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

Attached files

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8-K - 8-K - TIAA FSB Holdings, Inc.	a8-kearningsrelease33115.htm
EX-99.1 - EXHIBIT 99.1 - TIAA FSB Holdings, Inc.	ex991pressrelease33115.htm

Exhibit 99.2

EverBank Financial Corp and Subsidiaries

Quarterly Financial Tables

March 31, 2015

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
(dollars in thousands, except per share amounts)	Mar 31, 2015			Dec 31, 2014			Mar 31, 2014
Operating Results:
Total revenue⁽¹⁾	$	187,959		$	222,609		$	215,428
Net interest income	155,438			147,436			130,844
Provision for loan and lease losses	9,000			8,604			3,071
Noninterest income	32,521			75,173			84,584
Noninterest expense	156,042			152,657			161,212
Net income	14,230			38,021			31,760
Net earnings per common share, basic	0.09			0.29			0.24
Net earnings per common share, diluted	0.09			0.28			0.23
Performance Metrics:
Adjusted net earnings per common share, diluted⁽²⁾	$	0.31		$	0.30		$	0.22
Yield on interest-earning assets	3.99		%	3.97		%	4.33		%
Cost of interest-bearing liabilities	1.03		%	1.04		%	1.08		%
Net interest margin	3.09		%	3.00		%	3.41		%
Return on average assets	0.26		%	0.73		%	0.75		%
Return on average risk-weighted assets^{(3) (8)}	0.40		%	1.15		%	1.10		%
Return on average equity⁽⁴⁾	2.9		%	9.0		%	7.9		%
Adjusted return on average equity⁽⁵⁾	9.7		%	9.5		%	7.5		%
Efficiency ratio⁽⁶⁾	83		%	69		%	75		%
Loans and leases held for investment as a percentage of deposits	115		%	115		%	104		%
Loans and leases held for investment excluding government insured pool buyouts as a percentage of deposits	93		%	91		%	90		%
Credit Quality Ratios:
Adjusted non-performing assets as a percentage of total assets⁽⁷⁾	0.40		%	0.46		%	0.62		%
Net charge-offs to average loans and leases held for investment	0.16		%	0.12		%	0.12		%
ALLL as a percentage of loans and leases held for investment	0.34		%	0.34		%	0.45		%
Government insured pool buyouts as a percentage of loans and leases held for investment	19		%	20		%	14		%
Capital:
Common equity tier 1 ratio (EFC consolidated; see Table 10d)⁽⁸⁾	10.6		%	11.6		%	12.2		%
Tier 1 leverage ratio (bank level; see Table 10c)⁽⁸⁾	8.1		%	8.2		%	9.1		%
Total risk-based capital ratio (bank level; see Table 10c)⁽⁸⁾	12.3		%	13.4		%	14.3		%
Tangible common equity per common share⁽⁹⁾	$	12.55		$	12.51		$	11.78
Consumer Banking Metrics:
Unpaid principal balance of loans originated	$	2,365,962		$	2,177,636		$	1,700,496
Jumbo residential mortgage loans originated	1,300,746			1,183,702			808,138
Unpaid principal balance of loans sold	1,369,503			1,647,399			1,209,755
Unpaid principal balance of loans serviced for the Company and others	50,481,475			50,746,457			60,677,571
Consumer Banking loans as a percentage of loans and leases held for investment	54		%	57		%	56		%
Consumer deposits	$	12,865,348		$	12,554,702		$	11,522,607
Commercial Banking Metrics:
Loan and lease originations:
Commercial and commercial real estate	$	480,217		$	483,967		$	158,013
Equipment financing receivables	223,339			357,870			167,490
Commercial Banking loans as a percentage of loans and leases held for investment	46		%	43		%	44		%
Commercial deposits	$	3,211,339		$	2,953,995		$	1,765,804
Market Price Per Share of Common Stock:
Closing	$	18.03		$	19.06		$	19.73
High	19.16			19.56			20.00
Low	17.24			17.33			16.40
Period End Balance Sheet Data:
Loans and leases held for investment, net	$	18,470,791		$	17,699,407		$	13,801,140
Total assets	23,347,219			21,617,788			17,630,948
Deposits	16,076,687			15,508,697			13,288,411
Total liabilities	21,589,407			19,870,194			15,983,309
Total shareholders’ equity	1,757,812			1,747,594			1,647,639

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)

Adjusted net earnings per common share, diluted is calculated using a numerator based on adjusted net income. Adjusted net earnings per common share, diluted is a non-GAAP financial measure and its most directly comparable GAAP measure is net earnings per common share, diluted. Adjusted net income includes adjustments to our net income for certain significant items that we believe are not reflective of our ongoing business or operating performance. For a reconciliation of adjusted net income to net income, which is the most directly comparable GAAP measure, see Table 10a.

