This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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

Stocks in this article: BKU

BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
           
 
 
Three Months Ended December 31, Years Ended December 31,
2012 2011 2012 2011
 
Interest income:
Loans $ 168,770 $ $142,185 $ 584,727 $ 512,728
Investment securities available for sale 31,951 31,856 131,198 122,626
Other   1,625   598   4,931   2,743
Total interest income   202,346   174,639   720,856   638,097
Interest expense:
Deposits 15,712 18,006 66,178 75,773
Borrowings   12,070   15,920   57,091   63,164
Total interest expense   27,782   33,926   123,269   138,937
Net interest income before provision for (recovery of) loan losses 174,564 140,713 597,587 499,160
Provision for (recovery of) loan losses (including $(1,640),
$(4,887), $(503) and $(7,692) for covered loans)   1,030   4,012   18,896   13,828
Net interest income after provision for (recovery of) loan losses   173,534   136,701   578,691   485,332
Non-interest income:
Accretion of discount on FDIC indemnification asset 793 10,654 15,306 55,901
Income from resolution of covered assets, net 11,414 11,708 51,016 18,776
Net gain (loss) on indemnification asset 20,572 42,955 (6,030) 79,812
FDIC reimbursement of costs of resolution of covered assets 6,154 6,928 19,569 31,528
Service charges and fees 3,276 2,733 12,716 11,128
Loss on sale of loans, net (including loss related to covered
loans of $29,333, $70,366, $29,270 and $70,366) (29,355) (70,117) (28,657) (69,714)
Gain (loss) on sale of investment securities available for sale, net 10,108 (79) 17,039 1,136
Loss on extinguishment of debt (14,175) - (14,175) -
Loss on termination of interest rate swap (8,701) - (8,701) -
Mortgage insurance income 862 4,676 9,772 16,904
Other non-interest income   4,551   3,884   21,392   17,746
Total non-interest income   5,499   13,342   89,247   163,217
Non-interest expense:
Employee compensation and benefits (including $110.4 million in equity
based compensation recorded in conjunction with the IPO for 2011) 40,717 40,971 173,261 272,991
Occupancy and equipment 15,689 10,405 54,465 36,680
Impairment of other real estate owned 1,946 2,746 9,926 24,569
(Gain) loss on sale of other real estate owned (2,665) (3,763) (4,164) 23,576
Other real estate owned expense 2,431 3,881 7,624 13,001
Foreclosure expense 2,973 4,590 12,644 18,976
Deposit insurance expense 2,112 1,828 7,248 8,480
Professional fees 4,016 5,126 15,468 17,330
Telecommunications and data processing 2,732 2,266 12,462 12,041
Other non-interest expense   8,751   7,775   34,139   28,161
Total non-interest expense   78,702   75,825   323,073   455,805
Income before income taxes 100,331 74,218 344,865 192,744
Provision for income taxes   37,829   32,938   133,605   129,576
Net income 62,502 41,280 211,260 63,168
Preferred stock dividends   1,137   -   3,899   -
Net income available to common stockholders $ 61,365 $ 41,280 $ 207,361 $ 63,168
Earnings per common share, basic $ 0.61 $ 0.41 $ 2.05 $ 0.63
Earnings per common share, diluted $ 0.61 $ 0.41 $ 2.05 $ 0.62
Cash dividends declared per common share $ 0.21 $ 0.14 $ 0.72 $ 0.56




9 of 14

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,380.41 +263.17 1.63%
S&P 500 1,886.76 +24.00 1.29%
NASDAQ 4,258.4380 +41.0480 0.97%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs