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EverBank Financial Corporation (NYSE:EVER)

Q2 2014 Earnings Call

July 30, 2014 08:30 AM ET

Executives

Scott Verlander – VP, Corporate Development and IR

Rob Clements – Chairman and CEO

Blake Wilson – President and COO

Steve Fisher – EVP and CFO

Analysts

Michael Rose – Raymond James

Nishal Patel – KBW

John Pancari – Evercore Partners

Matthew Keating – Barclays

Tom Alonso – Macquarie

Kevin Barker – Compass Point

Peyton Green – Sterne Agee

Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to EverBank Financial Corp's Second Quarter 2014 Earnings Conference Call. My name is Andrew and I will be your conference operator today. At this time, all participants are in listen-only mode. After the prepared remarks, EverBank Financial Corp management 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, Corporate Development and Investor Relations for the company. Please go ahead sir.

Scott Verlander

Thank you, operator. Good morning, everyone, and welcome to EverBank Financial Corp's second quarter 2014 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 second quarter earnings release and financial tables are available on the Investor Relations section of our website.

I would also like to remind you certain comments made on today's call deal with forward-looking statements related to the Company 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 may 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

Thanks, Scott and good morning everyone. We are pleased with our second quarter performance. As we continue to execute on the long-term growth and strategic repositioning initiative, we have shared with you over the past few quarters. The success we enjoyed, resulted in a strong increase in meeting volumes, which drew a robust portfolio in asset growth.

In addition, the May default servicing platform transfer completed essentially all of the repositioning initiatives we have undertaken to simplify the business and prove efficiency and position the franchise for continued core consumer and consumer loan and deposit growth of the future.

Net income available to common shareholders is $32 million in the second quarter compared to $29 million last quarter and $43 million in the second quarter last year. Earnings for fully diluted share were $0.26 in the quarter compared to $0.23 last quarter and $0.35 in the second quarter last year.

Excluding the impact of regulatory related and other one-time expenses earnings would have been $0.27 per share this quarter. Return on average equity with 8.6% during the second quarter and tangible common equity per share increased 9% year-over-year to $12.02 at June, 30.

During the quarter, we generated strong loan origination volumes that resulted in total portfolio loans and leases growing $1.4 billion to $15.3 billion. This represents a 10% increase compared to the prior quarter or 41% annualized.

Total assets grew 12% sequentially to $19.8 billion and deposits increase 4% to $13.9 billion including continue growth in our commercial deposits. As the quality improved in the quarter from already solid levels at adjusted non-performing assets declined 18% to 51 basis points.

We have benefited from the sales approximately $79 million or legacy, residential, non-performing loans and TDRs in the quarter, which will have a modest positive impact on our non-interest expense of future periods.

Annualized net charge offs remain well at 19 basis points in the quarter. our capital position remain strong in the second quarter, with a bank's Tier 1 leverage ratio of 8.3% and a bank's total risk-based capital ratio of 13.4% and Tier 1 common ratio of 11.5%.

In addition, at its meeting last Friday our Board of Directors approved, a 33% increase in our common stock dividend to $0.04 per share.

In closing, I would also like to discuss the significant investments we have made in our corporate services infrastructure over the past three plus years, which should allow us to generate meaningful operating leverage as we continue to grow. To give you some perspective since 2011, we have substantially enhanced our corporate support in governance function as we cross the $10 billion asset threshold and join the OCC's mid-sized bank group, which includes banks' with up to $50 billion in assets.

Going forward, we expect to realize improved efficiency and greater profitability, as we strategically grow our balance sheet and achieve greater scale across our franchise. I will now turn the call over to Blake.

Blake Wilson

Thanks, Rob and good morning, everyone. We continue to benefit from the investments we've made in our consumer and commercial platforms as evidence by our strong retained origination volumes of $1.6 billion in the quarter. Year-to-date volumes were $2.7 billion or $5.3 billion annualized, which is ahead of our targets for the year.

