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

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8-K - 8-K - TIAA FSB Holdings, Inc.	a8-kearningsrelease93014.htm
EX-99.1 - EARNINGS RELEASE - TIAA FSB Holdings, Inc.	ex991pressrelease93014.htm

Exhibit 99.2

EverBank Financial Corp and Subsidiaries

Quarterly Financial Tables

September 30, 2014

Table of Contents



Table 1	Financial Highlights

Table 2	Consolidated Statements of Income

Table 3	Consolidated Balance Sheets

Table 4	Business Segments Selected Financial Information

Table 5	Average Balances and Interest Rates

Table 6a	Loans and Leases Held for Investment

Table 6b	Deposits

Table 7	General and Administrative Expense

Table 8	Non-Performing Assets

Table 9	Credit Reserves

	Table 9a	Allowance for Loan and Lease Losses Activity
	Table 9b	Allowance for Loan and Lease Losses Ratio
	Table 9c	Reserves for Repurchase Obligations for Loans Sold or Securitized
	Table 9d	Reserves for Repurchase Obligations for Loans Serviced

Table 10	Reconciliation of Non-GAAP Measures

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

Table 11	Residential Mortgage Lending and Servicing



EverBank Financial Corp and Subsidiaries
Financial Highlights													Table 1
	As of and for the Three Months Ended									As of and for the Nine Months Ended
(dollars in thousands, except per share amounts)	Sep 30, 2014			Jun 30, 2014			Sep 30, 2013			Sep 30, 2014			Sep 30, 2013
Operating Results:
Total revenue⁽¹⁾	$	234,550		$	229,459		$	282,425		$	679,437		$	847,571
Net interest income	146,336			140,191			138,856			417,371			423,889
Provision for loan and lease losses	6,735			6,123			3,068			15,929			5,016
Noninterest income	88,214			89,268			143,569			262,066			423,682
Noninterest expense	157,753			167,320			225,696			486,285			651,052
Net income	43,519			34,782			33,150			110,061			118,289
Net earnings per common share, basic	0.33			0.26			0.25			0.83			0.91
Net earnings per common share, diluted	0.33			0.26			0.25			0.82			0.89
Performance Metrics:
Yield on interest-earning assets	3.95		%	4.12		%	4.32		%	4.12		%	4.40		%
Cost of interest-bearing liabilities	1.01		%	1.02		%	1.18		%	1.03		%	1.22		%
Net interest margin	3.02		%	3.22		%	3.24		%	3.20		%	3.33		%
Return on average assets	0.85		%	0.74		%	0.72		%	0.78		%	0.86		%
Return on average risk-weighted assets⁽²⁾	1.37		%	1.15		%	1.16		%	1.21		%	1.39		%
Return on average equity⁽³⁾	10.6		%	8.6		%	8.7		%	9.0		%	10.8		%
Efficiency ratio⁽⁴⁾	67		%	73		%	80		%	72		%	77		%
Loans and leases held for investment as a percentage of deposits	115		%	110		%	92		%	115		%	92		%
Credit Quality Ratios:
Adjusted non-performing assets as a percentage of total assets⁽⁵⁾	0.50		%	0.51		%	1.01		%	0.50		%	1.01		%
Net charge-offs to average loans and leases held for investment	0.09		%	0.19		%	0.30		%	0.13		%	0.22		%
ALLL as a percentage of loans and leases held for investment	0.35		%	0.37		%	0.53		%	0.35		%	0.53		%
ALLL as a percentage of loans and leases held for investment (excluding ASC 310-30)	0.35		%	0.34		%	0.44		%	0.35		%	0.44		%
Government insured pool buyouts as a percentage of loans and leases held for investment	20		%	21		%	17		%	20		%	17		%
Capital:
Common equity tier 1 ratio (EFC consolidated, Basel I)⁽⁶⁾	12.0		%	11.5		%	12.2		%	12.0		%	12.2		%
Tier 1 leverage ratio (bank level)⁽⁷⁾	8.5		%	8.3		%	8.8		%	8.5		%	8.8		%
Total risk-based capital ratio (bank level)⁽⁸⁾	14.0		%	13.4		%	14.5		%	14.0		%	14.5		%
Tangible common equity per common share⁽⁹⁾	$	12.36		$	12.02		$	11.42		$	12.36		$	11.42
Consumer Banking Metrics:
Unpaid principal balance of loans originated	$	2,302,082		$	2,232,872		$	2,700,159		$	6,235,450		$	8,853,846
Jumbo residential mortgage loans originated	1,187,161			1,108,188			767,004			3,103,487			2,582,975
Unpaid principal balance of loans sold	2,172,645			1,531,713			3,164,457			4,914,113			8,730,352
Unpaid principal balance of loans serviced for the Company and others	50,830,585			50,790,378			61,274,075			50,830,585			61,274,075
Consumer Banking loans as a percentage of loans and leases held for investment	58		%	56		%	55		%	58		%	55		%
Consumer deposits⁽¹⁰⁾	$	12,087,775		$	12,050,198		$	11,864,123		$	12,087,775		$	11,864,123
Commercial Banking Metrics:
Loan and lease originations:
Commercial and commercial real estate	$	361,387		$	285,425		$	174,353		$	804,825		$	757,895
Equipment financing receivables	392,790			398,519			177,179			958,799			514,758
Commercial Banking loans as a percentage of loans and leases held for investment	42		%	44		%	45		%	42		%	45		%
Commercial deposits⁽¹⁰⁾	$	2,385,730		$	1,824,477		$	1,763,553		$	2,385,730		$	1,763,553
Market Price Per Share of Common Stock:
Closing	$	17.66		$	20.16		$	14.98		$	17.66		$	14.98
High	20.50			20.61			16.80			20.61			17.29
Low	17.66			18.08			13.95			16.40			12.75
Period End Balance Sheet Data:
Loans and leases held for investment, net	$	16,522,706		$	15,237,916		$	12,495,976		$	16,522,706		$	12,495,976
Total assets	20,510,342			19,753,820			17,612,089			20,510,342			17,612,089
Deposits	14,473,505			13,874,675			13,627,676			14,473,505			13,627,676
Total liabilities	18,789,319			18,074,372			16,009,176			18,789,319			16,009,176
Total shareholders’ equity	1,721,023			1,679,448			1,602,913			1,721,023			1,602,913

