foreclosure and OREO expense 4 3 3
Other credit-related expenses 8 12 4
All other noninterest expense 36 57 61
Pre-tax income (loss) $ (2) $ (15) $ (8)
Adjustment items (pre-tax):
Increase in MSR valuation allowance - 15 30
Transaction and non-recurring
regulatory related expense 1 5 5
Adjusted pre-tax income (loss) $ (1) $ 5 $ 28
Key Metrics
($mm) 2Q11 1Q12 2Q12
Mortgage lending volume $1.2bn $1.9bn $2.3bn
Gain on sale margin 49bps 197bps 261bps
Servicing UPB $56.9bn $53.6bn $53.3bn
Average servicing fee 31bps 31bps 30bps
Segment Highlights
Net interest income up $1.3mm, or 12%, LQ and $2.3mm, or 24%, YoY
Noninterest income increased $11.3mm, or 30%, YoY as a result of increased gain on sale activity due to increased origination activity Continued high volume of originations due to historically low rates and HARP 2.0 Other credit-related expenses were down $7.8mm, or 65%, LQ and $3.7mm, or 47%, YoY reflecting positive credit trends
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Corporate Services
Segment Earnings
($mm) 2Q11 1Q12 2Q12
Net interest income $ (2) $ (1) $ (2)
Noninterest expense 28 27 33
Pre-tax income (loss) $ (29) $ (29) $ (34)
Adjustment items (pre-tax):
Transaction and non-recurring
regulatory related expense 2 2 4
Adjusted pre-tax income $ (27) $ (27) $ (30)
Memo:
FTE 480 520 541
Total Assets(1) / FTE $ 26.1 $ 26.5 $ 27.8
Segment Highlights
GAAP loss of $34.4mm, up $5.7mm, or 20%, LQ
Adjusted loss of $29.9mm, up $2.8mm, or 10%, LQ
Noninterest expense increased due to regulatory, infrastructure investments and Business Property Lending diligence expenses
(1) Ratio represents total company assets per Corporate Services FTE
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Asset Quality
Adjusted NPA / Total Assets Build
Adjusted NPA ratio
excludes loans and
leases with
enhanced credit
protection
(1.07)% (10.96)% 13.49%
1.46%
Regulatory NPAs / Impact Ex. Govt Impact Ex. Tygris Adjusted NPAs /
Assets Insured Loans and Bank of Assets
Florida(1)
NCO / Average Loans HFI
1.35% 1.46%
1.02%
0.65%
0.34%
2009 2010 2011 1Q12 2Q12
Highlights
Adjusted non-performing assets to total assets declined 17 bps LQ resulting from a $4.9mm, or 2.9%, decrease in non-performing loans Net charge-offs to average loans HFI decreased 31 bps LQ to 0.34% Allowance for loan and lease losses decreased $0.9mm, or 1.1%, LQ as charge-offs of $6.6mm exceeded provisions of $5.8mm
Adjusted NPA / Total Assets
2.73%
2.11%
1.86%
1.63% 1.46%
2009 2010 2011 1Q12 2Q12
Note: A reconciliation of Non-GAAP financial measures can be found in the appendix
(1) |
| Tygris and Bank of Florida purchase-impaired loans and leases accounted for under ASC 310-30 or by analogy |
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Mortgage Banking Drivers
Revenue vs. Amortization and Valuation
Allowance ($mm)
80
56
27 41
48 45 46 42
(23) |
| (28) (29) (34) |
(21) |
| (19) (15) |
(30) |
|
3Q11 4Q11 1Q12 2Q12
Servicing fee income
Loan production and gain on sale income
Amortization
Addition to MSR valuation allowance
Summary
Current low interest rate environment generates positive long-term net economic value for our mortgage business
June 30, 2012 mortgage servicing rights reflect the significant decline in mortgage rates at the end of the second quarter and the success of the government’s HARP initiatives
Increase in expected refinance activity will generate residential lending profits over time, while the non-cash MSR valuation allowance is recorded immediately
Amortization rate of 27% closely approximates the actual payoff activity in the underlying portfolio of approximately 24%
Valuation allowance is recoverable if rates rise and refinance activity slows
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Credit – Originated Mortgage Repurchase Reserve
Reserve Trends
Sold UPB ($mm) ‘04—‘05 ‘06—‘08 ‘09—‘12 Total
Agency $2,357 $450 $18,241 $21,048
Agency Aggregator 8,977 11,528 3,134 23,639
Total Sold UPB $11,334 $11,978 $21,374 $44,686
Request Rates
Life Time 0.34% 1.89% 0.32% 0.77%
Last 12 Months 0.05% 0.57% 0.18% 0.26%
Repurchase Rates
Life Time 41% 40% 27% 37%
Last 12 Months 15% 21% 25% 23%
Loss Severity
Life Time 9% 45% 22% 35%
Last 12 Months 25% 50% 31% 44%
Highlights
Coverage ratio of 3.25 years
LTD realized losses of only 8bps for the whole portfolio and
expected total life-time realized losses of just 16bps
2006 – 2008 quality of production was strong
2006 – 2008 vintages were primarily sold to the large agency
aggregators
Summary Statistics by Vintage
Losses to date ($mm) ‘04—‘05 ‘06—‘08 ‘09—‘12 Total
Total Sold UPB $11,334 $11,978 $21,374 $44,686
Request Rate 0.34% 1.89% 0.32% 0.77%
Requests Received 173 1,087 309 1,569
Pending Requests 20 251 38 312
Resolved Requests 153 836 271 1,257
Repurchase Rate 41% 40% 27% 37%
Repurchase Requests 63 334 73 469
Average Loan size 221,770 208,597 224,293 219,238
Loss Severity 9% 45% 22% 35%
Losses Realized $1.2 $31.5 $3.7 $36.4
Losses Realized (bps) 1.1 26.3 1.7 8.1
Reserve Rollforward
($mm) 2Q11 3Q11 4Q11 1Q12 2Q12
Pending Reserves—BoP $ 32.0 $ 33.2 $ 33.0 $ 32.0 $ 35.0
Provisions—New Sales 0.5 0.0 0.1 0.4 0.3
Provisions—Changes in
Existing Reserves 4.9 2.6 1.2 5.8 1.1
Charge Offs (4.2) (2.8) (2.3) (3.2) (2.4)
Pending Reserves—EoP $ 33.2 $ 33.0 $ 32.0 $ 35.0 $ 34.0
Quarters of Coverage at 10 11 13
Trailing 4 Quarter Realized Loss Rate
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Acquisition Update
Warehouse Finance
Closed acquisition of MetLife Warehouse Finance on April 2, 2012
Fully integrated at close
Assets of $351mm and commitments of $720mm Performance to date Originations of $176mm during the quarter Assets of $527mm and commitments above $865mm Utilization rate has increased to ~61% at the end of the quarter from ~46% at close
Business Property Lending
Announced execution of definitive agreement to acquire Business Property Lending from GE Capital on July 2, 2012 Commercial loan origination and servicing business $2.4bn of high-quality top performing loans Servicing rights on additional $3.1bn of securitized business loans Transaction highlights Immediately accretive to EPS, NIM and ROE
Significantly diversifies current loan portfolio
Pro forma commercial and CRE concentration of ~34% Complements nationwide origination platform 14 offices in major metropolitan markets Experienced management team with over 25 years average experience Executing integration plan with targeted close in fourth quarter
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Appendix
Non-GAAP Reconciliations
Adjusted Net Income
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(dollars in thousands) 2012 2012 2011 2011 2011
Net income $ 11,172 $ 11,846 $ 13,760 $ 7,758 $ 21,795
Transaction and non-recurring regulatory related expense, net of tax 6,143 3,884 4,331 4,751 2,136
Increase in Bank of Florida non-accretable discount, net of tax 463 2,135 2,208 298 -
Early adoption of TDR guidance and policy change, net of tax —— — — 1,561
MSR impairment, net of tax 18,684 9,389 11,638 12,824 -
Adjusted net income $ 36,462 $ 27,254 $ 31,937 $ 25,631 $ 25,492
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Non-GAAP Reconciliations
Non-performing Assets (NPA)
June 30, March 31, December 31, December 31, December 31,
(dollars in thousands) 2012 2012 2011 2010 2009
Total non-accrual loans and leases $ 168,962 $ 170,589 $ 193,478 $ 213,818 $ 194,951
Accruing loans 90 days or more past due 1,800 5,119 6,673 1,754 1,362
Total non-performing loans (NPL) 170,762 175,708 200,151 215,592 196,313
Other real estate owned (OREO) 49,248 49,304 42,664 37,450 24,087
Total non-performing assets (NPA) 220,010 225,012 242,815 253,042 220,400
Troubled debt restructurings (TDR) less than 90 days past due 93,184 92,954 92,628 70,173 95,482
Total NPA and TDR (1) $ 313,194 $ 317,966 $ 335,443 $ 323,215 $ 315,882
Total NPA and TDR $ 313,194 $ 317,966 $ 335,443 $ 323,215 $ 315,882
Government-insured 90 days or more past due still accruing 1,647,567 1,530,665 1,570,787 553,341 589,842
Bank of Florida loans accounted for under ASC 310-30:
90 days or more past due 140,797 146,379 149,743 195,425 -
OREO 20,379 22,852 19,456 19,166 -
Total regulatory NPA and TDR $ 2,121,937 $ 2,017,862 $ 2,075,429 $ 1,091,147 $ 905,724
Adjusted credit quality ratios excluding government-insured loans
and loans accounted for under ASC 310-30: (1)
NPA to total assets 1.46% 1.63% 1.86% 2.11% 2.73%
Credit quality ratios including government-insured loans and loans
accounted for under ASC 310-30:
NPA to total assets 13.49% 13.97% 15.20% 8.50% 10.05%
(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 acquired in the Bank of Florida acquisition accounted for under ASC 310-30 because as of June 30, 2012, we expected to fully collect the carrying value of such loans and foreclosed
property.
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Non-GAAP Reconciliations
Regulatory Capital (bank level) June 30, March 31, June 30,
(dollars in thousands) 2012 2012 2011
Shareholders’ equity $ 1,263,687 $ 1,099,404 $ 1,130,104
Less: Goodwill and other intangibles (16,938) (17,290) (18,319)
Disallowed servicing asset (36,650) (40,783) (31,927)
Disallowed deferred tax asset (70,357) (71,302) (74,522)
Add: Accumulated losses on securities and cash flow hedges 110,101 86,981 25,051
Tier 1 capital 1,249,843 1,057,010 1,030,387
Less: Low-level recourse and residual interests — (20,424) (19,079)
Add: Allowance for loan and lease losses 77,393 78,254 80,419
Total regulatory capital $ 1,327,236 $ 1,114,840 $ 1,091,727
Adjusted total assets $ 15,022,729 $ 13,731,482 $ 12,438,222
Risk-weighted assets 8,424,290 7,311,556 6,648,103
Tangible Common Equity June 30,
(dollars in thousands) 2012
Shareholders’ equity $ 1,181,369
Less:
Goodwill 10,238
Intangible assets 6,700
Tangible common equity $ 1,164,431
Less:
Accumulated other comprehensive loss (113,094)
Adjusted tangible common equity $ 1,277,525
Total assets $ 15,040,824
Less:
Goodwill 10,238
Intangible assets 6,700
Tangible assets $ 15,023,886
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