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

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 - TIAA FSB Holdings, Inc.	ex991pressrelease63016.htm
8-K - 8-K - TIAA FSB Holdings, Inc.	a8-kearningsrelease63016.htm

Exhibit 99.2

EverBank Financial Corp and Subsidiaries

Quarterly Financial Tables

June 30, 2016

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 9a	Allowance for Loan and Lease Losses Activity

Table 9b	Allowance for Loan and Lease Losses Ratio

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



EverBank Financial Corp and Subsidiaries
Financial Highlights													Table 1
	As of and for the Three Months Ended									As of and for the Six Months Ended
(dollars in thousands, except per share amounts)	Jun 30, 2016			Mar 31, 2016			Jun 30, 2015			Jun 30, 2016			Jun 30, 2015
Operating Results:
Total revenue⁽¹⁾	$	196,608		$	203,534		$	252,839		$	400,142		$	440,798
Net interest income	177,440			173,781			169,025			351,221			324,463
Provision for loan and lease losses	6,012			8,919			7,932			14,931			16,932
Noninterest income	19,168			29,753			83,814			48,921			116,335
Noninterest expense	155,840			149,430			177,968			305,270			334,010
Net income allocated to common shareholders	19,024			25,393			39,036			44,417			50,735
Net earnings per common share, diluted	0.15			0.20			0.31			0.35			0.40
Performance Metrics:
Adjusted net earnings per common share, diluted⁽²⁾	$	0.32		$	0.32		$	0.35		$	0.63		$	0.66
Yield on interest-earning assets	3.81		%	3.85		%	3.99		%	3.83		%	3.99		%
Cost of interest-bearing liabilities	1.15		%	1.14		%	0.99		%	1.14		%	1.01		%
Net interest margin	2.80		%	2.82		%	3.11		%	2.81		%	3.10		%
Return on average assets	0.32		%	0.43		%	0.72		%	0.37		%	0.50		%
Return on average risk-weighted assets⁽³⁾	0.49		%	0.66		%	1.10		%	0.57		%	0.76		%
Return on average equity⁽⁴⁾	4.4		%	6.0		%	9.5		%	5.2		%	6.3		%
Adjusted return on average equity⁽⁵⁾	9.4		%	9.3		%	10.7		%	9.4		%	10.2		%
Efficiency ratio⁽⁶⁾	79		%	73		%	70		%	76		%	76		%
Adjusted efficiency ratio⁽⁷⁾	67		%	66		%	65		%	67		%	66		%
Loans and leases held for investment as a percentage of deposits	123		%	120		%	121		%	123		%	121		%
Loans and leases held for investment excluding government insured pool buyouts as a percentage of deposits	100		%	97		%	98		%	100		%	98		%
Credit Quality Ratios:
Adjusted non-performing assets as a percentage of total assets⁽⁸⁾	0.52		%	0.53		%	0.44		%	0.52		%	0.44		%
Net charge-offs to average loans and leases held for investment	0.09		%	0.07		%	0.10		%	0.08		%	0.13		%
ALLL as a percentage of loans and leases held for investment	0.36		%	0.37		%	0.33		%	0.36		%	0.33		%
Government insured pool buyouts as a percentage of loans and leases held for investment	19		%	19		%	19		%	19		%	19		%
Capital:
Common equity tier 1 ratio (EFC consolidated; see Table 10d)	9.7		%	9.9		%	10.5		%	9.7		%	10.5		%
Tier 1 leverage ratio (bank level; see Table 10c)	8.1		%	8.2		%	8.6		%	8.1		%	8.6		%
Total risk-based capital ratio (bank level; see Table 10c)	12.6		%	12.9		%	13.2		%	12.6		%	13.2		%
Tangible common equity per common share⁽⁹⁾	$	13.24		$	13.23		$	13.00		$	13.24		$	13.00
Consumer Banking Metrics:
Unpaid principal balance of loans originated	$	2,405,643		$	1,797,131		$	2,717,588		$	4,202,775		$	5,083,550
Jumbo residential mortgage loans originated	883,252			724,536			1,458,297			1,607,788			2,759,043
Unpaid principal balance of loans serviced for the Company and others	40,474,814			41,013,022			44,835,934			40,474,814			44,835,934
Consumer Banking loans as a percentage of loans and leases held for investment	54		%	55		%	55		%	54		%	55		%
Consumer deposits	$	14,787,822		$	14,685,281		$	13,083,912		$	14,787,822		$	13,083,912
Commercial Banking Metrics:
Loan and lease originations:
Commercial and commercial real estate	$	357,733		$	364,978		$	465,924		$	722,711		$	946,141
Equipment financing receivables	318,033			299,751			293,456			617,784			516,795
Commercial Banking loan and lease sales	236,016			277,738			129,061			513,754			140,211
Commercial Banking loans as a percentage of loans and leases held for investment	46		%	45		%	45		%	46		%	45		%
Commercial deposits	$	4,023,940		$	4,311,196		$	3,399,615		$	4,023,940		$	3,399,615
Market Price Per Share of Common Stock:
Closing	$	14.86		$	15.63		$	19.65		$	14.86		$	19.65
High	15.78			15.96			20.21			15.96			20.21
Low	13.61			12.58			17.82			12.58			17.24

