TIAA FSB Holdings, Inc. - FORM 8-K - EX-99.2 - SUPPLEMENTAL TABLES

Attached files

file	filename
8-K - 8-K - TIAA FSB Holdings, Inc.	a8-kearningsrelease33114.htm
EX-99.3 - SUPPLEMENTAL PRESENTATION - TIAA FSB Holdings, Inc.	a1q14earningssupplementv.htm
EX-99.1 - PRESS RELEASE - TIAA FSB Holdings, Inc.	ex991pressrelease33114.htm

Exhibit 99.2

EverBank Financial Corp and Subsidiaries

Quarterly Financial Tables

March 31, 2014

Table of Contents



Table 1	Financial Highlights

Table 2	Consolidated Statements of Income

Table 3	Consolidated Balance Sheets

Table 4	Average Balances and Interest Rates

Table 5	General and Administrative Expense

Table 6a	Investment Securities

Table 6b	Loans and Leases Held for Investment

Table 6c	Deposits

Table 7	Non-Performing Assets

Table 8	Credit Reserves

	Table 8a	Allowance for Loan and Lease Losses Activity
	Table 8b	Allowance for Loan and Lease Losses Ratio
	Table 8c	Reserves for Repurchase Obligations for Loans Sold or Securitized
	Table 8d	Reserves for Repurchase Obligations for Loans Serviced

Table 9	Business Segments Selected Financial Information

Table 10	Reconciliation of Non-GAAP Measures

	Table 10a	Adjusted Net Income
	Table 10b	Tangible Equity, Tangible Common Equity and Tangible Assets
	Table 10c	Regulatory Capital (bank level)



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, 2014			Dec 31, 2013			Mar 31, 2013
Operating Results:
Total revenue	$	215,428		$	230,745		$	277,125
Net interest income	130,844			135,036			143,816
Provision for loan and lease losses	3,071			7,022			1,919
Noninterest income	84,584			95,709			133,309
Noninterest expense	161,212			197,186			211,816
Net income	31,760			18,451			39,146
Net earnings per common share, basic	0.24			0.13			0.30
Net earnings per common share, diluted	0.23			0.13			0.30
Performance Metrics:
Adjusted net income⁽¹⁾	$	30,103		$	32,216		$	43,737
Adjusted net earnings per common share, basic⁽²⁾	0.22			0.24			0.34
Adjusted net earnings per common share, diluted⁽²⁾	0.22			0.24			0.33
Yield on interest-earning assets	4.33		%	4.35		%	4.47		%
Cost of interest-bearing liabilities	1.08		%	1.08		%	1.23		%
Net interest spread	3.25		%	3.27		%	3.24		%
Net interest margin	3.41		%	3.37		%	3.42		%
Return on average assets	0.75		%	0.43		%	0.85		%
Return on average equity⁽³⁾	7.91		%	4.35		%	11.04		%
Adjusted return on average assets⁽⁴⁾	0.71		%	0.74		%	0.95		%
Adjusted return on average equity⁽⁵⁾	7.46		%	8.12		%	12.42		%
Credit Quality Ratios:
Adjusted non-performing assets as a percentage of total assets⁽⁶⁾	0.62		%	0.65		%	0.99		%
Net charge-offs to average loans held for investment	0.12		%	0.20		%	0.23		%
ALLL as a percentage of loans and leases held for investment	0.45		%	0.48		%	0.63		%
Capital Ratios:
Tier 1 leverage ratio (bank level)⁽⁷⁾	9.1		%	9.0		%	8.2		%
Tier 1 risk-based capital ratio (bank level)⁽⁸⁾	13.8		%	13.8		%	13.0		%
Total risk-based capital ratio (bank level)⁽⁹⁾	14.3		%	14.3		%	13.7		%
Tangible common equity to tangible assets⁽¹⁰⁾	8.2		%	8.1		%	7.1		%
Tangible equity to tangible assets⁽¹¹⁾	9.1		%	8.9		%	7.9		%
Deposit Metrics:
Deposit growth (trailing 12 months)	(2.8		)%	0.9		%	29.6		%
Banking and Wealth Management Metrics:
Efficiency ratio⁽¹²⁾	35.1		%	39.4		%	52.3		%
Mortgage Banking Metrics:
Unpaid principal balance of loans originated	$	1,696,927		$	1,987,975		$	2,898,407
Unpaid principal balance of loans serviced for the Company and others	60,677,571			61,035,320			50,809,825
Tangible Common Equity Per Common Share⁽¹³⁾	11.78			11.57			10.65
Market Price Per Share of Common Stock:
Closing	$	19.73		$	18.34		$	15.40
High	20.00			18.75			17.29
Low	16.40			13.99			12.75
Period End Balance Sheet Data:
Cash and cash equivalents	$	499,829		$	847,778		$	593,396
Investment securities	1,358,548			1,351,002			1,765,590
Loans held for sale	596,729			791,382			2,416,599
Loans and leases held for investment, net	13,801,140			13,189,034			12,178,227
Total assets	17,630,948			17,640,984			18,306,488
Deposits	13,288,411			13,261,340			13,674,366
Total liabilities	15,983,309			16,019,971			16,802,046
Total shareholders’ equity	1,647,639			1,621,013			1,504,442

See Notes to Financial Highlights

EverBank Financial Corp and Subsidiaries

Financial Highlights - Notes


(1)	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.

(2)

Both basic and diluted adjusted net earnings per common share are calculated using a numerator based on adjusted net income. Adjusted net earnings per common share, basic is a non-GAAP financial measure and its most directly comparable GAAP measure is net earnings per common share, basic. 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.


(3)	Return on average equity is calculated as net income less dividends declared on the Series A 6.75% Non-Cumulative Perpetual Preferred Stock divided by average common shareholders' equity (average shareholders' equity less average Series A 6.75% Non-Cumulative Perpetual Preferred Stock).


(4)	Adjusted return on average assets equals adjusted net income divided by average total assets. 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 net income to adjusted net income, see Table 10a.

(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 net income to adjusted net income, see Table 10a.

(6)

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 7.


(7)	Calculated as Tier 1 capital divided by adjusted total assets. Total assets are adjusted for goodwill, deferred tax assets disallowed from Tier 1 capital and other regulatory adjustments. For more detailed information on regulatory capital, see Table 10c.

(8)

Calculated as Tier 1 capital divided by total 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 more detailed information on regulatory capital, see Table 10c.


(9)	Calculated as total risk-based capital divided by total risk-weighted assets. Risk-based capital includes Tier 1 capital, allowance for loan and lease losses, subject to limitations, and other regulatory adjustments. For more detailed information on regulatory capital, see Table 10c.

(10)

Calculated as tangible common shareholders' equity divided by tangible assets, after deducting goodwill, intangible assets and perpetual preferred stock from the numerator and goodwill and intangible assets from the denominator. Tangible common equity to tangible assets is a non-GAAP financial measure, and the most directly comparable GAAP financial measure for tangible common equity is shareholders' equity and the most directly comparable GAAP financial measure for tangible assets is total assets. For a reconciliation tangible common equity to shareholders' equity and a reconciliation of tangible assets to total assets, see Table 10b.

(11)

Calculated as tangible shareholders' equity divided by tangible assets, after deducting goodwill and intangible assets from both the numerator and the denominator. Tangible equity to tangible assets is a non-GAAP financial measure, and the most directly comparable GAAP financial measure for tangible equity is shareholders' equity and the most directly comparable GAAP financial measure for tangible assets is total assets. For a reconciliation tangible equity to shareholders' equity and a reconciliation of tangible assets to total assets, see Table 10b.

(12)

The efficiency ratio represents noninterest expense from our Banking and Wealth Management segment as a percentage of total revenues from our Banking and Wealth Management segment. We use the efficiency ratio to measure noninterest costs expended to generate a dollar of revenue. Because of the significant costs we incur and fees we generate from activities related to our mortgage production and servicing operations, we believe the efficiency ratio is a more meaningful metric when evaluated within our Banking and Wealth Management segment.

(13)

Calculated as tangible common shareholders' equity divided by shares of common stock. Tangible common shareholders' equity equals shareholders' equity less goodwill, other intangible assets and perpetual preferred stock (see Table 10b). Tangible common equity per common share is calculated using a denominator that includes actual period end common shares outstanding. Tangible common equity per common share is a non-GAAP financial measure, and its most directly comparable GAAP financial measure is book value per common share.



EverBank Financial Corp and Subsidiaries
Consolidated Statements of Income							Table 2
	Three Months Ended
(dollars in thousands, except per share data)	Mar 31, 2014			Dec 31, 2013			Mar 31, 2013
Interest Income
Interest and fees on loans and leases	$	158,470		$	162,343		$	173,786
Interest and dividends on investment securities	9,831			10,633			16,250
Other interest income	162			555			298
Total interest income	168,463			173,531			190,334
Interest Expense
Deposits	22,607			23,925			26,823
Other borrowings	15,012			14,570			19,695
Total interest expense	37,619			38,495			46,518
Net Interest Income	130,844			135,036			143,816
Provision for loan and lease losses	3,071			7,022			1,919
Net Interest Income after Provision for Loan and Lease Losses	127,773			128,014			141,897
Noninterest Income
Loan servicing fee income	46,617			48,691			42,163
Amortization of mortgage servicing rights	(20,572		)	(25,342		)	(35,078		)
Recovery (impairment) of mortgage servicing rights	4,941			14,692			12,555
Net loan servicing income	30,986			38,041			19,640
Gain on sale of loans	33,851			32,867			82,311
Loan production revenue	4,579			5,920			9,489
Deposit fee income	3,335			3,917			5,925
Other lease income	4,905			5,293			6,411
Other	6,928			9,671			9,533
Total noninterest income	84,584			95,709			133,309
Noninterest Expense
Salaries, commissions and other employee benefits expense	97,694			101,656			110,479
Equipment expense	18,648			24,752			19,852
Occupancy expense	8,072			11,481			7,384
General and administrative expense	36,798			59,297			74,101
Total noninterest expense	161,212			197,186			211,816
Income before Income Taxes	51,145			26,537			63,390
Provision for Income Taxes	19,385			8,086			24,244
Net Income	$	31,760		$	18,451		$	39,146
Net Income Allocated to Preferred Stock	2,531			2,531			2,531
Net Income Allocated to Common Shareholders	$	29,229		$	15,920		$	36,615
Net Earnings per Common Share, Basic	$	0.24		$	0.13		$	0.30
Net Earnings per Common Share, Diluted	$	0.23		$	0.13		$	0.30
Dividends Declared per Common Share	$	0.03		$	0.03		$	0.02
Dividend payout ratio⁽¹⁾	12.50		%	23.08		%	6.67		%
Weighted Average Common Shares Outstanding
(units in thousands)
Basic	122,684			122,595			121,583
Diluted	125,038			124,420			123,439


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



EverBank Financial Corp and Subsidiaries
Consolidated Balance Sheets													Table 3
(dollars in thousands)	Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			Jun 30, 2013			Mar 31, 2013
Assets
Cash and due from banks	$	60,587		$	46,175		$	109,471		$	40,841		$	44,938
Interest-bearing deposits in banks	439,242			801,603			978,464			448,746			548,458
Total cash and cash equivalents	499,829			847,778			1,087,935			489,587			593,396
Investment securities:
Available for sale, at fair value	1,118,646			1,115,627			1,205,340			1,357,752			1,497,278
Held to maturity	116,984			107,312			109,245			115,319			124,242
Other investments	122,918			128,063			106,450			142,225			144,070
Total investment securities	1,358,548			1,351,002			1,421,035			1,615,296			1,765,590
Loans held for sale	596,729			791,382			1,059,947			2,000,390			2,416,599
Loans and leases held for investment:
Loans and leases held for investment, net of unearned income	13,864,109			13,252,724			12,562,967			12,867,388			12,255,294
Allowance for loan and lease losses	(62,969		)	(63,690		)	(66,991		)	(73,469		)	(77,067		)
Total loans and leases held for investment, net	13,801,140			13,189,034			12,495,976			12,793,919			12,178,227
Equipment under operating leases, net	24,170			28,126			34,918			39,850			44,863
Mortgage servicing rights (MSR), net	446,493			506,680			501,494			462,718			375,641
Deferred income taxes, net	42,140			51,375			92,253			139,814			164,053
Premises and equipment, net	60,654			60,733			67,282			65,930			65,746
Other assets	801,245			814,874			851,249			755,368			702,373
Total Assets	$	17,630,948		$	17,640,984		$	17,612,089		$	18,362,872		$	18,306,488
Liabilities
Deposits:
Noninterest-bearing	$	1,054,796		$	1,076,631		$	1,365,655		$	1,205,326		$	1,287,292
Interest-bearing	12,233,615			12,184,709			12,262,021			12,464,540			12,387,074
Total deposits	13,288,411			13,261,340			13,627,676			13,669,866			13,674,366
Other borrowings	2,377,000			2,377,000			1,872,700			2,667,700			2,707,331
Trust preferred securities	103,750			103,750			103,750			103,750			103,750
Accounts payable and accrued liabilities	214,148			277,881			405,050			372,173			316,599
Total Liabilities	15,983,309			16,019,971			16,009,176			16,813,489			16,802,046
Shareholders’ Equity
Series A 6.75% Non-Cumulative Perpetual Preferred Stock	150,000			150,000			150,000			150,000			150,000
Common Stock	1,227			1,226			1,225			1,224			1,221
Additional paid-in capital	834,460			832,351			830,758			827,682			823,696
Retained earnings	715,599			690,051			677,809			650,866			609,849
Accumulated other comprehensive loss	(53,647		)	(52,615		)	(56,879		)	(80,389		)	(80,324		)
Total Shareholders’ Equity	1,647,639			1,621,013			1,602,913			1,549,383			1,504,442
Total Liabilities and Shareholders’ Equity	$	17,630,948		$	17,640,984		$	17,612,089		$	18,362,872		$	18,306,488



EverBank Financial Corp and Subsidiaries
Average Balances and Interest Rates													Table 4
	Three Months Ended March 31, 2014						Three Months Ended December 31, 2013						Three Months Ended March 31, 2013
(dollars in thousands)	Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate
Assets:
Interest-earning assets:
Cash and cash equivalents	$	260,265	$	162	0.25	%	$	677,816	$	555	0.32	%	$	550,683	$	298	0.22	%
Investment securities	1,236,352		9,586		3.10	%	1,280,490		9,868		3.08	%	1,712,705		15,489		3.62	%
Other investments	109,685		245		0.91	%	100,991		765		3.01	%	138,617		761		2.23	%
Loans held for sale	911,273		8,593		3.77	%	1,095,039		10,499		3.84	%	2,428,324		20,309		3.35	%
Loans and leases held for investment:
Residential mortgages	7,061,050		72,526		4.11	%	6,708,177		66,441		3.96	%	6,547,768		70,579		4.31	%
Commercial and commercial real estate	4,600,544		57,837		5.03	%	4,727,770		65,653		5.50	%	4,627,274		61,264		5.30	%
Lease financing receivables	1,246,386		18,154		5.83	%	1,139,458		17,702		6.21	%	860,986		19,413		9.02	%
Home equity lines	149,733		1,054		2.85	%	153,693		1,758		4.54	%	176,682		2,152		4.94	%
Consumer and credit card	5,511		306		22.52	%	5,907		290		19.48	%	7,204		69		3.88	%
Total loans and leases held for investment	13,063,224		149,877		4.59	%	12,735,005		151,844		4.75	%	12,219,914		153,477		5.02	%
Total interest-earning assets	15,580,799		$	168,463	4.33	%	15,889,341		$	173,531	4.35	%	17,050,243		$	190,334	4.47	%
Noninterest-earning assets	1,430,854						1,448,507						1,341,095
Total assets	$	17,011,653					$	17,337,848					$	18,391,338
Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,975,863	$	4,366	0.60	%	$	3,007,788	$	4,648	0.61	%	$	2,809,317	$	5,458	0.79	%
Market-based money market accounts	411,610		619		0.61	%	415,044		638		0.61	%	431,542		838		0.79	%
Savings and money market accounts, excluding market-based	5,101,516		7,661		0.61	%	5,146,538		8,196		0.63	%	4,684,683		9,034		0.78	%
Market-based time	586,588		1,083		0.75	%	617,852		1,160		0.74	%	725,629		1,571		0.88	%
Time, excluding market-based	2,876,480		8,878		1.25	%	2,982,419		9,283		1.23	%	3,795,298		9,922		1.06	%
Total deposits	11,952,057		22,607		0.77	%	12,169,641		23,925		0.78	%	12,446,469		26,823		0.87	%
Borrowings:
Trust preferred securities	103,750		1,644		6.43	%	103,750		1,648		6.30	%	103,750		1,642		6.42	%
FHLB advances	1,958,449		13,368		2.73	%	1,751,401		12,922		2.89	%	2,594,940		17,831		2.75	%
Repurchase agreements	—		—		0.00	%	—		—		0.00	%	56,605		222		1.59	%
Other	24,001		—		0.00	%	6,000		—		0.00	%	—		—		0.00	%
Total interest-bearing liabilities	14,038,257		37,619		1.08	%	14,030,792		38,495		1.08	%	15,201,764		46,518		1.23	%
Noninterest-bearing demand deposits	1,081,435						1,366,135						1,377,102
Other noninterest-bearing liabilities	263,745						327,873						335,459
Total liabilities	15,383,437						15,724,800						16,914,325
Total shareholders’ equity	1,628,216						1,613,048						1,477,013
Total liabilities and shareholders’ equity	$	17,011,653					$	17,337,848					$	18,391,338
Net interest income/spread			$	130,844	3.25	%			$	135,036	3.27	%			$	143,816	3.24	%
Net interest margin					3.41	%					3.37	%					3.42	%

