For the quarter ended
For the year ended
All earnings per share amounts reflect the 10-for-1 split of the
Company’s outstanding common shares effective
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 endedDecember 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 endedDecember 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, atDecember 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
Tier 1 leverage | 10.8% | |
Tier 1 risk-based capital | 34.6% | |
Total risk-based capital | 35.9% |
At
Loans
Total loans, net of discount and deferred fees and costs, increased to
In the fourth quarter of 2011, new commercial loans (including
commercial loans, commercial real estate loans, and leases) grew
For the quarter ended
A comparison of portfolio composition at
New Loans | Total loans | ||||||||||||
December 31, 2011 | December 31, 2010 | December 31, 2011 | December 31, 2010 | ||||||||||
Single family residential and home equity | 26.7 | % | 21.1 | % | 59.9 | % | 75.2 | % | |||||
Commercial real estate | 26.0 | % | 29.7 | % | 19.3 | % | 15.9 | % | |||||
Commercial | 47.1 | % | 48.6 | % | 20.6 | % | 8.7 | % | |||||
Consumer | 0.2 | % | 0.6 | % | 0.2 | % | 0.2 | % |
Asset Quality
The Company’s asset quality remained strong, with credit risk limited by
its Loss Sharing Agreements with the
The ratio of non-performing loans to total loans was 0.7% at
For the quarters ended
For the years ended
The following table summarizes the activity in the allowance for loan
losses for the three months and years ended
Three Months Ended December 31, 2011 | Three Months Ended December 31, 2010 | |||||||||||||||||||||||||||||||
ACI Loans | Non-ACI Loans | New Loans | Total | ACI Loans | Non-ACI Loans | New Loans | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | 22,132 | $ | 14,933 | $ | 17,993 | $ | 55,058 | $ | 37,342 | 16,587 | $ | 3,878 | $ | 57,807 | |||||||||||||||||
Provision | (3,015 | ) | (1,872 | ) | 8,899 | 4,012 | 6,955 | (3,012 | ) | 2,307 | 6,250 | |||||||||||||||||||||
Charge-offs | (2,785 | ) | (5,444 | ) | (2,573 | ) | (10,802 | ) | (4,372 | ) | (1,291 | ) | (34 | ) | (5,697 | ) | ||||||||||||||||
Recoveries | - | 125 | 9 | 134 | - | - | - | - | ||||||||||||||||||||||||
Balance at end of period | $ | 16,332 | $ | 7,742 | $ | 24,328 | $ | 48,402 | $ | 39,925 | $ | 12,284 | $ | 6,151 | $ | 58,360 | ||||||||||||||||
Year Ended December 31, 2011 | Year Ended December 31, 2010 | |||||||||||||||||||||||||||||||
ACI Loans | Non-ACI Loans | New Loans | Total | ACI Loans | Non-ACI Loans | New Loans | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | 39,925 | $ | 12,284 | $ | 6,151 | $ | 58,360 | $ | 20,021 | $ | 1,266 | $ | 1,334 | $ | 22,621 | ||||||||||||||||
Provision | (11,278 | ) | 3,586 | 21,520 | 13,828 | 33,928 | 12,553 | 4,926 | 51,407 | |||||||||||||||||||||||
Charge-offs | (13,527 | ) | (8,489 | ) | (3,367 | ) | (25,383 | ) | (14,024 | ) | (1,535 | ) | (109 | ) | (15,668 | ) | ||||||||||||||||
Recoveries | 1,212 | 361 | 24 | 1,597 | - | - | - | - | ||||||||||||||||||||||||
Balance at end of period | $ | 16,332 | $ | 7,742 | $ | 24,328 | $ | 48,402 | $ | 39,925 | $ | 12,284 | $ | 6,151 | $ | 58,360 |
Investment securities grew to
Deposits
At
Net Interest income
Net interest income for the quarter ended
The Company’s net interest margin for the quarter and year ended
The Company’s net interest margin for the quarter and year ended
Changes in accretable yield on ACI loans for the years ended
Year ended | Year ended | |||||||||
December 31, 2011 | December 31, 2010 | |||||||||
Balance, beginning of period | $ | 1,833,974 | $ | 1,734,233 | ||||||
Reclassifications from non-accretable difference | 135,933 | 487,718 | ||||||||
Accretion | (446,292 | ) | (387,977 | ) | ||||||
