This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

BankUnited, Inc. Reports Third Quarter 2012 Results, Continued Loan Growth

BankUnited, Inc. (or the “Company”) (NYSE: BKU) today announced financial results for the third quarter of 2012.

For the quarter ended September 30, 2012, the Company reported net income of $49.6 million, or $0.48 per diluted share, as compared to $45.6 million, or $0.45 per diluted share, for the quarter ended September 30, 2011.

For the nine months ended September 30, 2012, the Company reported net income of $148.8 million, or $1.44 per diluted share. These earnings produced an annualized return on average stockholders’ equity of 11.96% and an annualized return on average assets of 1.63%. The Company reported net income of $21.9 million, or $0.20 per diluted share, for the nine months ended September 30, 2011. The results for the first nine 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, “The impressive improvement in the South Florida economy continues to propel our organic growth as well as our robust earnings performance.”

Financial Highlights

  • New loans grew by $361.3 million during the third quarter of 2012. For the nine months ended September 30, 2012, new loans increased by $1.5 billion to $3.3 billion, an annualized growth rate of 121%. For both the third quarter and the first nine months of 2012, new loan growth outpaced the resolution of covered loans.
  • Deposits increased to $8.5 billion with demand deposits totaling $1.7 billion, or 20.5% of total deposits. For the nine months ended September 30, 2012, total demand deposits grew by $507.8 million, an annualized growth rate of 55%.
  • The cost of deposits continues to trend downward. The cost of deposits was 0.78% for the third quarter of 2012, as compared to 0.84% for the second quarter of 2012 and 1.07% for the third quarter of 2011.
  • Book value and tangible book value per common share grew to $17.98 and $17.24, respectively, at September 30, 2012.
  • We continue to expand our branch network, opening 2 new branches during the third quarter, with 3 additional branch openings planned for the fourth quarter.

Capital Ratios

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

Tier 1 leverage   12.9%
 
Tier 1 risk-based capital 34.3%
 
Total risk-based capital 35.6%

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

Stock quotes in this article: BKU 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs