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

Stocks in this article: BKU

In addition, as discussed above, the quarter ended December 31, 2012 included approximately $10.1 million of gains on the sale of investment securities, $14.2 million in losses on the extinguishment of FHLB advances and a loss of $8.7 million on the termination of a cash flow hedge.

Non-interest expense

Non-interest expense totaled $78.7 million for the quarter ended December 31, 2012 as compared to $75.8 million for the quarter ended December 31, 2011. For the year ended December 31, 2012, non-interest expense totaled $323.1 million as compared to $455.8 million for the year ended December 31, 2011. Non-interest expense for the year ended December 31, 2011 included a one-time compensation expense of $110.4 million recorded in conjunction with the Company’s IPO.

Employee compensation and benefits (excluding the one-time charge of $110.4 million discussed above) and occupancy and equipment expense increased for 2012 as compared to 2011, reflecting the Company’s continued growth and the opening and refurbishment of branches.

For the quarter and year ended December 31, 2012, the aggregate of foreclosure expense, OREO expense, gain (loss) on sale of OREO and impairment of OREO totaled $4.7 million and $26.0 million, respectively, as compared to $7.5 million and $80.1 million, respectively, for the quarter and year ended December 31, 2011. The sharply lower level of expense for the quarter and year ended December 31, 2012 reflected lower levels of OREO and foreclosure activity as well as improving real estate market trends as compared to the prior year.

Earnings Conference Call and Presentation

A conference call to discuss the fourth quarter results will be held at 9:00 a.m. ET on Tuesday, January 29, 2013 with Chairman, President and Chief Executive Officer, John A. Kanas, and Chief Financial Officer, Douglas J. Pauls.

The earnings release will be available on the Investor Relations page under About Us on prior to the call. The call may be accessed via a live Internet webcast at or through a dial in telephone number at (888) 679-8038 (domestic) or (617) 213-4850 (international). The name of the call is BankUnited, and the passcode for the call is 89454096. A replay of the call will be available from 11:00 a.m. EDT on January 29th through 11:59 p.m. EDT on February 5th by calling (888) 286-8010 (domestic) or (617) 801-6888 (international). The passcode for the replay is 48177553. An archived webcast will also be available on the Investor Relations page of

About BankUnited, Inc. and the FSB Acquisition

BankUnited, Inc. is a bank holding company with three wholly-owned subsidiaries: BankUnited, N.A., which is one of the largest independent depository institutions headquartered in Florida by assets, BankUnited Investment Services, Inc., a Florida insurance agency which provides wealth management products and financial planning services, and Herald National Bank, a commercial bank servicing the New York City market. BankUnited, N.A., is a national bank headquartered in Miami Lakes, Florida with $11.7 billion of assets, more than 1,360 professionals and 98 branches in 15 counties at December 31, 2012.

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