See Notes to Financial Highlights

EverBank Financial Corp and Subsidiaries

Financial Highlights - Notes

(Dollars in thousands)


(1)	Total revenue is defined as net interest income before provision for loan and lease losses and total noninterest income.

(2)

Return on average risk-weighted assets equals net income divided by average risk-weighted assets. Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories according to the obligor or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total risk-weighted assets. For detailed information regarding regulatory capital (EFC consolidated), see Table 10d.


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


(4)	The efficiency ratio represents noninterest expense as a percentage of total revenues. We use the efficiency ratio to measure noninterest costs expended to generate a dollar of revenue.

(5)

We define non-performing assets, or NPA, as non-accrual loans, accruing loans past due 90 days or more and foreclosed property. Our NPA calculation excludes government insured pool buyout loans for which payment is insured by the government. We also exclude loans and foreclosed property accounted for under ASC 310-30 because we expect to fully collect the carrying value of such loans and foreclosed property. For more detailed information on NPA, see Table 8.

(6)

The common equity tier 1 ratio is calculated as common tier 1 capital divided by risk-weighted assets. Common tier 1 capital is calculated as tier 1 capital less the Series A 6.75% Non-Cumulative Perpetual Preferred Stock. Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories according to the obligor or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total risk-weighted assets. For detailed information regarding regulatory capital (EFC consolidated), see Table 10d.


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

(8)

Calculated as total risk-based capital divided by total risk-weighted assets. Risk-based capital includes Tier 1 capital, allowance for loan and lease losses, subject to limitations, and other regulatory adjustments. Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories according to the obligor or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total risk-weighted assets. For more detailed information on regulatory capital (bank level), see Table 10c.

(9)

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


(10)	The September 30, 2014 values reflect a reclassification of $157,355 of deposits from consumer deposits to commercial deposits. Prior periods were not adjusted.



EverBank Financial Corp and Subsidiaries
Consolidated Statements of Income													Table 2
	Three Months Ended									Nine Months Ended
(dollars in thousands, except per share data)	Sep 30, 2014			Jun 30, 2014			Sep 30, 2013			Sep 30, 2014			Sep 30, 2013
Interest Income
Interest and fees on loans and leases	$	180,913		$	170,325		$	170,110		$	509,708		$	516,619
Interest and dividends on investment securities	9,627			9,818			13,376			29,276			44,439
Other interest income	116			110			493			388			1,108
Total interest income	190,656			180,253			183,979			539,372			562,166
Interest Expense
Deposits	26,755			23,442			24,437			72,804			77,827
Other borrowings	17,565			16,620			20,686			49,197			60,450
Total interest expense	44,320			40,062			45,123			122,001			138,277
Net Interest Income	146,336			140,191			138,856			417,371			423,889
Provision for loan and lease losses	6,735			6,123			3,068			15,929			5,016
Net Interest Income after Provision for Loan and Lease Losses	139,601			134,068			135,788			401,442			418,873
Noninterest Income
Loan servicing fee income	35,900			40,417			50,713			122,934			140,068
Amortization of mortgage servicing rights	(19,572		)	(19,026		)	(30,438		)	(59,170		)	(101,461		)
Recovery (impairment) of mortgage servicing rights	3,071			—			35,132			8,012			80,259
Net loan servicing income	19,399			21,391			55,407			71,776			118,866
Gain on sale of loans	47,920			47,703			51,397			129,474			209,545
Loan production revenue	5,783			5,347			10,514			15,709			30,066
Deposit fee income	3,828			4,533			4,952			11,696			15,167
Other lease income	3,910			3,806			6,506			12,621			19,388
Other	7,374			6,488			14,793			20,790			30,650
Total noninterest income	88,214			89,268			143,569			262,066			423,682
Noninterest Expense
Salaries, commissions and other employee benefits expense	90,781			95,259			111,144			283,734			340,080
Equipment expense	16,623			17,345			20,609			52,616			61,168
Occupancy expense	7,209			7,885			8,675			23,166			23,606
General and administrative expense	43,140			46,831			85,268			126,769			226,198
Total noninterest expense	157,753			167,320			225,696			486,285			651,052
Income before Income Taxes	70,062			56,016			53,661			177,223			191,503
Provision for Income Taxes	26,543			21,234			20,511			67,162			73,214
Net Income	$	43,519		$	34,782		$	33,150		$	110,061		$	118,289
Net Income Allocated to Preferred Stock	2,532			2,531			2,532			7,594			7,594
Net Income Allocated to Common Shareholders	$	40,987		$	32,251		$	30,618		$	102,467		$	110,695
Net Earnings per Common Share, Basic	$	0.33		$	0.26		$	0.25		$	0.83		$	0.91
Net Earnings per Common Share, Diluted	$	0.33		$	0.26		$	0.25		$	0.82		$	0.89
Dividends Declared per Common Share	$	0.04		$	0.03		$	0.03		$	0.10		$	0.07
Dividend payout ratio⁽¹⁾	12.12		%	11.54		%	12.00		%	12.05		%	7.69		%
Weighted Average Common Shares Outstanding
(units in thousands)
Basic	122,950			122,840			122,509			122,826			122,128
Diluted	125,473			125,389			124,124			125,292			123,821


