EverBank Financial Corp Announces First Quarter 2013 Financial Results

  EverBank Financial Corp Announces First Quarter 2013 Financial Results

Business Wire

JACKSONVILLE, Fla. -- April 24, 2013

EverBank Financial Corp (NYSE:EVER) announced today its financial results for
the first quarter ended March31, 2013.

GAAP diluted earnings per share was $0.30, a 36% increase from $0.22 in the
fourth quarter 2012 and a 275% increase from $0.08 in the first quarter 2012.
Adjusted diluted earnings per share was $0.33 in the first quarter 2013, a 3%
decrease from $0.34 in the fourth quarter 2012 and an 18% increase from $0.28
in the first quarter 2012.^1

“We are pleased with our first quarter results which demonstrate the diversity
and flexibility of our banking franchise." said Robert M. Clements, Chairman
and Chief Executive Officer. "The Company generated strong revenue for the
second consecutive quarter, solid loan and deposit growth and an attractive
ROE. We remain confident in our asset generation capabilities as evidenced by
the strength of our pipelines at quarter end."

First Quarter 2013 Key Highlights

  *Adjusted return on equity ("ROE") was 12.4% for the first quarter, an
    increase of 137 basis points year over year.

  *GAAP net income of $39 million, an increase of 36% compared to the prior
    quarter and 230% compared to the first quarter of 2012.
  *Adjusted net income of $44 million, an increase of 1% compared to the
    prior quarter and 60% compared to the first quarter of 2012.
  *Revenue of $277 million, an increase of 2% compared to the prior quarter
    and 47% compared to the first quarter of 2012.
  *Residential origination volume of $2.9 billion, an increase of 52%
    compared to the first quarter 2012. Gain on sale margin was 3.03% for the
    quarter, up 8 basis points compared to the fourth quarter of 2012.
  *Total loans and leases were $14.6 billion, up 1% for the quarter and up
    49% compared to the first quarter of 2012.
  *Deposits were $13.7 billion, up 4% for the quarter and up 30% compared to
    the first quarter of 2012.
  *Asset quality improved as adjusted non-performing assets were 0.99% of
    total assets at March31, 2013. Annualized net charge-offs to average
    loans and leases held for investment were 0.23% for the quarter.
  *Tangible common equity per common share was $10.65 at March31, 2013, and
    was $11.31 excluding accumulated other comprehensive loss.
  *Closed $307 million private securitization of residential mortgage
    pass-through certificates issued by EverBank Mortgage Loan Trust 2013-1 on
    a servicing-retained basis.
  *Subsequent to the quarter end, agreed to purchase $13.0 billion of unpaid
    principal balance ("UPB") Fannie Mae residential servicing rights for $68
    million.

"Our commercial lending and equipment leasing businesses delivered strong
growth during the quarter with the majority of the increase driven by new
client relationships," said W. Blake Wilson, President and Chief Operating
Officer. "As expected, our mortgage banking business increased market share
during the quarter and is well positioned to benefit from additional revenue
opportunities from our recently launched securitization program. Our recent
servicing portfolio acquisition leverages our platform and should increase our
HARP refinance activity in the future."

^1   A reconciliation of Non-GAAP financial measures can be found in the
       financial tables attached hereto.

Balance Sheet

Diversified Asset Growth

Total assets increased by $64 million quarter over quarter to $18.3 billion at
March31, 2013. Year over year, this represents a $4.5 billion, or 33%,
increase from $13.8 billion at March31, 2012. Interest-earning assets for the
first quarter 2013 were largely comprised of:

  *Residential loans held for sale ("HFS") of $2.4 billion, a 16% increase
    from the prior quarter due to our increased  focus on originating
    preferred jumbo loans eligible for sale into the capital markets;
  *Residential loans held for investment ("HFI") of $6.3 billion, a 6%
    decline from the prior quarter as we originated more loans for sale and
    further diversified into commercial loans and leases;
  *Commercial and commercial real estate loans of $4.9 billion, a 2% increase
    from the prior quarter;
  *Commercial leases of $911 million, a 9% increase from the prior quarter;
    and
  *Investment securities of $1.8 billion, an 8% decline from the prior
    quarter.

Loan Origination Activities

Residential loan originations were $2.9 billion for the first quarter, flat
from the fourth quarter 2012 and an increase of 52% from the first quarter
2012, reflecting continued market share gains during the seasonally slow
quarter. Loan production volume from our retail channel was $833 million in
the first quarter, flat from the fourth quarter 2012 and a nearly ten fold
increase year over year. Our gain on sale margins increased 8 basis points
during the quarter to 3.03%, driven by the impact our of jumbo securitization
activity and origination channel mix.

Organic asset generation totaled $3.3 billion and retained organic production
totaled $0.5 billion for the first quarter of 2013. We originated record
preferred jumbo loan volume of $768 million during the first quarter, an
increase of 36% over the prior quarter. All of the first quarter 2013 jumbo
volume was classified as HFS, resulting in $939 million of preferred jumbo
loans HFS at quarter end, which we intend to sell or securitize. Total
commercial loans and leases originated during the quarter were $414 million.

Continued Strong Deposit Generation

Total deposits grew by $532 million, or 4%, quarter over quarter to $13.7
billion at March31, 2013. Year over year, this represents an increase of $3.1
billion, or 30%, from $10.6 billion at March31, 2012. At March31, 2013, our
deposits were comprised of the following:

  *Non-interest bearing accounts were $1.3 billion, or 9% of total deposits;
  *Interest-bearing checking accounts were $2.9 billion, or 21% of total
    deposits;
  *Savings and money market accounts were $4.9 billion, or 36% of total
    deposits;
  *Global markets money market and time accounts were $1.1 billion, or 8% of
    total deposits; and
  *Time deposit accounts, excluding global markets, were $3.4 billion, or 25%
    of total deposits.

Total other borrowings were $2.7 billion at March31, 2013, a decrease of $466
million, or 15%, compared to $3.2 billion at December31, 2012. The reduction
in wholesale borrowings in the quarter was driven by the repayment of
repurchase agreements executed to close the Business Property Lending, Inc.
("BPL") acquisition in October 2012. We expect to continue to replace a
portion of our wholesale borrowings with core deposits over time

Credit Quality

Our adjusted non-performing assets were 0.99% of total assets at March31,
2013, a decrease from 1.08% at December31, 2012 and 1.63% at March31, 2012.
We recorded a provision for loan and lease losses of $2 million during the
first quarter of 2013, a decrease of $9 million compared to the fourth quarter
of 2012. The decrease was driven by continued strong credit performance, in
addition to the one-time $6 million provision in the fourth quarter related to
our adoption of the Office of the Comptroller of the Currency's troubled debt
restructuring guidance on performing loans in Chapter 7 bankruptcy. Excluding
this non-recurring charge, our provision decreased $3 million in the first
quarter of 2013.

Net charge-offs during the first quarter of 2013 were $7 million, an increase
of $2 million compared to the fourth quarter of 2012, driven by a $2 million
decline in recoveries. On an annualized basis, net charge-offs were 0.23% of
total average loans and leases held for investment, compared to 0.16% for the
fourth quarter of 2012 and 0.65% for the first quarter of 2012.

Originated Loan Repurchase Activity

During the first quarter of 2013, we experienced net realized losses on loan
repurchases of $3.1 million and recorded a provision of $0.9 million on
repurchase obligations for loans sold or securitized. Our reserve declined
from $27 million in the fourth quarter of 2012 to $25 million in the first
quarter of 2013. We continue to be well reserved with approximately 6 quarters
of coverage based on the average quarterly loss rate over the trailing four
quarters. Trends continue to be stable with severities declining over the last
twelve months. We continue to believe that our 0.10% total loss rate is
indicative of our disciplined underwriting guidelines and risk management
culture.

Capital Strength

Total shareholders' equity was $1.5 billion at both March31, 2013 and
December31, 2012. The bank’s Tier 1 leverage ratio was 8.2% and total
risk-based capital ratio was 13.7% at March31, 2013. As a result, the bank is
considered "well-capitalized" under all applicable regulatory guidelines.

Income Statement Highlights

Continued Revenue Growth

Revenue for the first quarter of 2013 was $277 million, an increase of $5
million, or 2%, from $272 million in the fourth quarter 2012. The increase
from the prior quarter was due to strong non-interest income driven by the
positive contribution from net loan servicing income and increased interest
and fees on loans.

Compared to the first quarter 2012, revenue increased $88 million, or 47%. The
year over year increase resulted from higher net interest income generated
from increased loans held for investment balances, increased net loan
servicing income and robust gain on sale of loans.

