EverBank Financial (EVER) in Jacksonville, Fla., reported lower quarterly profit.
The $17.6 billion-asset company's first-quarter earnings fell 18% from a year earlier, to $32 million. Earnings per share of 23 cents beat the average estimate of analysts polled by Bloomberg by 2 cents.
Net interest income fell 9%, to $131 million, because of lower commercial loans average balances and yields. Total deposits were down 3%, to $13.3 billion.
Still, management was quick to point to its successes during the quarter.
"With the successful execution of several strategic and cost reduction initiatives over the past few quarters, we are well positioned for strategic growth in our core consumer and commercial businesses," W. Blake Wilson, EverBank's president and chief operating officer, said in a press release. "Our pipelines continue to be strong and we remain on track to achieve attractive organic and portfolio loan growth throughout 2014."
Noninterest income fell 36%, to $85 million, reflected a $10 million decline in a mortgage-servicing rights valuation allowance recovery, a $3 million reduction in other income and lower loan production revenue, offset by a $5 million decrease in MSR amortization.
Net chargeoffs totaled $4 million during the first quarter.
Noninterest expenses fell 24%, to $161 million.