March 29, 2024

Press Release

EverBank Financial Corp announces second quarter 2016 financial results

| 7/26/2016

JACKSONVILLE, Fla.-- EverBank Financial Corp (NYSE: EVER) announced its financial results for the second quarter ended June 30, 2016.

The Company also announced today that as a result of an ongoing review of its strategic alternatives it is in advanced negotiations with a well-respected financial services company regarding a transaction in which EverBank Financial Corp would be acquired and EverBank Financial Corp's common stockholders would receive $19.50 per share in cash. In addition, the transaction contemplates that each share of EverBank Financial Corp's Series A Preferred Stock would receive cash in an amount equal to the liquidation preference plus accrued and unpaid dividends. There can be no certainty that these negotiations will result in a definitive agreement or that the terms will not vary from those currently under discussion or that the review of EverBank Financial Corp's other strategic alternatives will result in any action. The Company does not intend to make any additional comments or statements regarding these matters until such time, if at all, that it has reached a definitive agreement for a transaction. EverBank Financial Corp further noted that it had entered into an agreement with the financial services company to negotiate exclusively with it regarding a transaction and such exclusivity agreement expires at 11:59 p.m. on August 8. In light of the foregoing, the Company will not conduct its previously scheduled conference call to discuss second quarter 2016 results.

GAAP net income available to common shareholders was $19.0 million for the second quarter 2016, compared to $25.4 million for the first quarter 2016 and $39.0 million for the second quarter 2015. GAAP diluted earnings per share in the second quarter 2016 were $0.15 compared to $0.20 in the first quarter 2016 and $0.31 in the second quarter 2015. Adjusted net income available to common shareholders was $40.5 million for the second quarter 2016, compared to $39.8 million for the first quarter 2016 and $43.9 million for the second quarter 2015. Adjusted diluted earnings per common share were $0.32 in the second quarter 2016 compared to $0.32 in the first quarter 2016 and $0.35 in the second quarter 2015.

Second Quarter 2016 Key Highlights

  • Total assets of $27.4 billion, an increase of 13% year over year.
  • Portfolio loans held for investment (HFI) of $23.2 billion, an increase of 17% year over year.
  • Total deposits of $18.8 billion, an increase of 14% year over year.
  • Adjusted return on average equity (ROE)1 of 9.4% for the quarter. GAAP ROE of 4.4%.
  • Tangible common equity per common share was $13.24 at June 30, 2016, an increase of 2% year over year.
  • Adjusted non-performing assets to total assets of 0.52% at June 30, 2016. Annualized net charge-offs to average total loans and leases held for investment of 0.09% for the quarter.
  • Consolidated common equity Tier 1 capital ratio of 9.7% and bank Tier 1 leverage ratio of 8.1% at June 30, 2016.

Balance Sheet

Total assets were $27.4 billion at June 30, 2016, an increase of $0.7 billion, or 3%, compared to the prior quarter and an increase of $3.2 billion, or 13%, year over year. Compared to the prior quarter, loans held for sale (HFS) increased $348 million, or 31%, to $1.5 billion and loans HFI increased $463 million, or 2%, to $23.2 billion.

» More 2Q financial results from Everbank, here.

Tags: Banking & Finance

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