Printer Friendly

BANKUNITED FINANCIAL'S ANNUAL EARNINGS CLIMB 49 PERCENT TO NEW HIGH OF $4 MILLION; RECORDS ALSO SET FOR ASSETS, DEPOSITS & CAPITAL LEVELS

 CORAL GABLES, Fla., Nov. 23 /PRNewswire/ -- BankUnited Financial Corporation (NASDAQ-NMS: BKUNA), parent company of BankUnited, FSB, attained record high earnings for its 1993 fiscal year.
 BankUnited Financial reported net earnings of $4,038,048 on total income of $26,839,989 for its fiscal year ended Sept. 30, 1993, a 49 percent gain over its net earnings of $2,709,450 on total income of $24,052,843 for fiscal 1992.
 Earnings per share after preferred stock dividends were $1.42 for fiscal 1993, compared to $1.27 per share on a smaller number of shares for fiscal 1992.
 For the three months ended Sept. 30, 1993, BankUnited Financial reported net earnings of $1,018,500 on total income of $7,589,481, compared to net earnings of $846,868 on total income of $6,359,061 for the same quarter of 1992.
 Earnings per share after preferred stock dividends were $.25 for the final 1993 quarter, compared to $.39 per share on a smaller number of shares for the final 1992 period.
 All per share earnings have been adjusted for the 15 percent common stock dividend paid on Nov. 30, 1992, and the 15 percent common stock dividend paid on April 13, 1993.
 The current year's earnings per share also reflect an additional 600,000 shares of common stock and 745,870 shares of convertible preferred stock issued in public offerings in June 1993.
 All amounts relating to periods prior to March 5, 1993, are for BankUnited which became a subsidiary of BankUnited Financial on that date.
 In announcing the earnings, Alfred R. Camner, board chairman and CEO of BankUnited Financial, stated, "We are extremely pleased to report our sixth consecutive record-breaking year. It was highlighted by a 32 percent gain in net interest income, a 26 percent gain in assets, a 41 percent gain in both tangible and core capital, a 39 percent gain in risk-based capital, and, of course, our 49 percent gain in net earnings."
 BankUnited's total assets reached $435 million as of Sept. 30, 1993, compared to $346 million a year ago. Deposits climbed to $295 million from $275 million last year.
 Regulatory capital also rose during the year. As of Sept. 30, 1993, tangible and core capital both equal 7.6 percent and risk-based capital equals 15.9 percent.
 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 Financial is a publicly owned company listed on the NASDAQ National Market System. Its common stock trades under the symbol BKUNA and its preferred stock trades under the symbol BKUNP.
 BANKUNITED FINANCIAL CORPORATION
 reports for the fiscal year ended Sept. 30:
 1993 1992
 Total Interest Income $25,136,695 $23,789,710
 Total Interest Expense 12,209,677 14,022,054
 Net Interest Income $12,927,018 $9,767,656
 Other Income 1,703,294 263,133
 $14,630,312 $10,030,789
 Operating Expenses 8,274,264 5,783,269
 Income Before Income Taxes $6,356,048 $4,247,520
 Provision For Income Taxes 2,318,000 1,538,070
 Net Income $4,038,048 $2,709,450
 Preferred Stock Dividends,
 BankUnited, FSB 787,559 515,755
 Preferred Stock Dividends,
 Company 725,745 360,004
 Net Income After Preferred
 Stock Dividends $2,524,744 $ 1,833,691
 Primary Earnings Per Common
 Share After Preferred
 Stock Dividends (A)
 Net Income $ 1.42 $ 1.27
 Weighted Average Shares
 Outstanding 1,773,264 1,448,449
 Fully Diluted Earnings Per
 Common Share After Preferred
 Stock Dividends (A)
 Net Income $ 1.00 $ .92
 Weighted Average Shares
 Outstanding 3,248,618 2,376,848
 reports for the three months ended Sept. 30:
 1993 1992
 Total Interest Income $7,050,801 $6,311,663
 Total Interest Expense 3,304,549 3,305,112
 Net Interest Income $ 3,746,252 $3,006,551
 Other Income 538,680 47,398
 $ 4,284,932 $ 3,053,949
 Operating Expenses 2,581,432 1,691,081
 Income Before Income Taxes $1,703,500 $1,362,868
 Provision For Income Taxes 685,000 516,000
 Net Income $1,018,500 $ 846,868
 Preferred Stock Dividends,
 BankUnited, FSB 198,295 87,709
 Preferred Stock Dividends,
 Company 285,784 90,001
 Net Income After Preferred
 Stock Dividends $ 534,421 $ 669,158
 Primary Earnings Per Common
 Share After Preferred
 Stock Dividends (A)
 Net Income $ .25 $ .39
 Weighted Average Shares
 Outstanding 2,174,715 1,550,073
 Fully Diluted Earnings Per
 Common Share After Preferred
 Stock Dividends (A)
 Net Income $ .20 $ .29
 Weighted Average Shares
 Outstanding 4,037,258 2,373,412
 (A) -- All per share earnings adjusted for 15 percent common stock dividend paid on Nov. 30, 1992, and 15 percent common stock dividend paid on April 13, 1993.
 BankUnited Financial Corporation At Sept. 30:
 Percentage
 1993 1992 Increase
 Total Assets $435,378,000 $345,931,000 26 pct.
 Total Deposits $295,108,000 $275,026,000 7 pct.
 Minority Interest in
 BankUnited, FSB,
 Preferred Stock $ 7,247,000 $ 6,227,000 16 pct.
 Stockholders' Equity $ 30,273,000 $ 16,797,000 80 pct.
 Book Value Per
 Common Share (D) $8.89 $8.56 4 pct.
 BankUnited Financial Corporation For fiscal year ended Sept. 30:
 1993 1992
 Return on Average Equity 14.07 pct. 14.72 pct. (4) pct.
 Return on Average Assets 1.12 pct. .92 pct. 22 pct.
 BankUnited, FSB At Sept. 30:
 1993 1992
 Tangible Capital $ 32,547,000 (A) $ 23,024,000 41 pct.
 Core Capital $ 32,547,000 (B) $ 23,024,000 41 pct.
 Risk-Based Capital $ 34,122,000 (C) $ 24,529,000 39 pct.
 (A) -- 7.6 percent vs. 1.5 percent required
 (B) -- 7.6 percent vs. 3 percent required
 (C) -- 15.9 percent vs. 8 percent required
 (D) -- Adjusted for 15 percent common stock dividend paid on
 Nov. 30, 1992, and 15 percent common stock dividend paid on
 April 13, 1993.
 -0- 11/23/93
 /CONTACT: Alfred R. Camner, chief executive officer, or Michael M. Butler, senior vice president & chief financial officer, of BankUnited Financial, 305-447-0200; or John K. Schulte of Schulte, Ross & Aguilar, 305-856-1442, for BankUnited Financial/
 (BKUNA)


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

JB-AW -- FL006 -- 7337 11/23/93 14:39 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 23, 1993
Words:1050
Previous Article:WAVEMAT INC. REPORTS RESULTS FOR ITS THIRD QUARTER AND NINE MONTHS ENDED SEPT. 30, 1993
Next Article:MOLTEN METAL TECHNOLOGY, INC. FILES REGISTRATION STATEMENT FOR PUBLIC OFFERING OF 2,675,000 COMMON SHARES
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters