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

Stocks in this article: BKU

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.

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