Printer Friendly

BANKUNITED FINANCIAL REPORTS RECORD NET EARNNGS FOR THIRD QUARTER AND FIRST NINE MONTHS OF FISCAL YEAR

 CORAL GABLES, Fla., July 29 /PRNewswire/ -- BankUnited Financial Corporation (NASDAQ-NMS: BKUNA), parent company of BankUnited, FSB, has reported record high third quarter and nine-month earnings.
 BankUnited Financial reported net earnings of $1,012,266, or $.37 per primary share, on total income of $6,719,131 for the three months ended June 30, 1993, up 44 percent from its net earnings of $701,195, or $.32 per primary share, on total income of $6,183,754 for the same quarter of 1992.
 For the nine months ended June 30, 1993, BankUnited Financial reported net earnings of $3,019,548, or $1.23 per primary share, on total income of $19,250,508, up 62 percent from its net earnings of $1,862,582, or $.81 per primary share, on total income of $17,693,782 for the same period of 1992.
 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.
 All amounts relating to periods prior to March 5, 1993, are for BankUnited which became a subsidiary of BankUnited Financial on that date.
 The net earnings of BankUnited and BankUnited Financial have been higher than the previous year in 22 of the last 23 quarters.
 In announcing the earnings, Alfred R. Camner, chairman and chief executive officer, stated, "Core earnings benefited from strong gains in net interest income of 36 percent during the last nine months and 23 percent during the most recent quarter. We already have exceeded our entire fiscal 1992 annual earnings, and anticipate continuing record results during the fourth fiscal quarter.
 "We expanded our financial foundation through the sale of 600,000 shares of common stock and 700,000 shares of preferred stock in June. The proceeds of approximately $11.1 million will be used to fund the bank's expansion including the opening of additional offices and growth of its private banking division."
 BankUnited's capital ratios are far in excess of the regulatory requirements. As of June 30, 1993, tangible capital of $32.2 million was 7.9 percent vs. 1.5 percent required, core capital of $32.2 million was 7.9 percent vs. 3 percent required, and risk-based capital was 15.8 percent vs. 8 percent required.
 As of June 30, 1993, BankUnited Financial's total assets were $414 million, compared to $364 million on March 31 and $332 million a year ago. Deposits totaled $287 million, compared to $262 million on March 31 and $247 million a year ago. Stockholders' equity totaled $29.4 million, compared to $18.1 million on March 31 and $14.4 million a year ago.
 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 financial institution traded on the NASDAQ National Market System under the symbol BKUNA.
 BANKUNITED FINANCIAL
 reports for the 3 months ended June 30:
 1993 1992
 Total Interest Income $6,186,381 $6,086,311
 Total Interest Expense 2,983,039 3,491,289
 Net Interest Income $3,203,342 $2,595,022
 Other Income $ 532,750 $ 97,443
 $3,736,092 $2,692,465
 Operating Expenses 2,172,826 1,594,305
 Income Before Income Taxes $1,563,266 $1,098,160
 Provision For Income Taxes 551,000 396,965
 Net Income $1,012,266 $ 701,195
 Preferred Stock Dividends,
 BankUnited, FSB 198,230 128,885
 Preferred Stock Dividends,
 Company 167,113 90,001
 Net Income After Preferred
 Stock Dividends 646,923 482,309
 Primary Earnings Per
 Common Share
 After Preferred Stock
 Dividends
 Net Income $ .37 $ .32
 Weighted Average Shares
 Outstanding 1,756,948 1,521,387
 Fully Diluted Earnings Per
 Common Share
 After Preferred Stock
 Dividends
 Net Income $ .27 $ .24
 Weighted Average Shares
 Outstanding 3,036,637 2,365,533
 reports for the 9 months ended June 30:
 1993 1992
 Total Interest Income $18,085,894 $17,478,047
 Total Interest Expense 8,905,128 10,716,942
 Net Interest Income $ 9,180,766 $ 6,761,105
 Other Income 1,164,614 215,735
 $10,345,380 $ 6,976,840
 Operating Expenses 5,692,832 4,092,188
 Income Before Income Taxes $ 4,652,548 $ 2,884,652
 Provision For Income Taxes 1,633,000 1,022,070
 Net Income $ 3,019,548 $ 1,862,582
 Preferred Stock Dividends,
 BankUnited, FSB 589,264 428,046
 Preferred Stock Dividends,
 Company 439,961 270,003
 Net Income After Preferred
 Stock Dividends $ 1,990,323 $ 1,164,533
 Primary Earnings Per
 Common Share
 After Preferred Stock
 Dividends
 Net Income $ 1.23 $ .81
 Weighted Average Shares
 Outstanding 1,622,116 1,433,107
 Fully Diluted Earnings Per
 Common Share
 After Preferred Stock
 Dividends
 Net Income $ .86 $ .61
 Weighted Average Shares
 Outstanding 2,811,775 2,362,362
 At June 30:
 1993 1992 Pct. Increase
 Total Assets $413,799,000 $332,346,000 25 pct.
 Total Deposits $287,134,000 $246,597,000 16 pct.
 Minority Interest in
 BankUnited, FSB
 Preferred Stock $ 7,247,000 $ 4,770,000 52 pct.
 Stockholders' Equity $ 29,392,000 $ 14,408,000 104 pct.
 Book Value Per
 Common Share $8.69 $8.42 3 pct.
 For the 9 months Ended June 30:
 1993 1992
 Return on Average Equity 14.80 pct. 13.74 pct. 8 pct.
 Return on Average Assets 1.09 pct. .83 pct. 31 pct.
 BankUnited, FSB At June 30:
 Tangible Capital $32,188,000(A) $19,178,000 68 pct.
 Core Capital $32,188,000(B) $19,178,000 68 pct.
 Risk-Based Capital $33,929,000(C) $20,675,000 64 pct.
 (A) 7.9 percent vs. 1.5 percent required
 (B) 7.9 percent vs. 3 percent required
 (C) 15.8 percent vs. 8 percent required
 BankUnited Financial's fiscal year ends Sept. 30.
 -0- 7/29/93
 /CONTACT: Alfred R. Camner, chief executive officer, or Steven D. Hayworth, chief operating officer of BankUnited Financial Corporation, 305-529-2400; or John K. Schulte of Schulte Ross and Aguilar, 305-856-1442, for BankUnited Financial Corporation/
 (BKUNA)


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

SS-AW -- FL007 -- 7264 07/29/93 13:48 EDT
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:Jul 29, 1993
Words:1040
Previous Article:USAIR EXPANDS SERVICE TO CHARLOTTE FROM THE VIRGINIA PENINSULA
Next Article:ELI BROAD BECOMES FOUNDER-CHAIRMAN, CHAIRMAN OF THE EXECUTIVE COMMITTEE OF KAUFMAN AND BROAD HOME CORP. -- CEO BRUCE KARATZ ELECTED CHAIRMAN
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters