Form 8-K EverBank Financial Corp For: Oct 29
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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Pursuant to Section�13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of Earliest Event Reported): | � | October�29, 2014 |
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EverBank Financial Corp
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(Exact name of registrant as specified in its charter)
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Delaware | � | 001-35533 | � | 52-2024090 |
(State or other jurisdiction of incorporation) | � | (Commission File Number) | � | (I.R.S. Employer Identification No.) |
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501 Riverside Ave., Jacksonville, FL | � | � | � | 32202 |
(Address of principal executive offices) | � | � | � | (Zip Code) |
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904-281-6000
(Registrants telephone number, including area code)
Not Applicable
�(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item�2.02. Results of Operations and Financial Condition
On October�29, 2014, EverBank Financial Corp (the Company) issued a press release announcing its financial results for the quarter ended September�30, 2014, which press release is attached hereto as Exhibit�99.1 and is incorporated herein by reference.
The information contained in this Item�2.02, as well as the exhibit referenced herein, is being furnished and shall not be deemed filed for purposes of Section�18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the Securities Act).
Item�7.01. Regulation FD Disclosure
On October�29, 2014, the Company distributed and made available to investors, and posted on its website, the financial tables reflecting its performance for the quarter ended September�30, 2014, attached hereto as Exhibit 99.2.
The information contained in this Item�7.01, as well as the exhibit referenced herein, are being furnished and shall not be deemed filed for purposes of Section�18 of the Exchange Act, nor shall it be deemed incorporated by reference in any filing under the Securities Act.
Item�9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit�No. | ��Description. |
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99.1 | Press release, dated October 29, 2014, by the Company announcing its financial results for the quarter ended September 30, 2014. |
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99.2 | Financial tables distributed and made available to investors, and posted on the Companys website, on October 29, 2014. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
� | EverBank Financial Corp | ||||
� | (Registrant) | ||||
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� | By: | � | /s/ Steven J. Fischer | ||
� | � | � | Name: | � | Steven J. Fischer |
� | � | � | Title: | � | Executive Vice President and Chief Financial Officer |
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Dated: October�29, 2014
EXHIBIT LIST
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Exhibit�No. | ��Description |
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99.1 | Press release, dated October 29, 2014, by the Company announcing its financial results for the quarter ended September 30, 2014. |
� | � |
99.2 | Financial tables distributed and made available to investors, and posted on the Companys website, on October 29, 2014. |
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EverBank Financial Corp Announces Third Quarter 2014 Financial Results
JACKSONVILLE, FL, October 29, 2014 - EverBank Financial Corp (NYSE: EVER) announced today its financial results for the third quarter ended September�30, 2014.
"We are pleased with our third quarter performance as we delivered strong earnings, achieved robust portfolio loan growth and benefited from our deposit growth initiatives," said Robert M. Clements, chairman and chief executive officer. "We remain focused on executing our core strategies designed to enhance the long-term value of our franchise and serve the needs of our consumer and commercial banking clients."
GAAP net income available to common shareholders was $41.0 million for the third quarter 2014, compared to $32.3 million for the second quarter 2014 and $30.6 million for the third quarter 2013. GAAP diluted earnings per share were $0.33, a 27% increase from $0.26 in the second quarter 2014 and a 32% increase from $0.25 in the third quarter 2013.
Third Quarter 2014 Key Highlights
" | Return on average equity (ROE) was 10.6% for the quarter. |
" | Portfolio loans held for investment (HFI) of $16.6 billion, an increase of 8% compared to the prior quarter. |
" | Retained originations of $1.7 billion in the quarter; year to date retained originations of $4.3 billion. |
" | Total assets of $20.5 billion, an increase of 4% compared to the prior quarter. |
" | Total deposits of $14.5 billion, an increase of 4% compared to the prior quarter. |
" | Tangible common equity per common share increased 8% year over year to $12.36 at September�30, 2014. |
" | Strong capital position with bank tier 1 leverage ratio of 8.5% and bank total risk-based capital ratio of 14.0%. |
" | Adjusted non-performing assets to total assets1 improved to 0.50% at September 30, 2014. Annualized net charge-offs to total loans and leases held for investment remained low at 0.09% for the quarter. |
"During the quarter, we continued to execute on initiatives designed to deliver improved efficiency and drive operating leverage across the organization," said W. Blake Wilson, president and chief operating officer. "The investments we have made in our origination franchise are resulting in continued portfolio loan growth across our consumer and commercial businesses."