In the second quarter, we originated $684 million of commercial and commercial real estate loans and leases to small and mid-size businesses, which represents 110% increase compared to the prior quarter and a 30% increase year-over-year.

The strong sequential and year-over-year growth was driven by nearly $470 million in commercial finance originations in the quarter, which demonstrates the continued success, this business has achieved, since our acquisition four years ago.

The quarters' performance highlights the balance and diversification we believe, we can consistently achieve with our realign commercial banking segment. When we looked perceptively at the overall portfolio growth strategy over the next couple of quarters and even longer term, we expect to see continued strength and originations driven by the increase in our commercial pipeline, which as of June 30 totaled more than $800 million.

We continue to be pleased with the profile of our growing commercial client base and I would like to again, highlight some recent transactions to demonstrate the quality of the assets, we are originating. To give you an example of a typical single tenant loan, we closed $4 million, 67% loan-to-value, loan in Texas secured by a long-term lease from a leading drug store company, during the quarter with pricing in the mid 4% range.

Another representative transaction is an $8 million, 60% loan-to-value loan secured by multi-tenant office property in suburban Houston, that was priced in the high 4% range. And the third illustration is a $6 million, 65% loan-to-value loan, secured by 168 units, multifamily property in the Research Triangle area of North Carolina that was priced in the mid 4% range.

These types of transactions represent the nationwide reach geographic and property type diversification in terms that fit our credit risk appetite. In addition, two of these three transactions also include new commercial deposit relationships which speak to the early success, we are seeing in some of our commercial cross sell initiatives.

Commercial deposits grew 3% in the quarter to $1.8 billion and are up 8% year-over-year. We have dedicated resources to this initiative and believe our compelling value proposition puts us at a competitive advantage in the market to achieve meaningful growth in this segment.

We also enjoyed strong growth in our consumer lending business, which strategically focuses on serving the needs of our core consumer clients with prime purchase-oriented lending in top metro markets station wide.

During the quarter, we continue to build on our success in the prime jumbo market, with originations of $1.1 billion, a 37% increase compared to the first quarter and up 6% year-over-year. The client profile our jumbo loan originations have remained consistent, as we have continued to grow the business with an average balance of approximately $807,000.

An average loan-to-value of 70% and an average FICO score of 765. We believe, we continue to take market share with total residential originations of $2.2 billion, an increase of 31% in the quarter versus an overall market increase of 18% based on the July MBA [ph] estimate.

Purchase transaction represent 61% of the volume in the quarter compared to 46% in the prior quarter and a retail channel purchase mix increased to 80% from 70% a quarter ago. We also supplemented our strategic organic growth with selected Ginnie Mae portfolio acquisitions totaling $1.5 billion in the second quarter.

As a result, we were able to transfer $736 million of longer duration hybrid ARMs to held for sale and have sold four other portfolio, while retaining the client relationships. The flexibility of our business model and our significant asset liquidity allowed us to optimize the duration profile of a residential portfolio and capitalize on attractive portfolio growth opportunities with favorable risk adjusted returns.

Total deposits increase $586 million or 4% from the first quarter to $13.9 billion in line with our expected funding plan. As we stated on last quarter's call, we began to increase our targeted marketing efforts in the second quarter, which will continue in the second half of the year.

We remain confident in our ability to generate high quality retail deposits with a similar profile as our existing client base and successfully capitalize on commercial deposit growth opportunities.

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

Steve Fisher

Thanks Blake and good morning. Net interest income was $140 million in the quarter an increase of $9 million or 7% compared to the first quarter. The increase was driven by $1.9 billion or 12% sequential increase in average interest earning assets.

Residential loans held for investment average balances increased $1.4 billion and commercial average balances increased $361 million. This quarter was the inflection point of our balance sheet repositioning as the portfolio growth, we have been experiencing for the past couple of quarters has translated into strong average interest earning asset growth.

As a result, net interest income represented over 61% of total revenue in the quarter, an increase from 49% in the second quarter last year. We expect to mix a spread revenue to continue to grow in the future. Core NIM decreased 17 basis points to 3.19% in the quarter. Yields on interest running asset declined 21 basis points driven primarily by 32 basis point decline and residential loans held for investment average yield, which were impacted by Ginnie Mae loan purchases in the quarter.

While these assets carry a lower yield, when you consider the average duration of less than two years; minimal operating expense and credit profile with a government [ph] guarantee. We like the risk adjustment return profile these provide.

Our credit trends continue to be strong as our non-performing assets decline to 51 basis points and net charge offs remain low at 19 basis points. At quarter-end approximately 88% of our $3.7 billion non-government residential held for investment portfolio was originated in 2010 or later with an average LTV of approximately 65% and weighted average FICO score of 764.

In addition, approximately $3 billion or 93% of our originated commercial and commercial real estate loans were originated in 2010 or later. The profile of these loans are strong with a weighted average LTV of 64% on a commercial real estate loan originations.

None of the residential or commercial portfolio loans originated in 2010 or later or over 30 days past due at June, 30. Non-interest income was $89 million for the second quarter, an increase of $5 million or 6% quarter-over-quarter.

Gain on sale loans increased $14 million or 41% to $48 million quarter on loan sold of $1.5 billion. We did not recover any of the remaining $3 million valuation allowance in the quarter, due to the decline in interest rates.

Excluding the impact of the MSR valuation allowance for covering in the first quarter. Non-interest income increased 12% quarter-over-quarter from $80 million.

Non-interest expense increased $6 million or 4% to $167 million in the second quarter driven by higher G&A expense. FDIC premium assets another agency fees increased as a result of $5 million credit we received in the first quarter.

In addition, we incurred $2 million of expense beginning this quarter associated with our Ginnie Mae servicing agreement with Green Tree exhausted by net servicing income. Salaries, benefits and commissions decline 2% compared to the first quarter to $95 million.

The primary driver was lower staffing levels resulting from the transfer of our default servicing platform to Green Tree in May, offset by higher commissions related to the increase in retail channel origination volumes.

We expect our core salaries expense run rate to fully reflect the transfer beginning in the third quarter. We are pleased with a significant progress we continue to make in driving efficiency across our franchise.

Consistent with our previous guidance, we continue to expect total non-interest expense to be approximately $650 million for 2014. Lastly, I would like to highlight our new segment reporting, which includes consumer banking, commercial banking and corporate services.

We believe, these segments better reflect our reposition business strategy, client focus and allow us to more effectively evaluate operating performance. Now I would like to turn it back over to Rob for some closing remarks.

Rob Clements

Thanks Steve. As a management team, we remain focused on achieving strategic portfolio and balance sheet growth, which will result in a greater percentage of spread income and continued improvement in efficiencies throughout the second half of the year.

We are confident the steps we take to simplify the business and more deeply to penetrate our high quality consumer and commercial client relationships will result in building sustainable shareholder value over the long-term.

We remain optimistic about the future for EverBank and its shareholders and we will now be happy to take your questions.

Question-and-Answer Session

Operator

(Operator Instructions) The first question comes from Michael Rose of Raymond James

Michael Rose – Raymond James

Just wanted to get some color on the commercial real estate and another commercial balances this quarter, they were essentially flat, but you had really strong organic origination activity. Can you kind of speak to, what transpired there was a pay downs etc any color that would be helpful?

Rob Clements

The commercial real estate volumes, Michael so far year-to-date have been slower, little bit lighter than we had anticipated and we have seen in that kind of portfolio, that will run off, that being said looking forward we think, we are at an inflection point, where run off pre-payments are anticipated to come down and based on our pipeline volumes projected to increase for the rest of the year, so we do think the lines are going to cross going forward.

Michael Rose – Raymond James

Okay, that's helpful and maybe this is my follow-up. The mortgage warehouse balance increase was pretty strong this quarter where we have seen, somewhere we have seen from other banks. And we've asked in your opinion typical seasonal fluctuations going forward or because of your national business been and some of the investments you have made in the warehouse business.

