View Filing Data

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2011	Nov. 10, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	BankUnited, Inc.
Entity Central Index Key	0001504008
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock Shares Outstanding		97,251,648
Entity Current Reporting Status	Yes

Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands	Sep. 30, 2011	Dec. 31, 2010
Cash and due from banks:
Non-interest bearing	$ 31,950	$ 44,860
Interest bearing	12,990	12,523
Due from Federal Reserve Bank	336,700	502,828
Federal funds sold	3,446	4,563
Cash and cash equivalents	385,086	564,774
Investment securities available for sale, at fair value (including covered securities of $242,292 and $263,568)	3,893,076	2,926,602
Federal Home Loan Bank stock	165,547	217,408
Loans held for sale	2,142	2,659
Loans (including covered loans of $2,743,887 and $3,396,047)	4,015,074	3,934,217
Allowance for loan losses	(55,058)	(58,360)
Loans, net	3,960,016	3,875,857
FDIC indemnification asset	2,107,605	2,667,401
Bank owned life insurance	175,089	207,061
Other real estate owned, covered by loss sharing agreements	124,990	206,680
Income tax receivable	6,296	10,862
Goodwill and other intangible assets	68,751	69,011
Other assets	125,422	121,245
Total assets	11,014,020	10,869,560
Demand deposits:
Non-interest bearing	645,695	494,499
Interest bearing	394,502	349,985
Savings and money market	3,487,959	3,134,884
Time	2,420,256	3,184,360
Total deposits	6,948,412	7,163,728
Securities sold under agreements to repurchase	284	492
Federal Home Loan Bank advances	2,240,937	2,255,200
Deferred tax liability, net	31,245	4,618
Advance payments by borrowers for taxes and insurance	47,732	22,563
Other liabilities	244,504	169,451
Total liabilities	9,513,114	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; 97,282,905 and 92,971,850 shares issued and outstanding	973	930
Paid-in capital	1,230,819	950,831
Retained earnings	249,124	269,781
Accumulated other comprehensive income	19,990	31,966
Total stockholders' equity	1,500,906	1,253,508
Total liabilities and stockholders' equity	$ 11,014,020	$ 10,869,560

Consolidated Balance Sheets - Unaudited (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2011	Dec. 31, 2010
ASSETS
Investment securities available for sale, covered securities	$ 242,292	$ 263,568
Loans, covered loans	$ 2,743,887	$ 3,396,047
Stockholders' equity:
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	400,000,000	110,000,000
Common Stock, shares issued (in shares)	97,282,905	92,971,850
Common Stock, shares outstanding (in shares)	97,282,905	92,971,850

Consolidated Statements of Operations - Unaudited - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Interest income:
Interest and fees on loans	$ 133,649	$ 108,422	$ 370,543	$ 320,092
Interest and dividends on investment securities available for sale	28,984	32,255	90,770	93,382
Other	522	697	2,145	1,485
Total interest income	163,155	141,374	463,458	414,959
Interest expense:
Interest on deposits	18,437	26,717	57,767	83,631
Interest on borrowings	15,920	15,869	47,244	43,864
Total interest expense	34,357	42,586	105,011	127,495
Net interest income before provision for loan losses	128,798	98,788	358,447	287,464
Provision for loan losses	1,252	19,066	9,816	45,157
Net interest income after provision for loan losses	127,546	79,722	348,631	242,307
Non-interest income:
Accretion of discount on FDIC indemnification asset	10,804	25,755	45,247	116,915
Income from resolution of covered assets, net	4,702	17,787	7,068	112,777
Net gain (loss) on indemnification asset	(777)	5,053	36,857	(44,932)
FDIC reimbursement of costs of resolution of covered assets	5,859	8,078	24,600	22,393
Service charges	2,730	2,674	8,062	7,894
Gain (loss) on sale or exchange of investment securities available for sale	1,112	518	1,215	(2,292)
Mortgage insurance income	4,143	7,040	12,228	12,097
Investment services income	1,645	1,717	6,160	4,421
Other non-interest income	2,537	2,693	8,438	8,247
Total non-interest income	32,755	71,315	149,875	237,520
Non-interest expense:
Employee compensation and benefits	41,350	36,830	232,020	100,334
Occupancy and equipment	9,879	6,502	26,275	20,144
Impairment of other real estate owned	4,037	6,263	21,823	12,164
Foreclosure expense	3,859	7,616	14,386	26,991
(Gain) loss on sale of other real estate owned	2,865	897	27,339	(2,270)
Other real estate owned expense	2,188	4,287	9,120	13,173
Change in value of FDIC warrant	0	1,297	0	4,502
Deposit insurance expense	134	3,469	6,652	10,420
Professional fees	5,468	4,407	12,204	9,069
Telecommunications and data processing	2,951	3,036	9,817	8,772
Other non-interest expense	7,021	5,309	20,344	16,749
Total non-interest expense	79,752	79,913	379,980	220,048
Income before income taxes	80,549	71,124	118,526	259,779
Provision for income taxes	34,996	26,085	96,638	102,857
Net income	$ 45,553	$ 45,039	$ 21,888	$ 156,922
Earnings per common share, basic (see Note 13) (in dollars per share)	$ 0.45	$ 0.48	$ 0.21	$ 1.69
Earnings per common share, diluted (see Note 13) (in dollars per share)	0.45	0.48	0.20	1.69
Cash dividends declared per common share (in dollars per share)	$ 0.14	$ 0.15	$ 0.42	$ 0.15

Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Cash flows from operating activities:
Net income	$ 21,888	$ 156,922
Adjustments to reconcile net income to net cash used in operating activities:
Accretion of fair values of assets acquired and liabilities assumed	(351,509)	(336,219)
Amortization of fees, discounts and premiums, net	(3,116)	(24,591)
Provision for loan losses	9,816	45,157
Accretion of discount on FDIC indemnification asset	(45,247)	(116,915)
Income from resolution of covered assets	(7,068)	(112,777)
Net (gain) loss on indemnification asset	(36,857)	44,932
Net gain on sale of loans	(403)	0
Increase in cash surrender value of bank owned life insurance	(2,887)	(3,836)
Income from life insurance proceeds	0	(544)
Gain (loss) on sale or exchange of investment securities available for sale	(1,215)	2,292
(Gain) loss on sale of other real estate owned	27,339	(2,270)
Loss on disposal of premises and equipment	11	316
Stock-based compensation	135,744	873
Change in fair value of equity instruments classified as liabilities	0	24,490
Depreciation and amortization	5,333	1,765
Impairment of other real estate owned	21,823	12,164
Deferred income taxes	34,368	38,884
Proceeds from sale of loans held for sale	22,095	0
Loans originated for sale, net of repayments	(21,175)	(534)
Realized tax benefits from equity based compensation	(433)	0
Other:
(Increase) decrease in other assets	991	(46,811)
Increase (decrease) in other liabilities	7,369	(76,845)
Net cash used in operating activities	(183,133)	(393,547)
Cash flows from investing activities:
Decrease in due to FDIC	0	(2,950)
Purchase of investment securities available for sale	(1,452,980)	(1,331,883)
Proceeds from repayments of investment securities available for sale	407,595	494,324
Proceeds from sale of investment securities available for sale	199,843	67,867
Maturities and calls of investment securities available for sale	162	10,000
Purchases of loans	(254,732)	(23,718)
Loan repayments and resolutions, net of originations	251,691	618,061
Proceeds from redemption of Federal Home Loan Bank stock	51,861	17,432
Decrease in FDIC indemnification asset for claims filed	641,900	628,089
Purchase of bank owned life insurance	(22,016)	0
Bank owned life insurance proceeds	77,721	717
Purchase of office properties and equipment, net	(26,651)	(20,979)
Proceeds from sale of other real estate owned	282,836	197,173
Net cash provided by investing activities	157,230	654,133
Cash flows from financing activities:
Net decrease in deposits	(208,941)	(347,989)
Additions to Federal Home Loan Bank advances	0	605,000
Repayments of Federal Home Loan Bank advances	0	(405,000)
Net decrease in securities sold under agreements to repurchase	(208)	(2,586)
Settlement of FDIC warrant liability	(25,000)	0
Increase in advances from borrowers for taxes and insurance	22,955	25,860
Issuance of common stock	98,620	2,500
Dividends paid	(41,914)	0
Realized tax benefits from equity based compensation	433	0
Exercise of stock options	270	0
Net cash used in financing activities	(153,785)	(122,215)
Increase (decrease) in cash and cash equivalents	(179,688)	138,371
Cash and cash equivalents, beginning of period	564,774	356,215
Cash and cash equivalents, end of period	385,086	494,586
Supplemental disclosure of cash flow information:
Interest paid on deposits and borrowings	125,461	168,200
Income taxes paid	30,626	197,166
Supplemental schedule of non-cash investing and financing activities:
Transfers from loans to other real estate owned	273,345	283,220
Dividends declared	14,631	14,000
Unsettled securities trades	112,731	0
Reclassification of PIU liability to equity	44,964	0
Rescission of surrender of bank owned life insurance	$ 20,846	$ 0

Consolidated Statements Of Stockholders' Equity and Comprehensive Income - Unaudited - USD ($) $ in Thousands	Total	Common stock	Paid-in capital	Retained earnings	Accumulated other comprehensive income
Balance at Dec. 31, 2009	$ 1,094,260	$ 928	$ 947,032	$ 119,046	$ 27,254
Comprehensive income:
Net income (loss)	156,922	0	0	156,922	0
Other comprehensive income (loss):
Unrealized gains on investment securities available for sale arising during the period, net of taxes of $12,298 in 2010 and $5,059 in 2011	37,437	0	0	0	37,437
Reclassification adjustment for realized losses on investment securities available for sale, net of taxes of $1,084 in 2010 and $40 in 2011	1,408	0	0	0	1,408
Unrealized losses on cash flow hedges, net of tax benefit of $15,782 in 2010 and $1,735 in 2011	(36,561)	0	0	0	(36,561)
Total comprehensive income (loss)	159,206			156,922	2,284
Capital contribution	2,500	2	2,498	0	0
Dividends	(14,000)	0	0	(14,000)	0
Reclassification of PIU liability to equity	0
Stock based compensation	873	0	873	0	0
Tax benefits from dividend equivalents and stock options	0
Balance at Sep. 30, 2010	1,242,839	930	950,403	261,968	29,538
Balance at Dec. 31, 2010	1,253,508	930	950,831	269,781	31,966
Comprehensive income:
Net income (loss)	21,888	0	0	21,888	0
Other comprehensive income (loss):
Unrealized gains on investment securities available for sale arising during the period, net of taxes of $12,298 in 2010 and $5,059 in 2011	3,688	0	0	0	3,688
Reclassification adjustment for realized losses on investment securities available for sale, net of taxes of $1,084 in 2010 and $40 in 2011	(747)	0	0	0	(747)
Unrealized losses on cash flow hedges, net of tax benefit of $15,782 in 2010 and $1,735 in 2011	(14,917)	0	0	0	(14,917)
Total comprehensive income (loss)	9,912			21,888	(11,976)
Proceeds from issuance of common stock, net of direct costs of $3,979	98,620	42	98,578	0	0
Dividends	42,545	0	0	42,545	0
Reclassification of PIU liability to equity	44,964	0	44,964	0	0
Stock based compensation	135,744	1	135,743	0	0
Proceeds from exercise of stock options	270	0	270	0	0
Tax benefits from dividend equivalents and stock options	433	0	433	0	0
Balance at Sep. 30, 2011	$ 1,500,906	$ 973	$ 1,230,819	$ 249,124	$ 19,990

Consolidated Statements Of Stockholders' Equity and Comprehensive Income - Unaudited (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Comprehensive income:
Unrealized losses on investment securities available for sale arising during the period, taxes	$ (2,303)	$ 23,511
Reclassification adjustment for realized gains on investment securities available for sale, taxes	468	884
Unrealized gains on cash flow hedges, tax	(9,368)	$ 22,964
Proceeds from issuance of common stock, direct costs	$ 3,979

Basis of Presentation

9 Months Ended

Sep. 30, 2011

Basis of Presentation [Abstract]

Basis of Presentation

Note 1 Basis of Presentation

BankUnited, Inc. (“BankUnited, Inc.” or “BKU”) is the holding company for BankUnited (“BankUnited” or the “Bank”), a federally chartered, federally insured savings association headquartered in Miami Lakes, Florida. On May 21, 2009, BankUnited was granted a savings association charter and the newly formed bank acquired substantially all of the assets and assumed all of the non-brokered deposits and substantially all of the other liabilities of BankUnited, FSB from the Federal Deposit Insurance Corporation (“FDIC”) in a transaction referred to as the “Acquisition”. In connection with the Acquisition, the Bank entered into Loss Sharing Agreements with the FDIC (“Loss Sharing Agreements”) that cover single family residential mortgage loans, commercial real estate, commercial and industrial and consumer loans, certain investment securities and other real estate owned (“OREO”), collectively referred to as the “covered assets”. Pursuant to the terms of the Loss Sharing Agreements, the covered assets are subject to a stated loss threshold whereby the FDIC will reimburse the Bank for 80% of losses of up to $4.0 billion, and 95% of losses in excess of this amount, beginning with the first dollar of loss incurred.

BankUnited, Inc.’s wholly owned subsidiaries include BankUnited and BankUnited Investment Services, Inc. (collectively the “Company”). BankUnited provides a full range of banking and related services to individual and corporate customers through 85 branch offices located in 13 Florida counties.

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required for a fair presentation of financial position, results of operations and cash flows in conformity with U.S. generally accepted accounting principles (“GAAP”) and should be read in conjunction with the Company’s consolidated financial statements and the notes thereto appearing in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2011 are not necessarily indicative of the results that may be expected in future periods.

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and disclosures of contingent assets and liabilities. Management has made significant estimates in certain areas, such as the allowance for loan losses, the amount and timing of expected cash flows from covered assets and the FDIC indemnification asset, the valuation of other real estate owned (“OREO”), the valuation of deferred tax assets, the evaluation of investment securities for other than-temporary impairment and the fair values of financial instruments. Actual results could differ from these estimates.

Certain amounts for the prior period have been reclassified to conform to the current period presentation.

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2011
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	Note 2 Recent Accounting Pronouncements In April 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2011-02, “A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring.” This update clarifies existing guidance on a creditor’s evaluation of whether a restructuring constitutes a troubled debt restructuring, including clarification of a creditor’s evaluation of whether it has granted a concession and of whether a debtor is experiencing financial difficulties. The Company adopted this update during the quarter ending September 30, 2011. Adoption of this update did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. In April 2011, the FASB issued Accounting Standards Update 2011-03, “ Reconsideration of Effective Control for Repurchase Agreements.” This update removes from the assessment of effective control: (1) the criterion requiring the transferor to have the ability to repurchase or redeem the financial assets on substantially the agreed terms, even in the event of default by the transferee, and (2) the collateral maintenance implementation guidance related to that criterion. The update is required to be adopted prospectively by the Company for the quarter ending March 31, 2012. Management does not anticipate that adoption will have a material impact on the Company’s consolidated financial position, results of operations or cash flows. In May 2011, the FASB issued Accounting Standards Update 2011-04, “ Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” The amendments in this Update result in common fair value measurement and disclosure requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). The amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. Some of the amendments clarify the FASB’s intent about the application of fair value measurement requirements and others change principles or requirements for measuring fair value or disclosing information about fair value measurements. The Company is required to adopt this update prospectively for the quarter ending March 31, 2012. This update will result in expanded disclosures in the Company’s financial statements; however, management does not anticipate that adoption will have a material impact on the Company’s consolidated financial position, results of operations or cash flows. In June 2011, the FASB issued Accounting Standards Update 2011-05, “Presentation of Comprehensive Income.” This update provides entities with an option of presenting the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. This update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. The Company is required to adopt this update retrospectively for the quarter ending March 31, 2012. Adoption of this update will affect the manner of presentation of the components of comprehensive income in the Company’s financial statements, but will not have an impact on the Company’s consolidated financial position, results of operations or cash flows. In September 2011, the FASB issued Accounting Standards Update 2011-08, “ Testing Goodwill for Impairment. ” This update simplifies how entities test goodwill for impairment. It permits an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. Under the amendments in this update, an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. The Company is required to adopt this update for fiscal years beginning after December 15, 2011. Management does not anticipate that adoption will have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

Acquisition Activity

9 Months Ended

Sep. 30, 2011

Acquisition Activity [Abstract]

Acquisition Activity

Note 3 Acquisition Activity

On June 2, 2011, BKU entered into a Merger Agreement with Herald National Bank (“Herald”), a national banking association based in the New York metropolitan area (“Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, a to-be-formed direct, wholly-owned national bank subsidiary of BKU will merge with and into Herald, with Herald continuing as the surviving entity and a wholly-owned subsidiary of BKU. Upon completion of the merger, holders of Herald common and preferred stock will receive cash or shares of BKU common stock having a value equal to $1.35 plus the value of 0.099 shares of BKU common stock as of the effective time of the Merger. The Merger Agreement provides that the surviving bank will be merged with and into BankUnited, with BankUnited surviving, in August 2012. Completion of the Merger is subject to various customary conditions, including, among others, (a) ratification and confirmation of the Merger Agreement by Herald shareholders, (b) effectiveness of the registration statement for the BKU common stock to be issued in the Merger and approval of the listing on the New York Stock Exchange of the BKU common stock to be issued in the Merger, (c) the absence of any law or order prohibiting the closing of the Merger and (d) receipt of required regulatory approvals.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6927-128479

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1490-128463

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7008-128479

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6996-128479

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1524-128463

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1392-128463

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7000-128479

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1497-128463

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1486-128463

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1383-128463

+ Details

Investment Securities Available for Sale

9 Months Ended

Sep. 30, 2011

Investment Securities Available for Sale [Abstract]

Investment Securities Available for Sale

Note 4 Investment Securities Available for Sale

Investment securities available for sale at September 30, 2011 and December 31, 2010 consisted of the following (in thousands):


	September 30, 2011
	Covered Securities									Non-Covered Securities
	Amortized		Gross Unrealized					Fair		Amortized		Gross Unrealized					Fair
	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value

U.S. Government agency and sponsored enterprise residential mortgage-backed securities	$	—	$	—	$	—		$	—	$	1,822,470	$	31,435	$	(441	)	$	1,853,464
Resecuritized real estate mortgage investment conduits (“Re-Remics”)	—		—		—			—		484,928		9,022		(268		)	493,682
Private label residential mortgage backed securities and CMO’s	170,951		48,324		(278		)	218,997		185,473		1,921		(131		)	187,263
Private label commercial mortgage backed securities	—		—		—			—		157,553		1,697		—			159,250
Non mortgage asset-backed securities	—		—		—			—		418,001		4,963		(1,191		)	421,773
Mutual funds and preferred stocks	16,382		949		(461		)	16,870		235,689		1,408		(5,795		)	231,302
State and municipal obligations	—		—		—			—		24,851		259		(6		)	25,104
Small Business Administration securities	—		—		—			—		277,166		1,788		(8		)	278,946
Other debt securities	3,860		2,565		—			6,425		—		—		—			—
Total	$	191,193	$	51,838	$	(739	)	$	242,292	$	3,606,131	$	52,493	$	(7,840	)	$	3,650,784

	December 31, 2010
	Covered Securities									Non-Covered Securities
	Amortized		Gross Unrealized					Fair		Amortized		Gross Unrealized					Fair
	Cost		Gains		Losses			Value		Cost		Gains		Losses			Value

