BANKUNITED'S PRELIMINARY UNAUDITED 1991 ANNUAL RESULTS INDICATE A NET EARNINGS INCREASE OF 50 PERCENT TO APPROXIMATELY $1.2 MILLION
BANKUNITED'S PRELIMINARY UNAUDITED 1991 ANNUAL RESULTS INDICATE
A NET EARNINGS INCREASE OF 50 PERCENT TO APPROXIMATELY $1.2 MILLION
CORAL GABLES, Fla., Nov. 7 /PRNewswire/ -- BankUnited (NASDAQ-NMS: BKUNA), a savings bank serving both coasts of Florida, has reported preliminary unaudited results for its fiscal year ended Sept. 30, 1991. They show net earnings of approximately $1.2 million, a gain of 50 percent over last year's net earnings of $803,000.
For its fourth quarter ended Sept. 30, 1991, BankUnited's preliminary results are up 118 percent, with unaudited net earnings of approximately $500,000 vs. $229,000 for the same quarter last year.
In announcing the preliminary figures, Alfred R. Camner, chairman and president of BankUnited, stated, "These strong gains produced the best results in our bank's history, and we are especially pleased that they were achieved during a very difficult period for banking and thrift institutions.
"Our emphasis on private and relationship banking has been extremely successful, and provides a solid foundation upon which to continue building in the future."
BankUnited's total assets reached $262 million as of Sept. 30, 1991, compared to $220 million a year ago. Deposits climbed to $203 million, compared to $189 million last year.
Core earnings and all levels of regulatory capital rose during the year.
The capital ratios far exceed all current and fully phased-in regulatory requirements. As of Sept. 30, 1991, tangible and core capital both exceed 6.1 percent vs. 1.5 percent required for tangible and 3 percent required for core. Risk-based capital exceeds 13 percent vs. 7.2 percent required.
BankUnited operates seven banking offices in Florida: Bonita Springs, Venice and Bradenton on the west coast; and Coral Gables, Tamarac, Coral Springs and Delray Beach on the east coast. It is a publicly owned financial institution traded on the NASDAQ under the symbol BKUNA.
/CONTACT: Alfred R. Camner, chairman and president, or Steven D. Hayworth, chief operating officer of BankUnited, 305-529-2400; or John K. Schulte of Schulte Ross & Aguilar, 305-856-1442, for BankUnited/
(BKUNA) CO: BankUnited ST: Florida IN: FIN SU: ERN AW-SS -- FL009 -- 2202 11/07/91 12:05 EST