Balance, end of period | $ | 1,523,615 | $ | 1,833,974 |
Non-interest Income
Non-interest income for the quarter ended
Non-interest income for the quarter and year ended
Income from resolution of covered assets, net was
Net gain on indemnification asset was
Non-interest Expense
Non-interest expense totaled
Employee compensation and benefits (excluding the one-time charge of
Non-GAAP Financial Measure
Tangible common equity to tangible assets is a non-GAAP financial measure. For purposes of computing tangible common equity to tangible assets, tangible common equity is calculated as common stockholders’ equity less goodwill and other intangible assets, net, and tangible assets is calculated as total assets less goodwill and other intangible assets, net. Tangible common equity to tangible assets should not be viewed as a substitute for total stockholders’ equity to total assets. The most directly comparable GAAP financial measure is total stockholders’ equity to total assets. See the reconciliation below (dollars in thousands):
December 31, | December 31, | |||||||||
2011 | 2010 | |||||||||
Total stockholders' equity | $ | 1,535,280 | $ | 1,253,508 | ||||||
Less: goodwill and other intangible assets | 68,667 | 69,011 | ||||||||
Tangible common stockholders' equity | $ | 1,466,613 | $ | 1,184,497 | ||||||
Total assets | $ | 11,322,038 | $ | 10,869,560 | ||||||
Less: goodwill and other intangible assets | 68,667 | 69,011 | ||||||||
Tangible Assets | $ | 11,253,371 | $ | 10,800,549 | ||||||
Total stockholders' equity to total assets | 13.56 | % | 11.53 | % | ||||||
Tangible common equity to tangible assets | 13.03 | % | 10.97 | % |
Management of the Company believes this non-GAAP financial measure provides an additional meaningful method of evaluating certain aspects of the Company’s capital strength from period to period on a basis that may not be otherwise apparent under GAAP. Management also believes that this non-GAAP financial measure, which complements the capital ratios defined by regulators, is useful to investors who are interested in the Company’s equity to assets ratio exclusive of the effect of changes in intangible assets on equity and total assets.
About
The Company was organized by a management team led by its Chairman,
President and Chief Executive Officer,
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that
reflect the Company’s current views with respect to, among other things,
future events and financial performance. The Company generally
identifies forward-looking statements by terminology such as “outlook”,
“believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,”
“should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,”
“estimates,” “anticipates” or the negative version of those words or
other comparable words. Any forward-looking statements contained in this
press release are based on the historical performance of the Company and
its subsidiaries or on the Company’s current plans, estimates and
expectations. The inclusion of this forward-looking information should
not be regarded as a representation by the Company that the future
plans, estimates or expectations contemplated by the Company will be
achieved. Such forward-looking statements are subject to various risks
and uncertainties and assumptions relating to the Company’s operations,
financial results, financial condition, business prospects, growth
strategy, ability to complete the Herald acquisition and liquidity. If
one or more of these or other risks or uncertainties materialize, or if
the Company’s underlying assumptions prove to be incorrect, the
Company’s actual results may vary materially from those indicated in
these statements. These factors should not be construed as exhaustive.
The Company does not undertake any obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise. A number of important
factors could cause actual results to differ materially from those
indicated by the forward-looking statements. Information on these
factors can be found in the 2010 Annual Report on Form 10-K and the
Quarterly Reports on Form 10-Q filed by the Company with the
Legal Information
On November 16, 2011, the Company filed a definitive Proxy
Statement/Prospectus with the
Investors can obtain a free copy of the Proxy Statement/Prospectus, as
well as other filings containing information about the Company and
Herald at the SEC’s website (http://www.sec.gov),
with respect to information about the Company, and Herald’s website (www.heraldnb.com),
with respect to information about Herald. Investors can also obtain
these documents, free of charge, at http://www.bankunited.com
under the tab “About Us” and then under the heading “Investor Relations”
and then under “SEC Filings.” Copies of the Proxy Statement/Prospectus
and any other filing by the Company with the
BANKUNITED, INC. AND SUBSIDIARIES | |||||||||
CONSOLIDATED BALANCE SHEETS - UNAUDITED | |||||||||
(Dollars in thousands, except per share data) | |||||||||
December 31, | December 31, | ||||||||
2011 | 2010 | ||||||||
ASSETS | |||||||||
Cash and due from banks: | |||||||||
Non-interest bearing | $ | 39,894 | $ | 44,860 | |||||
Interest bearing | 13,160 | 12,523 | |||||||
Due from Federal Reserve Bank | 247,488 | 502,828 | |||||||
Federal funds sold | 3,200 | 4,563 | |||||||
Cash and cash equivalents | 303,742 | 564,774 | |||||||
Investment securities available for sale, at fair value | |||||||||
(including covered securities of $232,194 and $263,568) | 4,181,977 | 2,926,602 | |||||||
Federal Home Loan Bank stock | 147,055 | 217,408 | |||||||
Loans held for sale | 3,952 | 2,659 | |||||||
Loans (including covered loans of $2,422,811 and $3,396,047) | 4,137,058 | 3,934,217 | |||||||
Allowance for loan losses | (48,402 | ) | (58,360 | ) | |||||
Loans, net | 4,088,656 | 3,875,857 | |||||||
FDIC indemnification asset | 2,049,151 | 2,667,401 | |||||||
Bank owned life insurance | 204,077 | 207,061 | |||||||
Other real estate owned, covered by loss sharing agreements | 123,737 | 206,680 | |||||||
Deferred tax asset, net | 19,485 | - | |||||||
Income tax receivable | - | 10,862 | |||||||
Goodwill and other intangible assets | 68,667 | 69,011 | |||||||
Other assets | 131,539 | 121,245 | |||||||
Total assets | $ | 11,322,038 | $ | 10,869,560 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Liabilities: | |||||||||
Demand deposits: | |||||||||
Non-interest bearing | $ | 770,846 | $ | 494,499 | |||||
Interest bearing | 453,666 | 349,985 | |||||||
Savings and money market | 3,553,018 | 3,134,884 | |||||||
Time | 2,587,184 | 3,184,360 | |||||||
Total deposits | 7,364,714 | 7,163,728 | |||||||
Securities sold under agreements to repurchase | 206 | 492 | |||||||
Federal Home Loan Bank advances | 2,236,131 | 2,255,200 | |||||||
Income taxes payable | 53,171 | - | |||||||
Deferred tax liability, net | - | 4,618 | |||||||
Advance payments by borrowers for taxes and insurance | 21,838 | 22,563 | |||||||
Other liabilities | 110,698 | 169,451 | |||||||
Total liabilities | 9,786,758 | 9,616,052 | |||||||
Commitments and contingencies | |||||||||
Stockholders' equity: | |||||||||
Common Stock, par value $0.01 per share | |||||||||
400,000,000 and 110,000,000 shares authorized; 97,700,829 and 92,971,850 shares issued and outstanding | 977 | 930 | |||||||