U.S. Government agency and sponsored enterprise residential mortgage-backed securities	$	—	$	—	$	—		$	—	$	1,282,757	$	11,411	$	(3,258	)	$	1,290,910
Resecuritized real estate mortgage investment conduits (“Re-Remics”)	—		—		—			—		599,682		14,054		(1,105		)	612,631
Private label residential mortgage backed securities and CMO’s	181,337		61,679		(1,726		)	241,290		138,759		2,906		(35		)	141,630
Non mortgage asset-backed securities	—		—		—			—		407,158		1,908		(72		)	408,994
Mutual funds and preferred stocks	16,382		57		(922		)	15,517		120,107		3,402		(491		)	123,018
State and municipal obligations	—		—		—			—		22,898		101		(39		)	22,960
Small Business Administration securities	—		—		—			—		62,831		191		(131		)	62,891
Other debt securities	3,695		3,066		—			6,761		—		—		—			—
Total	$	201,414	$	64,802	$	(2,648	)	$	263,568	$	2,634,192	$	33,973	$	(5,131	)	$	2,663,034

At September 30, 2011, maturities of investment securities available for sale, adjusted for anticipated prepayments of mortgage-backed and other pass-through securities are shown below (in thousands):

	Amortized Cost		Fair Value

Due in one year or less	$	701,546	$	723,524
Due after one year through five years	1,721,541		1,766,155
Due after five years through ten years	879,137		900,132
Due after ten years	243,029		255,093
Mutual funds and preferred stocks with no stated maturity	252,071		248,172

Total	$	3,797,324	$	3,893,076

The following table provides information about gains and losses on the sale and exchange of investment securities available for sale for the periods indicated (in thousands):

	Three Months ended September 30,						Nine Months ended September 30,
	2011			2010			2011			2010
Proceeds from sale of investment securities available for sale	$	130,496		$	54,070		$	199,843		$	67,867

Gross realized gains	$	1,114		$	519		$	1,220		$	565
Gross realized losses	(2		)	(1		)	(5		)	(46		)
Loss on exchange of securities	—			—			—			(2,811		)
Net realized gain (loss)	$	1,112		$	518		$	1,215		$	(2,292	)

During the nine months ended September 30, 2010, the Company exchanged certain non-covered trust preferred securities for preferred stock of the same issuer to achieve higher returns and more favorable tax treatment. Based on the market value of the trust preferred securities at the time of the exchange, the Company recognized a gross realized loss of $2.8 million.

The carrying value of securities pledged as collateral for Federal Home Loan Bank (“FHLB”) advances, public deposits, interest rate swaps, securities sold under agreements to repurchase and to secure borrowing capacity at the Federal Reserve Bank, totaled $1.0 billion and $496.5 million at September 30, 2011 and December 31, 2010, respectively.

The following tables present the aggregate fair value and the aggregate amount by which amortized cost exceeds fair value for investment securities that are in unrealized loss positions at September 30, 2011 and December 31, 2010, aggregated by investment category and length of time that individual securities had been in continuous unrealized loss positions. At December 31, 2010, all of the securities in unrealized loss positions had been in continuous unrealized loss positions for less than twelve months (in thousands):

	September 30, 2011
	Less than 12 Months					Greater than 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses

U.S. Government agency and sponsored enterprise residential mortgage backed securities	$	127,475	$	(354	)	$	62,441	$	(87	)	$	189,916	$	(441	)
Resecuritized real estate mortgage investment conduits (“Re-Remics”)	14,436		(43		)	20,325		(225		)	34,761		(268		)
Private label residential mortgage backed securities and CMO’s	76,147		(245		)	7,031		(164		)	83,178		(409		)
Non mortgage asset-backed securities	114,782		(1,094		)	20,376		(97		)	135,158		(1,191		)
Mutual funds and preferred stocks	168,875		(5,795		)	14,982		(461		)	183,857		(6,256		)
State and municipal obligations	2,108		(6		)	—		—			2,108		(6		)
Small Business Administration securities	9,272		(8		)	—		—			9,272		(8		)
Total	$	513,095	$	(7,545	)	$	125,155	$	(1,034	)	$	638,250	$	(8,579	)

	December 31, 2010
	Less Than 12 Months
	Fair		Unrealized
	Value		Losses

U.S. Government agency and sponsored enterprise residential mortgage backed securities	$	486,216	$	(3,258	)
Resecuritized real estate mortgage investment conduits (“Re-Remics”)	59,408		(1,105		)
Private label residential mortgage backed securities and CMO’s	16,626		(1,761		)
Non mortgage asset-backed securities	63,802		(72		)
Mutual funds and preferred stocks	61,336		(1,413		)
State and municipal obligations	6,144		(39		)
Small Business Administration securities	24,108		(131		)
Total	$	717,640	$	(7,779	)

The Company monitors its investment securities available for sale for other than temporary impairment, or OTTI, on an individual security basis considering numerous factors including the Company’s intent to sell securities in an unrealized loss position; the likelihood that the Company will be required to sell these securities before an anticipated recovery in value; the duration and severity of impairment; the earnings performance, credit rating, asset quality, and business prospects of the issuer; changes in the rating of the security; adverse changes in the regulatory, economic or technological environment; adverse changes in general market conditions in the geographic area or industry in which the issuer operates; and factors that raise concerns about the issuer’s ability to continue as a going concern such as negative cash flows from operations, working capital deficiencies or non-compliance with statutory capital requirements or debt covenants. The relative significance of each of these factors varies depending on the circumstances related to each security.

None of the securities in unrealized loss positions at September 30, 2011 and December 31, 2010 were determined to be other-than-temporarily impaired. The Company does not intend to sell securities that are in unrealized loss positions and it is not more likely than not that the Company will be required to sell these securities before recovery of the amortized cost basis, which may be maturity. At September 30, 2011, fifty-nine securities were in unrealized loss positions. The amount of impairment related to fifteen of these securities was considered insignificant, totaling approximately $57,000 and no further analysis with respect to these securities was considered necessary. The basis for concluding that impairment of the remaining securities is not other-than-temporary is further described below:

U.S. Government agency and sponsored enterprise mortgage backed securities:

At September 30, 2011, six U.S. Government agency and sponsored enterprise mortgage backed securities were in unrealized loss positions. Two of these securities have been in unrealized loss positions for twelve months. The remaining four securities have been in unrealized loss positions for less than twelve months. The amount of impairment of each of the individual securities is less than 1% of amortized cost. The timely payment of principal and interest on these securities is explicitly or implicitly guaranteed by the U.S. Government. Given the limited severity and duration of impairment and the expectation of timely payment of principal and interest, the impairments are considered to be temporary.