Net Interest Income

For the first quarter 2013, net interest income decreased by $3 million to
$144 million, from $147 million for the fourth quarter of 2012. This decrease
was attributed to lower investment securities average balances and yields, in
addition to higher deposit balances driven by continued robust deposit
inflows. Offsetting this decrease was a decline in wholesale borrowings
balances and an increase in loans HFS and lease financing receivables
balances.

Core net interest margin, which is net interest margin excluding the impact of
Tygris excess accretion, decreased to 3.27% for the first quarter from 3.40%
in the fourth quarter. The acquired BPL loans continued to positively impact
our commercial loan yields and NIM, in addition to higher lease financing
receivables income and lower wholesale borrowings expense. These were offset
by the impact of continued growth in our shorter duration, high quality
commercial assets and residential loans HFS, as well as an increase in
interest expense on higher deposit balances.

Noninterest Income

Noninterest income for the first quarter of 2013 increased by $8 million, or
7%, to $133 million compared to the fourth quarter of 2012. This increase was
caused by a $12 million gain in net loan servicing income and a $1 million
increase in deposit fee income. Gain on sale of loans remained strong at $82
million, a $3 million decrease compared to the fourth quarter.

Noninterest Expense

Noninterest expense for the first quarter of 2013 decreased by $5 million, or
2%, to $212 million from $217 million in the fourth quarter.

General and administrative expense, excluding credit-related expenses,
decreased $6 million, or 8%, from the fourth quarter 2012 primarily due to a
decrease in consent order related expenses. We expect to conclude the
independent file review related to the consent order by the end of the second
quarter 2013. Credit-related expenses for the first quarter decreased $6
million, or 39%, to $9 million from $15 million in the fourth quarter 2012.
Key drivers of the decrease include a continued decline in Ginnie Mae pool
buyout loans, a decrease in foreclosure and REO expense related to the Bank of
Florida portfolio and lower loan repurchase expenses.

Salaries, commissions and employee benefits increased by $7 million, or 7%.
More than $3 million of the increase was attributed to normal merit increases
to employee salaries, in addition to continued hiring activity to support our
retail mortgage lending expansion and governance and risk management
infrastructure.

Income Tax Expense

Our effective tax rate for the first quarter of 2013 was 38%, compared to 35%
for the fourth quarter of 2012 and 36% for the first quarter 2012.

Segment Analysis for the First Quarter of 2013

  *Banking and Wealth Management adjusted pre-tax income was $83 million,
    including other credit-related expenses, foreclosure and OREO expenses of
    $6 million.
  *Mortgage Banking adjusted pre-tax income was $12 million, including other
    credit-related expenses, foreclosure and OREO expenses of $3 million.
  *Corporate Services had an adjusted pre-tax loss of $25 million.

Dividends

On April 23, 2013, the Company's Board of Directors declared a quarterly cash
dividend of $0.02 per common share, payable on May 21, 2013, to stockholders
of record as of May 9, 2013. Also on April 23, 2013, the Company's Board of
Directors declared a quarterly cash dividend of $421.875, payable on July 5,
2013, for each share of 6.75% Series A Non-Cumulative Perpetual Preferred
Stock held as of June 20, 2013.

Subsequent Event

On April 1, 2013, EverBank entered into an agreement to acquire approximately
$13.0 billion of Fannie Mae backed residential servicing rights with a 27
basis point contractual servicing fee for a purchase price of $68 million. The
acquired servicing portfolio consists of over 93,000 loans with approximately
25% eligible for refinance under HARP.

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 Company’s asset growth and earnings,
industry, management’s beliefs and certain assumptions made by management,
many of which, by their nature, are inherently uncertain and beyond the
Company’s control. 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; 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; 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; 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 Corp’s filings with the Securities and
Exchange Commission, including but not limited to, the risks described under
the headings “Risk Factors” and “Management’s 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.

Conference Call and Webcast

The Company will host a conference call at 8:30 a.m. Eastern Time on Thursday,
April 25, 2013 to discuss its first quarter 2013 results. The dial-in number
for the conference call is 1-866-652-5200 and the international dial-in number
is 1-412-317-6060, passcode is 10027740. 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.

For those unable to participate in the conference call, a replay will be
available from April 25, 2013 until May 3, 2013. The replay dial-in number is
1-877-344-7529 and the international replay dial-in number is 1-412-317-0088,
replay passcode is 10027740.

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 $18.3 billion in assets and $13.7 billion
in deposits as of March31, 2013. 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.

                                                             
EverBank Financial Corp and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)

(Dollars in thousands, except per share data)
                                                                
                                               March 31,        December 31,

                                               2013             2012
Assets
Cash and due from banks                        $ 44,938         $ 175,400
Interest-bearing deposits in banks             548,458         268,514      
Total cash and cash equivalents                593,396          443,914
Investment securities:
Available for sale, at fair value              1,497,278        1,619,878
Held to maturity (fair value of $126,308 and
$146,709 as of March 31, 2013 and December     124,242          143,234
31, 2012, respectively)
Other investments                              144,070         158,172      
Total investment securities                    1,765,590        1,921,284
Loans held for sale (includes $1,350,289 and
$1,452,236 carried at fair value as of March   2,416,599        2,088,046
31, 2013 and December 31, 2012,
respectively)
Loans and leases held for investment:
Loans and leases held for investment, net of   12,255,294       12,505,089
unearned income
Allowance for loan and lease losses            (77,067      )   (82,102      )
Total loans and leases held for investment,    12,178,227       12,422,987
net
Equipment under operating leases, net          44,863           50,040
Mortgage servicing rights (MSR), net           375,641          375,859
Deferred income taxes, net                     164,053          170,877
Premises and equipment, net                    65,746           66,806
Other assets                                   702,373         703,065      
Total Assets                                   $ 18,306,488    $ 18,242,878 
Liabilities
Deposits:
Noninterest-bearing                            $ 1,287,292      $ 1,445,783
Interest-bearing                               12,387,074      11,696,605   
Total deposits                                 13,674,366       13,142,388
Other borrowings                               2,707,331        3,173,021
Trust preferred securities                     103,750          103,750
Accounts payable and accrued liabilities       316,599         372,543      
Total Liabilities                              16,802,046       16,791,702
Commitments and Contingencies
Shareholders’ Equity
Series A 6.75% Non-Cumulative Perpetual
Preferred Stock, $0.01 par value
(liquidation preference of $25,000 per         150,000          150,000
share;10,000,000 shares authorized; 6,000
issued and outstanding at March 31, 2013 and
December 31, 2012)
Common Stock, $0.01 par value (500,000,000
shares authorized; 122,066,260 and
120,987,955 issued and outstanding at March    1,221            1,210
31, 2013 and December 31, 2012,
respectively)
Additional paid-in capital                     823,696          811,085
Retained earnings                              609,849          575,665
Accumulated other comprehensive income         (80,324      )   (86,784      )
(loss) (AOCI)
Total Shareholders’ Equity                     1,504,442       1,451,176    
Total Liabilities and Shareholders’ Equity     $ 18,306,488    $ 18,242,878 
                                                                             

                                                   
EverBank Financial Corp and Subsidiaries

Condensed Consolidated Statements of Income (unaudited)

(Dollars in thousands, except per share data)
                                                     
                                                     Three Months Ended

                                                     March 31,
                                                     2013         2012
Interest Income                                                  
Interest and fees on loans and leases                $ 173,786     $ 124,778
Interest and dividends on investment securities      16,250        20,549
Other interest income                                298          104       
Total Interest Income                                190,334       145,431
Interest Expense
Deposits                                             26,823        20,974
Other borrowings                                     19,695       8,834     
Total Interest Expense                               46,518       29,808    
Net Interest Income                                  143,816       115,623
Provision for Loan and Lease Losses                  1,919        11,355    
Net Interest Income after Provision for Loan and     141,897       104,268
Lease Losses
Noninterest Income
Loan servicing fee income                            42,163        45,556
Amortization and impairment of mortgage servicing    (22,523   )   (44,483   )
rights
Net loan servicing income                            19,640        1,073
Gain on sale of loans                                82,311        48,177
Loan production revenue                              9,489         7,437
Deposit fee income                                   5,925         6,239
Other lease income                                   6,411         8,663
Other                                                9,533        1,604     
Total Noninterest Income                             133,309       73,193
Noninterest Expense
Salaries, commissions and other employee benefits    110,479       66,590
expense
Equipment expense                                    19,852        15,948
Occupancy expense                                    7,384         5,349
General and administrative expense                   74,101       70,934    
Total Noninterest Expense                            211,816      158,821   
Income before Provision for Income Taxes             63,390        18,640
Provision for Income Taxes                           24,244       6,794     
Net Income                                           $ 39,146     $ 11,846  
Less: Net Income Allocated to Preferred Stock        (2,531    )   (5,879    )
Net Income Allocated to Common Shareholders          $ 36,615     $ 5,967   
Basic Earnings Per Common Share                      $ 0.30        $ 0.08
Diluted Earnings Per Common Share                    $ 0.30        $ 0.08
Dividends Declared Per Common Share                  $ 0.02        $ —
                                                                             

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 Net
Income, Adjusted Earnings Per Share, Adjusted Return on Equity, Adjusted
Non-Performing Asset Ratio, Tangible Shareholders’ Equity, Tangible Common
Shareholders' Equity, Adjusted Tangible Common Shareholders’ Equity, and
Tangible Assets are non-GAAP financial measures. The Company’s management uses
these measures to evaluate the underlying performance and efficiency of its
operations. The Company’s management believes these non-GAAP measures allow
for a better evaluation and transparency of the operating performance of the
Company’s 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 Company’s management
believes that certain of these non-GAAP measures represent a consistent
benchmark against which to evaluate the Company’s 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 Company’s 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
Adjusted Net Income
                 Three Months Ended
(dollars in                    December     September                 March
thousands,        March 31,   31,         30,         June 30,    31,
except per        2013         2012         2012         2012         2012
share data)
Net income        $ 39,146     $ 28,846     $ 22,178     $ 11,172     $ 11,846
Transaction
expense, net of   —            903          1,268        2,363        821
tax
Non-recurring
regulatory
related           11,425       9,564        1,326        3,780        3,063
expense, net of
tax
Increase in
Bank of Florida
non-accretable    950          486          111          463          2,135
discount, net
of tax
Adoption of TDR
guidance and      —            3,709        —            —            —
policy change,
net of tax
MSR impairment
(recovery), net   (7,784   )   —           11,302      18,684      9,389
of tax
Adjusted net      $ 43,737    $ 43,508    $ 36,185    $ 36,462    $ 27,254
income
Adjusted net
income            2,531       1,491       —           2,206       5,172
allocated to
preferred stock
Adjusted net
income
allocated to      $ 41,206    $ 42,017    $ 36,185    $ 34,256    $ 22,082
common
shareholders
Adjusted net
earnings per      $ 0.34       $ 0.35       $ 0.31       $ 0.34       $ 0.29
common share,
basic
Adjusted net
earnings per      $ 0.33       $ 0.34       $ 0.30       $ 0.33       $ 0.28
common share,
diluted
Weighted
average common
shares
outstanding:
(units in
thousands)
Basic             121,583      120,773      118,038      100,779      76,129
Diluted           123,439      122,807      119,591      102,574      78,324
                                                                      


EverBank Financial Corp and Subsidiaries
Tangible Equity, Tangible Common Equity,

Adjusted Tangible Common Equity and Tangible Assets
(dollars in          March 31,       December 31,    September 30,   June 30,        March 31,
thousands)            2013             2012             2012             2012             2012
Shareholders’         $ 1,504,442      $ 1,451,176      $ 1,258,022      $ 1,181,369      $ 994,689
equity
Less:
Goodwill              46,859           46,859           10,238           10,238           10,238
Intangible assets     7,394           7,921           6,348           6,700           7,052        
Tangible equity       1,450,189        1,396,396        1,241,436        1,164,431        977,399
Less:
Perpetual preferred   150,000         150,000         —               —               —            
stock
Tangible common       1,300,189        1,246,396        1,241,436        1,164,431        977,399
equity
Less:
Accumulated other     (80,324      )   (86,784      )   (106,731     )   (113,094     )   (89,196      )
comprehensive loss
Adjusted tangible     $ 1,380,513     $ 1,333,180     $ 1,348,167     $ 1,277,525     $ 1,066,595  
common equity
                                                                                          
Total assets          $ 18,306,488     $ 18,242,878     $ 16,509,440     $ 15,040,824     $ 13,774,821
Less:
Goodwill              46,859           46,859           10,238           10,238           10,238
Intangible assets     7,394           7,921           6,348           6,700           7,052        
Tangible assets       $ 18,252,235    $ 18,188,098    $ 16,492,854    $ 15,023,886    $ 13,757,531 
                                                                                          
