|EverBank reports 98% increase in quarterly earnings|
Jacksonville, FL - EverBank announced earnings today for the first quarter of 2010 of $31.3 million, a 98% increase from the previous year. Quarterly results benefited from the robust banking earnings and accelerated financial performance of Tygris Commercial Finance Group, Inc., EverBank's most recent acquisition. The quarterly earnings brought EverBank's core capital to $965 million, an 81% increase over the first quarter of 2009 and more than $491 million over what is considered "well capitalized" under applicable law. EverBank's assets grew to $9.6 billion and deposits grew to $7.4 billion, representing year over year growth of 26% and 31%, respectively.
"We're very pleased with our 1st quarter 2010 results," said Robert Clements, Chairman and CEO. "Our organic growth strategy is performing extremely well as consumers continue to gravitate towards banks that offer strong value and a proven track record of safety and stability. In less than three months, we've also successfully turned Tygris towards profitability by providing them with access to lower-cost funding sources. Additionally, our capital levels are the strongest they’ve been in the history of the company and will allow us to explore further expansion opportunities in 2010."
Financial numbers are unaudited.
FORWARD-LOOKING STATEMENTS ARE BASED ON ESTIMATES AND ASSUMPTIONS AND BECAUSE FORWARD-LOOKING STATEMENTS ADDRESS FUTURE RESULTS, EVENTS AND CONDITIONS, THEY, BY THEIR VERY NATURE, INVOLVE INHERENT RISKS AND UNCERTAINTIES. SUCH KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR OTHER ACHIEVEMENTS TO DIFFER MATERIALLY FROM THE ANTICIPATED RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED, PROJECTED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS AND FUTURE RESULTS COULD DIFFER MATERIALLY FROM HISTORICAL PERFORMANCE. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE THEY ARE MADE AND ARE STATEMENTS OF OUR CURRENT EXPECTATIONS CONCERNING FUTURE RESULTS, EVENTS AND CONDITIONS AND NEITHER EVERBANK, NOR ITS SUBSIDIARIES, NOR THEIR RESPECTIVE AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES OR AGENTS, UNDERTAKES ANY OBLIGATION TO PROVIDE ADDITIONAL INFORMATION OR TO CORRECT OR UPDATE ANY OF THE INFORMATION SET FORTH HEREIN.