Yesterday, BankUnited Financial Corporation(BKUNA Quote) said it took a loss in the first quarter amid impairment charges and provisions for loan losses.
BankUnited reported a net loss of $65.8 million for the first quarter of 2008, following positive net income of $24.4 million in the same period the prior year. Last quarter saw a loss of $25.5 million.
Not surprising in the current environment, the thrift-holding company's loss was driven mainly by $98 million in quarterly provisions for loan losses, up from last quarter's already-high $65 million and just $4 million a year ago. Securities impairment charges of $25.5 million also contributed to the trouble.
BankUnited's common shares were down 5% on the day, closing at $3.70. Through yesterday, shares were down 46% year to date and down 83% for the 52-week period. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,308.26 | 1,096.07 | 2,180.05 | 34.87 |
Oil *
73.22
|
|
DOWN
132.86
|
DOWN
13.11
|
DOWN
26.86
|
DOWN
1.09
|
10 Yr
3.49%
SPDR Gold
107.34
|
|
-1.27%
|
-1.18%
|
-1.22%
|
-3.03%
|
Data delayed 20 minutes |
Connect with TheStreet