Exhibit 99.2
EverBank Financial Corp and Subsidiaries
Quarterly Financial Tables
September 30, 2014
Table of Contents
Table 1 | Financial Highlights | ||
Table 2 | Consolidated Statements of Income | ||
Table 3 | Consolidated Balance Sheets | ||
Table 4 | Business Segments Selected Financial Information | ||
Table 5 | Average Balances and Interest Rates | ||
Table 6a | Loans and Leases Held for Investment | ||
Table 6b | Deposits | ||
Table 7 | General and Administrative Expense | ||
Table 8 | Non-Performing Assets | ||
Table 9 | Credit Reserves | ||
Table 9a | Allowance for Loan and Lease Losses Activity | ||
Table 9b | Allowance for Loan and Lease Losses Ratio | ||
Table 9c | Reserves for Repurchase Obligations for Loans Sold or Securitized | ||
Table 9d | Reserves for Repurchase Obligations for Loans Serviced | ||
Table 10 | Reconciliation of Non-GAAP Measures | ||
Table 10a | Adjusted Net Income | ||
Table 10b | Tangible Equity, Tangible Common Equity and Tangible Assets | ||
Table 10c | Regulatory Capital (bank level) | ||
Table 10d | Regulatory Capital (EFC consolidated) | ||
Table 11 | Residential Mortgage Lending and Servicing |
EverBank Financial Corp and Subsidiaries | ||||||||||||||||||||
Financial Highlights | Table 1 | |||||||||||||||||||
As of and for the Three Months Ended | As of and for the Nine Months Ended | |||||||||||||||||||
(dollars in thousands, except per share amounts) | Sep 30, 2014 | Jun 30, 2014 | Sep 30, 2013 | Sep 30, 2014 | Sep 30, 2013 | |||||||||||||||
Operating Results: | ||||||||||||||||||||
Total revenue(1) | $ | 234,550 | $ | 229,459 | $ | 282,425 | $ | 679,437 | $ | 847,571 | ||||||||||
Net interest income | 146,336 | 140,191 | 138,856 | 417,371 | 423,889 | |||||||||||||||
Provision for loan and lease losses | 6,735 | 6,123 | 3,068 | 15,929 | 5,016 | |||||||||||||||
Noninterest income | 88,214 | 89,268 | 143,569 | 262,066 | 423,682 | |||||||||||||||
Noninterest expense | 157,753 | 167,320 | 225,696 | 486,285 | 651,052 | |||||||||||||||
Net income | 43,519 | 34,782 | 33,150 | 110,061 | 118,289 | |||||||||||||||
Net earnings per common share, basic | 0.33 | 0.26 | 0.25 | 0.83 | 0.91 | |||||||||||||||
Net earnings per common share, diluted | 0.33 | 0.26 | 0.25 | 0.82 | 0.89 | |||||||||||||||
Performance Metrics: | ||||||||||||||||||||
Yield on interest-earning assets | 3.95 | % | 4.12 | % | 4.32 | % | 4.12 | % | 4.40 | % | ||||||||||
Cost of interest-bearing liabilities | 1.01 | % | 1.02 | % | 1.18 | % | 1.03 | % | 1.22 | % | ||||||||||
Net interest margin | 3.02 | % | 3.22 | % | 3.24 | % | 3.20 | % | 3.33 | % | ||||||||||
Return on average assets | 0.85 | % | 0.74 | % | 0.72 | % | 0.78 | % | 0.86 | % | ||||||||||
Return on average risk-weighted assets(2) | 1.37 | % | 1.15 | % | 1.16 | % | 1.21 | % | 1.39 | % | ||||||||||
Return on average equity(3) | 10.6 | % | 8.6 | % | 8.7 | % | 9.0 | % | 10.8 | % | ||||||||||
Efficiency ratio(4) | 67 | % | 73 | % | 80 | % | 72 | % | 77 | % | ||||||||||
Loans and leases held for investment as a percentage of deposits | 115 | % | 110 | % | 92 | % | 115 | % | 92 | % | ||||||||||
Credit Quality Ratios: | ||||||||||||||||||||
Adjusted non-performing assets as a percentage of total assets(5) | 0.50 | % | 0.51 | % | 1.01 | % | 0.50 | % | 1.01 | % | ||||||||||
Net charge-offs to average loans and leases held for investment | 0.09 | % | 0.19 | % | 0.30 | % | 0.13 | % | 0.22 | % | ||||||||||
ALLL as a percentage of loans and leases held for investment | 0.35 | % | 0.37 | % | 0.53 | % | 0.35 | % | 0.53 | % | ||||||||||
ALLL as a percentage of loans and leases held for investment (excluding ASC 310-30) | 0.35 | % | 0.34 | % | 0.44 | % | 0.35 | % | 0.44 | % | ||||||||||
Government insured pool buyouts as a percentage of loans and leases held for investment | 20 | % | 21 | % | 17 | % | 20 | % | 17 | % | ||||||||||
Capital: | ||||||||||||||||||||
Common equity tier 1 ratio (EFC consolidated, Basel I)(6) | 12.0 | % | 11.5 | % | 12.2 | % | 12.0 | % | 12.2 | % | ||||||||||
Tier 1 leverage ratio (bank level)(7) | 8.5 | % | 8.3 | % | 8.8 | % | 8.5 | % | 8.8 | % | ||||||||||
Total risk-based capital ratio (bank level)(8) | 14.0 | % | 13.4 | % | 14.5 | % | 14.0 | % | 14.5 | % | ||||||||||
Tangible common equity per common share(9) | $ | 12.36 | $ | 12.02 | $ | 11.42 | $ | 12.36 | $ | 11.42 | ||||||||||
Consumer Banking Metrics: | ||||||||||||||||||||
Unpaid principal balance of loans originated | $ | 2,302,082 | $ | 2,232,872 | $ | 2,700,159 | $ | 6,235,450 | $ | 8,853,846 | ||||||||||
Jumbo residential mortgage loans originated | 1,187,161 | 1,108,188 | 767,004 | 3,103,487 | 2,582,975 | |||||||||||||||
Unpaid principal balance of loans sold | 2,172,645 | 1,531,713 | 3,164,457 | 4,914,113 | 8,730,352 | |||||||||||||||
Unpaid principal balance of loans serviced for the Company and others | 50,830,585 | 50,790,378 | 61,274,075 | 50,830,585 | 61,274,075 | |||||||||||||||
Consumer Banking loans as a percentage of loans and leases held for investment | 58 | % | 56 | % | 55 | % | 58 | % | 55 | % | ||||||||||
Consumer deposits(10) | $ | 12,087,775 | $ | 12,050,198 | $ | 11,864,123 | $ | 12,087,775 | $ | 11,864,123 | ||||||||||
Commercial Banking Metrics: | ||||||||||||||||||||
Loan and lease originations: | ||||||||||||||||||||
Commercial and commercial real estate | $ | 361,387 | $ | 285,425 | $ | 174,353 | $ | 804,825 | $ | 757,895 | ||||||||||
Equipment financing receivables | 392,790 | 398,519 | 177,179 | 958,799 | 514,758 | |||||||||||||||
Commercial Banking loans as a percentage of loans and leases held for investment | 42 | % | 44 | % | 45 | % | 42 | % | 45 | % | ||||||||||
Commercial deposits(10) | $ | 2,385,730 | $ | 1,824,477 | $ | 1,763,553 | $ | 2,385,730 | $ | 1,763,553 | ||||||||||
Market Price Per Share of Common Stock: | ||||||||||||||||||||
Closing | $ | 17.66 | $ | 20.16 | $ | 14.98 | $ | 17.66 | $ | 14.98 | ||||||||||