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



EverBank Financial Corp and Subsidiaries
Consolidated Balance Sheets													Table 3
(dollars in thousands)	Sep 30, 2014			Jun 30, 2014			Mar 31, 2014			Dec 31, 2013			Sep 30, 2013
Assets
Cash and due from banks	$	57,835		$	65,433		$	60,587		$	46,175		$	109,471
Interest-bearing deposits in banks	306,265			104,563			439,242			801,603			978,464
Total cash and cash equivalents	364,100			169,996			499,829			847,778			1,087,935
Investment securities:
Available for sale, at fair value	987,345			1,029,667			1,118,646			1,115,627			1,205,340
Held to maturity	113,751			118,614			116,984			107,312			109,245
Other investments	194,314			186,818			122,918			128,063			106,450
Total investment securities	1,295,410			1,335,099			1,358,548			1,351,002			1,421,035
Loans held for sale	871,736			1,704,406			596,729			791,382			1,059,947
Loans and leases held for investment:
Loans and leases held for investment, net of unearned income	16,579,951			15,294,644			13,864,109			13,252,724			12,562,967
Allowance for loan and lease losses	(57,245		)	(56,728		)	(62,969		)	(63,690		)	(66,991		)
Total loans and leases held for investment, net	16,522,706			15,237,916			13,801,140			13,189,034			12,495,976
Equipment under operating leases, net	15,542			18,460			24,170			28,126			34,918
Mortgage servicing rights (MSR), net	441,243			437,595			446,493			506,680			501,494
Deferred income taxes, net	3,162			54,351			42,140			51,375			92,253
Premises and equipment, net	55,500			54,844			60,654			60,733			67,282
Other assets	940,943			741,153			801,245			814,874			851,249
Total Assets	$	20,510,342		$	19,753,820		$	17,630,948		$	17,640,984		$	17,612,089
Liabilities
Deposits:
Noninterest-bearing	$	1,084,400		$	1,055,556		$	1,054,796		$	1,076,631		$	1,365,655
Interest-bearing	13,389,105			12,819,119			12,233,615			12,184,709			12,262,021
Total deposits	14,473,505			13,874,675			13,288,411			13,261,340			13,627,676
Other borrowings	3,977,000			3,797,000			2,377,000			2,377,000			1,872,700
Trust preferred securities	103,750			103,750			103,750			103,750			103,750
Accounts payable and accrued liabilities	235,064			298,947			214,148			277,881			405,050
Total Liabilities	18,789,319			18,074,372			15,983,309			16,019,971			16,009,176
Shareholders’ Equity
Series A 6.75% Non-Cumulative Perpetual Preferred Stock	150,000			150,000			150,000			150,000			150,000
Common Stock	1,230			1,229			1,227			1,226			1,225
Additional paid-in capital	840,667			837,991			834,460			832,351			830,758
Retained earnings	780,234			744,164			715,599			690,051			677,809
Accumulated other comprehensive loss	(51,108		)	(53,936		)	(53,647		)	(52,615		)	(56,879		)
Total Shareholders’ Equity	1,721,023			1,679,448			1,647,639			1,621,013			1,602,913
Total Liabilities and Shareholders’ Equity	$	20,510,342		$	19,753,820		$	17,630,948		$	17,640,984		$	17,612,089



