EX-99.2 3 ex992quarterlyfinancialtab.htm EXHIBIT 99.2 Exhibit


Exhibit 99.2


EverBank Financial Corp and Subsidiaries
Quarterly Financial Tables
March 31, 2017






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 9a
Allowance for Loan and Lease Losses Activity
 
 
 
 
Table 9b
Allowance for Loan and Lease Losses Ratio
 
 
 
 
Table 10
Reconciliation of Non-GAAP Measures
 
 
 
 
 
 
Table 10a
Adjusted Net Income
 
 
Table 10b
Adjusted Efficiency Ratio
 
 
Table 10c
Regulatory Capital (bank level)
 
 
Table 10d
Regulatory Capital (EFC consolidated)
 
 
Table 10e
Tangible Equity, Tangible Common Equity, Tangible Common Equity Per Common Share and Tangible Assets
 
 
 
 
 
Table 11
Residential Mortgage Lending




EverBank Financial Corp and Subsidiaries
 
 
 
 
 
Financial Highlights
 
 
 
 
Table 1

 
As of and for the
Three Months Ended
(dollars in thousands, except per share amounts)
Mar 31,
2017
 
Dec 31,
2016
 
Mar 31,
2016
Operating Results:
 
 
 
 
 
Total revenue(1)
$
229,602

 
$
264,304

 
$
203,534

Net interest income
179,345

 
189,494

 
173,781

Provision for loan and lease losses
15,680

 
21,967

 
8,919

Noninterest income
50,257

 
74,810

 
29,753

Noninterest expense
153,126

 
151,912

 
149,430

Net income allocated to common shareholders
36,006

 
55,790

 
25,393

Net earnings per common share, diluted
0.28

 
0.43

 
0.20

Performance Metrics:
 
 
 
 
 
Adjusted net earnings per common share, diluted(2)
$
0.20

 
$
0.34

 
$
0.32

Yield on interest-earning assets
3.89
%
 
3.82
%
 
3.85
%
Cost of interest-bearing liabilities
1.29
%
 
1.16
%
 
1.14
%
Net interest margin
2.79
%
 
2.80
%
 
2.82
%
Return on average assets
0.56
%
 
0.83
%
 
0.43
%
Return on average risk-weighted assets(3)
0.88
%
 
1.29
%
 
0.66
%
Return on average equity(4)
7.6
%
 
12.3
%
 
6.0
%
Adjusted return on average equity(5)
5.5
%
 
9.8
%
 
9.3
%
Efficiency ratio(6) 
67
%
 
57
%
 
73
%
Adjusted efficiency ratio(7)
72
%
 
62
%
 
66
%
Loans and leases held for investment as a percentage of deposits
121
%
 
120
%
 
120
%
Loans and leases held for investment excluding government insured pool buyouts as a percentage of deposits
93
%
 
93
%
 
97
%
Credit Quality Ratios:
 
 
 
 
 
Adjusted non-performing assets as a percentage of total assets(8)
0.60
%
 
0.70
%
 
0.53
%
Net charge-offs to average loans and leases held for investment
0.41
%
 
0.15
%
 
0.07
%
ALLL as a percentage of loans and leases held for investment
0.41
%
 
0.44
%
 
0.37
%
Government insured pool buyouts as a percentage of loans and leases held for investment
24
%
 
22
%
 
19
%
Capital:
 
 
 
 
 
Common equity tier 1 ratio (EFC consolidated; see Table 10d)
11.0
%
 
10.5
%
 
9.9
%
Tier 1 leverage ratio (bank level; see Table 10c)
8.4
%
 
8.0
%
 
8.2
%
Total risk-based capital ratio (bank level; see Table 10c)
13.9
%
 
13.4
%
 
12.9
%
Tangible common equity per common share(9)
$
14.56

 
$
14.31

 
$
13.23

Consumer Banking Metrics:
 
 
 
 
 
Unpaid principal balance of loans originated
$
1,618,026

 
$
2,062,665

 
$
1,797,131

Jumbo residential mortgage loans originated
695,621

 
765,775

 
724,536

Unpaid principal balance of loans serviced for the Company and others
39,918,634

 
39,945,266

 
41,013,022

Consumer Banking loans as a percentage of loans and leases held for investment
57
%
 