High | 20.50 | 20.61 | 16.80 | 20.61 | 17.29 | |||||||||||||||
Low | 17.66 | 18.08 | 13.95 | 16.40 | 12.75 | |||||||||||||||
Period End Balance Sheet Data: | ||||||||||||||||||||
Loans and leases held for investment, net | $ | 16,522,706 | $ | 15,237,916 | $ | 12,495,976 | $ | 16,522,706 | $ | 12,495,976 | ||||||||||
Total assets | 20,510,342 | 19,753,820 | 17,612,089 | 20,510,342 | 17,612,089 | |||||||||||||||
Deposits | 14,473,505 | 13,874,675 | 13,627,676 | 14,473,505 | 13,627,676 | |||||||||||||||
Total liabilities | 18,789,319 | 18,074,372 | 16,009,176 | 18,789,319 | 16,009,176 | |||||||||||||||
Total shareholders’ equity | 1,721,023 | 1,679,448 | 1,602,913 | 1,721,023 | 1,602,913 |
See Notes to Financial Highlights
EverBank Financial Corp and Subsidiaries
Financial Highlights - Notes
(Dollars in thousands)
(1) | Total revenue is defined as net interest income before provision for loan and lease losses and total noninterest income. |
(2) | Return on average risk-weighted assets equals net income divided by average risk-weighted assets. Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories according to the obligor or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total risk-weighted assets. For detailed information regarding regulatory capital (EFC consolidated), see Table 10d. |
(3) | Return on average equity is calculated as net income less dividends declared on the Series A 6.75% Non-Cumulative Perpetual Preferred Stock divided by average common shareholders' equity (average shareholders' equity less average Series A 6.75% Non-Cumulative Perpetual Preferred Stock). |
(4) | The efficiency ratio represents noninterest expense as a percentage of total revenues. We use the efficiency ratio to measure noninterest costs expended to generate a dollar of revenue. |
(5) | 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. For more detailed information on NPA, see Table 8. |
(6) | The common equity tier 1 ratio is calculated as common tier 1 capital divided by risk-weighted assets. Common tier 1 capital is calculated as tier 1 capital less the Series A 6.75% Non-Cumulative Perpetual Preferred Stock. Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories according to the obligor or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total risk-weighted assets. For detailed information regarding regulatory capital (EFC consolidated), see Table 10d. |
(7) | Calculated as Tier 1 capital divided by adjusted total assets. Total assets are adjusted for goodwill, deferred tax assets disallowed from Tier 1 capital and other regulatory adjustments. For more detailed information on regulatory capital (bank level), see Table 10c. |
(8) | Calculated as total risk-based capital divided by total risk-weighted assets. Risk-based capital includes Tier 1 capital, allowance for loan and lease losses, subject to limitations, and other regulatory adjustments. Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories according to the obligor or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total risk-weighted assets. For more detailed information on regulatory capital (bank level), see Table 10c. |
(9) | Calculated as tangible common shareholders' equity divided by shares of common stock. Tangible common shareholders' equity equals shareholders' equity less goodwill, other intangible assets and perpetual preferred stock (see Table 10b). Tangible common equity per common share is calculated using a denominator that includes actual period end common shares outstanding. Tangible common equity per common share is a non-GAAP financial measure, and its most directly comparable GAAP financial measure is book value per common share. |
(10) | The September 30, 2014 values reflect a reclassification of $157,355 of deposits from consumer deposits to commercial deposits. Prior periods were not adjusted. |
EverBank Financial Corp and Subsidiaries | ||||||||||||||||||||
Consolidated Statements of Income | Table 2 | |||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
(dollars in thousands, except per share data) | Sep 30, 2014 | Jun 30, 2014 | Sep 30, 2013 | Sep 30, 2014 | Sep 30, 2013 | |||||||||||||||
Interest Income | ||||||||||||||||||||
Interest and fees on loans and leases | $ | 180,913 | $ | 170,325 | $ | 170,110 | $ | 509,708 | $ | 516,619 | ||||||||||
Interest and dividends on investment securities | 9,627 | 9,818 | 13,376 | 29,276 | 44,439 | |||||||||||||||
Other interest income | 116 | 110 | 493 | 388 | 1,108 | |||||||||||||||
Total interest income | 190,656 | 180,253 | 183,979 | 539,372 | 562,166 | |||||||||||||||
Interest Expense | ||||||||||||||||||||
Deposits | 26,755 | 23,442 | 24,437 | 72,804 | 77,827 | |||||||||||||||
Other borrowings | 17,565 | 16,620 | 20,686 | 49,197 | 60,450 | |||||||||||||||
Total interest expense | 44,320 | 40,062 | 45,123 | 122,001 | 138,277 | |||||||||||||||
Net Interest Income | 146,336 | 140,191 | 138,856 | 417,371 | 423,889 | |||||||||||||||
Provision for loan and lease losses | 6,735 | 6,123 | 3,068 | 15,929 | 5,016 | |||||||||||||||
Net Interest Income after Provision for Loan and Lease Losses | 139,601 | 134,068 | 135,788 | 401,442 | 418,873 | |||||||||||||||
Noninterest Income | ||||||||||||||||||||
Loan servicing fee income | 35,900 | 40,417 | 50,713 | 122,934 | 140,068 | |||||||||||||||
Amortization of mortgage servicing rights | (19,572 | ) | (19,026 | ) | (30,438 | ) | (59,170 | ) | (101,461 | ) | ||||||||||
Recovery (impairment) of mortgage servicing rights | 3,071 | — | 35,132 | 8,012 | 80,259 | |||||||||||||||
Net loan servicing income | 19,399 | 21,391 | 55,407 | 71,776 | 118,866 | |||||||||||||||
Gain on sale of loans | 47,920 | 47,703 | 51,397 | 129,474 | 209,545 | |||||||||||||||
Loan production revenue | 5,783 | 5,347 | 10,514 | 15,709 | 30,066 | |||||||||||||||
Deposit fee income | 3,828 | 4,533 | 4,952 | 11,696 | 15,167 | |||||||||||||||
Other lease income | 3,910 | 3,806 | 6,506 | 12,621 | 19,388 | |||||||||||||||
Other | 7,374 | 6,488 | 14,793 | 20,790 | 30,650 | |||||||||||||||
Total noninterest income | 88,214 | 89,268 | 143,569 | 262,066 | 423,682 | |||||||||||||||
Noninterest Expense | ||||||||||||||||||||
Salaries, commissions and other employee benefits expense | 90,781 | 95,259 | 111,144 | 283,734 | 340,080 | |||||||||||||||
Equipment expense | 16,623 | 17,345 | 20,609 | 52,616 | 61,168 | |||||||||||||||
Occupancy expense | 7,209 | 7,885 | 8,675 | 23,166 | 23,606 | |||||||||||||||
General and administrative expense | 43,140 | 46,831 | 85,268 | 126,769 | 226,198 | |||||||||||||||
Total noninterest expense | 157,753 | 167,320 | 225,696 | 486,285 | 651,052 | |||||||||||||||
Income before Income Taxes | 70,062 | 56,016 | 53,661 | 177,223 | 191,503 | |||||||||||||||
Provision for Income Taxes | 26,543 | 21,234 | 20,511 | 67,162 | 73,214 | |||||||||||||||
Net Income | $ | 43,519 | $ | 34,782 | $ | 33,150 | $ | 110,061 | $ | 118,289 | ||||||||||
Net Income Allocated to Preferred Stock | 2,532 | 2,531 | 2,532 | 7,594 | 7,594 | |||||||||||||||
Net Income Allocated to Common Shareholders | $ | 40,987 | $ | 32,251 | $ | 30,618 | $ | 102,467 | $ | 110,695 | ||||||||||
Net Earnings per Common Share, Basic | $ | 0.33 | $ | 0.26 | $ | 0.25 | $ | 0.83 | $ | 0.91 | ||||||||||
Net Earnings per Common Share, Diluted | $ | 0.33 | $ | 0.26 | $ | 0.25 | $ | 0.82 | $ | 0.89 | ||||||||||
Dividends Declared per Common Share | $ | 0.04 | $ | 0.03 | $ | 0.03 | $ | 0.10 | $ | 0.07 | ||||||||||
Dividend payout ratio(1) | 12.12 | % | 11.54 | % | 12.00 | % | 12.05 | % | 7.69 | % | ||||||||||
Weighted Average Common Shares Outstanding | ||||||||||||||||||||
(units in thousands) | ||||||||||||||||||||
Basic | 122,950 | 122,840 | 122,509 | 122,826 | 122,128 | |||||||||||||||
Diluted | 125,473 | 125,389 | 124,124 | 125,292 | 123,821 |
(1) | Dividend payout ratio is calculated as dividends declared per common share divided by basic earnings per common share. |
EverBank Financial Corp and Subsidiaries | ||||||||||||||||||||
Consolidated Balance Sheets | Table 3 | |||||||||||||||||||
(dollars in thousands) | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | |||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 57,835 | $ | 65,433 | $ | 60,587 | $ | 46,175 | $ | 109,471 | ||||||||||
Interest-bearing deposits in banks | 306,265 | 104,563 | 439,242 | 801,603 | 978,464 | |||||||||||||||
Total cash and cash equivalents | 364,100 | 169,996 | 499,829 | 847,778 | 1,087,935 | |||||||||||||||
Investment securities: | ||||||||||||||||||||
Available for sale, at fair value | 987,345 | 1,029,667 | 1,118,646 | 1,115,627 | 1,205,340 | |||||||||||||||
Held to maturity | 113,751 | 118,614 | 116,984 | 107,312 | 109,245 | |||||||||||||||
Other investments | 194,314 | 186,818 | 122,918 | 128,063 | 106,450 | |||||||||||||||
Total investment securities | 1,295,410 | 1,335,099 | 1,358,548 | 1,351,002 | 1,421,035 | |||||||||||||||
Loans held for sale | 871,736 | 1,704,406 | 596,729 | 791,382 | 1,059,947 | |||||||||||||||
Loans and leases held for investment: | ||||||||||||||||||||
Loans and leases held for investment, net of unearned income | 16,579,951 | 15,294,644 | 13,864,109 | 13,252,724 | 12,562,967 | |||||||||||||||
Allowance for loan and lease losses | (57,245 | ) | (56,728 | ) | (62,969 | ) | (63,690 | ) | (66,991 | ) | ||||||||||
Total loans and leases held for investment, net | 16,522,706 | 15,237,916 | 13,801,140 | 13,189,034 | 12,495,976 | |||||||||||||||
Equipment under operating leases, net | 15,542 | 18,460 | 24,170 | 28,126 | 34,918 | |||||||||||||||
Mortgage servicing rights (MSR), net | 441,243 | 437,595 | 446,493 | 506,680 | 501,494 | |||||||||||||||
Deferred income taxes, net | 3,162 | 54,351 | 42,140 | 51,375 | 92,253 | |||||||||||||||
Premises and equipment, net | 55,500 | 54,844 | 60,654 | 60,733 | 67,282 | |||||||||||||||
Other assets | 940,943 | 741,153 | 801,245 | 814,874 | 851,249 | |||||||||||||||
Total Assets | $ | 20,510,342 | $ | 19,753,820 | $ | 17,630,948 | $ | 17,640,984 | $ | 17,612,089 | ||||||||||
Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest-bearing | $ | 1,084,400 | $ | 1,055,556 | $ | 1,054,796 | $ | 1,076,631 | $ | 1,365,655 | ||||||||||
Interest-bearing | 13,389,105 | 12,819,119 | 12,233,615 | 12,184,709 | 12,262,021 | |||||||||||||||
Total deposits | 14,473,505 | 13,874,675 | 13,288,411 | 13,261,340 | 13,627,676 | |||||||||||||||
Other borrowings | 3,977,000 | 3,797,000 | 2,377,000 | 2,377,000 | 1,872,700 | |||||||||||||||
Trust preferred securities | 103,750 | 103,750 | 103,750 | 103,750 | 103,750 | |||||||||||||||
Accounts payable and accrued liabilities | 235,064 | 298,947 | 214,148 | 277,881 | 405,050 | |||||||||||||||
Total Liabilities | 18,789,319 | 18,074,372 | 15,983,309 | 16,019,971 | 16,009,176 | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
Series A 6.75% Non-Cumulative Perpetual Preferred Stock | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | |||||||||||||||
Common Stock | 1,230 | 1,229 | 1,227 | 1,226 | 1,225 | |||||||||||||||
Additional paid-in capital | 840,667 | 837,991 | 834,460 | 832,351 | 830,758 | |||||||||||||||
Retained earnings | 780,234 | 744,164 | 715,599 | 690,051 | 677,809 | |||||||||||||||
Accumulated other comprehensive loss | (51,108 | ) | (53,936 | ) | (53,647 | ) | (52,615 | ) | (56,879 | ) | ||||||||||
Total Shareholders’ Equity | 1,721,023 | 1,679,448 | 1,647,639 | 1,621,013 | 1,602,913 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 20,510,342 | $ | 19,753,820 | $ | 17,630,948 | $ | 17,640,984 | $ | 17,612,089 |
EverBank Financial Corp and Subsidiaries | ||||||||||||||||||||
Business Segments Selected Financial Information | Table 4 | |||||||||||||||||||
