EverBank Financial Corp (NYSE: EVER) announced today its financial
results for the fourth quarter and the year ended December 31, 2013.
“2013 was a successful year for EverBank as we generated a solid return
on equity, grew tangible book value per share by 12%, and executed on
key strategic initiatives designed to enhance operating efficiency,
simplify our earnings profile and focus on our core banking and lending
activities,” said Robert M. Clements, chairman and chief executive
officer. “The Company's fundamentals are strong, which we believe
positions us to generate robust asset and earnings growth from our
diverse nationwide lending businesses in 2014.”
Adjusted net income was $32 million for the fourth quarter of 20131,
compared to $34 million for the third quarter 2013 and $44 million for
the fourth quarter of 2012. For the year, adjusted net income
was $148 million, an increase of 3% over 2012. GAAP net income was $18
million for the fourth quarter of 2013, compared to $33 million for the
third quarter of 2013 and $29 million for the fourth quarter of 2012.
For the year, GAAP net income was $137 million, an increase of 85% over
2012.
Adjusted diluted earnings per share was $0.24 in the fourth quarter
2013, an 8% decrease from $0.26 in the third quarter 2013 and a 29%
decrease from $0.34 in the fourth quarter 2012. GAAP diluted earnings
per share was $0.13, a 48% decrease from $0.25 in the third quarter 2013
and a 41% decrease from $0.22 in the fourth quarter 2012. For
the full year 2013, adjusted diluted earnings per share was $1.11, a 13%
decrease from $1.27 in 2012. GAAP diluted earnings per share was $1.02,
a 70% increase from $0.60 in 2012.
Fourth Quarter and Full Year 2013 Key Highlights
-
Tangible common equity per common share was $11.57 at December 31,
2013, an increase of 12% compared to year end 2012.
-
Adjusted return on equity (ROE) was 10% and GAAP ROE was 9% for the
full year 2013.
-
Retained asset generation of $1.6 billion for the fourth quarter,
including commercial origination volume of $701 million, an increase
of 45% and 99%, respectively, compared to the prior quarter.
-
Deployed excess liquidity to grow portfolio loans held for investment
to $13.3 billion, an increase of 5% compared to the prior quarter, or
22% annualized.
-
Core net interest margin was 3.30% for the quarter, an increase of 13
basis points from 3.17% in the prior quarter.
-
Adjusted non-performing assets were 0.65% of total assets at December
31, 2013, a 36% decline compared to the prior quarter. Annualized net
charge-offs to average loans and leases held for investment were 0.20%
for the quarter.
Strategic Business Activities Update
During the fourth quarter, we continued to execute on our strategic plan
of exiting non-core business activities and adjusting capacity in our
mortgage banking and corporate services segments.
-
We remain on track to close the sale of our default servicing platform
to Green Tree Servicing LLC and expect the transfer date, in addition
to the servicing sale date, to occur during the first quarter 2014. In
anticipation of closing and transfer, we recognized $14 million of
non-recurring costs in the quarter related to the transaction.
-
Due to the normalization of industry refinance volumes and the
expected first quarter 2014 default servicing platform transfer, we
adjusted our residential lending, servicing and corporate
administrative capacity, resulting in severance charges of $4 million
and lease termination expense of $3 million.
-
We closed on the sale of non-core commercial loans and REO for
approximately $98 million. We recognized a $4 million loss on the sale
during the quarter, however we expect to benefit from reduced
noninterest expense associated with this portfolio in future periods.
"We experienced strong portfolio loan growth in the quarter as retained
origination volumes gained momentum across our core strategic business
channels,” said W. Blake Wilson, president and chief operating officer.
“We look forward to closing our servicing transaction with Green Tree in
the first quarter and remain focused on driving efficiency throughout
our organization while leveraging the investments we have made in recent
years."
|
|
|
|
1
|
|
A reconciliation of Non-GAAP financial measures can be found in the
financial tables attached hereto.
|
Balance Sheet
Strong Loan Portfolio Growth
Total assets were $17.6 billion at December 31, 2013, flat compared to
$17.6 billion at September 30, 2013. Consistent with our strategy to
retain loans for our portfolio, total loans held for investment (HFI)
increased $0.7 billion, or 5%, compared to the prior quarter, to $13.3
billion. Loans HFI for the fourth quarter were comprised of:
|
($ in millions)
|
|
Dec 31,
2013
|
|
Sep 30,
2013
|
|
Dec 31,
2012
|
|
%
Change
(Q/Q)
|
|
%
Change
(Y/Y)
|
|
Residential loans
|
|
$
|
5,153
|
|
|
$
|
4,624
|
|
|
$
|
3,949
|
|
|
11
|
%
|
|
30
|
%
|
|
Mortgage pool buyouts
|
|
1,892
|
|
|
2,075
|
|
|
2,760
|
|
|
(9
|
)%
|
|
(31
|
)%
|
|
Total residential mortgages
|
|
7,045
|
|
|
6,699
|
|
|
6,709
|
|
|
5
|
%
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
|
|
3,190
|
|
|
3,243
|
|
|
3,390
|
|
|
(2
|
)%
|
|
(6
|
)%
|
|
Commercial finance
|
|
1,917
|
|
|
1,607
|
|
|
1,248
|
|
|
19
|
%
|
|
54
|
%
|
|
Total commercial finance & CRE
|
|
5,107
|
|
|
4,850
|
|
|
4,638
|
|
|
5
|
%
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse finance
|
|
944
|
|
|
851
|
|
|
970
|
|
|
11
|
%
|
|
(3
|
)%
|
|
Other
|
|
157
|
|
|
163
|
|
|
188
|
|
|
(4
|
)%
|
|
(16
|
)%
|
|
Total HFI
|
|
$
|
13,253
|
|
|
$
|
12,563
|
|
|
$
|
12,505
|
|
|
5
|
%
|
|
6
|
%
|
During the fourth quarter, residential loans HFI increased by 11%
compared to the prior quarter to $5.2 billion, driven by continued
growth in our high quality prime jumbo hybrid ARM portfolio. Mortgage
pool buyouts declined 9% to $1.9 billion compared to the prior quarter.
Total commercial finance and CRE balances increased 5% compared to the
prior quarter to $5.1 billion, driven by continued strength in our
EverBank Commercial Finance platform. At December 31, 2013 our
commercial platforms represented approximately 46% of loans HFI.
Loan Origination Activities
Organic asset generation totaled $2.7 billion and retained organic
originations totaled $1.6 billion for the fourth quarter of 2013, a
decrease of 12% and an increase of 45%, respectively, from the prior
quarter. Total commercial originations for the fourth quarter increased
99% to $701 million, including commercial real estate and commercial
finance originations of $266 million and $435 million, respectively.
Residential loan originations were $2.0 billion for the fourth quarter,
a decrease of 26% compared to the prior quarter and a decrease of 32%
year over year. Excluding the impact of our exit from the wholesale
broker channel in the third quarter, origination volume decreased 16%
compared to the prior quarter and 11% year over year. Prime jumbo
origination volume was $808 million for the fourth quarter, an increase
of 5% compared to the prior quarter and 43% year over year. The mix of
purchase transactions increased to 43% of total originations, compared
to 40% in the prior quarter. Our gain on sale margin increased 120 basis
points during the quarter to 2.88%, as we executed on our strategy to
sell agency conforming originations and retain prime jumbo originations.
The following table presents total organic loan and lease origination
information by product type:
|
($ in millions)
|
|
Dec 31,
2013
|
|
Sep 30,
2013
|
|
Dec 31,
2012
|
|
%
Change
(Q/Q)
|
|
%
Change
(Y/Y)
|
|
Residential origination volume
|
|
|
|
|
|
|
|
|
|
|
|
Conventional loans
|
|
$
|
1,188
|
|
|
$
|
1,933
|
|
|
$
|
2,373
|
|
|
(39
|
)%
|
|
(50
|
)%
|
|
Prime jumbo loans
|
|
808
|
|
|
767
|
|
|
567
|
|
|
5
|
%
|
|
43
|
%
|
|
|
|
1,996
|
|
|
2,700
|
|
|
2,940
|
|
|
(26
|
)%
|
|
(32
|
)%
|
|
Commercial origination volume
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate
|
|
266
|
|
|
122
|
|
|
132
|
|
|
118
|
%
|
|
102
|
%
|
|
Commercial finance
|
|
435
|
|
|
223
|
|
|
195
|
|
|
95
|
%
|
|
123
|
%
|
|
Warehouse finance
|
|
—
|
|
|
7
|
|
|
35
|
|
|
NM
|
|
NM
|
|
|
|
701
|
|
|
352
|
|
|
362
|
|
|
99
|
%
|
|
94
|
%
|
|
Total organic originations
|
|
$
|
2,697
|
|
|
$
|
3,052
|
|
|
$
|
3,302
|
|
|
(12
|
)%
|
|
(18
|
)%
|
Deposit and Other Funding Sources
Total deposits decreased by $0.4 billion, or 3%, to $13.3 billion at
December 31, 2013, from $13.6 billion at September 30, 2013, and
increased by $0.1 billion, or 1%, from $13.1 billion at December 31,
2012.
At December 31, 2013, our deposits were comprised of the following:
|
($ in millions)
|
|
Dec 31,
2013
|
|
Sep 30,
2013
|
|
Dec 31,
2012
|
|
%
Change
(Q/Q)
|
|
%
Change
(Y/Y)
|
|
Noninterest-bearing demand
|
|
$
|
1,077
|
|
|
$
|
1,366
|
|
|
$
|
1,446
|
|
|
(21
|
)%
|
|
(26
|
)%
|
|
Interest-bearing demand
|
|
3,006
|
|
|
2,999
|
|
|
2,681
|
|
|
—
|
%
|
|
12
|
%
|
|
Savings and money market accounts
|
|
5,111
|
|
|
5,186
|
|
|
4,452
|
|
|
(1
|
)%
|
|
15
|
%
|
|
Global market-based accounts
|
|
1,011
|
|
|
1,041
|
|
|
1,176
|
|
|
(3
|
)%
|
|
(14
|
)%
|
|
Time, excluding market-based
|
|
3,056
|
|
|
3,036
|
|
|
3,387
|
|
|
1
|
%
|
|
(10
|
)%
|
|
Total deposits
|
|
$
|
13,261
|
|
|
$
|
13,628
|
|
|
$
|
13,142
|
|
|
(3
|
)%
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer deposits
|
|
11,434
|
|
|
11,864
|
|
|
11,602
|
|
|
(4
|
)%
|
|
(1
|
)%
|
|
Business deposits
|
|
1,827
|
|
|
1,764
|
|
|
1,540
|
|
|
4
|
%
|
|
19
|
%
|
|
Total deposits
|
|
$
|
13,261
|
|
|
$
|
13,628
|
|
|
$
|
13,142
|
|
|
(3
|
)%
|
|
1
|
%
|
Capital Strength
Total shareholders' equity was $1.6 billion at December 31, 2013,
compared to $1.6 billion at September 30, 2013. The bank’s Tier 1
leverage ratio was 9.0% and total risk-based capital ratio was 14.3% at
December 31, 2013. As a result, the bank is considered
"well-capitalized" under all applicable regulatory guidelines. Our
current estimate of the fully phased-in Basel III common equity Tier 1
capital ratio at December 31, 2013 remained between 9.5% - 10.0%.
Credit Quality
Our adjusted non-performing assets were 0.65% of total assets at
December 31, 2013, a decrease from 1.01% at September 30, 2013 and 1.08%
at December 31, 2012. We recorded a provision for loan and lease losses
of $7 million during the fourth quarter of 2013, an increase of $4
million, or 129%, compared to the third quarter of 2013. The reduction
in non-performing assets and increased provision in the quarter resulted
from the non-core commercial asset sale that closed late in the fourth
quarter.
Net charge-offs during the fourth quarter of 2013 declined to $6 million
from $10 million in the third quarter of 2013, a decline of 35%. On an
annualized basis, net charge-offs for the fourth quarter were 0.20% of
total average loans and leases held for investment, compared to 0.30%
for the third quarter of 2013 and 0.16% for the fourth quarter of 2012.
Income Statement Highlights
Revenue
Revenue for the fourth quarter was $231 million, a decrease of $52
million, or 18%, from $282 million in the third quarter 2013. The
decline was driven primarily by lower gain on sale of loans and lower
MSR valuation allowance recovery, offset by lower interest expense.
Net Interest Income
For the quarter, net interest income decreased by $4 million, or 3%, to
$135 million. This decrease was attributable to lower interest income
resulting from lower loans held for sale and investment securities
average balances. Offsetting these was lower interest expense driven
primarily by a decrease in FHLB advances average balance and rate.
Core net interest margin, which is net interest margin excluding the
impact of $3 million of Tygris acquisition excess accretion, increased
to 3.30% for the fourth quarter from 3.17% in the third quarter. The
increase was driven by a slight improvement in interest-earning asset
yields resulting from higher commercial loan yields, in addition to
lower average wholesale borrowing balances and rate.
Noninterest Income
Noninterest income for the fourth quarter of 2013 decreased by $48
million, or 33%, to $96 million compared to the third quarter of 2013.
This decrease was driven by a $19 million decline in gain on sale of
loans, a $20 million reduction in our MSR valuation allowance recovery,
a $5 million decrease in loan production revenue and reduced other
income.
Noninterest Expense
Noninterest expense for the fourth quarter of 2013 decreased by $29
million, or 13%, to $197 million from $226 million in the third quarter.
Adjusted for the non-recurring expenses in the current and prior quarter
outlined in the table below, noninterest expense decreased by $15
million, or 8%, to $173 million in the fourth quarter. General and
administrative expense, excluding credit-related and consent order
expense, decreased $6 million, or 16%, from the third quarter due to a
$5 million decrease in other expense. Salaries, commissions and employee
benefits decreased by $9 million, or 9%, due to lower staffing levels
and lower variable costs related to origination activity levels.
Occupancy and equipment expense increased $7 million, or 24%, driven by
one-time expenses related to our default servicing platform sale and
mortgage lending capacity adjustments.
|
($ in thousands)
|
Dec 31,
2013
|
|
Sep 30,
2013
|
|
Dec 31,
2012
|
|
Total noninterest expense
|
$
|
197,186
|
|
|
$
|
225,696
|
|
|
$
|
216,997
|
|
Non-recurring expenses
|
|
|
|
|
|
|
Consent order expense
|
7,641
|
|
|
32,475
|
|
|
13,987
|
|
Severance
|
3,825
|
|
|
4,384
|
|
|
—
|
|
Non-core commercial asset sale
|
999
|
|
|
—
|
|
|
—
|
|
Occupancy & equipment
|
7,935
|
|
|
843
|
|
|
—
|
|
Other servicing sale costs
|
4,143
|
|
|
—
|
|
|
—
|
|
Total adjustments
|
24,543
|
|
|
37,702
|
|
|
13,987
|
|
Total NIE, ex-adjustments
|
$
|
172,643
|
|
|
$
|
187,994
|
|
|
$
|
203,010
|
Income Tax Expense
Our effective tax rate for the fourth quarter of 2013 was 30%, compared
to 38% for the third quarter of 2013 and 35% for the fourth quarter 2012.
Segment Analysis for the Fourth Quarter of 2013
-
Banking and Wealth Management adjusted pre-tax income was $93 million,
a 2% increase compared to the prior quarter driven by higher net
interest income resulting from HFI loan growth, and lower noninterest
expense, offset by lower noninterest income.
-
Mortgage Banking had an adjusted pre-tax loss of $19 million, compared
to an adjusted pre-tax loss of $14 million in the prior quarter driven
by lower noninterest income partially offset by lower noninterest
expense.
-
Corporate Services had an adjusted pre-tax loss of $26 million, a 19%
increase compared to the prior quarter driven by higher noninterest
expense.
Dividend
On January 24, 2014, the Company's Board of Directors declared a
quarterly cash dividend of $0.03 per common share, payable on February
22, 2014, to stockholders of record as of February 11, 2014. Also on
January 24, 2014, the Company's Board of Directors declared a quarterly
cash dividend of $421.875, payable on April 7, 2014, for each share of
6.75% Series A Non-Cumulative Perpetual Preferred Stock held as of March
21, 2014.
Conference Call and Webcast
The Company will host a conference call at 8:30 a.m. Eastern Time on
Wednesday, January 29, 2014 to discuss its full year and fourth 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 10039558. 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 January 29, 2014 until February 5, 2014. 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 10039558.
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 $17.6 billion in assets and $13.3
billion in deposits as of December 31, 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.
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; 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; 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.
|
|
|
EverBank Financial Corp and Subsidiaries
Consolidated Balance Sheets (unaudited)
(Dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
December 31,
2013
|
|
December 31,
2012
|
|
Assets
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
46,175
|
|
|
$
|
175,400
|
|
|
Interest-bearing deposits in banks
|
|
801,603
|
|
|
268,514
|
|
|
Total cash and cash equivalents
|
|
847,778
|
|
|
443,914
|
|
|
Investment securities:
|
|
|
|
|
|
Available for sale, at fair value
|
|
1,115,627
|
|
|
1,619,878
|
|
|
Held to maturity (fair value of $107,921 and $146,709 as of December
31, 2013 and 2012, respectively)
|
|
107,312
|
|
|
143,234
|
|
|
Other investments
|
|
128,063
|
|
|
158,172
|
|
|
Total investment securities
|
|
1,351,002
|
|
|
1,921,284
|
|
|
Loans held for sale (includes $672,371 and $1,452,236 carried at
fair value as of December 31, 2013 and 2012, respectively)
|
|
791,382
|
|
|
2,088,046
|
|
|
Loans and leases held for investment:
|
|
|
|
|
|
Loans and leases held for investment, net of unearned income
|
|
13,252,724
|
|
|
12,505,089
|
|
|
Allowance for loan and lease losses
|
|
(63,690
|
)
|
|
(82,102
|
)
|
|
Total loans and leases held for investment, net
|
|
13,189,034
|
|
|
12,422,987
|
|
|
Equipment under operating leases, net
|
|
28,126
|
|
|
50,040
|
|
|
Mortgage servicing rights (MSR), net
|
|
506,680
|
|
|
375,859
|
|
|
Deferred income taxes, net
|
|
51,375
|
|
|
170,877
|
|
|
Premises and equipment, net
|
|
60,733
|
|
|
66,806
|
|
|
Other assets
|
|
814,874
|
|
|
703,065
|
|
|
Total Assets
|
|
$
|
17,640,984
|
|
|
$
|
18,242,878
|
|
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Noninterest-bearing
|
|
$
|
1,076,631
|
|
|
$
|
1,445,783
|
|
|
Interest-bearing
|
|
12,184,709
|
|
|
11,696,605
|
|
|
Total deposits
|
|
13,261,340
|
|
|
13,142,388
|
|
|
Other borrowings
|
|
2,377,000
|
|
|
3,173,021
|
|
|
Trust preferred securities
|
|
103,750
|
|
|
103,750
|
|
|
Accounts payable and accrued liabilities
|
|
277,881
|
|
|
372,543
|
|
|
Total Liabilities
|
|
16,019,971
|
|
|
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 share; 10,000,000
shares authorized and 6,000 issued and outstanding at December 31,
2013 and 2012)
|
|
150,000
|
|
|
150,000
|
|
|
Common Stock, $0.01 par value (500,000,000 shares authorized at
December 31, 2013 and 2012; 122,626,315 and 120,987,955 issued and
outstanding at December 31, 2013 and 2012, respectively)
|
|
1,226
|
|
|
1,210
|
|
|
Additional paid-in capital
|
|
832,351
|
|
|
811,085
|
|
|
Retained earnings
|
|
690,051
|
|
|
575,665
|
|
|
Accumulated other comprehensive income (loss) (AOCI), net of benefit
for income taxes of $32,224 and $53,193 at December 31, 2013 and
2012, respectively
|
|
(52,615
|
)
|
|
(86,784
|
)
|
|
Total Shareholders’ Equity
|
|
1,621,013
|
|
|
1,451,176
|
|
|
Total Liabilities and Shareholders’ Equity
|
|
$
|
17,640,984
|
|
|
$
|
18,242,878
|
|
|
|
|
|
|
|
|
EverBank Financial Corp and Subsidiaries
Consolidated Statements of Income (unaudited)
(Dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Interest Income
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans and leases
|
|
$
|
162,343
|
|
|
$
|
173,619
|
|
|
$
|
678,962
|
|
|
$
|
574,443
|
|
|
