Quarterly results — America's only bank that is, by construction, exactly average
Mean EveryBank earned less. Median EveryBank earned more.
EveryBank, N.A. is the equal-weighted composite of every institution that filed a Call Report for the quarter, 4,207 of them. 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. They are also late: EveryBank cannot report until every bank it averages has reported.
- Total deposits
- $4.55B
- Total loans
- $3.37B
- Total equity
- $609.9M
- Quarterly net income
- $20.2M
- Employees (FTE)
- 480
- Return on assets (ann.)
- 1.28%
- Net interest margin
- 3.39%
- Leverage ratio
- 8.88%
- Total deposits
- $330.8M
- Total loans
- $260.7M
- Total equity
- $40.5M
- Quarterly net income
- $1.2M
- Employees (FTE)
- 55
- Return on assets (ann.)
- 1.29%
- Net interest margin
- 4.01%
- Leverage ratio
- 11.09%
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 banks,
The third quarter ended on September 30. EveryBank cannot report until every bank it averages has reported, and the last of the large ones filed in November. We are therefore late, which is the one way in which we are not average.
Mean EveryBank earned $20.2 million, down 5.2% from the second quarter. Median EveryBank earned $1.2 million, up 1.3%. The bank in the middle earned a better return on its assets than the average did, 1.29% against 1.28%. Last quarter it was the other way around, 1.37% against 1.26%.
Loans grew 2.6% at the Mean and 2.2% at the Median. Deposits grew for the ninth straight quarter. The unrealized loss on our bonds went to 8.19% of what we paid for them, from 5.53% in June. Rates went up in the quarter and bond prices went down, which is how bonds work.
The Median hired no one: 55 people in June, 55 in September. The Mean went from 479.9 to 480.4, which is not a hire. It is 32 fewer banks in the denominator. At the 4,203 banks that reported both times, headcount fell by 4,906, and 4,661 of that was at the 33 banks over $100 billion.
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 — Mean EveryBank
Per institution, in thousands except ratios. Every bank's dollars added up and divided by the number of banks.
| Metric | Q3 2026 | Q3 2025 | YoY | Q3 2016 |
|---|---|---|---|---|
| Total assets | $6,334,633 | $5,738,816 | +10.4% | $2,803,783 |
| Total loans & leases | $3,374,320 | $3,018,680 | +11.8% | $1,543,946 |
| Total deposits | $4,548,140 | $4,140,626 | +9.8% | $1,916,822 |
| Net interest income | $48,246 | $43,344 | +11.3% | $19,735 |
| Net income | $20,167 | $18,124 | +11.3% | $7,584 |
| Return on assets (ann.) | 1.28% | 1.27% | +1 bps | 1.09% |
| Return on equity (ann.) | 13.11% | 12.43% | +68 bps | 9.71% |
Selected financial data — Median EveryBank
The bank in the middle of the roster, line by line. Each line has its own middle bank.
| Metric | Q3 2026 | Q3 2025 | YoY | Q3 2016 |
|---|---|---|---|---|
| Total assets | $388,777 | $370,498 | +4.9% | $200,406 |
| Total loans & leases | $260,719 | $241,096 | +8.1% | $128,752 |
| Total deposits | $330,783 | $316,224 | +4.6% | $167,574 |
| Net interest income | $3,662 | $3,306 | +10.8% | $1,686 |
| Net income | $1,208 | $1,064 | +13.6% | $471 |
| Return on assets (ann.) | 1.29% | 1.18% | +10 bps | 0.93% |
| Return on equity (ann.) | 12.27% | 11.60% | +67 bps | 8.22% |
The quarter in ratios
Mean = ratio of the industry's totals. Median = the middle bank's own ratio. Second quarter beside the third.
| Ratio | Mean, Q3 | Mean, Q2 | Median, Q3 | Median, Q2 |
|---|---|---|---|---|
| Net interest margin | 3.39% | 3.32% | 4.01% | 3.92% |
| Return on assets (ann.) | 1.28% | 1.37% | 1.29% | 1.26% |
| Efficiency ratio | 55.43% | 55.99% | 61.44% | 61.72% |
| Leverage ratio | 8.88% | 8.98% | 11.09% | 10.97% |
| Past due & nonaccrual loans | 1.46% | 1.44% | 1.00% | 1.01% |
| Net charge-offs (ann.) | 0.55% | 0.57% | — | — |
| Unrealized securities loss, share of cost | 8.19% | 5.53% | — | — |
| Uninsured share of deposits | 46.21% | 45.75% | 25.12% | 24.79% |
Banks that lost money in the quarter: 226 (5.4%), against 182 (4.3%) in the second quarter. Banks above the regulators' 300% commercial real estate line: 375, against 393. Banks that borrow from a Home Loan Bank: 52.4%.
Workforce
Headcount is filed, not estimated. Full-time equivalents at quarter-end.
| Employees (FTE) | June 30 | September 30 |
|---|---|---|
| Mean EveryBank | 479.9 | 480.4 |
| Median EveryBank | 55 | 55 |
Same banks at both dates (4,203): 1,411 added staff, 1,545 cut staff, 1,247 did neither. Banks under $1 billion: +148 people in all. Banks over $100 billion: −4,661. The Median would not hire anyone. The Mean would, and did, on paper.
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. The fourth quarter's results will be late too.
Told that the third-quarter results were three weeks behind every bank that holds an earnings call, the editor referred the caller to the motto he put at the head of his 1870 sketch of Benjamin Franklin, signed “B. F.”:
"Never put off till to-morrow what you can do day after to-morrow just as well."
— Mark Twain
Edited by Mark Twain (posthumous)