EverBank Financial Corp and Subsidiaries
Business Segments Selected Financial Information											Table 4
(dollars in thousands)	Consumer Banking		Commercial Banking		Corporate Services			Eliminations			Consolidated
Three Months Ended September 30, 2014
Net interest income	$	84,635	$	63,302	$	(1,601	)	$	—		$	146,336
Provision for loan and lease losses	5,476		1,259		—			—			6,735
Net interest income after provision for loan and lease losses	79,159		62,043		(1,601		)	—			139,601
Noninterest income	75,241		12,797		176			—			88,214
Noninterest expense	105,776		27,859		24,118			—			157,753
Income (loss) before income tax	$	48,624	$	46,981	$	(25,543	)	$	—		$	70,062
Total assets as of September 30, 2014	$	13,292,823	$	7,257,986	$	120,054		$	(160,521	)	$	20,510,342
Total deposits as of September 30, 2014	12,087,775		2,385,730		—			—			14,473,505

Three Months Ended June 30, 2014
Net interest income	$	79,994	$	61,780	$	(1,583	)	$	—		$	140,191
Provision for loan and lease losses	1,738		4,385		—			—			6,123
Net interest income after provision for loan and lease losses	78,256		57,395		(1,583		)	—			134,068
Noninterest income	79,680		9,302		286			—			89,268
Noninterest expense	115,100		27,619		24,601			—			167,320
Income (loss) before income tax	$	42,836	$	39,078	$	(25,898	)	$	—		$	56,016
Total assets as of June 30, 2014	$	12,864,427	$	6,973,288	$	186,630		$	(270,525	)	$	19,753,820
Total deposits as of June 30, 2014	12,050,198		1,824,477		—			—			13,874,675

Three Months Ended September 30, 2013
Net interest income	$	76,011	$	64,423	$	(1,578	)	$	—		$	138,856
Provision for loan and lease losses	1,918		1,150		—			—			3,068
Net interest income after provision for loan and lease losses	74,093		63,273		(1,578		)	—			135,788
Noninterest income	131,063		12,353		153			—			143,569
Noninterest expense	167,907		36,602		21,187			—			225,696
Income (loss) before income tax	$	37,249	$	39,024	$	(22,612	)	$	—		$	53,661
Total assets as of September 30, 2013	$	11,578,876	$	6,029,290	$	213,745		$	(209,822	)	$	17,612,089
Total deposits as of September 30, 2013	11,864,123		1,763,553		—			—			13,627,676



EverBank Financial Corp and Subsidiaries
Average Balances and Interest Rates^{(1) (2) (3)}													Table 5
	Three Months Ended September 30, 2014						Three Months Ended June 30, 2014						Three Months Ended September 30, 2013
(dollars in thousands)	Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate		Average Balance		Interest		Yield/ Rate
Assets:
Interest-earning assets:
Cash and cash equivalents	$	184,449	$	116	0.25	%	$	171,693	$	110	0.26	%	$	878,078	$	493	0.22	%
Investments	1,322,842		9,627		2.90	%	1,371,621		9,818		2.86	%	1,619,621		13,376		3.30	%
Loans held for sale	1,866,562		15,740		3.37	%	1,159,638		11,293		3.90	%	1,932,075		18,207		3.77	%
Loans and leases held for investment:
Consumer Banking:
Residential mortgages:
Residential	5,261,448		45,245		3.44	%	5,585,545		48,582		3.48	%	4,244,971		36,588		3.45	%
Government insured pool buyouts	3,738,326		36,102		3.86	%	2,842,108		31,168		4.39	%	2,235,466		31,018		5.55	%
Residential mortgages	8,999,774		81,347		3.62	%	8,427,653		79,750		3.79	%	6,480,437		67,606		4.17	%
Home equity lines	137,993		2,074		5.96	%	143,169		1,444		4.05	%	162,194		1,708		4.18	%
Other consumer and credit card	4,945		108		8.70	%	5,470		184		13.49	%	6,241		263		16.72	%
Commercial Banking:
Commercial and commercial real estate:
Commercial real estate and other commercial	3,263,260		46,156		5.62	%	3,234,109		45,196		5.57	%	3,346,321		52,058		6.18	%
Mortgage warehouse finance	1,191,602		8,822		2.90	%	1,022,151		7,329		2.84	%	1,062,274		8,496		3.13	%
Lender finance	630,336		5,677		3.52	%	587,673		5,824		3.92	%	456,075		4,220		3.62	%
Commercial and commercial real estate	5,085,198		60,655		4.72	%	4,843,933		58,349		4.79	%	4,864,670		64,774		5.28	%
Equipment financing receivables	1,625,813		20,989		5.16	%	1,363,727		19,305		5.66	%	1,041,040		17,552		6.74	%
Total loans and leases held for investment	15,853,723		165,173		4.15	%	14,783,952		159,032		4.29	%	12,554,582		151,903		4.82	%
Total interest-earning assets	19,227,576		$	190,656	3.95	%	17,486,904		$	180,253	4.12	%	16,984,356		$	183,979	4.32	%
Noninterest-earning assets	1,206,336						1,258,917						1,449,836
Total assets	$	20,433,912					$	18,745,821					$	18,434,192
Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,821,448	$	4,382	0.62	%	$	2,847,544	$	4,212	0.59	%	$	3,055,881	$	5,025	0.65	%
Market-based money market accounts	403,670		621		0.61	%	415,544		632		0.61	%	416,145		672		0.64	%
Savings and money market accounts, excluding market-based	5,077,685		8,069		0.63	%	4,904,879		7,449		0.61	%	5,214,061		8,362		0.64	%
Market-based time	561,292		1,171		0.83	%	576,828		1,125		0.78	%	621,675		1,244		0.79	%
Time, excluding market-based	4,501,948		12,512		1.10	%	3,507,409		10,024		1.15	%	3,082,451		9,134		1.18	%
Total deposits	13,366,043		26,755		0.79	%	12,252,204		23,442		0.77	%	12,390,213		24,437		0.78	%
Borrowings:
Trust preferred securities	103,750		1,661		6.35	%	103,750		1,644		6.35	%	103,750		1,649		6.31	%
FHLB advances	3,808,326		15,904		1.63	%	3,362,011		14,976		1.76	%	2,511,830		19,037		2.97	%
Other	24,000		—		0.00	%	24,000		—		0.00	%	13		—		0.00	%
Total borrowings	3,936,076		17,565		1.75	%	3,489,761		16,620		1.89	%	2,615,593		20,686		3.10	%
Total interest-bearing liabilities	17,302,119		44,320		1.01	%	15,741,965		40,062		1.02	%	15,005,806		45,123		1.18	%
Noninterest-bearing demand deposits	1,173,181						1,149,025						1,515,123
Other noninterest-bearing liabilities	259,794						195,482						351,762
Total liabilities	18,735,094						17,086,472						16,872,691
Total shareholders’ equity	1,698,818						1,659,349						1,561,501
Total liabilities and shareholders’ equity	$	20,433,912					$	18,745,821					$	18,434,192
Net interest income/spread			$	146,336	2.94	%			$	140,191	3.10	%			$	138,856	3.14	%
Net interest margin					3.02	%					3.22	%					3.24	%
Memo: Total deposits including noninterest-bearing	$	14,539,224	$	26,755	0.73	%	$	13,401,229	$	23,442	0.70	%	$	13,905,336	$	24,437	0.70	%