(3)

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


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

(5)

Adjusted return on average equity is calculated as adjusted net income less dividends declared on the Series A 6.75% Non-Cumulative Perpetual Preferred Stock divided by average common shareholders' equity. Adjusted net income is a non-GAAP measure of our financial performance and its most directly comparable GAAP measure is net income. For a reconciliation of net income to adjusted net income, see Table 10a.


(6)	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.

(7)

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.


(8)	Risk-weighted assets and regulatory capital ratios calculated under Basel III for periods beginning March 31, 2015. Risk-weighted assets and regulatory capital ratios calculated under Basel I for periods through December 31, 2014.

(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.



EverBank Financial Corp and Subsidiaries
Consolidated Statements of Income							Table 2
	Three Months Ended
(dollars in thousands, except per share data)	Mar 31, 2015			Dec 31, 2014			Mar 31, 2014
Interest Income
Interest and fees on loans and leases	$	194,849		$	184,880		$	158,470
Interest and dividends on investment securities	8,022			9,336			9,831
Other interest income	160			179			162
Total interest income	203,031			194,395			168,463
Interest Expense
Deposits	29,764			29,108			22,607
Other borrowings	17,829			17,851			15,012
Total interest expense	47,593			46,959			37,619
Net Interest Income	155,438			147,436			130,844
Provision for loan and lease losses	9,000			8,604			3,071
Net Interest Income after Provision for Loan and Lease Losses	146,438			138,832			127,773
Noninterest Income
Loan servicing fee income	34,132			35,529			46,617
Amortization of mortgage servicing rights	(20,299		)	(20,064		)	(20,572		)
Recovery (impairment) of mortgage servicing rights	(43,352		)	—			4,941
Net loan servicing income (loss)	(29,519		)	15,465			30,986
Gain on sale of loans	42,623			34,170			33,851
Loan production revenue	5,387			5,243			4,579
Deposit fee income	4,050			3,087			3,335
Other lease income	4,080			4,376			4,905
Other	5,900			12,832			6,928
Total noninterest income	32,521			75,173			84,584
Noninterest Expense
Salaries, commissions and other employee benefits expense	91,986			86,736			97,694
Equipment expense	16,045			16,716			18,648
Occupancy expense	5,856			7,481			8,072
General and administrative expense	42,155			41,724			36,798
Total noninterest expense	156,042			152,657			161,212
Income before Income Taxes	22,917			61,348			51,145
Provision for Income Taxes	8,687			23,327			19,385
Net Income	$	14,230		$	38,021		$	31,760
Net Income Allocated to Preferred Stock	2,531			2,531			2,531
Net Income Allocated to Common Shareholders	$	11,699		$	35,490		$	29,229
Net Earnings per Common Share, Basic	$	0.09		$	0.29		$	0.24
Net Earnings per Common Share, Diluted	$	0.09		$	0.28		$	0.23
Dividends Declared per Common Share	$	0.04		$	0.04		$	0.03
Dividend payout ratio⁽¹⁾	44.44		%	13.79		%	12.50		%
Weighted Average Common Shares Outstanding
(units in thousands)
Basic	123,939			123,278			122,684
Diluted	126,037			125,646			125,038