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)

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									Six Months Ended
(dollars in thousands, except per share data)	Jun 30, 2016			Mar 31, 2016			Jun 30, 2015			Jun 30, 2016			Jun 30, 2015
Interest Income
Interest and fees on loans and leases	$	236,168		$	231,059		$	210,347		$	467,227		$	405,196
Interest and dividends on investment securities	6,965			7,404			7,447			14,369			15,469
Other interest income	385			396			159			781			319
Total interest income	243,518			238,859			217,953			482,377			420,984
Interest Expense
Deposits	39,078			39,090			30,219			78,168			59,983
Other borrowings	27,000			25,988			18,709			52,988			36,538
Total interest expense	66,078			65,078			48,928			131,156			96,521
Net Interest Income	177,440			173,781			169,025			351,221			324,463
Provision for loan and lease losses	6,012			8,919			7,932			14,931			16,932
Net Interest Income after Provision for Loan and Lease Losses	171,428			164,862			161,093			336,290			307,531
Noninterest Income
Loan servicing fee income	22,814			23,441			29,569			46,255			63,701
Amortization of mortgage servicing rights	(16,550		)	(14,731		)	(19,006		)	(31,281		)	(39,305		)
Recovery (impairment) of mortgage servicing rights	(36,872		)	(22,542		)	15,727			(59,414		)	(27,625		)
Net loan servicing income (loss)	(30,608		)	(13,832		)	26,290			(44,440		)	(3,229		)
Gain on sale of loans	31,973			28,751			40,588			60,724			83,211
Loan production revenue	6,729			5,260			6,195			11,989			11,582
Deposit fee income	1,953			3,102			3,052			5,055			7,102
Other lease income	3,316			4,367			2,082			7,683			6,162
Other	5,805			2,105			5,607			7,910			11,507
Total noninterest income	19,168			29,753			83,814			48,921			116,335
Noninterest Expense
Salaries, commissions and other employee benefits expense	94,922			91,640			95,769			186,562			187,755
Equipment expense	16,052			15,917			15,258			31,969			31,303
Occupancy expense	7,266			6,264			7,156			13,530			13,012
General and administrative expense	37,600			35,609			59,785			73,209			101,940
Total noninterest expense	155,840			149,430			177,968			305,270			334,010
Income before Provision for Income Taxes	34,756			45,185			66,939			79,941			89,856
Provision for Income Taxes	13,201			17,261			25,372			30,462			34,059
Net Income	$	21,555		$	27,924		$	41,567		$	49,479		$	55,797
Net Income Allocated to Preferred Stock	(2,531		)	(2,531		)	(2,531		)	(5,062		)	(5,062		)
Net Income Allocated to Common Shareholders	$	19,024		$	25,393		$	39,036		$	44,417		$	50,735
Net Earnings per Common Share, Basic	$	0.15		$	0.20		$	0.31		$	0.35		$	0.41
Net Earnings per Common Share, Diluted	$	0.15		$	0.20		$	0.31		$	0.35		$	0.40
Dividends Declared per Common Share	$	0.06		$	0.06		$	0.04		$	0.12		$	0.08
Dividend payout ratio⁽¹⁾	40.00		%	30.00		%	12.90		%	34.29		%	19.51		%
Weighted Average Common Shares Outstanding
(units in thousands)
Basic	125,294			125,125			124,348			125,209			124,144
Diluted	126,612			126,045			125,389			126,442			126,283


(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)	Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015
Assets
Cash and due from banks	$	62,512		$	90,478		$	55,300		$	64,822		$	59,976
Interest-bearing deposits in banks	559,434			510,167			527,151			534,354			498,184
Total cash and cash equivalents	621,946			600,645			582,451			599,176			558,160
Investment securities:
Available for sale, at fair value	461,141			504,769			555,019			574,104			656,587
Held to maturity	104,205			101,305			103,746			112,219			109,393
Other investments	271,606			234,406			265,431			240,832			239,089
Total investment securities	836,952			840,480			924,196			927,155			1,005,069
Loans held for sale	1,485,747			1,137,702			1,509,268			1,483,754			1,330,779
Loans and leases held for investment:
Loans and leases held for investment, net of unearned income	23,218,614			22,756,113			22,227,492			20,877,381			19,913,895
Allowance for loan and lease losses	(84,250		)	(83,485		)	(78,137		)	(71,897		)	(66,091		)
Total loans and leases held for investment, net	23,134,364			22,672,628			22,149,355			20,805,484			19,847,804
Mortgage servicing rights (MSR), net	274,356			312,671			335,280			357,550			362,803
Premises and equipment, net	48,486			50,901			51,599			52,425			52,176
Other assets	952,459			1,026,372			1,048,877			989,199			963,700
Total Assets	$	27,354,310		$	26,641,399		$	26,601,026		$	25,214,743		$	24,120,491
Liabilities
Deposits:
Noninterest-bearing	$	1,510,198		$	1,499,063		$	1,141,357		$	1,389,644		$	1,152,917
Interest-bearing	17,301,564			17,497,414			17,100,685			16,176,445			15,330,610
Total deposits	18,811,762			18,996,477			18,242,042			17,566,089			16,483,527
Other borrowings	6,022,000			5,147,000			5,877,000			5,297,000			5,247,000
Trust preferred securities and subordinated notes payable	360,079			365,167			276,170			276,103			276,452
Accounts payable and accrued liabilities	303,110			276,852			337,493			252,682			293,691
Total Liabilities	25,496,951			24,785,496			24,732,705			23,391,874			22,300,670
Shareholders’ Equity
Series A 6.75% Non-Cumulative Perpetual Preferred Stock	150,000			150,000			150,000			150,000			150,000
Common Stock	1,253			1,252			1,250			1,250			1,246
Additional paid-in capital	879,169			877,275			874,806			873,175			865,632
Retained earnings	935,670			924,165			906,278			871,160			851,602
Accumulated other comprehensive loss	(108,733		)	(96,789		)	(64,013		)	(72,716		)	(48,659		)
Total Shareholders’ Equity	1,857,359			1,855,903			1,868,321			1,822,869			1,819,821
Total Liabilities and Shareholders’ Equity	$	27,354,310		$	26,641,399		$	26,601,026		$	25,214,743		$	24,120,491



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 June 30, 2016
Net interest income	$	99,370		$	83,141		$	(5,071	)	$	—		$	177,440
Provision for loan and lease losses	1,068			4,944			—			—			6,012
Net interest income after provision for loan and lease losses	98,302			78,197			(5,071		)	—			171,428
Noninterest income	5,225			12,389			1,554			—			19,168
Noninterest expense	93,485			33,790			28,565			—			155,840
Income (loss) before income tax	10,042			56,796			(32,082		)	—			34,756
Adjustment items (pre-tax):
Gain on repurchase of trust preferred securities	—			—			(1,478		)	—			(1,478		)
Transaction expense and non-recurring regulatory related expense	148			—			154			—			302
Increase (decrease) in Bank of Florida non-accretable discount	—			(324		)	—			—			(324		)
MSR impairment (recovery)	36,872			—			—			—			36,872
Restructuring cost	(1,538		)	759			66			—			(713		)
Adjusted income (loss) before income tax	$	45,524		$	57,231		$	(33,340	)	$	—		$	69,415
Total assets as of June 30, 2016	$	16,514,624		$	11,037,749		$	259,250		$	(457,313	)	$	27,354,310
Total deposits as of June 30, 2016	14,787,822			4,023,940			—			—			18,811,762

Three Months Ended March 31, 2016
Net interest income	$	97,520		$	80,568		$	(4,307	)	$	—		$	173,781
Provision for loan and lease losses	3,334			5,585			—			—			8,919
Net interest income after provision for loan and lease losses	94,186			74,983			(4,307		)	—			164,862
Noninterest income	15,579			14,035			139			—			29,753
Noninterest expense	88,073			32,986			28,371			—			149,430
Income (loss) before income tax	21,692			56,032			(32,539		)	—			45,185
Adjustment items (pre-tax):
Transaction expense and non-recurring regulatory related expense	(328		)	—			259			—			(69		)
Increase (decrease) in Bank of Florida non-accretable discount	—			(22		)	—			—			(22		)
MSR impairment (recovery)	22,542			—			—			—			22,542
Restructuring cost	118			379			209			—			706
Adjusted income (loss) before income tax	$	44,024		$	56,389		$	(32,071	)	$	—		$	68,342
Total assets as of March 31, 2016	$	16,294,379		$	10,486,284		$	298,701		$	(437,965	)	$	26,641,399
Total deposits as of March 31, 2016	14,685,281			4,311,196			—			—			18,996,477

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
OTTI losses on investment securities (Volcker Rule)	—			—			—			—			—
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



