BankUnited Announces Record Quarterly Net Income, Expanded Net-interest Margin and Loan Production; Assets of Largest Bank Headquartered in Florida Reach $12.9 Billion.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):
Third-Quarter 2006 Highlights:
-- Record net income of $23.8 million
-- Net-interest margin of 2.18%, up 52 basis points from the same
quarter last year
-- Total deposits of $5.9 billion, up 39% from June 30th last
year
-- Core deposits of $4.2 billion, up 35% from June 30th last year
-- Total assets of $12.9 billion, up 29% from June 30th last year
-- Total loan production of $1.8 billion, up 17% over same
quarter last year
-- Two new branch locations, one additional market
BankUnited Financial Corporation (NASDAQ:BKUNA), parent company of BankUnited FSB (FrontSide Bus) See system bus. FSB - front side bus , today reported record net income of $23.8 million for the quarter ended June June: see month. 30, 2006, compared to $(14.8) 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 for the third quarter of 2006 were $0.65 and $0.62 per share, respectively, up from $(0.50) and $(0.50) per share, respectively, for the same quarter last year. Earnings per share for this quarter ended June 30, 2006, include the fully dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). of 5.75 million shares of Class A common stock issued in the January January: see month. 2006 public offering. Net income for the nine months ended June 30, 2006, was $59.7 million, compared to $13.2 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 nine-month period were $1.77 and $1.66, respectively, as compared to $0.43 and $0.41 for the same period in the prior year. The net loss for the quarter ended June 30, 2005, included an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charge of $24.6 million related to the company's prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of Federal Home Loan Bank of Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. (FHLB FHLB Federal Home Loan Bank ) advances and the settlement of related swaps. Excluding losses related to the FHLB prepayments Prepayments Payments made in excess of scheduled mortgage principal repayments. , BankUnited's net income for the quarter ended June 30, 2005, was $9.8 million, and the basic and diluted earnings were $0.32 and $0.30 per share, respectively. Excluding losses related to FHLB prepayments, net income for the nine months ended June 30, 2005, was $37.9 million, and the basic and diluted earnings were $1.25 and $1.17 per share, respectively. For more information, please see the reconciliation of GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). to non-GAAP measures. "The dedicated effort of each and every member of the BankUnited team has led to outstanding results this quarter," said 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, BankUnited's chairman and chief executive officer. "Our double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. growth in key financial measures is the result of a focused daily effort and ongoing commitment to our customers. Programs we implemented in previous quarters to improve margin, reduce the rate of repayments and maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. loan sale opportunities have all gained 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. . Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , our asset quality continues to remain strong as the company grows." Ramiro Ortiz Ortiz is a surname of Hispanic origin. It may refer to: Persons
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , added, "We have a lot to be proud of this quarter. In addition to 34% year-over-year growth in our commercial, commercial real estate and consumer portfolios, we hit new records in several loan and deposit categories. On the retail side, as larger out-of-state out-of-state adj. Of, relating to, or being from another state. banks move into 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 , our micro-market strategy differentiates us from the competition. By understanding and reacting to the unique needs of the neighborhoods we serve, we are able to give consumers the products and services they really want. Our branch expansion plans for the next few quarters include movement into several new markets and the addition of branches within our existing footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. . We are confident that our new locations will contribute at the same pace as the branches we have opened in the previous 12 months." Net-Interest Margin The net-interest margin improved to 2.18% this quarter from 2.07% for the preceding quarter, and was up from 1.66% for the same quarter last year. BankUnited's margin continued to expand due to the success of the commercial banking strategies, the further development of the mortgage product offerings and the execution of programs implemented in prior quarters, including those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc prepayments. The improvement in margin has continued even as the Federal Reserve has increased rates. Should the Fed slow down or pause in its increases, it is anticipated that BankUnited's net-interest margin could significantly benefit from further upward re-pricing 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. without a commensurate com·men·su·rate adj. 1. Of the same size, extent, or duration as another. 2. Corresponding in size or degree; proportionate: a salary commensurate with my performance. 3. increased pricing of the bank's liabilities. Deposit Growth Total deposits increased 39% to $5.9 billion at June 30, 2006, up from $4.2 billion at June 30, 2005. Core deposits, which, consistent with industry practice were redefined during the quarter ended March 31, 2006, to include certificates of deposit of $100,000 and less, increased to $4.2 billion at June 30, 2006, up 35% from June 30, 2005. Non-interest bearing deposits rose to $385 million at June 30, 2006, up 18% from June 30, 2005. Loan Production and 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. were $1.8 billion for the quarter, up 17% over the third quarter of last year. Total loans grew by $627 million, or 6%, during the quarter to $10.5 billion as of June 30, 2006. 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 $1.6 billion for the quarter, up 42% over the third quarter of last year. Residential mortgage loan balances increased $633 million during the quarter to $8.9 billion at June 30, 2006. Although the national housing market is showing signs of a slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. , BankUnited continues to experience strong loan production. During the quarter BankUnited originated $1.5 billion of Monthly Treasury Average (MTA (1) (Message Transfer Agent or Mail Transfer Agent) The store and forward part of a messaging system. See messaging system. (2) See M Technology Association. 1. (messaging) MTA - Message Transfer Agent. ) option ARM residential loans, an increase of 60% over the third quarter of last year. For the quarter ended June 30, 2006, option ARM loans comprised 92% of BankUnited's residential loan production, compared to 82% during the third quarter last year. The majority of these loans contain payment options that enable borrowers to select from different types of mortgage payments each month. If the borrower BORROWER, contracts. He to whom a thing is lent at his request. 2. The contract of loan confers rights, and imposes duties on the borrower' 1. In general, he has the right to use the thing borrowed, during the time and for the purpose intended between the selects a minimum payment option, interest may be added to the original loan balance, which results in negative amortization. The average Loan-to-Value (LTV LTV See: Loan-to-value ratio ) of BankUnited's MTA loans at inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. was 77%, as of June 30, 2006. The average LTV of the MTA portfolio after the inclusion of the purchase mortgage insurance was 73%. In almost all circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , loans produced with LTVs greater than 80% require the purchase of mortgage insurance. Current LTVs may actually be lower than stated due to appreciation of housing markets as well as reduction of principal. The average balance of an MTA loan in the portfolio as of June 30, 2006, was $299,000. As of June 30, 2006, the portfolio of MTA loans of $6.0 billion had negative amortization of $57 million, or 1%. As of June 30, 2006, less than 4% of MTA loans in the portfolio had negative amortization greater than 3% of the original principal amount. Consumer loan balances, which exclude specialty consumer mortgage loans originated through branch offices, grew by $108 million, or 44%, to $354 million from June 30, 2005. Commercial and commercial real estate loan balances grew to $1.1 billion at June 30, 2006, up 32% from June 30th last year. Non-Interest Income Total non-interest income was $10.5 million for the quarter, up 183% from the same quarter last year. 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 $3.0 million for the third quarter of fiscal 2006, up 35% from the same quarter last year. As part of its ongoing strategic balance sheet management process BankUnited sold $495 million of residential mortgage loans during the quarter, which resulted in a gain of $5.0 million, up 168% when compared to loans sales of $424 million with a gain of $1.9 million for the quarter ended March 31, 2006. The increase in both volume and gain on loan sales reflect the markets' favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. perception of BankUnited's mortgage products and underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. standards. BankUnited's portfolio of residential loans serviced for