Interest and dividends on investment securities
|
|
10,633
|
|
|
18,501
|
|
|
55,072
|
|
|
80,628
|
|
|
Other interest income
|
|
555
|
|
|
147
|
|
|
1,663
|
|
|
485
|
|
|
Total Interest Income
|
|
173,531
|
|
|
192,267
|
|
|
735,697
|
|
|
655,556
|
|
|
Interest Expense
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
23,925
|
|
|
24,901
|
|
|
101,752
|
|
|
88,785
|
|
|
Other borrowings
|
|
14,570
|
|
|
20,373
|
|
|
75,020
|
|
|
52,977
|
|
|
Total Interest Expense
|
|
38,495
|
|
|
45,274
|
|
|
176,772
|
|
|
141,762
|
|
|
Net Interest Income
|
|
135,036
|
|
|
146,993
|
|
|
558,925
|
|
|
513,794
|
|
|
Provision for Loan and Lease Losses
|
|
7,022
|
|
|
10,528
|
|
|
12,038
|
|
|
31,999
|
|
|
Net Interest Income after Provision for Loan and Lease Losses
|
|
128,014
|
|
|
136,465
|
|
|
546,887
|
|
|
481,795
|
|
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
Loan servicing fee income
|
|
48,691
|
|
|
44,884
|
|
|
188,759
|
|
|
175,264
|
|
|
Amortization of mortgage servicing rights
|
|
(25,342
|
)
|
|
(37,660
|
)
|
|
(126,803
|
)
|
|
(137,433
|
)
|
|
Recovery (impairment) of mortgage servicing rights
|
|
14,692
|
|
|
—
|
|
|
94,951
|
|
|
(63,508
|
)
|
|
Net loan servicing income (loss)
|
|
38,041
|
|
|
7,224
|
|
|
156,907
|
|
|
(25,677
|
)
|
|
Gain on sale of loans
|
|
32,867
|
|
|
85,681
|
|
|
242,412
|
|
|
289,532
|
|
|
Loan production revenue
|
|
5,920
|
|
|
16,841
|
|
|
35,986
|
|
|
44,658
|
|
|
Deposit fee income
|
|
3,917
|
|
|
4,712
|
|
|
19,084
|
|
|
21,450
|
|
|
Other lease income
|
|
5,293
|
|
|
8,570
|
|
|
24,681
|
|
|
33,158
|
|
|
Other
|
|
9,671
|
|
|
2,129
|
|
|
40,321
|
|
|
6,651
|
|
|
Total Noninterest Income
|
|
95,709
|
|
|
125,157
|
|
|
519,391
|
|
|
369,772
|
|
|
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
Salaries, commissions and other employee benefits expense
|
|
101,656
|
|
|
103,490
|
|
|
441,736
|
|
|
331,756
|
|
|
Equipment expense
|
|
24,752
|
|
|
20,445
|
|
|
85,920
|
|
|
70,856
|
|
|
Occupancy expense
|
|
11,481
|
|
|
7,596
|
|
|
35,087
|
|
|
25,581
|
|
|
General and administrative expense
|
|
59,297
|
|
|
85,466
|
|
|
285,495
|
|
|
307,377
|
|
|
Total Noninterest Expense
|
|
197,186
|
|
|
216,997
|
|
|
848,238
|
|
|
735,570
|
|
|
Income before Provision for Income Taxes
|
|
26,537
|
|
|
44,625
|
|
|
218,040
|
|
|
115,997
|
|
|
Provision for Income Taxes
|
|
8,086
|
|
|
15,779
|
|
|
81,300
|
|
|
41,955
|
|
|
Net Income
|
|
$
|
18,451
|
|
|
$
|
28,846
|
|
|
$
|
136,740
|
|
|
$
|
74,042
|
|
|
Less: Net Income Allocated to Preferred Stock
|
|
(2,531
|
)
|
|
(1,491
|
)
|
|
(10,125
|
)
|
|
(10,724
|
)
|
|
Net Income Allocated to Common Shareholders
|
|
$
|
15,920
|
|
|
$
|
27,355
|
|
|
$
|
126,615
|
|
|
$
|
63,318
|
|
|
Basic Earnings Per Common Share
|
|
$
|
0.13
|
|
|
$
|
0.23
|
|
|
$
|
1.04
|
|
|
$
|
0.61
|
|
|
Diluted Earnings Per Common Share
|
|
$
|
0.13
|
|
|
$
|
0.22
|
|
|
$
|
1.02
|
|
|
$
|
0.60
|
|
|
Dividends Declared Per Common Share
|
|
$
|
0.03
|
|
|
$
|
0.02
|
|
|
$
|
0.10
|
|
|
$
|
0.04
|
|
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, 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
provide meaningful additional information about 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 thousands, except per share data)
|
|
Dec 31,
2013
|
|
Sep 30,
2013
|
|
Jun 30,
2013
|
|
Mar 31,
2013
|
|
Dec 31,
2012
|
|
Net income
|
|
$
|
18,451
|
|
|
$
|
33,150
|
|
|
$
|
45,993
|
|
|
$
|
39,146
|
|
|
$
|
28,846
|
|
Transaction expense, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
903
|
|
Non-recurring regulatory related expense, net of tax
|
|
4,807
|
|
|
20,203
|
|
|
12,042
|
|
|
11,425
|
|
|
9,564
|
|
Increase (decrease) in Bank of Florida non-accretable discount, net
of tax
|
|
(68
|
)
|
|
(439
|
)
|
|
(538
|
)
|
|
950
|
|
|
486
|
|
Adoption of TDR guidance and policy change, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,709
|
|
MSR impairment (recovery), net of tax
|
|
(9,109
|
)
|
|