EverBank Financial Corp and Subsidiaries
Average Balances and Interest Rates^{(1) (2) (3)}													Table 5
	Three Months Ended June 30, 2016						Three Months Ended March 31, 2016						Three Months Ended June 30, 2015
(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	$	303,129	$	385	0.51	%	$	312,614	$	396	0.51	%	$	249,732	$	159	0.25	%
Investments	838,777		6,965		3.33	%	876,401		7,404		3.39	%	1,031,225		7,447		2.89	%
Loans held for sale	1,874,252		15,125		3.23	%	2,023,076		17,156		3.39	%	1,971,798		16,378		3.32	%
Loans and leases held for investment:
Consumer Banking:
Residential mortgages:
Residential	6,824,775		53,376		3.13	%	7,063,490		55,495		3.14	%	6,208,965		53,034		3.42	%
Government insured pool buyouts	4,568,782		54,879		4.80	%	4,429,707		53,479		4.83	%	3,701,238		43,137		4.66	%
Residential mortgages	11,393,557		108,255		3.80	%	11,493,197		108,974		3.79	%	9,910,203		96,171		3.88	%
Home equity lines and other	928,021		8,230		3.57	%	524,890		5,317		4.07	%	190,534		2,260		4.76	%
Commercial Banking:
Commercial and commercial real estate:
Commercial real estate and other commercial	3,901,421		47,397		4.84	%	4,033,661		48,103		4.75	%	3,626,989		49,890		5.48	%
Mortgage warehouse finance	2,475,149		17,325		2.77	%	1,846,294		12,999		2.79	%	1,875,134		12,758		2.69	%
Lender finance	1,356,091		11,927		3.48	%	1,287,134		11,214		3.45	%	896,994		8,116		3.58	%
Commercial and commercial real estate	7,732,661		76,649		3.94	%	7,167,089		72,316		4.01	%	6,399,117		70,764		4.40	%
Equipment financing receivables	2,415,338		27,909		4.62	%	2,377,047		27,296		4.59	%	2,079,283		24,774		4.77	%
Total loans and leases held for investment	22,469,577		221,043		3.93	%	21,562,223		213,903		3.96	%	18,579,137		193,969		4.17	%
Total interest-earning assets	25,485,735		$	243,518	3.81	%	24,774,314		$	238,859	3.85	%	21,831,892		$	217,953	3.99	%
Noninterest-earning assets	1,380,992						1,423,049						1,208,509
Total assets	$	26,866,727					$	26,197,363					$	23,040,401
Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	3,730,252	$	6,282	0.68	%	$	3,641,030	$	6,197	0.68	%	$	3,643,248	$	6,111	0.67	%
Market-based money market accounts	359,728		546		0.61	%	341,235		518		0.61	%	367,871		577		0.63	%
Savings and money market accounts, excluding market-based	6,594,527		12,339		0.75	%	6,444,921		12,506		0.78	%	5,098,205		8,240		0.65	%
Market-based time	355,069		760		0.86	%	369,649		774		0.84	%	423,006		736		0.70	%
Time, excluding market-based	6,114,552		19,151		1.26	%	6,333,503		19,095		1.20	%	5,318,760		14,555		1.10	%
Total deposits	17,154,128		39,078		0.92	%	17,130,338		39,090		0.91	%	14,851,090		30,219		0.82	%
Borrowings:
Trust preferred securities and subordinated notes payable	363,475		5,243		5.77	%	293,781		4,462		6.08	%	105,648		1,681		6.37	%
Long-term FHLB advances	3,776,672		19,948		2.09	%	3,824,527		20,018		2.07	%	2,521,451		15,852		2.49	%
Short-term FHLB advances	1,757,143		1,809		0.41	%	1,429,945		1,508		0.42	%	2,304,945		1,176		0.20	%
Total borrowings	5,897,290		27,000		1.82	%	5,548,253		25,988		1.86	%	4,932,044		18,709		1.50	%
Total interest-bearing liabilities	23,051,418		66,078		1.15	%	22,678,591		65,078		1.14	%	19,783,134		48,928		0.99	%
Noninterest-bearing demand deposits	1,543,952						1,285,853						1,278,044
Other noninterest-bearing liabilities	403,991						376,071						192,214
Total liabilities	24,999,361						24,340,515						21,253,392
Total shareholders’ equity	1,867,366						1,856,848						1,787,009
Total liabilities and shareholders’ equity	$	26,866,727					$	26,197,363					$	23,040,401
Net interest income/spread			$	177,440	2.66	%			$	173,781	2.71	%			$	169,025	3.00	%
Net interest margin					2.80	%					2.82	%					3.11	%
Memo: Total deposits including noninterest-bearing	$	18,698,080	$	39,078	0.84	%	$	18,416,191	$	39,090	0.85	%	$	16,129,134	$	30,219	0.75	%