(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, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Assets
Cash and due from banks	$	63,094		$	49,436		$	57,835		$	65,433		$	60,587
Interest-bearing deposits in banks	488,954			317,228			306,265			104,563			439,242
Total cash and cash equivalents	552,048			366,664			364,100			169,996			499,829
Investment securities:
Available for sale, at fair value	719,645			776,311			987,345			1,029,667			1,118,646
Held to maturity	115,631			115,084			113,751			118,614			116,984
Other investments	236,494			196,609			194,314			186,818			122,918
Total investment securities	1,071,770			1,088,004			1,295,410			1,335,099			1,358,548
Loans held for sale	1,861,306			973,507			871,736			1,704,406			596,729
Loans and leases held for investment:
Loans and leases held for investment, net of unearned income	18,533,637			17,760,253			16,579,951			15,294,644			13,864,109
Allowance for loan and lease losses	(62,846		)	(60,846		)	(57,245		)	(56,728		)	(62,969		)
Total loans and leases held for investment, net	18,470,791			17,699,407			16,522,706			15,237,916			13,801,140
Mortgage servicing rights (MSR), net	383,763			435,619			441,243			437,595			446,493
Deferred income taxes, net	—			—			3,162			54,351			42,140
Premises and equipment, net	54,283			56,457			55,500			54,844			60,654
Other assets	953,258			998,130			956,485			759,613			825,415
Total Assets	$	23,347,219		$	21,617,788		$	20,510,342		$	19,753,820		$	17,630,948
Liabilities
Deposits:
Noninterest-bearing	$	1,213,266		$	984,703		$	1,084,400		$	1,055,556		$	1,054,796
Interest-bearing	14,863,421			14,523,994			13,389,105			12,819,119			12,233,615
Total deposits	16,076,687			15,508,697			14,473,505			13,874,675			13,288,411
Other borrowings	5,178,000			4,004,000			3,977,000			3,797,000			2,377,000
Trust preferred securities	103,750			103,750			103,750			103,750			103,750
Accounts payable and accrued liabilities	230,970			253,747			235,064			298,947			214,148
Total Liabilities	21,589,407			19,870,194			18,789,319			18,074,372			15,983,309
Shareholders’ Equity
Series A 6.75% Non-Cumulative Perpetual Preferred Stock	150,000			150,000			150,000			150,000			150,000
Common Stock	1,241			1,237			1,230			1,229			1,227
Additional paid-in capital	858,925			851,158			840,667			837,991			834,460
Retained earnings	817,539			810,796			780,234			744,164			715,599
Accumulated other comprehensive loss	(69,893		)	(65,597		)	(51,108		)	(53,936		)	(53,647		)
Total Shareholders’ Equity	1,757,812			1,747,594			1,721,023			1,679,448			1,647,639
Total Liabilities and Shareholders’ Equity	$	23,347,219		$	21,617,788		$	20,510,342		$	19,753,820		$	17,630,948



EverBank Financial Corp and Subsidiaries
Business Segments Selected Financial Information													Table 4
(dollars in thousands)	Consumer Banking			Commercial Banking			Corporate Services			Eliminations			Consolidated
Three Months Ended March 31, 2015
Net interest income	$	84,657		$	72,336		$	(1,555	)	$	—		$	155,438
Provision for loan and lease losses	1,393			7,607			—			—			9,000
Net interest income after provision for loan and lease losses	83,264			64,729			(1,555		)	—			146,438
Noninterest income	22,000			10,373			148			—			32,521
Noninterest expense	98,599			27,811			29,632			—			156,042
Income (loss) before income tax	6,665			47,291			(31,039		)	—			22,917
Adjustment items (pre-tax):
Transaction expense and non-recurring regulatory related expense	2,324			—			93			—			2,417
Increase (decrease) in Bank of Florida non-accretable discount	—			(1,560		)	—			—			(1,560		)
MSR impairment (recovery)	43,352			—			—			—			43,352
Adjusted income (loss) before income tax	$	52,341		$	45,731		$	(30,946	)	$	—		$	67,126
Total assets as of March 31, 2015	$	14,665,509		$	8,760,963		$	211,067		$	(290,320	)	$	23,347,219
Total deposits as of March 31, 2015	12,865,348			3,211,339			—			—			16,076,687

Three Months Ended December 31, 2014
Net interest income	$	83,054		$	65,971		$	(1,589	)	$	—		$	147,436
Provision for loan and lease losses	3,789			4,815			—			—			8,604
Net interest income after provision for loan and lease losses	79,265			61,156			(1,589		)	—			138,832
Noninterest income	66,197			9,134			(158		)	—			75,173
Noninterest expense	101,396			24,164			27,097			—			152,657
Income (loss) before income tax	44,066			46,126			(28,844		)	—			61,348
Adjustment items (pre-tax):
Transaction expense and non-recurring regulatory related expense	2,676			—			1,359			—			4,035
Increase (decrease) in Bank of Florida non-accretable discount	—			(330		)	—			—			(330		)
Restructuring cost	(265		)	—			—			—			(265		)
Adjusted income (loss) before income tax	$	46,477		$	45,796		$	(27,485	)	$	—		$	64,788
Total assets as of December 31, 2014	$	13,825,052		$	7,892,974		$	215,095		$	(315,333	)	$	21,617,788
Total deposits as of December 31, 2014	12,554,702			2,953,995			—			—			15,508,697

Three Months Ended March 31, 2014
Net interest income	$	72,124		$	60,304		$	(1,584	)	$	—		$	130,844
Provision for loan and lease losses	1,752			1,319			—			—			3,071
Net interest income after provision for loan and lease losses	70,372			58,985			(1,584		)	—			127,773
Noninterest income	74,331			10,116			137			—			84,584
Noninterest expense	111,677			23,964			25,571			—			161,212
Income (loss) before income tax	$	33,026		$	45,137		$	(27,018	)	$	—		$	51,145
Adjustment items (pre-tax):
Transaction expense and non-recurring regulatory related expense	750			—			—			—			750
Increase (decrease) in Bank of Florida non-accretable discount	—			501			—			—			501
MSR impairment (recovery)	(4,941		)	—			—			—			(4,941		)
Restructuring cost	1,017			—			—			—			1,017
Adjusted income (loss) before income tax	$	29,852		$	45,638		$	(27,018	)	$	—		$	48,472
Total assets as of March 31, 2014	$	11,310,398		$	6,349,549		$	228,086		$	(257,085	)	$	17,630,948
Total deposits as of March 31, 2014	11,522,607			1,765,804			—			—			13,288,411



EverBank Financial Corp and Subsidiaries
Average Balances and Interest Rates^{(1) (2) (3)}													Table 5
	Three Months Ended March 31, 2015						Three Months Ended December 31, 2014						Three Months Ended March 31, 2014
(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	$	255,816	$	160	0.25	%	$	278,651	$	179	0.25	%	$	260,265	$	162	0.25	%
Investments	1,067,104		8,022		3.02	%	1,250,638		9,336		2.98	%	1,346,037		9,831		2.93	%
Loans held for sale	1,523,484		12,516		3.29	%	1,223,558		10,834		3.54	%	911,273		8,593		3.77	%
Loans and leases held for investment:
Consumer Banking:
Residential mortgages:
Residential	6,219,788		52,187		3.36	%	6,020,278		52,173		3.47	%	5,213,521		44,573		3.42	%
Government insured pool buyouts	3,568,879		38,710		4.34	%	3,481,562		35,212		4.05	%	1,847,529		27,953		6.05	%
Residential mortgages	9,788,667		90,897		3.71	%	9,501,840		87,385		3.68	%	7,061,050		72,526		4.11	%
Home equity lines	154,267		1,801		4.73	%	140,016		1,488		4.22	%	149,733		1,054		2.85	%
Other consumer and credit card	4,629		132		11.54	%	4,957		88		6.94	%	5,511		306		22.52	%
Commercial Banking:
Commercial and commercial real estate:
Commercial real estate and other commercial	3,547,906		49,079		5.53	%	3,383,031		47,270		5.55	%	3,268,299		46,866		5.74	%
Mortgage warehouse finance	1,233,928		8,604		2.79	%	1,125,568		8,250		2.87	%	705,835		5,181		2.94	%
Lender finance	774,608		6,970		3.60	%	733,810		6,426		3.43	%	626,410		5,790		3.70	%
Commercial and commercial real estate	5,556,442		64,653		4.65	%	5,242,409		61,946		4.68	%	4,600,544		57,837		5.03	%
Equipment financing receivables	2,031,071		24,850		4.89	%	1,877,061		23,139		4.93	%	1,246,386		18,154		5.83	%
Total loans and leases held for investment	17,535,076		182,333		4.16	%	16,766,283		174,046		4.14	%	13,063,224		149,877		4.59	%
Total interest-earning assets	20,381,480		$	203,031	3.99	%	19,519,130		$	194,395	3.97	%	15,580,799		$	168,463	4.33	%
Noninterest-earning assets	1,388,038						1,401,990						1,430,854
Total assets	$	21,769,518					$	20,921,120					$	17,011,653
Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	3,662,559	$	6,096	0.68	%	$	3,380,877	$	5,777	0.68	%	$	2,975,863	$	4,366	0.60	%
Market-based money market accounts	362,498		528		0.59	%	391,923		602		0.61	%	411,610		619		0.61	%
Savings and money market accounts, excluding market-based	5,133,320		8,190		0.65	%	5,187,257		8,488		0.65	%	5,101,516		7,661		0.61	%
Market-based time	443,962		760		0.69	%	492,848		901		0.73	%	586,588		1,083		0.75	%
Time, excluding market-based	4,936,035		14,190		1.16	%	4,373,830		13,340		1.21	%	2,876,480		8,878		1.25	%
Total deposits	14,538,374		29,764		0.83	%	13,826,735		29,108		0.84	%	11,952,057		22,607		0.77	%
Borrowings:
Trust preferred securities	103,750		1,640		6.41	%	103,750		1,649		6.31	%	103,750		1,644		6.43	%
FHLB advances	4,050,089		16,189		1.60	%	3,882,446		16,202		1.63	%	1,958,449		13,368		2.73	%
Other	—		—		0.00	%	23,739		—		0.00	%	24,001		—		0.00	%
Total borrowings	4,153,839		17,829		1.72	%	4,009,935		17,851		1.74	%	2,086,200		15,012		2.88	%
Total interest-bearing liabilities	18,692,213		47,593		1.03	%	17,836,670		46,959		1.04	%	14,038,257		37,619		1.08	%
Noninterest-bearing demand deposits	1,104,966						1,154,254						1,081,435
Other noninterest-bearing liabilities	216,777						198,364						263,745
Total liabilities	20,013,956						19,189,288						15,383,437
Total shareholders’ equity	1,755,562						1,731,832						1,628,216
Total liabilities and shareholders’ equity	$	21,769,518					$	20,921,120					$	17,011,653
Net interest income/spread			$	155,438	2.96	%			$	147,436	2.93	%			$	130,844	3.25	%
Net interest margin					3.09	%					3.00	%					3.41	%
Memo: Total deposits including noninterest-bearing	$	15,643,340	$	29,764	0.77	%	$	14,980,989	$	29,108	0.77	%	$	13,033,492	$	22,607	0.71	%