Private label mortgage backed securities and CMO’s and Re-Remics:

At September 30, 2011, seven private label mortgage-backed securities and Re-Remics were in unrealized loss positions. These securities were assessed for OTTI using third-party developed credit and prepayment behavioral models and CUSIP level constant default rates, voluntary prepayment rates and loss severity and delinquency assumptions. The results of this evaluation were not indicative of credit losses related to any of these securities as of September 30, 2011. One of these securities has been in an unrealized loss position for sixteen months; the amount of impairment of this security is approximately 1% of amortized cost. Two securities have been in continuous unrealized loss positions for twelve months, with impairment totaling approximately $164,000. The remaining securities have been in unrealized loss positions for three months or less. Given the generally limited duration of impairment, the limited severity of impairment and the expectation of timely recovery of outstanding principal, the impairments are considered to be temporary.

Non-mortgage asset backed securities:

At September 30, 2011, ten non-mortgage asset backed securities were in unrealized loss positions. One of these securities has been in an unrealized loss position for thirteen months. The remaining securities had been in continuous unrealized loss positions for six months or less at September 30, 2011. The amount of impairment was less than 2% of amortized cost basis for each of the securities. These securities were assessed for OTTI using a third-party developed credit and prepayment behavioral model and CUSIP level constant default rates, voluntary prepayment rates and loss severity and delinquency assumptions. The results of this evaluation were not indicative of credit losses related to these securities as of September 30, 2011. Given the limited severity and duration of impairment and the expectation of timely recovery of outstanding principal, the impairments are considered to be temporary.

Mutual funds:

At September 30, 2011, one mutual fund investment was in an unrealized loss position and had been in a continuous unrealized loss position for thirteen months. The majority of the underlying holdings of the mutual fund are either explicitly or implicitly guaranteed by the U.S. Government. Impairment has been driven primarily by intermediate term interest rates and lack of liquidity in the market for the security. The unrealized loss related to this security declined by 27% during the three months ending September 30, 2011 from approximately $629,000 to approximately $461,000, representing approximately 3% of amortized cost. Given the recent trend toward recovery in value of this security, the limited severity of impairment and the nature of the underlying holding of the fund, impairment is considered to be temporary.

Preferred stocks:

At September 30, 2011, twenty positions in financial institution preferred stocks were in unrealized loss positions. These investments have been in continuous unrealized loss positions for five months or less at September 30, 2011. All of the preferred stock holdings are investment grade; the issuing institutions are well capitalized and reporting positive earnings. Given the limited duration of impairment, management’s evaluation of the financial condition of the preferred stock issuers and the rating of these investments, these impairments are considered to be temporary.

- Definition

Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 3, 19, 20, 21, 22, 137
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Debt Security
-URI http://asc.fasb.org/extlink&oid=6509901
-Topic 320

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Equity Security
-URI http://asc.fasb.org/extlink&oid=6511694
-Topic 320

+ Details

Loans and Allowance for Loan Losses

9 Months Ended

Sep. 30, 2011

Loans and Allowance for Loan Losses [Abstract]

Loans and Allowance for Loan Losses

Note 5 Loans and Allowance for Loan Losses

A significant portion of the Company’s loan portfolio consists of loans acquired in the Acquisition. Substantially all of these loans are covered under BankUnited’s Loss Sharing Agreements (the “covered loans”). Loans originated or purchased since the Acquisition (“new loans”) are not covered by the Loss Sharing Agreements. Covered loans may be further segregated between those acquired with evidence of deterioration in credit quality since origination (“Acquired Credit Impaired” or “ACI” loans) and those acquired without evidence of deterioration in credit quality since origination (“non-ACI” loans).

At September 30, 2011 and December 31, 2010, loans consisted of the following (dollars in thousands):

	September 30, 2011
	Covered Loans						Non-Covered Loans
	ACI			Non-ACI			ACI		New Loans			Total			Percent of Total
Residential:
1-4 single family residential	$	1,923,584		$	131,167		$	—	$	363,542		$	2,418,293		59.4	%
Home equity loans and lines of credit	80,964			191,010			—		2,337			274,311			6.7	%
Total	2,004,548			322,177			—		365,879			2,692,604			66.1	%
Commercial:
Multi-family	62,995			4,588			—		52,849			120,432			3.0	%
Commercial real estate	247,994			33,844			3,882		225,184			510,904			12.6	%
Construction	5,416			—			—		17,316			22,732			0.6	%
Land	33,005			165			—		3,637			36,807			0.9	%
Commercial loans and leases	28,643			28,851			—		618,572			676,066			16.6	%
Total	378,053			67,448			3,882		917,558			1,366,941			33.7	%
Consumer:	3,033			—			—		4,047			7,080			0.2	%
Total loans	2,385,634			389,625			3,882		1,287,484			4,066,625			100.0	%
Unearned discount and deferred fees and costs, net	—			(31,372		)	—		(20,179		)	(51,551		)
Loans net of discount and deferred fees and costs	2,385,634			358,253			3,882		1,267,305			4,015,074
Allowance for loan losses	(22,132		)	(14,933		)	—		(17,993		)	(55,058		)
Loans, net	$	2,363,502		$	343,320		$	3,882	$	1,249,312		$	3,960,016

	December 31, 2010
	Covered Loans						Non-covered Loans
	ACI			Non-ACI			New Loans			Total			Percent of Total
Residential:
1-4 single family residential	$	2,421,016		$	151,945		$	113,439		$	2,686,400		67.5	%
Home equity loans and lines of credit	98,599			206,797			2,255			307,651			7.7	%
Total	2,519,615			358,742			115,694			2,994,051			75.2	%
Commercial:
Multi-family	73,015			5,548			34,271			112,834			2.8	%
Commercial real estate	299,068			33,938			118,857			451,863			11.4	%
Construction	8,267			—			8,582			16,849			0.4	%
Land	48,251			170			1,873			50,294			1.3	%
Commercial loans and leases	49,731			30,139			266,586			346,456			8.7	%
Total	478,332			69,795			430,169			978,296			24.6	%
Consumer:	4,403			—			3,056			7,459			0.2	%
Total loans	3,002,350			428,537			548,919			3,979,806			100.0	%
Unearned discount and deferred fees and costs, net	—			(34,840		)	(10,749		)	(45,589		)
Loans net of discount and deferred fees and costs	3,002,350			393,697			538,170			3,934,217
Allowance for loan losses	(39,925		)	(12,284		)	(6,151		)	(58,360		)
Loans, net	$	2,962,425		$	381,413		$	532,019		$	3,875,857

At September 30, 2011 and December 31, 2010, the unpaid principal balance (“UPB”) of ACI loans was $5.9 billion and $7.2 billion, respectively.

