Exhibit 99.1

 

BANKUNITED, INC. REPORTS 2011 RESULTS, STRONG LOAN GROWTH

 

MIAMI LAKES, Fla.—(BUSINESS WIRE)—Jan. 25, 2012— BankUnited, Inc. (the “Company”) (NYSE:BKU) today announced financial results for the quarter and year ended December 31, 2011.

 

For the quarter ended December 31, 2011, the Company reported net income of $41.3 million or $0.41 per diluted share. For the quarter ended December 31, 2010, net income was $27.8 million, or $0.30 per diluted share. The fourth quarter of 2011 included a pre-tax net loss of approximately $14.3 million on the sale of covered loans from our portfolio, as compared to a pre-tax net loss of approximately $18.6 million on the sale of covered loans in the fourth quarter of 2010.

 

For the year ended December 31, 2011, net income was $63.2 million, or $0.62 per diluted share as compared to $184.7 million, or $1.99 per share for the year ended December 31, 2010. Net income for 2011 reflects a previously disclosed one-time charge of $110.4 million, recorded in conjunction with the Company’s initial public offering (IPO) in the first quarter of 2011. The $110.4 million charge, which is not deductible for income tax purposes, reduced net income by $110.4 million, or $1.16 per share.

 

All earnings per share amounts reflect the 10-for-1 split of the Company’s outstanding common shares effective January 10, 2011.

 

John Kanas, Chairman, President and Chief Executive Officer, said “We are extremely pleased with the quarter’s results as well as those of the entire year. The bank has very strong momentum of both balance sheet growth and earnings as we head into next year. We look forward to completing the Herald National Bank acquisition in the first quarter of 2012.”

 

Financial Highlights

 

·                  Loans originated or purchased by the Company since May 21, 2009, or “new loans”, grew by $447.0 million during the fourth quarter. For the year ended December 31, 2011, new loans increased by $1.2 billion to $1.7 billion. For 2011, new loan growth outpaced the resolution of covered loans, resulting in net growth in the loan portfolio. The Company expects this trend to continue in 2012.

 

·                  In the fourth quarter of 2011, deposits grew $416.3 million to $7.4 billion, an annualized growth rate of 24%. For the year ended December 31, 2011, deposits grew $201.0 million. The cost of deposits was 1.0% for the fourth quarter of 2011 as compared to 1.4% for the fourth quarter of 2010.

 

·                  Book value and tangible book value per common share were $15.71 and $15.01, respectively, at December 31, 2011.

 

·                  We continue to expand our branch network, opening 12 branches during the fourth quarter, bringing our total branches to 95 at December 31, 2011. In 2012, the Company expects to open 10 new branches.

 

·                  Subject to the satisfaction of certain conditions contained in the Merger Agreement between the Company and Herald National Bank, the Company expects to complete the Herald acquisition during the first quarter of 2012.

 

Capital Ratios

 

BankUnited continues to maintain a robust capital position. The Bank’s capital ratios at December 31, 2011 were as follows:

 

Tier 1 leverage

 

10.8

%

Tier 1 risk-based capital

 

34.6

%

Total risk-based capital

 

35.9

%

 

BankUnited continues to exceed all regulatory guidelines required to be considered well capitalized.

 

At December 31, 2011, BankUnited, Inc.’s tangible common equity to tangible assets ratio was 13.0% (see Non-GAAP Financial Measure below).

 

Loans

 

Total loans, net of discount and deferred fees and costs, increased to $4.1 billion at December 31, 2011 from $3.9 billion at December 31, 2010 as growth in new loans outpaced the continuing resolution of covered loans. New loans increased by $1.2 billion to $1.7 billion at December 31, 2011 from $548.9 million at December 31, 2010. Covered loans declined to $2.5 billion at December 31, 2011 from $3.4 billion at December 31, 2010.

 

In the fourth quarter of 2011, new commercial loans (including commercial loans, commercial real estate loans, and leases) grew

 

1


The following information was filed by Bankunited, Inc. (BKU) on Wednesday, January 25, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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