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

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8-K - 8-K - TIAA FSB Holdings, Inc.	a8-kearningsrelease63014.htm
EX-99.1 - EARNINGS RELEASE - TIAA FSB Holdings, Inc.	ex991pressrelease63014.htm

Exhibit 99.2

EverBank Financial Corp and Subsidiaries

Quarterly Financial Tables

June 30, 2014

Table of Contents



Table 1	Financial Highlights

Table 2	Consolidated Statements of Income

Table 3	Consolidated Balance Sheets

Table 4	Business Segments Selected Financial Information

Table 5	Average Balances and Interest Rates

Table 6a	Loans and Leases Held for Investment

Table 6b	Deposits

Table 7	General and Administrative Expense

Table 8	Non-Performing Assets

Table 9	Credit Reserves

	Table 9a	Allowance for Loan and Lease Losses Activity
	Table 9b	Allowance for Loan and Lease Losses Ratio
	Table 9c	Reserves for Repurchase Obligations for Loans Sold or Securitized
	Table 9d	Reserves for Repurchase Obligations for Loans Serviced

Table 10	Reconciliation of Non-GAAP Measures

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

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 Six Months Ended
(dollars in thousands, except per share amounts)	Jun 30, 2014			Mar 31, 2014			Jun 30, 2013			Jun 30, 2014			Jun 30, 2013
Operating Results:
Total revenue⁽¹⁾	$	229,459		$	215,428		$	288,021		$	444,887		$	565,146
Net interest income	140,191			130,844			141,217			271,035			285,033
Provision for loan and lease losses	6,123			3,071			29			9,194			1,948
Noninterest income	89,268			84,584			146,804			173,852			280,113
Noninterest expense	167,320			161,212			213,540			328,532			425,356
Net income	34,782			31,760			45,993			66,542			85,139
Net earnings per common share, basic	0.26			0.24			0.36			0.50			0.66
Net earnings per common share, diluted	0.26			0.23			0.35			0.49			0.65
Performance Metrics:
Yield on interest-earning assets	4.12		%	4.33		%	4.40		%	4.21		%	4.43		%
Cost of interest-bearing liabilities	1.02		%	1.08		%	1.23		%	1.05		%	1.23		%
Net interest margin	3.22		%	3.41		%	3.33		%	3.30		%	3.37		%
Return on average assets	0.74		%	0.75		%	1.00		%	0.74		%	0.93		%
Return on average risk-weighted assets⁽²⁾	1.15		%	1.10		%	1.60		%	1.12		%	1.48		%
Return on average equity⁽³⁾	8.6		%	7.9		%	12.7		%	8.2		%	11.9		%
Efficiency ratio⁽⁴⁾	73		%	75		%	74		%	74		%	75		%
Loans and leases held for investment as a percentage of deposits	110		%	104		%	94		%	110		%	94		%
Credit Quality Ratios:
Adjusted non-performing assets as a percentage of total assets⁽⁵⁾	0.51		%	0.62		%	0.92		%	0.51		%	0.92		%
Net charge-offs to average loans held for investment	0.19		%	0.12		%	0.12		%	0.16		%	0.17		%
ALLL as a percentage of loans and leases held for investment	0.37		%	0.45		%	0.57		%	0.37		%	0.57		%
Government insured pool buyouts as a percentage of loans and leases held for investment	21		%	14		%	18		%	21		%	18		%
Capital:
Common equity tier 1 ratio (EFC consolidated, Basel I)⁽⁶⁾	11.5		%	12.2		%	11.4		%	11.5		%	11.4		%
Tier 1 leverage ratio (bank level)⁽⁷⁾	8.3		%	9.1		%	8.3		%	8.3		%	8.3		%
Total risk-based capital ratio (bank level)⁽⁸⁾	13.4		%	14.3		%	13.7		%	13.4		%	13.7		%
Tangible common equity per common share⁽⁹⁾	$	12.02		$	11.78		$	11.00		$	12.02		$	11.00
Consumer Banking Metrics:
Unpaid principal balance of loans originated	$	2,232,872		$	1,700,496		$	3,250,764		$	3,933,368		$	6,153,687
Jumbo residential mortgage loans originated	1,108,188			808,138			1,047,687			1,916,326			1,815,971
Unpaid principal balance of loans sold	1,531,713			1,209,755			2,925,765			2,741,468			5,565,895
Unpaid principal balance of loans serviced for the Company and others	50,790,378			60,677,571			61,700,811			55,790,378			61,700,811
Consumer Banking loans as a percentage of loans and leases held for investment	56		%	56		%	53		%	56		%	53		%
Consumer deposits	$	12,050,198		$	11,522,607		$	11,973,519		$	12,050,198		$	11,973,519
Commercial Banking Metrics:
Loan and lease originations:
Commercial and commercial real estate	$	285,425		$	158,013		$	340,073		$	443,438		$	583,542
Equipment financing receivables	398,519			167,490			186,980			566,069			337,579
Commercial Banking loans as a percentage of loans and leases held for investment	44		%	44		%	47		%	44		%	47		%
Commercial deposits	$	1,824,477		$	1,765,804		$	1,696,347		$	1,824,477		$	1,696,347
Market Price Per Share of Common Stock:
Closing	$	20.16		$	19.73		$	16.56		$	20.16		$	16.56
High	20.61			20.00			17.00			20.61			17.29
Low	18.08			16.40			13.93			16.40			12.75
Period End Balance Sheet Data:
Loans and leases held for investment, net	$	15,237,916		$	13,801,140		$	12,793,919		$	15,237,916		$	12,793,919
Total assets	19,753,820			17,630,948			18,362,872			19,753,820			18,362,872
Deposits	13,874,675			13,288,411			13,669,866			13,874,675			13,669,866
Total liabilities	18,074,372			15,983,309			16,813,489			18,074,372			16,813,489
Total shareholders’ equity	1,679,448			1,647,639			1,549,383			1,679,448			1,549,383

