BankUnited Announces 13% Increase in Second Quarter Net Income; Loans and Deposits Grow Sharply; Dividend and Branch Expansion Highlight Quarter.CORAL GABLES Coral Gables, city (1990 pop. 40,091), Miami-Dade co., SE Fla., SW of Miami; inc. 1925. Founded at the height of the Florida land boom, Coral Gables is a noted planned city, with tree-lined boulevards and Mediterranean-style buildings. , Fla. -- BankUnited Financial Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BKUNA): Second Quarter 2005 Highlights: --Net income of $13.6 million, up 13% over the same quarter last year --Total deposits of $4.0 billion, up 18% from March 31st last year --Non-interest bearing deposits of $310 million, up 32% from March 31st last year --Non-performing assets as a percentage of total assets of 0.21%, down from 0.33% at March 31st last year --Total loan production of $1.1 billion, up 38% over the second quarter last year --Total assets of $9.3 billion, up 21% from March 31, 2004 --Branch network increases to 53 with three new branch openings BankUnited Financial Corporation (NASDAQ: BKUNA), parent of BankUnited FSB (FrontSide Bus) See system bus. FSB - front side bus , today reported record second quarter net income up 13% over the quarter ended March 31st, 2004. Net income for the quarter was $13.6 million, up 13% from $12.0 million for the same quarter last year. Basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. earnings were $0.45 and $0.42 per share, respectively, for the quarter, up from $0.40 and $0.37 per share, respectively, for the same quarter last year. Net income for the six months ended March 31, 2005, was $28.1 million, up 19% from $23.6 million for the same period in the prior year. Basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the six months were $0.93 and $0.87, respectively, as compared to $0.79 and $0.72 for the same period in the prior year. BankUnited's Chairman and Chief Executive Officer, Alfred Alfred, 849–99, king of Wessex (871–99), sometimes called Alfred the Great, b. Wantage, Berkshire. Early Life The youngest son of King Æthelwulf, he was sent in 853 to Rome, where the pope gave him the title of Roman consul. R. Camner, stated, "It was another strong quarter for BankUnited. Most of our key indicators show positive growth, including total deposits, loan production and non-interest bearing deposits. Additionally, we have stayed on track in our expansion by opening three new branches in our East Coast Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and market. "Mortgage production was so strong that we generated loans beyond our internal benchmarks. This allowed us to take advantage of demand for assets in the marketplace and sell the surplus. We intend to continue this strategy as opportunities arise in the future. "BankUnited and other financial intermediaries Financial intermediaries institution that provide the market function of matching borrowers and lenders or traders. have been affected by higher interest rates and a flattening
The flattening, ellipticity, or oblateness of an oblate spheroid is the "squashing" of the spheroid's pole, down towards its equator. yield curve. This has created higher levels of prepayments Prepayments Payments made in excess of scheduled mortgage principal repayments. in the mortgage area and has adversely impacted our margin. Nevertheless, we anticipate that strong mortgage loan production, the ongoing traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. of our micro-market strategy, the impact of new branches and our robust corporate and commercial pipelines will assist us during the next several quarters and beyond. "BankUnited's board of directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a dividend to shareholders of record as of April 15, 2005. This will reward eligible shareholders for their ongoing support and create opportunities for institutional shareholders who wish to invest in BankUnited but are limited to investing in dividend-paying stocks." BankUnited's President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Ramiro Ortiz Ortiz is a surname of Hispanic origin. It may refer to: Persons
"In addition, our corporate and commercial areas continue to perform at strong levels in both deposits and lending activity. In a highly competitive market, our team has repeatedly succeeded in making BankUnited our customers' bank of choice. We are ideally positioned to offer the best of both worlds - the personal service and attention provided by a neighborhood bank and the strength and diversity of products of a $9.3 billion institution." Loan Balances and Production Overall, loan production contributed to significant growth in BankUnited's loan balances during the quarter. BankUnited's total loans grew by $508 million, or 8%, during the quarter to $6.8 billion as of March 31, 2005. This growth included a $414 million increase in residential mortgage loan balances as well as a $63 million increase in commercial and commercial real estate loan balances. Total loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. increased 38% over the same quarter last year. Residential mortgage loan originations, which include specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. consumer mortgage loans originated through branch offices, were $884 million for the quarter, up 59% over the second quarter of last year. Consumer loan production, which excludes specialty consumer mortgage loans originated through branch offices, was $64 million this quarter, up 53% over the same quarter of last year. Deposit Growth Total deposits increased 18% to $4.0 billion at March 31, 2005, up from $3.4 billion at March 31, 2004. Non-interest bearing deposits were $310 million at March 31, 2005, up 32% from March 31, 2004. Core deposits, which include checking, savings and money market accounts, increased 2% to $1.6 billion as of March 31, 2005, as compared to March 31, 2004. This quarter, BankUnited emphasized em·pha·size tr.v. em·pha·sized, em·pha·siz·ing, em·pha·siz·es To give emphasis to; stress. [From emphasis.] Adj. 1. growth in time deposits including some lengthening lengthening (lengkˑ·the·ning), n the use of various massage or muscle energy techniques to relax and stretch muscle and connective tissue. of maturities in anticipation The performance of an act or obligation before it is legally due. In patent law, the publication of the existence of an invention that has already been patented or has a patent pending, of a rising rate environment. Net Interest Margin The net interest margin decreased this quarter to 1.72%, down from 1.81% for the preceding quarter. Increases in short-term interest rates Short-term interest rates Interest rates on loan contracts-or debt instruments such as Treasury bills, bank certificates of deposit or commerical paper-having maturities of less than one year. Often called money market rates. adversely affected BankUnited's margin primarily due to three factors. First, a significant portion of BankUnited's loan portfolio consists of adjustable rate mortgages This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. , of which a substantial amount is indexed to the Monthly Treasury Average. This index lags the increase in short-term interest rates. Second, prepayments of BankUnited's mortgage loans increased considerably at the end of the quarter. Third, BankUnited's funding costs rose not only to correspond to increases in general market interest rates but also in response to competitive deposit pricing pressures. Non-Interest Income Total non-interest income reached $7.8 million for the quarter, up 53% over the same quarter last year. Non-interest income included gains from the sale of loans, investments and mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. of $2.6 million for the quarter ended March 31, 2005, as compared to $1.9 million for the same quarter last year. As a result of the strong loan production, BankUnited sold loans in the secondary market and generated additional non-interest income. These sales may reoccur should the high demand in the secondary market for these loans continue. Fee income, which includes loan fees, deposit fees and other fees (excluding loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. fees), was $2.9 million for the second quarter of fiscal 2005, up 15% compared to the same quarter last year. Insurance and investment income for the quarter was $1.3 million, up 6% over the same quarter last year and up 30% from the preceding quarter. BankUnited's portfolio of residential loans serviced for others was $1.3 billion at March 31, 2005. BankUnited earned $0.8 million in fees on loans serviced for others during the quarter, offset by a like amount of amortization. There was no impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge recorded during the period. Expenses and Efficiency Ratio Non-interest expense increased $4.4 million for the quarter, or 21%, from the same quarter in the prior fiscal year. The increase primarily reflects the company's rapid expansion. During the quarter, BankUnited increased its branch network to 53 locations by opening three new branches, and it expects to open seven to 11 new branches by December December: see month. of 2005. The efficiency ratio was 54.96% for the quarter, an increase from 52.9% for the same quarter last year. Asset Quality Non-performing assets as a percentage of total assets increased to 0.21% from 0.19% for the previous quarter, and down from 0.33% at March 31, 2004. The net annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. charge-off Eliminate or write off. The term charge-off is used to describe the process of removing from the records of a company something that was once regarded as an asset but has subsequently become worthless. ratio for the quarter remained the same at 0.05% compared to the preceding quarter. There can be no assurance that additional provisions for loan losses will not be required in future periods. The allowance for loan losses as a percentage of total loans was 0.36% as of March 31, 2005, compared to 0.48% as of March 31, 2004, and 0.39% as of December 31, 2004. While the current level is relatively low compared to the banking industry in general, management believes the current allowance to be prudent given the composition of its loan portfolio, which is more than 90% secured by real estate, primarily residential properties. Capital Ratios and Book Value BankUnited FSB continues to maintain its strong capital position in excess of regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. . Core and risk-based capital ratios Risk-based capital ratio Bank requirement that there be a minimum ratio of estimated total capital to estimated risk-weighted asset. were 7.6% and 15.6%, respectively, at March 31, 2005. Book value per common share Book Value Per Common Share A measure used by owners of common shares in a firm to determine the level of safety associated with each individual share after all debts are paid accordingly. Formula: was $16.45 as of March 31, 2005, up from $15.77 at March 31, 2004. Dividends BankUnited's board of directors declared a cash dividend of one-half cent ($0.005) per share to be paid on April 29, 2005, to stockholders of record as of April 15, 2005. BankUnited anticipates that it will continue to declare TO DECLARE. To make known or publish. By tho constitution of the United States, congress have power to declare war. In this sense the word, declare, signifies, not merely to make it known that war exists, but also to make war and to carry it on. 4 Dall. 37; 1 Story, Const. Sec. and pay such dividends on a quarterly basis subject to termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. at any time at the sole discretion of the board. The amount of the dividend is nominal Trifling, token, or slight; not real or substantial; in name only. Nominal capital, for example, refers to extremely small or negligible funds, the use of which in a particular business is incidental. NOMINAL. Relating to a name. as BankUnited continues to focus on growth and expansion while retaining funds for the potential repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of its stock on the open market under its repurchase program announced October October: see month. 24, 2002. About BankUnited BankUnited Financial Corp. (NASDAQ: BKUNA) is the holding company for BankUnited FSB, the largest banking institution headquartered in Florida as measured by assets. BankUnited had assets of $9.3 billion at March 31, 2005. Serving customers in Miami-Dade, Broward Broward could refer to:
A conference call to discuss the earnings for the quarter will be held on Monday Monday: see week. , April 18, at 2 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT , with Chairman and Chief Executive Officer Alfred R. Camner, President and Chief Operating Officer Ramiro Ortiz and Chief Financial Officer Bert Lopez Lo·pez , Nancy Born 1957. American golfer who in 1987 achieved her 35th career victory and was inducted into the Ladies Professional Golf Association Hall of Fame. . The toll-free dial-in number for the conference call is 800-967-7185. The call leader is Alfred R. Camner. The name of the call is BankUnited, and the access code for the call is 2245909. A replay of the call will be available from 4 p.m. EDT on April 18 through 11:59 p.m. EDT on April 24, by calling toll-free 888-203-1112 (domestic) or 719-457-0820 (international). The pass code for the replay is: 2245909. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release may contain certain forward-looking statements, which are based on management's expectations regarding factors that may impact the Company's earnings and performance in future periods. Words and phrases Words and Phrases® A multivolume set of law books published by West Group containing thousands of judicial definitions of words and phrases, arranged alphabetically, from 1658 to the present. such as: "will likely result," "expect," "will continue," "anticipate," "estimate," "project," "believe," "intend," "should," "may," "can," "could," "plan," "target" and similar expressions are intended to identify "forward-looking statements." Actual results or performance could differ from those implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. or contemplated by such statements. Factors that could cause future results and performance to vary materially from current management expectations include, but are not limited to, general business and economic conditions; fiscal and monetary policies; war and terrorism terrorism, the threat or use of violence, often against the civilian population, to achieve political or social ends, to intimidate opponents, or to publicize grievances. ; changes in interest rates; deposit flows; loan demand and real estate values; competition with other providers of financial products and services; the issuance or redemption The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. of additional company equity or debt; volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the in the market price of our common stock; changes in accounting principles, policies or guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. ; changes in laws or regulation; reliance on other companies for products and services; and other economic, competitive, servicing capacity, governmental, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and technological factors affecting the company's operations, pricing, products and delivery of services.
BankUnited Financial Corporation
Quarter Ended March 31, 2005 Earnings Release
----------------------------------------------------------------------
For the For the
Three Months Ended Six Months Ended
March 31, Dec. 31, March 31, March 31,
----------------------------------------------------------------------
Operations Data: 2005 2004 2004 2005 2004
---------------------- --------- -------- --------- --------- --------
(dollars and shares in thousands, except per share amounts)
Interest income:
Interest and fees
on loans $ 78,404 $70,103 $55,095 $148,507 $109,456
Interest on
mortgage-backed
securities 16,884 18,236 20,189 35,120 39,986
Interest and
dividends on
investments and
other
interest-earning
assets 5,657 5,343 5,055 11,000 9,598
-------- ------- ------- -------- --------
Total interest
income 100,945 93,682 80,339 194,627 159,040
Interest expense:
Interest on deposits 21,901 19,096 17,902 40,997 36,172
Interest on
borrowings 37,099 33,516 25,151 70,615 51,151
Interest on trust
preferred securities
and subordinated
debentures 3,141 2,789 2,322 5,930 4,674
-------- ------- ------- -------- --------
Total interest
expense 62,141 55,401 45,375 117,542 91,997
-------- ------- ------- -------- --------
Net interest income 38,804 38,281 34,964 77,085 67,043
Provision for loan
losses 1,050 1,150 1,200 2,200 2,175
-------- ------- ------- -------- --------
Net interest income
after provision for
loan losses 37,754 37,131 33,764 74,885 64,868
Other income:
Loan servicing fees,
net of amortization 38 88 (317) 126 (1,090)
Impairment of
mortgage servicing
rights - - (1,200) - (1,200)
Loan fees 1,336 1,154 994 2,490 1,933
Deposit fees 1,010 1,106 1,044 2,116 2,163
Other fees 517 518 459 1,035 939
Gain on sales of
loans, securities,
and other assets (1) 2,565 2,003 1,861 4,568 3,018
Insurance and
investment income 1,252 963 1,184 2,215 2,126
Other income 1,118 1,115 1,084 2,233 2,282
-------- ------- ------- -------- --------
Total other income 7,836 6,947 5,109 14,783 10,171
Other expense:
Employee
compensation 12,843 11,196 10,676 24,039 21,480
Occupancy and
equipment 5,391 5,001 4,332 10,392 8,036
Professional fees 1,307 848 1,024 2,155 2,344
Telecommunications
and data processing 1,527 1,619 1,409 3,146 2,793
Advertising and
promotion expense 1,375 1,444 1,287 2,819 2,438
Insurance 381 382 370 763 727
Other operating
expenses 2,811 2,232 2,104 5,043 2,497
-------- ------- ------- -------- --------
Total other expense 25,635 22,722 21,202 48,357 40,315
-------- ------- ------- -------- --------
Income before income
taxes 19,955 21,356 17,671 41,311 34,724
Provision for income
taxes 6,399 6,831 5,633 13,230 11,136
-------- ------- ------- -------- --------
Net income $ 13,556 $14,525 $12,038 $ 28,081 $ 23,588
======== ======= ======= ======== ========
Earning Per Share
Data:
Net income $ 13,556 $14,525 $12,038 $ 28,081 $ 23,588
Preferred stock
dividends 103 103 99 207 180
-------- ------- ------- -------- --------
Net income available
to common
stockholders $ 13,453 $14,422 $11,939 $ 27,874 $ 23,408
======== ======= ======= ======== ========
Basic earnings per
common share: $ 0.45 $ 0.48 $ 0.40 $ 0.93 $ 0.79
======== ======= ======= ======== ========
Weighted average
common shares 30,116 30,023 29,835 30,053 29,760
======== ======= ======= ======== ========
Diluted earnings per
common share: $ 0.42 $ 0.45 $ 0.37 $ 0.87 $ 0.72
======== ======= ======= ======== ========
Weighted average
diluted common shares 32,432 32,381 32,683 32,415 32,553
======== ======= ======= ======== ========
(1) Consists of the following:
For the For the
Three Months Ended Six Months Ended
March 31, Dec. 31, March 31, March 31,
---------------------------- -------------------
2005 2004 2004 2005 2004
--------- --------- -------- --------- ---------
Gain (loss) on
sales of investments
and mortgage-backed
securities $ 705 $ 1,481 $ 333 $ 2,186 $ (262)
Gain on sales of
loans and other
assets $ 1,860 $ 522 $ 1,528 $ 2,382 $ 3,280
BankUnited Financial Corporation
Quarter Ended March 31, 2005 Earnings Release (continued)
----------------------------------------------------------------------
As of As of As of
March 31, Dec. 31, March 31,
----------------------------------------------------------------------
Selected Balance Sheet Data: 2005 2004 2004
----------------------------------- ----------- ----------- ----------
(In thousands)
Asset Data:
Total assets $9,260,660 $8,914,672 $7,650,003
Cash and cash equivalents $ 64,178 $ 44,766 $ 45,077
Investment securities $ 304,840 $ 346,489 $ 339,506
Mortgage-backed securities $1,670,556 $1,826,121 $2,226,105
Loans:
Residential loans $5,706,332 $5,282,999 $3,727,975
Commercial and commercial
real estate loans 826,779 763,972 678,241
Consumer loans (1) 213,529 192,171 148,807
Unearned discounts, premiums
and loan fees 91,145 81,056 44,883
Allowance for loan losses (24,777) (24,447) (22,665)
---------- ---------- ----------
Loans receivable, net
(excluding loans held for
sale) $6,813,008 $6,295,751 $4,577,241
========== ========== ==========
Loans held for sale $ 16,945 $ 25,874 $ 123,590
FHLB Stock $ 158,539 $ 152,609 $ 130,716
Liability Data:
Total liabilities $8,756,878 $8,412,665 $7,171,927
Deposits:
Non-interest bearing deposits $ 309,923 $ 262,028 $ 235,346
Interest bearing checking and
money market deposits 388,322 417,649 376,191
Savings 947,531 1,006,511 1,005,806
---------- ---------- ----------
Total core deposits 1,645,776 1,686,188 1,617,343
Certificates of deposit 2,398,126 2,040,595 1,808,901
---------- ---------- ----------
Total deposits $4,043,902 $3,726,783 $3,426,244
========== ========== ==========
Borrowings (2) $4,311,839 $4,301,404 $3,352,886
Convertible debt $ 120,000 $ 120,000 $ 120,000
Trust preferred securities
and subordinated debentures $ 195,482 $ 195,841 $ 165,544
Equity Data:
Total stockholders' equity $ 503,782 $ 502,007 $ 478,076
Preferred equity $ 6,299 $ 6,299 $ 5,857
AVERAGE BALANCE SHEET DATA (Three months ended)
Loans, net (3) $6,638,455 $6,025,555 $4,487,520
Investment securities $ 338,531 $ 338,365 $ 327,668
Mortgage-backed securities $1,763,429 $1,955,160 $2,111,979
Interest-earning assets (4) $8,898,079 $8,473,779 $7,047,261
Assets $9,170,970 $8,718,877 $7,297,054
Interest bearing deposits $3,566,115 $3,326,726 $3,112,017
Non-interest-bearing deposits $ 272,770 $ 247,454 $ 206,864
Other borrowings (2) $4,435,180 $4,263,078 $3,241,729
Convertible debt $ 120,000 $ 120,000 $ 43,516
Trust preferred securities and
subordinated debentures $ 195,805 $ 175,702 $ 164,900
Interest-bearing liabilities $8,317,100 $7,885,507 $6,562,162
Liabilities $8,667,929 $8,223,505 $6,834,710
Stockholders' equity $ 503,041 $ 495,372 $ 462,343
(1) Includes home equity loans and lines of credit, excludes
consumer mortgage products which are included in Residential
Loans.
(2) Includes FHLB advances, repurchase agreements, and senior
notes.
(3) Includes loans held for sale.
(4) Excludes non-accruing loans.
BankUnited Financial Corporation
Quarter Ended March 31, 2005 Earnings Release (continued)
---------------------------------------------------------------------
For the Three Months Ended
March 31, Dec. 31, March 31,
----------------------------------------------------------------------
Selected Data: 2005 2004 2004
------------------------------------------ -------- -------- -------
Quarterly Performance Data:
Return on average tangible common equity 11.49% 12.52% 11.16%
Return on average assets 0.59% 0.67% 0.66%
Yield on interest-earning assets 4.54% 4.40% 4.55%
Cost of interest-bearing liabilities 3.03% 2.79% 2.78%
Net interest yield on earning assets
(margin) 1.72% 1.81% 1.99%
Net interest spread 1.51% 1.61% 1.77%
Efficiency Ratio 54.96% 50.24% 52.91%
For the Six Months Ended
March 31, March 31,
------- -------
Year to Date Performance Data: 2005 2004
------- -------
Return on average tangible common equity 12.00% 11.16%
Return on average assets 0.63% 0.66%
Yield on interest-earning assets 4.48% 4.58%
Cost of interest-bearing liabilities 2.91% 2.83%
Net interest yield on earning assets
(margin) 1.77% 1.95%
Net interest spread 1.57% 1.75%
Efficiency Ratio 52.64% 52.21%
As of
------------------------------
March 31, Dec. 31, March 31,
------------------------------
2005 2004 2004
-------- -------- -------
Equity Data: (dollars and shares in thousands,
except per share amounts)
Book value per common share $ 16.45 $ 16.39 $ 15.77
Closing price of Class A
Common Stock $ 26.86 $ 31.95 $ 29.70
Common shares outstanding 30,249 30,239 29,936
Average equity to average assets
(3 mos.) 5.49% 5.68% 6.34%
Capital Ratios:
Tangible capital ratio (1) 7.6% 7.3% 7.2%
Tier 1 core capital ratio (1) 7.6% 7.3% 7.2%
Total risk-based capital ratio (1) 15.6% 15.2% 15.5%
Non-Performing Assets:
Non-accrual loans $18,132 $14,998 $21,645
Restructured loans 362 364 371
Loans 90 day past due and still
accruing 41 39 52
-------- -------- -------
Total non-performing loans 18,535 15,401 22,068
Non-accrual tax certificates - - 212
Real estate owned 1,355 1,602 2,975
-------- -------- -------
Total non-performing assets $19,890 $17,003 $25,255
======== ======== ========
Allowance for losses on tax
certificates $ - $ - $ 208
Allowance for loan losses 24,777 24,447 22,665
-------- -------- -------
Total allowance $24,777 $24,447 $22,873
======== ======== ========
Non-performing assets to total assets 0.21% 0.19% 0.33%
Non-performing loans to total loans 0.27% 0.24% 0.47%
Allowance for loan losses as a
percentage of total loans 0.36% 0.39% 0.48%
Allowance for loan losses as a
percentage of non-performing loans 133.68% 158.74% 102.71%
Net charge-offs for the three months
ended $ 720 $ 782 $ 660
Net annualized year-to-date
charge-offs as a percentage of
average total loans 0.05% 0.05% 0.05%
(1) Capital ratios are for BankUnited FSB only.
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