Memo: Total deposits including noninterest-bearing	$	13,033,492	$	22,607	0.71	%	$	13,535,776	$	23,925	0.70	%	$	13,823,571	$	26,823	0.79	%


(1)	The average balances are principally daily averages, and, for loans, include both performing and non-performing balances.


(2)	Interest income on loans includes the effects of discount accretion and net deferred loan origination costs accounted for as yield adjustments.


(3)	All interest income was fully taxable for all periods presented.



EverBank Financial Corp and Subsidiaries
General and Administrative Expense										Table 5
	Three Months Ended
(dollars in thousands)	March 31, 2014			December 31, 2013		September 30, 2013		June 30, 2013		March 31, 2013
Legal and professional fees, excluding consent order expense	$	7,116		$	9,238	$	7,158	$	7,363	$	7,023
Credit-related expenses:
Foreclosure and OREO expense	8,693			9,186		8,224		9,614		7,027
Other credit-related expenses	(1,086		)	7,982		3,632		1,850		2,328
FDIC premium assessment and other agency fees	(443		)	6,089		6,708		8,358		13,702
Advertising and marketing expense	4,431			5,984		6,516		6,320		10,381
Loan origination expense, net of deferred cost	367			345		1,106		1,033		1,807
Portfolio expense	1,572			2,389		3,875		3,183		3,275
Consent order expense	756			7,641		32,475		19,292		12,931
Other	15,392			10,443		15,574		9,816		15,627
Total general and administrative expense	$	36,798		$	59,297	$	85,268	$	66,829	$	74,101



EverBank Financial Corp and Subsidiaries

Investment Securities													Table 6a
(dollars in thousands)	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Available for sale (at fair value):
Residential collateralized mortgage obligation (CMO) securities - nonagency	$	1,111,477		$	1,109,271		$	1,200,685		$	1,351,318		$	1,489,677
Other	7,169			6,356			4,655			6,434			7,601
Total investment securities available for sale	1,118,646			1,115,627			1,205,340			1,357,752			1,497,278
Held to maturity (at amortized cost):
Residential CMO securities - agency	38,289			41,347			44,707			61,526			80,203
Residential mortgage-backed securities (MBS) - agency	78,695			65,965			59,551			48,806			39,052
Other	—			—			4,987			4,987			4,987
Total investment securities held to maturity	116,984			107,312			109,245			115,319			124,242
Other investments	122,918			128,063			106,450			142,225			144,070
Total investment securities	$	1,358,548		$	1,351,002		$	1,421,035		$	1,615,296		$	1,765,590

Loans and Leases Held for Investment													Table 6b
(dollars in thousands)	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Residential mortgages	$	7,599,826		$	7,044,743		$	6,698,614		$	6,586,116		$	6,279,655
Commercial and commercial real estate	4,819,020			4,812,970			4,608,487			5,090,332			4,883,330
Lease financing receivables	1,292,750			1,237,941			1,092,866			1,014,996			911,371
Home equity lines	147,086			151,916			156,977			169,296			173,704
Consumer and credit card	5,427			5,154			6,023			6,648			7,234
Loans and leases held for investment, net of unearned income	13,864,109			13,252,724			12,562,967			12,867,388			12,255,294
Allowance for loan and lease losses	(62,969		)	(63,690		)	(66,991		)	(73,469		)	(77,067		)
Total loans and leases held for investment, net	$	13,801,140		$	13,189,034		$	12,495,976		$	12,793,919		$	12,178,227
The balances presented above include:
Net purchased loan and lease discounts	$	79,905		$	102,416		$	120,321		$	130,880		$	146,666
Net deferred loan and lease origination costs	$	64,688		$	54,107		$	45,315		$	37,232		$	25,889

