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

Attached files

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8-K - 8-K - TIAA FSB Holdings, Inc.	a8-kearningsrelease33116.htm
EX-99.1 - EXHIBIT 99.1 - TIAA FSB Holdings, Inc.	ex991pressrelease33116.htm

Exhibit 99.2

EverBank Financial Corp and Subsidiaries

Quarterly Financial Tables

March 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 Ratio

Table 10	Reconciliation of Non-GAAP Measures

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

Table 11	Residential Mortgage Lending



EverBank Financial Corp and Subsidiaries
Financial Highlights							Table 1
	As of and for the Three Months Ended
(dollars in thousands, except per share amounts)	Mar 31, 2016			Dec 31, 2015			Mar 31, 2015
Operating Results:
Total revenue⁽¹⁾	$	203,534		$	232,890		$	187,959
Net interest income	173,781			175,040			155,438
Provision for loan and lease losses	8,919			10,124			9,000
Noninterest income	29,753			57,850			32,521
Noninterest expense	149,430			152,861			156,042
Net income allocated to common shareholders	25,393			42,615			11,699
Net earnings per common share, diluted	0.20			0.34			0.09
Performance Metrics:
Adjusted net earnings per common share, diluted⁽²⁾	$	0.32		$	0.34		$	0.31
Yield on interest-earning assets	3.85		%	3.90		%	3.99		%
Cost of interest-bearing liabilities	1.14		%	1.08		%	1.03		%
Net interest margin	2.82		%	2.90		%	3.09		%
Return on average assets	0.43		%	0.71		%	0.26		%
Return on average risk-weighted assets⁽³⁾	0.66		%	1.08		%	0.40		%
Return on average equity⁽⁴⁾	6.0		%	10.0		%	2.9		%
Adjusted return on average equity⁽⁵⁾	9.3		%	10.1		%	9.7		%
Efficiency ratio⁽⁶⁾	73		%	66		%	83		%
Adjusted efficiency ratio⁽⁷⁾	66		%	65		%	66		%
Loans and leases held for investment as a percentage of deposits	120		%	122		%	115		%
Loans and leases held for investment excluding government insured pool buyouts as a percentage of deposits	97		%	99		%	93		%
Credit Quality Ratios:
Adjusted non-performing assets as a percentage of total assets⁽⁸⁾	0.53		%	0.53		%	0.40		%
Net charge-offs to average loans and leases held for investment	0.07		%	0.07		%	0.16		%
ALLL as a percentage of loans and leases held for investment	0.37		%	0.35		%	0.34		%
Government insured pool buyouts as a percentage of loans and leases held for investment	19		%	19		%	19		%
Capital:
Common equity tier 1 ratio (EFC consolidated; see Table 10d)	9.9		%	9.9		%	10.6		%
Tier 1 leverage ratio (bank level; see Table 10c)	8.2		%	8.1		%	8.1		%
Total risk-based capital ratio (bank level; see Table 10c)	12.9		%	12.4		%	12.3		%
Tangible common equity per common share⁽⁹⁾	$	13.23		$	13.36		$	12.55
Consumer Banking Metrics:
Unpaid principal balance of loans originated	$	1,797,131		$	2,081,000		$	2,365,962
Jumbo residential mortgage loans originated	724,536			1,073,881			1,300,746
Unpaid principal balance of loans serviced for the Company and others	41,013,022			41,104,718			50,481,475
Consumer Banking loans as a percentage of loans and leases held for investment	55		%	55		%	54		%
Consumer deposits	$	14,685,281		$	14,054,432		$	12,865,348
Commercial Banking Metrics:
Loan and lease originations:
Commercial and commercial real estate	$	364,978		$	769,295		$	480,217
Equipment financing receivables	299,751			420,174			223,339
Commercial Banking loan and lease sales	277,738			119,026			11,150
Commercial Banking loans as a percentage of loans and leases held for investment	45		%	45		%	46		%
Commercial deposits	$	4,311,196		$	4,187,610		$	3,211,339
Market Price Per Share of Common Stock:
Closing	$	15.63		$	15.98		$	18.03
High	15.96			21.18			19.16
Low	12.58			15.87			17.24

See Notes to Financial Highlights

EverBank Financial Corp and Subsidiaries

Financial Highlights - Notes

(Dollars in thousands)


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

(2)

Adjusted net earnings per common share, diluted is calculated using a numerator based on adjusted net income. Adjusted net earnings per common share, diluted is a non-GAAP financial measure and its most directly comparable GAAP measure is net earnings per common share, diluted. Adjusted net income includes adjustments to our net income for certain significant items that we believe are not reflective of our ongoing business or operating performance. For a reconciliation of adjusted net income to net income, which is the most directly comparable GAAP measure, see Table 10a.

(3)

Return on average risk-weighted assets equals net income divided by average risk-weighted assets. Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories according to the obligor or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total risk-weighted assets. For detailed information regarding regulatory capital (EFC consolidated), see Table 10d.


(4)	Return on average equity is calculated as net income less dividends declared on the Series A 6.75% Non-Cumulative Perpetual Preferred Stock divided by average common shareholders' equity (average shareholders' equity less average Series A 6.75% Non-Cumulative Perpetual Preferred Stock).

(5)

Adjusted return on average equity is calculated as adjusted net income less dividends declared on the Series A 6.75% Non-Cumulative Perpetual Preferred Stock divided by average common shareholders' equity. Adjusted net income is a non-GAAP measure of our financial performance and its most directly comparable GAAP measure is net income. For a reconciliation of adjusted net income to net income, see Table 10a.


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

(7)

The adjusted efficiency ratio represents adjusted noninterest expense as a percentage of adjusted total revenue based on adjusted net income. The adjusted efficiency ratio is a non-GAAP measure of our financial performance and its most directly comparable GAAP measure is the efficiency ratio. For a reconciliation of adjusted net income to net income, see Table 10a. For detailed information regarding the adjusted efficiency ratio, see Table 10b. We use the adjusted efficiency ratio to measure adjusted noninterest costs expended to generate a dollar of adjusted revenue.

(8)

We define non-performing assets, or NPA, as non-accrual loans, accruing loans past due 90 days or more and foreclosed property. Our NPA calculation excludes government insured pool buyout loans for which payment is insured by the government. We also exclude loans and foreclosed property accounted for under ASC 310-30 because we expect to fully collect the carrying value of such loans and foreclosed property. For more detailed information on NPA, see Table 8.

(9)

Calculated as tangible common shareholders' equity divided by shares of common stock. Tangible common shareholders' equity equals shareholders' equity less goodwill, other intangible assets and perpetual preferred stock (see Table 10e). Tangible common equity per common share is calculated using a denominator that includes actual period end common shares outstanding. Tangible common equity per common share is a non-GAAP financial measure, and its most directly comparable GAAP financial measure is book value per common share.



EverBank Financial Corp and Subsidiaries
Consolidated Statements of Income							Table 2
	Three Months Ended
(dollars in thousands, except per share data)	Mar 31, 2016			Dec 31, 2015			Mar 31, 2015
Interest Income
Interest and fees on loans and leases	$	231,059		$	226,567		$	194,849
Interest and dividends on investment securities	7,404			7,807			8,022
Other interest income	396			258			160
Total interest income	238,859			234,632			203,031
Interest Expense
Deposits	39,090			35,495			29,764
Other borrowings	25,988			24,097			17,829
Total interest expense	65,078			59,592			47,593
Net Interest Income	173,781			175,040			155,438
Provision for loan and lease losses	8,919			10,124			9,000
Net Interest Income after Provision for Loan and Lease Losses	164,862			164,916			146,438
Noninterest Income
Loan servicing fee income	23,441			26,905			34,132
Amortization of mortgage servicing rights	(14,731		)	(15,085		)	(20,299		)
Recovery (impairment) of mortgage servicing rights	(22,542		)	89			(43,352		)
Net loan servicing income (loss)	(13,832		)	11,909			(29,519		)
Gain on sale of loans	28,751			24,679			42,623
Loan production revenue	5,260			5,131			5,387
Deposit fee income	3,102			3,069			4,050
Other lease income	4,367			4,840			4,080
Other	2,105			8,222			5,900
Total noninterest income	29,753			57,850			32,521
Noninterest Expense
Salaries, commissions and other employee benefits expense	91,640			90,456			91,986
Equipment expense	15,917			15,363			16,045
Occupancy expense	6,264			7,313			5,856
General and administrative expense	35,609			39,729			42,155
Total noninterest expense	149,430			152,861			156,042
Income before Provision for Income Taxes	45,185			69,905			22,917
Provision for Income Taxes	17,261			24,759			8,687
Net Income	$	27,924		$	45,146		$	14,230
Net Income Allocated to Preferred Stock	2,531			2,531			2,531
Net Income Allocated to Common Shareholders	$	25,393		$	42,615		$	11,699
Net Earnings per Common Share, Basic	$	0.20		$	0.34		$	0.09
Net Earnings per Common Share, Diluted	$	0.20		$	0.34		$	0.09
Dividends Declared per Common Share	$	0.06		$	0.06		$	0.04
Dividend payout ratio⁽¹⁾	30.00		%	17.65		%	44.44		%
Weighted Average Common Shares Outstanding
(units in thousands)
Basic	125,125			124,983			123,939
Diluted	126,045			126,980			126,037


(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)	Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015
Assets
Cash and due from banks	$	90,478		$	55,300		$	64,822		$	59,976		$	63,094
Interest-bearing deposits in banks	510,167			527,151			534,354			498,184			488,954
Total cash and cash equivalents	600,645			582,451			599,176			558,160			552,048
Investment securities:
Available for sale, at fair value	504,769			555,019			574,104			656,587			719,645
Held to maturity	101,305			103,746			112,219			109,393			115,631
Other investments	234,406			265,431			240,832			239,089			236,494
Total investment securities	840,480			924,196			927,155			1,005,069			1,071,770
Loans held for sale	1,137,702			1,509,268			1,483,754			1,330,779			1,861,306
Loans and leases held for investment:
Loans and leases held for investment, net of unearned income	22,756,113			22,227,492			20,877,381			19,913,895			18,533,637
Allowance for loan and lease losses	(83,485		)	(78,137		)	(71,897		)	(66,091		)	(62,846		)
Total loans and leases held for investment, net	22,672,628			22,149,355			20,805,484			19,847,804			18,470,791
Mortgage servicing rights (MSR), net	312,671			335,280			357,550			362,803			383,763
Premises and equipment, net	50,901			51,599			52,425			52,176			54,283
Other assets	1,026,372			1,048,877			989,199			963,700			953,258
Total Assets	$	26,641,399		$	26,601,026		$	25,214,743		$	24,120,491		$	23,347,219
Liabilities
Deposits:
Noninterest-bearing	$	1,499,063		$	1,141,357		$	1,389,644		$	1,152,917		$	1,213,266
Interest-bearing	17,497,414			17,100,685			16,176,445			15,330,610			14,863,421
Total deposits	18,996,477			18,242,042			17,566,089			16,483,527			16,076,687
Other borrowings	5,147,000			5,877,000			5,297,000			5,247,000			5,178,000
Trust preferred securities and subordinated notes payable	365,167			276,170			276,103			276,452			103,750
Accounts payable and accrued liabilities	276,852			337,493			252,682			293,691			230,970
Total Liabilities	24,785,496			24,732,705			23,391,874			22,300,670			21,589,407
Shareholders’ Equity
Series A 6.75% Non-Cumulative Perpetual Preferred Stock	150,000			150,000			150,000			150,000			150,000
Common Stock	1,252			1,250			1,250			1,246			1,241
Additional paid-in capital	877,275			874,806			873,175			865,632			858,925
Retained earnings	924,165			906,278			871,160			851,602			817,539
Accumulated other comprehensive loss	(96,789		)	(64,013		)	(72,716		)	(48,659		)	(69,893		)
Total Shareholders’ Equity	1,855,903			1,868,321			1,822,869			1,819,821			1,757,812
Total Liabilities and Shareholders’ Equity	$	26,641,399		$	26,601,026		$	25,214,743		$	24,120,491		$	23,347,219



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

Three Months Ended 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

Three Months Ended March 31, 2015
Net interest income	$	84,657		$	72,336		$	(1,555	)	$	—		$	155,438
Provision for loan and lease losses	1,393			7,607			—			—			9,000
Net interest income after provision for loan and lease losses	83,264			64,729			(1,555		)	—			146,438
Noninterest income	22,000			10,373			148			—			32,521
Noninterest expense	98,599			27,811			29,632			—			156,042
Income (loss) before income tax	6,665			47,291			(31,039		)	—			22,917
Adjustment items (pre-tax):
Transaction expense and non-recurring regulatory related expense	2,324			—			93			—			2,417
Increase (decrease) in Bank of Florida non-accretable discount	—			(1,560		)	—			—			(1,560		)
MSR impairment (recovery)	43,352			—			—			—			43,352
Adjusted income (loss) before income tax	$	52,341		$	45,731		$	(30,946	)	$	—		$	67,126
Total assets as of March 31, 2015	$	14,665,509		$	8,760,963		$	211,067		$	(290,320	)	$	23,347,219
Total deposits as of March 31, 2015	12,865,348			3,211,339			—			—			16,076,687



EverBank Financial Corp and Subsidiaries
Average Balances and Interest Rates^{(1) (2) (3)}													Table 5
	Three Months Ended March 31, 2016						Three Months Ended December 31, 2015						Three Months Ended March 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	$	312,614	$	396	0.51	%	$	354,071	$	258	0.29	%	$	255,816	$	160	0.25	%
Investments	876,401		7,404		3.39	%	921,354		7,807		3.37	%	1,067,104		8,022		3.02	%
Loans held for sale	2,023,076		17,156		3.39	%	1,922,277		16,247		3.38	%	1,523,484		12,516		3.29	%
Loans and leases held for investment:
Consumer Banking:
Residential mortgages:
Residential	7,063,490		55,495		3.14	%	7,098,931		56,928		3.21	%	6,219,788		52,187		3.36	%
Government insured pool buyouts	4,429,707		53,479		4.83	%	4,274,691		50,910		4.76	%	3,568,879		38,710		4.34	%
Residential mortgages	11,493,197		108,974		3.79	%	11,373,622		107,838		3.79	%	9,788,667		90,897		3.71	%
Home equity lines and other	524,890		5,317		4.07	%	358,895		3,450		3.81	%	158,896		1,933		4.93	%
Commercial Banking:
Commercial and commercial real estate:
Commercial real estate and other commercial	4,033,661		48,103		4.75	%	3,794,998		50,087		5.23	%	3,547,906		49,079		5.53	%
Mortgage warehouse finance	1,846,294		12,999		2.79	%	1,783,240		11,967		2.63	%	1,233,928		8,604		2.79	%
Lender finance	1,287,134		11,214		3.45	%	1,156,901		10,150		3.43	%	774,608		6,970		3.60	%
Commercial and commercial real estate	7,167,089		72,316		4.01	%	6,735,139		72,204		4.23	%	5,556,442		64,653		4.65	%
Equipment financing receivables	2,377,047		27,296		4.59	%	2,311,213		26,828		4.64	%	2,031,071		24,850		4.89	%
Total loans and leases held for investment	21,562,223		213,903		3.96	%	20,778,869		210,320		4.03	%	17,535,076		182,333		4.16	%
Total interest-earning assets	24,774,314		$	238,859	3.85	%	23,976,571		$	234,632	3.90	%	20,381,480		$	203,031	3.99	%
Noninterest-earning assets	1,423,049						1,319,837						1,388,038
Total assets	$	26,197,363					$	25,296,408					$	21,769,518
Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	3,641,030	$	6,197	0.68	%	$	3,647,466	$	6,271	0.68	%	$	3,662,559	$	6,096	0.68	%
Market-based money market accounts	341,235		518		0.61	%	350,694		539		0.61	%	362,498		528		0.59	%
Savings and money market accounts, excluding market-based	6,444,921		12,506		0.78	%	6,016,113		11,074		0.73	%	5,133,320		8,190		0.65	%
Market-based time	369,649		774		0.84	%	379,232		774		0.81	%	443,962		760		0.69	%
Time, excluding market-based	6,333,503		19,095		1.20	%	5,778,661		16,837		1.17	%	4,936,035		14,190		1.16	%
Total deposits	17,130,338		39,090		0.91	%	16,172,166		35,495		0.88	%	14,538,374		29,764		0.83	%
Borrowings:
Trust preferred securities and subordinated notes payable	293,781		4,462		6.08	%	276,126		4,091		5.93	%	103,750		1,640		6.41	%
Long-term FHLB advances	3,824,527		20,018		2.07	%	3,473,033		18,887		2.13	%	1,966,611		15,137		3.08	%
Short-term FHLB advances	1,429,945		1,508		0.42	%	1,866,033		1,119		0.23	%	2,083,478		1,052		0.20	%
Total borrowings	5,548,253		25,988		1.86	%	5,615,192		24,097		1.69	%	4,153,839		17,829		1.72	%
Total interest-bearing liabilities	22,678,591		65,078		1.14	%	21,787,358		59,592		1.08	%	18,692,213		47,593		1.03	%
Noninterest-bearing demand deposits	1,285,853						1,437,817						1,104,966
Other noninterest-bearing liabilities	376,071						223,518						216,777
Total liabilities	24,340,515						23,448,693						20,013,956
Total shareholders’ equity	1,856,848						1,847,715						1,755,562
Total liabilities and shareholders’ equity	$	26,197,363					$	25,296,408					$	21,769,518
Net interest income/spread			$	173,781	2.71	%			$	175,040	2.82	%			$	155,438	2.96	%
Net interest margin					2.82	%					2.90	%					3.09	%
Memo: Total deposits including noninterest-bearing	$	18,416,191	$	39,090	0.85	%	$	17,609,983	$	35,495	0.80	%	$	15,643,340	$	29,764	0.77	%