Balance Sheet
Strong Asset Growth
Total assets were $20.5 billion at September 30, 2014, an increase of $757 million, or 4%, compared to the prior quarter and an increase of $2.9 billion, or 16%, year over year. The strong sequential increase was driven by a $1.3 billion, or 8%, increase in portfolio loans HFI to $16.6 billion, resulting from both consumer and commercial loan growth, offset by an $833 million, or 49%, decrease in portfolio loans held for sale (HFS). The decrease in loans HFS resulted from the sale of fixed-rate and longer duration preferred jumbo loans during the quarter as investor demand for EverBank originated loans remained strong.
1� | A reconciliation of Non-GAAP financial measures can be found in the financial tables attached hereto. | |
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Loans HFI for the third quarter of 2014, as compared to the second quarter of 2014 and third quarter of 2013, were comprised of:
($ in millions) | Sep 30, 2014 | Jun 30, 2014 | Sep 30, 2013 | % Change (Q/Q) | % Change (Y/Y) | ||||||||||||
Consumer Banking: | |||||||||||||||||
Residential loans | $ | 6,007 | $ | 5,205 | $ | 4,623 | 15 | �% | 30 | �% | |||||||
Government insured pool buyouts | 3,395 | 3,197 | 2,075 | 6 | �% | 64 | �% | ||||||||||
Total residential mortgages | 9,402 | 8,402 | 6,699 | 12 | �% | 40 | �% | ||||||||||
Home equity lines | 140 | 139 | 157 | 1 | �% | (11 | )% | ||||||||||
Other consumer and credit card | 6 | 5 | 6 | 8 | �% | (2 | )% | ||||||||||
Total Consumer Banking | 9,548 | 8,547 | 6,862 | 12 | �% | 39 | �% | ||||||||||
Commercial Banking: | |||||||||||||||||
Commercial real estate & other commercial | 3,329 | 3,234 | 3,279 | 3 | �% | 2 | �% | ||||||||||
Mortgage warehouse finance | 1,186 | 1,311 | 851 | (10 | )% | 39 | �% | ||||||||||
Lender finance | 678 | 625 | 478 | 8 | �% | 42 | �% | ||||||||||
Commercial and commercial real estate | 5,193 | 5,170 | 4,608 | �% | 13 | �% | |||||||||||
Equipment financing receivables | 1,839 | 1,578 | 1,093 | 17 | �% | 68 | �% | ||||||||||
Total Commercial Banking | 7,032 | 6,748 | 5,701 | 4 | �% | 23 | �% | ||||||||||
Total Loans HFI | $ | 16,580 | $ | 15,295 | $ | 12,563 | 8 | �% | 32 | �% | |||||||
Total consumer banking loans HFI increased $1.0 billion, or 12%, compared to the prior quarter and $2.7 billion, or 39%, year over year, to $9.5 billion driven by strong residential mortgage loan growth. Residential loans increased $802 million, or 15%, in the quarter driven by retention of adjustable rate preferred jumbo loans.
Total commercial banking loans and leases HFI increased $284 million, or 4%, compared to the prior quarter and $1.3 billion, or 23%, year over year to $7.0 billion. Commercial real estate and other commercial loans increased $95 million, or 3%, to $3.3 billion, equipment financing receivables increased $262 million, or 17%, to $1.8 billion and lender finance increased $53 million, or 8%, to $678 million. Mortgage warehouse finance outstanding balances decreased $125 million, or 10%, compared to the prior quarter, to $1.2 billion.
Loan Origination Activities
Total originations were $3.1 billion and retained originations were $1.7 billion for the third quarter of 2014, increases of 5% and 4%, respectively, compared to the prior quarter driven by both commercial and consumer lending. Year to date, total retained originations were $4.3 billion.
Commercial originations were $754 million for the third quarter, an increase of 10% compared to the prior quarter and 115% year over year, driven by strong commercial and commercial real estate origination growth. Consumer originations were $2.3 billion for the third quarter of 2014, an increase of 3% compared to the prior quarter and a decrease of 15% year over year. Prime jumbo origination volume was $1.2 billion in the third quarter, an increase of 7% compared to the prior quarter and an increase of 55% year over year. The mix of purchase transactions for the third quarter was 59% of total originations and 72% of retail channel originations.
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The following table presents total organic loan and lease origination information by product type:
($ in millions) | Sep 30, 2014 | Jun 30, 2014 | Sep 30, 2013 | % Change (Q/Q) | % Change (Y/Y) | ||||||||||||
Consumer originations | |||||||||||||||||
Conventional loans | $ | 1,115 | $ | 1,125 | $ | 1,933 | (1 | )% | (42 | )% | |||||||
Prime jumbo loans | 1,187 | 1,108 | 767 | 7 | �% | 55 | �% | ||||||||||
2,302 | 2,233 | 2,700 | 3 | �% | (15 | )% | |||||||||||
Commercial originations | |||||||||||||||||
Commercial & commercial real estate | 361 | 285 | 174 | 27 | �% | 107 | �% | ||||||||||
Equipment financing receivables | 393 | 399 | 177 | (1 | )% | 122 | �% | ||||||||||
754 | 684 | 351 | 10 | �% | 115 | �% | |||||||||||
Total organic originations | $ | 3,056 | $ | 2,917 | $ | 3,051 | 5 | �% | �% | ||||||||
Deposits
Total deposits were $14.5 billion at September�30, 2014, an increase of 4% compared to the prior quarter and an increase of 6% year over year. Commercial deposits were $2.4 billion, an increase of 31% compared to the prior quarter and 35% year over year, and represented 16% of total deposits at quarter end.
At September�30, 2014, as compared to the second quarter of 2014 and third quarter of 2013, our deposits were comprised of the following:
($ in millions) | Sep 30, 2014 | Jun 30, 2014 | Sep 30, 2013 | % Change (Q/Q) | % Change (Y/Y) | ||||||||||||
Noninterest-bearing demand | $ | 1,084 | $ | 1,056 | $ | 1,366 | 3 | �% | (21 | )% | |||||||
Interest-bearing demand | 2,941 | 2,802 | 2,999 | 5 | �% | (2 | )% | ||||||||||
Savings and money market accounts | 5,160 | 4,864 | 5,186 | 6 | �% | (1 | )% | ||||||||||
Global market-based accounts | 910 | 989 | 1,041 | (8 | )% | (13 | )% | ||||||||||
Time, excluding market-based | 4,379 | 4,164 | 3,036 | 5 | �% | 44 | �% | ||||||||||
Total deposits | $ | 14,474 | $ | 13,875 | $ | 13,628 | 4 | �% | 6 | �% | |||||||
Consumer deposits | $ | 12,088 | $ | 12,050 | $ | 11,864 | �% | 2 | �% | ||||||||
Commercial deposits | 2,386 | 1,824 | 1,764 | 31 | �% | 35 | �% | ||||||||||
Total deposits | $ | 14,474 | $ | 13,875 | $ | 13,628 | 4 | �% | 6 | �% | |||||||
Total other borrowings were $4.0 billion at September�30, 2014, compared to $3.8 billion in the prior quarter driven by increased Federal Home Loan Bank borrowings.