Paid-in capital | 1,240,068 | 950,831 | |||||||
Retained earnings | 276,216 | 269,781 | |||||||
Accumulated other comprehensive income | 18,019 | 31,966 | |||||||
Total stockholders' equity | 1,535,280 | 1,253,508 | |||||||
Total liabilities and stockholders' equity | $ | 11,322,038 | $ | 10,869,560 |
BANKUNITED, INC. AND SUBSIDIARIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans | $ | 142,185 | $ | 111,376 | $ | 512,728 | $ | 431,468 | ||||||||
Interest and dividends on investment securities available for sale | 31,856 | 30,880 | 122,626 | 124,262 | ||||||||||||
Other | 598 | 473 | 2,743 | 1,958 | ||||||||||||
Total interest income | 174,639 | 142,729 | 638,097 | 557,688 | ||||||||||||
Interest expense: | ||||||||||||||||
Interest on deposits | 18,006 | 24,713 | 75,773 | 108,344 | ||||||||||||
Interest on borrowings | 15,920 | 15,992 | 63,164 | 59,856 | ||||||||||||
Total interest expense | 33,926 | 40,705 | 138,937 | 168,200 | ||||||||||||
Net interest income before provision for loan losses | 140,713 | 102,024 | 499,160 | 389,488 | ||||||||||||
Provision for loan losses | 4,012 | 6,250 | 13,828 | 51,407 | ||||||||||||
Net interest income after provision for loan losses | 136,701 | 95,774 | 485,332 | 338,081 | ||||||||||||
Non-interest income: | ||||||||||||||||
Accretion of discount on FDIC indemnification asset | 10,654 | 17,788 | 55,901 | 134,703 | ||||||||||||
Income from resolution of covered assets, net | 11,708 | 8,685 | 18,776 | 121,462 | ||||||||||||
Net gain on indemnification asset | 42,955 | 62,668 | 79,812 | 17,736 | ||||||||||||
FDIC reimbursement of costs of resolution of covered assets | 6,928 | 7,369 | 31,528 | 29,762 | ||||||||||||
Service charges | 2,733 | 2,673 | 11,128 | 10,567 | ||||||||||||
Loss on sale of loans, net | (70,117 | ) | (76,310 | ) | (69,714 | ) | (76,310 | ) | ||||||||
Gain (loss) on sale or exchange of investment securities available for sale | (79 | ) | 1,294 | 1,136 | (998 | ) | ||||||||||
Mortgage insurance income | 4,676 | 6,344 | 16,904 | 18,441 | ||||||||||||
Settlement with the FDIC | - | 24,055 | - | 24,055 | ||||||||||||
Investment services income | 1,336 | 1,805 | 7,496 | 6,226 | ||||||||||||
Other non-interest income | 2,548 | 3,888 | 10,250 | 12,135 | ||||||||||||
Total non-interest income | 13,342 | 60,259 | 163,217 | 297,779 | ||||||||||||
Non-interest expense: | ||||||||||||||||
Employee compensation and benefits | 40,971 | 44,152 | 272,991 | 144,486 | ||||||||||||
Occupancy and equipment | 10,405 | 8,548 | 36,680 | 28,692 | ||||||||||||
Impairment of other real estate owned | 2,746 | 3,967 | 24,569 | 16,131 | ||||||||||||
Foreclosure expense | 4,590 | 3,678 | 18,976 | 30,669 | ||||||||||||
(Gain) loss on sale of OREO | (3,763 | ) | 4,444 | 23,576 | 2,174 | |||||||||||
OREO related expense | 3,881 | 5,830 | 13,001 | 19,003 | ||||||||||||
Change in value of FDIC warrant | - | 17,330 | - | 21,832 | ||||||||||||
Deposit insurance expense | 1,828 | 3,479 | 8,480 | 13,899 | ||||||||||||
Professional fees | 5,126 | 5,608 | 17,330 | 14,677 | ||||||||||||
Telecommunications and data processing | 2,266 | 3,549 | 12,041 | 12,321 | ||||||||||||
Other non-interest expense | 7,775 | 2,687 | 28,161 | 19,436 | ||||||||||||
Total non-interest expense | 75,825 | 103,272 | 455,805 | 323,320 | ||||||||||||
Income before income taxes | 74,218 | 52,761 | 192,744 | 312,540 | ||||||||||||
Provision for income taxes | 32,938 | 24,948 | 129,576 | 127,805 | ||||||||||||
Net income | $ | 41,280 | $ | 27,813 | $ | 63,168 | $ | 184,735 | ||||||||
Earnings per common share, basic | $ | 0.41 | $ | 0.30 | $ | 0.63 | $ | 1.99 | ||||||||
Earnings per common share, diluted | $ | 0.41 | $ | 0.30 | $ | 0.62 | $ | 1.99 | ||||||||
Cash dividends declared per common share | $ | 0.14 | $ | 0.22 | $ | 0.56 | $ | 0.37 |
BankUnited Inc. and Subsidiaries | ||||||||||||||||||||
Average balances and yields | ||||||||||||||||||||
For the Three Months Ended December 31, | ||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||
Average | Interest | Yield/ | Average | Interest | Yield/ | |||||||||||||||
Balance | Rate(1) | Balance | Rate(1) | |||||||||||||||||
Assets: | ||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||
Investment securities available for sale | $ | 4,113,223 | $ | 31,856 | 3.10 | % | $ | 3,012,232 | $ | 30,880 | 4.10 | % | ||||||||
Other interest earning assets | 617,501 | 598 | 0.38 | % | 658,313 | 473 | 0.29 | % | ||||||||||||
Loans | 3,982,354 | 142,185 | 14.25 | % | 3,968,777 | 111,376 | 11.20 | % | ||||||||||||
Total interest earning assets | 8,713,078 | 174,639 | 8.00 | % | 7,639,322 | 142,729 | 7.46 | % | ||||||||||||
Allowance for loan losses | (53,811 | ) | (59,023 | ) | ||||||||||||||||
Noninterest earning assets | 2,597,226 | 3,375,603 | ||||||||||||||||||
Total assets | $ | 11,256,493 | $ | 10,955,902 | ||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||
Interest bearing demand | $ | 422,193 | $ | 685 | 0.64 | % | $ | 333,445 | $ | 558 | 0.66 | % | ||||||||
Savings and money market | 3,535,825 | 7,178 | 0.81 | % | 3,056,200 | 7,821 | 1.02 | % | ||||||||||||
Time | 2,534,917 | 10,143 | 1.59 | % | 3,360,614 | 16,334 | 1.93 | % | ||||||||||||
Total interest bearing deposits | 6,492,935 | 18,006 | 1.10 | % | 6,750,259 | 24,713 | 1.45 | % | ||||||||||||
Borrowings: | ||||||||||||||||||||
FHLB advances | 2,238,982 | 15,919 | 2.82 | % | 2,257,881 | 15,991 | 2.81 | % | ||||||||||||
Short term borrowings | 328 | 1 | 0.49 | % | 257 | 1 | 0.34 | % | ||||||||||||
Total interest bearing liabilities | 8,732,245 | 33,926 | 1.54 | % | 9,008,397 | 40,705 | 1.79 | % | ||||||||||||
Non-interest bearing demand deposits | 708,490 | 518,785 | ||||||||||||||||||
Other non-interest bearing liabilities | 299,902 | 193,166 | ||||||||||||||||||
Total liabilities | 9,740,637 | 9,720,348 | ||||||||||||||||||
Stockholders' equity | 1,515,856 | 1,235,554 | ||||||||||||||||||
Total liabilities and stockholders' equity | $ | 11,256,493 | $ | 10,955,902 | ||||||||||||||||
Net interest income | $ | 140,713 | $ | 102,024 | ||||||||||||||||
Interest rate spread | 6.46 | % | 5.67 | % | ||||||||||||||||
Net interest margin | 6.46 | % | 5.35 | % | ||||||||||||||||
(1) Annualized |
BankUnited Inc. and Subsidiaries | ||||||||||||||||||||
Average balances and yields | ||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||
Average | Interest | Yield/ | Average | Interest | Yield/ | |||||||||||||||
Balance | Rate | Balance | Rate | |||||||||||||||||
Assets: | ||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||
Investment securities available for sale | $ | 3,654,137 | $ | 122,626 | 3.36 | % | $ | 2,891,493 | $ | 124,262 | 4.30 | % | ||||||||
Other interest earning assets | 628,782 | 2,743 | 0.44 | % | 640,506 | 1,958 | 0.31 | % | ||||||||||||
Loans | 3,848,837 | 512,728 | 13.32 | % | 4,181,062 | 431,468 | 10.32 | % | ||||||||||||
Total interest earning assets | 8,131,756 | 638,097 | 7.85 | % | 7,713,061 | 557,688 | 7.23 | % | ||||||||||||
Allowance for loan losses | (57,462 | ) | (38,236 | ) | ||||||||||||||||
Noninterest earning assets | 2,866,486 | 3,513,839 | ||||||||||||||||||
Total assets | $ | 10,940,780 | $ | 11,188,664 | ||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||
Interest bearing demand | $ | 382,329 | $ | 2,499 | 0.65 | % | $ | 273,897 | $ | 1,981 | 0.72 | % | ||||||||
Savings and money market | 3,366,466 | 29,026 | 0.86 | % | 2,870,768 | 34,243 | 1.19 | % | ||||||||||||
Time | 2,585,201 | 44,248 | 1.71 | % | 3,889,961 | 72,120 | 1.85 | % | ||||||||||||
Total interest bearing deposits | 6,333,996 | 75,773 | 1.20 | % | 7,034,626 | 108,344 | 1.54 | % | ||||||||||||
Borrowings: | ||||||||||||||||||||
FHLB advances | 2,246,068 | 63,158 | 2.81 | % | 2,244,601 | 59,784 | 2.66 | % | ||||||||||||
Short term borrowings | 1,333 | 6 | 0.48 | % | 7,812 | 72 | 0.92 | % | ||||||||||||
Total interest bearing liabilities | 8,581,397 | 138,937 | 1.62 | % | 9,287,039 | 168,200 | 1.81 | % | ||||||||||||
Non-interest bearing demand deposits | 622,377 | 440,673 | ||||||||||||||||||
Other non-interest bearing liabilities | 282,416 | 263,789 | ||||||||||||||||||
Total liabilities | 9,486,190 | 9,991,501 | ||||||||||||||||||
Stockholders' equity | 1,454,590 | 1,197,163 | ||||||||||||||||||
Total liabilities and stockholders' equity | $ | 10,940,780 | $ | 11,188,664 | ||||||||||||||||
Net interest income | $ | 499,160 | $ | 389,488 | ||||||||||||||||
Interest rate spread | 6.23 | % | 5.42 | % | ||||||||||||||||
Net interest margin | 6.14 | % | 5.05 | % |
BankUnited, Inc. | |||||||||||||
Selected Ratios | |||||||||||||
Financial ratios | Three months ended December 31, 2011 | Three months ended December 31, 2010 | Year ended December 31, 2011 | Year ended December 31, 2010 | |||||||||
Return on average assets | 1.45 | % | 1.01 | % | 0.58 | % | 1.65 | % | |||||
Return on average stockholder's equity | 10.80 | % | 8.93 | % | 4.34 | % | 15.43 | % | |||||
Net interest margin | 6.46 | % | 5.35 | % | 6.14 | % | 5.05 | % | |||||
Capital ratios | December 31, 2011 | December 31, 2010 | |||||||||||
Tier 1 risk-based capital | 34.59 | % | 41.30 | % | |||||||||
Total risk-based capital | 35.86 | % | 42.04 | % | |||||||||
Tier 1 leverage | 10.77 | % | 10.34 | % | |||||||||
Asset quality ratios | December 31, 2011 | December 31, 2010 | |||||||||||
Non-performing loans to total loans (1) (3) | 0.70 | % | 0.66 | % | |||||||||
Non-performing assets to total assets (2) | 1.35 | % | 2.14 | % | |||||||||
Allowance for loan losses to total loans | 1.17 | % | 1.48 | % | |||||||||
Allowance for loan losses to non-performing loans (1) | 167.59 | % | 226.35 | % | |||||||||
Net charge-offs to average loans | 0.62 | % | 0.37 | % | |||||||||
(1) |
We define non-performing loans to include nonaccrual loans, loans, other than ACI loans, that are past due 90 days or more and still accruing and certain loans modified in troubled debt restructurings. Contractually delinquent ACI loans on which interest continues to be accreted are excluded from non-performing loans. The carrying value of ACI loans contractually delinquent by more than 90 days, but not identified as non-performing was $361.4 million and $717.7 million at December 31, 2011 and December 31, 2010, respectively. |
||||||||||||
(2) |
Non-performing assets include non-performing loans and other real estate owned. |
||||||||||||
(3) |
Total loans is net of unearned discounts and deferred fees and costs. |
Source:
BankUnited Inc.
Investor Relations:
Douglas J. Pauls,
305-461-6841
dpauls@bankunited.com
or
Media
Relations:
Mary Harris, 305-817-8117
mharris@bankunited.com