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

Attached files

file	filename
8-K - 8-K - TIAA FSB Holdings, Inc.	a8-kearningsrelease93015.htm
EX-99.1 - EXHIBIT 99.1 - TIAA FSB Holdings, Inc.	ex991pressrelease93015.htm

Exhibit 99.2

EverBank Financial Corp and Subsidiaries

Quarterly Financial Tables

September 30, 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 10	Reconciliation of Non-GAAP Measures

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

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, 2015			Jun 30, 2015			Sep 30, 2014			Sep 30, 2015			Sep 30, 2014
Operating Results:
Total revenue⁽¹⁾	$	210,035		$	252,839		$	234,550		$	650,833		$	679,437
Net interest income	168,840			169,025			146,336			493,303			417,371
Provision for loan and lease losses	11,131			7,932			6,735			28,063			15,929
Noninterest income	41,195			83,814			88,214			157,530			262,066
Noninterest expense	151,506			177,968			157,753			485,516			486,285
Net income	29,583			41,567			43,519			85,380			110,061
Net earnings per common share, basic	0.22			0.31			0.33			0.63			0.83
Net earnings per common share, diluted	0.21			0.31			0.33			0.61			0.82
Performance Metrics:
Adjusted net earnings per common share, diluted⁽²⁾	$	0.23		$	0.35		$	0.33		$	0.88		$	0.83
Yield on interest-earning assets	3.85		%	3.99		%	3.95		%	3.94		%	4.12		%
Cost of interest-bearing liabilities	1.03		%	0.99		%	1.01		%	1.01		%	1.03		%
Net interest margin	2.90		%	3.11		%	3.02		%	3.03		%	3.20		%
Return on average assets	0.48		%	0.72		%	0.85		%	0.49		%	0.78		%
Return on average risk-weighted assets^{(3) (9)}	0.74		%	1.10		%	1.37		%	0.76		%	1.21		%
Return on average equity⁽⁴⁾	6.5		%	9.5		%	10.6		%	6.3		%	9.0		%
Adjusted return on average equity⁽⁵⁾	6.9		%	10.7		%	10.7		%	9.1		%	9.1		%
Efficiency ratio⁽⁶⁾	72		%	70		%	67		%	75		%	72		%
Adjusted efficiency ratio⁽⁷⁾	71		%	65		%	67		%	68		%	71		%
Loans and leases held for investment as a percentage of deposits	119		%	121		%	115		%	119		%	115		%
Loans and leases held for investment excluding government insured pool buyouts as a percentage of deposits	96		%	98		%	91		%	96		%	91		%
Credit Quality Ratios:
Adjusted non-performing assets as a percentage of total assets⁽⁸⁾	0.55		%	0.44		%	0.50		%	0.55		%	0.50		%
Net charge-offs to average loans and leases held for investment	0.11		%	0.10		%	0.09		%	0.12		%	0.13		%
ALLL as a percentage of loans and leases held for investment	0.34		%	0.33		%	0.35		%	0.34		%	0.35		%
Government insured pool buyouts as a percentage of loans and leases held for investment	19		%	19		%	20		%	19		%	20		%
Capital:
Common equity tier 1 ratio (EFC consolidated; see Table 10d)⁽⁹⁾	10.2		%	10.5		%	12.0		%	10.2		%	12.0		%
Tier 1 leverage ratio (bank level; see Table 10c)⁽⁹⁾	8.2		%	8.6		%	8.5		%	8.2		%	8.5		%
Total risk-based capital ratio (bank level; see Table 10c)⁽⁹⁾	12.7		%	13.2		%	14.0		%	12.7		%	14.0		%
Tangible common equity per common share⁽¹⁰⁾	$	13.00		$	13.00		$	12.36		$	13.00		$	12.36
Consumer Banking Metrics:
Unpaid principal balance of loans originated	$	2,292,027		$	2,717,588		$	2,302,082		$	7,375,577		$	6,235,450
Jumbo residential mortgage loans originated	1,219,349			1,458,297			1,187,161			3,978,392			3,103,487
Unpaid principal balance of loans sold	1,802,783			2,333,747			2,172,645			5,506,033			4,914,113
Unpaid principal balance of loans serviced for the Company and others	44,347,242			44,835,934			50,830,585			44,347,242			50,830,585
Consumer Banking loans as a percentage of loans and leases held for investment	56		%	55		%	58		%	56		%	58		%
Consumer deposits	$	13,518,818		$	13,083,912		$	12,087,775		$	13,518,818		$	12,087,775
Commercial Banking Metrics:
Loan and lease originations:
Commercial and commercial real estate	$	648,993		$	465,924		$	361,387		$	1,595,134		$	804,825
Equipment financing receivables	345,490			293,456			392,790			862,285			958,799
Commercial Banking loans as a percentage of loans and leases held for investment	44		%	45		%	42		%	44		%	42		%
Commercial deposits	$	4,047,271		$	3,399,615		$	2,385,730		$	4,047,271		$	2,385,730
Market Price Per Share of Common Stock:
Closing	$	19.30		$	19.65		$	17.66		$	19.30		$	17.66
High	20.69			20.21			20.50			20.69			20.61
Low	19.06			17.82			17.66			17.24			16.40
Period End Balance Sheet Data:
Loans and leases held for investment, net	$	20,805,484		$	19,847,804		$	16,522,706		$	20,805,484		$	16,522,706
Total assets	25,214,743			24,120,491			20,510,342			25,214,743			20,510,342
Deposits	17,566,089			16,483,527			14,473,505			17,566,089			14,473,505
Total liabilities	23,391,874			22,300,670			18,789,319			23,391,874			18,789,319
Total shareholders’ equity	1,822,869			1,819,821			1,721,023			1,822,869			1,721,023

