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EverBank Financial Corp. (NYSE:EVER)

Q4 2013 Earnings Conference Call

January 29, 2014; 08:30 a.m. ET

Executives

Rob Clements - Chairman & Chief Executive Officer

Blake Wilson - President & Chief Operating Officer

Steve Fisher - Executive Vice President & Chief Financial Officer

Scott Verlander - Vice President of Corporate Development

Analysts

Michael Rose - Raymond James

Craig Siegenthaler - Credit Suisse

Jefferson Harralson - KBW

Kevin Barker - Compass Point

John Pancari - Evercore Partners

Operator

Good morning ladies and gentlemen, thank you for standing by. Welcome to the EverBank Financial Corp’s, fourth quarter 2013 earnings conference call. My name is Emily and I will be your conference operator today.

At this time all participants are in a listen-only mode. After the prepared remarks, the management from EverBank Financial Corp will conduct a question-and-answer session, and conference participants will be given instructions at that time. As a reminder, this conference call is being recorded. (Operator Instructions).

I would now like to turn the conference over to Scott Verlander, Vice President of Corporate Development for the company. Please go ahead sir.

Scott Verlander

Thank you, Emily. Good morning everyone and welcome to EverBank Financial Corp’s fourth quarter and year end 2013 earnings call. Today I’m joined by Rob Clements, our Chairman and CEO; Blake Wilson, our President and COO; and Steve Fisher, our Executive Vice President and CFO.

Before we begin I would like to remind you that our fourth quarter earnings release, financial tables and earnings supplement are available on the Investor Relations section of our website.

I would also like to remind you that comments made on today’s call deal with forward-looking statements related to the company and the banking industry and are subject to risks and uncertainties. Factors that may cause our actual results to differ from expectations are detailed in the company’s filings with the SEC.

In addition, some of the company’s remarks this morning contain non-GAAP financial measures. You can find reconciliations to the most comparable GAAP measures in the company’s earnings release and financial tables.

I would now like to turn the call over to the company’s Chairman and CEO, Rob Clements.

Rob Clements

Thank you Scott and good morning. 2013 was a successful year for EverBank as we executed on several key strategic initiatives designed to focus our core banking and lending clients, simplify our earnings profile and enhance operating efficiency by exiting non-core businesses.

The diversity and flexibility of our unique business model allowed us to generate a 10% adjusted ROE and grow tangible book value per share by 12%, while completing the significant repositioning actions. Having completed these initiatives, we expect 2014 to further demonstrate the growth and earnings profile of the company.

As reported in our earnings release, we earned GAAP net income of $18 million or $0.13 per diluted share in the fourth quarter. Adjusted for expenses related to the disposition of our MSR and default servicing platform sale, other non-recurring expenses and the MSR valuation allowance recovery, net income was $32 million or $0.24 per diluted share.

For the full year 2013, GAAP net income was $137 million or a $1.02 per diluted share and adjusted net income was $148 million or $1.11 per diluted share. Throughout 2013 we executed on business and balance sheet repositioning initiatives designed to optimize efficiency and focus the organization to our core franchise enhancing activities. I would like to take a moment to provide an update on the current status of these initiatives.

We are finalizing the sale and transfer of our non-core MSRs and default servicing platform to Green Tree, which is on track for a first quarter closing. Our teams have being working diligently to ensure a smooth transition for our servicing client and a significant number of EverBank associates transferring to Green Tree. I would like to personally thank everyone involved in this transaction for their service to EverBank.

We announced in our earnings release earlier today that we completed the sale of substantially all of our non-performing commercial assets in the fourth quarter. This transaction will result in a meaningful reduction in non-interest expense in future periods.

In addition to the actions I just described, we completed an exist our wholesale broker channel, realigned our commercial lending segment and leadership, optimized our balance sheet to enhance flexibility for funding loan growth, terminated our loss share agreements with the FDIC, settled with the OCC and the feds and the independent foreclosure review, and adjusted capacity and staffing levels across the company to align with industry volume expectations and our exit of non-core businesses.

Our fourth-quarter performance reflects the culmination of the strategic initiatives we completed over the course of the year. We believe the actions taken this year position EverBank to benefit from strong organic loan growth, improved efficiency and operating leverage, reduce exposure to market cycle and regulatory uncertainty and allows us to focus on businesses that provide lending and banking services to our core consumer and commercial clients.

I will now turn the call over to Blake.

Blake Wilson

Thanks Rob and good morning everyone. We began to deploy our excess liquidity in the quarter as we grew loans held for investments at an annualized rate of 22% in the quarter. This strong sequential performance is consistent with the trajectory of organic growth we expect to generate across our lending platforms.

During the quarter we generated $1.6 billion of assets for our balance sheet, which represents a 45% sequential increase driven by strong commercial growth and market share gains in jumbo residential lending.

On last quarters call we laid out an expectation for strong organic loan growth across our core lending channels and we continue to expect annual originations for our bank portfolio of $4 billion to $5 billion over the intermediate term. As a result, we expect that our revenue mix will shift towards spread income driven by portfolio growth.

In the fourth quarter we originated over $700 million of commercial loans to small and mid-sized businesses. For 2013, new commercial loan originations were approximately $2 billion, an increase of 22% year-over-year, driven by commercial finance volume of $1.1 billion and commercial real estate volume of over $600 million.

At December 31, the mix of commercial loans held for investment was approximately 46%. We expect our commercial real estate and commercial finance platforms to be meaningful drives of loan and deposit growth in 2014.

As we described over the past couple of quarters, we have simplified our residential lending activities to focus on serving the needs of our core consumer clients, with prime purchase-oriented jumbo lending in markets where we have other banking relationships.

In the fourth quarter we continue to see strong results from this strategy with $808 million of prime jumbo adjustable rate loans originated for our balance sheet, an increase of 5% over the third quarter.

Total residential originations were $2 million, a decline of 16% in the quarter, after adjusting for the exist from the wholesale mortgage broker channel. Additionally the total mix of purchase transactions was 43% in the fourth quarter, compared to 40% in the prior quarter and our retail channel purchase mix increased slightly to 67%.

Consistent with our Q4 originations, we expect to outperform the broader mortgage market and continue to grow market share in 2014 as we benefit from the strategic investments made over the past two years.

Total deposits were down 3% in the quarter to $13.3 billion, driven by a seasonal decline in our escrow deposit balances. Year-over-year total deposits increased slightly as the 14% increase in interest-bearing transaction related accounts offset decline in market based and time deposits.

As Rob mentioned, we closed on the sale of substantially all of our non-performing commercial loans and REO for approximately $98 million. The transaction included both Legacy and Bank of Florida commercial assets, that will now allow us to realize meaningful NIE savings through lower FDIC assessments, reduced staffing levels, lower legal expense and reduced credit costs.

In closing, I would like to provide some perspective on the steps we’ve taken to optimize our staffing levels, as we look to drive efficiency in the next growth phase for EverBank. Based on all of the initiatives we’ve completed and pro-forma for the impact of our default servicing platform sale, we have reduced FTEs by nearly 1,100 or 25% since the second quarter of 2013.

With the completion of these initiatives we believe we are uniquely positioned for strategic growth by leveraging our scalable asset and deposit platforms and driving efficiency throughout the organization.

Now, I will turn the call over to Steve to cover the financial results for the quarter in more detail.

Steve Fischer

Thanks Blake and good morning. Net interest income was $135 million in the quarter, a decrease of $4 million compared to the third quarter driven by lower loans held for sale and securities average balances, offset by lower interest expense resulting from the balance sheet funding optimization we described last quarter. We expect net interest income to grow in 2014, driven by the strong organic portfolio growth Blake described.

Core net interest margin increased 13 basis points quarter-over-quarter at 3.3% due to the improvement in commercial loan yields, driven by the steeper yield curve and lower average balance and yields on our wholesale borrowings.

Underlying credit trends continue to be strong. During the fourth quarter non-performing assets declined 36 basis points to 65 basis points as a result of the sale of our non-core commercial asset that Blake described. We recognized a $4 million loss on the sale, which drove the sequential increase in provision during the quarter. Net charge-offs declined 10 basis points to 20 basis points, driven by lower charge off activity and higher recoveries.

Non-interest income was $96 million for the fourth quarter, a decrease of approximately 33% quarter-over-quarter. Excluding the impact of MSR valuation allowance recoveries, non-interest income decreased $27 million or 25% compared to the third quarter to $81 million.

The decrease was driven primarily by lower gain on sales of loans and loan production revenue, which reflects the impact of our jumbo ARM retention strategy, seasonality and lower conformity loans sold, offset by an increase in gain on sale margin. In 2014 our gain on sale in loan production revenues will be driven primarily by the proportion of originations retained versus sold.

Net loan servicing income increased $3 million or 15% to $23 million in the fourth quarter, excluding the MSR valuation allowance recoveries. We expect that the impact on net loan servicing income from the MSR sale will be a reduction of $3 million to $5 million per quarter in 2014, reflecting lower service fees, collected and offset by lower amortization. The result will be a predictable revenue stream that we believe will continue to create value in a rising rate environment.

Non-interest expense decreased $29 million or 13% to $197 million in the fourth quarter. As disclosed in our earnings release and on slide nine of our supplement, we incurred $25 million in non-recurring NIE related to our strategic repositioning activities, including $8 million related to O&E expenses, $4 million in severance from capacity adjustments across residential lending, servicing and corporate services, $4 million related to our default servicing platform sale and $8 million of consent order expenses.

Adjusted for these non-recurring items, NIE was $173 million in the quarter, a decrease of $15 million or 8% compared to adjusted NIE of $188 million in the third quarter.

Our salaries, commissions and employee benefits decreased $9 million during the quarter, driven by lower staffing levels and lower variable expenses such as commissions, contractor and overtime expense. Its important to note however though, we still incurred salary expense related to the approximately 500 associates who will transfer to Green Tree later this quarter.

G&A expense decreased by $26 million or 30% from the third quarter, due primarily to the foreclosure review settlement cost in the third quarter. Adjusted for credit related expenses and consent order expense, G&A was $34 million in the fourth quarter, a $6 million or 16% decrease compared to the prior quarter.

In closing I’d like to provide some perspective on the overall impact of our repositioning activities on expenses in 2014. At a high level, annualized adjusted NIE in the quarter was $691 million. Incorporating the expected cost reductions from our default servicing platform sale and our non-core commercial asset sale, we’d expect total NIE of approximately $650 million in 2014.

Now, I’d like to turn it back over to Rob for some closing remarks.

Rob Clements

Thanks Steve. We believe the actions we’ve taken to simplify the business, drive portfolio loan growth and improve overall efficiency via the unique banking franchise to the more transparent and predictable earnings profile. We are optimistic about the future for EverBank and its shareholders and with that operator, please open the line for questions.

Question-and-Answer Session

Operator

(Operator Instructions). And our first question is from Michael Rose of Raymond James; please go ahead.

Michael Rose - Raymond James

Hey, good morning guys. How are you?

Rob Clements

Good morning Michael.

Steve Fisher

Good morning.

Michael Rose - Raymond James

Hey, I just wanted to get some context and color on the commercial loan origination this quarter, it doubled quarter-to-quarter. I assume that’s primarily BPL. If you could kind of speak to that growth and then I think you reiterated your $4 billion to $5 million in origination per year. So any color and context would be helpful, thanks.

Rob Clements

Michael, yes the volume really came from both our commercial finance business, as well as our commercial real estate lending and I’m really pleased with the progress and momentum we’re seeing in this channel.

As you know we did realign our commercial lending efforts to consolidate them under one leadership team and as a result we have deeply integrated our multi-lending, multi kind of lending, single tenant lending and commercial finance business lines and again the progress we are seeing in the momentum in our closing is very strong.

Its really, I think a reflection of now that have reestablished ourselves in the market place with the consistent sales effort and product offering, we are now seeing the pay out from that and feel really good about our prospects going forward.

Michael Rose - Raymond James

Okay, that’s helpful, and then as my follow-up, I understand obviously why the core margin was up, but as we look forward the loan to deposit ratio now is about 100%. How should we think about that interplay between the benefit from the MPA sale and what that does and then how you expect to fund pretty robust loan growth going forward? Thanks.

