Quarterly results — America's only bank that is, by construction, exactly average
EveryBank had a perfectly average quarter. Again.
EveryBank, N.A. is the equal-weighted composite of every institution that filed an FFIEC Call Report for the period. There is no single truth to report, so we report two: the balance sheet you get when you average every bank's dollars, and the one that describes the bank sitting in the exact middle of the industry. They are not the same company.
- Total deposits
- $4.48B
- Total loans
- $3.29B
- Total equity
- $619.2M
- Quarterly net income
- $21.3M
- Employees (FTE)
- 480
- Custody & fiduciary
- $527B
- IR-swap notional
- $151.6B
- Total deposits
- $327.1M
- Total loans
- $255.0M
- Total equity
- $41.2M
- Quarterly net income
- $1.2M
- Employees (FTE)
- 55
- Custody & fiduciary
- $0
- IR-swap notional
- $0
The mean EveryBank carries 16× the assets of the median EveryBank. That gap is the whole point: the "average American bank" is a statistical creature almost no real bank resembles.
Letter to shareholders
From the Office of the Chief Executive
Fellow constituents,
I am pleased to report that in the second quarter EveryBank did approximately what everyone did. Deposits grew because deposits grew. Loans expanded into commercial real estate and single-family residential, the two lines that carry every balance sheet in this country whether the balance sheet wants them to or not. Net interest income rose to $46.6 million per bank, and net income reached $21.3 million, up 34.6% from a year ago — a figure I would love to take credit for, except that taking credit for the industry average is a category error.
We continue to run two businesses that share a charter. One is a globally systemic institution with three-quarters of a trillion dollars in custody and a derivatives book that would make a money-center envious. The other cannot spell "swap" and has never wanted to. Management remains committed to being both, simultaneously, because arithmetic requires it.
We reaffirm full-year guidance of exactly whatever happens. EveryBank has never beaten consensus and never missed it, for reasons I trust are self-evident.
A. Verne Ridge Chair & Chief Executive Officer, EveryBank, N.A.
Selected financial data
Per-institution mean, in thousands except ratios. Quarter ended June 30, 2026.
| Metric | Q2 2026 | Q2 2025 | YoY | Q2 2016 |
|---|---|---|---|---|
| Total assets | $6,242,569 | $5,653,535 | +10.4% | $2,729,279 |
| Total loans & leases | $3,287,631 | $2,952,657 | +11.3% | $1,505,573 |
| Total deposits | $4,483,303 | $4,087,380 | +9.7% | $1,855,964 |
| Net interest income | $46,621 | $41,181 | +13.2% | $18,717 |
| Net income | $21,275 | $15,805 | +34.6% | $7,184 |
| Return on assets (ann.) | 1.36% | 1.12% | +24 bps | 1.05% |
| Return on equity (ann.) | 13.7% | — | — | — |
Business line results
Six reportable segments. Figures are per-institution mean for the quarter, unless noted.
Community & Commercial Lending
The engine every bank runs. Led by single-family residential and non-owner-occupied CRE, with construction and C&I close behind.
Investment Securities
Treasuries, agency MBS and municipals — the ballast portfolio. Held-to-maturity balances remain a decade-long story on their own.
Wholesale Funding & Deposits
Transaction and non-transaction deposits do the work; FHLB advances back-stop about half the industry, repo and fed funds far fewer.
Capital Markets & Derivatives
Enormous in the mean, absent in the median. Vanilla interest-rate swaps are the only instrument with meaningful reach — everything else is a rounding error for the many, a franchise for the few.
Mortgage Banking
Origination, sale and servicing income. A real business for the specialists, immaterial for most balance sheets that merely hold the loans.
Wealth, Trust & Custody
The most bimodal line we run. A handful of custodians hold hundreds of billions; the typical bank holds essentially nothing in fiduciary assets.
Corporate footprint & workforce
Headcount is reported, not estimated. Same 16× shape as the balance sheet — a few giants carry the mean, most banks have none of it.
| Metric | Mean | Median | Largest single constituent |
|---|---|---|---|
| Employees (FTE) | 480 | 55 | — |
| Branches | 17.89 | 4.0 | JPMorgan Chase Bank, N.A. — 5,141 |
| Subsidiaries | 2.26 | 0 | Truist Bank — 2,264 |
| Affiliates (same holding co.) | 7.14 | 0 | Morgan Stanley Private Bank, N.A. — 4,171 |
Most banks are simpler than the mean makes them look: 75.0% have zero subsidiaries, 65.2% have zero affiliates, 15.7% have no holding company at all, and 17.1% operate a single office. On a per-employee basis the mean bank carries roughly $13.0M of assets and generates about $144K of revenue per FTE; the median bank, about $7.0M and $73K. And a word on scale: at $4.5 billion of deposits and 480 employees living across Somewhere, USA — a fair share remote — EveryBank is not globally, nationally, or regionally systemic. If every employee and their family lived in one town and ours were the only bank there, we would be systemic to a town of a few thousand. They don't, so we aren't. Management regards this as its strongest risk-management achievement.
What share of American banks actually do this?
The coverage rate — the percentage of constituents reporting any nonzero value — is the finding hiding inside the average. For most "bank" activities, the honest answer is: hardly any of them.
Forward guidance
Management expects to remain average. We anticipate revenue, earnings and asset growth broadly consistent with the arithmetic mean of the banking system, because that is the definition of the reporting entity. Investors are cautioned that any deviation from consensus would constitute a data error rather than a surprise, and should be reported to the modeler.
For the industry's own numbers, see American Banker on the FDIC's second-quarter results. Ours are roughly theirs, divided by 4,239.