Capital Strength
Total shareholders' equity was $1.7 billion at September�30, 2014, an increase of 2% quarter over quarter and 7% year over year. The banks Tier 1 leverage ratio was 8.5% and the total risk-based capital ratio was 14.0% at September�30, 2014. As a result, the bank is considered "well-capitalized" under all applicable regulatory guidelines. Our common equity Tier 1 capital ratio at September 30, 2014 was 12.0% and our estimate of the fully phased-in Basel III common equity Tier 1 capital ratio was between 10.25% and 10.75%.
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Credit Quality
Our adjusted non-performing assets were 0.50% of total assets at September�30, 2014, compared to 0.51% for the prior quarter and 1.01% at September�30, 2013. Net charge-offs during the third quarter of 2014 were $4 million, a decrease of $3 million, or 48%, compared to the prior quarter. On an annualized basis, net charge-offs were 0.09% of total average loans and leases held for investment, compared to 0.19% for the prior quarter and 0.30% for the third quarter of 2013.
Income Statement Highlights
Revenue
Revenue for the third quarter of 2014 was $235 million, an increase of $5 million, or 2%, from $229 million in the second quarter of 2014. The increase was driven by higher net interest income resulting from increased interest-earning assets.
Net Interest Income
For the third quarter of 2014, net interest income was $146 million, an increase of $6 million, or 4%, compared to the prior quarter. This increase resulted from a $1.7 billion, or 10%, increase in average interest-earning assets compared to the prior quarter, driven by higher residential mortgage loans HFI and loans HFS in addition to higher commercial loans and leases HFI, partially offset by higher average interest-bearing liabilities.
Net interest margin decreased to 3.02% for the third quarter of 2014 from 3.22% in the second quarter of 2014. The interest-earning asset yield declined 0.17% to 3.95%, driven by declines in both loans HFS and HFI yields. Partially offsetting this decline was a reduction in cost of total interest-bearing liabilities driven by lower cost of borrowings.
Noninterest Income
Noninterest income for the third quarter of 2014 was $88 million, a decrease of $1 million, or 1%, compared to the prior quarter. Gain on sale of loans was $48 million, flat compared to the prior quarter, driven by our loans held for sale activity including loan sales with an unpaid principal balance (UPB) of $2.2 billion. Net loan servicing income declined $2 million compared to the prior quarter driven by a $5 million decrease in loan servicing fee income resulting from the transfer of our default servicing UPB to Green Tree Servicing LLC in May 2014, partially offset by a $3 million valuation allowance recovery in the quarter.
Noninterest Expense
Noninterest expense for the third quarter of 2014 was $158 million, a decrease of $10 million, or 6%, compared to the prior quarter. Salaries, commissions and employee benefits were $91 million, a decrease of $4 million, or 5%, compared to the prior quarter driven by a full quarter benefit from the transfer of our default servicing platform in May 2014. General and administrative expense was $43 million, a decrease of $4 million, or 8%, compared to the prior quarter driven by a $2 million decrease in credit-related expenses and a $2 million decrease in other general and administrative expenses.
EverBank's efficiency ratio was 67%, compared to 73% in the prior quarter and 80% in the third quarter 2013.
Year to date, noninterest expense was $486 million, a 25% decrease from September 30, 2013. We continue to expect noninterest expense for the full year 2014 of $650 million.
Income Tax Expense
Our effective tax rate for the third quarter of 2014 was 38%, which was the same for the prior quarter and for the third quarter of 2013.