55
%
 
55
%
Consumer deposits
$
14,756,051

 
$
15,032,056

 
$
14,685,281

Commercial Banking Metrics:
 
 
 
 
 
Loan and lease originations:
 
 
 
 
 
Commercial and commercial real estate
$
218,852

 
$
351,434

 
$
364,978

Equipment financing receivables
256,476

 
332,148

 
299,751

Commercial Banking loan and lease sales
11,586

 
208,252

 
277,738

Commercial Banking loans as a percentage of loans and leases held for investment
43
%
 
45
%
 
45
%
Commercial deposits
$
4,535,630

 
$
4,606,172

 
$
4,311,196

Market Price Per Share of Common Stock:
 
 
 
 
 
Closing
$
19.48

 
$
19.45

 
$
15.63

High
19.48

 
19.45

 
15.96

Low
19.39

 
19.25

 
12.58


See Notes to Financial Highlights

2



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)
Adjusted net earnings per common share, diluted is calculated using a numerator based on adjusted net income. Adjusted net earnings per common share, diluted is a non-GAAP financial measure and its most directly comparable GAAP measure is net earnings per common share, diluted. Adjusted net income includes adjustments to our net income for certain significant items that we believe are not reflective of our ongoing business or operating performance. For a reconciliation of adjusted net income to net income, which is the most directly comparable GAAP measure, see Table 10a.
(3)
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.
(4)
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).
(5)
Adjusted return on average equity is calculated as adjusted net income less dividends declared on the Series A 6.75% Non-Cumulative Perpetual Preferred Stock divided by average common shareholders' equity. Adjusted net income is a non-GAAP measure of our financial performance and its most directly comparable GAAP measure is net income. For a reconciliation of adjusted net income to net income, see Table 10a.
(6)
The efficiency ratio represents noninterest expense as a percentage of total revenue. We use the efficiency ratio to measure noninterest costs expended to generate a dollar of revenue.
(7)
The adjusted efficiency ratio represents adjusted noninterest expense as a percentage of adjusted total revenue based on adjusted net income. The adjusted efficiency ratio is a non-GAAP measure of our financial performance and its most directly comparable GAAP measure is the efficiency ratio. For a reconciliation of adjusted net income to net income, see Table 10a. For detailed information regarding the adjusted efficiency ratio, see Table 10b. We use the adjusted efficiency ratio to measure adjusted noninterest costs expended to generate a dollar of adjusted revenue.
(8)
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.
(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 10e). 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.




3



EverBank Financial Corp and Subsidiaries
 
 
 
 
 
Consolidated Statements of Income
 
 
 
 
Table 2

 
Three Months Ended
(dollars in thousands, except per share data)
Mar 31,
2017
 
Dec 31,
2016
 
Mar 31,
2016
Interest Income
 
 
 
 
 
Interest and fees on loans and leases
$
245,381

 
$
250,138

 
$
231,059

Interest and dividends on investment securities
6,673

 
7,597

 
7,404

Other interest income
1,296

 
664

 
396

Total interest income
253,350

 
258,399

 
238,859

Interest Expense
 
 
 
 
 
Deposits
43,086

 
41,273

 
39,090

Other borrowings
30,919

 
27,632

 
25,988

Total interest expense
74,005

 
68,905

 
65,078

Net Interest Income
179,345

 
189,494

 
173,781

Provision for loan and lease losses
15,680

 
21,967

 
8,919

Net Interest Income after Provision for Loan and Lease Losses
163,665

 
167,527

 
164,862

Noninterest Income
 
 
 
 
 
Loan servicing fee income
22,908

 
22,633

 
23,441

Amortization of mortgage servicing rights
(15,505
)
 
(18,129
)
 
(14,731
)
Recovery (impairment) of mortgage servicing rights
22,644

 
21,192

 
(22,542
)
Net loan servicing income (loss)
30,047

 
25,696

 
(13,832
)
Gain on sale of loans
447

 
28,184

 
28,751

Loan production revenue
5,315

 
6,495

 
5,260

Deposit fee income
2,000

 
1,649

 
3,102

Other lease income
4,042

 
4,284

 
4,367

Other
8,406

 
8,502

 
2,105

Total noninterest income
50,257

 
74,810

 
29,753

Noninterest Expense
 
 
 
