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BANKUNITED'S EARNINGS INCREASE 80 PERCENT FOR LATEST QUARTER; NET INCOME NOW HAS BEEN UP 20 OF THE LAST 21 QUARTERS

 CORAL GABLES, Fla., Jan. 21 /PRNewswire/ -- BankUnited (NASDAQ: BKUNA), a savings bank serving both coasts of Florida, has reported record high first quarter net earnings of $1,003,902, or $.51 per share, on total income of $6,354,840 for the three months ended Dec. 31, 1992, a gain of 80 percent over its net earnings of $557,604, or $.31 per share, on total income of $5,765,409 for the same quarter of 1991.
 Net interest income rose by $1.1 million over a year ago and provided the major portion of the bank's record earnings. In addition, non-performing assets remained at less than 1.2 percent of assets, a level far below national averages.
 BankUnited now has reported higher earnings than the previous year in 20 of its last 21 quarters.
 In announcing the earnings, Alfred R. Camner, chairman and chief executive officer of BankUnited, stated, "This first quarter is an excellent foundation upon which to build our fiscal 1993 results. Based upon current economic conditions and future expectations, we believe the current year will be BankUnited's sixth consecutive record-setting year.
 "In the quarter just ended, our core earnings strength was derived from a 56 percent gain in net interest income. Our core operations in private banking, community relationship banking and residential first mortgage lending all contributed to the increased profits.
 "Having achieved our first million dollar quarter, we believe our financial results are now beginning to reflect more fully the fundamental earnings power and growth potential of our Florida franchise and well-defined niche operations."
 BankUnited's capital ratios are far in excess of the regulatory requirements, and will support growth in the years ahead. As of Dec. 31, 1992, tangible capital was 6.9 percent vs. 1.5 percent required, core capital was 6.9 percent vs. 3 percent required, and risk- based capital was 15.2 percent vs. 8 percent required.
 BankUnited operates eight banking offices in Florida: Coral Gables, South Miami, Tamarac, Coral Springs, and Delray Beach on the east coast, and Bonita Springs, Venice and Bradenton on the west coast.
 BankUnited is a publicly owned financial institution traded on the NASDAQ National Market System under the symbol BKUNA.
 BANKUNITED
 BankUnited Savings Bank reports for the three months ended Dec. 31:
 1992 1991
 Total Interest Income $ 6,289,914 $ 5,727,335
 Total Interest Expense 3,137,228 3,709,150
 Net Interest Income $ 3,152,686 $ 2,018,185
 Other Income 64,926 38,074
 Total $ 3,217,612 $ 2,056,259
 Operating Expenses 1,671,710 1,189,222
 Income Before Income Taxes $ 1,545,902 $ 867,037
 Provision For Income Taxes 542,000 309,433
 Net Income $ 1,003,902 $ 557,604
 Primary Earnings Per Common Share
 Net Income $ .51 $ .31
 Weighted Average Shares Outstanding 1,322,412 1,184,413
 Fully Diluted Earnings Per Common Share
 Net Income $ .35 $ .26
 Weighted Average Shares Outstanding 2,299,493 1,751,013
 BankUnited Savings Bank
 1992 1991 Pct. Increase
 Total Assets $345,266,000 $273,944,000 29
 Total Deposits $218,417,000 $211,285,000 33
 Stockholders' Equity $ 24,592,000 $ 17,811,000 38
 Tangible Capital $ 24,592,000(A) $ 17,811,000 38
 Core Capital $ 24,592,000(B) $ 17,811,000 38
 Risk-Based Capital $ 26,117,000(C) $ 19,249,000 36
 (A) -- 6.9 percent vs. 1.5 percent required.
 (B) -- 6.9 percent vs. 3 percent required.
 (C) -- 15.2 percent vs. 8 percent required.
 BankUnited's fiscal year ends Sept. 30.
 -0- 1/21/93
 /CONTACT: Alfred R. Camner, chief executive officer or Steven D. Hayworth, chief operating officer of BankUnited, 305-529-2400; or John K. Schulte of Schulte Ross & Aguilar, Inc., 305-856-1442, for BankUnited/
 (BKUNA)


CO: BankUnited ST: Florida IN: FIN SU: ERN

JB-AW -- FL009 -- 7352 01/21/93 11:17 EST
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Date:Jan 21, 1993
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