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Segment Analysis for the Third Quarter of 2014 ����
" | Consumer Banking pre-tax income was $49 million, a 14% increase compared to $43 million in the prior quarter driven by a 1% increase in net interest income after provision and an 8% decrease in noninterest expense, offset by a 6% decrease in noninterest income. |
" | Commercial Banking pre-tax income was $47 million, a 20% increase compared to $39 million in the prior quarter, driven by an 8% increase in net interest income after provision and a 38% increase in noninterest income, offset by a 1% increase in noninterest expense. |
" | Corporate Services had a pre-tax loss of $26 million, a 1% decrease compared to $26 million in the prior quarter driven by a 2% decline in noninterest expense. |
Dividends
On October 23, 2014, the Company's Board of Directors declared a quarterly cash dividend of $0.04 per common share, payable on November 24, 2014, to stockholders of record as of November 12, 2014. Also on October 23, 2014, the Company's Board of Directors declared a quarterly cash dividend of $421.875, payable on January 5, 2015, for each share of 6.75% Series A Non-Cumulative Perpetual Preferred Stock held as of December 19, 2014.
Conference Call and Webcast
The Company will host a conference call at 8:30 a.m. Eastern Time on Wednesday, October 29, 2014 to discuss its third quarter 2014 results. The dial-in number for the conference call is 1-866-270-1533 and the international dial-in number is 1-412-317-0797, passcode is 10054361. A live webcast of the conference call will also be available on the investor relations page of the Company's website at www.abouteverbank.com/ir.
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 $20.5 billion in assets and $14.5 billion in deposits as of September�30, 2014. 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.����
Media | Investor Relations | |
Michael Cosgrove | Scott Verlander | |
904.623.2029 | 904.623.8455 | |
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Forward Looking Statements
This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. 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 Companys asset growth and earnings, industry, managements beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Companys control. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: deterioration of general business and economic conditions, including the real estate and financial markets, in the United States and in the geographic regions and communities we serve; risks related to liquidity; our capital and liquidity requirements (including under regulatory capital standards, such as Basel III capital standards) and our ability to generate or raise capital; changes in interest rates that affect the pricing of our financial products, the demand for our financial services and the valuation of our financial assets and liabilities, mortgage servicing rights and mortgages held for sale; risk of higher loan and lease charge-offs; legislative or regulatory actions affecting or concerning mortgage loan modification and refinancing and foreclosure; our ability to comply with any supervisory actions to which we are or become subject as a result of examination by our regulators; concentration of our commercial real estate loan portfolio; higher than normal delinquency and default rates; limited ability to rely on brokered deposits as a part of our funding strategy; our ability to comply with the amended consent order and the terms and conditions of our settlement of the Independent Foreclosure Review; concentration of mass-affluent clients and jumbo mortgages; hedging strategies; the effectiveness of our derivatives to manage interest rate risk; delinquencies on our equipment leases and reductions in the resale value of leased equipment; increases in loan repurchase requests and our reserves for loan repurchases; changes in currency exchange rates or other political or economic changes in certain foreign countries; loss of key personnel; fraudulent and negligent acts by loan applicants, mortgage brokers, other vendors and our employees; changes in and compliance with laws and regulations that govern our operations; failure to establish and maintain effective internal controls and procedures; effects of changes in existing U.S.�government or government-sponsored mortgage programs; changes in laws and regulations that may restrict our ability to originate or increase our risk of liability with respect to certain mortgage loans; risks related to the approval and consummation of anticipated acquisitions and dispositions; risks related to the continuing integration of acquired businesses and any future acquisitions; environmental liabilities with respect to properties that we take title to upon foreclosure;�and the inability of our banking subsidiary to pay dividends.
For additional factors that could materially affect our financial results, please refer to EverBank Financial Corps filings with the Securities and Exchange Commission, including but not limited to, the risks described under the headings Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations. The Company undertakes no obligation to revise these statements following the date of this news release, except as required by law.