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


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

(7)

The adjusted efficiency ratio represents adjusted noninterest expense as a percentage of adjusted total revenue based on adjusted net income. The adjusted efficiency ratio is a non-GAAP measure of our financial performance and its most directly comparable GAAP measure is the efficiency ratio. For a reconciliation of adjusted net income to net income, see Table 10a. For detailed information regarding the adjusted efficiency ratio, see Table 10b. We use the adjusted efficiency ratio to measure adjusted noninterest costs expended to generate a dollar of adjusted revenue.

(8)

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.


(9)	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.

(10)

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 10e). 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									Nine Months Ended
(dollars in thousands, except per share data)	Sep 30, 2015			Jun 30, 2015			Sep 30, 2014			Sep 30, 2015			Sep 30, 2014
Interest Income
Interest and fees on loans and leases	$	215,881		$	210,347		$	180,913		$	621,077		$	509,708
Interest and dividends on investment securities	7,520			7,447			9,627			22,989			29,276
Other interest income	226			159			116			545			388
Total interest income	223,627			217,953			190,656			644,611			539,372
Interest Expense
Deposits	31,921			30,219			26,755			91,904			72,804
Other borrowings	22,866			18,709			17,565			59,404			49,197
Total interest expense	54,787			48,928			44,320			151,308			122,001
Net Interest Income	168,840			169,025			146,336			493,303			417,371
Provision for loan and lease losses	11,131			7,932			6,735			28,063			15,929
Net Interest Income after Provision for Loan and Lease Losses	157,709			161,093			139,601			465,240			401,442
Noninterest Income
Loan servicing fee income	27,157			29,569			35,900			90,858			122,934
Amortization of mortgage servicing rights	(16,760		)	(19,006		)	(19,572		)	(56,065		)	(59,170		)
Recovery (impairment) of mortgage servicing rights	(4,450		)	15,727			3,071			(32,075		)	8,012
Net loan servicing income (loss)	5,947			26,290			19,399			2,718			71,776
Gain on sale of loans	18,037			40,588			47,920			101,248			129,474
Loan production revenue	5,861			6,195			5,783			17,443			15,709
Deposit fee income	3,844			3,052			3,828			10,946			11,696
Other lease income	3,714			2,082			3,910			9,876			12,621
Other	3,792			5,607			7,374			15,299			20,790
Total noninterest income	41,195			83,814			88,214			157,530			262,066
Noninterest Expense
Salaries, commissions and other employee benefits expense	89,369			95,769			90,781			277,124			283,734
Equipment expense	15,576			15,258			16,623			46,879			52,616
Occupancy expense	6,679			7,156			7,209			19,691			23,166
General and administrative expense	39,882			59,785			43,140			141,822			126,769
Total noninterest expense	151,506			177,968			157,753			485,516			486,285
Income before Income Taxes	47,398			66,939			70,062			137,254			177,223
Provision for Income Taxes	17,815			25,372			26,543			51,874			67,162
Net Income	$	29,583		$	41,567		$	43,519		$	85,380		$	110,061
Net Income Allocated to Preferred Stock	2,532			2,531			2,532			7,594			7,594
Net Income Allocated to Common Shareholders	$	27,051		$	39,036		$	40,987		$	77,786		$	102,467
Net Earnings per Common Share, Basic	$	0.22		$	0.31		$	0.33		$	0.63		$	0.83
Net Earnings per Common Share, Diluted	$	0.21		$	0.31		$	0.33		$	0.61		$	0.82
Dividends Declared per Common Share	$	0.06		$	0.04		$	0.04		$	0.14		$	0.10
Dividend payout ratio⁽¹⁾	27.27		%	12.90		%	12.12		%	22.22		%	12.05		%
Weighted Average Common Shares Outstanding
(units in thousands)
Basic	124,823			124,348			122,950			124,373			122,826
Diluted	127,099			126,523			125,473			126,568			125,292


(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, 2015			Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			Sep 30, 2014
Assets
Cash and due from banks	$	64,822		$	59,976		$	63,094		$	49,436		$	57,835
Interest-bearing deposits in banks	534,354			498,184			488,954			317,228			306,265
Total cash and cash equivalents	599,176			558,160			552,048			366,664			364,100
Investment securities:
Available for sale, at fair value	574,104			656,587			719,645			776,311			987,345
Held to maturity	112,219			109,393			115,631			115,084			113,751
Other investments	240,832			239,089			236,494			196,609			194,314
Total investment securities	927,155			1,005,069			1,071,770			1,088,004			1,295,410
Loans held for sale	1,483,754			1,330,779			1,861,306			973,507			871,736
Loans and leases held for investment:
Loans and leases held for investment, net of unearned income	20,877,381			19,913,895			18,533,637			17,760,253			16,579,951
Allowance for loan and lease losses	(71,897		)	(66,091		)	(62,846		)	(60,846		)	(57,245		)
Total loans and leases held for investment, net	20,805,484			19,847,804			18,470,791			17,699,407			16,522,706
Mortgage servicing rights (MSR), net	357,550			362,803			383,763			435,619			441,243
Deferred income taxes, net	—			—			—			—			3,162
Premises and equipment, net	52,425			52,176			54,283			56,457			55,500
Other assets	989,199			963,700			953,258			998,130			956,485
Total Assets	$	25,214,743		$	24,120,491		$	23,347,219		$	21,617,788		$	20,510,342
Liabilities
Deposits:
Noninterest-bearing	$	1,389,644		$	1,152,917		$	1,213,266		$	984,703		$	1,084,400
Interest-bearing	16,176,445			15,330,610			14,863,421			14,523,994			13,389,105
Total deposits	17,566,089			16,483,527			16,076,687			15,508,697			14,473,505
Other borrowings	5,297,000			5,247,000			5,178,000			4,004,000			3,977,000
Trust preferred securities and subordinated notes payable	276,103			276,452			103,750			103,750			103,750
Accounts payable and accrued liabilities	252,682			293,691			230,970			253,747			235,064
Total Liabilities	23,391,874			22,300,670			21,589,407			19,870,194			18,789,319
Shareholders’ Equity
Series A 6.75% Non-Cumulative Perpetual Preferred Stock	150,000			150,000			150,000			150,000			150,000
Common Stock	1,250			1,246			1,241			1,237			1,230
Additional paid-in capital	873,175			865,632			858,925			851,158			840,667
Retained earnings	871,160			851,602			817,539			810,796			780,234
Accumulated other comprehensive loss	(72,716		)	(48,659		)	(69,893		)	(65,597		)	(51,108		)
Total Shareholders’ Equity	1,822,869			1,819,821			1,757,812			1,747,594			1,721,023
Total Liabilities and Shareholders’ Equity	$	25,214,743		$	24,120,491		$	23,347,219		$	21,617,788		$	20,510,342



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, 2015
Net interest income	$	92,157		$	80,790		$	(4,107	)	$	—		$	168,840
Provision for loan and lease losses	3,091			8,040			—			—			11,131
Net interest income after provision for loan and lease losses	89,066			72,750			(4,107		)	—			157,709
Noninterest income	32,847			8,204			144			—			41,195
Noninterest expense	94,014			30,386			27,106			—			151,506
Income (loss) before income tax	27,899			50,568			(31,069		)	—			47,398
Adjustment items (pre-tax):
Transaction expense and non-recurring regulatory related expense	(921		)	—			(343		)	—			(1,264		)
Increase (decrease) in Bank of Florida non-accretable discount	(44		)	(39		)	—			—			(83		)
MSR impairment (recovery)	4,450			—			—			—			4,450
Restructuring cost	(360		)	—			—			—			(360		)
Adjusted income (loss) before income tax	$	31,024		$	50,529		$	(31,412	)	$	—		$	50,141
Total assets as of September 30, 2015	$	15,649,933		$	9,678,171		$	274,938		$	(388,299	)	$	25,214,743
Total deposits as of September 30, 2015	13,518,818			4,047,271			—			—			17,566,089

Three Months Ended June 30, 2015
Net interest income	$	92,355		$	78,266		$	(1,596	)	$	—		$	169,025
Provision for loan and lease losses	3,584			4,348			—			—			7,932
Net interest income after provision for loan and lease losses	88,771			73,918			(1,596		)	—			161,093
Noninterest income	71,116			12,564			134			—			83,814
Noninterest expense	121,095			28,979			27,894			—			177,968
Income (loss) before income tax	38,792			57,503			(29,356		)	—			66,939
Adjustment items (pre-tax):
Transaction expense and non-recurring regulatory related expense	5,791			—			250			—			6,041
Increase (decrease) in Bank of Florida non-accretable discount	354			(97		)	—			—			257
MSR impairment (recovery)	(15,727		)	—			—			—			(15,727		)
Restructuring cost	17,143			—			61			—			17,204
Adjusted income (loss) before income tax	$	46,353		$	57,406		$	(29,045	)	$	—		$	74,714
Total assets as of June 30, 2015	$	15,139,729		$	9,093,639		$	283,285		$	(396,162	)	$	24,120,491
Total deposits as of June 30, 2015	13,083,912			3,399,615			—			—			16,483,527

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
Adjustment items (pre-tax):
Transaction expense and non-recurring regulatory related expense	3,175			—			375			—			3,550
Increase (decrease) in Bank of Florida non-accretable discount	—			319			—			—			319
MSR impairment (recovery)	(3,070		)	—			—			—			(3,070		)
OTTI losses on investment securities (Volcker Rule)	—			—			—			—			—
Adjusted income (loss) before income tax	$	48,729		$	47,300		$	(25,168	)	$	—		$	70,861
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



EverBank Financial Corp and Subsidiaries
Average Balances and Interest Rates^{(1) (2) (3)}													Table 5
	Three Months Ended September 30, 2015						Three Months Ended June 30, 2015						Three Months Ended September 30, 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	$	351,834	$	226	0.26	%	$	249,732	$	159	0.25	%	$	184,449	$	116	0.25	%
Investments	995,467		7,520		3.01	%	1,031,225		7,447		2.89	%	1,322,842		9,627		2.90	%
Loans held for sale	1,740,497		14,529		3.34	%	1,971,798		16,378		3.32	%	1,866,562		15,740		3.37	%
Loans and leases held for investment:
Consumer Banking:
Residential mortgages:
Residential	6,901,559		55,895		3.24	%	6,208,965		53,034		3.42	%	5,261,448		45,245		3.44	%
Government insured pool buyouts	3,994,565		45,353		4.54	%	3,701,238		43,137		4.66	%	3,738,326		36,102		3.86	%
Residential mortgages	10,896,124		101,248		3.72	%	9,910,203		96,171		3.88	%	8,999,774		81,347		3.62	%
Home equity lines	250,537		2,770		4.39	%	185,839		2,168		4.68	%	137,993		2,074		5.96	%
Other consumer and credit card	4,778		130		10.79	%	4,695		92		7.86	%	4,945		108		8.70	%
Commercial Banking:
Commercial and commercial real estate:
Commercial real estate and other commercial	3,832,593		50,346		5.21	%	3,626,989		49,890		5.48	%	3,263,260		46,156		5.62	%
Mortgage warehouse finance	1,862,290		12,707		2.67	%	1,875,134		12,758		2.69	%	1,191,602		8,822		2.90	%
Lender finance	1,023,005		8,985		3.44	%	896,994		8,116		3.58	%	630,336		5,677		3.52	%
Commercial and commercial real estate	6,717,888		72,038		4.24	%	6,399,117		70,764		4.40	%	5,085,198		60,655		4.72	%
Equipment financing receivables	2,173,960		25,166		4.63	%	2,079,283		24,774		4.77	%	1,625,813		20,989		5.16	%
Total loans and leases held for investment	20,043,287		201,352		4.00	%	18,579,137		193,969		4.17	%	15,853,723		165,173		4.15	%
Total interest-earning assets	23,131,085		$	223,627	3.85	%	21,831,892		$	217,953	3.99	%	19,227,576		$	190,656	3.95	%
Noninterest-earning assets	1,309,468						1,208,509						1,206,336
Total assets	$	24,440,553					$	23,040,401					$	20,433,912
Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	3,625,255	$	6,214	0.68	%	$	3,643,248	$	6,111	0.67	%	$	2,821,448	$	4,382	0.62	%
Market-based money market accounts	365,005		561		0.61	%	367,871		577		0.63	%	403,670		621		0.61	%
Savings and money market accounts, excluding market-based	5,457,507		9,063		0.66	%	5,098,205		8,240		0.65	%	5,077,685		8,069		0.63	%
Market-based time	390,975		610		0.62	%	423,006		736		0.70	%	561,292		1,171		0.83	%
Time, excluding market-based	5,527,481		15,473		1.11	%	5,318,760		14,555		1.10	%	4,501,948		12,512		1.10	%
Total deposits	15,366,223		31,921		0.82	%	14,851,090		30,219		0.82	%	13,366,043		26,755		0.79	%
Borrowings:
Trust preferred securities and subordinated notes payable	276,234		4,192		6.07	%	105,648		1,681		6.37	%	103,750		1,661		6.35	%
FHLB advances	5,424,174		18,674		1.35	%	4,826,396		17,028		1.40	%	3,808,326		15,904		1.63	%
Other	—		—		0.00	%	—		—		0.00	%	24,000		—		0.00	%
Total borrowings	5,700,408		22,866		1.58	%	4,932,044		18,709		1.50	%	3,936,076		17,565		1.75	%
Total interest-bearing liabilities	21,066,631		54,787		1.03	%	19,783,134		48,928		0.99	%	17,302,119		44,320		1.01	%
Noninterest-bearing demand deposits	1,309,855						1,278,044						1,173,181
Other noninterest-bearing liabilities	239,823						192,214						259,794
Total liabilities	22,616,309						21,253,392						18,735,094
Total shareholders’ equity	1,824,244						1,787,009						1,698,818
Total liabilities and shareholders’ equity	$	24,440,553					$	23,040,401					$	20,433,912
Net interest income/spread			$	168,840	2.82	%			$	169,025	3.00	%			$	146,336	2.94	%
Net interest margin					2.90	%					3.11	%					3.02	%
Memo: Total deposits including noninterest-bearing	$	16,676,078	$	31,921	0.76	%	$	16,129,134	$	30,219	0.75	%	$	14,539,224	$	26,755	0.73	%


