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BankUnited, Inc. Reports 2012 Results, Earnings Exceed $211 Million

Stocks in this article: BKU

Tier 1 leverage   13.2%
Tier 1 risk-based capital 33.6%
Total risk-based capital 34.9%


Loans, net of premiums, discounts and deferred fees and costs, increased to $5.6 billion at December 31, 2012 from $4.1 billion at December 31, 2011. New loans grew by $2.0 billion to $3.7 billion at December 31, 2012 from $1.7 billion at December 31, 2011. Covered loans declined to $1.9 billion at December 31, 2012 from $2.4 billion at December 31, 2011.

For the year ended December 31, 2012, new commercial loans, including commercial loans, commercial real estate loans and leases, grew $1.5 billion to $2.7 billion, primarily reflecting the Company’s continued expansion of market share in Florida. New residential loans grew by $459.2 million to $922.7 million during 2012, primarily as a result of the purchase of residential loans outside of Florida to diversify credit risk within the residential portfolio.

In the fourth quarter of 2012, new commercial loans grew by $319.7 million while the Company’s new residential portfolio grew by $114.1 million.

A comparison of portfolio composition at December 31, 2012 and December 31, 2011 follows:

  New Loans   Total Loans
December 31,   December 31, December 31,   December 31,
2012 2011 2012 2011
Single family residential and home equity 25.0% 27.0% 45.3% 60.2%
Commercial real estate 31.8% 26.2% 25.6% 19.4%
Commercial 42.3% 46.6% 28.5% 20.2%
Consumer 0.9% 0.2% 0.6% 0.2%
100.0% 100.0% 100.0% 100.0%

Asset Quality

Asset quality remained strong. Credit risk continues to be limited, though to a declining extent, by the Loss Sharing Agreements with the FDIC. At December 31, 2012, covered loans represented 33% of the total loan portfolio, as compared to 59% at December 31, 2011.

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