SOURCE: EverBank


November 05, 2009 16:04 ET

EverBank Reports 197% Gain in Earnings

JACKSONVILLE, FL--(Marketwire - November 5, 2009) - EverBank® Financial Corp. today announced third-quarter net income of $15.7 million, a 197% increase from $5.3 million in the third quarter of 2008 and a 37% increase over the $11.5 million recorded in the second quarter of 2009. Earnings benefitted from strong mortgage banking results and attractive mortgage asset portfolio returns. Assets grew to $7.7 billion and deposits grew to $6.1 billion, representing 18% and 36% increases, respectively.

"Our third-quarter results reflect the full impact of our 2008-2009 capital deployment initiative while further demonstrating the benefit of our diversified business model," said Rob Clements, Chairman and CEO of EverBank Financial Corp. "We look forward to continued growth as a result of our impending Tygris acquisition and the opportunity to deploy $535 million in capital towards lending and deposit expansion and additional acquisitions." Last week, EverBank announced it had reached a definitive agreement to acquire Tygris Commercial Finance Group, Inc., a stock-for-stock transaction that will increase EverBank's capital base by approximately $470 million, and is expected to have a positive impact on earnings. EverBank's capital position will be significantly enhanced upon consummation of the acquisition, resulting in expected Tier 1 (core) capital and risk based capital ratios of approximately 11% and 19%, respectively. The acquisition agreement also includes a $65 million pre-acquisition cash investment by Tygris into EverBank designed to provide EverBank with growth capital prior to the consummation of EverBank's acquisition of Tygris.

About EverBank Financial Corp.:

EverBank Financial Corp. is a private financial services holding company headquartered in Jacksonville, Florida. With approximately $7.7 billion in assets, $6.1 billion in deposits, over 1,700 employees, and over 450,000 customers nationwide, EverBank is one of the industry's fastest growing, high performing financial service firms.

EverBank provides national banking and lending products directly to consumers and through a variety of business partners. EverBank has received numerous awards including Forbes and Online Banking Report's "Best of the Web," Kiplinger's Personal Finance magazine's "Best Checking Account" as well as other servicing, banking, and technology honors.

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