(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)	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Consumer Banking:
Residential mortgages:
Residential	$	6,265,322		$	6,324,965		$	6,006,987		$	5,205,043		$	5,688,053
Government insured pool buyouts	3,513,916			3,595,105			3,395,095			3,197,348			1,911,773
Residential mortgages	9,779,238			9,920,070			9,402,082			8,402,391			7,599,826
Home equity lines	170,998			156,869			139,589			138,886			147,086
Other consumer and credit card	4,472			5,054			5,894			5,473			5,427
Total Consumer Banking	9,954,708			10,081,993			9,547,565			8,546,750			7,752,339
Commercial Banking:
Commercial and commercial real estate:
Commercial real estate and other commercial	3,550,489			3,527,586			3,328,979			3,234,423			3,243,654
Mortgage warehouse finance	2,103,098			1,356,651			1,185,591			1,310,611			911,223
Lender finance	851,759			762,453			678,400			625,335			664,143
Commercial and commercial real estate	6,505,346			5,646,690			5,192,970			5,170,369			4,819,020
Equipment financing receivables	2,073,583			2,031,570			1,839,416			1,577,525			1,292,750
Total Commercial Banking	8,578,929			7,678,260			7,032,386			6,747,894			6,111,770
Loans and leases held for investment, net of unearned income	18,533,637			17,760,253			16,579,951			15,294,644			13,864,109
Allowance for loan and lease losses	(62,846		)	(60,846		)	(57,245		)	(56,728		)	(62,969		)
Total loans and leases held for investment, net	$	18,470,791		$	17,699,407		$	16,522,706		$	15,237,916		$	13,801,140
The balances presented above include:
Net purchased loan and lease discounts	$	50,053		$	47,108		$	54,510		$	53,134		$	79,905
Net deferred loan and lease origination costs	$	98,757		$	94,778		$	84,832		$	69,849		$	64,688

Deposits													Table 6b
(dollars in thousands)	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Noninterest-bearing demand	$	1,213,266		$	984,703		$	1,084,400		$	1,055,556		$	1,054,796
Interest-bearing demand	3,674,565			3,540,027			2,941,171			2,801,811			2,961,831
Market-based money market accounts	352,865			374,856			397,617			411,633			413,017
Savings and money market accounts, excluding market-based	5,137,429			5,136,031			5,159,642			4,864,459			5,023,585
Market-based time	426,431			466,514			511,923			577,247			583,740
Time, excluding market-based	5,272,131			5,006,566			4,378,752			4,163,969			3,251,442
Total deposits	$	16,076,687		$	15,508,697		$	14,473,505		$	13,874,675		$	13,288,411

General and Administrative Expense													Table 7
	Three Months Ended
(dollars in thousands)	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Legal and professional fees, excluding consent order expense	$	5,928		$	9,903		$	7,061		$	7,475		$	7,116
Credit-related expenses	2,698			4,995			6,356			8,765			7,607
FDIC premium assessment and other agency fees	6,414			6,025			6,684			7,199			(443		)
Advertising and marketing expense	6,664			5,899			6,175			4,932			4,431
Subservicing expense	3,791			3,716			3,673			2,482			—
Consent order expense	2,741			108			1,634			2,099			756
Other	13,919			11,078			11,557			13,879			17,331
Total general and administrative expense	$	42,155		$	41,724		$	43,140		$	46,831		$	36,798



