Jacksonville, Florida-based EverBank revealed in it second-quarter earnings that it is in advanced talks to be acquired.

The company stopped short of answering too many details, stating that it will also not conduct its previously scheduled conference call to discuss its second quarter 2016 results.

Before the EverBank jumped into its earnings results, it gave a brief description on what is going on with the potential acquisition.

From the statement on released on Tuesday:

The company also announced today that as a result of an ongoing review of its strategic alternatives it is in advanced negotiations with a well-respected financial services company regarding a transaction in which EverBank Financial Corp would be acquired and EverBank Financial Corp's common stockholders would receive $19.50 per share in cash.

 In addition, the transaction contemplates that each share of EverBank Financial Corp's Series A Preferred Stock would receive cash in an amount equal to the liquidation preference plus accrued and unpaid dividends.

EverBank cautioned that there is “no certainty that these negotiations will result in a definitive agreement or that the terms will not vary from those currently under discussion or that the review of EverBank Financial Corp's other strategic alternatives will result in any action.”

It does appear the bank has locked in a promising buy though saying that it has entered into an agreement with a financial services company to negotiate exclusively with it regarding a transaction and such exclusivity agreement expires at 11:59 p.m. on Aug. 8.

Beyond this, EverBank said it does not intend to make any additional comments or statements regarding these matters until such time, if at all, that it has reached a definitive agreement for a transaction.

The rest of EverBank’s earnings release showed a positive quarter for the bank. While total residential mortgages dropped to $11.37 million in the second quarter from $11.65 million in the first quarter, it was still up from $10.72 million in the second quarter of last year.  EverBank attributed the quarterly drop to sales of longer duration residential loans.

Home equity lines and other performed well and increased $156 million, or 17%, compared to the prior quarter to $1.1 billion.

Then similar to others in the industry, EverBank’s revenue for the second quarter of 2016 fell to $197 million, a drop of $7 million, or 3%, compared to $204 million in the first quarter of 2016.

However, excluding the change in valuation allowance on its mortgage servicing rights (MSR) and other one-time items, revenue would have come in at $232 million in the second quarter of 2016, an increase of 3% compared to the prior quarter.

First-quarter earnings for 2016 were also marred by negative adjustments to the “fair value” of each company’s mortgage servicing rights portfolio. And a recent report from Fitch Ratings said the industry should expect to go through it again in the second quarter due to the impact of Brexit.

Back in January 2016, the Office of the Comptroller of the Currency terminated mortgage servicing-related consent orders against JPMorgan Chase and EverBank because it determined that the institutions now comply with the orders.

The OCC in June 2015 slapped Wells Fargo, JPMorgan Chase, EverBank and three other banks with restrictions on each bank’s mortgage servicing operations due to their failure to comply with requirements of the Independent Foreclosure Review.

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