 
 
Salaries, commissions and other employee benefits expense
91,633

 
88,736

 
91,640

Equipment expense
16,314

 
15,514

 
15,917

Occupancy expense
6,608

 
5,867

 
6,264

General and administrative expense
38,571

 
41,795

 
35,609

Total noninterest expense
153,126

 
151,912

 
149,430

Income before Provision for Income Taxes
60,796

 
90,425

 
45,185

Provision for Income Taxes
22,259

 
32,104

 
17,261

Net Income
$
38,537

 
$
58,321

 
$
27,924

Net Income Allocated to Preferred Stock
(2,531
)
 
(2,531
)
 
(2,531
)
Net Income Allocated to Common Shareholders
$
36,006

 
$
55,790

 
$
25,393

Net Earnings per Common Share, Basic
$
0.28

 
$
0.44

 
$
0.20

Net Earnings per Common Share, Diluted
$
0.28

 
$
0.43

 
$
0.20

Dividends Declared per Common Share
$
0.06

 
$
0.06

 
$
0.06

Dividend payout ratio(1)
21.43
%
 
13.64
%
 
30.00
%
Weighted Average Common Shares Outstanding
 
 
 
 
 
(units in thousands)
 
 
 
 
 
Basic
127,483

 
126,175

 
125,125

Diluted
129,855

 
128,912

 
126,045


(1)
Dividend payout ratio is calculated as dividends declared per common share divided by basic earnings per common share.


4



EverBank Financial Corp and Subsidiaries
Consolidated Balance Sheets
 
 
 
 
 
 
 
 
Table 3

(dollars in thousands)
Mar 31,
2017
 
Dec 31,
2016
 
Sep 30,
2016
 
Jun 30,
2016
 
Mar 31,
2016
Assets
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
48,160

 
$
36,654

 
$
54,380

 
$
62,512

 
$
90,478

Interest-bearing deposits in banks
831,496

 
754,784

 
534,284

 
559,434

 
510,167

Total cash and cash equivalents
879,656

 
791,438

 
588,664

 
621,946

 
600,645

Investment securities:
 
 
 
 
 
 
 
 
 
Available for sale, at fair value
447,593

 
485,836

 
486,902

 
461,141

 
504,769

Held to maturity
92,472

 
89,457

 
100,928

 
104,205

 
101,305

Other investments
263,644

 
253,018

 
294,710

 
271,606

 
234,406

Total investment securities
803,709

 
828,311

 
882,540

 
836,952

 
840,480

Loans held for sale
1,440,114

 
1,443,263

 
2,112,855

 
1,485,747

 
1,137,702

Loans and leases held for investment:
 
 
 
 
 
 
 
 
 
Loans and leases held for investment, net of unearned income
23,400,992

 
23,556,977

 
23,932,724

 
23,218,614

 
22,756,113

Allowance for loan and lease losses
(95,158
)
 
(103,304
)
 
(90,170
)
 
(84,250
)
 
(83,485
)
Total loans and leases held for investment, net
23,305,834

 
23,453,673

 
23,842,554

 
23,134,364

 
22,672,628

Mortgage servicing rights (MSR), net
293,726

 
273,941

 
249,106

 
274,356

 
312,671

Premises and equipment, net
40,989

 
43,594

 
46,525

 
48,486

 
50,901

Other assets
1,012,551

 
1,003,866

 
980,801

 
952,459

 
1,026,372

Total Assets
$
27,776,579

 
$
27,838,086

 
$
28,703,045

 
$
27,354,310

 
$
26,641,399

Liabilities
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
Noninterest-bearing
$
1,662,173

