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

The Company was organized by a management team led by its Chairman, President and Chief Executive Officer, John A. Kanas, on April 28, 2009. On May 21, 2009, BankUnited acquired substantially all of the assets and assumed all of the non-brokered deposits and substantially all other liabilities of BankUnited, FSB from the FDIC, in a transaction referred to as the FSB Acquisition. Concurrently with the FSB Acquisition, BankUnited entered into two loss sharing agreements, or the Loss Sharing Agreements, which covered certain legacy assets, including the entire legacy loan portfolio and OREO, and certain purchased investment securities. Assets covered by the Loss Sharing Agreements are referred to as “covered assets” (or, in certain cases, “covered loans”). The Loss Sharing Agreements do not apply to subsequently acquired, purchased or originated assets. Pursuant to the terms of the Loss Sharing Agreements, the covered assets are subject to a stated loss threshold whereby the FDIC will reimburse BankUnited for 80% of losses, including certain interest and expenses, up to the $4.0 billion stated threshold and 95% of losses in excess of the $4.0 billion stated threshold. The Company’s current estimate of cumulative losses on the covered assets is approximately $4.6 billion. The Company has received $2.3 billion from the FDIC in reimbursements under the Loss Sharing Agreements for claims filed for incurred losses as of December 31, 2012.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company’s current views with respect to, among other things, future events and financial performance. The Company generally identifies forward-looking statements by terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this press release are based on the historical performance of the Company and its subsidiaries or on the Company’s current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by the Company that the future plans, estimates or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity. If one or more of these or other risks or uncertainties materialize, or if the Company’s underlying assumptions prove to be incorrect, the Company’s actual results may vary materially from those indicated in these statements. These factors should not be construed as exhaustive. The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. Information on these factors can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 available at the SEC’s website ( www.sec.gov).

BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share and per share data)
       
 
 
December 31, December 31,
2012 2011
ASSETS
 
Cash and due from banks:
Non-interest bearing $ 61,088 $ 39,894
Interest bearing 21,507 13,160
Interest bearing deposits at Federal Reserve Bank 408,827 247,488
Federal funds sold   3,931   3,200
Cash and cash equivalents 495,353 303,742
Investment securities available for sale, at fair value
(including covered securities of $226,505 and $232,194) 4,172,412 4,181,977
Non-marketable equity securities 133,060 147,055
Loans held for sale 2,129 3,952
Loans (including covered loans of $1,864,375 and $2,422,811) 5,571,739 4,137,058
Allowance for loan and lease losses   (59,121)   (48,402)
Loans, net 5,512,618 4,088,656
FDIC indemnification asset 1,457,570 2,049,151
Bank owned life insurance 207,069 204,077
Other real estate owned, covered by loss sharing agreements 76,022 123,737
Deferred tax asset, net 62,274 19,485
Goodwill and other intangible assets 69,768 68,667
Other assets   187,678   131,539
Total assets $ 12,375,953 $ 11,322,038
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Liabilities:
Demand deposits:
Non-interest bearing $ 1,312,779 $ 770,846
Interest bearing 542,561 453,666
Savings and money market 4,042,022 3,553,018
Time   2,640,711   2,587,184
Total deposits 8,538,073 7,364,714
Short-term borrowings 8,175 206
Federal Home Loan Bank advances 1,916,919 2,236,131
Income taxes payable - 53,171
Other liabilities   106,106   132,536
Total liabilities 10,569,273 9,786,758
 
Commitments and contingencies
 
Stockholders' equity:
Common stock, par value $0.01 per share, 400,000,000 shares authorized;
95,006,729 and 97,700,829 shares issued and outstanding 950 977
Preferred stock, par value $0.01 per share, 100,000,000 shares authorized;
5,415,794 shares of Series A issued and outstanding at December 31, 2012 54 -
Paid-in capital 1,308,315 1,240,068
Retained earnings 413,385 276,216
Accumulated other comprehensive income   83,976   18,019
Total stockholders' equity   1,806,680   1,535,280
Total liabilities and stockholders' equity $ 12,375,953 $ 11,322,038




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