Yesterday, BankUnited Financial Corporation(BKUNA Quote) said it took a loss in the first quarter amid impairment charges and provisions for loan losses.
BankUnited reported a net loss of $65.8 million for the first quarter of 2008, following positive net income of $24.4 million in the same period the prior year. Last quarter saw a loss of $25.5 million. Not surprising in the current environment, the thrift-holding company's loss was driven mainly by $98 million in quarterly provisions for loan losses, up from last quarter's already-high $65 million and just $4 million a year ago. Securities impairment charges of $25.5 million also contributed to the trouble. BankUnited's common shares were down 5% on the day, closing at $3.70. Through yesterday, shares were down 46% year to date and down 83% for the 52-week period. Option-ARMs A recent look at regional banks' asset quality and capital levels addressed BankUnited's high concentration in option-payment adjustable-rate mortgages with negative amortization features, also know as option-ARMs.
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