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


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


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



EverBank Financial Corp and Subsidiaries

Loans and Leases Held for Investment													Table 6a
(dollars in thousands)	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
Consumer Banking:
Residential mortgages:
Residential	$	6,006,987		$	5,205,043		$	5,688,053		$	5,153,106		$	4,623,219
Government insured pool buyouts	3,395,095			3,197,348			1,911,773			1,891,637			2,075,395
Residential mortgages	9,402,082			8,402,391			7,599,826			7,044,743			6,698,614
Home equity lines	139,589			138,886			147,086			151,916			156,977
Other consumer and credit card	5,894			5,473			5,427			5,154			6,023
Total Consumer Banking	9,547,565			8,546,750			7,752,339			7,201,813			6,861,614
Commercial Banking:
Commercial and commercial real estate:
Commercial real estate and other commercial	3,328,979			3,234,423			3,243,654			3,276,130			3,278,837
Mortgage warehouse finance	1,185,591			1,310,611			911,223			944,219			851,153
Lender finance	678,400			625,335			664,143			592,621			478,497
Commercial and commercial real estate	5,192,970			5,170,369			4,819,020			4,812,970			4,608,487
Equipment financing receivables	1,839,416			1,577,525			1,292,750			1,237,941			1,092,866
Total Commercial Banking	7,032,386			6,747,894			6,111,770			6,050,911			5,701,353
Loans and leases held for investment, net of unearned income	16,579,951			15,294,644			13,864,109			13,252,724			12,562,967
Allowance for loan and lease losses	(57,245		)	(56,728		)	(62,969		)	(63,690		)	(66,991		)
Total loans and leases held for investment, net	$	16,522,706		$	15,237,916		$	13,801,140		$	13,189,034		$	12,495,976
The balances presented above include:
Net purchased loan and lease discounts	$	54,510		$	53,134		$	79,905		$	102,416		$	120,321
Net deferred loan and lease origination costs	$	84,832		$	69,849		$	64,688		$	54,107		$	45,315

Deposits													Table 6b
(dollars in thousands)	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
Noninterest-bearing demand	$	1,084,400		$	1,055,556		$	1,054,796		$	1,076,631		$	1,365,655
Interest-bearing demand	2,941,171			2,801,811			2,961,831			3,006,401			2,998,836
Market-based money market accounts	397,617			411,633			413,017			413,137			413,427
Savings and money market accounts, excluding market-based	5,159,642			4,864,459			5,023,585			5,110,992			5,186,243
Market-based time	511,923			577,247			583,740			597,858			627,889
Time, excluding market-based	4,378,752			4,163,969			3,251,442			3,056,321			3,035,626
Total deposits	$	14,473,505		$	13,874,675		$	13,288,411		$	13,261,340		$	13,627,676

