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EverBank: Total Commercial Originations Up 99% in Q4 2013

January 29, 2014, 06:46 AM
Filed Under: Corporate Earnings

EverBank Financial Corp announced its financial results for the fourth quarter and the year ended December 31, 2013.

“2013 was a successful year for EverBank as we generated a solid return on equity, grew tangible book value per share by 12%, and executed on key strategic initiatives designed to enhance operating efficiency, simplify our earnings profile and focus on our core banking and lending activities,” said Robert M. Clements, chairman and chief executive officer. “The Company's fundamentals are strong, which we believe positions us to generate robust asset and earnings growth from our diverse nationwide lending businesses in 2014.”

Adjusted net income was $32 million for the fourth quarter of 20131, compared to $34 million for the third quarter 2013 and $44 million for the fourth quarter of 2012. For the year, adjusted net income was $148 million, an increase of 3% over 2012. GAAP net income was $18 million for the fourth quarter of 2013, compared to $33 million for the third quarter of 2013 and $29 million for the fourth quarter of 2012. For the year, GAAP net income was $137 million, an increase of 85% over 2012.

Loan Origination Activities

Organic asset generation totaled $2.7 billion and retained organic originations totaled $1.6 billion for the fourth quarter of 2013, a decrease of 12% and an increase of 45%, respectively, from the prior quarter.

Total commercial originations for the fourth quarter increased 99% to $701 million, including commercial real estate and commercial finance originations of $266 million and $435 million, respectively.

To read the full earning release, click here.







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