BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the third quarter of 2013.
For the quarter ended September 30, 2013, the Company reported net income of $54.3 million, or $0.52 per diluted share, as compared to $49.6 million, or $0.48 per diluted share, for the quarter ended September 30, 2012.
For the nine months ended September 30, 2013, the Company reported net income of $156.5 million, or $1.51 per diluted share, generating an annualized return on average stockholders’ equity of 11.27% and an annualized return on average assets of 1.61%. The Company reported net income of $148.8 million, or $1.44 per diluted share, for the nine months ended September 30, 2012.
John Kanas, Chairman, President and Chief Executive Officer, said, "This quarter was marked by compelling growth in both of our primary markets. We are particularly pleased with the increased momentum of our deposit growth."Performance Highlights
- New loans grew by $1.1 billion during the third quarter of 2013. For the nine months ended September 30, 2013, new loans increased by $2.5 billion to $6.2 billion.
- Total deposits increased by $817 million for the quarter ended September 30, 2013 to $9.8 billion, reflecting growth across all deposit categories. For the nine months ended September 30, 2013, total deposits grew by $1.3 billion.
- The net interest margin, calculated on a tax-equivalent basis, was 5.70% for the quarter ended September 30, 2013.
- Earnings for the quarter ended September 30, 2013 benefited from a reduction in the effective income tax rate, primarily due to a $3.6 million release of reserves for uncertain tax liabilities.
- Book value and tangible book value per common share were $18.70 and $18.01, respectively, at September 30, 2013.
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