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

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EX-99.1 - PRESS RELEASE - TIAA FSB Holdings, Inc.	d357470dex991.htm
8-K - FORM 8-K - TIAA FSB Holdings, Inc.	d357470d8k.htm

Exhibit 99.2

EverBank Financial Corp and Subsidiaries

Quarterly Financial Tables

March 31, 2012

Table of Contents


Table 1	Financial Highlights

Table 2	Consolidated Statements of Income

Table 3	Consolidated Balance Sheets

Table 4	Average Balances and Interest Rates

Table 5	Analysis of Change in Net Interest Income

Table 6	General and Administrative Expense

Table 7a	Investment Securities

Table 7b	Loans and Leases Held for Investment

Table 7c	Deposits

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 Ratios
	Table 9c	Reserves for Repurchase Obligations for Loans Sold or Securitized
	Table 9d	Reserves for Repurchase Obligations for Loan Serviced

Table 10	Selected Quarterly Financial Data

Table 11	Reconciliation of Non-GAAP Measures

	Table 11a	Adjusted Net Income Attributable to the Company from Continuing Operations
	Table 11b	Tangible Equity, Adjusted Tangible Equity and Tangible Assets
	Table 11c	Core Deposits

Table 12	Business Segments Selected Financial Information

Table 13	Selected Historical Financial Data

EverBank Financial Corp and Subsidiaries


Financial Highlights		Table 1


	As of and for the Three Months Ended
	March 31,			December 31,			March 31,
(dollars in thousands, except per share amounts)	2012			2011			2011

Operating Results:
Net interest income	$	115,623		$	114,838		$	113,693
Provision for loan and lease losses		11,355			10,412			18,030
Noninterest income		73,193			60,961			65,852
Noninterest expense		158,821			147,660			145,239
Net income		11,846			13,760			9,416
Net earnings per common share, basic		0.08			0.15			0.09
Net earnings per common share, diluted		0.08			0.14			0.09

Performance Metrics:
Adjusted net income attributable to the Company from continuing operations ⁽¹⁾	$	27,254		$	31,937		$	24,535
Adjusted net earnings per common share, basic ⁽²⁾		0.29			0.34			0.26
Adjusted net earnings per common share, diluted ⁽²⁾		0.28			0.33			0.25
Yield on interest-earning assets		4.96	%		5.02	%		5.64	%
Cost of interest-bearing liabilities		1.16			1.22			1.54
Net interest spread		3.80			3.80			4.10
Net interest margin		3.97			3.94			4.33
Return on average assets		0.36			0.43			0.32
Return on average equity		4.81			5.62			3.68
Adjusted return on average assets ⁽³⁾		0.83			0.99			0.82
Adjusted return on average equity ⁽³⁾		11.05			13.04			9.58

Credit Quality Ratios:
Adjusted non-performing assets as a percentage of total assets ⁽⁴⁾		1.63	%		1.86	%		1.82	%
ALLL as a percentage of loans and leases held for investment (excluding ASC 310-30) ⁽⁵⁾		0.94			1.15			1.47

Capital Ratios:
Tier 1 (core) capital ratio (bank level) ⁽⁶⁾		7.7	%		8.0	%		8.7	%
Total risk-based capital ratio (bank level) ⁽⁷⁾		15.2			15.7			16.9
Tangible equity to tangible assets ⁽⁸⁾		7.1			7.3			8.4

Deposit Metrics:
Total core deposits as a percentage of total deposits ⁽⁹⁾		95.5	%		95.1	%		97.7	%
Deposit growth (trailing 12 months)		9.0			6.0			31.0

Banking and Wealth Management Metrics:
Efficiency ratio ⁽¹⁰⁾		45.2	%		44.0	%		49.1	%

Mortgage Banking Metrics:
Unpaid principal balance of loans originated	$	1,906,275		$	1,981,171		$	1,219,916
Unpaid principal balance of loans serviced for the Company and others		53,645,997			54,838,057			57,681,853

Net Tangible Book Value Per as Converted Common Share:
Excluding accumulated other comprehensive loss ⁽¹¹⁾	$	11.35		$	11.27		$	10.80
Including accumulated other comprehensive loss ⁽¹²⁾		10.40			10.12			10.71

Average Balance Sheet Data:
Cash and cash equivalents	$	200,827		$	237,430		$	1,388,928
Investment securities		2,182,453			2,618,069			2,284,206
Loans held for sale		2,706,953			2,373,420			931,776
Loans and leases held for investment, net		6,575,322			6,308,249			5,989,673
Total assets		13,059,588			12,921,587			11,934,570
Deposits		10,443,497			10,411,065			9,708,497
Total liabilities		12,073,459			11,927,350			10,891,889
Total shareholders’ equity		986,129			994,237			1,042,681

Period End Balance Sheet Data:
Cash and cash equivalents	$	384,723		$	294,981		$	650,030
Investment securities		2,228,305			2,191,832			2,852,768
Loans held for sale		2,530,966			2,725,286			615,289
Loans and leases held for investment, net		7,244,933			6,441,516			6,445,563
Total assets		13,774,821			13,041,678			11,889,363
Deposits		10,552,960			10,265,763			9,685,489
Total liabilities		12,780,132			12,074,013			10,868,779
Total shareholders’ equity		994,689			967,665			1,020,584

See Notes to Financial Highlights

EverBank Financial Corp and Subsidiaries

Financial Highlights - Notes

(1)

Adjusted net income attributable to the Company from continuing operations includes adjustments to our net income attributable to the Company from continuing operations for certain material items that we believe are not reflective of our ongoing business or operating performance, including the Tygris and Bank of Florida acquisitions. For a reconciliation of adjusted net income attributable to the Company from continuing operations to net income attributable to the Company from continuing operations, which is the most directly comparable GAAP measure, see Table 11a.

(2)

Both basic and diluted adjusted net earnings per common share are calculated using a numerator based on adjusted net income attributable to the Company from continuing operations. Adjusted net earnings per common share, basic is a non-GAAP financial measure and its most directly comparable GAAP measure is net earnings per common share, basic. 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. For 2012, both basic and diluted adjusted net earnings per common share have been adjusted to exclude the impact of the $4.5 million special cash dividend paid to holders of the Series A Preferred Stock which immediately preceded the conversion of all Series A Preferred Stock shares into common stock.

