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New loans and leases, including equipment under operating lease, grew by $1.5 billion during the fourth quarter of 2014. For the year ended December 31, 2014, new loans and leases increased by $4.1 billion, excluding the impact of the sale of $303 million of indirect auto loans in the second quarter of 2014.
Total deposits increased by $678 million for the quarter ended December 31, 2014 to $13.5 billion, reflecting growth across all deposit categories. For the year ended December 31, 2014, total deposits grew by $3.0 billion.
Net interest income increased by $7.2 million to $171.5 million for the quarter ended December 31, 2014 from $164.3 million for the quarter ended December 31, 2013. Interest income increased by $11.6 million primarily as a result of an increase in the average balance of loans outstanding, partially offset by a decline in the yield on loans. An increase in the average balance of investment securities also contributed to the increase in interest income. Interest expense increased by $4.3 million due primarily to an increase in average interest bearing liabilities, offset to a small degree by a decline in the cost of interest bearing liabilities.
The net interest margin, calculated on a tax-equivalent basis, was 4.26% for the quarter ended December 31, 2014 compared to 5.24% for the quarter ended December 31, 2013 and 4.58% for the immediately preceding quarter ended September 30, 2014. The net interest margin continues to be impacted by the origination of new loans at current market yields lower than those on loans acquired in the FSB Acquisition (as defined below).
Earnings for the fourth quarter of 2014 benefited from a reduction in the effective income tax rate resulting primarily from changes in certain state income tax positions.
Book value and tangible book value per common share grew to $20.19 and $19.52, respectively, at December 31, 2014.
Tier 1 leverage
Tier 1 risk-based capital
Total risk-based capital
The following information was filed by Bankunited, Inc. (BKU) on Thursday, January 22, 2015 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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