BankUnited, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Reports Impairment for the Fourth Quarter Ended December 31, 2012
January 29, 2013 at 07:30 am EST
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BankUnited, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported total interest income of $202,346,000 against $174,639,000 a year ago. Net interest income before provision for (recovery of) loan losses was $174,564,000 against $140,713,000 a year ago. Net interest income after provision for (recovery of) loan losses was $173,534,000 against $136,701,000 a year ago. Income before income taxes was $100,331,000 against $74,218,000 a year ago. Net income available to common stockholders was $61,365,000 or $0.61 per basic and diluted share against $41,280,000 or $0.41 per basic and diluted share a year ago. Return on average assets was 1.95% against 1.45% a year ago. Return on average stockholders equity was 13.80% against 10.80% a year ago.
For the full year, the company reported total interest income of $720,856,000 against $638,097,000 a year ago. Net interest income before provision for (recovery of) loan losses was $597,587,000 against $499,160,000 a year ago. Net interest income after provision for (recovery of) loan losses was $578,691,000 against $485,332,000 a year ago. Income before income taxes was $344,865,000 against $192,744,000 a year ago. Net income available to common stockholders was $207,361,000 or $2.05 per basic and diluted share against $63,168,000 or $0.62 per diluted share a year ago. Return on average assets was 1.71% against 0.58% a year ago. Return on average stockholders equity was 12.45% against 4.34% a year ago. Book value and tangible book value per common share grew to $18.45 and $17.71 at December 31, 2012.
For the fourth quarter ended December 31, 2012, the company reported impairment of other real estate owned was $4.7 million against $7.5 million a year ago.
BankUnited, Inc. is a bank holding company of BankUnited (the Bank). The Bank provides a full range of commercial lending and both commercial and consumer deposit services through banking centers located in Florida, the New York metropolitan area and Dallas, Texas, and a comprehensive suite of wholesale products to customers through an Atlanta office focused on the Southeast region. The Bankâs lending and leasing products include commercial loans, commercial real estate loans, residential mortgages and other consumer loans. It offers traditional deposit products, including commercial and consumer checking accounts, money market deposit accounts, savings accounts and certificates of deposit with a variety of terms and rates, as well as a robust suite of treasury, commercial payments and cash management services. The Bank provides certain commercial lending and deposit products through national platforms and certain consumer deposit products through an online channel.
BankUnited, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Reports Impairment for the Fourth Quarter Ended December 31, 2012