(3)

Adjusted return on average assets equals adjusted net income attributable to the Company from continuing operations divided by average total assets and adjusted return on average equity equals adjusted net income attributable to the Company from continuing operations divided by average shareholders’ equity. Adjusted net income attributable to the Company from continuing operations is a non-GAAP measure of our financial performance and its most directly comparable GAAP measure is net income attributable to the Company from continuing operations. For a reconciliation of net income attributable to the Company from continuing operations to adjusted net income attributable to the Company from continuing operations, see Table 11a.

(4)

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, leases, and foreclosed property acquired in the Tygris and Bank of Florida acquisitions accounted for under ASC 310-30 or by analogy because, as of March 31, 2012, we expected to fully collect the carrying value of such loans, leases and foreclosed property. For more detailed information on NPA, see Table 8.

(5)

ALLL as a percentage of loans and leases held for investment (excluding ASC 310-30) equals the ALLL excluding the portion related to loans and leases accounted for under ASC 310-30 divided by loans and leases held for investment excluding loans and leases accounted for under ASC 310-30. For more detailed information on the ALLL, see Table 9a and Table 9b.

(6)	Calculated as Tier 1 (core) capital divided by adjusted total assets. Total assets are adjusted for goodwill, deferred tax assets disallowed from Tier 1 (core) capital and other regulatory adjustments.

(7)	Calculated as total risk-based capital divided by total risk-weighted assets. Risk-based capital includes Tier 1 (core) capital, allowance for loan and lease losses, subject to limitations, and other regulatory adjustments.

(8)

Calculated as tangible shareholders’ equity divided by tangible assets, after deducting goodwill and intangible assets from the numerator and the denominator. Tangible equity to tangible assets is a non-GAAP financial measure, and the most directly comparable GAAP financial measure for tangible equity is shareholders’ equity and the most directly comparable GAAP financial measure for tangible assets is total assets. For a reconciliation tangible equity to shareholders’ equity and a reconciliation of tangible assets to total assets, see Table 11b.

(9)

We measure core deposits as a percentage of total deposits to monitor the amount of our deposits that we believe demonstrate characteristics of being long-term, stable sources of funding. We define core deposits as deposits in which we interface directly with our customers. These deposits include demand deposits, negotiable order of withdrawal accounts, other transaction accounts, escrow deposits, money market deposit accounts, savings deposits, and time deposits where we maintain a primary customer relationship. Our definition of core deposits differs from regulatory and industry definitions, which generally exclude time deposits with balances greater than $100,000 and/or deposits generated from sources under which marketing fees are paid as a percentage of the deposit. Because the balances held by our customers and methods by which we pay our marketing sources have not impacted the stability of our funding sources, in our determination of what constitutes a “core” deposit, we have focused on what we believe drives funding stability, i.e., whether we maintain the primary customer relationships. We occasionally participate in Promontory Interfinancial Network, LLC’s CDARS One-Way BuySM products and bulk orders of master certificates through deposit brokers, including investment banking and brokerage firms, to manage our liquidity needs. Because these deposits do not allow us to maintain the primary customer relationship, we do not characterize such deposits as core deposits. For a reconciliation of core deposits to total deposits, see Table 11c.

(10)

The efficiency ratio represents noninterest expense from our Banking and Wealth Management segment as a percentage of total revenues from our Banking and Wealth Management segment. We use the efficiency ratio to measure noninterest costs expended to generate a dollar of revenue. Because of the significant costs we incur and fees we generate from activities related to our mortgage production and servicing operations, we believe the efficiency ratio is a more meaningful metric when evaluated within our Banking and Wealth Management segment. For additional information on the efficiency ratio, see Table 12.

(11)

Calculated as adjusted tangible shareholders’ equity divided by shares of common stock. Adjusted tangible shareholders’ equity equals shareholders’ equity less goodwill, other intangible assets and accumulated other comprehensive loss (see Table 11b). Net tangible book value per as converted common share is calculated using a denominator that includes actual period end common shares outstanding and additional common shares assuming conversion of all outstanding preferred stock to common stock. Net tangible book value per as converted common share excluding accumulated other comprehensive loss is a non-GAAP financial measure, and its most directly comparable GAAP financial measure is book value per common share.

(12)

Calculated as tangible shareholders’ equity divided by shares of common stock. Tangible shareholders’ equity equals shareholders’ equity less goodwill and other intangible assets (see Table 11b). Net tangible book value per as converted common share is calculated using a denominator that includes actual period end common shares outstanding and additional common shares assuming conversion of all outstanding preferred stock to common stock. Net tangible book value per as converted common share including accumulated other comprehensive loss 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
	March 31,			December 31,			March 31,
(dollars in thousands, except per share data)	2012			2011			2011

Interest Income
Interest and fees on loans and leases	$	124,778		$	121,519		$	122,993
Interest and dividends on investment securities		20,549			24,072			26,244
Other interest income		104			120			842

Total interest income		145,431			145,711			150,079

Interest Expense
Deposits		20,974			21,452			26,190
Other borrowings		8,834			9,421			10,196

Total interest expense		29,808			30,873			36,386

Net Interest Income		115,623			114,838			113,693
Provision for loan and lease losses		11,355			10,412			18,030

Net Interest Income after Provision for Loan and Lease Losses		104,268			104,426			95,663

Noninterest Income
Loan servicing fee income		45,556			45,416			48,876
Amortization and impairment of mortgage servicing rights		(44,483	)		(47,208	)		(22,788	)

Net loan servicing income		1,073			(1,792	)		26,088

Gain on sale of loans		48,177			33,439			13,477
Loan production revenue		7,437			7,958			6,407
Deposit fee income		6,239			6,568			5,160
Other lease income		8,663			8,761			6,732
Other		1,604			6,027			7,988

Total noninterest income		73,193			60,961			65,852

Noninterest Expense
Salaries, commissions and other employee benefits expense		66,590			61,320			57,373
Equipment expense		15,948			13,641			10,760
Occupancy expense		5,349			5,381			4,540
General and administrative expense		70,934			67,318			72,566

Total noninterest expense		158,821			147,660			145,239

Income before Income Taxes		18,640			17,727			16,276
Provision for Income Taxes		6,794			3,967			6,860

Net Income	$	11,846		$	13,760		$	9,416


Net Income Allocated to Participating Preferred Stock	$	5,879		$	2,799		$	2,407
Net Income Allocated to Common Shareholders	$	5,967		$	10,961		$	7,009
Net Earnings per Common Share, Basic	$	0.08		$	0.15		$	0.09
Net Earnings per Common Share, Diluted	$	0.08		$	0.14		$	0.09

EverBank Financial Corp and Subsidiaries


Consolidated Balance Sheets		Table 3


	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands, except per share data)	2012			2011			2011			2011			2011

Assets
Cash and due from banks	$	29,142		$	31,441		$	58,231		$	30,461		$	31,527
Interest-bearing deposits in banks		355,581			263,540			401,047			653,129			618,503

Total cash and cash equivalents		384,723			294,981			459,278			683,590			650,030

Investment securities:
Available for sale, at fair value		1,937,748			1,903,922			2,387,672			2,656,412			2,522,286
Held to maturity		190,642			189,518			183,518			186,216			189,271
Other investments		99,915			98,392			79,906			87,784			141,211

Total investment securities		2,228,305			2,191,832			2,651,096			2,930,412			2,852,768


Loans held for sale		2,530,966			2,725,286			1,792,687			792,396			615,289

Loans and leases held for investment:
Covered by loss share or indemnification agreements		788,129			841,146			911,756			990,984			1,066,925
Not covered by loss share or indemnification agreements		6,535,058			5,678,135			5,369,735			5,865,261			5,468,297

Loans and leases held for investment, net of unearned income		7,323,187			6,519,281			6,281,491			6,856,245			6,535,222
Allowance for loan and lease losses		(78,254	)		(77,765	)		(83,827	)		(89,209	)		(89,659	)

Total loans and leases held for investment, net		7,244,933			6,441,516			6,197,664			6,767,036			6,445,563


Equipment under operating leases, net		67,899			56,399			42,954			35,283			23,078
Mortgage servicing rights (MSR), net		462,420			489,496			519,828			553,319			568,645
Deferred income taxes, net		143,218			151,634			127,282			106,333			123,779
Premises and equipment, net		45,744			43,738			43,186			41,767			39,914
Other assets		666,613			646,796			716,789			610,038			570,297

Total Assets	$	13,774,821		$	13,041,678		$	12,550,764		$	12,520,174		$	11,889,363


Liabilities
Deposits
Noninterest-bearing	$	1,367,592		$	1,234,615		$	1,284,567		$	958,919		$	841,076
Interest-bearing		9,185,368			9,031,148			8,922,378			8,977,535			8,844,413

Total deposits		10,552,960			10,265,763			10,206,945			9,936,454			9,685,489

Other borrowings		1,706,298			1,257,879			782,287			1,117,649			783,062
Trust preferred securities		103,750			103,750			103,750			103,750			103,750
Accounts payable and accrued liabilities		417,124			446,621			484,074			334,636			296,478

Total Liabilities		12,780,132			12,074,013			11,577,056			11,492,489			10,868,779


Shareholders’ Equity
Series A 6% Cumulative Convertible Preferred Stock		—			2			2			2			2
Series B 4% Cumulative Convertible Preferred Stock		1			1			1			1			1
Common Stock		780			751			750			750			748
Additional paid-in capital		562,327			561,247			560,547			559,650			557,969
Retained earnings		520,777			513,413			499,711			492,010			470,271
Accumulated other comprehensive loss		(89,196	)		(107,749	)		(87,303	)		(24,728	)		(8,407	)

Total Shareholders’ Equity		994,689			967,665			973,708			1,027,685			1,020,584

Total Liabilities and Shareholders’ Equity	$	13,774,821		$	13,041,678		$	12,550,764		$	12,520,174		$	11,889,363

EverBank Financial Corp and Subsidiaries


Average Balances and Interest Rates		Table 4a


	Three Months Ended March 31, 2012							Three Months Ended December 31, 2011							Three Months Ended March 31, 2011
(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	$	165,116	$	104		0.25	%	$	187,819	$	120		0.25	%	$	1,351,051	$	842		0.25	%
Investment securities		2,083,922		20,271		3.89	%		2,535,976		23,910		3.77	%		2,146,832		26,000		4.85	%
Other investments		98,531		278		1.13	%		82,093		162		0.78	%		137,374		244		0.72	%
Loans held for sale		2,706,953		33,949		5.02	%		2,373,420		29,698		5.01	%		931,776		10,245		4.40	%
Loans and leases held for investment:
Residential mortgages		4,683,368		48,088		4.11	%		4,482,401		47,975		4.28	%		4,210,961		52,166		4.96	%
Commercial and commercial real estate		1,179,988		16,446		5.51	%		1,166,538		15,973		5.36	%		1,185,506		18,813		6.35	%
Lease financing receivables		583,479		23,866		16.36	%		529,741		25,402		19.18	%		449,761		39,103		34.78	%
Home equity lines		197,819		2,370		4.82	%		203,262		2,403		4.69	%		220,295		2,611		4.81	%
Consumer and credit card		7,859		59		3.02	%		9,878		68		2.73	%		10,533		55		2.12	%

Total loans and leases held for investment		6,652,513		90,829		5.45	%		6,391,820		91,821		5.72	%		6,077,056		112,748		7.42	%

Total interest-earning assets		11,707,035	$	145,431		4.96	%		11,571,128	$	145,711		5.02	%		10,644,089	$	150,079		5.64	%

Noninterest-earning assets		1,352,553							1,350,459							1,290,481

Total assets	$	13,059,588						$	12,921,587						$	11,934,570


Liabilities and Shareholders Equity:
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,107,758	$	3,740		0.71	%	$	2,080,938	$	3,747		0.71	%	$	2,040,899	$	5,191		1.03	%
Market-based money market accounts		450,688		852		0.76	%		467,869		901		0.76	%		400,696		1,033		1.05	%
Savings and money market accounts, excluding market-based		3,772,238		7,048		0.75	%		3,758,939		7,054		0.74	%		3,569,606		9,232		1.05	%
Market-based time		901,188		2,364		1.06	%		932,850		2,432		1.03	%		859,802		1,941		0.92	%
Time, excluding market-based		1,906,910		6,970		1.47	%		1,715,712		7,318		1.69	%		1,844,096		8,793		1.93	%

Total deposits		9,138,782		20,974		0.92	%		8,956,308		21,452		0.95	%		8,715,099		26,190		1.22	%

Borrowings:
Trust preferred securities		103,750		1,418		5.50	%		103,750		1,651		6.31	%		105,194		1,655		6.38	%
FHLB advances		1,062,178		7,329		2.78	%		960,457		7,682		3.17	%		768,915		8,457		4.46	%
Repurchase agreements		22,295		87		1.57	%		20,446		88		1.71	%		20,675		84		1.65	%
Other		36		—		0.00	%		—		—		0.00	%		17		—		0.00	%

Total interest-bearing liabilities		10,327,041		29,808		1.16	%		10,040,961		30,873		1.22	%		9,609,900		36,386		1.54	%

Noninterest-bearing demand deposits		1,304,715							1,454,757							993,398
Other noninterest-bearing liabilities		441,703							431,632							288,591

Total liabilities		12,073,459							11,927,350							10,891,889
Total shareholders’ equity		986,129							994,237							1,042,681

Total liabilities and shareholders’ equity	$	13,059,588						$	12,921,587						$	11,934,570


Net interest income/spread			$	115,623		3.80	%			$	114,838		3.80	%			$	113,693		4.10	%

Net interest margin						3.97	%						3.94	%						4.33	%

(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


Analysis of Change in Net Interest Income		Table 5


	Three Months Ended March 31, 2012 Compared to December 31, 2011									Three Months Ended March 31, 2012 Compared to March 31, 2011
	Increase (Decrease) Due to									Increase (Decrease) Due to
(dollars in thousands)	Volume			Rate			Total			Volume			Rate			Total
Interest-earning assets:
Cash and cash equivalents	$	(14	)	$	(2	)	$	(16	)	$	(737	)	$	(1	)	$	(738	)
Investment securities		(4,237	)		598			(3,639	)		(759	)		(4,970	)		(5,729	)
Other investments		32			84			116			(70	)		104			34
Loans held for sale		4,155			96			4,251			19,420			4,284			23,704
Loans and leases held for investment:
Residential mortgages		2,139			(2,026	)		113			5,826			(9,904	)		(4,078	)
Commercial and commercial real estate		179			294			473			(87	)		(2,280	)		(2,367	)
Lease financing receivables		2,563			(4,099	)		(1,536	)		11,563			(26,800	)		(15,237	)
Home equity lines		(63	)		30			(33	)		(269	)		28			(241	)
Consumer and credit card		(14	)		5			(9	)		(14	)		18			4

Total loans and leases held for investment		4,804			(5,796	)		(992	)		17,019			(38,938	)		(21,919	)

Total change in interest income		4,740			(5,020	)		(280	)		34,873			(39,521	)		(4,648	)


Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	47		$	(54	)	$	(7	)	$	171		$	(1,622	)	$	(1,451	)
Market-based money market accounts		(32	)		(17	)		(49	)		131			(312	)		(181	)
Savings and money market accounts, excluding market-based		24			(30	)		(6	)		529			(2,713	)		(2,184	)
Market-based time		(81	)		13			(68	)		95			328			423
Time, excluding market-based		803			(1,151	)		(348	)		301			(2,124	)		(1,823	)

Total deposits		761			(1,239	)		(478	)		1,227			(6,443	)		(5,216	)

Borrowings:
Trust preferred securities		—			(233	)		(233	)		(23	)		(214	)		(237	)
FHLB advances		802			(1,155	)		(353	)		3,252			(4,380	)		(1,128	)
Repurchase agreements		8			(9	)		(1	)		7			(4	)		3
Other		—			—			—			—			—			—

Total change in interest expense		1,571			(2,636	)		(1,065	)		4,463			(11,041	)		(6,578	)

Total change in net interest income	$	3,169		$	(2,384	)	$	785		$	30,410		$	(28,480	)	$	1,930

(1)

The effect of changes in volume is determined by multiplying the change in volume by the previous period’s average yield/cost. Similarly, the effect of rate changes is calculated by multiplying the change in average yield/cost by the previous period’s volume. Changes applicable to both volume and rate have been allocated to rate.

EverBank Financial Corp and Subsidiaries


General and Administrative Expense		Table 6


	Three Months Ended
(dollars in thousands)	March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011		March 31, 2011

Professional fees	$	15,610	$	18,584	$	16,398	$	13,187	$	15,698
Credit-related expenses:
Foreclosure and OREO expense		10,959		11,309		3,333		8,764		11,900
Other credit-related expenses		11,810		8,585		13,883		9,556		15,520
FDIC premium assessment and other agency fees		9,261		6,397		12,402		4,961		5,272
Advertising and marketing expense		5,907		5,360		4,175		3,707		4,425
Other		17,387		17,083		12,792		8,475		19,751

Total general and administrative expense	$	70,934	$	67,318	$	62,983	$	48,650	$	72,566

EverBank Financial Corp and Subsidiaries


Investment Securities		Table 7a


(dollars in thousands)	March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011		March 31, 2011

Available for sale (at fair value):
Residential collateralized mortgage obligation (CMO) securities - agency	$	87	$	104	$	242,916	$	441,974	$	453,689
Residential CMO securities - nonagency		1,929,794		1,895,818		2,136,518		2,206,203		2,060,293
Residential mortgage-backed securities (MBS) - agency		308		338		373		421		471
Other		7,559		7,662		7,865		7,814		7,833

Total investment securities available for sale		1,937,748		1,903,922		2,387,672		2,656,412		2,522,286

Held to maturity (at amortized cost):
Residential CMO securities - agency		151,919		159,882		156,491		160,687		163,412
Residential MBS - agency		28,263		19,132		22,041		20,543		20,873
Other		10,460		10,504		4,986		4,986		4,986

Total investment securities held to maturity		190,642		189,518		183,518		186,216		189,271

Other investments		99,915		98,392		79,906		87,784		141,211

Total investment securities	$	2,228,305	$	2,191,832	$	2,651,096	$	2,930,412	$	2,852,768


Loans and Leases Held for Investment		Table 7b


(dollars in thousands)	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

Residential mortgages	$	5,277,707		$	4,556,841		$	4,394,958		$	5,025,395		$	4,686,279
Commercial and commercial real estate		1,237,376			1,165,384			1,153,781			1,133,500			1,159,461
Lease financing receivables		605,763			588,501			518,483			476,038			460,787
Home equity lines		195,178			200,112			205,865			210,654			217,022
Consumer and credit card		7,163			8,443			8,404			10,658			11,673

Loans and leases held for investment, net of unearned income		7,323,187			6,519,281			6,281,491			6,856,245			6,535,222
Allowance for loan and lease losses		(78,254	)		(77,765	)		(83,827	)		(89,209	)		(89,659	)

Total loans and leases held of investment, net	$	7,244,933		$	6,441,516		$	6,197,664		$	6,767,036		$	6,445,563


The balances presented above include:
Net purchased loan and lease discounts	$	203,100		$	237,170		$	252,937		$	266,517		$	313,810
Net deferred loan and lease origination costs	$	20,202		$	19,057		$	17,059		$	14,993		$	12,515


Deposits		Table 7c


(dollars in thousands)	March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011		March 31, 2011

Noninterest-bearing demand	$	1,367,592	$	1,234,615	$	1,284,567	$	958,919	$	841,076
Interest-bearing demand		2,123,042		2,124,306		2,065,199		2,040,866		2,056,987
Market-based money market accounts		444,667		455,204		487,914		466,477		411,105
Savings and money market accounts, excluding market-based		3,817,780		3,759,045		3,772,368		3,676,378		3,647,639
Market-based time		883,372		901,053		942,906		1,004,300		903,888
Time, excluding market-based		1,916,507		1,791,540		1,653,991		1,789,514		1,824,794

Total deposits	$	10,552,960	$	10,265,763	$	10,206,945	$	9,936,454	$	9,685,489

EverBank Financial Corp and Subsidiaries


Non-Performing Assets⁽¹⁾		Table 8


	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	2012			2011			2011			2011			2011
Non-accrual loans and leases:
Residential mortgages	$	74,810		$	81,594		$	74,194		$	65,130		$	56,851
Commercial and commercial real estate		89,576			104,829			92,966			88,086			113,678
Lease financing receivables		1,861			2,385			1,745			1,986			3,224
Home equity lines		3,771			4,251			3,803			2,730			1,699
Consumer and credit card		571			419			471			641			729

Total non-accrual loans and leases		170,589			193,478			173,179			158,573			176,181
Accruing loans 90 days or more past due		5,119			6,673			4,808			4,584			5,288

Total non-performing loans (NPL)		175,708			200,151			177,987			163,157			181,469
Other real estate owned (OREO)		49,304			42,664			39,431			42,081			34,456

Total non-performing assets (NPA)		225,012			242,815			217,418			205,238			215,925
Troubled debt restructurings (TDR) less than 90 days past due		92,954			92,628			89,129			79,242			78,729

Total NPA and TDR ⁽¹⁾	$	317,966		$	335,443		$	306,547		$	284,480		$	294,654


Total NPA and TDR	$	317,966		$	335,443		$	306,547		$	284,480		$	294,654
Government-insured 90 days or more past due still accruing		1,530,665			1,570,787			883,478			762,461			529,247
Tygris and Bank of Florida loans and leases accounted for under ASC 310-30 or by analogy:
90 days or more past due		146,379			149,743			159,767			190,544			182,397
OREO		22,852			19,456			19,616			22,566			20,226

Total regulatory NPA and TDR	$	2,017,862		$	2,075,429		$	1,369,408		$	1,260,051		$	1,026,524


Adjusted credit quality ratios excluding government-insured loans and loans and leases accounted for under ASC 310-30 or by analogy: ⁽¹⁾
NPL to total loans		1.80	%		2.18	%		2.23	%		2.16	%		2.57	%
NPA to total assets		1.63			1.86			1.73			1.64			1.82
NPA and TDR to total assets		2.31			2.57			2.44			2.27			2.48

Credit quality ratios including government-insured loans and loans and leases accounted for under ASC 310-30 or by analogy:
NPL to total loans		18.95	%		20.95	%		15.28	%		14.77	%		12.65	%
NPA to total assets		13.97			15.20			10.20			9.43			7.97
NPA and TDR to total assets		14.65			15.91			10.91			10.06			8.63

(1)

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, leases and foreclosed property acquired in the Tygris and Bank of Florida acquisitions accounted for under ASC 310-30 or by analogy because as of March 31, 2012, we expected to fully collect the carrying value of such loans, leases and foreclosed property.

EverBank Financial Corp and Subsidiaries


Allowance for Loan and Lease Losses Activity		Table 9a


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	2012			2011			2011			2011			2011
ALLL, beginning of period	$	77,765		$	83,827		$	89,209		$	89,659		$	93,689

Charge-offs:
Residential mortgages		6,694			12,242			9,778			5,406			9,238
Commercial and commercial real estate		2,294			2,475			6,058			1,825			9,088
Lease financing receivables		1,181			770			1,473			1,032			2,096
Home equity lines		1,108			1,727			763			1,144			2,172
Consumer and credit card		11			12			41			138			2

Total charge-offs		11,288			17,226			18,113			9,545			22,596

Recoveries:
Residential mortgages		143			23			12			6			5
Commercial and commercial real estate		168			649			792			65			522
Lease financing receivables		36			65			38			5			8
Home equity lines		61			11			2			10			1
Consumer and credit card		14			14			16			5			—

Total recoveries		422			762			860			91			536

Net charge-offs		10,866			16,464			17,253			9,454			22,060

Provision for loan and lease losses		11,355			10,412			12,258			9,004			18,030

Other		—			(10	)		(387	)		—			—

ALLL, end of period	$	78,254		$	77,765		$	83,827		$	89,209		$	89,659


Net charge-offs to average loans held for investment		0.65	%		1.03	%		1.03	%		0.58	%		1.45	%


Allowance for Loan and Lease Losses Ratios		Table 9b


(dollars in thousands)	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
ALLL		78,254			77,765			83,827			89,209			89,659
Loans and leases held for investment		7,323,187			6,519,281			6,281,491			6,856,245			6,535,222
ALLL as a percentage of loans and leases held for investment		1.07	%		1.19	%		1.33	%		1.30	%		1.37	%

ALLL excluding portion related to loans and leases accounted for under ASC 310-30		58,625			61,776			71,799			78,135			78,854
Loans and leases held for investment excluding loans and leases accounted for under ASC 310-30		6,223,630			5,360,105			5,074,761			5,512,199			5,375,779
ALLL as a percentage of loans and leases held for investment (excluding ASC 310-30)		0.94	%		1.15	%		1.41	%		1.42	%		1.47	%

EverBank Financial Corp and Subsidiaries


Reserves for Repurchase Obligations for Loans Sold or Securitized		Table 9c


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	2012			2011			2011			2011			2011

Loan origination repurchase reserves, beginning of period	$	32,000		$	33,001		$	33,209		$	31,998		$	26,798
Provision for new sales/securitizations		384			139			19			529			190
Provision for changes in estimate of existing reserves		5,850			1,198			2,617			4,914			8,038
Net realized losses on repurchases		(3,234	)		(2,338	)		(2,844	)		(4,232	)		(3,028	)

Loan origination repurchase reserves, end of period	$	35,000		$	32,000		$	33,001		$	33,209		$	31,998


Quarters of coverage at trailing 4 quarter realized loss rate		11			10


Reserves for Repurchase Obligations for Loans Serviced		Table 9d


	Three Months Ended
(dollars in thousands)	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

Loan servicing repurchase reserves, beginning of period	$	30,364		$	28,799		$	25,144		$	28,450		$	30,000
Provision for change in estimate of existing reserves		3,031			6,280			10,122			1,980			204
Net realized losses on repurchases		(2,968	)		(4,715	)		(6,467	)		(5,286	)		(1,754	)

Loan servicing repurchase reserves, end of period	$	30,427		$	30,364		$	28,799		$	25,144		$	28,450


Quarters of coverage at trailing 4 quarter realized loss rate		6			7

EverBank Financial Corp and Subsidiaries


Selected Quarterly Financial Data		Table 10


	As of and for the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands, except per share data)	2012			2011			2011			2011			2011
Quarterly Operating Results:
Interest Income
Interest and fees on loans and leases	$	124,778		$	121,519		$	116,899		$	118,527		$	122,993
Interest and dividends on investment securities		20,549			24,072			27,201			29,333			26,244
Other interest income		104			120			197			273			842

Total interest income		145,431			145,711			144,297			148,133			150,079

Interest Expense
Deposits		20,974			21,452			23,959			25,410			26,190
Other borrowings		8,834			9,421			9,469			9,813			10,196

Total interest expense		29,808			30,873			33,428			35,223			36,386

Net Interest Income		115,623			114,838			110,869			112,910			113,693
Provision for loan and lease losses		11,355			10,412			12,258			9,004			18,030

Net Interest Income after Provision for Loan and Lease Losses		104,268			104,426			98,611			103,906			95,663

Noninterest Income
Loan servicing fee income		45,556			45,416			48,390			46,757			48,876
Amortization and impairment of mortgage servicing rights		(44,483	)		(47,208	)		(44,053	)		(21,429	)		(22,788	)

Net loan servicing income		1,073			(1,792	)		4,337			25,328			26,088

Gain on sale of loans		48,177			33,439			20,921			5,456			13,477
Loan production revenue		7,437			7,958			6,518			5,588			6,407
Deposit fee income		6,239			6,568			7,803			6,435			5,160
Other lease income		8,663			8,761			7,095			8,336			6,732
Other		1,604			6,027			6,683			1,790			7,988

Total noninterest income		73,193			60,961			53,357			52,933			65,852

Noninterest Expense
Salaries, commissions and other employee benefits expense		66,590			61,320			57,757			56,321			57,373
Equipment expense		15,948			13,641			13,608			11,709			10,760
Occupancy expense		5,349			5,381			5,237			5,031			4,540
General and administrative expense		70,934			67,318			62,983			48,650			72,566

Total noninterest expense		158,821			147,660			139,585			121,711			145,239

Income before Income Taxes		18,640			17,727			12,383			35,128			16,276
Provision for Income Taxes		6,794			3,967			4,625			13,333			6,860

Net Income	$	11,846		$	13,760		$	7,758		$	21,795		$	9,416


Net Income Allocated to Participating Preferred Stock	$	5,879		$	2,799		$	1,598		$	4,417		$	2,407
Net Income Allocated to Common Shareholders	$	5,967		$	10,961		$	6,160		$	17,378		$	7,009
Net Earnings per Common Share, Basic	$	0.08		$	0.15		$	0.08		$	0.23		$	0.09
Net Earnings per Common Share, Diluted	$	0.08		$	0.14		$	0.08		$	0.23		$	0.09

Performance Metrics:
Adjusted net income attributable to the Company from continuing operations ⁽¹⁾	$	27,254		$	31,937		$	25,631		$	25,492		$	24,535
Adjusted Net Earnings per Common Share, Basic⁽²⁾	$	0.29		$	0.34		$	0.27		$	0.27		$	0.26
Adjusted Net Earnings per Common Share, Diluted ⁽²⁾	$	0.28		$	0.33		$	0.27		$	0.26		$	0.25
Yield on interest-earning assets		4.96	%		5.02	%		5.21	%		5.52	%		5.64	%
Cost of interest-bearing liabilities		1.16			1.22			1.34			1.45			1.54
Net interest spread		3.80			3.80			3.87			4.07			4.10
Net interest margin		3.97			3.94			3.98			4.22			4.33
Return on average assets		0.36			0.43			0.25			0.73			0.32
Return on average equity		4.81			5.62			3.08			8.50			3.68
Adjusted return on average assets⁽³⁾		0.83			0.99			0.83			0.85			0.82
Adjusted return on average equity ⁽³⁾		11.05			13.04			10.19			9.94			9.58

Credit Quality Ratios:
Adjusted non-performing assets as a percentage of total assets⁽⁴⁾		1.63	%		1.86	%		1.73	%		1.64	%		1.82	%
ALLL as a percentage of loans and leases held for investment (excluding ASC 310-30)⁽⁵⁾		0.94			1.15			1.41			1.42			1.47

Capital Ratios:
Tier 1 (core) capital ratio (bank level) ⁽⁶⁾		7.7	%		8.0	%		8.3	%		8.3	%		8.7	%
Total risk-based capital ratio (bank level) ⁽⁷⁾		15.2			15.7			15.7			16.4			16.9
Tangible equity to tangible assets⁽⁸⁾		7.1			7.3			7.6			8.1			8.4

Deposit Metrics:
Total core deposits as a percentage of total deposits⁽⁹⁾		95.5	%		95.1	%		97.6	%		97.8	%		97.7	%
Deposit growth (trailing 12 months)		9.0			6.0			9.8			10.5			31.0

Banking and Wealth Management Metrics:
Efficiency ratio ⁽¹⁰⁾		45.2	%		44.0	%		39.9	%		38.2	%		49.1	%

Mortgage Banking Metrics:
Unpaid principal balance of loans originated	$	1,906,275		$	1,981,171		$	1,580,457		$	1,192,630		$	1,219,916
Unpaid principal balance of loans serviced for the Company and others		53,645,997			54,838,057			55,792,331			56,872,149			57,681,853

Period End Balance Sheet Data:
Cash and cash equivalents	$	384,723		$	294,981		$	459,278		$	683,590		$	650,030
Investment securities		2,228,305			2,191,832			2,651,096			2,930,412			2,852,768
Loans held for sale		2,530,966			2,725,286			1,792,687			792,396			615,289
Loans and leases held for investment, net		7,244,933			6,441,516			6,197,664			6,767,036			6,445,563
Total assets		13,774,821			13,041,678			12,550,764			12,520,174			11,889,363
Deposits		10,552,960			10,265,763			10,206,945			9,936,454			9,685,489
Total liabilities		12,780,132			12,074,013			11,577,056			11,492,489			10,868,779
Total shareholders’ equity		994,689			967,665			973,708			1,027,685			1,020,584

See Notes to Selected Quarterly Financial Data

EverBank Financial Corp and Subsidiaries

Selected Quarterly Financial Data - Notes

(1)

(2)

(3)

(4)

(5)

(6)	Calculated as Tier 1 (core) capital divided by adjusted total assets. Total assets are adjusted for goodwill, deferred tax assets disallowed from Tier 1 (core) capital and other regulatory adjustments.

(7)	Calculated as total risk-based capital divided by total risk-weighted assets. Risk-based capital includes Tier 1 (core) capital, allowance for loan and lease losses, subject to limitations, and other regulatory adjustments.

(8)

(9)

We measure core deposits as a percentage of total deposits to monitor the amount of our deposits that we believe demonstrate characteristics of being long-term, stable sources of funding. We define core deposits as deposits in which we interface directly with our customers. These deposits include demand deposits, negotiable order of withdrawal accounts, other transaction accounts, escrow deposits, money market deposit accounts, savings deposits, and time deposits where we maintain a primary customer relationship. Our definition of core deposits differs from regulatory and industry definitions, which generally exclude time deposits with balances greater than $100,000 and/or deposits generated from sources under which marketing fees are paid as a percentage of the deposit. Because the balances held by our customers and methods by which we pay our marketing sources have not impacted the stability of our funding sources, in our determination of what constitutes a “core” deposit, we have focused on what we believe drives funding stability, i.e., whether we maintain the primary customer relationships. We occasionally participate in Promontory Interfinancial Network, LLC’s CDARS One-Way Buy^SM products and bulk orders of master certificates through deposit brokers, including investment banking and brokerage firms, to manage our liquidity needs. Because these deposits do not allow us to maintain the primary customer relationship, we do not characterize such deposits as core deposits. For a reconciliation of core deposits to total deposits, see Table 11c.

(10)

EverBank Financial Corp and Subsidiaries

Reconciliation of Non-GAAP Measures


Adjusted Net Income Attributable to the Company from Continuing Operations		Table 11a


	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
(dollars in thousands)	2012		2011		2011		2011		2011

Net income attributable to the Company from continuing operations	$	11,846	$	13,760	$	7,758	$	21,795	$	9,416
Gain on repurchase of trust preferred securities, net of tax		—		—		—		—		(2,910	)
Transaction and non-recurring regulatory related expense, net of tax		3,884		4,331		4,751		2,136		5,613
Decrease in fair value of Tygris indemnification asset resulting from a decrease in estimated future credit losses, net of tax		—		—		—		—		5,382
Increase in Bank of Florida non-accretable discount, net of tax		2,135		2,208		298		—		501
Impact of change in ALLL methodology, net of tax		—		—		—		—		1,178
Early adoption of TDR guidance and policy change, net of tax		—		—		—		1,561		4,664
MSR impairment, net of tax		9,389		11,638		12,824		—		—
Tax expense related to revaluation of Tygris net unrealized built-in losses		—		—		—		—		691

Adjusted net income attributable to the Company from continuing operations	$	27,254	$	31,937	$	25,631	$	25,492	$	24,535


Tangible Equity, Adjusted Tangible Equity and Tangible Assets		Table 11b


(dollars in thousands)	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

Shareholders’ equity	$	994,689		$	967,665		$	973,708		$	1,027,685		$	1,020,584
Less:
Goodwill		10,238			10,238			10,238			10,238			10,238
Intangible assets		7,052			7,404			7,756			8,081			8,351

Tangible equity	$	977,399		$	950,023		$	955,714		$	1,009,366		$	1,001,995
Less:
Accumulated other comprehensive loss		(89,196	)		(107,749	)		(87,303	)		(24,728	)		(8,407	)

Adjusted tangible equity	$	1,066,595		$	1,057,772		$	1,043,017		$	1,034,094		$	1,010,402


Total assets	$	13,774,821		$	13,041,678		$	12,550,764		$	12,520,174		$	11,889,363
Less:
Goodwill		10,238			10,238			10,238			10,238			10,238
Intangible assets		7,052			7,404			7,756			8,081			8,351

Tangible assets	$	13,757,531		$	13,024,036		$	12,532,770		$	12,501,855		$	11,870,774


Core Deposits		Table 11c


(dollars in thousands)	March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011		March 31, 2011
Total deposits	$	10,552,960	$	10,265,763	$	10,206,945	$	9,936,454	$	9,685,489
Less:
Brokered deposits		258,285		225,122		212,793		212,893		217,784
CDARS One-Way ^SM time deposits		217,898		273,266		34,539		2,067		2,232

Core deposits	$	10,076,777	$	9,767,375	$	9,959,613	$	9,721,494	$	9,465,473

EverBank Financial Corp and Subsidiaries


Business Segments Selected Financial Information		Table 12


	Banking and
	Wealth			Mortgage			Corporate
(dollars in thousands)	Management			Banking			Services			Eliminations			Consolidated
Three Months Ended March 31, 2012
Net interest income	$	106,545		$	10,496		$	(1,418	)	$	—		$	115,623
Provision for loan and lease losses		10,315			1,040			—			—			11,355

Net interest income after provision for loan and lease losses		96,230			9,456			(1,418	)		—			104,268
Noninterest income		25,228			47,873			92			—			73,193
Noninterest expense:
Foreclosure and OREO expense		7,962			2,997			—			—			10,959
Other credit-related expenses		(183	)		11,990			3			—			11,810
All other noninterest expense		51,846			56,864			27,342			—			136,052

Income (loss) before income tax		61,833			(14,522	)		(28,671	)		—			18,640

Adjustment items (pre-tax):
Increase in Bank of Florida non-accretable discount		3,444			—			—			—			3,444
MSR impairment		—			15,144			—			—			15,144
Transaction and non-recurring regulatory related expense		—			4,722			1,542			—			6,264

Adjusted income (loss) before income tax		65,277			5,344			(27,129	)		—			43,492

Total assets as of March 31, 2012		12,494,752			1,438,744			92,381			(251,056	)		13,774,821

Efficiency Ratios:
GAAP basis:
including foreclosure, OREO and other credit-related expenses		45.2	%											84.1	%
excluding foreclosure, OREO and other credit-related expenses		39.3	%											72.1	%
Adjusted basis:
including foreclosure, OREO and other credit-related expenses		45.2	%											74.8	%
excluding foreclosure, OREO and other credit-related expenses		39.3	%											63.6	%

Three Months Ended December 31, 2011
Net interest income	$	104,117		$	12,372		$	(1,651	)	$	—		$	114,838
Provision for loan and lease losses		9,014			1,398			—			—			10,412

Net interest income after provision for loan and lease losses		95,103			10,974			(1,651	)		—			104,426
Noninterest income		29,309			31,637			15			—			60,961
Noninterest expense:
Foreclosure and OREO expense		6,470			4,839			—			—			11,309
Other credit-related expenses		2,629			5,956			—			—			8,585
All other noninterest expense		49,617			47,424			30,725			—			127,766

Income (loss) before income tax		65,696			(15,608	)		(32,361	)		—			17,727

Adjustment items (pre-tax):
Increase in Bank of Florida non-accretable discount		3,567			—			—			—			3,567
MSR impairment		—			18,771			—			—			18,771
Transaction and non-recurring regulatory related expense		—			3,802			3,180			—			6,982

Adjusted income (loss) before income tax		69,263			6,965			(29,181	)		—			47,047

Total assets as of December 31, 2011		11,658,702			1,557,421			99,886			(274,331	)		13,041,678

Efficiency Ratios:
GAAP basis:
including foreclosure, OREO and other credit-related expenses		44.0	%											84.0	%
excluding foreclosure, OREO and other credit-related expenses		37.2	%											72.7	%
Adjusted basis:
including foreclosure, OREO and other credit-related expenses		44.0	%											72.3	%
excluding foreclosure, OREO and other credit-related expenses		37.2	%											62.1	%

Three Months Ended March 31, 2011
Net interest income	$	105,925		$	9,422		$	(1,654	)	$	—		$	113,693
Provision for loan and lease losses		17,186			844			—			—			18,030

Net interest income after provision for loan and lease losses		88,739			8,578			(1,654	)		—			95,663
Noninterest income		15,905			45,238			4,709			—			65,852
Noninterest expense:
Foreclosure and OREO expense		8,567			3,333			—			—			11,900
Other credit-related expenses		1,812			13,708			—			—			15,520
All other noninterest expense		49,400			37,128			31,291			—			117,819

Income (loss) before income tax		44,865			(353	)		(28,236	)		—			16,276

Adjustment items (pre-tax):
Increase in Bank of Florida non-accretable discount		807			—			—			—			807
Impact of change in ALLL methodology		1,900			—			—			—			1,900
Early adoption of TDR guidance and policy change		7,522			—			—			—			7,522
Gain on repurchase of trust preferred securities		—			—			(4,692	)		—			(4,692	)
Decrease in fair value of Tygris indemnification asset		8,680			—			—			—			8,680
Transaction and non-recurring regulatory related expense		—			205			8,848			—			9,053

Adjusted income (loss) before income tax		63,774			(148	)		(24,080	)		—			39,546

Total assets as of March 31, 2011		10,654,475			1,332,606			113,093			(210,811	)		11,889,363

Efficiency Ratios:
GAAP basis:
including foreclosure, OREO and other credit-related expenses		49.1	%											80.9	%
excluding foreclosure, OREO and other credit-related expenses		40.5	%											65.6	%
Adjusted basis:
including foreclosure, OREO and other credit-related expenses		41.9	%											72.9	%
excluding foreclosure, OREO and other credit-related expenses		33.4	%											57.2	%

EverBank Financial Corp and Subsidiaries


Selected Historical Financial Data		Table 13


	As of and for the Year Ended December 31,
(dollars in thousands, except per share data)	2011		2010		2009			2008		2007

Income Statement Data:
Interest income	$	588,220	$	612,507	$	440,594		$	322,448	$	263,378
Interest expense		135,910		147,167		163,211			202,621		184,963

Net interest income		452,310		465,340		277,383			119,827		78,415
Provision for loan and lease losses		49,704		79,341		121,912			37,278		5,632

Net interest income after provision for loan and lease losses		402,606		385,999		155,471			82,549		72,783
Noninterest income		233,103		357,807		232,098			175,829		177,115
Noninterest expense		554,195		493,933		299,179			220,998		202,674

Income before income taxes		81,514		249,873		88,390			37,380		47,224
Provision for income taxes		28,785		60,973		34,853			14,244		17,800

Net income from continuing operations		52,729		188,900		53,537			23,136		29,424
Discontinued operations, net of income taxes⁽¹⁾		—		—		(172	)		20,452		(1,934	)

Net income		52,729		188,900		53,365			43,588		27,490
Loss attributable to non-controlling interest in subsidiaries		—		—		—			2,441		2,757

Net income attributable to the Company	$	52,729	$	188,900	$	53,365		$	46,029	$	30,247


Per Share Data:
Weighted average common shares outstanding (units in thousands):
Basic		74,892		72,479		42,126			41,029		40,692
Diluted		77,506		74,589		43,299			42,196		41,946
Earnings from continuing operations per common share:
Basic	$	0.55	$	2.00	$	0.80		$	0.43	$	0.68
Diluted		0.54		1.94		0.78			0.41		0.66

Balance Sheet Data:
Cash and cash equivalents	$	294,981	$	1,169,221	$	23,273		$	62,922	$	33,948
Investment securities		2,191,832		2,203,589		1,678,863			715,662		283,615
Loans held for sale		2,725,286		1,237,665		1,282,963			915,197		943,521
Loans and leases held for investment, net		6,441,516		6,005,579		4,072,697			4,576,950		3,722,303
Total assets		13,041,678		12,007,886		8,060,179			7,048,267		5,521,919
Deposits		10,265,763		9,683,054		6,315,287			5,003,035		3,892,383
Total liabilities		12,074,013		10,994,688		7,506,268			6,628,643		5,273,407
Total shareholders’ equity		967,665		1,013,198		553,911			419,624		248,512

(1)	Discontinued operations for the year ended December 31, 2008 includes a $42.7 million after tax gain on the sale of our reverse mortgage business to an unaffiliated third party net of an $18.8 million after tax loss from operations of the reverse mortgage business before the sale.

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