(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)	Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015
Consumer Banking:
Residential mortgages:
Residential	$	7,254,377		$	7,501,767		$	7,364,522		$	6,899,235		$	6,265,322
Government insured pool buyouts	4,396,059			4,215,355			3,947,359			3,824,378			3,513,916
Residential mortgages	11,650,436			11,717,122			11,311,881			10,723,613			9,779,238
Home equity lines and other	917,856			501,785			337,093			242,111			175,470
Total Consumer Banking	12,568,292			12,218,907			11,648,974			10,965,724			9,954,708
Commercial Banking:
Commercial and commercial real estate:
Commercial real estate and other commercial	3,883,821			3,954,522			3,660,362			3,731,671			3,550,489
Mortgage warehouse finance	2,603,163			2,372,731			2,162,627			2,155,535			2,103,098
Lender finance	1,300,254			1,280,423			1,117,886			914,422			851,759
Commercial and commercial real estate	7,787,238			7,607,676			6,940,875			6,801,628			6,505,346
Equipment financing receivables	2,400,583			2,400,909			2,287,532			2,146,543			2,073,583
Total Commercial Banking	10,187,821			10,008,585			9,228,407			8,948,171			8,578,929
Loans and leases held for investment, net of unearned income	22,756,113			22,227,492			20,877,381			19,913,895			18,533,637
Allowance for loan and lease losses	(83,485		)	(78,137		)	(71,897		)	(66,091		)	(62,846		)
Total loans and leases held for investment, net	$	22,672,628		$	22,149,355		$	20,805,484		$	19,847,804		$	18,470,791
The balances presented above include:
Net purchased loan and lease discounts	$	63,250		$	45,770		$	43,166		$	43,215		$	50,053
Net deferred loan and lease origination costs	$	125,877		$	123,255		$	115,990		$	108,141		$	98,757

Deposits													Table 6b
(dollars in thousands)	Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015
Noninterest-bearing demand	$	1,499,063		$	1,141,357		$	1,389,644		$	1,152,917		$	1,213,266
Interest-bearing demand	3,694,755			3,709,156			3,631,458			3,626,387			3,674,565
Market-based money market accounts	353,742			342,600			351,880			372,282			352,865
Savings and money market accounts, excluding market-based	6,892,789			6,338,685			5,734,451			5,211,101			5,137,429
Market-based time	358,566			374,171			379,967			412,103			426,431
Time, excluding market-based	6,197,562			6,336,073			6,078,689			5,708,737			5,272,131
Total deposits	$	18,996,477		$	18,242,042		$	17,566,089		$	16,483,527		$	16,076,687

General and Administrative Expense													Table 7
	Three Months Ended
(dollars in thousands)	Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015
Legal and professional fees, excluding consent order expense	$	4,998		$	7,444		$	6,123		$	7,323		$	5,928
Credit-related expenses	4,907			7,261			7,340			11,860			2,698
FDIC premium assessment and other agency fees	7,241			7,198			7,066			6,468			6,414
Advertising and marketing expense	4,911			6,485			5,810			6,262			6,664
Subservicing expense	—			—			(103		)	1,345			3,791
Consent order expense	(341		)	463			(866		)	163			2,741
Other	13,893			10,878			14,512			26,364			13,919
Total general and administrative expense	$	35,609		$	39,729		$	39,882		$	59,785		$	42,155



EverBank Financial Corp and Subsidiaries
Non-Performing Assets⁽¹⁾													Table 8
(dollars in thousands)	Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015
Non-accrual loans and leases:
Consumer Banking:
Residential mortgages	$	28,644		$	32,218		$	27,322		$	26,500		$	24,840
Home equity lines and other	6,151			3,339			4,191			2,169			2,220
Commercial Banking:
Commercial and commercial real estate	66,945			71,913			78,801			48,082			37,025
Equipment financing receivables	26,676			17,407			13,661			12,417			10,775
Total non-accrual loans and leases	128,416			124,877			123,975			89,168			74,860
Accruing loans 90 days or more past due	—			—			—			—			—
Total non-performing loans (NPL)	128,416			124,877			123,975			89,168			74,860
Other real estate owned (OREO)	14,072			17,253			15,491			16,826			17,588
Total non-performing assets (NPA)	142,488			142,130			139,466			105,994			92,448
Troubled debt restructurings (TDR) less than 90 days past due	15,814			16,425			16,558			14,693			15,251
Total NPA and TDR⁽¹⁾	$	158,302		$	158,555		$	156,024		$	120,687		$	107,699