(dollars in thousands) | Consumer Banking | Commercial Banking | Corporate Services | Eliminations | Consolidated | |||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||
Net interest income | $ | 84,635 | $ | 63,302 | $ | (1,601 | ) | $ | — | $ | 146,336 | |||||||||
Provision for loan and lease losses | 5,476 | 1,259 | — | — | 6,735 | |||||||||||||||
Net interest income after provision for loan and lease losses | 79,159 | 62,043 | (1,601 | ) | — | 139,601 | ||||||||||||||
Noninterest income | 75,241 | 12,797 | 176 | — | 88,214 | |||||||||||||||
Noninterest expense | 105,776 | 27,859 | 24,118 | — | 157,753 | |||||||||||||||
Income (loss) before income tax | $ | 48,624 | $ | 46,981 | $ | (25,543 | ) | $ | — | $ | 70,062 | |||||||||
Total assets as of September 30, 2014 | $ | 13,292,823 | $ | 7,257,986 | $ | 120,054 | $ | (160,521 | ) | $ | 20,510,342 | |||||||||
Total deposits as of September 30, 2014 | 12,087,775 | 2,385,730 | — | — | 14,473,505 | |||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
Net interest income | $ | 79,994 | $ | 61,780 | $ | (1,583 | ) | $ | — | $ | 140,191 | |||||||||
Provision for loan and lease losses | 1,738 | 4,385 | — | — | 6,123 | |||||||||||||||
Net interest income after provision for loan and lease losses | 78,256 | 57,395 | (1,583 | ) | — | 134,068 | ||||||||||||||
Noninterest income | 79,680 | 9,302 | 286 | — | 89,268 | |||||||||||||||
Noninterest expense | 115,100 | 27,619 | 24,601 | — | 167,320 | |||||||||||||||
Income (loss) before income tax | $ | 42,836 | $ | 39,078 | $ | (25,898 | ) | $ | — | $ | 56,016 | |||||||||
Total assets as of June 30, 2014 | $ | 12,864,427 | $ | 6,973,288 | $ | 186,630 | $ | (270,525 | ) | $ | 19,753,820 | |||||||||
Total deposits as of June 30, 2014 | 12,050,198 | 1,824,477 | — | — | 13,874,675 | |||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Net interest income | $ | 76,011 | $ | 64,423 | $ | (1,578 | ) | $ | — | $ | 138,856 | |||||||||
Provision for loan and lease losses | 1,918 | 1,150 | — | — | 3,068 | |||||||||||||||
Net interest income after provision for loan and lease losses | 74,093 | 63,273 | (1,578 | ) | — | 135,788 | ||||||||||||||
Noninterest income | 131,063 | 12,353 | 153 | — | 143,569 | |||||||||||||||
Noninterest expense | 167,907 | 36,602 | 21,187 | — | 225,696 | |||||||||||||||
Income (loss) before income tax | $ | 37,249 | $ | 39,024 | $ | (22,612 | ) | $ | — | $ | 53,661 | |||||||||
Total assets as of September 30, 2013 | $ | 11,578,876 | $ | 6,029,290 | $ | 213,745 | $ | (209,822 | ) | $ | 17,612,089 | |||||||||
Total deposits as of September 30, 2013 | 11,864,123 | 1,763,553 | — | — | 13,627,676 |
EverBank Financial Corp and Subsidiaries | |||||||||||||||||||||||||||||||||
Average Balances and Interest Rates(1) (2) (3) | Table 5 | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended June 30, 2014 | Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 184,449 | $ | 116 | 0.25 | % | $ | 171,693 | $ | 110 | 0.26 | % | $ | 878,078 | $ | 493 | 0.22 | % | |||||||||||||||
Investments | 1,322,842 | 9,627 | 2.90 | % | 1,371,621 | 9,818 | 2.86 | % | 1,619,621 | 13,376 | 3.30 | % | |||||||||||||||||||||
Loans held for sale | 1,866,562 | 15,740 | 3.37 | % | 1,159,638 | 11,293 | 3.90 | % | 1,932,075 | 18,207 | 3.77 | % | |||||||||||||||||||||
Loans and leases held for investment: | |||||||||||||||||||||||||||||||||
Consumer Banking: | |||||||||||||||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||||||||||||
Residential | 5,261,448 | 45,245 | 3.44 | % | 5,585,545 | 48,582 | 3.48 | % | 4,244,971 | 36,588 | 3.45 | % | |||||||||||||||||||||
Government insured pool buyouts | 3,738,326 | 36,102 | 3.86 | % | 2,842,108 | 31,168 | 4.39 | % | 2,235,466 | 31,018 | 5.55 | % | |||||||||||||||||||||
Residential mortgages | 8,999,774 | 81,347 | 3.62 | % | 8,427,653 | 79,750 | 3.79 | % | 6,480,437 | 67,606 | 4.17 | % | |||||||||||||||||||||
Home equity lines | 137,993 | 2,074 | 5.96 | % | 143,169 | 1,444 | 4.05 | % | 162,194 | 1,708 | 4.18 | % | |||||||||||||||||||||
Other consumer and credit card | 4,945 | 108 | 8.70 | % | 5,470 | 184 | 13.49 | % | 6,241 | 263 | 16.72 | % | |||||||||||||||||||||
Commercial Banking: | |||||||||||||||||||||||||||||||||
Commercial and commercial real estate: | |||||||||||||||||||||||||||||||||
Commercial real estate and other commercial | 3,263,260 | 46,156 | 5.62 | % | 3,234,109 | 45,196 | 5.57 | % | 3,346,321 | 52,058 | 6.18 | % | |||||||||||||||||||||
Mortgage warehouse finance | 1,191,602 | 8,822 | 2.90 | % | 1,022,151 | 7,329 | 2.84 | % | 1,062,274 | 8,496 | 3.13 | % | |||||||||||||||||||||
Lender finance | 630,336 | 5,677 | 3.52 | % | 587,673 | 5,824 | 3.92 | % | 456,075 | 4,220 | 3.62 | % | |||||||||||||||||||||
Commercial and commercial real estate | 5,085,198 | 60,655 | 4.72 | % | 4,843,933 | 58,349 | 4.79 | % | 4,864,670 | 64,774 | 5.28 | % | |||||||||||||||||||||
Equipment financing receivables | 1,625,813 | 20,989 | 5.16 | % | 1,363,727 | 19,305 | 5.66 | % | 1,041,040 | 17,552 | 6.74 | % | |||||||||||||||||||||
Total loans and leases held for investment | 15,853,723 | 165,173 | 4.15 | % | 14,783,952 | 159,032 | 4.29 | % | 12,554,582 | 151,903 | 4.82 | % | |||||||||||||||||||||
Total interest-earning assets | 19,227,576 | $ | 190,656 | 3.95 | % | 17,486,904 | $ | 180,253 | 4.12 | % | 16,984,356 | $ | 183,979 | 4.32 | % | ||||||||||||||||||
Noninterest-earning assets | 1,206,336 | 1,258,917 | 1,449,836 | ||||||||||||||||||||||||||||||
Total assets | $ | 20,433,912 | $ | 18,745,821 | $ | 18,434,192 | |||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity: | |||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 2,821,448 | $ | 4,382 | 0.62 | % | $ | 2,847,544 | $ | 4,212 | 0.59 | % | $ | 3,055,881 | $ | 5,025 | 0.65 | % | |||||||||||||||
