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

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

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