Stability and growth despite market conditions
In light of recent volatility within the financial services industry, EverBank® remains stable. EverBank enjoyed strong growth during 2008. In 2009, EverBank assets and deposits grew to nearly $8.0 billion and $6.4 billion, respectively.
Our ability to thrive in both healthy and volatile markets validates our balanced business model. Our record increase in assets coupled with our deep deposit base positions EverBank for substantial growth.
Our 2008 performance
- Record net income of $46 million, a 52% increase from 2007
- Asset growth of 28% during the year to over $7 billion
- Bank deposit growth of 29% during the year, an increase of $1.1 billion and the largest annual deposit growth in company history to over $5 billion
A balanced business model that withstands market turmoil
EverBank's diversification strategy remains a key component in our ability to prosper during both strong and unstable market conditions. A disciplined approach to banking, combined with strong underwriting guidelines, allowed EverBank to avoid volatility in the housing market. EverBank avoided offering sub-prime or exotic lending products. Our conservative approach helped us maintain annualized net charge-offs of 0.35% in 2008, significantly below industry standards (61% lower than Office of Thrift Supervison peer group average).
Financial stability and a strong capital position
Due to our strong earnings growth, EverBank is fortunate to have a very healthy capital base. Our core deposits are tied to customers and our growth represents both a strong customer base and a more stable liquidity resource. We're well positioned to explore new business opportunities, keep up with credit demands and weather additional market volatility.
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