If one or more of these other risks, or uncertainties materialize towards the company’s underlying obstructions, prove to be incorrect, the company’s actual results may vary materially.From those indicated in these statements, these factors should not be construed as adaptive. The company does not undertake any obligation to publicly update or review any forward–looking statement whether as a result of new information, future developments or otherwise. A number of important factors may cause actual results to differ materially from those indicated by the forward–looking statements. It’s now my pleasure to introduce John Kanas, Chairman, President and Chief Executive Officer of BankUnited. John? John Kanas Good morning everybody. We are very pleased with the quarter obviously, we are reporting $45.6 million at $0.45 a share. Doug tells me that that is compared to consensus estimates of about 43. The risk story [ph] of this quarter is embedded in tracking our organic growth rate. Grew about $378 million for the quarter, most of which were commercial loans. This actually – this is actually running a substantially about what we had estimated it to be last quarter. And we are optimistic based on what we’re seeing that this kind of a growth rate, particularly commercial loans will continue on into the next few quarters. The commercial loan portfolios now just under a billion dollars by the year end. We expect that it will be, and the growth rate of loans annualized for the quarter is about 180% a year. We’re obviously benefiting from the fact that banking is badly dislocated, many of our competitor institutions are virtually out of business for one reason or another. I think they’re struggling with balance sheet problems, and regulatory problems. Some of which we expect – we’ll eventually sold out some loans leading to what we predicted a long time ago, a version of the national consolidation of banks here in Florida.
Demand deposits to transaction accounts grew significantly during the quarter and they amounted about 15% of deposit based that’s up from 4%, 5% when we got here. So all in all, we are very pleased – all in all we’re very pleased with the quarter and the financial results and are particularly riveted on the fact that organic growth seems to be gaining momentum.I reported to you earlier that when we first came to Florida, we started hiring Florida bankers and we really got to pick, I believe the pick of the litter of commercial bankers in South Florida in particular. And those teams have gained traction. And we’re finding that the more customers they bring, the more customers they bring. So we have been very impressed with the performance of that part of the bank. So as I said, in my quote, we really are the – a strategically important factors emerging here underneath the law share agreement and we are very pleased with those results. We’re on track with the new branches. I think we have 10 opening between now and January 1st all of which have been under construction this year, for most of this year to – to a new opening this past week in Palm Beach. That was greatly attended. And we are very encouraged by in the offset to a stronger start there. And many of these new locations as I reported to you before, are either relocations of some of the old branches, or actual new locations intents that we’ve not been represented in before. I guess the – anticipating a question with regard to M&A and I’m happy to answer them but we get that question frequently as to what’s going on, we thought that there’d be more consolidation already within the market. Read the rest of this transcript for free on seekingalpha.com