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.
|Tier 1 leverage||12.9%|
|Tier 1 risk-based capital||34.3%|
|Total risk-based capital||35.6%|
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV