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.	ex991pressrelease123116.htm
8-K - 8-K - TIAA FSB Holdings, Inc.	a8-kearningsrelease123116.htm

Exhibit 99.2

EverBank Financial Corp and Subsidiaries

Quarterly Financial Tables

December 31, 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 Activity

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 Year Ended
(dollars in thousands, except per share amounts)	Dec 31, 2016			Sep 30, 2016			Dec 31, 2015			Dec 31, 2016			Dec 31, 2015
Operating Results:
Total revenue⁽¹⁾	$	264,304		$	232,969		$	232,890		$	897,415		$	883,723
Net interest income	189,494			189,635			175,040			730,350			668,343
Provision for loan and lease losses	21,967			12,070			10,124			48,968			38,187
Noninterest income	74,810			43,334			57,850			167,065			215,380
Noninterest expense	151,912			161,765			152,861			618,947			638,377
Net income allocated to common shareholders	55,790			34,599			42,615			134,806			120,401
Net earnings per common share, diluted	0.43			0.27			0.34			1.06			0.95
Performance Metrics:
Adjusted net earnings per common share, diluted⁽²⁾	$	0.34		$	0.40		$	0.34		$	1.38		$	1.22
Yield on interest-earning assets	3.82		%	3.81		%	3.90		%	3.84		%	3.94		%
Cost of interest-bearing liabilities	1.16		%	1.11		%	1.08		%	1.15		%	1.04		%
Net interest margin	2.80		%	2.81		%	2.90		%	2.81		%	2.99		%
Return on average assets	0.83		%	0.53		%	0.71		%	0.53		%	0.55		%
Return on average risk-weighted assets⁽³⁾	1.29		%	0.82		%	1.08		%	0.82		%	0.84		%
Return on average equity⁽⁴⁾	12.3		%	8.0		%	10.0		%	7.7		%	7.3		%
Adjusted return on average equity⁽⁵⁾	9.8		%	11.9		%	10.1		%	10.1		%	9.3		%
Efficiency ratio⁽⁶⁾	57		%	69		%	66		%	69		%	72		%
Adjusted efficiency ratio⁽⁷⁾	62		%	61		%	65		%	64		%	67		%
Loans and leases held for investment as a percentage of deposits	120		%	122		%	122		%	120		%	122		%
Loans and leases held for investment excluding government insured pool buyouts as a percentage of deposits	93		%	96		%	99		%	93		%	99		%
Credit Quality Ratios:
Adjusted non-performing assets as a percentage of total assets⁽⁸⁾	0.70		%	0.69		%	0.53		%	0.70		%	0.53		%
Net charge-offs to average loans and leases held for investment	0.15		%	0.10		%	0.07		%	0.10		%	0.11		%
ALLL as a percentage of loans and leases held for investment	0.44		%	0.38		%	0.35		%	0.44		%	0.35		%
Government insured pool buyouts as a percentage of loans and leases held for investment	22		%	21		%	19		%	22		%	19		%
Capital:
Common equity tier 1 ratio (EFC consolidated; see Table 10d)	10.5		%	9.7		%	9.9		%	10.5		%	9.9		%
Tier 1 leverage ratio (bank level; see Table 10c)	8.0		%	7.9		%	8.1		%	8.0		%	8.1		%
Total risk-based capital ratio (bank level; see Table 10c)	13.4		%	12.5		%	12.4		%	13.4		%	12.4		%
Tangible common equity per common share⁽⁹⁾	$	14.31		$	13.53		$	13.36		$	14.31		$	13.36
Consumer Banking Metrics:
Unpaid principal balance of loans originated	$	2,062,665		$	2,531,539		$	2,081,000		$	8,796,978		$	9,456,577
Jumbo residential mortgage loans originated	765,775			869,808			1,073,881			3,243,371			5,052,273
Unpaid principal balance of loans serviced for the Company and others	39,945,266			40,322,771			41,104,718			39,945,266			41,104,718
Consumer Banking loans as a percentage of loans and leases held for investment	55		%	54		%	55		%	55		%	55		%
Consumer deposits	$	15,032,056		$	15,268,033		$	14,054,432		$	15,032,056		$	14,054,432
Commercial Banking Metrics:
Loan and lease originations:
Commercial and commercial real estate	$	351,434		$	444,468		$	769,295		$	1,518,613		$	2,364,429
Equipment financing receivables	332,148			329,499			420,174			1,279,430			1,282,459
Commercial Banking loan and lease sales	208,252			90,521			119,026			812,527			320,903
Commercial Banking loans as a percentage of loans and leases held for investment	45		%	46		%	45		%	45		%	45		%
Commercial deposits	$	4,606,172		$	4,375,315		$	4,187,610		$	4,606,172		$	4,187,610
Market Price Per Share of Common Stock:
Closing	$	19.45		$	19.36		$	15.98		$	19.45		$	15.98
High	19.45			19.36			21.18			19.45			21.18
Low	19.25			14.16			15.87			12.58			15.87

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									Year Ended
(dollars in thousands, except per share data)	Dec 31, 2016			Sep 30, 2016			Dec 31, 2015			Dec 31, 2016			Dec 31, 2015
Interest Income
Interest and fees on loans and leases	$	250,138		$	249,601		$	226,567		$	966,966		$	847,644
Interest and dividends on investment securities	7,597			6,719			7,807			28,685			30,796
Other interest income	664			568			258			2,013			803
Total interest income	258,399			256,888			234,632			997,664			879,243
Interest Expense
Deposits	41,273			39,272			35,495			158,713			127,399
Other borrowings	27,632			27,981			24,097			108,601			83,501
Total interest expense	68,905			67,253			59,592			267,314			210,900
Net Interest Income	189,494			189,635			175,040			730,350			668,343
Provision for loan and lease losses	21,967			12,070			10,124			48,968			38,187
Net Interest Income after Provision for Loan and Lease Losses	167,527			177,565			164,916			681,382			630,156
Noninterest Income
Loan servicing fee income	22,633			23,637			26,905			92,525			117,763
Amortization of mortgage servicing rights	(18,129		)	(19,176		)	(15,085		)	(68,586		)	(71,150		)
Recovery (impairment) of mortgage servicing rights	21,192			(23,170		)	89			(61,392		)	(31,986		)
Net loan servicing income (loss)	25,696			(18,709		)	11,909			(37,453		)	14,627
Gain on sale of loans	28,184			43,101			24,679			132,009			125,927
Loan production revenue	6,495			7,231			5,131			25,715			22,574
Deposit fee income	1,649			2,059			3,069			8,763			14,015
Other lease income	4,284			3,919			4,840			15,886			14,716
Other	8,502			5,733			8,222			22,145			23,521
Total noninterest income	74,810			43,334			57,850			167,065			215,380
Noninterest Expense
Salaries, commissions and other employee benefits expense	88,736			94,052			90,456			369,350			367,580
Equipment expense	15,514			15,833			15,363			63,316			62,242
Occupancy expense	5,867			6,298			7,313			25,695			27,004
General and administrative expense	41,795			45,582			39,729			160,586			181,551
Total noninterest expense	151,912			161,765			152,861			618,947			638,377
Income before Income Taxes	90,425			59,134			69,905			229,500			207,159
Provision for Income Taxes	32,104			22,003			24,759			84,569			76,633
Net Income	$	58,321		$	37,131		$	45,146		$	144,931		$	130,526
Net Income Allocated to Preferred Stock	(2,531		)	(2,532		)	(2,531		)	(10,125		)	(10,125		)
Net Income Allocated to Common Shareholders	$	55,790		$	34,599		$	42,615		$	134,806		$	120,401
Net Earnings per Common Share, Basic	$	0.44		$	0.28		$	0.34		$	1.07		$	0.97
Net Earnings per Common Share, Diluted	$	0.43		$	0.27		$	0.34		$	1.06		$	0.95
Dividends Declared per Common Share	$	0.06		$	0.06		$	0.06		$	0.24		$	0.20
Dividend payout ratio⁽¹⁾	13.64		%	21.43		%	17.65		%	22.43		%	20.62		%
Weighted Average Common Shares Outstanding
(units in thousands)
Basic	126,175			125,382			124,983			125,495			124,527
Diluted	128,912			127,453			126,980			127,528			126,670


(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)	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015
Assets
Cash and due from banks	$	36,654		$	54,380		$	62,512		$	90,478		$	55,300
Interest-bearing deposits in banks	754,784			534,284			559,434			510,167			527,151
Total cash and cash equivalents	791,438			588,664			621,946			600,645			582,451
Investment securities:
Available for sale, at fair value	485,836			486,902			461,141			504,769			555,019
Held to maturity	89,457			100,928			104,205			101,305			103,746
Other investments	253,018			294,710			271,606			234,406			265,431
Total investment securities	828,311			882,540			836,952			840,480			924,196
Loans held for sale	1,443,263			2,112,855			1,485,747			1,137,702			1,509,268
Loans and leases held for investment:
Loans and leases held for investment, net of unearned income	23,556,977			23,932,724			23,218,614			22,756,113			22,227,492
Allowance for loan and lease losses	(103,304		)	(90,170		)	(84,250		)	(83,485		)	(78,137		)
Total loans and leases held for investment, net	23,453,673			23,842,554			23,134,364			22,672,628			22,149,355
Mortgage servicing rights (MSR), net	273,941			249,106			274,356			312,671			335,280
Premises and equipment, net	43,594			46,525			48,486			50,901			51,599
Other assets	1,003,866			980,801			952,459			1,026,372			1,048,877
Total Assets	$	27,838,086		$	28,703,045		$	27,354,310		$	26,641,399		$	26,601,026
Liabilities
Deposits:
Noninterest-bearing	$	1,750,529		$	2,071,154		$	1,510,198		$	1,499,063		$	1,141,357
Interest-bearing	17,887,699			17,572,194			17,301,564			17,497,414			17,100,685
Total deposits	19,638,228			19,643,348			18,811,762			18,996,477			18,242,042
Other borrowings	5,506,000			6,487,000			6,022,000			5,147,000			5,877,000
Trust preferred securities and subordinated notes payable	360,278			360,179			360,079			365,167			276,170
Accounts payable and accrued liabilities	317,248			316,962			303,110			276,852			337,493
Total Liabilities	25,821,754			26,807,489			25,496,951			24,785,496			24,732,705
Shareholders’ Equity
Series A 6.75% Non-Cumulative Perpetual Preferred Stock	150,000			150,000			150,000			150,000			150,000
Common Stock	1,270			1,254			1,253			1,252			1,250
Additional paid-in capital	905,573			882,386			879,169			877,275			874,806
Retained earnings	1,011,011			962,749			935,670			924,165			906,278
Accumulated other comprehensive loss	(51,522		)	(100,833		)	(108,733		)	(96,789		)	(64,013		)
Total Shareholders’ Equity	2,016,332			1,895,556			1,857,359			1,855,903			1,868,321
Total Liabilities and Shareholders’ Equity	$	27,838,086		$	28,703,045		$	27,354,310		$	26,641,399		$	26,601,026



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 December 31, 2016
Net interest income	$	109,841		$	84,816		$	(5,163	)	$	—		$	189,494
Provision for loan and lease losses	6,335			15,632			—			—			21,967
Net interest income after provision for loan and lease losses	103,506			69,184			(5,163		)	—			167,527
Noninterest income	62,945			11,138			727			—			74,810
Noninterest expense	90,849			31,539			29,524			—			151,912
Income (loss) before income tax	75,602			48,783			(33,960		)	—			90,425
Adjustment items (pre-tax):
Transaction expense and non-recurring regulatory related expense	33			—			2,459			—			2,492
Increase (decrease) in Bank of Florida non-accretable discount	—			35			—			—			35
MSR impairment (recovery)	(21,192		)	—			—			—			(21,192		)
Restructuring cost	(153		)	—			—			—			(153		)
Adjusted income (loss) before income tax	$	54,289		$	48,819		$	(31,501	)	$	—		$	71,607
Total assets as of December 31, 2016	$	17,360,662		$	10,672,692		$	284,351		$	(479,619	)	$	27,838,086
Total deposits as of December 31, 2016	15,032,056			4,606,172			—			—			19,638,228

Three Months Ended September 30, 2016
Net interest income	$	108,948		$	85,879		$	(5,192	)	$	—		$	189,635
Provision for loan and lease losses	3,088			8,982			—			—			12,070
Net interest income after provision for loan and lease losses	105,860			76,897			(5,192		)	—			177,565
Noninterest income	34,171			9,019			144			—			43,334
Noninterest expense	93,510			31,317			36,938			—			161,765
Income (loss) before income tax	46,521			54,599			(41,986		)	—			59,134
Adjustment items (pre-tax):
Transaction expense and non-recurring regulatory related expense	216			—			6,591			—			6,807
Increase (decrease) in Bank of Florida non-accretable discount	—			—			—			—			—
MSR impairment (recovery)	23,170			—			—			—			23,170
Restructuring cost	(2,246		)	(366		)	49			—			(2,563		)
Adjusted income (loss) before income tax	$	67,661		$	54,233		$	(35,346	)	$	—		$	86,548
Total assets as of September 30, 2016	$	17,622,499		$	11,226,918		$	253,058		$	(399,430	)	$	28,703,045
Total deposits as of September 30, 2016	15,268,033			4,375,315			—			—			19,643,348

Three Months Ended December 31, 2015
Net interest income	$	94,728		$	84,319		$	(4,007	)	$	—		$	175,040
Provision for loan and lease losses	3,581			6,543			—			—			10,124
Net interest income after provision for loan and lease losses	91,147			77,776			(4,007		)	—			164,916
Noninterest income	38,670			18,937			243			—			57,850
Noninterest expense	92,536			30,573			29,752			—			152,861
Income (loss) before income tax	37,281			66,140			(33,516		)	—			69,905
Adjustment items (pre-tax):
Transaction expense and non-recurring regulatory related expense	(2,981		)	—			—			—			(2,981		)
MSR impairment (recovery)	(89		)	—			—			—			(89		)
Restructuring cost	3,579			—			—			—			3,579
Adjusted income (loss) before income tax	$	37,790		$	66,140		$	(33,516	)	$	—		$	70,414
Total assets as of December 31, 2015	$	16,273,989		$	10,354,535		$	320,501		$	(347,999	)	$	26,601,026
Total deposits as of December 31, 2015	14,054,432			4,187,610			—			—			18,242,042



EverBank Financial Corp and Subsidiaries
Average Balances and Interest Rates^{(1) (2) (3)}													Table 5
	Three Months Ended December 31, 2016						Three Months Ended September 30, 2016						Three Months Ended December 31, 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	$	478,349	$	664	0.55	%	$	444,504	$	568	0.51	%	$	354,071	$	258	0.29	%
Investments	821,439		7,597		3.69	%	855,451		6,719		3.13	%	921,354		7,807		3.37	%
Loans held for sale	2,032,773		16,971		3.34	%	2,042,414		16,798		3.29	%	1,922,277		16,247		3.38	%
Loans and leases held for investment:
Consumer Banking:
Residential mortgages:
Residential	6,614,280		46,075		2.79	%	6,741,757		53,398		3.17	%	7,098,931		56,928		3.21	%
Government insured pool buyouts	5,293,008		67,631		5.11	%	5,175,352		60,792		4.70	%	4,274,691		50,910		4.76	%
Residential mortgages	11,907,288		113,706		3.82	%	11,917,109		114,190		3.83	%	11,373,622		107,838		3.79	%
Home equity lines and other	1,197,056		10,364		3.44	%	1,086,805		10,030		3.67	%	358,895		3,450		3.81	%
Commercial Banking:
Commercial and commercial real estate:
Commercial real estate and other commercial	3,872,777		47,131		4.81	%	3,819,895		47,530		4.93	%	3,794,998		50,087		5.23	%
Mortgage warehouse finance	2,555,703		18,593		2.85	%	2,664,319		19,241		2.83	%	1,783,240		11,967		2.63	%
Lender finance	1,568,450		15,392		3.84	%	1,510,827		13,931		3.61	%	1,156,901		10,150		3.43	%
Commercial and commercial real estate	7,996,930		81,116		3.99	%	7,995,041		80,702		3.98	%	6,735,139		72,204		4.23	%
Equipment financing receivables	2,505,809		27,981		4.47	%	2,477,319		27,881		4.50	%	2,311,213		26,828		4.64	%
Total loans and leases held for investment	23,607,083		233,167		3.93	%	23,476,274		232,803		3.95	%	20,778,869		210,320		4.03	%
Total interest-earning assets	26,939,644		$	258,399	3.82	%	26,818,643		$	256,888	3.81	%	23,976,571		$	234,632	3.90	%
Noninterest-earning assets	1,277,903						1,318,167						1,319,837
Total assets	$	28,217,547					$	28,136,810					$	25,296,408
Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	3,762,726	$	6,398	0.68	%	$	3,678,495	$	6,146	0.66	%	$	3,647,466	$	6,271	0.68	%
Market-based money market accounts	345,330		530		0.61	%	355,485		545		0.61	%	350,694		539		0.61	%
Savings and money market accounts, excluding market-based	6,307,436		11,117		0.70	%	6,416,744		11,465		0.71	%	6,016,113		11,074		0.73	%
Market-based time	322,801		680		0.84	%	337,811		725		0.85	%	379,232		774		0.81	%
Time, excluding market-based	6,990,162		22,548		1.28	%	6,591,170		20,391		1.24	%	5,778,661		16,837		1.17	%
Total deposits	17,728,455		41,273		0.93	%	17,379,705		39,272		0.90	%	16,172,166		35,495		0.88	%
Borrowings:
Trust preferred securities and subordinated notes payable	360,213		5,296		5.88	%	360,114		5,313		5.90	%	276,126		4,091		5.93	%
Long-term FHLB advances	4,786,685		21,552		1.76	%	4,080,913		20,341		1.95	%	3,473,033		18,887		2.13	%
Short-term FHLB advances	727,717		784		0.42	%	2,199,185		2,327		0.41	%	1,866,033		1,119		0.23	%
Total borrowings	5,874,615		27,632		1.85	%	6,640,212		27,981		1.66	%	5,615,192		24,097		1.69	%
Total interest-bearing liabilities	23,603,070		68,905		1.16	%	24,019,917		67,253		1.11	%	21,787,358		59,592		1.08	%
Noninterest-bearing demand deposits	2,238,287						1,797,407						1,437,817
Other noninterest-bearing liabilities	417,869						435,392						223,518
Total liabilities	26,259,226						26,252,716						23,448,693
Total shareholders’ equity	1,958,321						1,884,094						1,847,715
Total liabilities and shareholders’ equity	$	28,217,547					$	28,136,810					$	25,296,408
Net interest income/spread			$	189,494	2.66	%			$	189,635	2.70	%			$	175,040	2.82	%
Net interest margin					2.80	%					2.81	%					2.90	%
Memo: Total deposits including noninterest-bearing	$	19,966,742	$	41,273	0.82	%	$	19,177,112	$	39,272	0.82	%	$	17,609,983	$	35,495	0.80	%


(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)	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015
Consumer Banking:
Residential mortgages:
Residential	$	6,564,126		$	6,653,526		$	6,961,746		$	7,254,377		$	7,501,767
Government insured pool buyouts	5,249,552			5,139,215			4,403,338			4,396,059			4,215,355
Residential mortgages	11,813,678			11,792,741			11,365,084			11,650,436			11,717,122
Home equity lines and other	1,244,332			1,173,155			1,073,656			917,856			501,785
Total Consumer Banking	13,058,010			12,965,896			12,438,740			12,568,292			12,218,907
Commercial Banking:
Commercial and commercial real estate:
Commercial real estate and other commercial	3,756,509			3,882,297			3,831,432			3,883,821			3,954,522
Mortgage warehouse finance	2,592,799			3,076,511			3,035,329			2,603,163			2,372,731
Lender finance	1,589,554			1,495,585			1,450,638			1,300,254			1,280,423
Commercial and commercial real estate	7,938,862			8,454,393			8,317,399			7,787,238			7,607,676
Equipment financing receivables	2,560,105			2,512,435			2,462,475			2,400,583			2,400,909
Total Commercial Banking	10,498,967			10,966,828			10,779,874			10,187,821			10,008,585
Loans and leases held for investment, net of unearned income	23,556,977			23,932,724			23,218,614			22,756,113			22,227,492
Allowance for loan and lease losses	(103,304		)	(90,170		)	(84,250		)	(83,485		)	(78,137		)
Total loans and leases held for investment, net	$	23,453,673		$	23,842,554		$	23,134,364		$	22,672,628		$	22,149,355
The balances presented above include:
Net purchased loan and lease discounts	$	104,558		$	82,560		$	71,636		$	63,250		$	45,770
Net deferred loan and lease origination costs	$	123,484		$	125,346		$	125,555		$	125,877		$	123,255

Deposits													Table 6b
(dollars in thousands)	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015
Noninterest-bearing demand	$	1,750,529		$	2,071,154		$	1,510,198		$	1,499,063		$	1,141,357
Interest-bearing demand	3,924,294			3,585,418			3,696,048			3,694,755			3,709,156
Market-based money market accounts	340,777			353,613			358,649			353,742			342,600
Savings and money market accounts, excluding market-based	6,429,407			6,271,548			6,478,326			6,892,789			6,338,685
Market-based time	316,321			327,472			341,993			358,566			374,171
Time, excluding market-based	6,876,900			7,034,143			6,426,548			6,197,562			6,336,073
Total deposits	$	19,638,228		$	19,643,348		$	18,811,762		$	18,996,477		$	18,242,042

General and Administrative Expense																			Table 7
	Three Months Ended															Year Ended
(dollars in thousands)	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Dec 31, 2016			Dec 31, 2015
Legal and professional fees, excluding consent order expense	$	6,459		$	11,815		$	5,488		$	4,998		$	7,444		$	28,760		$	26,818
Credit-related expenses	2,542			6,862			6,388			4,907			7,261			20,699			29,159
FDIC premium assessment and other agency fees	10,532			8,097			6,903			7,241			7,198			32,773			27,146
Advertising and marketing expense	7,464			5,685			4,911			4,911			6,485			22,971			25,221
Subservicing expense	—			—			—			—			—			—			5,033
Consent order expense	33			31			—			(341		)	463			(277		)	2,501
Other	14,765			13,092			13,910			13,893			10,878			55,660			65,673
Total general and administrative expense	$	41,795		$	45,582		$	37,600		$	35,609		$	39,729		$	160,586		$	181,551



EverBank Financial Corp and Subsidiaries
Non-Performing Assets⁽¹⁾													Table 8
(dollars in thousands)	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015
Non-accrual loans and leases:
Consumer Banking:
Residential mortgages	$	32,405		$	33,607		$	27,580		$	28,644		$	32,218
Home equity lines and other	7,083			6,741			6,678			6,151			3,339
Commercial Banking:
Commercial and commercial real estate	102,255			106,790			65,962			66,945			71,913
Equipment financing receivables	41,141			37,677			28,833			26,676			17,407
Total non-accrual loans and leases	182,884			184,815			129,053			128,416			124,877
Total non-performing loans (NPL)	182,884			184,815			129,053			128,416			124,877
Other real estate owned (OREO)	11,390			11,866			13,477			14,072			17,253
Total non-performing assets (NPA)	194,274			196,681			142,530			142,488			142,130
Troubled debt restructurings (TDR) less than 90 days past due	14,118			14,865			14,760			15,814			16,425
Total NPA and TDR⁽¹⁾	$	208,392		$	211,546		$	157,290		$	158,302		$	158,555

Total NPA and TDR	$	208,392		$	211,546		$	157,290		$	158,302		$	158,555
Government insured 90 days or more past due still accruing	3,725,159			3,706,213			3,211,913			3,255,744			3,199,978
Loans accounted for under ASC 310-30:
90 days or more past due	3,437			3,823			4,130			4,858			5,148
Total regulatory NPA and TDR	$	3,936,988		$	3,921,582		$	3,373,333		$	3,418,904		$	3,363,681
Adjusted credit quality ratios excluding government insured loans and loans accounted for under ASC 310-30:⁽¹⁾
NPL to total loans	0.73		%	0.71		%	0.52		%	0.54		%	0.53		%
NPA to total assets	0.70		%	0.69		%	0.52		%	0.53		%	0.53		%
NPA and TDR to total assets	0.75		%	0.74		%	0.58		%	0.59		%	0.60		%
Credit quality ratios including government insured loans and loans accounted for under ASC 310-30:
NPL to total loans	15.71		%	15.01		%	13.59		%	14.23		%	14.08		%
NPA to total assets	14.09		%	13.61		%	12.28		%	12.77		%	12.58		%
NPA and TDR to total assets	14.14		%	13.66		%	12.33		%	12.83		%	12.64		%

(1)



EverBank Financial Corp and Subsidiaries

Allowance for Loan and Lease Losses Activity													Table 9a
	Three Months Ended
(dollars in thousands)	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015
ALLL, beginning of period	$	90,170		$	84,250		$	83,485		$	78,137		$	71,897
Charge-offs:
Consumer Banking:
Residential mortgages	2,399			2,290			2,176			1,845			1,527
Home equity lines and other	735			505			275			219			599
Commercial Banking:
Commercial and commercial real estate	3,886			79			—			69			—
Equipment financing receivables	3,005			4,006			3,935			2,564			3,356
Total charge-offs	10,025			6,880			6,386			4,697			5,482
Recoveries:
Consumer Banking:
Residential mortgages	156			57			272			232			506
Home equity lines and other	93			52			69			80			88
Commercial Banking:
Commercial and commercial real estate	1			133			4			77			216
Equipment financing receivables	942			488			794			737			788
Total recoveries	1,192			730			1,139			1,126			1,598
Net charge-offs	8,833			6,150			5,247			3,571			3,884
Provision for loan and lease losses	21,967			12,070			6,012			8,919			10,124
ALLL, end of period	$	103,304		$	90,170		$	84,250		$	83,485		$	78,137
Net charge-offs to average loans and leases held for investment	0.15		%	0.10		%	0.09		%	0.07		%	0.07		%

Allowance for Loan and Lease Losses Ratio													Table 9b
(dollars in thousands)	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015
ALLL	$	103,304		$	90,170		$	84,250		$	83,485		$	78,137
Loans and leases held for investment, net of unearned income	23,556,977			23,932,724			23,218,614			22,756,113			22,227,492
ALLL as a percentage of loans and leases held for investment	0.44		%	0.38		%	0.36		%	0.37		%	0.35		%
Government insured pool buyouts as a percentage of loans and leases held for investment	22		%	21		%	19		%	19		%	19		%



EverBank Financial Corp and Subsidiaries
Reconciliation of Non-GAAP Measures

Adjusted Net Income																			Table 10a
	Three Months Ended															Year Ended
(dollars in thousands, except per share data)	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Dec 31, 2016			Dec 31, 2015
Net income	$	58,321		$	37,131		$	21,555		$	27,924		$	45,146		$	144,931		$	130,526
Gain on repurchase of trust preferred securities, net of tax	—			—			(916		)	—			—			(916		)	—
Transaction expense and non-recurring regulatory related expense, net of tax	1,545			4,220			187			(43		)	(1,849		)	5,909			2,610
Increase (decrease) in Bank of Florida non-accretable discount, net of tax	22			—			(201		)	(14		)	—			(193		)	(859		)
MSR impairment (recovery), net of tax	(13,140		)	14,365			22,861			13,976			(55		)	38,062			19,831
Restructuring cost, net of tax	(95		)	(1,589		)	(442		)	438			2,219			(1,688		)	12,664
Adjusted net income	$	46,653		$	54,127		$	43,044		$	42,281		$	45,461		$	186,105		$	164,772
Adjusted net income allocated to preferred stock	2,531			2,532			2,531			2,531			2,531			10,125			10,125
Adjusted net income allocated to common shareholders	$	44,122		$	51,595		$	40,513		$	39,750		$	42,930		$	175,980		$	154,647
Adjusted net earnings per common share, basic	$	0.35		$	0.41		$	0.32		$	0.32		$	0.34		$	1.40		$	1.24
Adjusted net earnings per common share, diluted	$	0.34		$	0.40		$	0.32		$	0.32		$	0.34		$	1.38		$	1.22
Weighted average common shares outstanding:
(units in thousands)
Basic	126,175			125,382			125,294			125,125			124,983			125,495			124,527
Diluted	128,912			127,453			126,612			126,045			126,980			127,528			126,670

Adjusted Efficiency Ratio																			Table 10b
	Three Months Ended															Year Ended
(dollars in thousands)	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Dec 31, 2016			Dec 31, 2015
Net interest income	$	189,494		$	189,635		$	177,440		$	173,781		$	175,040		$	730,350		$	668,343
Noninterest income	74,810			43,334			19,168			29,753			57,850			167,065			215,380
Total revenue	264,304			232,969			196,608			203,534			232,890			897,415			883,723
Adjustment items (pre-tax):
Gain on repurchase of trust preferred securities	—			—			(1,478		)	—			—			(1,478		)	—
MSR impairment (recovery)	(21,192		)	23,170			36,872			22,542			(89		)	61,392			31,986
Restructuring cost	(4		)	—			(129		)	—			160			(133		)	256
Adjusted total revenue	$	243,108		$	256,139		$	231,873		$	226,076		$	232,961		$	957,196		$	915,965

Noninterest expense	$	151,912		$	161,765		$	155,840		$	149,430		$	152,861		$	618,947		$	638,377
Adjustment items (pre-tax):
Transaction expense and non-recurring regulatory related expense	(2,492		)	(6,806		)	(302		)	69			2,981			(9,531		)	(4,213		)
Restructuring cost	149			2,563			584			(706		)	(3,419		)	2,590			(20,167		)
Adjusted noninterest expense	$	149,569		$	157,522		$	156,122		$	148,793		$	152,423		$	612,006		$	613,997

GAAP efficiency ratio	57		%	69		%	79		%	73		%	66		%	69		%	72		%
Adjusted efficiency ratio	62		%	61		%	67		%	66		%	65		%	64		%	67		%



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

Regulatory Capital⁽¹⁾ (bank level)															Table 10c
(dollars in thousands)			Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015
Shareholders’ equity			$	2,261,883		$	2,161,524		$	2,124,090		$	2,123,612		$	2,050,456
Less:	Goodwill and other intangibles		(47,152		)	(47,227		)	(47,318		)	(47,401		)	(47,143		)
	Disallowed servicing asset		—			—			—			(8,618		)	(17,719		)
Add:	Accumulated losses on securities and cash flow hedges		51,018			100,140			107,834			95,611			62,887
Tier 1 capital		(A)	2,265,749			2,214,437			2,184,606			2,163,204			2,048,481
Add:	Allowance for loan and lease losses		104,143			90,948			84,994			84,134			78,789
Total regulatory capital		(B)	$	2,369,892		$	2,305,385		$	2,269,600		$	2,247,338		$	2,127,270

Adjusted total assets		(C)	$	28,208,963		$	28,189,485		$	26,946,525		$	26,232,737		$	25,281,658
Risk-weighted assets		(D)	17,677,886			18,435,220			17,998,277			17,362,622			17,133,084

Tier 1 leverage ratio		(A)/(C)	8.0		%	7.9		%	8.1		%	8.2		%	8.1		%
Tier 1 risk-based capital ratio		(A)/(D)	12.8		%	12.0		%	12.1		%	12.5		%	12.0		%
Total risk-based capital ratio		(B)/(D)	13.4		%	12.5		%	12.6		%	12.9		%	12.4		%



Regulatory Capital⁽¹⁾ (EFC consolidated)															Table 10d
(dollars in thousands)			Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015
Shareholders’ equity			$	2,016,332		$	1,895,556		$	1,857,359		$	1,855,903		$	1,868,321
Less:	Preferred stock		(150,000		)	(150,000		)	(150,000		)	(150,000		)	(150,000		)
	Goodwill and other intangibles		(47,152		)	(47,227		)	(47,318		)	(47,401		)	(47,143		)
	Disallowed servicing asset		(6,593		)	(3,060		)	(16,132		)	(33,609		)	(30,959		)
Add:	Accumulated losses on securities and cash flow hedges		51,522			100,833			108,733			96,789			64,013
Common tier 1 capital		(E)	1,864,109			1,796,102			1,752,642			1,721,682			1,704,232
Add:	Preferred stock		150,000			150,000			150,000			150,000			150,000
Add:	Additional tier 1 capital (trust preferred securities)		98,750			98,750			98,750			103,750			103,750
Tier 1 capital		(F)	2,112,859			2,044,852			2,001,392			1,975,432			1,957,982
Add:	Subordinated notes payable		261,528			261,428			261,329			261,417			172,420
Add:	Allowance for loan and lease losses		104,143			90,948			84,994			84,134			78,789
Total regulatory capital		(G)	$	2,478,530		$	2,397,228		$	2,347,715		$	2,320,983		$	2,209,191

Adjusted total assets		(H)	$	28,215,972		$	28,192,055		$	26,917,493		$	26,220,573		$	25,286,802
Risk-weighted assets		(I)	17,686,099			18,448,080			17,990,693			17,349,099			17,131,756

Common equity tier 1 ratio		(E)/(I)	10.5		%	9.7		%	9.7		%	9.9		%	9.9		%
Tier 1 leverage ratio		(F)/(H)	7.5		%	7.3		%	7.4		%	7.5		%	7.7		%
Tier 1 risk-based capital ratio		(F)/(I)	12.0		%	11.1		%	11.1		%	11.4		%	11.4		%
Total risk-based capital ratio		(G)/(I)	14.0		%	13.0		%	13.0		%	13.4		%	12.9		%



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 per share amounts)	Dec 31, 2016		Sep 30, 2016		Jun 30, 2016		Mar 31, 2016		Dec 31, 2015
Shareholders’ equity	$	2,016,332	$	1,895,556	$	1,857,359	$	1,855,903	$	1,868,321
Less:
Goodwill	46,859		46,859		46,859		46,859		46,859
Intangible assets	996		1,176		1,355		1,535		1,772
Tangible equity	1,968,477		1,847,521		1,809,145		1,807,509		1,819,690
Less:
Perpetual preferred stock	150,000		150,000		150,000		150,000		150,000
Tangible common equity	$	1,818,477	$	1,697,521	$	1,659,145	$	1,657,509	$	1,669,690

Common shares outstanding at period end	127,036,740		125,437,973		125,324,413		125,247,099		125,020,843
Book value per common share	$	14.69	$	13.92	$	13.62	$	13.62	$	13.74
Tangible common equity per common share	14.31		13.53		13.24		13.23		13.36

Total assets	$	27,838,086	$	28,703,045	$	27,354,310	$	26,641,399	$	26,601,026
Less:
Goodwill	46,859		46,859		46,859		46,859		46,859
Intangible assets	996		1,176		1,355		1,535		1,772
Tangible assets	$	27,790,231	$	28,655,010	$	27,306,096	$	26,593,005	$	26,552,395



EverBank Financial Corp and Subsidiaries

Residential Mortgage Lending and Servicing																			Table 11
	Three Months Ended															Year Ended
(dollars in thousands)	Dec 31, 2016			Sep 30, 2016			Jun 30, 2016			Mar 31, 2016			Dec 31, 2015			Dec 31, 2016			Dec 31, 2015
Key Metrics:
Mortgage lending volume:
Agency	$	1,139,018		$	1,466,079		$	1,297,388		$	872,338		$	823,506		$	4,774,823		$	4,006,216
Jumbo	765,775			869,808			883,252			724,536			1,073,881			3,243,371			5,052,273
Other	157,872			195,652			225,003			200,257			183,613			778,784			398,088
Mortgage lending volume	$	2,062,665		$	2,531,539		$	2,405,643		$	1,797,131		$	2,081,000		$	8,796,978		$	9,456,577
Mortgage loans sold:⁽¹⁾
Agency, excluding GNMA II	$	1,417,060		$	1,235,695		$	1,222,678		$	828,796		$	543,709		$	4,704,229		$	3,762,932
Jumbo	708,514			320,960			456,140			981,304			611,644			2,466,918			2,173,539
GNMA II	—			—			3,362			7,308			—			10,670			139,970
Other	11,637			17,287			11,128			5,026			4,748			45,078			17,160
Mortgage loans sold	$	2,137,211		$	1,573,942		$	1,693,308		$	1,822,434		$	1,160,101		$	7,226,895		$	6,093,601
Applications	$	1,162,949		$	1,713,655		$	1,557,100		$	1,509,883		$	1,296,496		$	1,162,949		$	1,296,496
Rate locks	1,136,190			1,669,722			1,564,302			1,486,128			1,144,034			1,136,190			1,144,034
Mortgage Lending Volume by Channel:
Retail	$	1,406,276		$	1,782,100		$	1,750,962		$	1,253,682		$	1,392,686		$	6,193,020		$	5,890,116
Consumer Direct	426,414			483,431			388,128			244,149			224,126			1,542,122			1,366,520
Correspondent	229,974			266,008			266,553			299,301			464,188			1,061,836			2,199,941
Purchase Activity (%):
Retail	59		%	60		%	65		%	59		%	68		%	61		%	65		%
Consumer Direct	19		%	17		%	14		%	8		%	11		%	15		%	10		%
Correspondent	72		%	76		%	74		%	69		%	57		%	73		%	58		%
Total	52		%	54		%	58		%	54		%	59		%	54		%	56		%


(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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