General and Administrative Expense																		Table 7
	Three Months Ended															Nine Months Ended
(dollars in thousands)	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013			September 30, 2014		September 30, 2013
Legal and professional fees, excluding consent order expense	$	7,061		$	7,475		$	7,116		$	9,238		$	7,158		$	21,652	$	21,544
Credit-related expenses	6,356			8,765			7,607			17,168			11,856			22,728		32,675
FDIC premium assessment and other agency fees	6,684			7,199			(443		)	6,089			6,708			13,440		28,768
Advertising and marketing expense	6,175			4,932			4,431			5,984			6,516			15,538		23,217
Subservicing expense	3,673			2,482			—			—			—			6,155		—
Consent order expense	1,634			2,099			756			7,641			32,475			4,489		64,698
Other	11,557			13,879			17,331			13,177			20,555			42,767		55,296
Total general and administrative expense	$	43,140		$	46,831		$	36,798		$	59,297		$	85,268		$	126,769	$	226,198



EverBank Financial Corp and Subsidiaries
Non-Performing Assets⁽¹⁾													Table 8
(dollars in thousands)	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
Non-accrual loans and leases:
Consumer Banking:
Residential mortgages	$	23,067		$	22,212		$	47,835		$	59,526		$	60,066
Home equity lines	2,152			1,903			3,462			3,270			4,164
Other consumer and credit card	31			20			33			18			15
Commercial Banking:
Commercial and commercial real estate	46,819			44,172			23,884			18,569			76,662
Equipment financing receivables	6,803			6,475			5,446			4,527			4,171
Total non-accrual loans and leases	78,872			74,782			80,660			85,910			145,078
Accruing loans 90 days or more past due	—			—			—			—			—
Total non-performing loans (NPL)	78,872			74,782			80,660			85,910			145,078
Other real estate owned (OREO)	24,501			25,530			29,333			29,034			32,108
Total non-performing assets (NPA)	103,373			100,312			109,993			114,944			177,186
Troubled debt restructurings (TDR) less than 90 days past due	16,547			16,687			73,455			76,913			79,664
Total NPA and TDR⁽¹⁾	$	119,920		$	116,999		$	183,448		$	191,857		$	256,850

Total NPA and TDR	$	119,920		$	116,999		$	183,448		$	191,857		$	256,850
Government insured 90 days or more past due still accruing	2,632,744			2,424,166			1,021,276			1,039,541			1,147,795
Loans accounted for under ASC 310-30:
90 days or more past due	10,519			23,159			9,915			10,083			45,104
OREO	—			—			—			—			21,240
Total regulatory NPA and TDR	$	2,763,183		$	2,564,324		$	1,214,639		$	1,241,481		$	1,470,989
Adjusted credit quality ratios excluding government insured loans and loans accounted for under ASC 310-30:⁽¹⁾
NPL to total loans	0.45		%	0.44		%	0.56		%	0.61		%	1.07		%
NPA to total assets	0.50		%	0.51		%	0.62		%	0.65		%	1.01		%
NPA and TDR to total assets	0.58		%	0.59		%	1.04		%	1.09		%	1.46		%
Credit quality ratios including government insured loans and loans accounted for under ASC 310-30:
NPL to total loans	15.65		%	14.89		%	7.72		%	8.12		%	9.87		%
NPA to total assets	13.39		%	12.90		%	6.47		%	6.60		%	7.90		%
NPA and TDR to total assets	13.47		%	12.98		%	6.89		%	7.04		%	8.35		%

(1)



EverBank Financial Corp and Subsidiaries

Allowance for Loan and Lease Losses Activity													Table 9a
	Three Months Ended
(dollars in thousands)	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
ALLL, beginning of period	$	56,728		$	62,969		$	63,690		$	66,991		$	73,469
Charge-offs:
Consumer Banking:
Residential mortgages	2,023			1,810			3,165			4,197			3,038
Home equity lines	171			163			316			270			430
Other consumer and credit card	28			20			15			4			28
Commercial Banking:
Commercial and commercial real estate	568			4,714			5			2,608			6,081
Equipment financing receivables	1,548			938			1,189			1,209			746
Total charge-offs	4,338			7,645			4,690			8,288			10,323
Recoveries:
Consumer Banking:
Residential mortgages	127			251			566			1,398			70
Home equity lines	289			74			141			134			130
Other consumer and credit card	—			—			—			27			14
Commercial Banking:
Commercial and commercial real estate	6			—			1			306			488
Equipment financing receivables	180			196			190			197			75
Total recoveries	602			521			898			2,062			777
Net charge-offs	3,736			7,124			3,792			6,226			9,546
Provision for loan and lease losses	6,735			6,123			3,071			7,022			3,068
Transfers to loans held for sale	(2,482		)	(5,240		)	—			(4,097		)	—
ALLL, end of period	$	57,245		$	56,728		$	62,969		$	63,690		$	66,991
Net charge-offs to average loans and leases held for investment	0.09		%	0.19		%	0.12		%	0.20		%	0.30		%

Allowance for Loan and Lease Losses Ratio													Table 9b
(dollars in thousands)	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
ALLL	$	57,245		$	56,728		$	62,969		$	63,690		$	66,991
Loans and leases held for investment, net of unearned income	16,579,951			15,294,644			13,864,109			13,252,724			12,562,967
ALLL as a percentage of loans and leases held for investment	0.35		%	0.37		%	0.45		%	0.48		%	0.53		%
ALLL excluding portion related to loans and leases accounted for under ASC 310-30	$	48,156		$	44,020		$	47,672		$	48,931		$	50,431
Loans and leases held for investment, net of unearned income excluding loans and leases accounted for under ASC 310-30	13,930,197			12,865,207			12,783,173			12,259,724			11,386,431
ALLL as a percentage of loans and leases held for investment (excluding ASC 310-30)	0.35		%	0.34		%	0.37		%	0.40		%	0.44		%
Government insured pool buyouts as a percentage of loans and leases held for investment	20		%	21		%	14		%	14		%	17		%

Reserves for Repurchase Obligations for Loans Sold or Securitized													Table 9c
	Three Months Ended
(dollars in thousands)	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
Loan origination repurchase reserves, beginning of period	$	26,373		$	24,428		$	20,225		$	19,086		$	21,960
Provision for new sales/securitizations	627			595			429			635			1,012
Provision (release of provision) for changes in estimate of existing reserves	—			3,400			4,000			1,563			(1,718		)
Net realized losses on repurchases	(2,288		)	(2,050		)	(226		)	(1,059		)	(2,168		)
Loan origination repurchase reserves, end of period	$	24,712		$	26,373		$	24,428		$	20,225		$	19,086

Reserves for Repurchase Obligations for Loans Serviced													Table 9d
	Three Months Ended
(dollars in thousands)	September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013
Loan servicing repurchase reserves, beginning of period	$	5,802		$	10,796		$	23,668		$	22,733		$	23,518
Provision (release of provision) for change in estimate of existing reserves	(626		)	(1,303		)	(5,037		)	3,580			4,531
Net realized losses on repurchases	(1,101		)	(3,691		)	(7,835		)	(2,645		)	(5,316		)
Loan servicing repurchase reserves, end of period	$	4,075		$	5,802		$	10,796		$	23,668		$	22,733



EverBank Financial Corp and Subsidiaries
Reconciliation of Non-GAAP Measures

Adjusted Net Income																		Table 10a
	Three Months Ended														Nine Months Ended
(dollars in thousands, except per share data)	Sep 30, 2014			Jun 30, 2014		Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			Sep 30, 2014			Sep 30, 2013
Net income	$	43,519		$	34,782	$	31,760		$	18,451		$	33,150		$	110,061		$	118,289
Transaction expense and non-recurring regulatory related expense, net of tax	2,201			1,294		465			4,807			20,203			3,960			43,670
Increase (decrease) in Bank of Florida non-accretable discount, net of tax	198			423		311			(68		)	(439		)	932			(27		)
MSR impairment (recovery), net of tax	(1,904		)	—		(3,063		)	(9,109		)	(21,783		)	(4,967		)	(49,761		)
Restructuring cost, net of tax	—			—		630			16,090			3,242			630			3,242
OTTI losses on investment securities (Volcker Rule), net of tax	—			425		—			2,045			—			425			—
Adjusted net income	$	44,014		$	36,924	$	30,103		$	32,216		$	34,373		$	111,041		$	115,413
Adjusted net income allocated to preferred stock	2,532			2,531		2,531			2,531			2,532			7,594			7,594
Adjusted net income allocated to common shareholders	$	41,482		$	34,393	$	27,572		$	29,685		$	31,841		$	103,447		$	107,819
Adjusted net earnings per common share, basic	$	0.34		$	0.28	$	0.22		$	0.24		$	0.26		$	0.84		$	0.88
Adjusted net earnings per common share, diluted	$	0.33		$	0.27	$	0.22		$	0.24		$	0.26		$	0.83		$	0.87
Weighted average common shares outstanding:
(units in thousands)
Basic	122,950			122,840		122,684			122,595			122,509			122,826			122,128
Diluted	125,473			125,389		125,038			124,420			124,124			125,292			123,821

Tangible Equity, Tangible Common Equity and Tangible Assets												Table 10b
(dollars in thousands)	Sep 30, 2014			Jun 30, 2014		Mar 31, 2014			Dec 31, 2013			Sep 30, 2013
Shareholders’ equity	$	1,721,023		$	1,679,448	$	1,647,639		$	1,621,013		$	1,602,913
Less:
Goodwill	46,859			46,859		46,859			46,859			46,859
Intangible assets	4,232			4,759		5,286			5,813			6,340
Tangible equity	1,669,932			1,627,830		1,595,494			1,568,341			1,549,714
Less:
Perpetual preferred stock	150,000			150,000		150,000			150,000			150,000
Tangible common equity	$	1,519,932		$	1,477,830	$	1,445,494		$	1,418,341		$	1,399,714