Regulatory Capital                                                               
(bank level)
(dollars in           March 31,        December 31,     September 30,    June 30,         March 31,
thousands)            2013             2012             2012             2012             2012
Shareholders’         $ 1,560,001      $ 1,518,934      $ 1,339,669      $ 1,263,687      $ 1,099,404
equity
        Goodwill
Less:  and other     (52,089      )   (54,780      )   (16,586      )   (16,938      )   (17,290      )
        intangibles
        Disallowed
        servicing     (31,585      )   (32,378      )   (33,366      )   (36,650      )   (40,783      )
        asset
        Disallowed
        deferred      (66,351      )   (67,296      )   (69,412      )   (70,357      )   (71,302      )
        tax asset
        Accumulated
        losses on
Add:    securities    77,073          83,477          103,238         110,101         86,981       
        and cash
        flow hedges
Tier 1 capital        1,487,049        1,447,957        1,323,543        1,249,843        1,057,010
        Low-level
        recourse
Less:   and           —                —                —                —                (20,424      )
        residual
        interests
        Allowance
Add:    for loan      77,067          82,102          76,469          77,393          78,254       
        and lease
        losses
Total regulatory      $ 1,564,116     $ 1,530,059     $ 1,400,012     $ 1,327,236     $ 1,114,840  
capital
                                                                                          
Adjusted total        $ 18,234,886     $ 18,141,856     $ 16,488,067     $ 15,022,729     $ 13,731,482
assets
Risk-weighted         11,406,725       11,339,415       8,701,164        8,424,290        7,311,556
assets
                                                                                                       


EverBank Financial Corp and Subsidiaries
Non-Performing Assets^(1)
(dollars in         March 31,      December 31,   September 30,  June 30,       March 31,
thousands)           2013            2012            2012            2012            2012
Non-accrual loans
and leases:
Residential          $ 69,876        $ 73,752        $ 75,355        $ 66,956        $ 74,810
mortgages
Commercial and
commercial real      63,924          76,289          85,306          95,882          89,576
estate
Lease financing      2,791           2,010           2,018           1,295           1,861
receivables
Home equity lines    4,513           4,246           4,492           4,256           3,771
Consumer and         364            332            479            573            571         
credit card
Total non-accrual    141,468         156,629         167,650         168,962         170,589
loans and leases
Accruing loans 90
days or more past    —              —              1,973          1,800          5,119       
due
Total
non-performing       141,468         156,629         169,623         170,762         175,708
loans (NPL)
Other real estate    39,576         40,492         43,612         49,248         49,304      
owned (OREO)
Total
non-performing       181,044         197,121         213,235         220,010         225,012
assets (NPA)
Troubled debt
restructurings       88,888         90,094         82,030         93,184         92,954      
(TDR) less than 90
days past due
Total NPA and        $ 269,932      $ 287,215      $ 295,265      $ 313,194      $ 317,966   
TDR^(1)
                                                                                     
Total NPA and TDR    $ 269,932       $ 287,215       $ 295,265       $ 313,194       $ 317,966
Government-insured
90 days or more      1,547,995       1,729,877       1,684,550       1,647,567       1,530,665
past due still
accruing
Loans accounted
for under ASC
310-30:
90 days or more      67,630          79,984          117,506         140,797         146,379
past due
OREO                 22,955         16,528         18,557         20,379         22,852      
Total regulatory     $ 1,908,512    $ 2,113,604    $ 2,115,878    $ 2,121,937    $ 2,017,862 
NPA and TDR
Adjusted credit
quality ratios
excluding
government-insured
loans and loans
accounted for
under ASC 310-30:
^(1)
NPL to total loans   0.97        %   1.08        %   1.49        %   1.57        %   1.80        %
NPA to total         0.99        %   1.08        %   1.29        %   1.46        %   1.63        %
assets
NPA and TDR to       1.47        %   1.57        %   1.79        %   2.08        %   2.31        %
total assets
Credit quality
ratios including
government-insured
loans and loans
accounted for
under ASC 310-30:
NPL to total loans   12.04       %   13.55       %   17.32       %   18.00       %   18.95       %
NPA to total         9.94        %   11.09       %   12.32       %   13.49       %   13.97       %
assets
NPA and TDR to       10.43       %   11.59       %   12.82       %   14.11       %   14.65       %
total assets
                                                                                                 
(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
Business Segments Selected Financial Information
                 Banking and
(dollars in                     Mortgage      Corporate
thousands)      Wealth                                 Eliminations  Consolidated
                                Banking       Services
                 Management
Three Months
Ended March
31, 2013
Net interest     $  132,373     $  13,014     $ (1,571 )   $     —        $  143,816
income
Provision for
loan and lease   (79        )   1,998        —           —             1,919      
losses
Net interest
income after
provision for    132,452        11,016        (1,571   )   —              141,897
loan and lease
losses
Noninterest      27,781         105,369       159          —              133,309
income
Noninterest
expense:
Foreclosure
and OREO         5,285          1,742         —            —              7,027
expense
Other
credit-related   670            1,658         —            —              2,328
expenses
All other
noninterest      77,848        99,538       25,075      —             202,461    
expense
Income (loss)
before income    76,430        13,447       (26,487  )   —             63,390     
tax
Adjustment
items
(pre-tax):
Increase in
Bank of
Florida          1,532          —             —            —              1,532
non-accretable
discount
MSR impairment   —              (12,555   )   —            —              (12,555    )
(recovery)
Transaction
and
non-recurring    5,252         11,531       1,646       —             18,429     
regulatory
related
expense
Adjusted
income (loss)    83,214        12,423       (24,841  )   —             70,796     
before income
tax
Total assets
as of March      15,251,578    3,152,487    158,767     (256,344   )   18,306,488 
31, 2013
                                                                          
Three Months
Ended December
31, 2012
Net interest     $  135,686     $  12,531     $ (1,224 )   $     —        $  146,993
income
Provision for
loan and lease   8,866         1,662        —           —             10,528     
losses
Net interest
income after
provision for    126,820        10,869        (1,224   )   —              136,465
loan and lease
losses
Noninterest      34,057         91,012        88           —              125,157
income
Noninterest
expense:
Foreclosure
and OREO         7,246          1,572         —            —              8,818
expense
Other
credit-related   1,387          5,062         —            —              6,449
expenses
All other
noninterest      74,435        87,180       40,115      —             201,730    
expense
Income (loss)
before income    77,809        8,067        (41,251  )   —             44,625     
tax
Adjustment
items
(pre-tax):
Increase in
Bank of
Florida          784            —             —            —              784
non-accretable
discount
Adoption of
TDR guidance     5,982          —             —            —              5,982
and policy
change
Transaction
and
non-recurring    —             12,276       4,606       —             16,882     
regulatory
related
expense
Adjusted
income (loss)    84,575        20,343       (36,645  )   —             68,273     
before income
tax
Total assets
as of December   16,119,927    2,127,100    166,234     (170,383   )   18,242,878 
31, 2012

Three Months
Ended                                                                     
March 31, 2012
Net interest     $  106,545         $  10,496         $ (1,418 )       $    —           $  115,623
income
Provision for
loan and lease   10,315            1,040            —               —               11,355
losses
Net interest
income after
provision for    96,230             9,456             (1,418   )       —                104,268
loan and lease
losses
Noninterest      25,228             47,873            92               —                73,193
income
Noninterest
expense:
Foreclosure
and OREO         7,962              2,997             —                —                10,959
expense
Other
credit-related   (183       )       11,990            3                —                11,810
expenses
All other
noninterest      51,846            56,864           27,342          —               136,052
expense
Income (loss)
before income    61,833            (14,522   )       (28,671  )       —               18,640
tax
Adjustment
items
(pre-tax):
Increase in
Bank of
Florida          3,444              —                 —                —                3,444
non-accretable
discount
MSR impairment   —                  15,144            —                —                15,144
Transaction
and
non-recurring    —                 4,722            1,542           —               6,264
regulatory
related
expense
Adjusted
income (loss)    65,277            5,344            (27,129  )       —               43,492
before income
tax
Total assets
as of March      12,494,752        1,438,744        92,381          (251,056 )       13,774,821
31, 2012
                                                                                        

Contact:

EverBank Financial Corp.
Media:
Michael Cosgrove, 904-623-202
Michael.Cosgrove@EverBank.com
or
Investor Relations: 877-755-6722
Investor.Relations@EverBank.com