(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)	Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015
Consumer Banking:
Residential mortgages:
Residential	$	6,961,746		$	7,254,377		$	7,501,767		$	7,364,522		$	6,899,235
Government insured pool buyouts	4,403,338			4,396,059			4,215,355			3,947,359			3,824,378
Residential mortgages	11,365,084			11,650,436			11,717,122			11,311,881			10,723,613
Home equity lines and other	1,073,656			917,856			501,785			337,093			242,111
Total Consumer Banking	12,438,740			12,568,292			12,218,907			11,648,974			10,965,724
Commercial Banking:
Commercial and commercial real estate:
Commercial real estate and other commercial	3,831,432			3,883,821			3,954,522			3,660,362			3,731,671
Mortgage warehouse finance	3,035,329			2,603,163			2,372,731			2,162,627			2,155,535
Lender finance	1,450,638			1,300,254			1,280,423			1,117,886			914,422
Commercial and commercial real estate	8,317,399			7,787,238			7,607,676			6,940,875			6,801,628
Equipment financing receivables	2,462,475			2,400,583			2,400,909			2,287,532			2,146,543
Total Commercial Banking	10,779,874			10,187,821			10,008,585			9,228,407			8,948,171
Loans and leases held for investment, net of unearned income	23,218,614			22,756,113			22,227,492			20,877,381			19,913,895
Allowance for loan and lease losses	(84,250		)	(83,485		)	(78,137		)	(71,897		)	(66,091		)
Total loans and leases held for investment, net	$	23,134,364		$	22,672,628		$	22,149,355		$	20,805,484		$	19,847,804
The balances presented above include:
Net purchased loan and lease discounts	$	71,636		$	63,250		$	45,770		$	43,166		$	43,215
Net deferred loan and lease origination costs	$	125,555		$	125,877		$	123,255		$	115,990		$	108,141

Deposits													Table 6b
(dollars in thousands)	Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015
Noninterest-bearing demand	$	1,510,198		$	1,499,063		$	1,141,357		$	1,389,644		$	1,152,917
Interest-bearing demand	3,696,048			3,694,755			3,709,156			3,631,458			3,626,387
Market-based money market accounts	358,649			353,742			342,600			351,880			372,282
Savings and money market accounts, excluding market-based	6,478,326			6,892,789			6,338,685			5,734,451			5,211,101
Market-based time	341,993			358,566			374,171			379,967			412,103
Time, excluding market-based	6,426,548			6,197,562			6,336,073			6,078,689			5,708,737
Total deposits	$	18,811,762		$	18,996,477		$	18,242,042		$	17,566,089		$	16,483,527

General and Administrative Expense																			Table 7
	Three Months Ended															Six Months Ended
(dollars in thousands)	Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			June 30, 2016			June 30, 2015
Legal and professional fees, excluding consent order expense	$	5,488		$	4,998		$	7,444		$	6,123		$	7,323		$	10,486		$	13,251
Credit-related expenses	6,388			4,907			7,261			7,340			11,860			11,295			14,558
FDIC premium assessment and other agency fees	6,903			7,241			7,198			7,066			6,468			14,144			12,882
Advertising and marketing expense	4,911			4,911			6,485			5,810			6,262			9,822			12,926
Subservicing expense	—			—			—			(103		)	1,345			—			5,136
Consent order expense	—			(341		)	463			(866		)	163			(341		)	2,904
Other	13,910			13,893			10,878			14,512			26,364			27,803			40,283
Total general and administrative expense	$	37,600		$	35,609		$	39,729		$	39,882		$	59,785		$	73,209		$	101,940



EverBank Financial Corp and Subsidiaries
Non-Performing Assets⁽¹⁾													Table 8
(dollars in thousands)	Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015
Non-accrual loans and leases:
Consumer Banking:
Residential mortgages	$	27,580		$	28,644		$	32,218		$	27,322		$	26,500
Home equity lines and other	6,678			6,151			3,339			4,191			2,169
Commercial Banking:
Commercial and commercial real estate	65,962			66,945			71,913			78,801			48,082
Equipment financing receivables	28,833			26,676			17,407			13,661			12,417
Total non-accrual loans and leases	129,053			128,416			124,877			123,975			89,168
Accruing loans 90 days or more past due	—			—			—			—			—
Total non-performing loans (NPL)	129,053			128,416			124,877			123,975			89,168
Other real estate owned (OREO)	13,477			14,072			17,253			15,491			16,826
Total non-performing assets (NPA)	142,530			142,488			142,130			139,466			105,994
Troubled debt restructurings (TDR) less than 90 days past due	14,760			15,814			16,425			16,558			14,693
Total NPA and TDR⁽¹⁾	$	157,290		$	158,302		$	158,555		$	156,024		$	120,687