Market-based money market accounts | 403,670 | 621 | 0.61 | % | 415,544 | 632 | 0.61 | % | 416,145 | 672 | 0.64 | % | |||||||||||||||||||||
Savings and money market accounts, excluding market-based | 5,077,685 | 8,069 | 0.63 | % | 4,904,879 | 7,449 | 0.61 | % | 5,214,061 | 8,362 | 0.64 | % | |||||||||||||||||||||
Market-based time | 561,292 | 1,171 | 0.83 | % | 576,828 | 1,125 | 0.78 | % | 621,675 | 1,244 | 0.79 | % | |||||||||||||||||||||
Time, excluding market-based | 4,501,948 | 12,512 | 1.10 | % | 3,507,409 | 10,024 | 1.15 | % | 3,082,451 | 9,134 | 1.18 | % | |||||||||||||||||||||
Total deposits | 13,366,043 | 26,755 | 0.79 | % | 12,252,204 | 23,442 | 0.77 | % | 12,390,213 | 24,437 | 0.78 | % | |||||||||||||||||||||
Borrowings: | |||||||||||||||||||||||||||||||||
Trust preferred securities | 103,750 | 1,661 | 6.35 | % | 103,750 | 1,644 | 6.35 | % | 103,750 | 1,649 | 6.31 | % | |||||||||||||||||||||
FHLB advances | 3,808,326 | 15,904 | 1.63 | % | 3,362,011 | 14,976 | 1.76 | % | 2,511,830 | 19,037 | 2.97 | % | |||||||||||||||||||||
Other | 24,000 | — | 0.00 | % | 24,000 | — | 0.00 | % | 13 | — | 0.00 | % | |||||||||||||||||||||
Total borrowings | 3,936,076 | 17,565 | 1.75 | % | 3,489,761 | 16,620 | 1.89 | % | 2,615,593 | 20,686 | 3.10 | % | |||||||||||||||||||||
Total interest-bearing liabilities | 17,302,119 | 44,320 | 1.01 | % | 15,741,965 | 40,062 | 1.02 | % | 15,005,806 | 45,123 | 1.18 | % | |||||||||||||||||||||
Noninterest-bearing demand deposits | 1,173,181 | 1,149,025 | 1,515,123 | ||||||||||||||||||||||||||||||
Other noninterest-bearing liabilities | 259,794 | 195,482 | 351,762 | ||||||||||||||||||||||||||||||
Total liabilities | 18,735,094 | 17,086,472 | 16,872,691 | ||||||||||||||||||||||||||||||
Total shareholders’ equity | 1,698,818 | 1,659,349 | 1,561,501 | ||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 20,433,912 | $ | 18,745,821 | $ | 18,434,192 | |||||||||||||||||||||||||||
Net interest income/spread | $ | 146,336 | 2.94 | % | $ | 140,191 | 3.10 | % | $ | 138,856 | 3.14 | % | |||||||||||||||||||||
Net interest margin | 3.02 | % | 3.22 | % | 3.24 | % | |||||||||||||||||||||||||||
Memo: Total deposits including noninterest-bearing | $ | 14,539,224 | $ | 26,755 | 0.73 | % | $ | 13,401,229 | $ | 23,442 | 0.70 | % | $ | 13,905,336 | $ | 24,437 | 0.70 | % |
(1) | The average balances are principally daily averages, and, for loans, include both performing and non-performing balances. |
(2) | Interest income on loans includes the effects of discount accretion and net deferred loan origination costs accounted for as yield adjustments. |
(3) | All interest income was fully taxable for all periods presented. |
EverBank Financial Corp and Subsidiaries | ||||||||||||||||||||||||||||
Loans and Leases Held for Investment | Table 6a | |||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2014 | �� | June 30, 2014 | March 31, 2014 | December 31, 2013 | September 30, 2013 | ||||||||||||||||||||||
Consumer Banking: | ||||||||||||||||||||||||||||
Residential mortgages: | ||||||||||||||||||||||||||||
Residential | $ | 6,006,987 | $ | 5,205,043 | $ | 5,688,053 | $ | 5,153,106 | $ | 4,623,219 | ||||||||||||||||||
Government insured pool buyouts | 3,395,095 | 3,197,348 | 1,911,773 | 1,891,637 | 2,075,395 | |||||||||||||||||||||||
Residential mortgages | 9,402,082 | 8,402,391 | 7,599,826 | 7,044,743 | 6,698,614 | |||||||||||||||||||||||
Home equity lines | 139,589 | 138,886 | 147,086 | 151,916 | 156,977 | |||||||||||||||||||||||
Other consumer and credit card | 5,894 | 5,473 | 5,427 | 5,154 | 6,023 | |||||||||||||||||||||||
Total Consumer Banking | 9,547,565 | 8,546,750 | 7,752,339 | 7,201,813 | 6,861,614 | |||||||||||||||||||||||
Commercial Banking: | ||||||||||||||||||||||||||||
Commercial and commercial real estate: | ||||||||||||||||||||||||||||
Commercial real estate and other commercial | 3,328,979 | 3,234,423 | 3,243,654 | 3,276,130 | 3,278,837 | |||||||||||||||||||||||
Mortgage warehouse finance | 1,185,591 | 1,310,611 | 911,223 | 944,219 | 851,153 | |||||||||||||||||||||||
Lender finance | 678,400 | 625,335 | 664,143 | 592,621 | 478,497 | |||||||||||||||||||||||
Commercial and commercial real estate | 5,192,970 | 5,170,369 | 4,819,020 | 4,812,970 | 4,608,487 | |||||||||||||||||||||||
Equipment financing receivables | 1,839,416 | 1,577,525 | 1,292,750 | 1,237,941 | 1,092,866 | |||||||||||||||||||||||
Total Commercial Banking | 7,032,386 | 6,747,894 | 6,111,770 | 6,050,911 | 5,701,353 | |||||||||||||||||||||||
Loans and leases held for investment, net of unearned income | 16,579,951 | 15,294,644 | 13,864,109 | 13,252,724 | 12,562,967 | |||||||||||||||||||||||
Allowance for loan and lease losses | (57,245 | ) | (56,728 | ) | (62,969 | ) | (63,690 | ) | (66,991 | ) | ||||||||||||||||||
Total loans and leases held for investment, net | $ | 16,522,706 | $ | 15,237,916 | $ | 13,801,140 | $ | 13,189,034 | $ | 12,495,976 | ||||||||||||||||||
The balances presented above include: | ||||||||||||||||||||||||||||
Net purchased loan and lease discounts | $ | 54,510 | $ | 53,134 | $ | 79,905 | $ | 102,416 | $ | 120,321 | ||||||||||||||||||
Net deferred loan and lease origination costs | $ | 84,832 | $ | 69,849 | $ | 64,688 | $ | 54,107 | $ | 45,315 | ||||||||||||||||||
Deposits | Table 6b | |||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2014 | June 30, 2014 | March 31, 2014 | December 31, 2013 | September 30, 2013 | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 1,084,400 | $ | 1,055,556 | $ | 1,054,796 | $ | 1,076,631 | $ | 1,365,655 | ||||||||||||||||||
Interest-bearing demand | 2,941,171 | 2,801,811 | 2,961,831 | 3,006,401 | 2,998,836 | |||||||||||||||||||||||
Market-based money market accounts | 397,617 | 411,633 | 413,017 | 413,137 | 413,427 | |||||||||||||||||||||||
Savings and money market accounts, excluding market-based | 5,159,642 | 4,864,459 | 5,023,585 | 5,110,992 | 5,186,243 | |||||||||||||||||||||||