Couldn't we actually see those volumes remain near-term levels over the next couple quarters? Thanks.

Blake Wilson

Hi, Michael. This is Blake. We saw a combination of strong seasonal activity that drove improved utilization rates overall, but we also added some new clients during the period that had utilization. So overall, a combination of both higher utilization from existing customers plus new activity, with new clients.

Michael Rose – Raymond James

Okay, great. Thanks for taking my questions.

Rob Clements

Thanks, Michael.

Operator

The next question comes from Nishal Patel of KBW.

Nishal Patel – KBW

I guess, I just wanted to kind of understand that, as you grow like you guys are, what constraints do you think, you're running into because your TC went down on, to about 7.5% your linked deposit ratio is now about 120. What constraints do you see as you grow and I guess, what I'm trying to get to is, do you think you can see the amount of [indiscernible] that you saw next quarter go up from head to kind of keep you, take care some of these constraints?

Rob Clements

I'll start, Rob. We really don't see any meaningful constraints. We feel really good about our capital position. Our total risk-based capital is well within our target. We came here at 13.4% at end of the quarter and our targets are between 12% to 14%. So it's like we have sufficient capital to execute on our business plan and feel very good about the liquidity and the balance sheet and our deposit momentum, as we discussed our last quarter in anticipation of accelerating asset growth.

We reactivated some of our marketing efforts to generate stronger deposit growth and we really have a track record, one that constraints our deposit model that we calibrate on deposit growth based on our funding needs and so, we are really pleased with the momentum, we saw towards the end of the quarter in deposit growth, which we see carrying over into the third quarter.

Blake Wilson

Just to add to that, this is Blake. I think, really this is the point we envisioned when we started the strategic repositioning where the strategic organic asset growth categories both on a commercial and consumer side, really gaining traction momentum and we've got a scalable deposit franchise.

So growing total net interest income while leveraging the infrastructure and business platforms is really, where we in the evolution of the business model. On the funding side, just to add to that a little bit more. We really liked, where we're getting to from a borrowings perspective. If you look at the deep liquidity, we have given the nature of all our collateral, great deal of our commercial and residential collateral is that, which will be eligible.

We've got a lot of flexibility in the borrowing base and we really need that in two ways. One is to manage operating liquidity in the short-term, with loans held for sale and warehouse finance loans and other categories there and then you also want that liquidity to manage longer duration cash flows both from a maturity liquidity risk profile and interest rate risk profile and then supplementing that in the interim with some time deposits.

We really feel like, we are getting the balance sheet back to kind of optimal levels of showing financial flexibility that we have in the organization.

Nishal Patel – KBW

All right, thanks for taking my question.

Operator

(Operator Instructions). The next question comes from John Pancari of Evercore.

John Pancari – Evercore Partners

Do you have the amount of the gains on the sales of Ginnie Mae pool buyouts in the quarters and once you give us the amount of the gains, can you just give us the amount of Ginnie Mae pool buyouts that you sold during the quarter as well?

Steve Fisher

Hi, John. It's Steve and I think, back in the table, we gave you one of the things, we added in the financial tables is a breakout of the loans sold, by category. So you can see it there. I think, the Ginnie Mae was about $175 million in the quarter and I think the gains were, well that will be in the 10-Q about $4 million in the quarter.

John Pancari – Evercore Partners

Okay, all right and then just to understand a little bit more behind the rationale of the shift in the resi portfolio including the purchase of the Ginnie Mae pool buyouts this quarter and then the transfer of a slightly larger than expected amount of resi to held for sale, was that at all ALCO related and shortening the duration of your earning asset base at all?

Blake Wilson

Yes, I think the key is that, we've remained committed and completely focused on the strength of the organic origination platform as that would inspire the $1.6 billion of originations during the quarter and really pleased with the commercial growth there, while at the same time. We used the opportunity to optimize the risk adjusted returns in the balance sheet by identifying new potential opportunities on the Ginnie Mae side, which provides very good risk adjusted returns with a short duration and an instructive guarantee.

And then, while at the same time. We looked at areas that were underperforming from return perspective like the TDR portfolio and some of the other non-traditional categories to improve and optimize the return within the balance sheet overall. The hybrid ARM sale added to that pie, shortly in the overall duration and really executing based on market levels.

So fundamentally, it's about the strategic growth of the balance sheet, but always we want to try to optimize within the balance sheet to maximize risk adjusted returns.

John Pancari – Evercore Partners

Okay, all right and if I could just ask one more, on the credit side. Can you just update us on your thoughts on loan loss reserve going forward? I know on an adjusted basis, for adjusting for the acquired loans in the Ginnie Mae pool buyouts here, probably in the ballpark of 57 basis points of loans, but it's still low compared to peers and wanted to get your updated thoughts on that and where do you think, you can longer term, as you grow in commercial?

Steve Fisher

Hi, John. It's Steve. I think, as you're referencing at 37 basis point. Now really it's been influenced by some of the balance sheet repositioning [ph] activities that Blake talked about. So when we sold the commercial NPAs in December and we just sold the TDRs. Our non-performing assets have declined by 50% in over the last year and really our coverage ratio has not declined by that.

So we are actually in a better position than we were previously. So we feel very, very good when you heard some of the reference to the quality of the assets in the balance sheet. So fundamentally, we are very comfortable with where we are. I think, with some of the growth in the balance sheet that you're seeing in the momentum or seeing and really all the asset platforms, but particularly in the commercial side.

This quarter, we obviously took provision up to about $6 million. I think that gives you probably a good midpoint as to, we are kind of surrounded up by $5 million to $7 million moving forward, seems to be a comfortable range based on the quality of the book, where we are going from a growth perspective and then that keeps the coverage, where we wanted it to be.

John Pancari – Evercore Partners

Okay. Thank you.

Operator

The next question comes from Matthew Keating from Barclays. Please go ahead.

Matthew Keating – Barclays

Yes, thank you. Have you think about increasing your sort of deposit campaigns in the back half of this year? How should we think about the delta and advertising and marketing expense? I know you said you started to put some more money in there, but it seems like, it jumped off all that much, this quarter. I mean, should we think about in more significant increase in the second half, in that line item? Thanks.

Rob Clements

Hi, Matt. As I mentioned and as we expected the needle doesn't move right away. As we pursue our strategies to grow our deposit base, but we did see good progress towards the end of the quarter and expect to see that, really that momentum really carry into the third quarter.

The incremental marketing expenses relatively modest, maybe a $2 million a quarter and a that could come in, if the momentum include exceeding our plans for the remainder of the year.

Steve Fisher

I think, Matt just to follow on to that, consideration point is what we've also considering our overall $650 million. So that's, that $650 million that I quoted in my remarks includes the increased marketing, that Rob mentioned.

Matthew Keating – Barclays

Okay, great and then I guess on the Ginnie Mae loan acquisition this quarter. Obviously pretty significant, do you expect additional purchases of that magnitude going forward or is this kind of one time, ALCO move that you decided to make, how are you thinking about that moving into for the second half of, 2014?

Blake Wilson

Matt, this is Blake. Obviously the opportunity in the quarter was significant. We have identified new potential partners, where we want to continue to be selective on refilling those opportunities. so maybe not to that size and magnitude, but we currently see new opportunities to the extent, they make sense to optimize the balance sheet in light of, our more strategic asset growth categories.

We will continue back fill with opportunities in Ginnie Mae's to the extent, it makes sense.

Matthew Keating – Barclays

Great, thank you.

Operator

The next question comes from Tom Alonso of Macquarie. Please go ahead.

Tom Alonso – Macquarie

Thanks for taking my questions. Most of my questions have been asked and answered at this point. Just on the borrowings, is it safe assume that, as deposits grow you're not going to be looking to bring those down and that's more lacking in long-term funding cost?

Blake Wilson

As I mentioned earlier, this is Blake. Tom. It's really starting to reach kind of a natural level, given the nature of the liquidity and profile of the assets. If you look at, we are using the borrowings, really in two meaningful ways. One again, to fund short-term activity loans held for sale, warehouse finance utilization, other activity that it makes a lot of sense to draw down in the near term.

In addition, as you look 4 years to 5 years at out, using longer dated advance system match up both from a maturity and re-pricing risk profile. So at these levels, with this size of the balance sheet. It really matches up nicely with those two ends of the spectrum and will fill in with time and core deposit growth in between those two categories.

So overall, we are really pleased with this inflection point, we've really had to getting the cash deployed, all the repositioning behind us and really starting to optimize, this strategic and financial growth of the organization.

Tom Alonso – Macquarie

Great, thanks guys.

Operator

The next question comes from Kevin Barker of Compass Point. Please go ahead.

Kevin Barker – Compass Point

Sorry to go back to Ginnie Mae buyouts, but if you were to estimate your expect ROE off of Ginnie Mae buyouts, where would you say it is and what are the major drivers, like the amount of premium paid and the servicing cost surrounding this Ginnie Mae buyouts?

Rob Clements

Kevin, we're not going to give that kind of detail around the transaction. It's got obviously, the characteristics from a duration and credit perspective that we described, but we'll probably stay away from return in pricing specifics.

Kevin Barker – Compass Point

Okay and then going back to the funding base. The increase in the time deposits is that something you would expect to continue to grow as your balance sheet grows or do you see that's temporary in nature?

Blake Wilson

Moving forward, we'd see more emphasis on growth in money markets and checking accounts shorter term, we did see meaningful increase and time based deposits, but we see that shift changing over the course of the year.

Kevin Barker – Compass Point

Thank you.

Operator

The next question comes from Peyton Green of Sterne Agee. Please go ahead.

Peyton Green – Sterne Agee

I was just wondering, if you could talk maybe a little bit over the next six months to 18 months, how do you feel about getting to maybe the mid or top end of your ROE target range, 15% to 13% based on the repositioning that's taken place in the first half of the year?

Blake Wilson

Sure, Peyton. Good morning. We see ourselves towards the end of this year, getting back into our target of range of 10% to 13% and looking forward into 2015. We see that continue to move towards the higher end of our range and feel really confident about achieving that outcome.

Peyton Green – Sterne Agee

Okay and then, maybe Steve how do you feel about the margin pressure based on kind of the re-pricing that you're seeing while there's commercial real estate OREO been in the residential book. Are you starting to see enough stabilization in that, where you feel good about margin comparisons flattening out or beyond the mix change associated with the Ginnie Mae's?

Steve Fisher

Kind of back to what Blake said it's the overall risk adjusted returns that we are really focused on as oppose to the specific NIM, but that being said, we've been in these low three's actually over the last year. So if you kind of look at it over the last few quarters.

We've been in kind of 325 range for quite some time and we see a lot of stability in that, so you know moving forward. So I think, there's been some with the repositioning of balance sheet that's impacted the NIM in the short-term, but we are kind of right back, where we were before and we feel good about that?

Peyton Green – Sterne Agee

Okay and then from a credit perspective. I think, Steve you mentioned that there are no past dues, no 30 day past dues in the commercial or the consumer books. Of loans originated since 2010 what is your loss profile bid on those loans? Even though, there is no past dues since June, 30?

Steve Fisher

None. I mean, it's – the delinquency is been very, very – it's been zero and from a loss perspective it's been zero.

Peyton Green – Sterne Agee

Okay, great. Thank you. Appreciated.

Operator

There are no further question at this time. I would like to pass the call back to Rob Clements for 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 has concluded. You may disconnect your line at this time.

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Source: EverBank Financial's (EVER) CEO Rob Clements on Q2 2014 Results - Earnings Call Transcript

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