 
$
1,750,529

 
$
2,071,154

 
$
1,510,198

 
$
1,499,063

Interest-bearing
17,629,508

 
17,887,699

 
17,572,194

 
17,301,564

 
17,497,414

Total deposits
19,291,681

 
19,638,228

 
19,643,348

 
18,811,762

 
18,996,477

Other borrowings
5,756,000

 
5,506,000

 
6,487,000

 
6,022,000

 
5,147,000

Trust preferred securities and subordinated notes payable
360,378

 
360,278

 
360,179

 
360,079

 
365,167

Accounts payable and accrued liabilities
309,157

 
317,248

 
316,962

 
303,110

 
276,852

Total Liabilities
25,717,216

 
25,821,754

 
26,807,489

 
25,496,951

 
24,785,496

Shareholders’ Equity
 
 
 
 
 
 
 
 
 
Series A 6.75% Non-Cumulative Perpetual Preferred Stock
150,000

 
150,000

 
150,000

 
150,000

 
150,000

Common Stock
1,279

 
1,270

 
1,254

 
1,253

 
1,252

Additional paid-in capital
914,894

 
905,573

 
882,386

 
879,169

 
877,275

Retained earnings
1,039,357

 
1,011,011

 
962,749

 
935,670

 
924,165

Accumulated other comprehensive loss
(46,167
)
 
(51,522
)
 
(100,833
)
 
(108,733
)
 
(96,789
)
Total Shareholders’ Equity
2,059,363

 
2,016,332

 
1,895,556

 
1,857,359

 
1,855,903

Total Liabilities and Shareholders’ Equity
$
27,776,579

 
$
27,838,086

 
$
28,703,045

 
$
27,354,310

 
$
26,641,399


5



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 March 31, 2017
 
 
 
 
 
 
 
 
 
Net interest income
$
108,556

 
$
75,756

 
$
(4,967
)
 
$

 
$
179,345

Provision for loan and lease losses
120

 
15,560

 

 

 
15,680

Net interest income after provision for loan and lease losses
108,436

 
60,196

 
(4,967
)
 

 
163,665

Noninterest income
41,868

 
8,246

 
143

 

 
50,257

Noninterest expense
87,154

 
33,018

 
32,954

 

 
153,126

Income (loss) before income tax
63,150

 
35,424

 
(37,778
)
 

 
60,796

Adjustment items (pre-tax):
 
 
 
 
 
 
 
 
 
Transaction expense and non-recurring regulatory related expense
2,575

 

 
2,199

 

 
4,774

Increase (decrease) in Bank of Florida non-accretable discount

 
(24
)
 

 

 
(24
)
MSR impairment (recovery)
(22,644
)
 

 

 

 
(22,644
)
Restructuring cost

 

 
227

 

 
227

Adjusted income (loss) before income tax
$
43,081

 
$
35,400

 
$
(35,352
)
 
$

 
$
43,129

Total assets as of March 31, 2017
$
17,696,696

 
$
10,299,803

 
$
283,505

 
$
(503,425
)
 
$
27,776,579

Total deposits as of March 31, 2017
14,756,051

 
4,535,630

 

 

 
19,291,681

 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31, 2016
 
 
 
 
 
 
 
 
 
Net interest income
$
109,841

 
$
84,816

 
$
(5,163
)
 
$

 
$
189,494

Provision for loan and lease losses
6,335

 
15,632

 

 

 
21,967

Net interest income after provision for loan and lease losses
103,506

 
69,184

 
(5,163
)
 

 
167,527

Noninterest income
62,945

 
11,138

 
727

 

 
74,810

Noninterest expense
90,849

 
31,539

 
29,524

 

 
151,912

Income (loss) before income tax
75,602

 
48,783

 
(33,960
)
 

 
90,425

Adjustment items (pre-tax):
 
 
 
 
 
 
 
 
 
Transaction expense and non-recurring regulatory related expense
33

 

 
2,459

 

 
2,492

Increase (decrease) in Bank of Florida non-accretable discount

 
35

 

 

 
35

MSR impairment (recovery)
(21,192
)
 

 

 

 
(21,192
)
Restructuring cost
(153
)
 

 

 

 
(153
)
Adjusted income (loss) before income tax
$
54,289

 
$
48,819

 
$
(31,501
)
 
$

 
$
71,607

Total assets as of December 31, 2016
$
17,360,662

 
$
10,672,692

 
$
284,351

 
$
(479,619
)
 
$
27,838,086

Total deposits as of December 31, 2016
15,032,056

 
4,606,172

 

 

 
19,638,228

 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2016
 
 
 
 
 
 
 
 
 
Net interest income
$
97,520

 
$
80,568

 
$
(4,307
)
 
$

 
$
173,781

Provision for loan and lease losses
3,334

 
5,585

 

 

 
8,919

Net interest income after provision for loan and lease losses
94,186

 
74,983

 
(4,307
)
 

 
164,862

Noninterest income
15,579

 
14,035

 
139

 

 
29,753

Noninterest expense
88,073

 
32,986

 
28,371

 

 
149,430

Income (loss) before income tax
21,692

 
56,032

 
(32,539
)
 

 
45,185

Adjustment items (pre-tax):
 
 
 
 
 
 
 
 
 
Transaction expense and non-recurring regulatory related expense
(328
)
 

 
259

 

 
(69
)
Increase (decrease) in Bank of Florida non-accretable discount

 
(22
)
 

 

 
(22
)
MSR impairment (recovery)
22,542

 

 

 

 
22,542

Restructuring cost
118

 
379

 
209

 

 
706

Adjusted income (loss) before income tax
$
44,024

 
$
56,389

 
$
(32,071
)
 
$

 
$
68,342

Total assets as of March 31, 2016
$
16,294,379

 
$
10,486,284

 
$
298,701

 
$
(437,965
)
 
$
26,641,399

Total deposits as of March 31, 2016
14,685,281

 
4,311,196

 

 

 
18,996,477



6



EverBank Financial Corp and Subsidiaries
 
 
Average Balances and Interest Rates(1) (2) (3)
 
 
 
 
 
 
 
 
 
 
 
Table 5
 
 
Three Months Ended
March 31, 2017
 
Three Months Ended
December 31, 2016
 
Three Months Ended
March 31, 2016
(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
$
658,278

 
$
1,296

 
0.80
%
 
$
478,349

 
$
664

 
0.55
%
 
$
312,614

 
$
396

 
0.51
%
Investments
797,066

 
6,673

 
3.37
%
 
821,439

 
7,597

 
3.69
%
 
876,401

 
7,404

 
3.39
%
Loans held for sale
1,511,061

 
13,823

 
3.66
%
 
2,032,773

 
16,971

 
3.34
%
 
2,023,076

 
17,156

 
3.39
%
Loans and leases held for investment:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer Banking:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgages:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential
6,532,955

 
50,722

 
3.11
%
 
6,614,280

 
46,075

 
2.79
%
 
7,063,490

 
55,495

 
3.14
%
Government insured pool buyouts
5,560,690

 
69,355

 
4.99
%
 
5,293,008

 
67,631

 
5.11
%
 
4,429,707

 
53,479

 
4.83
%
Residential mortgages
12,093,645

 
120,077

 
3.97
%
 
11,907,288

 
113,706

 
3.82
%
 
11,493,197

 
108,974

 
3.79
%
Home equity lines and other
1,251,282

 
10,735

 
3.48
%
 
1,197,056

 
10,364

 
3.44
%
 
524,890

 
5,317

 
4.07
%
Commercial Banking:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and commercial real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial real estate and other commercial
3,795,691

 
42,787

 
4.51
%
 
3,872,777

 
47,131

 
4.81
%
 
4,033,661

 
48,103

 
4.75
%
Mortgage warehouse finance
1,809,621

 
13,904

 
3.07
%
 
2,555,703

 
18,593

 
2.85
%
 
1,846,294

 
12,999

 
2.79
%
Lender finance
1,592,743

 
15,208

 
3.82
%
 
1,568,450

 
15,392

 
3.84
%
 
1,287,134

 
11,214

 
3.45
%
Commercial and commercial real estate
7,198,055

 
71,899

 
4.00
%
 
7,996,930

 
81,116

 
3.99
%
 
7,167,089

 
72,316

 
4.01
%
Equipment financing receivables
2,546,616

 
28,847

 
4.53
%
 
2,505,809

 
27,981

 
4.47
%
 
2,377,047

 
27,296

 
4.59
%
Total loans and leases held for investment
23,089,598

 
231,558

 
4.01
%
 
23,607,083

 
233,167

 
3.93
%
 
21,562,223

 
213,903

 
3.96
%
Total interest-earning assets
26,056,003

 
$
253,350

 
3.89
%
 
26,939,644

 
$
258,399

 
3.82
%
 
24,774,314

 
$
238,859

 
3.85
%
Noninterest-earning assets
1,264,535

 
 
 
 
 
1,277,903

 
 
 
 
 
1,423,049

 
 
 
 
Total assets
$
27,320,538

 
 
 
 
 
$
28,217,547

 
 
 
 
 
$
26,197,363

 
 
 
 
Liabilities and Shareholders’ Equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing demand
$
4,002,510

 
$
7,202

 
0.73
%
 
$
3,762,726

 
$
6,398

 
0.68
%
 
$
3,641,030

 
$
6,197

 
0.68
%
Market-based money market accounts
345,271

 
519

 
0.61
%
 
345,330

 
530

 
0.61
%
 
341,235

 
518

 
0.61
%
Savings and money market accounts, excluding market-based
6,209,669

 
11,307

 
0.74
%
 
6,307,436

 
11,117

 
0.70
%
 
6,444,921

 
12,506

 
0.78
%
Market-based time
318,884

 
683

 
0.87
%
 
322,801

 
680

 
0.84
%
 
369,649

 
774

 
0.84
%
Time, excluding market-based
6,785,014

 
23,375

 
1.40
%
 
6,990,162

 
22,548

 
1.28
%
 
6,333,503

 
19,095

 
1.20
%
Total deposits
17,661,348

 
43,086

 
0.99
%
 
17,728,455

 
41,273

 
0.93
%
 
17,130,338

 
39,090

 
0.91
%
Borrowings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trust preferred securities and subordinated notes payable
360,312

 
5,126

 
5.69
%
 
360,213

 
5,296

 
5.88
%
 
293,781

 
4,462

 
6.08
%
Long-term FHLB advances
4,911,778

 
25,412

 
2.07
%
 
4,786,685

 
21,552

 
1.76
%
 
3,824,527

 
20,018

 
2.07
%
Short-term FHLB advances
240,833

 
381

 
0.63
%
 
727,717

 
784

 
0.42
%
 
1,429,945

 
1,508

 
0.42
%
Total borrowings
5,512,923

 
30,919

 
2.24
%
 
5,874,615

 
27,632

 
1.85
%
 
5,548,253

 
25,988

 
1.86
%
Total interest-bearing liabilities
23,174,271

 
74,005

 
1.29
%
 
23,603,070

 
68,905

 
1.16
%
 
22,678,591

 
65,078

 
1.14
%
Noninterest-bearing demand deposits
1,771,029

 
 
 
 
 
2,238,287

 
 
 
 
 
1,285,853

 
 
 
 
Other noninterest-bearing liabilities
341,859

 
 
 
 
 
417,869

 
 
 
 
 
376,071

 
 
 
 
Total liabilities
25,287,159

 
 
 
 
 
26,259,226

 
 
 
 
 
24,340,515

 
 
 
 
Total shareholders’ equity
2,033,379

 
 
 
 
 
1,958,321

 
 
 
 
 
1,856,848

 
 
 
 
Total liabilities and shareholders’ equity
$
27,320,538

 
 
 
 
 
$
28,217,547

 
 
 
 
 
$
26,197,363

 
 
 
 
Net interest income/spread
 
 
$
179,345

 
2.60
%
 
 
 
$
189,494

 
2.66
%
 
 
 
$
173,781

 
2.71
%
Net interest margin
 
 
 
 
2.79
%
 
 
 
 
 
2.80
%
 
 
 
 
 
2.82
%
Memo: Total deposits including noninterest-bearing
$
19,432,377

 
$
43,086

 
0.90
%
 
$
19,966,742

 
$
41,273

 
0.82
%
 
$
18,416,191

 
$
39,090

 
0.85
%

(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.



7



EverBank Financial Corp and Subsidiaries
 
 
 
 
 
 
 
 
 
 
Loans and Leases Held for Investment
 
 
 
 
 
 
 
 
Table 6a    

(dollars in thousands)
Mar 31,
2017
 
Dec 31,
2016
 
Sep 30,
2016
 
Jun 30,
2016
 
Mar 31,
2016
Consumer Banking:
 
 
 
 
 
 
 
 
 
Residential mortgages:
 
 
 
 
 
 
 
 
 
Residential
$
6,514,620

 
$
6,564,126

 
$
6,653,526

 
$
6,961,746

 
$
7,254,377

Government insured pool buyouts
5,501,861

 
5,249,552

 
5,139,215

 
4,403,338

 
4,396,059

Residential mortgages
12,016,481

 
11,813,678

 
11,792,741

 
11,365,084

 
11,650,436

Home equity lines and other
1,273,057

 
1,244,332

 
1,173,155

 
1,073,656

 
917,856

Total Consumer Banking
13,289,538

 
13,058,010

 
12,965,896

 
12,438,740

 
12,568,292

Commercial Banking:
 
 
 
 
 
 
 
 
 
Commercial and commercial real estate:
 
 
 
 
 
 
 
 
 
Commercial real estate and other commercial
3,787,206

 
3,756,509

 
3,882,297

 
3,831,432

 
3,883,821

Mortgage warehouse finance
2,121,810

 
2,592,799

 
3,076,511

 
3,035,329

 
2,603,163

Lender finance
1,640,250

 
1,589,554

 
1,495,585

 
1,450,638

 
1,300,254

Commercial and commercial real estate
7,549,266

 
7,938,862

 
8,454,393

 
8,317,399

 
7,787,238

Equipment financing receivables
2,562,188

 
2,560,105

 
2,512,435

 
2,462,475

 
2,400,583

Total Commercial Banking
10,111,454

 
10,498,967

 
10,966,828

 
10,779,874

 
10,187,821

Loans and leases held for investment, net of unearned income
23,400,992

 
23,556,977

 
23,932,724

 
23,218,614

 
22,756,113

Allowance for loan and lease losses
(95,158
)
 
(103,304
)
 
(90,170
)
 
(84,250
)
 
(83,485
)
Total loans and leases held for investment, net
$
23,305,834

 
$
23,453,673

 
$
23,842,554

 
$
23,134,364

 
$
22,672,628

The balances presented above include:
 
 
 
 
 
 
 
 
 
Net purchased loan and lease discounts
$
110,650

 
$
104,558

 
$
82,560

 
$
71,636

 
$
63,250

Net deferred loan and lease origination costs
$
124,547

 
$
123,484

 
$
125,346

 
$
125,555

 
$
125,877

 
 
 
 
 
 
 
 
 
 
Deposits
 
 
 
 
 
 
 
 
Table 6b    

(dollars in thousands)
Mar 31,
2017
 
Dec 31,
2016
 
Sep 30,
2016
 
Jun 30,
2016
 
Mar 31,
2016
Noninterest-bearing demand
$
1,662,173

 
$
1,750,529

 
$
2,071,154

 
$
1,510,198

 
$
1,499,063

Interest-bearing demand
4,093,032

 
3,924,294

 
3,585,418

 
3,696,048

 
3,694,755

Market-based money market accounts
345,462

 
340,777

 
353,613

 
358,649

 
353,742

Savings and money market accounts, excluding market-based
5,932,401

 
6,429,407

 
6,271,548

 
6,478,326

 
6,892,789

Market-based time
315,707

 
316,321

 
327,472

 
341,993

 
358,566

Time, excluding market-based
6,942,906

 
6,876,900

 
7,034,143

 
6,426,548

 
6,197,562

Total deposits
$
19,291,681

 
$
19,638,228

 
$
19,643,348

 
$
18,811,762

 
$
18,996,477

 
 
 
 
 
 
 
 
 
 
General and Administrative Expense
 
 
 
 
 
 
 
