EverBank Financial, a top ranked mortgage lender, finally set a price for a planned $225 million capital raise after sitting on its initial public offering for half a year.
The parent of the largest thrift based in Florida plans to sell about 25 million shares at $12 to $14 each, according to a Tuesday filing with the Securities and Exchange Commission. EverBank is selling 19.2 million share, while existing stockholders will sell another 5.9 million shares. The $225 million raise is based on a median offer price of $13 a share.
Among all residential lenders, EverBank ranks 25th, according to figures compiled by National Mortgage News and the Quarterly Data Report. It recently purchased the warehouse lending division of MetLife Bank. Its mortgage chief is Tom Wind, a former top lending executive at JPMorgan Chase, Aurora Loan Services.
The thrift, which has $13 billion in assets, filed its original IPO in October and has released very little information in amended filings thereafter. Some industry observers believe the delay is due in part to a mortgage investigation made public last year by federal regulators. EverBank was among 14 mortgage servicers that were cited for improper foreclosure practices. The controversial $25 billion mortgage settlement was struck in March.
Despite the new filing, EverBank has not set a date for the IPO.
While the company's management has remained quiet publicly, the company has made several acquisitions in recent years across a wide spectrum of financial entities.
The latest filing also shed some light on the company's performance at yearend while providing estimates for the first quarter. Net income fell 72% last year compared to 2010, to $52.7 million. The company's earnings in 2010 included a $68 million bargain purchase gain. EverBank has not released first quarter earnings but said it expects net income of $10 million to $13 million, up from $9.4 million a year earlier.
EverBank has been approved to trade under the New York Stock Exchange under the symbol, EVER.