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EverBank Financial Corp and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)
(Dollars in thousands, except per share data)
September�30, 2014 | December�31, 2013 | |||||||
Assets | � | � | ||||||
Cash and due from banks | $ | 57,835 | $ | 46,175 | ||||
Interest-bearing deposits in banks | 306,265 | 801,603 | ||||||
Total cash and cash equivalents | 364,100 | 847,778 | ||||||
Investment securities: | ||||||||
Available for sale, at fair value | 987,345 | 1,115,627 | ||||||
Held to maturity (fair value of $115,529 and $107,921 as of September 30, 2014 and December�31, 2013, respectively) | 113,751 | 107,312 | ||||||
Other investments | 194,314 | 128,063 | ||||||
Total investment securities | 1,295,410 | 1,351,002 | ||||||
Loans held for sale (includes $768,909 and $672,371 carried at fair value as of September 30, 2014 and December�31, 2013, respectively) | 871,736 | 791,382 | ||||||
Loans and leases held for investment: | ||||||||
Loans and leases held for investment, net of unearned income | 16,579,951 | 13,252,724 | ||||||
Allowance for loan and lease losses | (57,245 | ) | (63,690 | ) | ||||
Total loans and leases held for investment, net | 16,522,706 | 13,189,034 | ||||||
Equipment under operating leases, net | 15,542 | 28,126 | ||||||
Mortgage servicing rights (MSR), net | 441,243 | 506,680 | ||||||
Deferred income taxes, net | 3,162 | 51,375 | ||||||
Premises and equipment, net | 55,500 | 60,733 | ||||||
Other assets | 940,943 | 814,874 | ||||||
Total Assets | $ | 20,510,342 | $ | 17,640,984 | ||||
Liabilities | � | � | ||||||
Deposits: | � | � | ||||||
Noninterest-bearing | $ | 1,084,400 | $ | 1,076,631 | ||||
Interest-bearing | 13,389,105 | 12,184,709 | ||||||
Total deposits | 14,473,505 | 13,261,340 | ||||||
Other borrowings | 3,977,000 | 2,377,000 | ||||||
Trust preferred securities | 103,750 | 103,750 | ||||||
Accounts payable and accrued liabilities | 235,064 | 277,881 | ||||||
Total Liabilities | 18,789,319 | 16,019,971 | ||||||
Commitments and Contingencies | ||||||||
Shareholders Equity | ||||||||
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; 6,000 issued and outstanding at September 30, 2014 and December 31, 2013) | 150,000 | 150,000 | ||||||
Common Stock, $0.01 par value (500,000,000 shares authorized; 122,994,480 and 122,626,315 issued and outstanding at September 30, 2014 and December�31, 2013, respectively) | 1,230 | 1,226 | ||||||
Additional paid-in capital | 840,667 | 832,351 | ||||||
Retained earnings | 780,234 | 690,051 | ||||||
Accumulated other comprehensive income (loss) (AOCI) | (51,108 | ) | (52,615 | ) | ||||
Total Shareholders Equity | 1,721,023 | 1,621,013 | ||||||
Total Liabilities and Shareholders Equity | $ | 20,510,342 | $ | 17,640,984 | ||||
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EverBank Financial Corp and Subsidiaries
Condensed Consolidated Statements of Income (unaudited)
(Dollars in thousands, except per share data)
� | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
� | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Interest Income | � | � | � | � | ||||||||||||
Interest and fees on loans and leases | $ | 180,913 | $ | 170,110 | $ | 509,708 | $ | 516,619 | ||||||||
Interest and dividends on investment securities | 9,627 | 13,376 | 29,276 | 44,439 | ||||||||||||
Other interest income | 116 | 493 | 388 | 1,108 | ||||||||||||
Total Interest Income | 190,656 | 183,979 | 539,372 | 562,166 | ||||||||||||
Interest Expense | ||||||||||||||||
Deposits | 26,755 | 24,437 | 72,804 | 77,827 | ||||||||||||
Other borrowings | 17,565 | 20,686 | 49,197 | 60,450 | ||||||||||||
Total Interest Expense | 44,320 | 45,123 | 122,001 | 138,277 | ||||||||||||
Net Interest Income | 146,336 | 138,856 | 417,371 | 423,889 | ||||||||||||
Provision for Loan and Lease Losses | 6,735 | 3,068 | 15,929 | 5,016 | ||||||||||||