Market-based time | 511,923 | 577,247 | 583,740 | 597,858 | 627,889 | |||||||||||||||||||||||
Time, excluding market-based | 4,378,752 | 4,163,969 | 3,251,442 | 3,056,321 | 3,035,626 | |||||||||||||||||||||||
Total deposits | $ | 14,473,505 | $ | 13,874,675 | $ | 13,288,411 | $ | 13,261,340 | $ | 13,627,676 | ||||||||||||||||||
General and Administrative Expense | Table 7 | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
(dollars in thousands) | September 30, 2014 | June 30, 2014 | March 31, 2014 | December 31, 2013 | September 30, 2013 | September 30, 2014 | September 30, 2013 | |||||||||||||||||||||
Legal and professional fees, excluding consent order expense | $ | 7,061 | $ | 7,475 | $ | 7,116 | $ | 9,238 | $ | 7,158 | $ | 21,652 | $ | 21,544 | ||||||||||||||
Credit-related expenses | 6,356 | 8,765 | 7,607 | 17,168 | 11,856 | 22,728 | 32,675 | |||||||||||||||||||||
FDIC premium assessment and other agency fees | 6,684 | 7,199 | (443 | ) | 6,089 | 6,708 | 13,440 | 28,768 | ||||||||||||||||||||
Advertising and marketing expense | 6,175 | 4,932 | 4,431 | 5,984 | 6,516 | 15,538 | 23,217 | |||||||||||||||||||||
Subservicing expense | 3,673 | 2,482 | — | — | — | 6,155 | — | |||||||||||||||||||||
Consent order expense | 1,634 | 2,099 | 756 | 7,641 | 32,475 | 4,489 | 64,698 | |||||||||||||||||||||
Other | 11,557 | 13,879 | 17,331 | 13,177 | 20,555 | 42,767 | 55,296 | |||||||||||||||||||||
Total general and administrative expense | $ | 43,140 | $ | 46,831 | $ | 36,798 | $ | 59,297 | $ | 85,268 | $ | 126,769 | $ | 226,198 |
EverBank Financial Corp and Subsidiaries | ||||||||||||||||||||
Non-Performing Assets(1) | Table 8 | |||||||||||||||||||
(dollars in thousands) | September 30, 2014 | June 30, 2014 | March 31, 2014 | December 31, 2013 | September 30, 2013 | |||||||||||||||
Non-accrual loans and leases: | ||||||||||||||||||||
Consumer Banking: | ||||||||||||||||||||
Residential mortgages | $ | 23,067 | $ | 22,212 | $ | 47,835 | $ | 59,526 | $ | 60,066 | ||||||||||
Home equity lines | 2,152 | 1,903 | 3,462 | 3,270 | 4,164 | |||||||||||||||
Other consumer and credit card | 31 | 20 | 33 | 18 | 15 | |||||||||||||||
Commercial Banking: | ||||||||||||||||||||
Commercial and commercial real estate | 46,819 | 44,172 | 23,884 | 18,569 | 76,662 | |||||||||||||||
Equipment financing receivables | 6,803 | 6,475 | 5,446 | 4,527 | 4,171 | |||||||||||||||
Total non-accrual loans and leases | 78,872 | 74,782 | 80,660 | 85,910 | 145,078 | |||||||||||||||
Accruing loans 90 days or more past due | — | — | — | — | — | |||||||||||||||
Total non-performing loans (NPL) | 78,872 | 74,782 | 80,660 | 85,910 | 145,078 | |||||||||||||||
Other real estate owned (OREO) | 24,501 | 25,530 | 29,333 | 29,034 | 32,108 | |||||||||||||||
Total non-performing assets (NPA) | 103,373 | 100,312 | 109,993 | 114,944 | 177,186 | |||||||||||||||
Troubled debt restructurings (TDR) less than 90 days past due | 16,547 | 16,687 | 73,455 | 76,913 | 79,664 | |||||||||||||||
Total NPA and TDR(1) | $ | 119,920 | $ | 116,999 | $ | 183,448 | $ | 191,857 | $ | 256,850 | ||||||||||
Total NPA and TDR | $ | 119,920 | $ | 116,999 | $ | 183,448 | $ | 191,857 | $ | 256,850 | ||||||||||
Government insured 90 days or more past due still accruing | 2,632,744 | 2,424,166 | 1,021,276 | 1,039,541 | 1,147,795 | |||||||||||||||
Loans accounted for under ASC 310-30: | ||||||||||||||||||||
90 days or more past due | 10,519 | 23,159 | 9,915 | 10,083 | 45,104 | |||||||||||||||
OREO | — | — | — | — | 21,240 | |||||||||||||||
Total regulatory NPA and TDR | $ | 2,763,183 | $ | 2,564,324 | $ | 1,214,639 | $ | 1,241,481 | $ | 1,470,989 | ||||||||||
Adjusted credit quality ratios excluding government insured loans and loans accounted for under ASC 310-30:(1) | ||||||||||||||||||||
NPL to total loans | 0.45 | % | 0.44 | % | 0.56 | % | 0.61 | % | 1.07 | % | ||||||||||
NPA to total assets | 0.50 | % | 0.51 | % | 0.62 | % | 0.65 | % | 1.01 | % | ||||||||||
NPA and TDR to total assets | 0.58 | % | 0.59 | % | 1.04 | % | 1.09 | % | 1.46 | % | ||||||||||
Credit quality ratios including government insured loans and loans accounted for under ASC 310-30: | ||||||||||||||||||||
NPL to total loans | 15.65 | % | 14.89 | % | 7.72 | % | 8.12 | % | 9.87 | % | ||||||||||
NPA to total assets | 13.39 | % | 12.90 | % | 6.47 | % | 6.60 | % | 7.90 | % | ||||||||||
NPA and TDR to total assets | 13.47 | % | 12.98 | % | 6.89 | % | 7.04 | % | 8.35 | % |
(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 | ||||||||||||||||||||
Allowance for Loan and Lease Losses Activity | Table 9a | |||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(dollars in thousands) | September 30, 2014 | June 30, 2014 | March 31, 2014 | December 31, 2013 | September 30, 2013 | |||||||||||||||
ALLL, beginning of period | $ | 56,728 | $ | 62,969 | $ | 63,690 | $ | 66,991 | $ | 73,469 | ||||||||||
Charge-offs: | ||||||||||||||||||||
Consumer Banking: | ||||||||||||||||||||
Residential mortgages | 2,023 | 1,810 | 3,165 | 4,197 | 3,038 | |||||||||||||||
Home equity lines | 171 | 163 | 316 | 270 | 430 | |||||||||||||||
Other consumer and credit card | 28 | 20 | 15 | 4 | 28 | |||||||||||||||
Commercial Banking: | ||||||||||||||||||||
Commercial and commercial real estate | 568 | 4,714 | 5 | 2,608 | 6,081 | |||||||||||||||
Equipment financing receivables | 1,548 | 938 | 1,189 | 1,209 | 746 | |||||||||||||||
Total charge-offs | 4,338 | 7,645 | 4,690 | 8,288 | 10,323 | |||||||||||||||
Recoveries: | ||||||||||||||||||||
Consumer Banking: | ||||||||||||||||||||
Residential mortgages | 127 | 251 | 566 | 1,398 | 70 | |||||||||||||||
Home equity lines | 289 | 74 | 141 | 134 | 130 | |||||||||||||||
Other consumer and credit card | — | — | — | 27 | 14 | |||||||||||||||
Commercial Banking: | ||||||||||||||||||||
Commercial and commercial real estate | 6 | — | 1 | 306 | 488 | |||||||||||||||