Total NPA and TDR	$	157,290		$	158,302		$	158,555		$	156,024		$	120,687
Government insured 90 days or more past due still accruing	3,211,913			3,255,744			3,199,978			2,814,506			2,901,184
Loans accounted for under ASC 310-30:
90 days or more past due	4,130			4,858			5,148			4,871			4,571
Total regulatory NPA and TDR	$	3,373,333		$	3,418,904		$	3,363,681		$	2,975,401		$	3,026,442
Adjusted credit quality ratios excluding government insured loans and loans accounted for under ASC 310-30:⁽¹⁾
NPL to total loans	0.52		%	0.54		%	0.53		%	0.56		%	0.42		%
NPA to total assets	0.52		%	0.53		%	0.53		%	0.55		%	0.44		%
NPA and TDR to total assets	0.58		%	0.59		%	0.60		%	0.62		%	0.50		%
Credit quality ratios including government insured loans and loans accounted for under ASC 310-30:
NPL to total loans	13.59		%	14.23		%	14.08		%	13.21		%	14.14		%
NPA to total assets	12.28		%	12.77		%	12.58		%	11.73		%	12.49		%
NPA and TDR to total assets	12.33		%	12.83		%	12.64		%	11.80		%	12.55		%

(1)



EverBank Financial Corp and Subsidiaries

Allowance for Loan and Lease Losses Activity													Table 9a
	Three Months Ended
(dollars in thousands)	Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015
ALLL, beginning of period	$	83,485		$	78,137		$	71,897		$	66,091		$	62,846
Charge-offs:
Consumer Banking:
Residential mortgages	2,176			1,845			1,527			2,630			2,447
Home equity lines and other	275			219			599			353			305
Commercial Banking:
Commercial and commercial real estate	—			69			—			406			—
Equipment financing receivables	3,935			2,564			3,356			2,703			2,838
Total charge-offs	6,386			4,697			5,482			6,092			5,590
Recoveries:
Consumer Banking:
Residential mortgages	272			232			506			91			53
Home equity lines and other	69			80			88			70			97
Commercial Banking:
Commercial and commercial real estate	4			77			216			4			218
Equipment financing receivables	794			737			788			602			535
Total recoveries	1,139			1,126			1,598			767			903
Net charge-offs	5,247			3,571			3,884			5,325			4,687
Provision for loan and lease losses	6,012			8,919			10,124			11,131			7,932
ALLL, end of period	$	84,250		$	83,485		$	78,137		$	71,897		$	66,091
Net charge-offs to average loans and leases held for investment	0.09		%	0.07		%	0.07		%	0.11		%	0.10		%

Allowance for Loan and Lease Losses Ratio													Table 9b
(dollars in thousands)	Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015
ALLL	$	84,250		$	83,485		$	78,137		$	71,897		$	66,091
Loans and leases held for investment, net of unearned income	23,218,614			22,756,113			22,227,492			20,877,381			19,913,895
ALLL as a percentage of loans and leases held for investment	0.36		%	0.37		%	0.35		%	0.34		%	0.33		%
Government insured pool buyouts as a percentage of loans and leases held for investment	19		%	19		%	19		%	19		%	19		%



EverBank Financial Corp and Subsidiaries
Reconciliation of Non-GAAP Measures

Adjusted Net Income																			Table 10a
	Three Months Ended															Six Months Ended
(dollars in thousands, except per share data)	Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Jun 30, 2016			Jun 30, 2015
Net income	$	21,555		$	27,924		$	45,146		$	29,583		$	41,567		$	49,479		$	55,797
Gain on repurchase of trust preferred securities, net of tax	(916		)	—			—			—			—			(916		)	—
Transaction expense and non-recurring regulatory related expense, net of tax	187			(43		)	(1,849		)	(784		)	3,745			144			5,243
Increase (decrease) in Bank of Florida non-accretable discount, net of tax	(201		)	(14		)	—			(51		)	159			(215		)	(808		)
MSR impairment (recovery), net of tax	22,861			13,976			(55		)	2,758			(9,751		)	36,837			17,128
Restructuring cost, net of tax	(442		)	438			2,219			(222		)	10,667			(4		)	10,667
Adjusted net income	$	43,044		$	42,281		$	45,461		$	31,284		$	46,387		$	85,325		$	88,027
Adjusted net income allocated to preferred stock	2,531			2,531			2,531			2,532			2,531			5,062			5,062
Adjusted net income allocated to common shareholders	$	40,513		$	39,750		$	42,930		$	28,752		$	43,856		$	80,263		$	82,965
Adjusted net earnings per common share, basic	$	0.32		$	0.32		$	0.34		$	0.23		$	0.35		$	0.64		$	0.67
Adjusted net earnings per common share, diluted	$	0.32		$	0.32		$	0.34		$	0.23		$	0.35		$	0.63		$	0.66
Weighted average common shares outstanding:
(units in thousands)
Basic	125,294			125,125			124,983			124,823			124,348			125,209			124,144
Diluted	126,612			126,045			126,980			127,099			126,523			126,442			126,283