others was $1.6 billion at June 30, 2006. Servicing and ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. fees, net of amortization, resulted in fee income of $983,000 for the quarter, compared to a loss of $140,000 for the same quarter in 2005. This portfolio had an 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. adjustment of $540,000 during the current quarter, compared to $130,000 for the same quarter last year. Expenses and Efficiency Ratio Non-interest expense was $40.2 million for the quarter, compared to $65.3 million for the same quarter in 2005. Excluding a $36.5 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta prepayment fee on FHLB debt, non-interest expense was $28.8 million for the quarter ended June 30, 2005. Non-interest expense for the quarter ended June 30, 2006, increased 40% from the quarter ended June 30, 2005, excluding the FHLB prepayment fees. This increase reflects the company's aggressive expansion in its branch network, operations and support areas. The efficiency ratio for the quarter was 52%, a decrease from 153.8% for the same quarter last year. Excluding the FHLB prepayment fees, the efficiency ratio for the quarter ended June 30, 2005, would have been 62.8%. Asset Quality Non-performing assets as a percentage of total assets increased slightly to 0.11% from the 0.09% for the previous quarter, and from 0.10% for the quarter ended June 30, 2005. There is no guarantee that BankUnited's low levels of non-performing assets will be sustainable in the future. The allowance for loan losses as a percentage of total loans was 0.31% as of June 30, 2006, compared to 0.33% as of June 30, 2005, and 0.31% as of March 31, 2006. Capital 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 7.13% and 14.02%, respectively, at June 30, 2006. 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 $19.27 as of June 30, 2006, up from $16.29 at June 30, 2005. The book value includes the full effect of the company's offering of 5.75 million shares of its Class A common stock at a price of $26.25 during the second quarter of 2006. The offering raised approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $150.9 million. 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. and paid its sixth consecutive cash dividend of one-half cent ($0.005) per share of its Class A Common Stock on June 30, 2006, to stockholders of record as of June 15, 2006. About BankUnited BankUnited Financial Corp. (NASDAQ:BKUNA) is the holding company for BankUnited FSB, the largest banking institution headquartered in Florida. BankUnited had assets of $12.9 billion at June 30, 2006. Serving customers through 73 branches in 11 coastal counties, including Miami-Dade, Broward Broward could refer to:
manatee Any of three species (family Trichechidae) of slow-moving, shallow-water herbivorous mammals. Manatees have a tapered body ending in a rounded flipper, no hind flippers, and foreflippers near the head. , Hillsborough Hillsborough or Hillsboro is the name of a number of cities and counties throughout the world. Some take their names directly or indirectly from Hillsborough, South Yorkshire, in England (see below), and others from Hillsborough, County Down in Northern Ireland. , Sarasota Sarasota (sâr'əsō`tə), city (1990 pop. 50,961), seat of Sarasota co., SW Fla., on Sarasota Bay; settled c.1884, inc. 1914. and Lee, BankUnited offers a full spectrum of consumer and commercial banking products and services, including online products that can be accessed through http://www.bankunited.com. For additional information, call (877) 779-2265. A conference call to discuss the earnings for the quarter will be held 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 on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , July July: see month. 14, with Chairman and Chief Executive Officer Alfred R. Camner, President and Chief Operating Officer Ramiro Ortiz, 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. and Executive Vice President of Corporate Finance James Foster James Foster may refer to:
The toll-free dial-in number for the conference call is (800) 720-5032 (domestic) or (706) 643-9526 (international). The call leader is Alfred R. Camner. The name of the call is BankUnited, and the access code for the call is 2385717. A replay of the call will be available from 5:30 p.m. EDT on July 14 through 11:59 p.m. EDT on July 21, by calling toll-free (800) 642-1687 (domestic) or (706) 645-9291 (international). The pass code for the replay is 2385717. 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; events beyond our control including natural disasters and significant weather events such as hurricanes; 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 June 30, 2006 Earnings Release
----------------------------------------------------------------------
For the Three For the Nine
Months Ended Months Ended
June 30, March 31, June 30, June 30,
----------------------------------------------------------------------
Operations Data: 2006 2006 2005 2006 2005
----------------------------------------------------------------------
(dollars and shares in thousands, except per share
amounts)
Interest income:
Interest and
fees on loans $168,144 $141,479 $88,637 $430,632 $238,491
Interest on
mortgage-backed
securities 15,119 16,293 15,341 48,042 50,461
Interest and
dividends on
investments
and other
interest-
earning assets 7,082 6,619 5,864 19,590 16,864
--------- --------- --------- --------- ---------
Total interest
income 190,345 164,391 109,842 498,264 305,816
Interest expense:
Interest on
deposits 54,246 44,732 26,160 138,150 67,157
Interest on
borrowings 65,308 56,094 41,522 170,682 112,137
Interest on
trust
preferred
securities and
subordinated
debentures 3,996 3,812 3,395 11,571 9,325
--------- --------- --------- --------- ---------
Total interest
expense 123,550 104,638 71,077 320,403 188,619
--------- --------- --------- --------- ---------
Net interest
income 66,795 59,753 38,765 177,861 117,197
Provision for
loan losses 1,200 2,300 800 5,800 3,000
--------- --------- --------- --------- ---------
Net interest
income after
provision for
loan losses 65,595 57,453 37,965 172,061 114,197
Other income:
Loan servicing
fees, net of
amortization 983 864 (140) 2,414 (14)
Impairment of
mortgage
servicing rights (540) (330) (130) (870) (130)
Loan fees 838 954 592 2,501 1,735
Deposit fees 1,375 1,338 1,066 4,030 3,182
Other fees 795 707 572 2,142 1,607
Gain on sales of
loans,
securities, and
other assets (1) 4,973 1,872 929 8,735 5,497
Insurance and
investment income 921 1,312 970 3,128 3,185
Settlement on swap
related debt
extinguishment - - (1,369) - (1,369)
Other income 1,149 696 1,217 3,499 3,450
--------- --------- --------- --------- ---------
Total other income 10,494 7,413 3,707 25,579 17,143
Other expense:
Employee
compensation 20,511 17,811 13,231 55,083 37,270
Occupancy and
equipment 8,012 7,355 7,214 22,310 17,606
Professional
fees 1,733 1,417 2,168 4,646 4,323
Telecommunications
and data
processing 2,707 2,336 1,886 7,168 5,032
Advertising and
promotion expense 2,019 1,664 1,434 5,081 4,253
Debt
extinguishment - - 36,548 - 36,548
Other operating
expenses 5,213 4,789 2,841 13,712 8,647
--------- --------- --------- --------- ---------
Total other expense 40,195 35,372 65,322 108,000 113,679
--------- --------- --------- --------- ---------
Income before
income taxes 35,894 29,494 (23,650) 89,640 17,661
Provision for
income taxes 12,069 9,806 (8,841) 29,953 4,389
--------- --------- --------- --------- ---------
Net income $23,824 $19,688 $(14,809) $59,687 $13,272
========= ========= ========= ========= =========
Earning Per Share
Data:
Net income $23,824 $19,688 $(14,809) $59,687 $13,272
Preferred stock
dividends 118 118 112 355 319
--------- --------- --------- --------- ---------
Net income
available to
common
stockholders $23,706 $19,570 $(14,921) $59,332 $12,953
========= ========= ========= ========= =========
Basic earnings per
common share: $0.65 $0.57 $(0.50) $1.77 $0.43
========= ========= ========= ========= =========
Weighted average
common shares
outstanding 36,212 34,453 30,134 33,596 30,062
========= ========= ========= ========= =========
Diluted earnings
per common share: $0.62 $0.54 $(0.50) $1.66 $0.41
========= ========= ========= ========= =========
Weighted average
diluted common
shares outstanding 38,629 36,663 30,134 35,879 32,366
========= ========= ========= ========= =========
For the Three For the Nine
Months Ended Months Ended
(1) Consists of the
following: June 30, March 31, June 30, June 30,
----------------------------- -------------------
2006 2006 2005 2006 2005
----------------------------- -------------------
Gain on sales
of investments
and mortgage-
backed
securities $- $- $1,025 $- $3,514
Gain on sales
of loans and
other assets $4,973 $1,872 $(96) $8,735 $1,983
BankUnited Financial Corporation
Quarter Ended June 30, 2006
Earnings Release (continued) As of
------------------------------- ------------ ------------ -----------
June 30, March 31, June 30,
------------------------------- ------------ ------------ -----------
Selected Balance Sheet Data: 2006 2006 2005
------------------------------- ------------ ------------ -----------
(In thousands)
Asset Data:
Total assets $12,877,044 $12,208,421 $9,944,114
Cash and cash equivalents $111,188 $90,673 $107,614
Investment securities $294,652 $291,909 $287,547
Mortgage-backed securities $1,301,836 $1,393,735 $1,503,236
Loans:
Residential loans $8,880,138 $8,247,610 $6,349,652
Commercial and commercial
real estate loans 1,140,008 1,187,113 864,798
Consumer loans (1) 353,812 327,989 246,119
Unearned discounts, premiums
and loan fees 177,236 159,914 106,895
Allowance for loan losses (32,349) (30,575) (24,926)
------------ ------------ -----------
Loans receivable, net
(excluding loans held
for sale) $10,518,845 $9,892,051 $7,542,538
============ ============ ===========
Loans held for sale $109,967 $14,650 $25,602
FHLB Stock $240,042 $222,132 $175,193
Liability Data:
Total liabilities $12,163,650 $11,517,890 $9,444,451
Deposits:
Non-interest bearing
deposits $384,812 $395,264 $326,357
Interest bearing checking
and money market deposits 378,707 397,359 389,443
Savings 1,340,311 1,349,238 942,065
Certificates of deposit
$100,000 and less 2,120,092 1,857,796 1,460,601
------------ ------------ -----------
Total core deposits (2) 4,223,922 3,999,657 3,118,466
Certificates of deposit over
$100,000 1,631,118 1,453,466 1,104,519
------------ ------------ -----------
Total deposits $5,855,040 $5,453,123 $4,222,985
============ ============ ===========
Borrowings (3) $5,845,412 $5,634,562 $4,798,227
Convertible senior notes $120,000 $120,000 $120,000
Trust preferred securities and
subordinated debentures $195,874 $195,957 $196,250
Equity Data:
Total stockholders' equity $713,394 $690,531 $499,663
Preferred equity $7,268 $7,268 $6,562
AVERAGE BALANCE SHEET DATA
(Three months ended)
Loans, net (4) $10,289,935 $9,373,969 $7,181,767
Investment securities $290,337 $292,373 $300,227
Mortgage-backed securities $1,357,336 $1,459,649 $1,614,157
Interest-earning assets $12,189,501 $11,364,984 $9,286,648
Assets $12,539,956 $11,697,353 $9,553,882
Interest bearing deposits $5,294,892 $4,834,625 $3,792,216
Non-interest-bearing deposits $381,425 $366,455 $310,098
Other borrowings (3) $5,690,041 $5,421,407 $4,519,851
Convertible debt $120,000 $120,000 $120,000
Trust preferred securities and
subordinated debentures $195,924 $195,095 $195,458
Interest-bearing liabilities $11,300,858 $10,571,126 $8,627,525
Liabilities $11,832,751 $11,050,624 $9,041,377
Stockholders' equity $707,206 $646,729 $512,505
(1) Includes home equity loans and lines of credit, excludes consumer
mortgage products which are included in Residential Loans.
(2) Core deposits have been redefined to include certificates of
deposits $100,000 and less in addition to checking, savings and
money market accounts.
(3) Includes FHLB advances, repurchase agreements, and federal funds
purchased.
(4) Includes loans held for sale.
BankUnited Financial Corporation
Quarter Ended June 30, 2006 Earnings Release (continued)
----------------------------------------------------------------------
For the Three Months Ended
June 30, March 31, June 30,
----------------------------------------- -------- --------- --------
Selected Data: 2006 2006 2005
----------------------------------------- -------- --------- --------
Quarterly Performance Data:
Return on average tangible common equity 14.12% 12.81% -12.49%
Return on average assets 0.76% 0.67% -0.62%
Yield on interest-earning assets 6.25% 5.80% 4.73%
Cost of interest-bearing liabilities 4.38% 4.01% 3.30%
Net interest yield on earning assets
(margin) 2.18% 2.07% 1.66%
Net interest spread 1.87% 1.80% 1.43%
Efficiency Ratio 52.01% 52.66% 153.80%
For the Nine
Months Ended
June 30, June 30,
-------- ---------
Year to Date Performance Data: 2006 2005
-------- ---------
Return on average tangible common equity 13.48% 3.68%
Return on average assets 0.68% 0.19%
Yield on interest-earning assets 5.85% 4.59%
Cost of interest-bearing liabilities 4.05% 3.05%
Net interest yield on earning assets
(margin) 2.08% 1.73%
Net interest spread 1.80% 1.52%
Efficiency Ratio 53.09% 84.62%
As of
June 30, March 31, June 30,
-------- --------- --------
2006 2006 2005
-------- --------- --------
(dollars and
shares in
thousands, except
per share
Equity Data: amounts)
Book value per common share $19.27 $18.85 $16.29
Tangible book value per common share $18.50 $18.07 $15.35
Closing price of Class A Common Stock $30.52 $27.04 $27.04
Common shares outstanding 36,641 36,247 30,269
Average equity to average assets (3 mos.) 5.64% 5.53% 5.36%
Capital Ratios:
Tangible capital ratio (1) 7.1% 7.3% 7.2%
Tier 1 core capital ratio (1) 7.1% 7.3% 7.2%
Total risk-based capital ratio (1) 14.0% 14.3% 14.7%
Non-Performing Assets:
Non-accrual loans $13,230 $10,794 $8,509
Restructured loans - - -
Loans 90 day past due and still accruing 51 366 537
-------- --------- --------
Total non-performing loans 13,281 11,160 9,046
Real estate owned 666 224 524
-------- --------- --------
Total non-performing assets $13,947 $11,384 $9,570
======== ========= ========
Allowance for loan losses $32,349 $30,575 $24,926
Non-performing assets to total assets 0.11% 0.09% 0.10%
Non-performing loans to total loans 0.12% 0.11% 0.12%
Allowance for loan losses as a percentage
of total loans 0.31% 0.31% 0.33%
Allowance for loan losses as a percentage
of non-performing loans 243.57% 273.97% 275.55%
Net (recoveries) charge-offs for the
three months ended $(574) $371 $651
Net annualized year-to-date (recoveries)
charge-offs as a percentage of average
total loans -0.011% -0.005% 0.04%
(1) Capital ratios are for BankUnited FSB only.
BankUnited Financial Corporation
Quarter Ended June 30, 2006 Earnings Release (continued)
----------------------------------------------------------------------
For the Three For the Nine
Months Ended Months Ended
June 30, March 31, June 30, June 30,
------------------------- ---------------------------- ---------------
2006 2006 2005 2006 2005
------------------------- ---------------------------- ---------------
Reconciliation of GAAP (dollars and shares in thousands, except per
to non-GAAP measures: share amounts)
Net income:
GAAP net
income $23,824 $19,688 $(14,809) $59,687 $13,272
Less: $24.6
million
after-tax
effect of
debt
prepayment - (24,646) (24,646)
-------- -------- --------- -------- ------
Non-GAAP
net income $23,824 $19,688 $9,837 $59,687 $37,918
-------- -------- --------- -------- ------
Earnings per share:
Basic
Numerator GAAP net
income
(loss)
available
to common
stockholders $23,706 $19,570 $(14,921) $59,332 $12,953
Less: $24.6
million
after-tax
effect of
debt
prepayment (24,646) (24,646)
-------- -------- --------- -------- ------
Non-GAAP net
income
available to
common
stockholders $23,706 $19,570 $9,725 $59,332 $37,599
-------- -------- --------- -------- ------
Demoninator
GAAP weighted
average
common
shares
outstanding 36,212 34,453 30,134 33,596 30,062
Adjustment
for non-
GAAP
measure - - - - -
-------- -------- --------- -------- ------
Non-GAAP
weighted
average
common
shares
outstanding 36,212 34,453 30,134 33,596 30,062
-------- -------- --------- -------- ------
EPS GAAP basic
earnings
per share $0.65 $0.57 $(0.50) $1.77 $0.43
Less: $24.6
million
after-tax
effect of
debt
prepayment - (0.82) (0.82)
-------- -------- --------- -------- ------
Non-GAAP
basic
earnings
per share $0.65 $0.57 $0.32 $1.77 $1.25
-------- -------- --------- -------- ------
Diluted
Numerator GAAP net
income
(loss) for
diluted
earnings per
share $23,706 $19,570 $(14,921) $59,332 $13,272
Less: $24.6
million
after-tax
effect of
debt
prepayment - (24,646) (24,646)
$111,886
add back
from
convertible
stock
dividends - (112) - -
-------- -------- --------- -------- ------
Non-GAAP net
income for
diluted
earnings per
share $23,706 $19,570 $9,837 $59,332 $37,918
-------- -------- --------- -------- ------
Denominator
GAAP weighted
average
shares for
diluted
earnings per
share 36,212 34,453 30,134 33,596 32,366
Adjustment
for non-
GAAP
measure - 2,156 - -
-------- -------- --------- -------- ------
Non-GAAP
weighted
average
shares for
diluted
earnings per
share 36,212 34,453 32,290 33,596 32,366
-------- -------- --------- -------- ------
EPS GAAP
diluted
earnings
per share
(1) $0.62 $0.54 $(0.50) $1.66 $0.41
less: Impact
of
adjustments
to earnings
and shares
outstanding - (0.80) (0.76)
-------- -------- --------- -------- ------
Non-GAAP
basic
earnings
per share $0.62 $0.54 $0.30 $1.66 $1.17
-------- -------- --------- -------- ------
Note: BankUnited believes earnings, not including losses related
to the FHLB prepayments (the "Non-GAAP Measure"), provides
useful information to investors for the performance of
financial analysis. BankUnited uses the Non-GAAP Measures
internally to execute its in-period financial operating
performance and to plan for future periods. However,
Non-GAAP Measures are neither stated in accordance with, nor
are they a substitute for, GAAP measures.
(1) The conversion of 2,155,577 common equivalent shares and
related adjustments to income were not considered when
computing diluted earnings per share during the quarter
ended June 30, 2005 which had a net operating loss.
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