EverBank Financial Q1 Profit Falls - Quick Facts

(RTTNews) - EverBank Financial Corp. (EVER) said first-quarter net income allocated to common shareholders declined to $29.23 million from $36.62 million in the previous year.

Net income dropped to $32 million from $39 million for the first quarter 2013. Earnings per share fell to $0.23 from $0.30.

On average, 11 analysts polled by Thomson Reuters expected earnings of $0.21 per share. Analysts estimates typically exclude special items.

Net interest income declined to $130.84 million from $143.82 million and total noninterest income declined to $84.58 million from $133.31 million.

Provision for loan and lease losses climbed to $3.07 million from $1.92 million in the prior year.

Revenue decreased 7 percent from the previous quarter to $215 million, driven by lower MSR valuation allowance recovery and lower interest income. Analysts expected revenues of $220.17 million.

Tangible common equity per common share increased 11 percent to $11.78 at March 31.

On April 25, the company's Board of Directors declared a quarterly cash dividend of $0.03 per common share, payable on May 22 to stockholders of record as of May 12.

On the same day, the board declared a quarterly cash dividend of $421.875, payable on July 7 for each share of 6.75 percent Series A Non-Cumulative Perpetual Preferred Stock held as of June 23.