Net Interest Income after Provision for Loan and Lease Losses | 139,601 | 135,788 | 401,442 | 418,873 | ||||||||||||
Noninterest Income | ||||||||||||||||
Loan servicing fee income | 35,900 | 50,713 | 122,934 | 140,068 | ||||||||||||
Amortization of mortgage servicing rights | (19,572 | ) | (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 | 55,407 | 71,776 | 118,866 | ||||||||||||
Gain on sale of loans | 47,920 | 51,397 | 129,474 | 209,545 | ||||||||||||
Loan production revenue | 5,783 | 10,514 | 15,709 | 30,066 | ||||||||||||
Deposit fee income | 3,828 | 4,952 | 11,696 | 15,167 | ||||||||||||
Other lease income | 3,910 | 6,506 | 12,621 | 19,388 | ||||||||||||
Other | 7,374 | 14,793 | 20,790 | 30,650 | ||||||||||||
Total Noninterest Income | 88,214 | 143,569 | 262,066 | 423,682 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Salaries, commissions and other employee benefits expense | 90,781 | 111,144 | 283,734 | 340,080 | ||||||||||||
Equipment expense | 16,623 | 20,609 | 52,616 | 61,168 | ||||||||||||
Occupancy expense | 7,209 | 8,675 | 23,166 | 23,606 | ||||||||||||
General and administrative expense | 43,140 | 85,268 | 126,769 | 226,198 | ||||||||||||
Total Noninterest Expense | 157,753 | 225,696 | 486,285 | 651,052 | ||||||||||||
Income before Provision for Income Taxes | 70,062 | 53,661 | 177,223 | 191,503 | ||||||||||||
Provision for Income Taxes | 26,543 | 20,511 | 67,162 | 73,214 | ||||||||||||
Net Income | $ | 43,519 | $ | 33,150 | $ | 110,061 | $ | 118,289 | ||||||||
Less: Net Income Allocated to Preferred Stock | (2,532 | ) | (2,532 | ) | (7,594 | ) | (7,594 | ) | ||||||||
Net Income Allocated to Common Shareholders | $ | 40,987 | $ | 30,618 | $ | 102,467 | $ | 110,695 | ||||||||
Basic Earnings Per Common Share | $ | 0.33 | $ | 0.25 | $ | 0.83 | $ | 0.91 | ||||||||
Diluted Earnings Per Common Share | $ | 0.33 | $ | 0.25 | $ | 0.82 | $ | 0.89 | ||||||||
Dividends Declared Per Common Share | $ | 0.04 | $ | 0.03 | $ | 0.10 | $ | 0.07 | ||||||||
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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 Non-Performing Asset Ratio, Tangible Shareholders Equity, Tangible Common Shareholders' Equity and Tangible Assets are non-GAAP financial measures. The Companys management uses these measures to evaluate the underlying performance and efficiency of its operations. The Companys management believes these non-GAAP measures provide meaningful additional information about the operating performance of the Companys 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 Companys management believes that certain of these non-GAAP measures represent a consistent benchmark against which to evaluate the Companys 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 Companys 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.
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 | |||||||||||||||||||||
Tangible Equity, Tangible Common Equity and Tangible Assets | |||||||||||||||||||||
(dollars in thousands) | September�30, 2014 | June�30, 2014 | March�31, 2014 | December�31, 2013 | September�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 | |||||||||||
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EverBank Financial Corp and Subsidiaries | |||||||||||||||||||||
Regulatory Capital (bank level) | � | � | � | � | � | ||||||||||||||||
(dollars in thousands) | September�30, 2014 | June�30, 2014 | March�31, 2014 | December�31, 2013 | September�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) | � | � | � | � | � | ||||||||||||||||
(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 | |||||||||||||||
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EverBank Financial Corp and Subsidiaries | ||||||||||||||||||||
Non-Performing Assets(1) | � | � | � | � | � | |||||||||||||||
(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. |
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 | % | ||||||||||