See Notes to Financial Highlights

EverBank Financial Corp and Subsidiaries

Financial Highlights - Notes


(1)	Total revenue is defined as net interest income before provision for loan and lease losses and total noninterest income.

(2)

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.


(3)	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).


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

(5)

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.

(6)

The common equity tier 1 ratio is calculated as common tier 1 capital divided by risk-weighted assets. Common tier 1 capital is calculated as tier 1 capital less the Series A 6.75% Non-Cumulative Perpetual Preferred Stock. 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.


(7)	Calculated as Tier 1 capital divided by adjusted total assets. Total assets are adjusted for goodwill, deferred tax assets disallowed from Tier 1 capital and other regulatory adjustments. For more detailed information on regulatory capital (bank level), see Table 10c.

(8)

Calculated as total risk-based capital divided by total risk-weighted assets. Risk-based capital includes Tier 1 capital, allowance for loan and lease losses, subject to limitations, and other regulatory adjustments. 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 more detailed information on regulatory capital (bank level), see Table 10c.

(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 10b). Tangible common equity per common share is calculated using a denominator that includes actual period end common shares outstanding. Tangible common equity per common share is a non-GAAP financial measure, and its most directly comparable GAAP financial measure is book value per common share.



EverBank Financial Corp and Subsidiaries
Consolidated Statements of Income													Table 2
	Three Months Ended									Six Months Ended
(dollars in thousands, except per share data)	Jun 30, 2014			Mar 31, 2014			Jun 30, 2013			Jun 30, 2014			Jun 30, 2013
Interest Income
Interest and fees on loans and leases	$	170,325		$	158,470		$	172,723		$	328,795		$	346,509
Interest and dividends on investment securities	9,818			9,831			14,813			19,649			31,063
Other interest income	110			162			317			272			615
Total interest income	180,253			168,463			187,853			348,716			378,187
Interest Expense
Deposits	23,442			22,607			26,567			46,049			53,390
Other borrowings	16,620			15,012			20,069			31,632			39,764
Total interest expense	40,062			37,619			46,636			77,681			93,154
Net Interest Income	140,191			130,844			141,217			271,035			285,033
Provision for loan and lease losses	6,123			3,071			29			9,194			1,948
Net Interest Income after Provision for Loan and Lease Losses	134,068			127,773			141,188			261,841			283,085
Noninterest Income
Loan servicing fee income	40,417			46,617			47,192			87,034			89,355
Amortization of mortgage servicing rights	(19,026		)	(20,572		)	(35,945		)	(39,598		)	(71,023		)
Recovery (impairment) of mortgage servicing rights	—			4,941			32,572			4,941			45,127
Net loan servicing income	21,391			30,986			43,819			52,377			63,459
Gain on sale of loans	47,703			33,851			75,837			81,554			158,148
Loan production revenue	5,347			4,579			10,063			9,926			19,552
Deposit fee income	4,533			3,335			4,290			7,868			10,215
Other lease income	3,806			4,905			6,471			8,711			12,882
Other	6,488			6,928			6,324			13,416			15,857
Total noninterest income	89,268			84,584			146,804			173,852			280,113
Noninterest Expense
Salaries, commissions and other employee benefits expense	95,259			97,694			118,457			192,953			228,936
Equipment expense	17,345			18,648			20,707			35,993			40,559
Occupancy expense	7,885			8,072			7,547			15,957			14,931
General and administrative expense	46,831			36,798			66,829			83,629			140,930
Total noninterest expense	167,320			161,212			213,540			328,532			425,356
Income before Income Taxes	56,016			51,145			74,452			107,161			137,842
Provision for Income Taxes	21,234			19,385			28,459			40,619			52,703
Net Income	$	34,782		$	31,760		$	45,993		$	66,542		$	85,139
Net Income Allocated to Preferred Stock	2,531			2,531			2,531			5,062			5,062
Net Income Allocated to Common Shareholders	$	32,251		$	29,229		$	43,462		$	61,480		$	80,077
Net Earnings per Common Share, Basic	$	0.26		$	0.24		$	0.36		$	0.50		$	0.66
Net Earnings per Common Share, Diluted	$	0.26		$	0.23		$	0.35		$	0.49		$	0.65
Dividends Declared per Common Share	$	0.03		$	0.03		$	0.02		$	0.06		$	0.04
Dividend payout ratio⁽¹⁾	11.54		%	12.50		%	5.56		%	12.00		%	6.06		%
Weighted Average Common Shares Outstanding
(units in thousands)
Basic	122,840			122,684			122,281			122,763			121,934
Diluted	125,389			125,038			124,034			125,205			123,735


(1)	Dividend payout ratio is calculated as dividends declared per common share divided by basic earnings per common share.



EverBank Financial Corp and Subsidiaries
Consolidated Balance Sheets													Table 3
(dollars in thousands)	Jun 30, 2014			Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			Jun 30, 2013
Assets
Cash and due from banks	$	65,433		$	60,587		$	46,175		$	109,471		$	40,841
Interest-bearing deposits in banks	104,563			439,242			801,603			978,464			448,746
Total cash and cash equivalents	169,996			499,829			847,778			1,087,935			489,587
Investment securities:
Available for sale, at fair value	1,029,667			1,118,646			1,115,627			1,205,340			1,357,752
Held to maturity	118,614			116,984			107,312			109,245			115,319
Other investments	186,818			122,918			128,063			106,450			142,225
Total investment securities	1,335,099			1,358,548			1,351,002			1,421,035			1,615,296
Loans held for sale	1,704,406			596,729			791,382			1,059,947			2,000,390
Loans and leases held for investment:
Loans and leases held for investment, net of unearned income	15,294,644			13,864,109			13,252,724			12,562,967			12,867,388
Allowance for loan and lease losses	(56,728		)	(62,969		)	(63,690		)	(66,991		)	(73,469		)
Total loans and leases held for investment, net	15,237,916			13,801,140			13,189,034			12,495,976			12,793,919
Equipment under operating leases, net	18,460			24,170			28,126			34,918			39,850
Mortgage servicing rights (MSR), net	437,595			446,493			506,680			501,494			462,718
Deferred income taxes, net	54,351			42,140			51,375			92,253			139,814
Premises and equipment, net	54,844			60,654			60,733			67,282			65,930
Other assets	741,153			801,245			814,874			851,249			755,368
Total Assets	$	19,753,820		$	17,630,948		$	17,640,984		$	17,612,089		$	18,362,872
Liabilities
Deposits:
Noninterest-bearing	$	1,055,556		$	1,054,796		$	1,076,631		$	1,365,655		$	1,205,326
Interest-bearing	12,819,119			12,233,615			12,184,709			12,262,021			12,464,540
Total deposits	13,874,675			13,288,411			13,261,340			13,627,676			13,669,866
Other borrowings	3,797,000			2,377,000			2,377,000			1,872,700			2,667,700
Trust preferred securities	103,750			103,750			103,750			103,750			103,750
Accounts payable and accrued liabilities	298,947			214,148			277,881			405,050			372,173
Total Liabilities	18,074,372			15,983,309			16,019,971			16,009,176			16,813,489
Shareholders’ Equity
Series A 6.75% Non-Cumulative Perpetual Preferred Stock	150,000			150,000			150,000			150,000			150,000
Common Stock	1,229			1,227			1,226			1,225			1,224
Additional paid-in capital	837,991			834,460			832,351			830,758			827,682
Retained earnings	744,164			715,599			690,051			677,809			650,866
Accumulated other comprehensive loss	(53,936		)	(53,647		)	(52,615		)	(56,879		)	(80,389		)
Total Shareholders’ Equity	1,679,448			1,647,639			1,621,013			1,602,913			1,549,383
Total Liabilities and Shareholders’ Equity	$	19,753,820		$	17,630,948		$	17,640,984		$	17,612,089		$	18,362,872