(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, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Consumer Banking:
Residential mortgages:
Residential	$	7,364,522		$	6,899,235		$	6,265,322		$	6,324,965		$	6,006,987
Government insured pool buyouts	3,947,359			3,824,378			3,513,916			3,595,105			3,395,095
Residential mortgages	11,311,881			10,723,613			9,779,238			9,920,070			9,402,082
Home equity lines	332,183			237,241			170,998			156,869			139,589
Other consumer and credit card	4,910			4,870			4,472			5,054			5,894
Total Consumer Banking	11,648,974			10,965,724			9,954,708			10,081,993			9,547,565
Commercial Banking:
Commercial and commercial real estate:
Commercial real estate and other commercial	3,660,362			3,731,671			3,550,489			3,527,586			3,328,979
Mortgage warehouse finance	2,162,627			2,155,535			2,103,098			1,356,651			1,185,591
Lender finance	1,117,886			914,422			851,759			762,453			678,400
Commercial and commercial real estate	6,940,875			6,801,628			6,505,346			5,646,690			5,192,970
Equipment financing receivables	2,287,532			2,146,543			2,073,583			2,031,570			1,839,416
Total Commercial Banking	9,228,407			8,948,171			8,578,929			7,678,260			7,032,386
Loans and leases held for investment, net of unearned income	20,877,381			19,913,895			18,533,637			17,760,253			16,579,951
Allowance for loan and lease losses	(71,897		)	(66,091		)	(62,846		)	(60,846		)	(57,245		)
Total loans and leases held for investment, net	$	20,805,484		$	19,847,804		$	18,470,791		$	17,699,407		$	16,522,706
The balances presented above include:
Net purchased loan and lease discounts	$	43,166		$	43,215		$	50,053		$	47,108		$	54,510
Net deferred loan and lease origination costs	$	115,990		$	108,141		$	98,757		$	94,778		$	84,832

Deposits													Table 6b
(dollars in thousands)	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Noninterest-bearing demand	$	1,389,644		$	1,152,917		$	1,213,266		$	984,703		$	1,084,400
Interest-bearing demand	3,631,458			3,626,387			3,674,565			3,540,027			2,941,171
Market-based money market accounts	351,880			372,282			352,865			374,856			397,617
Savings and money market accounts, excluding market-based	5,734,451			5,211,101			5,137,429			5,136,031			5,159,642
Market-based time	379,967			412,103			426,431			466,514			511,923
Time, excluding market-based	6,078,689			5,708,737			5,272,131			5,006,566			4,378,752
Total deposits	$	17,566,089		$	16,483,527		$	16,076,687		$	15,508,697		$	14,473,505

General and Administrative Expense																		Table 7
	Three Months Ended															Nine Months Ended
(dollars in thousands)	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			September 30, 2015		September 30, 2014
Legal and professional fees, excluding consent order expense	$	6,123		$	7,323		$	5,928		$	9,903		$	7,061		$	19,374	$	21,652
Credit-related expenses	7,340			11,860			2,698			4,995			6,356			21,898		22,728
FDIC premium assessment and other agency fees	7,066			6,468			6,414			6,025			6,684			19,948		13,440
Advertising and marketing expense	5,810			6,262			6,664			5,899			6,175			18,736		15,538
Subservicing expense	(103		)	1,345			3,791			3,716			3,673			5,033		6,155
Consent order expense	(866		)	163			2,741			108			1,634			2,038		4,489
Other	14,512			26,364			13,919			11,078			11,557			54,795		42,767
Total general and administrative expense	$	39,882		$	59,785		$	42,155		$	41,724		$	43,140		$	141,822	$	126,769



EverBank Financial Corp and Subsidiaries
Non-Performing Assets⁽¹⁾													Table 8
(dollars in thousands)	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Non-accrual loans and leases:
Consumer Banking:
Residential mortgages	$	27,322		$	26,500		$	24,840		$	24,576		$	23,067
Home equity lines	4,186			2,169			2,191			2,363			2,152
Other consumer and credit card	5			—			29			38			31
Commercial Banking:
Commercial and commercial real estate	78,801			48,082			37,025			41,140			46,819
Equipment financing receivables	13,661			12,417			10,775			8,866			6,803
Total non-accrual loans and leases	123,975			89,168			74,860			76,983			78,872
Accruing loans 90 days or more past due	—			—			—			—			—
Total non-performing loans (NPL)	123,975			89,168			74,860			76,983			78,872
Other real estate owned (OREO)	15,491			16,826			17,588			22,509			24,501
Total non-performing assets (NPA)	139,466			105,994			92,448			99,492			103,373
Troubled debt restructurings (TDR) less than 90 days past due	16,558			14,693			15,251			13,634			16,547
Total NPA and TDR⁽¹⁾	$	156,024		$	120,687		$	107,699		$	113,126		$	119,920