EverBank Financial Corp and Subsidiaries
Non-Performing Assets⁽¹⁾													Table 8
(dollars in thousands)	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Non-accrual loans and leases:
Consumer Banking:
Residential mortgages	$	24,840		$	24,576		$	23,067		$	22,212		$	47,835
Home equity lines	2,191			2,363			2,152			1,903			3,462
Other consumer and credit card	29			38			31			20			33
Commercial Banking:
Commercial and commercial real estate	37,025			41,140			46,819			44,172			23,884
Equipment financing receivables	10,775			8,866			6,803			6,475			5,446
Total non-accrual loans and leases	74,860			76,983			78,872			74,782			80,660
Accruing loans 90 days or more past due	—			—			—			—			—
Total non-performing loans (NPL)	74,860			76,983			78,872			74,782			80,660
Other real estate owned (OREO)	17,588			22,509			24,501			25,530			29,333
Total non-performing assets (NPA)	92,448			99,492			103,373			100,312			109,993
Troubled debt restructurings (TDR) less than 90 days past due	15,251			13,634			16,547			16,687			73,455
Total NPA and TDR⁽¹⁾	$	107,699		$	113,126		$	119,920		$	116,999		$	183,448

Total NPA and TDR	$	107,699		$	113,126		$	119,920		$	116,999		$	183,448
Government insured 90 days or more past due still accruing	2,662,619			2,646,415			2,632,744			2,424,166			1,021,276
Loans accounted for under ASC 310-30:
90 days or more past due	5,165			8,448			10,519			23,159			9,915
Total regulatory NPA and TDR	$	2,775,483		$	2,767,989		$	2,763,183		$	2,564,324		$	1,214,639
Adjusted credit quality ratios excluding government insured loans and loans accounted for under ASC 310-30:⁽¹⁾
NPL to total loans	0.37		%	0.41		%	0.45		%	0.44		%	0.56		%
NPA to total assets	0.40		%	0.46		%	0.50		%	0.51		%	0.62		%
NPA and TDR to total assets	0.46		%	0.52		%	0.58		%	0.59		%	1.04		%
Credit quality ratios including government insured loans and loans accounted for under ASC 310-30:
NPL to total loans	13.49		%	14.63		%	15.65		%	14.89		%	7.72		%
NPA to total assets	11.82		%	12.74		%	13.39		%	12.90		%	6.47		%
NPA and TDR to total assets	11.89		%	12.80		%	13.47		%	12.98		%	6.89		%

(1)



EverBank Financial Corp and Subsidiaries

Allowance for Loan and Lease Losses Activity													Table 9a
	Three Months Ended
(dollars in thousands)	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
ALLL, beginning of period	$	60,846		$	57,245		$	56,728		$	62,969		$	63,690
Charge-offs:
Consumer Banking:
Residential mortgages	2,539			1,368			2,023			1,810			3,165
Home equity lines	288			383			171			163			316
Other consumer and credit card	33			28			28			20			15
Commercial Banking:
Commercial and commercial real estate	2,018			1,626			568			4,714			5
Equipment financing receivables	2,631			2,122			1,548			938			1,189
Total charge-offs	7,509			5,527			4,338			7,645			4,690
Recoveries:
Consumer Banking:
Residential mortgages	58			152			127			251			566
Home equity lines	83			48			289			74			141
Other consumer and credit card	—			—			—			—			—
Commercial Banking:
Commercial and commercial real estate	2			2			6			—			1
Equipment financing receivables	366			322			180			196			190
Total recoveries	509			524			602			521			898
Net charge-offs	7,000			5,003			3,736			7,124			3,792
Provision for loan and lease losses	9,000			8,604			6,735			6,123			3,071
Transfers to loans held for sale	—			—			(2,482		)	(5,240		)	—
ALLL, end of period	$	62,846		$	60,846		$	57,245		$	56,728		$	62,969
Net charge-offs to average loans and leases held for investment	0.16		%	0.12		%	0.09		%	0.19		%	0.12		%

Allowance for Loan and Lease Losses Ratio													Table 9b
(dollars in thousands)	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
ALLL	$	62,846		$	60,846		$	57,245		$	56,728		$	62,969
Loans and leases held for investment, net of unearned income	18,533,637			17,760,253			16,579,951			15,294,644			13,864,109
ALLL as a percentage of loans and leases held for investment	0.34		%	0.34		%	0.35		%	0.37		%	0.45		%
Government insured pool buyouts as a percentage of loans and leases held for investment	19		%	20		%	20		%	21		%	14		%

Reserves for Repurchase Obligations for Loans Sold or Securitized													Table 9c
	Three Months Ended
(dollars in thousands)	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Loan origination repurchase reserves, beginning of period	$	25,940		$	24,712		$	26,373		$	24,428		$	20,225
Provision for new sales/securitizations	442			548			627			595			429
Provision (release of provision) for changes in estimate of existing reserves	(531		)	1,500			—			3,400			4,000
Net realized losses on repurchases	(266		)	(820		)	(2,288		)	(2,050		)	(226		)
Loan origination repurchase reserves, end of period	$	25,585		$	25,940		$	24,712		$	26,373		$	24,428