Adjusted Efficiency Ratio																			Table 10b
	Three Months Ended															Six Months Ended
(dollars in thousands)	Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Jun 30, 2016			Jun 30, 2015
Net interest income	$	177,440		$	173,781		$	175,040		$	168,840		$	169,025		$	351,221		$	324,463
Noninterest income	19,168			29,753			57,850			41,195			83,814			48,921			116,335
Total revenue	196,608			203,534			232,890			210,035			252,839			400,142			440,798
Adjustment items (pre-tax):
Gain on repurchase of trust preferred securities	(1,478		)	—			—			—			—			(1,478		)	—
MSR impairment (recovery)	36,872			22,542			(89		)	4,450			(15,727		)	59,414			27,625
Restructuring cost	(129		)	—			160			—			96			(129		)	96
Adjusted total revenue	$	231,873		$	226,076		$	232,961		$	214,485		$	237,208		$	457,949		$	468,519

Noninterest expense	$	155,840		$	149,430		$	152,861		$	151,506		$	177,968		$	305,270		$	334,010
Adjustment items (pre-tax):
Transaction expense and non-recurring regulatory related expense	(302		)	69			2,981			1,264			(6,041		)	(233		)	(8,458		)
Restructuring cost	584			(706		)	(3,419		)	360			(17,108		)	(122		)	(17,108		)
Adjusted noninterest expense	$	156,122		$	148,793		$	152,423		$	153,130		$	154,819		$	304,915		$	308,444

GAAP efficiency ratio	79		%	73		%	66		%	72		%	70		%	76		%	76		%
Adjusted efficiency ratio	67		%	66		%	65		%	71		%	65		%	67		%	66		%



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

Regulatory Capital (bank level)															Table 10c
(dollars in thousands)			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015
Shareholders’ equity			$	2,124,090		$	2,123,612		$	2,050,456		$	2,002,848		$	2,000,597
Less:	Goodwill and other intangibles		(47,318		)	(47,401		)	(47,143		)	(47,198		)	(47,253		)
	Disallowed servicing asset		—			(8,618		)	(17,719		)	(26,699		)	(31,625		)
	Disallowed deferred tax asset		—			—			—			—			—
Add:	Accumulated losses on securities and cash flow hedges		107,834			95,611			62,887			71,202			47,179
Tier 1 capital		(A)	2,184,606			2,163,204			2,048,481			2,000,153			1,968,898
Add:	Allowance for loan and lease losses		84,994			84,134			78,789			72,653			67,196
Total regulatory capital		(B)	$	2,269,600		$	2,247,338		$	2,127,270		$	2,072,806		$	2,036,094

Adjusted total assets		(C)	$	26,946,525		$	26,232,737		$	25,281,658		$	24,428,171		$	23,000,873
Risk-weighted assets		(D)	17,998,277			17,362,622			17,133,084			16,336,138			15,464,920

Tier 1 leverage ratio		(A)/(C)	8.1		%	8.2		%	8.1		%	8.2		%	8.6		%
Tier 1 risk-based capital ratio		(A)/(D)	12.1		%	12.5		%	12.0		%	12.2		%	12.7		%
Total risk-based capital ratio		(B)/(D)	12.6		%	12.9		%	12.4		%	12.7		%	13.2		%

Regulatory Capital (EFC consolidated)															Table 10d
(dollars in thousands)			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015
Shareholders’ equity			$	1,857,359		$	1,855,903		$	1,868,321		$	1,822,869		$	1,819,821
Less:	Preferred stock		(150,000		)	(150,000		)	(150,000		)	(150,000		)	(150,000		)
	Goodwill and other intangibles		(47,318		)	(47,401		)	(47,143		)	(47,198		)	(47,253		)
	Disallowed servicing asset		(16,132		)	(33,609		)	(30,959		)	(39,838		)	(44,798		)
	Disallowed deferred tax asset		—			—			—			—			—
Add:	Accumulated losses on securities and cash flow hedges		108,733			96,789			64,013			72,716			48,659
Common tier 1 capital		(E)	1,752,642			1,721,682			1,704,232			1,658,549			1,626,429
Add:	Preferred stock		150,000			150,000			150,000			150,000			150,000
Add:	Additional tier 1 capital (trust preferred securities)		98,750			103,750			103,750			103,750			103,750
Tier 1 capital		(F)	2,001,392			1,975,432			1,957,982			1,912,299			1,880,179
Add:	Subordinated notes payable		84,994			261,417			172,420			172,353			172,702
Add:	Allowance for loan and lease losses		261,329			84,134			78,789			72,653			67,196
Total regulatory capital		(G)	$	2,347,715		$	2,320,983		$	2,209,191		$	2,157,305		$	2,120,077