Blake Wilson

Yes Michael, this is Blake. We are really in a position of incredibly strong liquidity, both on the liability side of the balance sheet and flexibility on the asset side with the securities portfolio and other asset categories. So we are feeling really good about how we repositioned our deposit growth and level of liquidity there and feel like we’re in great position from a capital and liquidity perspective to leverage the overall balance sheet and fund this strategic organic asset growth.

Michael Rose - Raymond James

So you’re okay with the loan and deposit ratio in excess of 100%?

Blake Wilson

Yes, given the broader mix of liquidity we have and the nature of the asset mix, yes.

Michael Rose - Raymond James

Okay, thanks for taking my questions.

Operator

And our next question is from Craig Siegenthaler of Credit Suisse; please go ahead.

Craig Siegenthaler - Credit Suisse

Thanks guys.

Rob Clements

Good morning Craig.

Steve Fisher

Hey Craig.

Craig Siegenthaler - Credit Suisse

So a similar question, but I just wanted to touch on the $435 million of commercial finance originations. Can you provide some color in terms of size, structure and pricing around this new business and also can you provide detail around which specific industries these credits are generated in and I realize its more than a handful here, but maybe kind of the three of four biggest contributors here.

Blake Wilson

Yes, this is Blake. Really the fourth quarter as Rob indicated has really reflected the continued momentum and build out of the franchise overall. We did see very strong activity in the two core commercial finance platforms, particularly on the equipment financing side, where we saw strong fourth quarter industry volumes.

We continue to also on the lender finance side position ourselves for some growth and have recently been awarded really the lead agent on a number of transactions and really if you look at those two things combined, going back to when we closed the Tygris transaction in 2010, it really just reflects the hard work of that team in re-engaging with clients, re-establishing our credibility in the market and really the growth driven primarily by those two areas showing the success of the platform.

Steve Fisher

From an industry perspective, it’s really the industries that we’ve been focused on historically. There is equipment finance, office products, healthcare, technology are really some of the key drivers there.

Craig Siegenthaler - Credit Suisse

And just as my follow-up here, looking at the change in deposit mix shift, non-interest bearing deposits continue to decline here while overall deposits were also down in 4Q and I heard the commentary to the last question, but can you update us in your underlying deposit gathering strategy here?

Rob Clements

Our deposit strategy has always been really driven by our liquidity needs and we talked about the strengths of our model as our ability to kind of adjust the dial in terms, when asset growth is exceeding our liquidity capacity, we can address that in a fairly short order.

Of late, as we mentioned, have excess of liquidity and have been able to moderate, intentionally moderate our deposit growth. We mentioned that at the end of the year there was the, due to the seasonality of the escrow deposit, a decrease in non-interest bearing accounts, but we continue to maintain and see steady growth in our core deposit accounts and are well positioned to increase deposit growth based on our asset growth over the course of the year.

Blake Wilson

And just to add to that a little bit, if you look at some of the numbers and where the underlying growth is, its really been optimizing the whole funding side of the balance sheet.

With the repayment of a number of the federal home loan bank borrowings that took placed, we’ve got a ton of liquidity in borrowings and other available wholesale sources. But more importantly if you look at the mix shift, the growth year-over-year in the 12% and 15% range in some of our interest bearing demand and money market accounts and then the highlight that we probably point to is on the business deposit side with 19% growth year-over-year, reflecting the success we’re having and more deeply integrating with some of our commercial clients.

So a lot of this is optimization. As we have demonstrated over the last several years, we’ve got a lot of flexibility to drive deposit growth as needed on the balance sheet.

Craig Siegenthaler - Credit Suisse

Great, guys’ thanks for taking my questions.

Rob Clements

Thanks Craig.

Operator

Our next question is from Jefferson Harralson of KBW, please go ahead.

Jefferson Harralson – KBW

Hi, thanks. I want to ask about the servicing income guidance you gave down $3 million to $5 million next quarter. Does it stabilize there or does it continue to slow down a little bit over time.

Steve Fisher

Hey Jefferson, it’s Steve. I think that’s really is the run rate that comes out as a direct result of the servicing sale. I do think the other component of that, thought I would work in when your looking at it is the general slowing of amortization and so that $3 million to $5 million that we’re talking about is really representative of the MSR that we’re selling, so they are just that component.

But as you can see in the third quarter to the fourth quarter, I think MSR slowed about $5 million quarter-over-quarter and so that you know right now, over the phenomenon that’s playing into it is the CPR and the underlying book is still lower than what we’re amortizing it at. So I think the $3 million to $5 million that we’re guiding into is really specific to the sale of the MSR that we’re selling. I think the offset could be additional reducing amortization.

Rob Clements

And the net, when you look at non-interest income now overall, now that we’ve come off to this cycle driven refinance activity, things are really starting to normalize in the non-interest income components, creating a much more visible and stable income stream going forward.

Jefferson Harralson – KBW

Okay. And on the gain on sale of Ginnie Mae rehab loans, what was that number this quarter and it appeared if I’m backing into it correctly or maybe I missed the actual number, but it declined a decent amount. Is that true and what was that number?

Steve Fisher

Yes, I think it was a modest amount this quarter. I think it was kind of $5 million or $6 million this quarter, which is probably relatively a lower number from some other quarters, but I think yes, fairly stable moving forward from here.

Jefferson Harralson – KBW

Okay, all right, and the nature of the securities portfolio declined this quarter. Can you talk about why this decline was so large, and what you were selling – kind of what the strategy was there?

Rob Clements

Really there’s no real significant strategy there. There was some modest run off with some modest amount of declines and so that we continue to see as really an opportunity to rotate into some of these other more strategic asset categories as that runs off. We’ll selectively evaluate opportunities to replenish in the context of the overall liquidity profile, but nothing really noteworthy there.

Jefferson Harralson – KBW

Okay. Thank you guys.

Rob Clements

Thanks Jeff.

Operator

(Operator Instructions). And our next question is from Kevin Barker of Compass Point; please go ahead.

Kevin Barker - Compass Point

Good morning. Could you talk about the decline in core non-interest income, excluding the mortgage banking results? I noticed it came down roughly from $26 million to $19 million this quarter. Is there something that’s moving around, give the restructuring you’ve done and where you think that run rate is going to look like going forward?

Rob Clements

I think it’s a core non-interest income, probably the simplest way to kind of look through at is as we kind of take the $96 million total and plus the MSR valuation recovery that we had in the quarter. It kind of settles you into that $81 million or $82 million that we had in the quarter and I think that’s probably fairly reasonable with some of the puts and takes that we’re talking about with the MSR sale and some of the other things going through there. There’s probably a fairly reasonable run rate as Blake mentioned and I think I did in my comments, that we see more stabilization in that as we go forward.

Kevin Barker - Compass Point

So roughly $80 million, $81 million total non-interest income and then what about on the amortization of the MSR? What type of expense would you expect on the run rate after the valuation allowance is fully lifted? I believe you have, about $10 million left on the valuation allowance related to the MSR.

Rob Clements

We have actually $8 million left of it. So we had $23 million last quarter and we recognized $15 million in this quarter. I think the step down that you saw in this quarter, about $5 million, I think we’ll see it continue to decline and then you’ll see another step down as a result of the MSR sale as well. So you’re going to see kind of two steps, one based on the remaining portfolio and then another step down as it relates to the MSR that we sold.

Kevin Barker - Compass Point

So, if you were to pro-forma the sale and assume the TPR rate stayed similar to what we saw in the fourth quarter, would you expect the net servicing income to come in close to maybe between $17 million and $20 million?

Rob Clements

I mean, as you know the amortization effect is a little bit of a lagging indicator, so the actual pay off activity that we’re seeing during the quarter is really low and so as opposed to kind of just giving a precise number, the directional trend is really we see stability and lower amortization in the current environment as pay off activity continues to slow and amortization really catches up with that key driver.

Kevin Barker - Compass Point

Okay. And then finally the reserve to loan ratio is right at 48 basis points and you closed out the FDIC indemnification rate at the Bank of Florida. Given that reserve-to-loan ratio is well below peers, where do you think that will settle out over a long-term, especially given that you are increasing the loan balances and looking to grow that at 15% to 20% annualized growth rate?