Total NPA and TDR	$	156,024		$	120,687		$	107,699		$	113,126		$	119,920
Government insured 90 days or more past due still accruing	2,814,506			2,901,184			2,662,619			2,646,415			2,632,744
Loans accounted for under ASC 310-30:
90 days or more past due	4,871			4,571			5,165			8,448			10,519
Total regulatory NPA and TDR	$	2,975,401		$	3,026,442		$	2,775,483		$	2,767,989		$	2,763,183
Adjusted credit quality ratios excluding government insured loans and loans accounted for under ASC 310-30:⁽¹⁾
NPL to total loans	0.56		%	0.42		%	0.37		%	0.41		%	0.45		%
NPA to total assets	0.55		%	0.44		%	0.40		%	0.46		%	0.50		%
NPA and TDR to total assets	0.62		%	0.50		%	0.46		%	0.52		%	0.58		%
Credit quality ratios including government insured loans and loans accounted for under ASC 310-30:
NPL to total loans	13.21		%	14.14		%	13.49		%	14.63		%	15.65		%
NPA to total assets	11.73		%	12.49		%	11.82		%	12.74		%	13.39		%
NPA and TDR to total assets	11.80		%	12.55		%	11.89		%	12.80		%	13.47		%

(1)



EverBank Financial Corp and Subsidiaries

Allowance for Loan and Lease Losses Activity													Table 9a
	Three Months Ended
(dollars in thousands)	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
ALLL, beginning of period	$	66,091		$	62,846		$	60,846		$	57,245		$	56,728
Charge-offs:
Consumer Banking:
Residential mortgages	2,630			2,447			2,539			1,368			2,023
Home equity lines	353			276			288			383			171
Other consumer and credit card	—			29			33			28			28
Commercial Banking:
Commercial and commercial real estate	406			—			2,018			1,626			568
Equipment financing receivables	2,703			2,838			2,631			2,122			1,548
Total charge-offs	6,092			5,590			7,509			5,527			4,338
Recoveries:
Consumer Banking:
Residential mortgages	91			53			58			152			127
Home equity lines	70			97			83			48			289
Other consumer and credit card	—			—			—			—			—
Commercial Banking:
Commercial and commercial real estate	4			218			2			2			6
Equipment financing receivables	602			535			366			322			180
Total recoveries	767			903			509			524			602
Net charge-offs	5,325			4,687			7,000			5,003			3,736
Provision for loan and lease losses	11,131			7,932			9,000			8,604			6,735
Transfers to loans held for sale	—			—			—			—			(2,482		)
ALLL, end of period	$	71,897		$	66,091		$	62,846		$	60,846		$	57,245
Net charge-offs to average loans and leases held for investment	0.11		%	0.10		%	0.16		%	0.12		%	0.09		%

Allowance for Loan and Lease Losses Ratio													Table 9b
(dollars in thousands)	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
ALLL	$	71,897		$	66,091		$	62,846		$	60,846		$	57,245
Loans and leases held for investment, net of unearned income	20,877,381			19,913,895			18,533,637			17,760,253			16,579,951
ALLL as a percentage of loans and leases held for investment	0.34		%	0.33		%	0.34		%	0.34		%	0.35		%
Government insured pool buyouts as a percentage of loans and leases held for investment	19		%	19		%	19		%	20		%	20		%

Reserves for Repurchase Obligations for Loans Sold or Securitized													Table 9c
	Three Months Ended
(dollars in thousands)	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
Loan origination repurchase reserves, beginning of period	$	18,145		$	25,585		$	25,940		$	24,712		$	26,373
Provision for new sales/securitizations	633			840			442			548			627
Provision (release of provision) for changes in estimate of existing reserves	(3,525		)	(3,655		)	(531		)	1,500			—
Net realized losses on repurchases	(10,285		)	(4,625		)	(266		)	(820		)	(2,288		)
Loan origination repurchase reserves, end of period	$	4,968		$	18,145		$	25,585		$	25,940		$	24,712