Adjusted total assets		(H)	$	26,917,493		$	26,220,573		$	25,286,802		$	24,429,012		$	22,997,941
Risk-weighted assets		(I)	17,990,693			17,349,099			17,131,756			16,327,166			15,454,736

Common equity tier 1 ratio		(E)/(I)	9.7		%	9.9		%	9.9		%	10.2		%	10.5		%
Tier 1 leverage ratio		(F)/(H)	7.4		%	7.5		%	7.7		%	7.8		%	8.2		%
Tier 1 risk-based capital ratio		(F)/(I)	11.1		%	11.4		%	11.4		%	11.7		%	12.2		%
Total risk-based capital ratio		(G)/(I)	13.0		%	13.4		%	12.9		%	13.2		%	13.7		%



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)	Jun 30, 2016		Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		Jun 30, 2015
Shareholders’ equity	$	1,857,359	$	1,855,903	$	1,868,321	$	1,822,869	$	1,819,821
Less:
Goodwill	46,859		46,859		46,859		46,859		46,859
Intangible assets	1,355		1,535		1,772		2,124		2,651
Tangible equity	1,809,145		1,807,509		1,819,690		1,773,886		1,770,311
Less:
Perpetual preferred stock	150,000		150,000		150,000		150,000		150,000
Tangible common equity	$	1,659,145	$	1,657,509	$	1,669,690	$	1,623,886	$	1,620,311

Common shares outstanding at period end	125,324,413		125,247,099		125,020,843		124,954,523		124,611,940
Book value per common share	$	13.62	$	13.62	$	13.74	$	13.39	$	13.40
Tangible common equity per common share	13.24		13.23		13.36		13.00		13.00

Total assets	$	27,354,310	$	26,641,399	$	26,601,026	$	25,214,743	$	24,120,491
Less:
Goodwill	46,859		46,859		46,859		46,859		46,859
Intangible assets	1,355		1,535		1,772		2,124		2,651
Tangible assets	$	27,306,096	$	26,593,005	$	26,552,395	$	25,165,760	$	24,070,981



EverBank Financial Corp and Subsidiaries
Residential Mortgage Lending													Table 11
	Three Months Ended
(dollars in thousands)	Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015
Key Metrics:
Mortgage lending volume:
Agency	$	1,297,388		$	872,338		$	823,506		$	961,485		$	1,177,725
Jumbo	883,252			724,536			1,073,881			1,219,349			1,458,297
Other	225,003			200,257			183,613			111,193			81,566
Mortgage lending volume	$	2,405,643		$	1,797,131		$	2,081,000		$	2,292,027		$	2,717,588
Mortgage loans sold:⁽¹⁾
Agency, excluding GNMA II	$	1,222,678		$	828,796		$	543,709		$	1,265,174		$	1,041,949
Jumbo	456,140			981,304			611,644			314,499			1,057,431
GNMA II	3,362			7,308			—			—			36,270
Other	11,128			5,026			4,748			4,712			4,252
Mortgage loans sold	$	1,693,308		$	1,822,434		$	1,160,101		$	1,584,385		$	2,139,902
Applications	$	1,557,100		$	1,509,883		$	1,296,496		$	1,446,134		$	1,770,099
Rate locks	1,564,302			1,486,128			1,144,034			1,422,918			1,571,512
Mortgage Lending Volume by Channel:
Retail	$	1,750,962		$	1,253,682		$	1,392,686		$	1,467,344		$	1,728,598
Consumer Direct	388,128			244,149			224,126			289,832			411,407
Correspondent	266,553			299,301			464,188			534,851			577,584
Purchase Activity (%):
Retail	65		%	59		%	68		%	73		%	67		%
Consumer Direct	14		%	8		%	11		%	14		%	12		%
Correspondent	74		%	69		%	57		%	70		%	62		%
Total	58		%	54		%	59		%	65		%	58		%


(1)	Excludes sales of loans to third party servicers out of government insured pool buyouts accounted for under ASC 310-30 since additional cash flows expected and/or realized in the pool are not recognized into earnings immediately but come in as a prospective adjustment to yield for the remainder of the pool.

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