(21,783
|
)
|
|
(20,194
|
)
|
|
(7,784
|
)
|
|
—
|
|
Restructuring cost, net of tax
|
|
16,090
|
|
|
3,242
|
|
|
—
|
|
|
—
|
|
|
—
|
|
OTTI credit losses on investment securities (Volcker Rule), net of
tax
|
|
2,045
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Adjusted net income
|
|
$
|
32,216
|
|
|
$
|
34,373
|
|
|
$
|
37,303
|
|
|
$
|
43,737
|
|
|
$
|
43,508
|
|
Adjusted net income allocated to preferred stock
|
|
2,531
|
|
|
2,532
|
|
|
2,531
|
|
|
2,531
|
|
|
1,491
|
|
Adjusted net income allocated to common shareholders
|
|
$
|
29,685
|
|
|
$
|
31,841
|
|
|
$
|
34,772
|
|
|
$
|
41,206
|
|
|
$
|
42,017
|
|
Adjusted net earnings per common share, basic
|
|
$
|
0.24
|
|
|
$
|
0.26
|
|
|
$
|
0.28
|
|
|
$
|
0.34
|
|
|
$
|
0.35
|
|
Adjusted net earnings per common share, diluted
|
|
$
|
0.24
|
|
|
$
|
0.26
|
|
|
$
|
0.28
|
|
|
$
|
0.33
|
|
|
$
|
0.34
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
(units in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
122,595
|
|
|
122,509
|
|
|
122,281
|
|
|
121,583
|
|
|
120,773
|
|
Diluted
|
|
124,420
|
|
|
124,124
|
|
|
124,034
|
|
|
123,439
|
|
|
122,807
|
|
Tangible Equity, Tangible Common Equity and Tangible Assets
|
|
(dollars in thousands)
|
|
Dec 31,
2013
|
|
Sep 30,
2013
|
|
Jun 30,
2013
|
|
Mar 31,
2013
|
|
Dec 31,
2012
|
|
Shareholders’ equity
|
|
$
|
1,621,013
|
|
|
$
|
1,602,913
|
|
|
$
|
1,549,383
|
|
|
$
|
1,504,442
|
|
|
$
|
1,451,176
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
46,859
|
|
|
46,859
|
|
|
46,859
|
|
|
46,859
|
|
|
46,859
|
|
|
Intangible assets
|
|
5,813
|
|
|
6,340
|
|
|
6,867
|
|
|
7,394
|
|
|
7,921
|
|
|
Tangible equity
|
|
1,568,341
|
|
|
1,549,714
|
|
|
1,495,657
|
|
|
1,450,189
|
|
|
1,396,396
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
Perpetual preferred stock
|
|
150,000
|
|
|
150,000
|
|
|
150,000
|
|
|
150,000
|
|
|
150,000
|
|
|
Tangible common equity
|
|
$
|
1,418,341
|
|
|
$
|
1,399,714
|
|
|
$
|
1,345,657
|
|
|
$
|
1,300,189
|
|
|
$
|
1,246,396
|
|
|
Total assets
|
|
$
|
17,640,984
|
|
|
$
|
17,612,089
|
|
|
$
|
18,362,872
|
|
|
$
|
18,306,488
|
|
|
$
|
18,242,878
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
46,859
|
|
|
46,859
|
|
|
46,859
|
|
|
46,859
|
|
|
46,859
|
|
|
Intangible assets
|
|
5,813
|
|
|
6,340
|
|
|
6,867
|
|
|
7,394
|
|
|
7,921
|
|
|
Tangible assets
|
|
$
|
17,588,312
|
|
|
$
|
17,558,890
|
|
|
$
|
18,309,146
|
|
|
$
|
18,252,235
|
|
|
$
|
18,188,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital (bank level)
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
Dec 31,
2013
|
|
Sep 30,
2013
|
|
Jun 30,
2013
|
|
Mar 31,
2013
|
|
Dec 31,
2012
|
|
Shareholders’ equity
|
|
$
|
1,662,164
|
|
|
$
|
1,648,152
|
|
|
$
|
1,598,419
|
|
|
$
|
1,560,001
|
|
|
$
|
1,518,934
|
|
|
Less: Goodwill and other intangibles
|
|
(51,072
|
)
|
|
(51,436
|
)
|
|
(51,807
|
)
|
|
(52,089
|
)
|
|
(54,780
|
)
|
|
Disallowed servicing asset
|
|
(20,469
|
)
|
|
(39,658
|
)
|
|
(36,182
|
)
|
|
(31,585
|
)
|
|
(32,378
|
)
|
|
Disallowed deferred tax asset
|
|
(63,749
|
)
|
|
(64,462
|
)
|
|
(65,406
|
)
|
|
(66,351
|
)
|
|
(67,296
|
)
|
|
Add: Accumulated losses on securities
and cash flow
hedges
|
|
50,608
|
|
|
54,392
|
|
|
78,181
|
|
|
77,073
|
|
|
83,477
|
|
|
Tier 1 capital
|
|
1,577,482
|
|
|
1,546,988
|
|
|
1,523,205
|
|
|
1,487,049
|
|
|
1,447,957
|
|
|
Add: Allowance for loan and lease losses
|
|
63,690
|
|
|
66,991
|
|
|
73,469
|
|
|
77,067
|
|
|
82,102
|
|
|
Total regulatory capital
|
|
$
|
1,641,172
|
|
|
$
|
1,613,979
|
|
|
$
|
1,596,674
|
|
|
$
|
1,564,116
|
|
|
$
|
1,530,059
|
|
|
Adjusted total assets
|
|
$
|
17,554,236
|
|
|
$
|
17,510,528
|
|
|
$
|
18,287,359
|
|
|
$
|
18,234,886
|
|
|
$
|
18,141,856
|
|
|
Risk-weighted assets
|
|
11,467,411
|
|
|
11,120,048
|
|
|
11,656,698
|
|
|
11,406,725
|
|
|
11,339,415
|
|
|
EverBank Financial Corp and Subsidiaries
|
|
Non-Performing Assets(1)
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
