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EverBank Financial Corp (EVER) has reported 29.18 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $58.32 million, or $0.43 a share in the quarter, compared with $45.15 million, or $0.34 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $46.65 million, or $0.34 a share compared with $45.46 million or $0.34 a share, a year ago.
Revenue during the quarter grew 8.79 percent to $242.34 million from $222.77 million in the previous year period. Net interest income for the quarter rose 8.26 percent over the prior year period to $189.49 million. Non-interest income for the quarter rose 29.32 percent over the last year period to $74.81 million.
EverBank Financial Corp has made provision of $21.97 million for loan losses during the quarter, up 116.98 percent from $10.12 million in the same period last year.
Efficiency ratio for the quarter improved to 57 percent from 66 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Assets outpace liabilities growth Total assets stood at $27,838.09 million as on Dec. 31, 2016, up 4.65 percent compared with $26,601.03 million on Dec. 31, 2015. On the other hand, total liabilities stood at $25,821.75 million as on Dec. 31, 2016, up 4.40 percent from $24,732.70 million on Dec. 31, 2015.
Loans outpace deposit growth Net loans stood at $23,453.67 million as on Dec. 31, 2016, up 5.89 percent compared with $22,149.36 million on Dec. 31, 2015. Deposits stood at $19,638.23 million as on Dec. 31, 2016, up 7.65 percent compared with $18,242.04 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $1,750.53 million or 8.91 percent of total deposits on Dec. 31, 2016, compared with $1,141.36 million or 6.26 percent of total deposits on Dec. 31, 2015.
Investments stood at $828.31 million as on Dec. 31, 2016, down 10.37 percent or $95.88 million from year-ago. Shareholders equity stood at $2,016.33 million as on Dec. 31, 2016, up 7.92 percent or $148.01 million from year-ago.
Nonperforming assets moved up 36.69 percent or $52.14 million to $194.27 million on Dec. 31, 2016 from $142.13 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 14.09 percent in the quarter, up from 12.58 percent in the last year period.
Tier-1 leverage ratio stood at 7.50 percent for the quarter, down from 7.70 percent for the previous year quarter. Book value per share was $14.69 for the quarter, up 6.91 percent or $0.95 compared to $13.74 for the same period last year.
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