Rob Clements

I think we are very comfortable with where the 48 basis points again. I think we talked about it in prior quarters around, if you look at it relative to the charge off ratio, we’re north of two years of charge offs in the reserve, even so where we are right now and when you look at the delinquency, when you look up stream and with some of the reposition in the sales, some of the non-performing assets, it seems like that’s only going to get better. So we’re very comfortable with where we are now.

So, I think we’ve talked about it in prior calls they kind of $3 million to $5 million a quarter is a reasonable run rate. We would be right at about that run rate this quarter if it wasn’t for the provision we took on the sale of the NPA’s, so that still feels like a reasonable range.

I think, but the premise of your question is that as we grow the balance sheet that we’ll have to add some provision to that as we grow, is probably fair as well. But I think we’re still comfortable with that kind of $3 million to $5 million range that at least over the next few quarters.

Kevin Barker - Compass Point

Okay, thank you for taking my questions.

Rob Clements

Okay.

Operator

Our next question is from John Pancari of Evercore; please go ahead.

John Pancari - Evercore Partners

Good morning guys.

Rob Clements

Hey John.

John Pancari - Evercore Partners

On that reserve question, can you give us some color? What rates are you provisioning or what rates are you reserving for on new loan production by bucket. So what are you reserving for in the BPL production and the commercial finance production and then also on the rest of the book. Thanks.

Steve Fisher

John, hey, its Steve. There’s not a specific reserve rate that we use. I mean we use a fairly standard industry role rate model that we’ve looked at, our regulators have looked at, our auditors have looked at and it’s very standard as it relates to how you account for this under GAAP.

So it’s not that there is a specific provision for a new asset. Its really driven based on delinquencies and/or risk ratings based on the nature of the asset, so that – I think that’s what I meant by my comment. When you look up stream your just not seeing negative migration roll right in the delinquent buckets or material declines in risk ratings, which would drive ultimately increases in provision based on the way we do it.

Rob Clements

I mean that’s the other, I think comment overall. As we have exited, particularly with the sale of the NPAs on the commercial side, non-accrual loans and leases and down to $85 million or NPA to asset’s at 65 basis points and really when you look at the quality in the assets that have been put on the books over the last two or three years, very low LTVs, very attractive profiles and when you look at the delinquency rates of that activity, it’s very pristine credit overall and then you overlay the fact that other assets were purchased with embedded credit discounts and have protection associated with that.

So from that perspective we really look through the existing balance sheet and the new flows coming in and really supported by the accounting methodology around the ALL, and feel good about this level.

John Pancari - Evercore Partners

Okay, and then around expenses, can you just confirm that $7.5 million related to the consent order expense, that should go away in the next quarter correct?

Steve Fisher

That’s the expectation, but we feel like we have fully approved for any ongoing remediation payments or third party costs.

John Pancari - Evercore Partners

Okay. And then in light of that, can you just give us a little bit of color on and maybe your thoughts around the efficiency ratio for the full year 2013 versus where it came out for ’13 on a core basis.

Steve Fisher

I think you know maybe I just referenced you back to the remarks of, obviously we’re highlighting some material declines of what we are expecting in non-interest expense and really sharing kind of the walk down to the $650 million that we talked about in our remarks.

I think that right now as you look at that, as probably that will have a material benefit to our efficiency ratio, we haven’t provided any specific guidance as to where we’re going from an efficiency ratio, but clearly its going to go down as we continue to grow the balance sheet, the repositioning activities that we’ve done and the material benefit to the non-interest expense for 2014.

John Pancari - Evercore Partners

Okay, and if I can ask just one more thing. One new production yields on the loan book, can you give us an idea of where you’re originating the BPL production as well as the commercial finance production?

Rob Clements

Yes, it depends on really the asset class and certainly the duration. In general we’re talking about kind of the mid-4% to upper 4% range on most of the commercial assets. Some of the leasing assets are a bit higher than that and then if you had a floating rate asset, obviously that’s based on the spread to LIBOR and that would be in the 2.75% to 3.25% range.

John Pancari - Evercore Partners

Great, thanks.

Operator

There are no further questions at this time. I’d like to turn the call back over to Rob Clements for any closing remarks.

Rob Clements

Well, thank you for joining us today and we look forward to updating everyone on future calls. Have a great day.

Operator

The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.

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