EverBank’s 2008 earnings climb 52% thanks to Reverse Mortgage Sale

Posted by Charles D

March 24, 2009

EverBank Financial Corp. made $46 million in 2008, a 52 percent increase from the previous year.

The Jacksonville-based financial services company said its earnings included the sale of EverBank Reverse Mortgage and “other discontinued businesses,” in an announcement released Monday.

“Though the credit environment continues to create challenges even for healthy banks like EverBank, we believe the investments and initiatives from 2008 have positioned the company for continued success,” said chairman and CEO Robert Clements, in the announcement.

The company also got a financial boost by raising $100 million through private investment firm Sageview Capital LP in mid-2008.

EverBank also had the largest annual deposit growth in the company’s history in 2008. Total deposits increased $1.1 billion, or 29 percent, to more than $5 billion from 2007.

Total assets increased 28 percent to more than $7 billion for the year.

“EverBank produced solid earnings and growth in its core businesses while successfully strengthening its capital and liquidity positions and significantly increasing its credit reserves,” Clements said.

Even with mortgage leads down, EverBank was the third largest financial institution in Northeast Florida with $4.1 billion in local deposits and 11.8 percent market share as of June 30, according to the latest market share report from the Federal Deposit Insurance Corp.