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BankUnited, Inc. Reports Second Quarter 2013 Results, Strong Loan Growth

Stocks in this article: BKU

BankUnited, Inc. (the “Company”) (NYSE:BKU) today announced financial results for the second quarter of 2013.

For the quarter ended June 30, 2013, the Company reported net income of $54.0 million, or $0.52 per diluted share, as compared to $48.9 million, or $0.48 per diluted share, for the quarter ended June 30, 2012.

For the six months ended June 30, 2013, the Company reported net income of $102.2 million, or $0.99 per diluted share, generating an annualized return on average stockholders’ equity of 11.15% and an annualized return on average assets of 1.62%. The Company reported net income of $99.2 million, or $0.96 per diluted share, for the six months ended June 30, 2012.

John Kanas, Chairman, President and Chief Executive Officer, said, "The New York franchise is off to a very strong start. Combined with the remarkable recovery in the South Florida market, BankUnited is beginning to hit on all cylinders."

Performance Highlights

  • New loans grew by $1.1 billion during the second quarter of 2013. For the six months ended June 30, 2013, new loans increased by $1.4 billion to $5.1 billion, an annualized growth rate of 79%.
  • Deposits increased to $9.0 billion at June 30, 2013, with interest and non-interest bearing demand deposits totaling $2.2 billion, or 24% of total deposits.
  • The net interest margin, calculated on a tax-equivalent basis, was 6.14% for the quarter ended June 30, 2013.
  • We opened two additional banking centers in Manhattan during the second quarter of 2013, which was the first full quarter of operations for our New York franchise, bringing the total number of banking centers to four. One new branch opened in Florida during the quarter ended June 30, 2013.
  • The cost of deposits continued to trend downward to 0.64% for the second quarter of 2013 from 0.70% for the immediately preceding quarter.
  • Book value and tangible book value per common share were $18.43 and $17.74, respectively, at June 30, 2013.


BankUnited, Inc.’s capital position remains robust. The Company and its banking subsidiary exceed all regulatory guidelines required to be considered well capitalized. The Company’s regulatory capital ratios at June 30, 2013 were as follows:

Tier 1 leverage       13.7%
Tier 1 risk-based capital 27.9%
Total risk-based capital 28.9%

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