Deposits													Table 6c
(dollars in thousands)	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Noninterest-bearing demand	$	1,054,796		$	1,076,631		$	1,365,655		$	1,205,326		$	1,287,292
Interest-bearing demand	2,961,831			3,006,401			2,998,836			3,081,670			2,932,643
Market-based money market accounts	413,017			413,137			413,427			413,722			428,183
Savings and money market accounts, excluding market-based	5,023,585			5,110,992			5,186,243			5,153,072			4,901,926
Market-based time	583,740			597,858			627,889			637,145			708,137
Time, excluding market-based	3,251,442			3,056,321			3,035,626			3,178,931			3,416,185
Total deposits	$	13,288,411		$	13,261,340		$	13,627,676		$	13,669,866		$	13,674,366



EverBank Financial Corp and Subsidiaries
Non-Performing Assets⁽¹⁾													Table 7
(dollars in thousands)	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Non-accrual loans and leases:
Residential mortgages	$	47,835		$	59,526		$	60,066		$	64,230		$	69,876
Commercial and commercial real estate	23,884			18,569			76,662			60,636			63,924
Lease financing receivables	5,446			4,527			4,171			2,601			2,791
Home equity lines	3,462			3,270			4,164			4,368			4,513
Consumer and credit card	33			18			15			243			364
Total non-accrual loans and leases	80,660			85,910			145,078			132,078			141,468
Accruing loans 90 days or more past due	—			—			—			—			—
Total non-performing loans (NPL)	80,660			85,910			145,078			132,078			141,468
Other real estate owned (OREO)	29,333			29,034			32,108			36,528			39,576
Total non-performing assets (NPA)	109,993			114,944			177,186			168,606			181,044
Troubled debt restructurings (TDR) less than 90 days past due	73,455			76,913			79,664			82,236			88,888
Total NPA and TDR⁽¹⁾	$	183,448		$	191,857		$	256,850		$	250,842		$	269,932

Total NPA and TDR	$	183,448		$	191,857		$	256,850		$	250,842		$	269,932
Government-insured 90 days or more past due still accruing	1,021,276			1,039,541			1,147,795			1,405,848			1,547,995
Loans accounted for under ASC 310-30:
90 days or more past due	9,915			10,083			45,104			54,054			67,630
OREO	—			—			21,240			21,194			22,955
Total regulatory NPA and TDR	$	1,214,639		$	1,241,481		$	1,470,989		$	1,731,938		$	1,908,512
Adjusted credit quality ratios excluding government-insured loans and loans accounted for under ASC 310-30:⁽¹⁾
NPL to total loans	0.56		%	0.61		%	1.07		%	0.89		%	0.97		%
NPA to total assets	0.62		%	0.65		%	1.01		%	0.92		%	0.99		%
NPA and TDR to total assets	1.04		%	1.09		%	1.46		%	1.37		%	1.47		%
Credit quality ratios including government-insured loans and loans accounted for under ASC 310-30:
NPL to total loans	7.72		%	8.12		%	9.87		%	10.76		%	12.04		%
NPA to total assets	6.47		%	6.60		%	7.90		%	8.98		%	9.94		%
NPA and TDR to total assets	6.89		%	7.04		%	8.35		%	9.43		%	10.43		%

(1)



EverBank Financial Corp and Subsidiaries

Allowance for Loan and Lease Losses Activity													Table 8a
	Three Months Ended
(dollars in thousands)	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
ALLL, beginning of period	$	63,690		$	66,991		$	73,469		$	77,067		$	82,102
Charge-offs:
Residential mortgages	3,165			4,197			3,038			3,271			5,069
Commercial and commercial real estate	5			2,608			6,081			2,781			1,447
Lease financing receivables	1,189			1,209			746			988			708
Home equity lines	316			270			430			627			489
Consumer and credit card	15			4			28			17			20
Total charge-offs	4,690			8,288			10,323			7,684			7,733
Recoveries:
Residential mortgages	566			1,398			70			117			111
Commercial and commercial real estate	1			306			488			3,549			443
Lease financing receivables	190			197			75			253			79
Home equity lines	141			134			130			120			129
Consumer and credit card	—			27			14			18			17
Total recoveries	898			2,062			777			4,057			779
Net charge-offs	3,792			6,226			9,546			3,627			6,954
Provision for loan and lease losses	3,071			7,022			3,068			29			1,919
Other	—			(4,097		)	—			—			—
ALLL, end of period	$	62,969		$	63,690		$	66,991		$	73,469		$	77,067
Net charge-offs to average loans and leases held for investment	0.12		%	0.20		%	0.30		%	0.12		%	0.23		%

Allowance for Loan and Lease Losses Ratio													Table 8b
(dollars in thousands)	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
ALLL	$	62,969		$	63,690		$	66,991		$	73,469		$	77,067
Loans and leases held for investment, net of unearned income	13,864,109			13,252,724			12,562,967			12,867,388			12,255,294
ALLL as a percentage of loans and leases held for investment	0.45		%	0.48		%	0.53		%	0.57		%	0.63		%

Reserves for Repurchase Obligations for Loans Sold or Securitized													Table 8c
	Three Months Ended
(dollars in thousands)	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Loan origination repurchase reserves, beginning of period	$	20,225		$	19,086		$	21,960		$	24,866		$	27,000
Provision for new sales/securitizations	429			635			1,012			846			1,266
Provision (release of provision) for changes in estimate of existing reserves	4,000			1,563			(1,718		)	(1,060		)	(336		)
Net realized losses on repurchases	(226		)	(1,059		)	(2,168		)	(2,692		)	(3,064		)
Loan origination repurchase reserves, end of period	$	24,428		$	20,225		$	19,086		$	21,960		$	24,866

Reserves for Repurchase Obligations for Loans Serviced													Table 8d
	Three Months Ended
(dollars in thousands)	March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013
Loan servicing repurchase reserves, beginning of period	$	23,668		$	22,733		$	23,518		$	23,599		$	26,026
Provision (release of provision) for change in estimate of existing reserves	(5,037		)	3,580			4,531			1,690			(401		)
Net realized losses on repurchases	(7,835		)	(2,645		)	(5,316		)	(1,771		)	(2,026		)
Loan servicing repurchase reserves, end of period	$	10,796		$	23,668		$	22,733		$	23,518		$	23,599



EverBank Financial Corp and Subsidiaries
Business Segments Selected Financial Information													Table 9
(dollars in thousands)	Banking and Wealth Management			Mortgage Banking			Corporate Services			Eliminations			Consolidated
Three Months Ended March 31, 2014
Net interest income	$	126,512		$	5,916		$	(1,584	)	$	—		$	130,844
Provision for loan and lease losses	880			2,191			—			—			3,071
Net interest income after provision for loan and lease losses	125,632			3,725			(1,584		)	—			127,773
Noninterest income	14,558			69,889			137			—			84,584
Noninterest expense:
Foreclosure and OREO expense	2,013			6,680			—			—			8,693
Other credit-related expenses	173			(1,259		)	—			—			(1,086		)
All other noninterest expense	47,317			80,717			25,571			—			153,605
Income (loss) before income tax	90,687			(12,524		)	(27,018		)	—			51,145
Adjustment items (pre-tax):
Increase in Bank of Florida non-accretable discount	501			—			—			—			501
MSR impairment (recovery)	—			(4,941		)	—			—			(4,941		)
Restructuring cost	—			1,017			—			—			1,017
Transaction and non-recurring regulatory related expense	—			750			—			—			750
Adjusted income (loss) before income tax	91,188			(15,698		)	(27,018		)	—			48,472
Total assets as of March 31, 2014	16,088,952			1,570,995			228,086			(257,085		)	17,630,948

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 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 March 31, 2013
Net interest income	$	132,373		$	13,014		$	(1,571	)	$	—		$	143,816
Provision for loan and lease losses	(79		)	1,998			—			—			1,919
Net interest income after provision for loan and lease losses	132,452			11,016			(1,571		)	—			141,897
Noninterest income	27,781			105,369			159			—			133,309
Noninterest expense:
Foreclosure and OREO expense	5,285			1,742			—			—			7,027
Other credit-related expenses	670			1,658			—			—			2,328
All other noninterest expense	77,848			99,538			25,075			—			202,461
Income (loss) before income tax	76,430			13,447			(26,487		)	—			63,390
Adjustment items (pre-tax):
Increase in Bank of Florida non-accretable discount	1,532			—			—			—			1,532
MSR impairment (recovery)	—			(12,555		)	—			—			(12,555		)
Transaction and non-recurring regulatory related expense	5,252			11,531			1,646			—			18,429
Adjusted income (loss) before income tax	83,214			12,423			(24,841		)	—			70,796
Total assets as of March 31, 2013	15,251,578			3,152,487			158,767			(256,344		)	18,306,488



