EverBank Financial in Jacksonville, Fla., reported higher quarterly results largely because of increased commercial originations.
The $21.6 billion-asset company's fourth-quarter profit more than doubled from a year earlier, to $35.5 million, due in part to a sizeable increase in loan originations. Commercial deposits rose 62% to nearly $3 billion. Earnings of 28 cents a share were 2 cents below the average estimate of analysts polled by Bloomberg.
Net interest income rose only 1%, to $147 million, because the net interest margin compressed by 2 basis points, to 3%.
Noninterest income fell 22%, to $75.1 million, due partly to a 27% decrease in loan servicing fee income. Noninterest expenses fell 22.5%, to $152.7 million.