EverBank announces 65% increase in earnings

05/05/2009

Jacksonville, FL - EverBank^® Financial Corp today announced earnings of $14.4 million for the first quarter of 2009, an increase of 65% over the $8.7 million recorded in the first quarter of 2008. Earnings benefited from a surge in mortgage lending activity and an increase in net interest income due to the company's significant asset growth during the quarter. Earnings from continuing operations reached $14.5 million, an increase of 47% over the same period last year.

The strong earnings bolstered EverBank's bank equity position to over $541 million, a 49% increase over 2008. Assets grew to $7.6 billion and deposits grew to $5.6 billion, representing 28% and 42% year-over-year increases, respectively. EverBank's total risk-based capital ratio grew to 14.0%, substantially higher than the 10% required by the FDIC to be deemed "well capitalized."

"We're extremely pleased with our results over the last quarter," stated Rob Clements, Chairman and CEO of EverBank Financial Corp. "Not only did we realize substantial increases in earnings, assets and deposits last quarter, but we did so while further enhancing our already strong capital and liquidity positions. During an environment of continued market turmoil and distressed bank earnings, our results show the power of our disciplined capital, liquidity and risk management as well as the benefits of our diversified earnings model."