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, 2015			Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			Sep 30, 2014			Sep 30, 2015			Sep 30, 2014
Net income	$	29,583		$	41,567		$	14,230		$	38,021		$	43,519		$	85,380		$	110,061
Transaction expense and non-recurring regulatory related expense, net of tax	(784		)	3,745			1,498			2,502			2,201			4,459			3,960
Increase (decrease) in Bank of Florida non-accretable discount, net of tax	(51		)	159			(967		)	(205		)	198			(859		)	932
MSR impairment (recovery), net of tax	2,758			(9,751		)	26,879			—			(1,904		)	19,886			(4,967		)
Restructuring cost, net of tax	(222		)	10,667			—			(164		)	—			10,445			630
OTTI losses on investment securities (Volcker Rule), net of tax	—			—			—			—			—			—			425
Adjusted net income	$	31,284		$	46,387		$	41,640		$	40,154		$	44,014		$	119,311		$	111,041
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	$	28,752		$	43,856		$	39,109		$	37,623		$	41,482		$	111,717		$	103,447
Adjusted net earnings per common share, basic	$	0.23		$	0.35		$	0.32		$	0.31		$	0.34		$	0.90		$	0.84
Adjusted net earnings per common share, diluted	$	0.23		$	0.35		$	0.31		$	0.30		$	0.33		$	0.88		$	0.83
Weighted average common shares outstanding:
(units in thousands)
Basic	124,823			124,348			123,939			123,278			122,950			124,373			122,826
Diluted	127,099			126,523			126,037			125,646			125,473			126,568			125,292

Adjusted Efficiency Ratio																			Table 10b
	Three Months Ended															Nine Months Ended
(dollars in thousands)	Sep 30, 2015			Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			Sep 30, 2014			Sep 30, 2015			Sep 30, 2014
Net interest income	$	168,840		$	169,025		$	155,438		$	147,436		$	146,336		$	493,303		$	417,371
Noninterest income	41,195			83,814			32,521			75,173			88,214			157,530			262,066
Total revenue	210,035			252,839			187,959			222,609			234,550			650,833			679,437
Adjustment items (pre-tax):
MSR impairment (recovery)	4,450			(15,727		)	43,352			—			(3,070		)	32,075			(8,011		)
Restructuring cost	—			96			—			(465		)	—			96			(1,964		)
OTTI losses on securities (Volcker Rule)	—			—			—			—			—			—			685
Adjusted total revenue	$	214,485		$	237,208		$	231,311		$	222,144		$	231,480		$	683,004		$	670,147

Noninterest expense	$	151,506		$	177,968		$	156,042		$	152,657		$	157,753		$	485,516		$	486,285
Adjustment items (pre-tax):
Transaction expense and non-recurring regulatory related expense	1,264			(6,041		)	(2,417		)	(4,035		)	(3,550		)	(7,194		)	(6,387		)
Restructuring cost	360			(17,108		)	—			(200		)	—			(16,748		)	(2,981		)
Adjusted noninterest expense	$	153,130		$	154,819		$	153,625		$	148,422		$	154,203		$	461,574		$	476,917

GAAP efficiency ratio	72		%	70		%	83		%	69		%	67		%	75		%	72		%
Adjusted efficiency ratio	71		%	65		%	66		%	67		%	67		%	68		%	71		%



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

Regulatory Capital⁽¹⁾ (bank level)															Table 10c
(dollars in thousands)			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			Sep 30, 2014
Shareholders’ equity			$	2,002,848		$	2,000,597		$	1,793,270		$	1,789,398		$	1,769,205
Less:	Goodwill and other intangibles		(47,198		)	(47,253		)	(47,442		)	(49,589		)	(49,957		)
	Disallowed servicing asset		(26,699		)	(31,625		)	(46,302		)	(32,054		)	(23,524		)
	Disallowed deferred tax asset		—			—			(659		)	—			—
Add:	Accumulated losses on securities and cash flow hedges		71,202			47,179			68,225			64,002			49,516
Tier 1 capital		(A)	2,000,153			1,968,898			1,767,092			1,771,757			1,745,240
Add:	Allowance for loan and lease losses		72,653			67,196			62,846			60,846			57,245
Total regulatory capital		(B)	$	2,072,806		$	2,036,094		$	1,829,938		$	1,832,603		$	1,802,485

Adjusted total assets		(C)	$	24,428,171		$	23,000,873		$	21,732,119		$	21,592,849		$	20,480,723
Risk-weighted assets		(D)	16,336,138			15,464,920			14,822,821			13,658,685			12,869,352

Tier 1 leverage ratio		(A)/(C)	8.2		%	8.6		%	8.1		%	8.2		%	8.5		%
Tier 1 risk-based capital ratio		(A)/(D)	12.2		%	12.7		%	11.9		%	13.0		%	13.6		%
Total risk-based capital ratio		(B)/(D)	12.7		%	13.2		%	12.3		%	13.4		%	14.0		%

(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)			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			Sep 30, 2014
Shareholders’ equity			$	1,822,869		$	1,819,821		$	1,757,812		$	1,747,594		$	1,721,023
Less:	Preferred stock		(150,000		)	(150,000		)	(150,000		)	(150,000		)	(150,000		)
	Goodwill and other intangibles		(47,198		)	(47,253		)	(47,310		)	(49,589		)	(49,957		)
	Disallowed servicing asset		(39,838		)	(44,798		)	(53,648		)	(32,054		)	(23,524		)
	Disallowed deferred tax asset		—			—			(634		)	—			—
Add:	Accumulated losses on securities and cash flow hedges		72,716			48,659			69,893			65,597			51,108
Common tier 1 capital		(E)	1,658,549			1,626,429			1,576,113			1,581,548			1,548,650
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)	1,912,299			1,880,179			1,829,863			1,835,298			1,802,400
Add:	Subordinated notes payable		172,353			172,702			—			—			—
Add:	Allowance for loan and lease losses		72,653			67,196			62,846			60,846			57,245
Total regulatory capital		(G)	$	2,157,305		$	2,120,077		$	1,892,709		$	1,896,144		$	1,859,645