December 31,
2013
|
|
September 30,
2013
|
|
June 30,
2013
|
|
March 31,
2013
|
|
December 31,
2012
|
|
Non-accrual loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgages
|
|
$
|
59,526
|
|
|
$
|
60,066
|
|
|
$
|
64,230
|
|
|
$
|
69,876
|
|
|
$
|
73,752
|
|
|
Commercial and commercial real estate
|
|
18,569
|
|
|
76,662
|
|
|
60,636
|
|
|
63,924
|
|
|
76,289
|
|
|
Lease financing receivables
|
|
4,527
|
|
|
4,171
|
|
|
2,601
|
|
|
2,791
|
|
|
2,010
|
|
|
Home equity lines
|
|
3,270
|
|
|
4,164
|
|
|
4,368
|
|
|
4,513
|
|
|
4,246
|
|
|
Consumer and credit card
|
|
18
|
|
|
15
|
|
|
243
|
|
|
364
|
|
|
332
|
|
|
Total non-accrual loans and leases
|
|
85,910
|
|
|
145,078
|
|
|
132,078
|
|
|
141,468
|
|
|
156,629
|
|
|
Accruing loans 90 days or more past due
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total non-performing loans (NPL)
|
|
85,910
|
|
|
145,078
|
|
|
132,078
|
|
|
141,468
|
|
|
156,629
|
|
|
Other real estate owned (OREO)
|
|
29,034
|
|
|
32,108
|
|
|
36,528
|
|
|
39,576
|
|
|
40,492
|
|
|
Total non-performing assets (NPA)
|
|
114,944
|
|
|
177,186
|
|
|
168,606
|
|
|
181,044
|
|
|
197,121
|
|
|
Troubled debt restructurings (TDR) less than 90 days past due
|
|
76,913
|
|
|
79,664
|
|
|
82,236
|
|
|
88,888
|
|
|
90,094
|
|
|
Total NPA and TDR(1)
|
|
$
|
191,857
|
|
|
$
|
256,850
|
|
|
$
|
250,842
|
|
|
$
|
269,932
|
|
|
$
|
287,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total NPA and TDR
|
|
$
|
191,857
|
|
|
$
|
256,850
|
|
|
$
|
250,842
|
|
|
$
|
269,932
|
|
|
$
|
287,215
|
|
|
Government-insured 90 days or more past due still accruing
|
|
1,039,541
|
|
|
1,147,795
|
|
|
1,405,848
|
|
|
1,547,995
|
|
|
1,729,877
|
|
|
Loans accounted for under ASC 310-30:
|
|
|
|
|
|
|
|
|
|
|
|
90 days or more past due
|
|
10,083
|
|
|
45,104
|
|
|
54,054
|
|
|
67,630
|
|
|
79,984
|
|
|
OREO
|
|
—
|
|
|
21,240
|
|
|
21,194
|
|
|
22,955
|
|
|
16,528
|
|
|
Total regulatory NPA and TDR
|
|
$
|
1,241,481
|
|
|
$
|
1,470,989
|
|
|
$
|
1,731,938
|
|
|
$
|
1,908,512
|
|
|
$
|
2,113,604
|
|
|
Adjusted credit quality ratios excluding government-insured loans
and loans accounted for under ASC 310-30:(1)
|
|
|
|
|
|
|
|
|
|
|
|
NPL to total loans
|
|
0.61
|
%
|
|
1.07
|
%
|
|
0.89
|
%
|
|
0.97
|
%
|
|
1.08
|
%
|
|
NPA to total assets
|
|
0.65
|
%
|
|
1.01
|
%
|
|
0.92
|
%
|
|
0.99
|
%
|
|
1.08
|
%
|
|
NPA and TDR to total assets
|
|
1.09
|
%
|
|
1.46
|
%
|
|
1.37
|
%
|
|
1.47
|
%
|
|
1.57
|
%
|
|
Credit quality ratios including government-insured loans and loans
accounted for under ASC 310-30:
|
|
|
|
|
|
|
|
|
|
|
|
NPL to total loans
|
|
8.12
|
%
|
|
9.87
|
%
|
|
10.76
|
%
|
|
12.04
|
%
|
|
13.55
|
%
|
|
NPA to total assets
|
|
6.60
|
%
|
|
7.90
|
%
|
|
8.98
|
%
|
|
9.94
|
%
|
|
11.09
|
%
|
|
NPA and TDR to total assets
|
|
7.04
|
%
|
|
8.35
|
%
|
|
9.43
|
%
|
|
10.43
|
%
|
|
11.59
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
(dollars in thousands)
|
|
Banking and
Wealth
Management
|
|
Mortgage
Banking
|
|
Corporate
Services
|
|
Eliminations
|
|
Consolidated
|
|
Three Months Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
127,799
|
|
|
$
|
8,815
|
|
|
$
|
(1,578
|
)
|
|
$
|
—
|
|
|
$
|
135,036
|
|
|
Provision for loan and lease losses
|
|
4,943
|
|
|
2,079
|
|
|
—
|
|
|
—
|
|
|
7,022
|
|
|
Net interest income after provision for loan and lease losses
|
|
122,856
|
|
|
6,736
|
|
|
(1,578
|
)
|
|
—
|
|
|
128,014
|
|
|
Noninterest income
|
|
18,538
|
|
|
77,030
|
|
|
141
|
|
|
—
|
|
|
95,709
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosure and OREO expense
|
|
3,399
|
|
|
5,787
|
|
|
—
|
|
|
—
|
|
|
9,186
|
|
|
Other credit-related expenses
|
|
1,173
|
|
|
6,809
|
|
|
—
|
|
|
—
|
|
|
7,982
|
|
|
All other noninterest expense
|
|
53,122
|
|
|
102,685
|
|
|
24,211
|
|
|
—
|
|
|
180,018
|
|
|
Income (loss) before income tax
|
|
83,700
|
|
|
(31,515
|
)
|
|
(25,648
|
)
|
|
—
|
|
|
26,537
|
|
|
Adjustment items (pre-tax):