Reserves for Repurchase Obligations for Loans Serviced													Table 9d
	Three Months Ended
(dollars in thousands)	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Loan servicing repurchase reserves, beginning of period	$	2,947		$	4,075		$	5,802		$	10,796		$	23,668
Provision (release of provision) for change in estimate of existing reserves	(173		)	(757		)	(626		)	(1,303		)	(5,037		)
Net realized losses on repurchases	(267		)	(371		)	(1,101		)	(3,691		)	(7,835		)
Loan servicing repurchase reserves, end of period	$	2,507		$	2,947		$	4,075		$	5,802		$	10,796



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, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2014		Mar 31, 2014
Net income	$	14,230		$	38,021		$	43,519		$	34,782	$	31,760
Transaction expense and non-recurring regulatory related expense, net of tax	1,498			2,502			2,201			1,294		465
Increase (decrease) in Bank of Florida non-accretable discount, net of tax	(967		)	(205		)	198			423		311
MSR impairment (recovery), net of tax	26,879			—			(1,904		)	—		(3,063		)
Restructuring cost, net of tax	—			(164		)	—			—		630
OTTI losses on investment securities (Volcker Rule), net of tax	—			—			—			425		—
Adjusted net income	$	41,640		$	40,154		$	44,014		$	36,924	$	30,103
Adjusted net income allocated to preferred stock	2,531			2,531			2,532			2,531		2,531
Adjusted net income allocated to common shareholders	$	39,109		$	37,623		$	41,482		$	34,393	$	27,572
Adjusted net earnings per common share, basic	$	0.32		$	0.31		$	0.34		$	0.28	$	0.22
Adjusted net earnings per common share, diluted	$	0.31		$	0.30		$	0.33		$	0.27	$	0.22
Weighted average common shares outstanding:
(units in thousands)
Basic	123,939			123,278			122,950			122,840		122,684
Diluted	126,037			125,646			125,473			125,389		125,038

Tangible Equity, Tangible Common Equity and Tangible Assets												Table 10b
(dollars in thousands)	Mar 31, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2014		Mar 31, 2014
Shareholders’ equity	$	1,757,812		$	1,747,594		$	1,721,023		$	1,679,448	$	1,647,639
Less:
Goodwill	46,859			46,859			46,859			46,859		46,859
Intangible assets	3,178			3,705			4,232			4,759		5,286
Tangible equity	1,707,775			1,697,030			1,669,932			1,627,830		1,595,494
Less:
Perpetual preferred stock	150,000			150,000			150,000			150,000		150,000
Tangible common equity	$	1,557,775		$	1,547,030		$	1,519,932		$	1,477,830	$	1,445,494

Total assets	$	23,347,219		$	21,617,788		$	20,510,342		$	19,753,820	$	17,630,948
Less:
Goodwill	46,859			46,859			46,859			46,859		46,859
Intangible assets	3,178			3,705			4,232			4,759		5,286
Tangible assets	$	23,297,182		$	21,567,224		$	20,459,251		$	19,702,202	$	17,578,803



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

Regulatory Capital⁽¹⁾ (bank level)															Table 10c
(dollars in thousands)			Mar 31, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Shareholders’ equity			$	1,793,270		$	1,789,398		$	1,769,205		$	1,714,454		$	1,686,414
Less:	Goodwill and other intangibles		(47,442		)	(49,589		)	(49,957		)	(50,328		)	(50,700		)
	Disallowed servicing asset		(46,302		)	(32,054		)	(23,524		)	(29,028		)	(26,419		)
	Disallowed deferred tax asset		(659		)	—			—			(61,737		)	(62,682		)
Add:	Accumulated losses on securities and cash flow hedges		68,225			64,002			49,516			52,121			51,507
Tier 1 capital		(A)	1,767,092			1,771,757			1,745,240			1,625,482			1,598,120
Add:	Allowance for loan and lease losses		62,846			60,846			57,245			56,728			62,969
Total regulatory capital		(B)	$	1,829,938		$	1,832,603		$	1,802,485		$	1,682,210		$	1,661,089

Adjusted total assets		(C)	$	21,732,119		$	21,592,849		$	20,480,723		$	19,660,793		$	17,539,708
Risk-weighted assets		(D)	14,822,821			13,658,685			12,869,352			12,579,476			11,597,320

Tier 1 leverage ratio		(A)/(C)	8.1		%	8.2		%	8.5		%	8.3		%	9.1		%
Tier 1 risk-based capital ratio		(A)/(D)	11.9		%	13.0		%	13.6		%	12.9		%	13.8		%
Total risk-based capital ratio		(B)/(D)	12.3		%	13.4		%	14.0		%	13.4		%	14.3		%

(1) Calculated under Basel III for periods beginning March 31, 2015. Calculated under Basel I for periods through December 31, 2014.

