BankUnited, Inc. Reports First Quarter Results, Continued Loan Growth
2012 MAY 13 - (VerticalNews.com) -- BankUnited, Inc. (the "Company") (NYSE:BKU) announced financial results for the quarter ended March 31, 2012.
For the quarter ended March 31, 2012, the Company reported net income of $50.3 million or $0.49 per share. The results for the first quarter include pre-tax expense of $1.2 million related to transaction costs for the acquisition of Herald National Bank ("Herald"), and $5.3 million of bargain purchase gain (with no related tax impact) from the acquisition of Herald. For the quarter ended March 31, 2011, the company reported a net loss of $67.7 million, or $0.72 per share. The first quarter of 2011 included a one-time charge of $110.4 million, recorded in conjunction with the Company's initial public offering (IPO), which was not deductible for income tax purposes.
John Kanas, Chairman, President and Chief Executive Officer, said, "We are very pleased with our operating results this quarter. Loan and deposit growth continue to reflect strong gains in market share. Additionally a noticeable improvement in the south Florida economy is beginning to have a positive impact on our performance." Financial Highlights The Company completed the Herald acquisition on February 29, 2012. As a result of the acquisition, the Company recorded $306.0 million in loans and $435.5 million in deposits as of that date. The operating results of Herald for the period from March 1 to March 31, 2012 were not significant.
Loans, net of discount and deferred fees and costs, grew $572.2 million to $4.7 billion at March 31, 2012, including Herald. For the quarter, growth in loans originated or purchased by the Company since May 21, 2009 or "new loans", outpaced the resolution of covered loans, resulting in net growth in the loan portfolio. Excluding Herald, new loans grew by $368.1 million during the first quarter to $2.1 billion.
In the first quarter of 2012, deposits grew $720.8 million to $8.1 billion, including Herald. The cost of deposits was 0.9% for the first quarter of 2012 as compared to 1.0% for the fourth quarter of 2011 and 1.2% for the first quarter of 2011.
Keywords: BankUnited Inc., Investing and Investments.
This article was prepared by VerticalNews Internet editors from staff and other reports. Copyright 2012, VerticalNews Internet via VerticalNews.com.