EverBank Financial Corp and Subsidiaries
Business Segments Selected Financial Information												Table 4
(dollars in thousands)	Consumer Banking		Commercial Banking			Corporate Services			Eliminations			Consolidated
Three Months Ended June 30, 2014
Net interest income	$	79,994	$	61,780		$	(1,583	)	$	—		$	140,191
Provision for loan and lease losses	1,738		4,385			—			—			6,123
Net interest income after provision for loan and lease losses	78,256		57,395			(1,583		)	—			134,068
Noninterest income	79,680		9,302			286			—			89,268
Noninterest expense	115,100		27,619			24,601			—			167,320
Income (loss) before income tax	$	42,836	$	39,078		$	(25,898	)	$	—		$	56,016
Total assets as of June 30, 2014	$	12,864,427	$	6,973,288		$	186,630		$	(270,525	)	$	19,753,820
Total deposits as of June 30, 2014	12,050,198		1,824,477			—			—			13,874,675

Three Months Ended March 31, 2014
Net interest income	$	72,124	$	60,304		$	(1,584	)	$	—		$	130,844
Provision for loan and lease losses	1,752		1,319			—			—			3,071
Net interest income after provision for loan and lease losses	70,372		58,985			(1,584		)	—			127,773
Noninterest income	74,331		10,116			137			—			84,584
Noninterest expense	111,677		23,964			25,571			—			161,212
Income (loss) before income tax	$	33,026	$	45,137		$	(27,018	)	$	—		$	51,145
Total assets as of March 31, 2014	$	11,310,398	$	6,349,549		$	228,086		$	(257,085	)	$	17,630,948
Total deposits as of March 31, 2014	11,522,607		1,765,804			—			—			13,288,411

Three Months Ended June 30, 2013
Net interest income	$	78,354	$	64,437		$	(1,574	)	$	—		$	141,217
Provision for loan and lease losses	1,233		(1,204		)	—			—			29
Net interest income after provision for loan and lease losses	77,121		65,641			(1,574		)	—			141,188
Noninterest income	134,020		12,535			249			—			146,804
Noninterest expense	157,429		32,465			23,646			—			213,540
Income (loss) before income tax	$	53,712	$	45,711		$	(24,971	)	$	—		$	74,452
Total assets as of June 30, 2013	$	12,012,522	$	6,381,921		$	194,395		$	(225,966	)	$	18,362,872
Total deposits as of June 30, 2013	11,973,519		1,696,347			—			—			13,669,866



EverBank Financial Corp and Subsidiaries
Average Balances and Interest Rates													Table 5
	Three Months Ended June 30, 2014						Three Months Ended March 31, 2014						Three Months Ended June 30, 2013
(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	$	171,693	$	110	0.26	%	$	260,265	$	162	0.25	%	$	616,553	$	317	0.21	%
Investment securities	1,203,298		8,827		2.94	%	1,236,352		9,586		3.10	%	1,569,234		14,077		3.59	%
Other investments	168,323		991		2.36	%	109,685		245		0.91	%	136,249		736		2.17	%
Loans held for sale	1,159,638		11,293		3.90	%	911,273		8,593		3.77	%	2,559,305		22,371		3.50	%
Loans and leases held for investment:
Consumer Banking:
Residential mortgages	8,427,653		79,750		3.79	%	7,061,050		72,526		4.11	%	6,220,190		68,346		4.40	%
Home equity lines	143,169		1,444		4.05	%	149,733		1,054		2.85	%	170,039		2,371		5.59	%
Other consumer and credit card	5,470		184		13.49	%	5,511		306		22.52	%	7,221		63		3.50	%
Commercial Banking:
Commercial and commercial real estate:
Commercial real estate and other commercial	3,234,109		45,196		5.57	%	3,268,299		46,866		5.74	%	3,343,202		48,335		5.76	%
Mortgage warehouse finance	1,022,151		7,329		2.84	%	705,835		5,181		2.94	%	1,079,053		8,703		3.19	%
Lender finance	587,673		5,824		3.92	%	626,410		5,790		3.70	%	382,861		4,223		4.36	%
Commercial and commercial real estate	4,843,933		58,349		4.79	%	4,600,544		57,837		5.03	%	4,805,116		61,261		5.07	%
Equipment financing receivables	1,363,727		19,305		5.66	%	1,246,386		18,154		5.83	%	943,101		18,311		7.77	%
Total loans and leases held for investment	14,783,952		159,032		4.29	%	13,063,224		149,877		4.59	%	12,145,667		150,352		4.94	%
Total interest-earning assets	17,486,904		$	180,253	4.12	%	15,580,799		$	168,463	4.33	%	17,027,008		$	187,853	4.40	%
Noninterest-earning assets	1,258,917						1,430,854						1,342,084
Total assets	$	18,745,821					$	17,011,653					$	18,369,092
Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,847,544	$	4,212	0.59	%	$	2,975,863	$	4,366	0.60	%	$	3,006,281	$	5,776	0.77	%
Market-based money market accounts	415,544		632		0.61	%	411,610		619		0.61	%	421,180		758		0.72	%
Savings and money market accounts, excluding market-based	4,904,879		7,449		0.61	%	5,101,516		7,661		0.61	%	5,024,910		9,465		0.76	%
Market-based time	576,828		1,125		0.78	%	586,588		1,083		0.75	%	683,027		1,269		0.75	%
Time, excluding market-based	3,507,409		10,024		1.15	%	2,876,480		8,878		1.25	%	3,345,856		9,299		1.11	%
Total deposits	12,252,204		23,442		0.77	%	11,952,057		22,607		0.77	%	12,481,254		26,567		0.85	%
Borrowings:
Trust preferred securities	103,750		1,644		6.35	%	103,750		1,644		6.43	%	103,750		1,644		6.36	%
FHLB advances	3,362,011		14,976		1.76	%	1,958,449		13,368		2.73	%	2,533,707		18,425		2.88	%
Other	24,000		—		0.00	%	24,001		—		0.00	%	—		—		0.00	%
Total borrowings	3,489,761		16,620		1.89	%	2,086,200		15,012		2.88	%	2,637,457		20,069		3.01	%
Total interest-bearing liabilities	15,741,965		40,062		1.02	%	14,038,257		37,619		1.08	%	15,118,711		46,636		1.23	%
Noninterest-bearing demand deposits	1,149,025						1,081,435						1,393,071
Other noninterest-bearing liabilities	195,482						263,745						339,039
Total liabilities	17,086,472						15,383,437						16,850,821
Total shareholders’ equity	1,659,349						1,628,216						1,518,271
Total liabilities and shareholders’ equity	$	18,745,821					$	17,011,653					$	18,369,092
Net interest income/spread			$	140,191	3.10	%			$	130,844	3.25	%			$	141,217	3.17	%
Net interest margin					3.22	%					3.41	%					3.33	%

Memo: Total deposits including noninterest-bearing	$	13,401,229	$	23,442	0.70	%	$	13,033,492	$	22,607	0.71	%	$	13,874,325	$	26,567	0.76	%


(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)	June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013
Consumer Banking:
Residential mortgages:
Residential	$	5,205,043		$	5,688,053		$	5,153,106		$	4,623,219		$	4,237,331
Government insured pool buyouts	3,197,348			1,911,773			1,891,637			2,075,395			2,348,785
Residential mortgages	8,402,391			7,599,826			7,044,743			6,698,614			6,586,116
Home equity lines	138,886			147,086			151,916			156,977			169,296
Other consumer and credit card	5,473			5,427			5,154			6,023			6,648
Total Consumer Banking	8,546,750			7,752,339			7,201,813			6,861,614			6,762,060
Commercial Banking:
Commercial and commercial real estate:
Commercial real estate and other commercial	3,234,423			3,243,654			3,276,130			3,278,837			3,366,399
Mortgage warehouse finance	1,310,611			911,223			944,219			851,153			1,292,469
Lender finance	625,335			664,143			592,621			478,497			431,464
Commercial and commercial real estate	5,170,369			4,819,020			4,812,970			4,608,487			5,090,332
Equipment financing receivables	1,577,525			1,292,750			1,237,941			1,092,866			1,014,996
Total Commercial Banking	6,747,894			6,111,770			6,050,911			5,701,353			6,105,328
Loans and leases held for investment, net of unearned income	15,294,644			13,864,109			13,252,724			12,562,967			12,867,388
Allowance for loan and lease losses	(56,728		)	(62,969		)	(63,690		)	(66,991		)	(73,469		)
Total loans and leases held for investment, net	$	15,237,916		$	13,801,140		$	13,189,034		$	12,495,976		$	12,793,919
The balances presented above include:
Net purchased loan and lease discounts	$	53,134		$	79,905		$	102,416		$	120,321		$	130,880
Net deferred loan and lease origination costs	$	69,849		$	64,688		$	54,107		$	45,315		$	37,232

Deposits													Table 6b
(dollars in thousands)	June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013
Noninterest-bearing demand	$	1,055,556		$	1,054,796		$	1,076,631		$	1,365,655		$	1,205,326
Interest-bearing demand	2,801,811			2,961,831			3,006,401			2,998,836			3,081,670
Market-based money market accounts	411,633			413,017			413,137			413,427			413,722
Savings and money market accounts, excluding market-based	4,864,459			5,023,585			5,110,992			5,186,243			5,153,072
Market-based time	577,247			583,740			597,858			627,889			637,145
Time, excluding market-based	4,163,969			3,251,442			3,056,321			3,035,626			3,178,931
Total deposits	$	13,874,675		$	13,288,411		$	13,261,340		$	13,627,676		$	13,669,866

General and Administrative Expense																		Table 7
	Three Months Ended															Six Months Ended
(dollars in thousands)	June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			June 30, 2014		June 30, 2013
Legal and professional fees, excluding consent order expense	$	7,475		$	7,116		$	9,238		$	7,158		$	7,363		$	14,591	$	14,386
Credit-related expenses	8,765			7,607			17,168			11,856			11,464			16,372		20,819
FDIC premium assessment and other agency fees	7,199			(443		)	6,089			6,708			8,358			6,756		22,060
Advertising and marketing expense	4,932			4,431			5,984			6,516			6,320			9,363		16,701
Subservicing expense	2,482			—			—			—			—			2,482		—
Consent order expense	2,099			756			7,641			32,475			19,292			2,855		32,223
Other	13,879			17,331			13,177			20,555			14,032			31,210		34,741
Total general and administrative expense	$	46,831		$	36,798		$	59,297		$	85,268		$	66,829		$	83,629	$	140,930



EverBank Financial Corp and Subsidiaries
Non-Performing Assets⁽¹⁾													Table 8
(dollars in thousands)	June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013
Non-accrual loans and leases:
Consumer Banking:
Residential mortgages	$	22,212		$	47,835		$	59,526		$	60,066		$	64,230
Home equity lines	1,903			3,462			3,270			4,164			4,368
Other consumer and credit card	20			33			18			15			243
Commercial Banking:
Commercial and commercial real estate	44,172			23,884			18,569			76,662			60,636
Equipment financing receivables	6,475			5,446			4,527			4,171			2,601
Total non-accrual loans and leases	74,782			80,660			85,910			145,078			132,078
Accruing loans 90 days or more past due	—			—			—			—			—
Total non-performing loans (NPL)	74,782			80,660			85,910			145,078			132,078
Other real estate owned (OREO)	25,530			29,333			29,034			32,108			36,528
Total non-performing assets (NPA)	100,312			109,993			114,944			177,186			168,606
Troubled debt restructurings (TDR) less than 90 days past due	16,687			73,455			76,913			79,664			82,236
Total NPA and TDR⁽¹⁾	$	116,999		$	183,448		$	191,857		$	256,850		$	250,842

Total NPA and TDR	$	116,999		$	183,448		$	191,857		$	256,850		$	250,842
Government insured 90 days or more past due still accruing	2,424,166			1,021,276			1,039,541			1,147,795			1,405,848
Loans accounted for under ASC 310-30:
90 days or more past due	23,159			9,915			10,083			45,104			54,054
OREO	—			—			—			21,240			21,194
Total regulatory NPA and TDR	$	2,564,324		$	1,214,639		$	1,241,481		$	1,470,989		$	1,731,938
Adjusted credit quality ratios excluding government insured loans and loans accounted for under ASC 310-30:⁽¹⁾
NPL to total loans	0.44		%	0.56		%	0.61		%	1.07		%	0.89		%
NPA to total assets	0.51		%	0.62		%	0.65		%	1.01		%	0.92		%
NPA and TDR to total assets	0.59		%	1.04		%	1.09		%	1.46		%	1.37		%
Credit quality ratios including government insured loans and loans accounted for under ASC 310-30:
NPL to total loans	14.89		%	7.72		%	8.12		%	9.87		%	10.76		%
NPA to total assets	12.90		%	6.47		%	6.60		%	7.90		%	8.98		%
NPA and TDR to total assets	12.98		%	6.89		%	7.04		%	8.35		%	9.43		%

(1)



EverBank Financial Corp and Subsidiaries

Allowance for Loan and Lease Losses Activity													Table 9a
	Three Months Ended
(dollars in thousands)	June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013
ALLL, beginning of period	$	62,969		$	63,690		$	66,991		$	73,469		$	77,067
Charge-offs:
Consumer Banking:
Residential mortgages	1,810			3,165			4,197			3,038			3,271
Home equity lines	163			316			270			430			627
Other consumer and credit card	20			15			4			28			17
Commercial Banking:
Commercial and commercial real estate	4,714			5			2,608			6,081			2,781
Equipment financing receivables	938			1,189			1,209			746			988
Total charge-offs	7,645			4,690			8,288			10,323			7,684
Recoveries:
Consumer Banking:
Residential mortgages	251			566			1,398			70			117
Home equity lines	74			141			134			130			120
Other consumer and credit card	—			—			27			14			18
Commercial Banking:
Commercial and commercial real estate	—			1			306			488			3,549
Equipment financing receivables	196			190			197			75			253
Total recoveries	521			898			2,062			777			4,057
Net charge-offs	7,124			3,792			6,226			9,546			3,627
Provision for loan and lease losses	6,123			3,071			7,022			3,068			29
Other	(5,240		)	—			(4,097		)	—			—
ALLL, end of period	$	56,728		$	62,969		$	63,690		$	66,991		$	73,469
Net charge-offs to average loans and leases held for investment	0.19		%	0.12		%	0.20		%	0.30		%	0.12		%

Allowance for Loan and Lease Losses Ratio													Table 9b
(dollars in thousands)	June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013
ALLL	$	56,728		$	62,969		$	63,690		$	66,991		$	73,469
Loans and leases held for investment, net of unearned income	15,294,644			13,864,109			13,252,724			12,562,967			12,867,388
ALLL as a percentage of loans and leases held for investment	0.37		%	0.45		%	0.48		%	0.53		%	0.57		%
Government insured pool buyouts as a percentage of loans and leases held for investment	20.9		%	13.8		%	14.3		%	16.5		%	18.3		%

Reserves for Repurchase Obligations for Loans Sold or Securitized													Table 9c
	Three Months Ended
(dollars in thousands)	June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013
Loan origination repurchase reserves, beginning of period	$	24,428		$	20,225		$	19,086		$	21,960		$	24,866
Provision for new sales/securitizations	595			429			635			1,012			846
Provision (release of provision) for changes in estimate of existing reserves	3,400			4,000			1,563			(1,718		)	(1,060		)
Net realized losses on repurchases	(2,050		)	(226		)	(1,059		)	(2,168		)	(2,692		)
Loan origination repurchase reserves, end of period	$	26,373		$	24,428		$	20,225		$	19,086		$	21,960

Reserves for Repurchase Obligations for Loans Serviced													Table 9d
	Three Months Ended
(dollars in thousands)	June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013
Loan servicing repurchase reserves, beginning of period	$	10,796		$	23,668		$	22,733		$	23,518		$	23,599
Provision (release of provision) for change in estimate of existing reserves	(1,303		)	(5,037		)	3,580			4,531			1,690
Net realized losses on repurchases	(3,691		)	(7,835		)	(2,645		)	(5,316		)	(1,771		)
Loan servicing repurchase reserves, end of period	$	5,802		$	10,796		$	23,668		$	22,733		$	23,518



EverBank Financial Corp and Subsidiaries
Reconciliation of Non-GAAP Measures

Adjusted Net Income																		Table 10a
	Three Months Ended														Six Months Ended
(dollars in thousands, except per share data)	Jun 30, 2014		Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			Jun 30, 2013			Jun 30, 2014			Jun 30, 2013
Net income	$	34,782	$	31,760		$	18,451		$	33,150		$	45,993		$	66,542		$	85,139
Non-recurring regulatory related expense, net of tax	1,294		465			4,807			20,203			12,042			1,759			23,467
Increase (decrease) in Bank of Florida non-accretable discount, net of tax	423		311			(68		)	(439		)	(538		)	734			412
MSR impairment (recovery), net of tax	—		(3,063		)	(9,109		)	(21,783		)	(20,194		)	(3,063		)	(27,978		)
Restructuring cost, net of tax	—		630			16,090			3,242			—			630			—
OTTI losses on investment securities (Volcker Rule), net of tax	425		—			2,045			—			—			425			—
Adjusted net income	$	36,924	$	30,103		$	32,216		$	34,373		$	37,303		$	67,027		$	81,040
Adjusted net income allocated to preferred stock	2,531		2,531			2,531			2,532			2,531			5,062			5,062
Adjusted net income allocated to common shareholders	$	34,393	$	27,572		$	29,685		$	31,841		$	34,772		$	61,965		$	75,978
Adjusted net earnings per common share, basic	$	0.28	$	0.22		$	0.24		$	0.26		$	0.28		$	0.50		$	0.62
Adjusted net earnings per common share, diluted	$	0.27	$	0.22		$	0.24		$	0.26		$	0.28		$	0.49		$	0.61
Weighted average common shares outstanding:
(units in thousands)
Basic	122,840		122,684			122,595			122,509			122,281			122,763			121,934
Diluted	125,389		125,038			124,420			124,124			124,034			125,205			123,735

Tangible Equity, Tangible Common Equity and Tangible Assets												Table 10b
(dollars in thousands)	Jun 30, 2014		Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			Jun 30, 2013
Shareholders’ equity	$	1,679,448	$	1,647,639		$	1,621,013		$	1,602,913		$	1,549,383
Less:
Goodwill	46,859		46,859			46,859			46,859			46,859
Intangible assets	4,759		5,286			5,813			6,340			6,867
Tangible equity	1,627,830		1,595,494			1,568,341			1,549,714			1,495,657
Less:
Perpetual preferred stock	150,000		150,000			150,000			150,000			150,000
Tangible common equity	$	1,477,830	$	1,445,494		$	1,418,341		$	1,399,714		$	1,345,657

Total assets	$	19,753,820	$	17,630,948		$	17,640,984		$	17,612,089		$	18,362,872
Less:
Goodwill	46,859		46,859			46,859			46,859			46,859
Intangible assets	4,759		5,286			5,813			6,340			6,867
Tangible assets	$	19,702,202	$	17,578,803		$	17,588,312		$	17,558,890		$	18,309,146



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

Regulatory Capital (bank level)															Table 10c
(dollars in thousands)		Jun 30, 2014				Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			Jun 30, 2013
Shareholders’ equity		$	1,714,454			$	1,686,414		$	1,662,164		$	1,648,152		$	1,598,419
Less:	Goodwill and other intangibles	(50,328		)		(50,700		)	(51,072		)	(51,436		)	(51,807		)
	Disallowed servicing asset	(29,028		)		(26,419		)	(20,469		)	(39,658		)	(36,182		)
	Disallowed deferred tax asset	(61,737		)		(62,682		)	(63,749		)	(64,462		)	(65,406		)
Add:	Accumulated losses on securities and cash flow hedges	52,121				51,507			50,608			54,392			78,181
Tier 1 capital		1,625,482				1,598,120			1,577,482			1,546,988			1,523,205
Add:	Allowance for loan and lease losses	56,728				62,969			63,690			66,991			73,469
Total regulatory capital		$	1,682,210			$	1,661,089		$	1,641,172		$	1,613,979		$	1,596,674

Adjusted total assets		$	19,660,793			$	17,539,708		$	17,554,236		$	17,510,528		$	18,287,359
Risk-weighted assets		12,579,476				11,597,320			11,467,411			11,120,048			11,656,698

Regulatory Capital (EFC consolidated)															Table 10d
(dollars in thousands)		Jun 30, 2014				Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			Jun 30, 2013
Shareholders’ equity		$	1,679,448			$	1,647,639		$	1,621,013		$	1,602,913		$	1,549,383
Less:	Preferred stock	(150,000		)		(150,000		)	(150,000		)	(150,000		)	(150,000		)
	Goodwill and other intangibles	(50,328		)		(50,700		)	(51,072		)	(51,436		)	(51,807		)
	Disallowed servicing asset	(29,028		)		(26,419		)	(20,469		)	(39,658		)	(36,182		)
	Disallowed deferred tax asset	(61,737		)		(62,682		)	(63,749		)	(64,462		)	(65,406		)
Add:	Accumulated losses on securities and cash flow hedges	53,936				53,647			52,615			56,879			80,389
Common tier 1 capital		$	1,442,291			$	1,411,485		$	1,388,338		$	1,354,236		$	1,326,377
					11,600,258,000
Risk-weighted assets		$	12,583,537			11,600,258			11,469,483			11,120,445			11,656,997



EverBank Financial Corp and Subsidiaries

Residential Mortgage Lending and Servicing													Table 11
	Three Months Ended
(dollars in thousands)	Jun 30, 2014			Mar 31, 2014			Dec 31, 2013			Sep 30, 2013			Jun 30, 2013
Key Metrics:
Mortgage lending volume:
Agency	$	1,124,684		$	892,358		$	1,188,032		$	1,933,155		$	2,203,077
Jumbo	1,108,188			808,138			808,001			767,004			1,047,687
Mortgage lending volume	$	2,232,872		$	1,700,496		$	1,996,033		$	2,700,159		$	3,250,764
Mortgage loans sold:
Agency	$	804,015		$	897,234		$	1,382,970		$	1,793,944		$	2,138,392
Jumbo	447,408			54,210			30,656			911,100			305,931
GNMA	176,734			255,021			254,641			450,386			478,058
Other	103,556			3,290			9,322			9,027			3,384
Mortgage loans sold	$	1,531,713		$	1,209,755		$	1,677,589		$	3,164,457		$	2,925,765
Unpaid principal balance of loans serviced for the Company and others	$	50,790,378		$	60,677,571		$	61,035,320		$	61,274,075		$	61,700,811
Average servicing fee	0.29		%	0.29		%	0.29		%	0.29		%	0.29		%
Applications	$	1,656,807		$	1,534,751		$	2,374,710		$	2,491,569		$	2,917,663
Rate locks	1,664,388			1,461,488			1,272,266			1,360,608			1,811,349
Mortgage Lending Volume by Channel:
Retail	$	1,225,568		$	781,241		$	884,934		$	1,023,790		$	1,208,436
Consumer Direct	461,115			414,726			639,105			924,408			1,019,457
Correspondent	546,189			504,529			471,994			751,961			1,022,871
Purchase Activity (%):
Retail	80		%	70		%	67		%	66		%	49		%
Consumer Direct	13		%	5		%	4		%	3		%	4		%
Correspondent	60		%	44		%	53		%	49		%	41		%
Total	61		%	46		%	43		%	40		%	32		%

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