EverBank Announces Record Earnings, Capital and Deposits
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EverBank Financial Corp. today announced record earnings of $44.7 million for the first half of 2008, an increase of 162% over the $17.1 million recorded in the first half of 2007. 2008 year-to-date earnings benefited from EverBank’s gain from the sale of its share of EverBank Reverse Mortgage LLC to MetLife, Inc. Earnings from continuing operations, which exclude this gain, also reached a record $18.5 million, an increase of 8% over the first half of 2007. The strong earnings bolstered EverBank’s equity position to over $402 million, further demonstrating the financial strength of the company. EverBank’s assets and deposits grew to $6.0 billion and $4.1 billion, respectively.
“EverBank’s financial health and performance have never been greater,” stated Rob Clements, Chairman and CEO of EverBank Financial Corp. “EverBank is in a unique position in the banking and lending industry: during a time when many other banks and financial institutions are in distressed or weakened positions from relying on risky lending, unpredictable capital markets funding and unsustainable leverage, EverBank maintained disciplined risk and credit management practices. As a result, EverBank’s distinctive, diversified and disciplined business model generated record earnings, record bank capital, record deposits and record assets, positioning the company for significant growth.”
Source: EverBank Financial Corp.