Adjusted total assets		(H)	$	24,429,012		$	22,997,941		$	21,738,727		$	21,601,742		$	20,487,969
Risk-weighted assets		(I)	16,327,166			15,454,736			14,819,123			13,665,981			12,875,007

Common equity tier 1 ratio		(E)/(I)	10.2		%	10.5		%	10.6		%	11.6		%	12.0		%
Tier 1 leverage ratio		(F)/(H)	7.8		%	8.2		%	8.4		%	8.5		%	8.8		%
Tier 1 risk-based capital ratio		(F)/(I)	11.7		%	12.2		%	12.3		%	13.4		%	14.0		%
Total risk-based capital ratio		(G)/(I)	13.2		%	13.7		%	12.8		%	13.9		%	14.4		%

(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
Reconciliation of Non-GAAP Measures (continued)

Tangible Equity, Tangible Common Equity, Tangible Common Equity Per Common Share and Tangible Assets									Table 10e

(dollars in thousands except share and per share amounts)	Sep 30, 2015		Jun 30, 2015		Mar 31, 2015		Dec 31, 2014		Sep 30, 2014
Shareholders’ equity	$	1,822,869	$	1,819,821	$	1,757,812	$	1,747,594	$	1,721,023
Less:
Goodwill	46,859		46,859		46,859		46,859		46,859
Intangible assets	2,124		2,651		3,178		3,705		4,232
Tangible equity	1,773,886		1,770,311		1,707,775		1,697,030		1,669,932
Less:
Perpetual preferred stock	150,000		150,000		150,000		150,000		150,000
Tangible common equity	$	1,623,886	$	1,620,311	$	1,557,775	$	1,547,030	$	1,519,932

Common shares outstanding at period end	124,954,523		124,611,940		124,133,375		123,679,049		122,994,480
Book value per common share	$	13.39	$	13.40	$	12.95	$	12.92	$	12.77
Tangible common equity per common share	13.00		13.00		12.55		12.51		12.36

Total assets	$	25,214,743	$	24,120,491	$	23,347,219	$	21,617,788	$	20,510,342
Less:
Goodwill	46,859		46,859		46,859		46,859		46,859
Intangible assets	2,124		2,651		3,178		3,705		4,232
Tangible assets	$	25,165,760	$	24,070,981	$	23,297,182	$	21,567,224	$	20,459,251



EverBank Financial Corp and Subsidiaries
Residential Mortgage Lending and Servicing													Table 11
	Three Months Ended
(dollars in thousands)	Sep 30, 2015			Jun 30, 2015			Mar 31, 2015			Dec 31, 2014			Sep 30, 2014
Key Metrics:
Mortgage lending volume:
Agency	$	961,485		$	1,177,725		$	1,043,500		$	971,774		$	1,108,917
Jumbo	1,219,349			1,458,297			1,300,746			1,183,702			1,187,161
Other	111,193			81,566			21,716			22,160			6,004
Mortgage lending volume	$	2,292,027		$	2,717,588		$	2,365,962		$	2,177,636		$	2,302,082
Mortgage loans sold:
Agency	$	1,036,106		$	895,799		$	802,329		$	878,209		$	1,111,504
Jumbo	314,500			1,057,431			189,965			385,564			691,431
GNMA	447,466			376,265			373,761			379,223			365,547
Other	4,711			4,252			3,448			4,403			4,163
Mortgage loans sold	$	1,802,783		$	2,333,747		$	1,369,503		$	1,647,399		$	2,172,645
Unpaid principal balance of loans serviced for the Company and others	$	44,347,242		$	44,835,934		$	50,481,475		$	50,746,457		$	50,830,585
Average contractual servicing fee	0.27		%	0.27		%	0.29		%	0.29		%	0.29		%
Applications	$	1,446,134		$	1,770,099		$	1,658,070		$	1,335,506		$	1,279,945
Rate locks	1,422,918			1,571,512			1,564,567			1,251,366			1,236,764
Mortgage Lending Volume by Channel:
Retail	$	1,467,344		$	1,728,598		$	1,301,488		$	1,218,614		$	1,259,019
Consumer Direct	289,832			411,407			441,155			385,588			454,449
Correspondent	534,851			577,584			623,319			573,433			588,614
Purchase Activity (%):
Retail	73		%	67		%	51		%	62		%	72		%
Consumer Direct	14		%	12		%	6		%	4		%	12		%
Correspondent	70		%	62		%	43		%	51		%	66		%
Total	65		%	58		%	41		%	49		%	59		%

Attached files

Stock widget

Investing forum

TIAA FSB Holdings, Inc. Reports