Equipment financing receivables | 180 | 196 | 190 | 197 | 75 | |||||||||||||||
Total recoveries | 602 | 521 | 898 | 2,062 | 777 | |||||||||||||||
Net charge-offs | 3,736 | 7,124 | 3,792 | 6,226 | 9,546 | |||||||||||||||
Provision for loan and lease losses | 6,735 | 6,123 | 3,071 | 7,022 | 3,068 | |||||||||||||||
Transfers to loans held for sale | (2,482 | ) | (5,240 | ) | — | (4,097 | ) | — | ||||||||||||
ALLL, end of period | $ | 57,245 | $ | 56,728 | $ | 62,969 | $ | 63,690 | $ | 66,991 | ||||||||||
Net charge-offs to average loans and leases held for investment | 0.09 | % | 0.19 | % | 0.12 | % | 0.20 | % | 0.30 | % | ||||||||||
Allowance for Loan and Lease Losses Ratio | Table 9b | |||||||||||||||||||
(dollars in thousands) | September 30, 2014 | June 30, 2014 | March 31, 2014 | December 31, 2013 | September 30, 2013 | |||||||||||||||
ALLL | $ | 57,245 | $ | 56,728 | $ | 62,969 | $ | 63,690 | $ | 66,991 | ||||||||||
Loans and leases held for investment, net of unearned income | 16,579,951 | 15,294,644 | 13,864,109 | 13,252,724 | 12,562,967 | |||||||||||||||
ALLL as a percentage of loans and leases held for investment | 0.35 | % | 0.37 | % | 0.45 | % | 0.48 | % | 0.53 | % | ||||||||||
ALLL excluding portion related to loans and leases accounted for under ASC 310-30 | $ | 48,156 | $ | 44,020 | $ | 47,672 | $ | 48,931 | $ | 50,431 | ||||||||||
Loans and leases held for investment, net of unearned income excluding loans and leases accounted for under ASC 310-30 | 13,930,197 | 12,865,207 | 12,783,173 | 12,259,724 | 11,386,431 | |||||||||||||||
ALLL as a percentage of loans and leases held for investment (excluding ASC 310-30) | 0.35 | % | 0.34 | % | 0.37 | % | 0.40 | % | 0.44 | % | ||||||||||
Government insured pool buyouts as a percentage of loans and leases held for investment | 20 | % | 21 | % | 14 | % | 14 | % | 17 | % | ||||||||||
Reserves for Repurchase Obligations for Loans Sold or Securitized | Table 9c | |||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(dollars in thousands) | September 30, 2014 | June 30, 2014 | March 31, 2014 | December 31, 2013 | September 30, 2013 | |||||||||||||||
Loan origination repurchase reserves, beginning of period | $ | 26,373 | $ | 24,428 | $ | 20,225 | $ | 19,086 | $ | 21,960 | ||||||||||
Provision for new sales/securitizations | 627 | 595 | 429 | 635 | 1,012 | |||||||||||||||
Provision (release of provision) for changes in estimate of existing reserves | — | 3,400 | 4,000 | 1,563 | (1,718 | ) | ||||||||||||||
Net realized losses on repurchases | (2,288 | ) | (2,050 | ) | (226 | ) | (1,059 | ) | (2,168 | ) | ||||||||||
Loan origination repurchase reserves, end of period | $ | 24,712 | $ | 26,373 | $ | 24,428 | $ | 20,225 | $ | 19,086 | ||||||||||
Reserves for Repurchase Obligations for Loans Serviced | Table 9d | |||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(dollars in thousands) | September 30, 2014 | June 30, 2014 | March 31, 2014 | December 31, 2013 | September 30, 2013 | |||||||||||||||
Loan servicing repurchase reserves, beginning of period | $ | 5,802 | $ | 10,796 | $ | 23,668 | $ | 22,733 | $ | 23,518 | ||||||||||
Provision (release of provision) for change in estimate of existing reserves | (626 | ) | (1,303 | ) | (5,037 | ) | 3,580 | 4,531 | ||||||||||||
Net realized losses on repurchases | (1,101 | ) | (3,691 | ) | (7,835 | ) | (2,645 | ) | (5,316 | ) | ||||||||||
Loan servicing repurchase reserves, end of period | $ | 4,075 | $ | 5,802 | $ | 10,796 | $ | 23,668 | $ | 22,733 |
EverBank Financial Corp and Subsidiaries | |||||||||||||||||||||||||||
Reconciliation of Non-GAAP Measures | |||||||||||||||||||||||||||
Adjusted Net Income | Table 10a | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
(dollars in thousands, except per share data) | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Sep 30, 2014 | Sep 30, 2013 | ||||||||||||||||||||
Net income | $ | 43,519 | $ | 34,782 | $ | 31,760 | $ | 18,451 | $ | 33,150 | $ | 110,061 | $ | 118,289 | |||||||||||||
Transaction expense and non-recurring regulatory related expense, net of tax | 2,201 | 1,294 | 465 | 4,807 | 20,203 | 3,960 | 43,670 | ||||||||||||||||||||
Increase (decrease) in Bank of Florida non-accretable discount, net of tax | 198 | 423 | 311 | (68 | ) | (439 | ) | 932 | (27 | ) | |||||||||||||||||
MSR impairment (recovery), net of tax | (1,904 | ) | — | (3,063 | ) | (9,109 | ) | (21,783 | ) | (4,967 | ) | (49,761 | ) | ||||||||||||||
Restructuring cost, net of tax | — | — | 630 | 16,090 | 3,242 | 630 | 3,242 | ||||||||||||||||||||
OTTI losses on investment securities (Volcker Rule), net of tax | — | 425 | — | 2,045 | — | 425 | — | ||||||||||||||||||||
Adjusted net income | $ | 44,014 | $ | 36,924 | $ | 30,103 | $ | 32,216 | $ | 34,373 | $ | 111,041 | $ | 115,413 | |||||||||||||
Adjusted net income allocated to preferred stock | 2,532 | 2,531 | 2,531 | 2,531 | 2,532 | 7,594 | 7,594 | ||||||||||||||||||||
Adjusted net income allocated to common shareholders | $ | 41,482 | $ | 34,393 | $ | 27,572 | $ | 29,685 | $ | 31,841 | $ | 103,447 | $ | 107,819 | |||||||||||||
Adjusted net earnings per common share, basic | $ | 0.34 | $ | 0.28 | $ | 0.22 | $ | 0.24 | $ | 0.26 | $ | 0.84 | $ | 0.88 | |||||||||||||
Adjusted net earnings per common share, diluted | $ | 0.33 | $ | 0.27 | $ | 0.22 | $ | 0.24 | $ | 0.26 | $ | 0.83 | $ | 0.87 | |||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||||||
(units in thousands) | |||||||||||||||||||||||||||
Basic | 122,950 | 122,840 | 122,684 | 122,595 | 122,509 | 122,826 | 122,128 | ||||||||||||||||||||
Diluted | 125,473 | 125,389 | 125,038 | 124,420 | 124,124 | 125,292 | 123,821 | ||||||||||||||||||||
Tangible Equity, Tangible Common Equity and Tangible Assets | Table 10b | ||||||||||||||||||||||||||
(dollars in thousands) | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | ||||||||||||||||||||||