Total NPA and TDR	$	158,302		$	158,555		$	156,024		$	120,687		$	107,699
Government insured 90 days or more past due still accruing	3,255,744			3,199,978			2,814,506			2,901,184			2,662,619
Loans accounted for under ASC 310-30:
90 days or more past due	4,858			5,148			4,871			4,571			5,165
Total regulatory NPA and TDR	$	3,418,904		$	3,363,681		$	2,975,401		$	3,026,442		$	2,775,483
Adjusted credit quality ratios excluding government insured loans and loans accounted for under ASC 310-30:⁽¹⁾
NPL to total loans	0.54		%	0.53		%	0.56		%	0.42		%	0.37		%
NPA to total assets	0.53		%	0.53		%	0.55		%	0.44		%	0.40		%
NPA and TDR to total assets	0.59		%	0.60		%	0.62		%	0.50		%	0.46		%
Credit quality ratios including government insured loans and loans accounted for under ASC 310-30:
NPL to total loans	14.23		%	14.08		%	13.21		%	14.14		%	13.49		%
NPA to total assets	12.77		%	12.58		%	11.73		%	12.49		%	11.82		%
NPA and TDR to total assets	12.83		%	12.64		%	11.80		%	12.55		%	11.89		%

(1)



EverBank Financial Corp and Subsidiaries

Allowance for Loan and Lease Losses Activity													Table 9a
	Three Months Ended
(dollars in thousands)	Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015
ALLL, beginning of period	$	78,137		$	71,897		$	66,091		$	62,846		$	60,846
Charge-offs:
Consumer Banking:
Residential mortgages	1,845			1,527			2,630			2,447			2,539
Home equity lines and other	219			599			353			305			321
Commercial Banking:
Commercial and commercial real estate	69			—			406			—			2,018
Equipment financing receivables	2,564			3,356			2,703			2,838			2,631
Total charge-offs	4,697			5,482			6,092			5,590			7,509
Recoveries:
Consumer Banking:
Residential mortgages	232			506			91			53			58
Home equity lines and other	80			88			70			97			83
Commercial Banking:
Commercial and commercial real estate	77			216			4			218			2
Equipment financing receivables	737			788			602			535			366
Total recoveries	1,126			1,598			767			903			509
Net charge-offs	3,571			3,884			5,325			4,687			7,000
Provision for loan and lease losses	8,919			10,124			11,131			7,932			9,000
ALLL, end of period	$	83,485		$	78,137		$	71,897		$	66,091		$	62,846
Net charge-offs to average loans and leases held for investment	0.07		%	0.07		%	0.11		%	0.10		%	0.16		%

Allowance for Loan and Lease Losses Ratio													Table 9b
(dollars in thousands)	Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015
ALLL	$	83,485		$	78,137		$	71,897		$	66,091		$	62,846
Loans and leases held for investment, net of unearned income	22,756,113			22,227,492			20,877,381			19,913,895			18,533,637
ALLL as a percentage of loans and leases held for investment	0.37		%	0.35		%	0.34		%	0.33		%	0.34		%
Government insured pool buyouts as a percentage of loans and leases held for investment	19		%	19		%	19		%	19		%	19		%



EverBank Financial Corp and Subsidiaries
Reconciliation of Non-GAAP Measures

Adjusted Net Income													Table 10a
	Three Months Ended
(dollars in thousands, except per share data)	Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015
Net income	$	27,924		$	45,146		$	29,583		$	41,567		$	14,230
Transaction expense and non-recurring regulatory related expense, net of tax	(43		)	(1,849		)	(784		)	3,745			1,498
Increase (decrease) in Bank of Florida non-accretable discount, net of tax	(14		)	—			(51		)	159			(967		)
MSR impairment (recovery), net of tax	13,976			(55		)	2,758			(9,751		)	26,879
Restructuring cost, net of tax	438			2,219			(222		)	10,667			—
Adjusted net income	$	42,281		$	45,461		$	31,284		$	46,387		$	41,640
Adjusted net income allocated to preferred stock	2,531			2,531			2,532			2,531			2,531
Adjusted net income allocated to common shareholders	$	39,750		$	42,930		$	28,752		$	43,856		$	39,109
Adjusted net earnings per common share, basic	$	0.32		$	0.34		$	0.23		$	0.35		$	0.32
Adjusted net earnings per common share, diluted	$	0.32		$	0.34		$	0.23		$	0.35		$	0.31
Weighted average common shares outstanding:
(units in thousands)
Basic	125,125			124,983			124,823			124,348			123,939
Diluted	126,045			126,980			127,099			126,523			126,037

Adjusted Efficiency Ratio													Table 10b
	Three Months Ended
(dollars in thousands)	Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015
Net interest income	$	173,781		$	175,040		$	168,840		$	169,025		$	155,438
Noninterest income	29,753			57,850			41,195			83,814			32,521
Total revenue	203,534			232,890			210,035			252,839			187,959
Adjustment items (pre-tax):
MSR impairment (recovery)	22,542			(89		)	4,450			(15,727		)	43,352
Restructuring cost	—			160			—			96			—
Adjusted total revenue	$	226,076		$	232,961		$	214,485		$	237,208		$	231,311

Noninterest expense	$	149,430		$	152,861		$	151,506		$	177,968		$	156,042
Adjustment items (pre-tax):
Transaction expense and non-recurring regulatory related expense	69			2,981			1,264			(6,041		)	(2,417		)
Restructuring cost	(706		)	(3,419		)	360			(17,108		)	—
Adjusted noninterest expense	$	148,793		$	152,423		$	153,130		$	154,819		$	153,625

GAAP efficiency ratio	73		%	66		%	72		%	70		%	83		%
Adjusted efficiency ratio	66		%	65		%	71		%	65		%	66		%



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

Regulatory Capital (bank level)															Table 10c
(dollars in thousands)			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015
Shareholders’ equity			$	2,123,612		$	2,050,456		$	2,002,848		$	2,000,597		$	1,793,270
Less:	Goodwill and other intangibles		(47,401		)	(47,143		)	(47,198		)	(47,253		)	(47,442		)
	Disallowed servicing asset		(8,618		)	(17,719		)	(26,699		)	(31,625		)	(46,302		)
	Disallowed deferred tax asset		—			—			—			—			(659		)
Add:	Accumulated losses on securities and cash flow hedges		95,611			62,887			71,202			47,179			68,225
Tier 1 capital		(A)	2,163,204			2,048,481			2,000,153			1,968,898			1,767,092
Add:	Allowance for loan and lease losses		84,134			78,789			72,653			67,196			62,846
Total regulatory capital		(B)	$	2,247,338		$	2,127,270		$	2,072,806		$	2,036,094		$	1,829,938

Adjusted total assets		(C)	$	26,232,737		$	25,281,658		$	24,428,171		$	23,000,873		$	21,732,119
Risk-weighted assets		(D)	17,362,622			17,133,084			16,336,138			15,464,920			14,822,821

Tier 1 leverage ratio		(A)/(C)	8.2		%	8.1		%	8.2		%	8.6		%	8.1		%
Tier 1 risk-based capital ratio		(A)/(D)	12.5		%	12.0		%	12.2		%	12.7		%	11.9		%
Total risk-based capital ratio		(B)/(D)	12.9		%	12.4		%	12.7		%	13.2		%	12.3		%

Regulatory Capital (EFC consolidated)															Table 10d
(dollars in thousands)			Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015
Shareholders’ equity			$	1,855,903		$	1,868,321		$	1,822,869		$	1,819,821		$	1,757,812
Less:	Preferred stock		(150,000		)	(150,000		)	(150,000		)	(150,000		)	(150,000		)
	Goodwill and other intangibles		(47,401		)	(47,143		)	(47,198		)	(47,253		)	(47,310		)
	Disallowed servicing asset		(33,609		)	(30,959		)	(39,838		)	(44,798		)	(53,648		)
	Disallowed deferred tax asset		—			—			—			—			(634		)
Add:	Accumulated losses on securities and cash flow hedges		96,789			64,013			72,716			48,659			69,893
Common tier 1 capital		(E)	1,721,682			1,704,232			1,658,549			1,626,429			1,576,113
Add:	Preferred stock		150,000			150,000			150,000			150,000			150,000
Add:	Additional tier 1 capital (trust preferred securities)		103,750			103,750			103,750			103,750			103,750
Tier 1 capital		(F)	1,975,432			1,957,982			1,912,299			1,880,179			1,829,863
Add:	Subordinated notes payable		261,417			172,420			172,353			172,702			—
Add:	Allowance for loan and lease losses		84,134			78,789			72,653			67,196			62,846
Total regulatory capital		(G)	$	2,320,983		$	2,209,191		$	2,157,305		$	2,120,077		$	1,892,709

Adjusted total assets		(H)	$	26,220,573		$	25,286,802		$	24,429,012		$	22,997,941		$	21,738,727
Risk-weighted assets		(I)	17,349,099			17,131,756			16,327,166			15,454,736			14,819,123

Common equity tier 1 ratio		(E)/(I)	9.9		%	9.9		%	10.2		%	10.5		%	10.6		%
Tier 1 leverage ratio		(F)/(H)	7.5		%	7.7		%	7.8		%	8.2		%	8.4		%
Tier 1 risk-based capital ratio		(F)/(I)	11.4		%	11.4		%	11.7		%	12.2		%	12.3		%
Total risk-based capital ratio		(G)/(I)	13.4		%	12.9		%	13.2		%	13.7		%	12.8		%



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

Tangible Equity, Tangible Common Equity, Tangible Common Equity Per Common Share and Tangible Assets									Table 10e

(dollars in thousands except share and per share amounts)	Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		Jun 30, 2015		Mar 31, 2015
Shareholders’ equity	$	1,855,903	$	1,868,321	$	1,822,869	$	1,819,821	$	1,757,812
Less:
Goodwill	46,859		46,859		46,859		46,859		46,859
Intangible assets	1,535		1,772		2,124		2,651		3,178
Tangible equity	1,807,509		1,819,690		1,773,886		1,770,311		1,707,775
Less:
Perpetual preferred stock	150,000		150,000		150,000		150,000		150,000
Tangible common equity	$	1,657,509	$	1,669,690	$	1,623,886	$	1,620,311	$	1,557,775

Common shares outstanding at period end	125,247,099		125,020,843		124,954,523		124,611,940		124,133,375
Book value per common share	$	13.62	$	13.74	$	13.39	$	13.40	$	12.95
Tangible common equity per common share	13.23		13.36		13.00		13.00		12.55

Total assets	$	26,641,399	$	26,601,026	$	25,214,743	$	24,120,491	$	23,347,219
Less:
Goodwill	46,859		46,859		46,859		46,859		46,859
Intangible assets	1,535		1,772		2,124		2,651		3,178
Tangible assets	$	26,593,005	$	26,552,395	$	25,165,760	$	24,070,981	$	23,297,182



EverBank Financial Corp and Subsidiaries
Residential Mortgage Lending													Table 11
	Three Months Ended
(dollars in thousands)	Mar 31, 2016			Dec 31, 2015			Sep 30, 2015			Jun 30, 2015			Mar 31, 2015
Key Metrics:
Mortgage lending volume:
Agency	$	872,338		$	823,506		$	961,485		$	1,177,725		$	1,043,500
Jumbo	724,536			1,073,881			1,219,349			1,458,297			1,300,746
Other	200,257			183,613			111,193			81,566			21,716
Mortgage lending volume	$	1,797,131		$	2,081,000		$	2,292,027		$	2,717,588		$	2,365,962
Mortgage loans sold:⁽¹⁾
Agency, excluding GNMA II	$	828,796		$	543,709		$	1,265,174		$	1,041,949		$	912,100
Jumbo	981,304			611,644			314,499			1,057,431			189,965
GNMA II	7,308			—			—			36,270			103,700
Other	5,026			4,748			4,712			4,252			3,448
Mortgage loans sold	$	1,822,434		$	1,160,101		$	1,584,385		$	2,139,902		$	1,209,213
Applications	$	1,509,883		$	1,296,496		$	1,446,134		$	1,770,099		$	1,658,070
Rate locks	1,486,128			1,144,034			1,422,918			1,571,512			1,564,567
Mortgage Lending Volume by Channel:
Retail	$	1,253,682		$	1,392,686		$	1,467,344		$	1,728,598		$	1,301,488
Consumer Direct	244,149			224,126			289,832			411,407			441,155
Correspondent	299,301			464,188			534,851			577,584			623,319
Purchase Activity (%):
Retail	59		%	68		%	73		%	67		%	51		%
Consumer Direct	8		%	11		%	14		%	12		%	6		%
Correspondent	69		%	57		%	70		%	62		%	43		%
Total	54		%	59		%	65		%	58		%	41		%


(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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