Regulatory Capital⁽¹⁾ (EFC consolidated)															Table 10d
(dollars in thousands)			Mar 31, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Shareholders’ equity			$	1,757,812		$	1,747,594		$	1,721,023		$	1,679,448		$	1,647,639
Less:	Preferred stock		(150,000		)	(150,000		)	(150,000		)	(150,000		)	(150,000		)
	Goodwill and other intangibles		(47,310		)	(49,589		)	(49,957		)	(50,328		)	(50,700		)
	Disallowed servicing asset		(53,648		)	(32,054		)	(23,524		)	(29,028		)	(26,419		)
	Disallowed deferred tax asset		(634		)	—			—			(61,737		)	(62,682		)
Add:	Accumulated losses on securities and cash flow hedges		69,893			65,597			51,108			53,936			53,647
Common tier 1 capital		(E)	1,576,113			1,581,548			1,548,650			1,442,291			1,411,485
Add:	Preferred stock		150,000			150,000			150,000			150,000			150,000
Add:	Additional tier 1 capital (trust preferred securities)		103,750			103,750			103,750			103,750			103,750
Tier 1 capital		(F)	1,829,863			1,835,298			1,802,400			1,696,041			1,665,235
Add:	Allowance for loan and lease losses		62,846			60,846			57,245			56,728			62,969
Total regulatory capital		(G)	$	1,892,709		$	1,896,144		$	1,859,645		$	1,752,769		$	1,728,204

Adjusted total assets		(H)	$	21,738,727		$	21,601,742		$	20,487,969		$	19,666,663		$	17,554,830
Risk-weighted assets		(I)	14,819,123			13,665,981			12,875,007			12,583,537			11,600,258

Common equity tier 1 ratio		(E)/(I)	10.6		%	11.6		%	12.0		%	11.5		%	12.2		%
Tier 1 leverage ratio		(F)/(H)	8.4		%	8.5		%	8.8		%	8.6		%	9.5		%
Tier 1 risk-based capital ratio		(F)/(I)	12.3		%	13.4		%	14.0		%	13.5		%	14.4		%
Total risk-based capital ratio		(G)/(I)	12.8		%	13.9		%	14.4		%	13.9		%	14.9		%

(1) Calculated under Basel III for periods beginning March 31, 2015. Calculated under Basel I for periods through December 31, 2014.



EverBank Financial Corp and Subsidiaries
Residential Mortgage Lending and Servicing													Table 11
	Three Months Ended
(dollars in thousands)	Mar 31, 2015			Dec 31, 2014			Sep 30, 2014			Jun 30, 2014			Mar 31, 2014
Key Metrics:
Mortgage lending volume:
Agency	$	1,043,500		$	971,774		$	1,108,917		$	1,124,684		$	892,358
Jumbo	1,300,746			1,183,702			1,187,161			1,108,188			808,138
Other	21,716			22,160			6,004			—			—
Mortgage lending volume	$	2,365,962		$	2,177,636		$	2,302,082		$	2,232,872		$	1,700,496
Mortgage loans sold:
Agency	$	802,329		$	878,209		$	1,111,504		$	804,015		$	897,234
Jumbo	189,965			385,564			691,431			447,408			54,210
GNMA	373,761			379,223			365,547			176,734			255,021
Other	3,448			4,403			4,163			103,556			3,290
Mortgage loans sold	$	1,369,503		$	1,647,399		$	2,172,645		$	1,531,713		$	1,209,755
Unpaid principal balance of loans serviced for the Company and others	$	50,481,475		$	50,746,457		$	50,830,585		$	50,790,378		$	60,677,571
Average contractual servicing fee	0.29		%	0.29		%	0.29		%	0.29		%	0.29		%
Applications	$	1,658,070		$	1,335,506		$	1,279,945		$	1,656,807		$	1,534,751
Rate locks	1,564,567			1,251,366			1,236,764			1,664,388			1,461,488
Mortgage Lending Volume by Channel:
Retail	$	1,301,488		$	1,218,614		$	1,259,019		$	1,225,568		$	781,241
Consumer Direct	441,155			385,588			454,449			461,115			414,726
Correspondent	623,319			573,433			588,614			546,189			504,529
Purchase Activity (%):
Retail	51		%	62		%	72		%	80		%	70		%
Consumer Direct	6		%	4		%	12		%	13		%	5		%
Correspondent	43		%	51		%	66		%	60		%	44		%
Total	41		%	49		%	59		%	61		%	46		%

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