EverBank Financial Corp and Subsidiaries
Reconciliation of Non-GAAP Measures

Adjusted Net Income													Table 10a
	Three Months Ended
(dollars in thousands, except per share data)	Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			Jun 30, 2013			Mar 31, 2013
Net income	$	31,760		$	18,451		$	33,150		$	45,993		$	39,146
Non-recurring regulatory related expense, net of tax	465			4,807			20,203			12,042			11,425
Increase (decrease) in Bank of Florida non-accretable discount, net of tax	311			(68		)	(439		)	(538		)	950
MSR impairment (recovery), net of tax	(3,063		)	(9,109		)	(21,783		)	(20,194		)	(7,784		)
Restructuring cost, net of tax	630			16,090			3,242			—			—
OTTI losses on investment securities (Volcker Rule), net of tax	—			2,045			—			—			—
Adjusted net income	$	30,103		$	32,216		$	34,373		$	37,303		$	43,737
Adjusted net income allocated to preferred stock	2,531			2,531			2,532			2,531			2,531
Adjusted net income allocated to common shareholders	$	27,572		$	29,685		$	31,841		$	34,772		$	41,206
Adjusted net earnings per common share, basic	$	0.22		$	0.24		$	0.26		$	0.28		$	0.34
Adjusted net earnings per common share, diluted	$	0.22		$	0.24		$	0.26		$	0.28		$	0.33
Weighted average common shares outstanding:
(units in thousands)
Basic	122,684			122,595			122,509			122,281			121,583
Diluted	125,038			124,420			124,124			124,034			123,439


Tangible Equity, Tangible Common Equity and Tangible Assets													Table 10b
(dollars in thousands)	Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			Jun 30, 2013			Mar 31, 2013
Shareholders’ equity	$	1,647,639		$	1,621,013		$	1,602,913		$	1,549,383		$	1,504,442
Less:
Goodwill	46,859			46,859			46,859			46,859			46,859
Intangible assets	5,286			5,813			6,340			6,867			7,394
Tangible equity	1,595,494			1,568,341			1,549,714			1,495,657			1,450,189
Less:
Perpetual preferred stock	150,000			150,000			150,000			150,000			150,000
Tangible common equity	$	1,445,494		$	1,418,341		$	1,399,714		$	1,345,657		$	1,300,189

Total assets	$	17,630,948		$	17,640,984		$	17,612,089		$	18,362,872		$	18,306,488
Less:
Goodwill	46,859			46,859			46,859			46,859			46,859
Intangible assets	5,286			5,813			6,340			6,867			7,394
Tangible assets	$	17,578,803		$	17,588,312		$	17,558,890		$	18,309,146		$	18,252,235



Regulatory Capital (bank level)														Table 10c
(dollars in thousands)		Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			Jun 30, 2013			Mar 31, 2013
Shareholders’ equity		$	1,686,414		$	1,662,164		$	1,648,152		$	1,598,419		$	1,560,001
Less:	Goodwill and other intangibles	(50,700		)	(51,072		)	(51,436		)	(51,807		)	(52,089		)
	Disallowed servicing asset	(26,419		)	(20,469		)	(39,658		)	(36,182		)	(31,585		)
	Disallowed deferred tax asset	(62,682		)	(63,749		)	(64,462		)	(65,406		)	(66,351		)
Add:	Accumulated losses on securities and cash flow hedges	51,507			50,608			54,392			78,181			77,073
Tier 1 capital		1,598,120			1,577,482			1,546,988			1,523,205			1,487,049
Add:	Allowance for loan and lease losses	62,969			63,690			66,991			73,469			77,067
Total regulatory capital		$	1,661,089		$	1,641,172		$	1,613,979		$	1,596,674		$	1,564,116

Adjusted total assets		$	17,539,708		$	17,554,236		$	17,510,528		$	18,287,359		$	18,234,886
Risk-weighted assets		11,597,320			11,467,411			11,120,048			11,656,698			11,406,725

Attached files

Stock widget

Investing forum

TIAA FSB Holdings, Inc. Reports