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in Bank of Florida non-accretable discount
|
|
(111
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(111
|
)
|
|
MSR impairment (recovery)
|
|
—
|
|
|
(14,692
|
)
|
|
—
|
|
|
—
|
|
|
(14,692
|
)
|
|
OTTI credit losses on investment securities (Volcker Rule)
|
|
3,298
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,298
|
|
|
Restructuring cost
|
|
6,432
|
|
|
19,700
|
|
|
(178
|
)
|
|
—
|
|
|
25,954
|
|
|
Transaction and non-recurring regulatory related expense
|
|
—
|
|
|
7,669
|
|
|
84
|
|
|
—
|
|
|
7,753
|
|
|
Adjusted income (loss) before income tax
|
|
93,319
|
|
|
(18,838
|
)
|
|
(25,742
|
)
|
|
—
|
|
|
48,739
|
|
|
Total assets as of December 31, 2013
|
|
15,904,935
|
|
|
1,748,458
|
|
|
236,313
|
|
|
(248,722
|
)
|
|
17,640,984
|
|
|
Three Months Ended September 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
125,545
|
|
|
$
|
14,889
|
|
|
$
|
(1,578
|
)
|
|
$
|
—
|
|
|
$
|
138,856
|
|
|
Provision for loan and lease losses
|
|
1,216
|
|
|
1,852
|
|
|
—
|
|
|
—
|
|
|
3,068
|
|
|
Net interest income after provision for loan and lease losses
|
|
124,329
|
|
|
13,037
|
|
|
(1,578
|
)
|
|
—
|
|
|
135,788
|
|
|
Noninterest income
|
|
32,937
|
|
|
110,479
|
|
|
153
|
|
|
—
|
|
|
143,569
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosure and OREO expense
|
|
6,354
|
|
|
1,870
|
|
|
—
|
|
|
—
|
|
|
8,224
|
|
|
Other credit-related expenses
|
|
533
|
|
|
3,099
|
|
|
—
|
|
|
—
|
|
|
3,632
|
|
|
All other noninterest expense
|
|
60,341
|
|
|
132,312
|
|
|
21,187
|
|
|
—
|
|
|
213,840
|
|
|
Income (loss) before income tax
|
|
90,038
|
|
|
(13,765
|
)
|
|
(22,612
|
)
|
|
—
|
|
|
53,661
|
|
|
Adjustment items (pre-tax):
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in Bank of Florida non-accretable discount
|
|
(708
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(708
|
)
|
|
MSR impairment (recovery)
|
|
—
|
|
|
(35,132
|
)
|
|
—
|
|
|
—
|
|
|
(35,132
|
)
|
|
Restructuring cost
|
|
1,901
|
|
|
2,527
|
|
|
799
|
|
|
—
|
|
|
5,227
|
|
|
Transaction and non-recurring regulatory related expense
|
|
—
|
|
|
32,437
|
|
|
148
|
|
|
—
|
|
|
32,585
|
|
|
Adjusted income (loss) before income tax
|
|
91,231
|
|
|
(13,933
|
)
|
|
(21,665
|
)
|
|
—
|
|
|
55,633
|
|
|
Total assets as of September 30, 2013
|
|
15,502,004
|
|
|
2,106,162
|
|
|
213,745
|
|
|
(209,822
|
)
|
|
17,612,089
|
|
|
Three Months Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
135,686
|
|
|
$
|
12,531
|
|
|
$
|
(1,224
|
)
|
|
$
|
—
|
|
|
$
|
146,993
|
|
|
Provision for loan and lease losses
|
|
8,866
|
|
|
1,662
|
|
|
—
|
|
|
—
|
|
|
10,528
|
|
|
Net interest income after provision for loan and lease losses
|
|
126,820
|
|
|
10,869
|
|
|
(1,224
|
)
|
|
—
|
|
|
136,465
|
|
|
Noninterest income
|
|
34,057
|
|
|
91,012
|
|
|
88
|
|
|
—
|
|
|
125,157
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
Foreclosure and OREO expense
|
|
7,246
|
|
|
1,572
|
|
|
—
|
|
|
—
|
|
|
8,818
|
|
|
Other credit-related expenses
|
|
1,387
|
|
|
5,062
|
|
|
—
|
|
|
—
|
|
|
6,449
|
|
|
All other noninterest expense
|
|
74,435
|
|
|
87,180
|
|
|
40,115
|
|
|
—
|
|
|
201,730
|
|
|
Income (loss) before income tax
|
|
77,809
|
|
|
8,067
|
|
|
(41,251
|
)
|
|
—
|
|
|
44,625
|
|
|
Adjustment items (pre-tax):
|
|
|
|
|
|
|
|
|
|
|
|
Increase in Bank of Florida non-accretable discount
|
|
784
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
784
|
|
|
Adoption of TDR guidance and policy change
|
|
5,982
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,982
|
|
|
Transaction and non-recurring regulatory related expense
|
|
—
|
|
|
12,276
|
|
|
4,606
|
|
|
—
|
|
|
16,882
|
|
|
Adjusted income (loss) before income tax
|
|
84,575
|
|
|
20,343
|
|
|
(36,645
|
)
|
|
—
|
|
|
68,273
|
|
|
Total assets as of December 31, 2012
|
|
16,119,927
|
|
|
2,127,100
|
|
|
166,234
|
|
|
(170,383
|
)
|
|
18,242,878
|
|
Copyright Business Wire 2014