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BankUnited, Inc. Reports Second Quarter Results, Strong Loan Growth

Stocks in this article: BKU

BankUnited, Inc. (the “Company”) (NYSE:BKU) today announced financial results for the quarter ended June 30, 2012.

For the quarter ended June 30, 2012, the Company reported net income of $48.9 million, or $0.48 per share as compared to $44.0 million or $0.44 per share for the quarter ended June 30, 2011.

For the six months ended June 30, 2012, the Company reported net income of $99.2 million, or $0.96 per share. These earnings produced an annualized return on average stockholders’ equity of 12.25% and an annualized return on average assets of 1.66%. The Company reported a net loss of $(23.7) million, or $(0.25) per share for the six months ended June 30, 2011. The results for the first six months of 2011 included a one-time charge of $110.4 million, recorded in conjunction with the Company’s initial public offering (IPO) in February 2011, which was not deductible for income tax purposes.

John Kanas, Chairman, President and Chief Executive Officer, said: “We are obviously pleased with this quarter’s financial results. While our performance continues to reflect a significant increase in market share, we are also witnessing the positive impact on our business emanating from an overall improvement in the South Florida economy.”

Financial Highlights

  • For the quarter ended June 30, 2012, new loans grew $501.2 million to $2.9 billion. For the second quarter and first six months of 2012, growth in new loans outpaced the resolution of covered loans, resulting in net growth in the loan portfolio. Total loans, net of discount and deferred fees and costs, grew $369.4 million for the quarter to $5.1 billion.
  • At June 30, 2012, total demand deposits exceeded 20% of total deposits.
  • The cost of deposits continues to trend downward. The cost of deposits was 0.84% for the second quarter of 2012 as compared to 0.90% for the first quarter of 2012 and 1.12% for the second quarter of 2011.
  • Book value and tangible book value per common share grew to $17.42 and $16.68, respectively, at June 30, 2012.

Capital Ratios

BankUnited, Inc. continues to maintain a robust capital position. The Company’s capital ratios at June 30, 2012 were as follows:

Tier 1 leverage   12.8 %
Tier 1 risk-based capital 34.8 %
Total risk-based capital 36.2 %

The Company and its banking subsidiaries continue to exceed all regulatory guidelines required to be considered well capitalized.

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