Shareholders’ equity | $ | 1,721,023 | $ | 1,679,448 | $ | 1,647,639 | $ | 1,621,013 | $ | 1,602,913 | |||||||||||||||||
Less: | |||||||||||||||||||||||||||
Goodwill | 46,859 | 46,859 | 46,859 | 46,859 | 46,859 | ||||||||||||||||||||||
Intangible assets | 4,232 | 4,759 | 5,286 | 5,813 | 6,340 | ||||||||||||||||||||||
Tangible equity | 1,669,932 | 1,627,830 | 1,595,494 | 1,568,341 | 1,549,714 | ||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||
Perpetual preferred stock | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | ||||||||||||||||||||||
Tangible common equity | $ | 1,519,932 | $ | 1,477,830 | $ | 1,445,494 | $ | 1,418,341 | $ | 1,399,714 | |||||||||||||||||
Total assets | $ | 20,510,342 | $ | 19,753,820 | $ | 17,630,948 | $ | 17,640,984 | $ | 17,612,089 | |||||||||||||||||
Less: | |||||||||||||||||||||||||||
Goodwill | 46,859 | 46,859 | 46,859 | 46,859 | 46,859 | ||||||||||||||||||||||
Intangible assets | 4,232 | 4,759 | 5,286 | 5,813 | 6,340 | ||||||||||||||||||||||
Tangible assets | $ | 20,459,251 | $ | 19,702,202 | $ | 17,578,803 | $ | 17,588,312 | $ | 17,558,890 |
EverBank Financial Corp and Subsidiaries | ||||||||||||||||||||
Reconciliation of Non-GAAP Measures (continued) | ||||||||||||||||||||
Regulatory Capital (bank level) | Table 10c | |||||||||||||||||||
(dollars in thousands) | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | |||||||||||||||
Shareholders’ equity | $ | 1,769,205 | $ | 1,714,454 | $ | 1,686,414 | $ | 1,662,164 | $ | 1,648,152 | ||||||||||
Less: | Goodwill and other intangibles | (49,957 | ) | (50,328 | ) | (50,700 | ) | (51,072 | ) | (51,436 | ) | |||||||||
Disallowed servicing asset | (23,524 | ) | (29,028 | ) | (26,419 | ) | (20,469 | ) | (39,658 | ) | ||||||||||
Disallowed deferred tax asset | — | (61,737 | ) | (62,682 | ) | (63,749 | ) | (64,462 | ) | |||||||||||
Add: | Accumulated losses on securities and cash flow hedges | 49,516 | 52,121 | 51,507 | 50,608 | 54,392 | ||||||||||||||
Tier 1 capital | 1,745,240 | 1,625,482 | 1,598,120 | 1,577,482 | 1,546,988 | |||||||||||||||
Add: | Allowance for loan and lease losses | 57,245 | 56,728 | 62,969 | 63,690 | 66,991 | ||||||||||||||
Total regulatory capital | $ | 1,802,485 | $ | 1,682,210 | $ | 1,661,089 | $ | 1,641,172 | $ | 1,613,979 | ||||||||||
Adjusted total assets | $ | 20,480,723 | $ | 19,660,793 | $ | 17,539,708 | $ | 17,554,236 | $ | 17,510,528 | ||||||||||
Risk-weighted assets | 12,869,352 | 12,579,476 | 11,597,320 | 11,467,411 | 11,120,048 | |||||||||||||||
Regulatory Capital (EFC consolidated) | Table 10d | |||||||||||||||||||
(dollars in thousands) | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | |||||||||||||||
Shareholders’ equity | $ | 1,721,023 | $ | 1,679,448 | $ | 1,647,639 | $ | 1,621,013 | $ | 1,602,913 | ||||||||||
Less: | Preferred stock | (150,000 | ) | (150,000 | ) | (150,000 | ) | (150,000 | ) | (150,000 | ) | |||||||||
Goodwill and other intangibles | (49,957 | ) | (50,328 | ) | (50,700 | ) | (51,072 | ) | (51,436 | ) | ||||||||||
Disallowed servicing asset | (23,524 | ) | (29,028 | ) | (26,419 | ) | (20,469 | ) | (39,658 | ) | ||||||||||
Disallowed deferred tax asset | — | (61,737 | ) | (62,682 | ) | (63,749 | ) | (64,462 | ) | |||||||||||
Add: | Accumulated losses on securities and cash flow hedges | 51,108 | 53,936 | 53,647 | 52,615 | 56,879 | ||||||||||||||
Common tier 1 capital | $ | 1,548,650 | $ | 1,442,291 | $ | 1,411,485 | $ | 1,388,338 | $ | 1,354,236 | ||||||||||
Risk-weighted assets | $ | 12,875,007 | 12,583,537 | 11,600,258 | 11,469,483 | 11,120,445 |
EverBank Financial Corp and Subsidiaries | ||||||||||||||||||||
Residential Mortgage Lending and Servicing | Table 11 | |||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
(dollars in thousands) | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | |||||||||||||||
Key Metrics: | ||||||||||||||||||||
Mortgage lending volume: | ||||||||||||||||||||
Agency | $ | 1,108,917 | $ | 1,124,684 | $ | 892,358 | $ | 1,188,032 | $ | 1,933,155 | ||||||||||
Jumbo | 1,187,161 | 1,108,188 | 808,138 | 808,001 | 767,004 | |||||||||||||||
Other | 6,004 | — | — | — | — | |||||||||||||||
Mortgage lending volume | $ | 2,302,082 | $ | 2,232,872 | $ | 1,700,496 | $ | 1,996,033 | $ | 2,700,159 | ||||||||||
Mortgage loans sold: | ||||||||||||||||||||
Agency | $ | 1,111,504 | $ | 804,015 | $ | 897,234 | $ | 1,382,970 | $ | 1,793,944 | ||||||||||
Jumbo | 691,431 | 447,408 | 54,210 | 30,656 | 911,100 | |||||||||||||||
GNMA | 365,547 | 176,734 | 255,021 | 254,641 | 450,386 | |||||||||||||||
Other | 4,163 | 103,556 | 3,290 | 9,322 | 9,027 | |||||||||||||||
Mortgage loans sold | $ | 2,172,645 | $ | 1,531,713 | $ | 1,209,755 | $ | 1,677,589 | $ | 3,164,457 | ||||||||||
Unpaid principal balance of loans serviced for the Company and others | $ | 50,830,585 | $ | 50,790,378 | $ | 60,677,571 | $ | 61,035,320 | $ | 61,274,075 | ||||||||||
Average contractual servicing fee | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | % | ||||||||||
Applications | $ | 1,279,945 | $ | 1,656,807 | $ | 1,534,751 | $ | 2,374,710 | $ | 2,491,569 | ||||||||||
Rate locks | 1,236,764 | 1,664,388 | 1,461,488 | 1,272,266 | 1,360,608 | |||||||||||||||
Mortgage Lending Volume by Channel: | ||||||||||||||||||||
Retail | $ | 1,259,019 | $ | 1,225,568 | $ | 781,241 | $ | 884,934 | $ | 1,023,790 | ||||||||||
Consumer Direct | 454,449 | 461,115 | 414,726 | 639,105 | 924,408 | |||||||||||||||
Correspondent | 588,614 | 546,189 | 504,529 | 471,994 | 751,961 | |||||||||||||||
Purchase Activity (%): | ||||||||||||||||||||
Retail | 72 | % | 80 | % | 70 | % | 67 | % | 66 | % | ||||||||||
Consumer Direct | 12 | % | 13 | % | 5 | % | 4 | % | 3 | % | ||||||||||
Correspondent | 66 | % | 60 | % | 44 | % | 53 | % | 49 | % | ||||||||||
Total | 59 | % | 61 | % | 46 | % | 43 | % | 40 | % |