During the nine months ended September 30, 2011 and 2010, the Company purchased one-to-four single family residential loans with UPB totaling $254.7 million and $23.7 million, respectively.

At September 30, 2011, the Company had pledged real estate loans with UPB of approximately $4.8 billion and carrying amounts of approximately $2.2 billion as security for FHLB advances.

The following tables present information about the ending balance of the allowance for loan losses and related loans as of September 30, 2011 and summarize the activity in the allowance for loan losses for the three and nine months ended September 30, 2011 (in thousands):

	As of and For the Three Months Ended September 30, 2011
	Residential			Commercial			Consumer		Total
Allowance for loan losses:

Beginning balance	$	13,177		$	43,422		$	40	$	56,639
Provision for loan losses:
ACI loans	(3,689		)	(1,855		)	—		(5,544		)
Non-ACI loans	(2,561		)	1,726			—		(835		)
New loans	2,542			4,862			227		7,631
Total provision	(3,708		)	4,733			227		1,252
Charge-offs:
ACI loans	—			(2,300		)	—		(2,300		)
Non-ACI loans	(329		)	(248		)	—		(577		)
New loans	—			(179		)	—		(179		)
Total charge-offs	(329		)	(2,727		)	—		(3,056		)
Recoveries:
ACI loans	—			—			—		—
Non-ACI loans	6			216			—		222
New loans	—			1			—		1
Total recoveries	6			217			—		223
Ending balance	$	9,146		$	45,645		$	267	$	55,058

	As of and For the Nine Months Ended September 30, 2011
	Residential			Commercial			Consumer		Total
Allowance for loan losses:

Beginning balance	$	28,649		$	29,656		$	55	$	58,360
Provision for loan losses:
ACI loans	(18,488		)	10,225			—		(8,263		)
Non-ACI loans	(1,777		)	7,235			—		5,458
New loans	2,705			9,704			212		12,621
Total provision	(17,560		)	27,164			212		9,816
Charge-offs:
ACI loans	—			(10,742		)	—		(10,742		)
Non-ACI loans	(1,963		)	(1,082		)	—		(3,045		)
New loans	—			(794		)	—		(794		)
Total charge-offs	(1,963		)	(12,618		)	—		(14,581		)
Recoveries:
ACI loans	—			1,212			—		1,212
Non-ACI loans	20			216			—		236
New loans	—			15			—		15
Total recoveries	20			1,443			—		1,463

Ending balance	$	9,146		$	45,645		$	267	$	55,058

Ending balance: non-ACI and new loans individually evaluated for impairment	$	—		$	6,506		$	—	$	6,506

Ending balance: non-ACI and new loans collectively evaluated for impairment	$	9,146		$	17,007		$	267	$	26,420

Ending balance: ACI	$	—		$	22,132		$	—	$	22,132

Ending balance: Non-ACI	$	6,270		$	8,663		$	—	$	14,933

Ending balance: New loans	$	2,876		$	14,850		$	267	$	17,993

Loans:

Ending balance (1)	$	2,692,604		$	1,366,941		$	7,080	$	4,066,625

Ending balance: non-ACI and new loans individually evaluated for impairment (1)	$	—		$	12,532		$	—	$	12,532

Ending balance: non-ACI and new loans collectively evaluated for impairment (1)	$	688,056		$	972,474		$	4,047	$	1,664,577
Ending balance: ACI loans	$	2,004,548		$	381,935		$	3,033	$	2,389,516

(1) Ending balance of loans is before unearned discount and deferred fees and costs.

The following table presents information about the balance of the allowance for loan losses and related loans as of December 31, 2010 (in thousands):

	As of December 31, 2010
	Residential		Commercial		Consumer		Total
Allowance for loan losses:

Ending balance	$	28,649	$	29,656	$	55	$	58,360

Ending balance: non-ACI and new loans individually evaluated for impairment	$	—	$	—	$	—	$	—

Ending balance: non-ACI and new loans collectively evaluated for impairment	$	10,161	$	8,219	$	55	$	18,435

Ending balance: ACI	$	18,488	$	21,437	$	—	$	39,925

Ending balance: Non-ACI	$	9,990	$	2,294	$	—	$	12,284

Ending balance: New loans	$	171	$	5,925	$	55	$	6,151

Loans:

Ending balance (1)	$	2,994,051	$	978,296	$	7,459	$	3,979,806

Ending balance: non-ACI and new loans individually evaluated for impairment (1)	$	—	$	2,989	$	—	$	2,989

Ending balance: non-ACI and new loans collectively evaluated for impairment (1)	$	474,436	$	496,975	$	3,056	$	974,467

Ending balance: ACI loans	$	2,519,615	$	478,332	$	4,403	$	3,002,350

(1) Ending balance of loans is before unearned discount and deferred fees and costs.

The following tables summarize the activity in the allowance for loan losses for the three and nine months ended September 30, 2010 (in thousands):

	As of and For the Three Months Ended September 30, 2010
	Residential		Commercial			Consumer			Total
Allowance for loan losses:

Beginning balance	$	20,304	$	21,125		$	91		$	41,520
Provision for loan losses:
ACI loans	—		14,285			—			14,285
Non-ACI loans	3,164		452			215			3,831
New loans	2		1,010			(62		)	950
Total provision	3,166		15,747			153			19,066
Charge-offs:
ACI loans	—		(2,489		)	—			(2,489		)
Non-ACI loans	—		—			(215		)	(215		)
New loans	—		(75		)	—			(75		)
Total charge-offs	—		(2,564		)	(215		)	(2,779		)

Recoveries	—		—			—			—

Ending balance	$	23,470	$	34,308		$	29		$	57,807

	As of and For the Nine Months Ended September 30, 2010
	Residential			Commercial			Consumer			Total
Allowance for loan losses:

Beginning balance	$	20,220		$	2,355		$	46		$	22,621
Provision for loan losses:
ACI loans	(10,600		)	37,573			—			26,973
Non-ACI loans	13,810			1,540			215			15,565
New loans	40			2,596			(17		)	2,619
Total provision	3,250			41,709			198			45,157
Charge-offs:
ACI loans	—			(9,652		)	—			(9,652		)
Non-ACI loans	—			(29		)	(215		)	(244		)
New loans	—			(75		)	—			(75		)
Total charge-offs	—			(9,756		)	(215		)	(9,971		)

Recoveries	—			—			—			—
Ending balance	$	23,470		$	34,308		$	29		$	57,807

Increases (decreases) in the FDIC indemnification asset of $(3.8) million and $(2.9) million were reflected in non-interest income for the three and nine months ended September 30, 2011, and $4.0 million and $23.0 million for the three and nine months ended September 30, 2010, respectively, related to the provision for loan losses on covered loans, including both ACI and non-ACI loans.

Non-ACI and new loans

The tables below present information about non-ACI and new loans identified as impaired as of September 30, 2011 and December 31, 2010. Commercial and commercial real estate relationships on non-accrual status with internal risk ratings of substandard or doubtful and with committed balances greater than or equal to $500,000 as well as loans that have been modified in troubled debt restructurings are individually evaluated for impairment. If determined to be impaired, they are reflected as impaired loans in the tables below. Also included in total impaired loans are loans that have been placed on non-accrual status, generally because they are 90 days or more delinquent, and loans that are 90 days or more delinquent and still accruing, for which impairment is measured collectively. These include 1-4 single family residential, home equity, smaller balance commercial and commercial real estate, and consumer loans (in thousands):

	September 30, 2011
	Recorded Investment in Impaired Loans or Pools		Unpaid Principal Balance		Related Specific Allowance		Non-Accrual Loans
Non-ACI
With no specific allowance recorded:
1-4 single family residential	$	10,262	$	12,818	$	—	$	9,451
Home equity loans and lines of credit	11,950		12,200		—		11,950
Multi-family	27		27		—		27
Commercial real estate	317		317		—		317
Commercial loans and leases	1,599		1,647		—		1,599
With a specific allowance recorded:
Commercial loans and leases	9,347		9,347		6,506		9,347
Total:
Residential	$	22,212	$	25,018	$	—	$	21,401
Commercial	11,290		11,338		6,506		11,290
	$	33,502	$	36,356	$	6,506	$	32,691

	December 31, 2010
	Recorded Investment in Impaired Loans or Pools		Unpaid Principal Balance		Related Specific Allowance		Non-Accrual Loans
Non-ACI
With no specific allowance recorded:
1-4 single family residential	$	9,585	$	11,812	$	—	$	9,585
Home equity loans and lines of credit	10,817		11,056		—		10,817
Multi-family	200		200		—		200
Commercial real estate	75		75		—		75
Commercial loans and leases	1,886		2,061		—		1,886
Total:
Residential	$	20,402	$	22,868	$	—	$	20,402
Commercial	2,161		2,336		—		2,161
	$	22,563	$	25,204	$	—	$	22,563

	September 30, 2011
	Recorded Investment in Impaired Loans		Unpaid Principal Balance		Related Specific Allowance		Non-Accrual Loans
New Loans
With no specific allowance recorded:
1-4 single family residential	$	2,000	$	2,000	$	—	$	—
Construction	3		3		—		3
Land	332		332		—		332
Commercial loans and leases	1,798		1,798		—		1,798
Total:
Residential	$	2,000	$	2,000	$	—	$	—
Commercial	2,133		2,133		—		2,133
	$	4,133	$	4,133	$	—	$	2,133

	December 31, 2010
	Recorded Investment in Impaired Loans		Unpaid Principal Balance		Related Specific Allowance		Non-Accrual Loans
New Loans
With no specific allowance recorded:
Commercial loans and leases	$	3,211	$	3,220	$	—	$	3,211
With a specific allowance recorded	—		—		—		—
	$	3,211	$	3,220	$	—	$	3,211

At September 30, 2011, impaired loans include non-ACI and new loans contractually delinquent by 90 days or more and still accruing totaling $2.1 million. There were no non-ACI or new loans contractually delinquent by 90 days or more and still accruing at December 31, 2010.

The following tables summarize loans that were modified in troubled debt restructurings (“TDRs”) during the nine months ended September 30, 2011 (in thousands):

	TDRs			TDRs with a payment default during the period
	Number of TDRs	Recorded investment in TDRs at September 30		Number of TDRs	Recorded investment in TDRs at September 30

Non-ACI
1-4 single family residential	8	$	786	2	$	183
Commercial real estate	1	69		1	69
Commercial loans and leases	3	75		1	44
	12	$	930	4	$	296

	TDRs			TDRs with a payment default during the period
	Number of TDRs	Recorded investment in TDRs at September 30		Number of TDRs	Recorded investment in TDRs at September 30

New Loans
Commercial loans and leases	1	$	231	—	$	—
	1	$	231	—	$	—

All of the 1-4 single family residential loan modifications were made under the U.S. Treasury Department’s Home Affordable Modification Program (“HAMP”). Modifications of commercial and commercial real estate loans included extensions of maturity, restructuring of the amount and timing of required periodic payments and reductions in accrued interest and late fees. Because of the immateriality of the amount of loans modified, the modifications did not have a significant impact on the Company’s consolidated financial statements or on the determination of the amount of the allowance for loan losses for the three and nine month periods ending September 30, 2011.

The following tables present the average recorded investment in impaired non-ACI and new loans for the three and nine month periods ended September 30, 2011 and 2010 (in thousands):

	For the Three Months Ended September 30, 2011				For the Nine Months Ended September 30, 2011
	Non-ACI		New Loans		Non-ACI		New Loans
Residential:
1-4 single family residential	$	9,905	$	1,000	$	9,528	$	500
Home equity loans and lines of credit	10,769		—		10,854		—
	20,674		1,000		20,382		500
Commercial:
Multi-family	30		—		192		—
Commercial real estate	417		—		357		—
Construction	—		3		—		2
Land	—		332		—		249
Commercial loans and leases	10,760		2,527		8,530		2,890
	11,207		2,862		9,079		3,141
	$	31,881	$	3,862	$	29,461	$	3,641

	For the Three Months Ended September 30, 2010				For the Nine Months Ended September 30, 2010
	Non-ACI		New Loans		Non-ACI		New Loans
Residential:
1-4 single family residential	$	14,859	$	—	$	14,195	$	—
Home equity loans and lines of credit	7,528		—		6,111		—
	22,387		—		20,306		—
Commercial:
Multi-family	1,128		—		189		—
Commercial real estate	1,085		—		1,085		—
Commercial loans and leases	1,026		54		1,101		17
	3,239		54		2,375		17
	$	25,626	$	54	$	22,681	$	17

Interest income recognized on impaired loans after impairment was not significant for any of the periods presented.

