BankUnited, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
January 25, 2012 at 06:00 pm IST
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BankUnited, Inc. reported unaudited consolidated earnings results for the fourth quarter and full 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 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. Net interest income for the quarter ended December 31, 2011 totaled $140.7 million, as compared to $102.0 million for the quarter ended December 31, 2010. Total interest income was $174.639 million against $142.729 million a year ago. Income before income taxes was $74.218 million against $52.761 million a year ago. Return on average assets was 1.45% against 1.01% a year ago. Return on average stockholder's equity was 10.80% against 8.93% a year ago.
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. Book value and tangible book value per common share were $15.71 and $15.01, respectively, at December 31, 2011. Net interest income for the year ended December 31, 2011 was $499.2 million as compared to $389.5 million for the year ended December 31, 2010. Total interest income was $638.097 million against $557.688 million a year ago. Income before income taxes was $192.744 million against $312.540 million a year ago. Return on average assets was 0.58% against 1.65% a year ago. Return on average stockholder's equity was 4.34% against 15.43% 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. 