Total assets	$	20,510,342		$	19,753,820	$	17,630,948		$	17,640,984		$	17,612,089
Less:
Goodwill	46,859			46,859		46,859			46,859			46,859
Intangible assets	4,232			4,759		5,286			5,813			6,340
Tangible assets	$	20,459,251		$	19,702,202	$	17,578,803		$	17,588,312		$	17,558,890



EverBank Financial Corp and Subsidiaries
Reconciliation of Non-GAAP Measures (continued)

Regulatory Capital (bank level)														Table 10c
(dollars in thousands)		Sep 30, 2014			Jun 30, 2014			Mar 31, 2014			Dec 31, 2013			Sep 30, 2013
Shareholders’ equity		$	1,769,205		$	1,714,454		$	1,686,414		$	1,662,164		$	1,648,152
Less:	Goodwill and other intangibles	(49,957		)	(50,328		)	(50,700		)	(51,072		)	(51,436		)
	Disallowed servicing asset	(23,524		)	(29,028		)	(26,419		)	(20,469		)	(39,658		)
	Disallowed deferred tax asset	—			(61,737		)	(62,682		)	(63,749		)	(64,462		)
Add:	Accumulated losses on securities and cash flow hedges	49,516			52,121			51,507			50,608			54,392
Tier 1 capital		1,745,240			1,625,482			1,598,120			1,577,482			1,546,988
Add:	Allowance for loan and lease losses	57,245			56,728			62,969			63,690			66,991
Total regulatory capital		$	1,802,485		$	1,682,210		$	1,661,089		$	1,641,172		$	1,613,979

Adjusted total assets		$	20,480,723		$	19,660,793		$	17,539,708		$	17,554,236		$	17,510,528
Risk-weighted assets		12,869,352			12,579,476			11,597,320			11,467,411			11,120,048

Regulatory Capital (EFC consolidated)														Table 10d
(dollars in thousands)		Sep 30, 2014			Jun 30, 2014			Mar 31, 2014			Dec 31, 2013			Sep 30, 2013
Shareholders’ equity		$	1,721,023		$	1,679,448		$	1,647,639		$	1,621,013		$	1,602,913
Less:	Preferred stock	(150,000		)	(150,000		)	(150,000		)	(150,000		)	(150,000		)
	Goodwill and other intangibles	(49,957		)	(50,328		)	(50,700		)	(51,072		)	(51,436		)
	Disallowed servicing asset	(23,524		)	(29,028		)	(26,419		)	(20,469		)	(39,658		)
	Disallowed deferred tax asset	—			(61,737		)	(62,682		)	(63,749		)	(64,462		)
Add:	Accumulated losses on securities and cash flow hedges	51,108			53,936			53,647			52,615			56,879
Common tier 1 capital		$	1,548,650		$	1,442,291		$	1,411,485		$	1,388,338		$	1,354,236

Risk-weighted assets		$	12,875,007		12,583,537			11,600,258			11,469,483			11,120,445



EverBank Financial Corp and Subsidiaries
Residential Mortgage Lending and Servicing													Table 11
	Three Months Ended
(dollars in thousands)	Sep 30, 2014			Jun 30, 2014			Mar 31, 2014			Dec 31, 2013			Sep 30, 2013
Key Metrics:
Mortgage lending volume:
Agency	$	1,108,917		$	1,124,684		$	892,358		$	1,188,032		$	1,933,155
Jumbo	1,187,161			1,108,188			808,138			808,001			767,004
Other	6,004			—			—			—			—
Mortgage lending volume	$	2,302,082		$	2,232,872		$	1,700,496		$	1,996,033		$	2,700,159
Mortgage loans sold:
Agency	$	1,111,504		$	804,015		$	897,234		$	1,382,970		$	1,793,944
Jumbo	691,431			447,408			54,210			30,656			911,100
GNMA	365,547			176,734			255,021			254,641			450,386
Other	4,163			103,556			3,290			9,322			9,027
Mortgage loans sold	$	2,172,645		$	1,531,713		$	1,209,755		$	1,677,589		$	3,164,457
Unpaid principal balance of loans serviced for the Company and others	$	50,830,585		$	50,790,378		$	60,677,571		$	61,035,320		$	61,274,075
Average contractual servicing fee	0.29		%	0.29		%	0.29		%	0.29		%	0.29		%
Applications	$	1,279,945		$	1,656,807		$	1,534,751		$	2,374,710		$	2,491,569
Rate locks	1,236,764			1,664,388			1,461,488			1,272,266			1,360,608
Mortgage Lending Volume by Channel:
Retail	$	1,259,019		$	1,225,568		$	781,241		$	884,934		$	1,023,790
Consumer Direct	454,449			461,115			414,726			639,105			924,408
Correspondent	588,614			546,189			504,529			471,994			751,961
Purchase Activity (%):
Retail	72		%	80		%	70		%	67		%	66		%
Consumer Direct	12		%	13		%	5		%	4		%	3		%
Correspondent	66		%	60		%	44		%	53		%	49		%
Total	59		%	61		%	46		%	43		%	40		%

Attached files

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TIAA FSB Holdings, Inc. Reports

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