Table 7

 
Three Months Ended
(dollars in thousands)
Mar 31,
2017
 
Dec 31,
2016
 
Sep 30,
2016
 
Jun 30,
2016
 
Mar 31,
2016
Legal and professional fees, excluding consent order expense
$
6,785

 
$
6,459

 
$
11,815

 
$
5,488

 
$
4,998

Credit-related expenses
3,086

 
2,542

 
6,862

 
6,388

 
4,907

FDIC premium assessment and other agency fees
7,362

 
10,532

 
8,097

 
6,903

 
7,241

Advertising and marketing expense
5,407

 
7,464

 
5,685

 
4,911

 
4,911

Other
15,931

 
14,798

 
13,123

 
13,910

 
13,552

Total general and administrative expense
$
38,571

 
$
41,795

 
$
45,582

 
$
37,600

 
$
35,609


8



EverBank Financial Corp and Subsidiaries
 
 
 
 
 
 
 
 
 
Non-Performing Assets(1)
 
 
 
 
 
 
 
 
Table 8

(dollars in thousands)
Mar 31,
2017
 
Dec 31,
2016
 
Sep 30,
2016
 
Jun 30,
2016
 
Mar 31,
2016
Non-accrual loans and leases:
 
 
 
 
 
 
 
 
 
Consumer Banking:
 
 
 
 
 
 
 
 
 
Residential mortgages
$
31,832

 
$
32,405

 
$
33,607

 
$
27,580

 
$
28,644

Home equity lines and other
6,256

 
7,083

 
6,741

 
6,678

 
6,151

Commercial Banking:
 
 
 
 
 
 
 
 
 
Commercial and commercial real estate
79,165

 
102,255

 
106,790

 
65,962

 
66,945

Equipment financing receivables
40,969

 
41,141

 
37,677

 
28,833

 
26,676

Total non-accrual loans and leases
158,222

 
182,884

 
184,815

 
129,053

 
128,416

Total non-performing loans (NPL)
158,222

 
182,884

 
184,815

 
129,053

 
128,416

Other real estate owned (OREO)
8,622

 
11,390

 
11,866

 
13,477

 
14,072

Total non-performing assets (NPA)
166,844

 
194,274

 
196,681

 
142,530

 
142,488

Troubled debt restructurings (TDR) less than 90 days past due
15,460

 
14,118

 
14,865

 
14,760

 
15,814

Total NPA and TDR(1)
$
182,304

 
$
208,392

 
$
211,546

 
$
157,290

 
$
158,302

 
 
 
 
 
 
 
 
 
 
Total NPA and TDR
$
182,304

 
$
208,392

 
$
211,546

 
$
157,290

 
$
158,302

Government insured 90 days or more past due still accruing
3,928,264

 
3,725,159

 
3,706,213

 
3,211,913

 
3,255,744

Loans accounted for under ASC 310-30:
 
 
 
 
 
 
 
 
 
90 days or more past due
2,705

 
3,437

 
3,823

 
4,130

 
4,858

Total regulatory NPA and TDR
$
4,113,273

 
$
3,936,988

 
$
3,921,582

 
$
3,373,333

 
$
3,418,904

Adjusted credit quality ratios excluding government insured loans and loans accounted for under ASC 310-30:(1)
 
 
 
 
 
 
 
 
 
NPL to total loans
0.64
%
 
0.73
%
 
0.71
%
 
0.52
%
 
0.54
%
NPA to total assets
0.60
%
 
0.70
%
 
0.69
%
 
0.52
%
 
0.53
%
NPA and TDR to total assets
0.66
%
 
0.75
%
 
0.74
%
 
0.58
%
 
0.59
%
Credit quality ratios including government insured loans and loans accounted for under ASC 310-30:
 
 
 
 
 
 
 
 
 
NPL to total loans
16.52
%
 
15.71
%
 
15.01
%
 
13.59
%
 
14.23
%
NPA to total assets
14.75
%
 
14.09
%
 
13.61
%
 
12.28
%
 
12.77
%
NPA and TDR to total assets
14.81
%
 
14.14
%
 
13.66
%
 
12.33
%
 
12.83
%
 
(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.

9



EverBank Financial Corp and Subsidiaries
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for Loan and Lease Losses Activity