Management considers delinquency status to be the most meaningful indicator of the credit quality of one-to-four single family residential, home equity and consumer loans. Delinquency statistics are updated at least monthly. Internal risk ratings are considered the most meaningful indicator of credit quality for commercial and commercial real estate loans. Internal risk ratings are a key factor in identifying loans that are individually evaluated for impairment and impact management’s estimates of loss factors used in determining the amount of the allowance for loan losses. Internal risk ratings are updated on a continuous basis. Relationships with balances in excess of $250,000 are re-evaluated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. Loans exhibiting potential credit weaknesses that deserve management’s close attention and that if left uncorrected may result in deterioration of the repayment capacity of the borrower are categorized as special mention. Loans with well defined credit weaknesses including payment defaults, declining collateral values, frequent overdrafts, operating losses, increasing balance sheet leverage, inadequate cash flow, project cost overruns, unreasonable construction delays, past due real estate taxes or exhausted interest reserves are assigned an internal risk rating of substandard. A loan with a weakness so severe that collection in full is highly questionable or improbable will be assigned an internal risk rating of doubtful.

The following tables summarize key indicators of credit quality for the Company’s non-ACI and new loans as of September 30, 2011 and December 31, 2010. Amounts are net of unearned discounts and deferred fees and costs (in thousands):

Residential credit exposure, based on delinquency status:

	September 30, 2011				December 31, 2010
	1-4 single family residential		Home equity loans and lines of credit		1-4 single family residential		Home equity loans and lines of credit
New loans:
Current	$	363,456	$	2,337	$	113,439	$	2,255
Past due less than 90 days	1,423		—		—		—
Past due 90 days or more	2,000		—		—		—
	366,879		2,337		113,439		2,255
Non-ACI loans:
Current	93,385		173,533		108,224		188,059
Past due less than 90 days	2,434		4,526		4,894		4,756
Past due 90 days or more	9,188		9,036		10,174		9,496
	105,007		187,095		123,292		202,311
	$	471,886	$	189,432	$	236,731	$	204,566

Consumer credit exposure, based on delinquency status:

	September 30,		December 31,
	2011		2010
New loans:
Current	$	4,045	$	3,053
Past due less than 90 days	31		3
	$	4,076	$	3,056

Commercial credit exposure, based on internal risk rating:

	September 30, 2011
	Multi-family		Commercial real estate		Construction		Land		Commercial loans and leases
New loans:
Pass	$	51,069	$	216,612	$	17,145	$	3,304	$	586,592
Special mention	621		5,308		—		—		1,463
Substandard	918		2,445		3		332		8,201
Doubtful	—		—		—		—		—
	52,608		224,365		17,148		3,636		596,256
Non-ACI loans:
Pass	770		33,240		—		—		12,819
Special mention	19		287		—		—		2,343
Substandard	3,779		317		—		165		2,718
Doubtful	—		—		—		—		9,694
	4,568		33,844		—		165		27,574
	$	57,176	$	258,209	$	17,148	$	3,801	$	623,830

	December 31, 2010
	Multi-family		Commercial real estate		Construction		Land		Commercial loans and leases
New loans:
Pass	$	32,730	$	118,449	$	8,582	$	1,537	$	244,478
Special mention	—		408		—		336		8,288
Substandard	1,541		—		—		—		4,336
Doubtful	—		—		—		—		6
	34,271		118,857		8,582		1,873		257,108
Non-ACI loans:
Pass	789		33,306		—		—		12,590
Special mention	559		—		—		—		12,139
Substandard	4,166		563		—		170		3,812
Doubtful	—		—		—		—		—
	5,514		33,869		—		170		28,541
	$	39,785	$	152,726	$	8,582	$	2,043	$	285,649

The following table presents an aging of past due loans in the non-ACI and new loan portfolios as of September 30, 2011 and December 31, 2010 (in thousands):

	September 30, 2011								December 31, 2010
	30 - 59 days past due		60 - 89 days past due		More than 90 days past due or in foreclosure		Total past due loans		30 - 59 days past due		60 - 89 days past due		More than 90 days past due or in foreclosure		Total past due loans
New loans:
1-4 single family residential	$	1,343	$	80	$	2,000	$	3,423	$	—	$	—	$	—	$	—
Construction	—		—		3		3		—		—		—		—
Land	332		—		—		332		—		—		—		—
Commercial loans and leases	300		746		1,236		2,282		605		—		95		700
Consumer	—		31		—		31		—		3		—		3
	1,975		857		3,239		6,071		605		3		95		703
Non-ACI loans:
1-4 single family residential	1,830		604		9,188		11,622		4,587		307		10,174		15,068
Home equity loans and lines of credit	1,611		2,915		9,036		13,562		2,677		2,079		9,496		14,252
Multi-family	—		—		27		27		—		—		200		200
Commercial real estate	—		69		248		317		—		—		75		75
Commercial loans and leases	189		1,071		10,301		11,561		538		1,004		578		2,120
	3,630		4,659		28,800		37,089		7,802		3,390		20,523		31,715
	$	5,605	$	5,516	$	32,039	$	43,160	$	8,407	$	3,393	$	20,618	$	32,418

ACI Loans

The accretable yield on ACI loans represents the amount by which undiscounted expected future cash flows exceeds carrying value. Changes in the accretable yield on ACI loans for the nine months ended September 30, 2011 and the year ended December 31, 2010 were as follows (in thousands):

Balance, December 31, 2009	$	1,734,233
Reclassifications from non-accretable difference	487,718
Accretion	(387,977		)
Balance, December 31, 2010	1,833,974
Reclassifications from non-accretable difference	104,256
Accretion	(325,937		)
Balance, September 30, 2011	$	1,612,293

ACI loans or loan pools are considered to be impaired when there has been further deterioration in the cash flows expected at acquisition plus any additional cash flows expected to be collected arising from changes in estimates after acquisition, other than due to decreases in interest rate indices and changes in prepayment assumptions. Discount continues to be accreted on ACI loans or pools as long as there are expected future cash flows in excess of the current carrying amount; therefore, these loans are not classified as non-accrual even though they may be contractually delinquent. ACI 1-4 single family residential and home equity loans accounted for in pools are evaluated for impairment on a pool basis and the amount of any impairment is measured based on the expected aggregate cash flows of the pools. ACI commercial and commercial real estate loans are evaluated individually for impairment.

The tables below set forth at September 30, 2011 and December 31, 2010, the carrying amount of ACI loans or pools for which the Company has determined it is probable that it will be unable to collect all the cash flows expected at acquisition plus additional cash flows expected to be collected arising from changes in estimates after acquisition, if any, as well as ACI loans not accounted for in pools that have been modified in troubled debt restructurings, and the related allowance amounts (in thousands):

	September 30, 2011
	Recorded Investment in Impaired Loans or Pools		Unpaid Principal Balance		Related Allowance
ACI
With no specific allowance recorded:
Commercial real estate	$	151	$	330	$	—
Land	400		771		—
With a specific allowance recorded:
Multi-family	15,914		21,498		1,637
Commercial real estate	60,889		81,103		11,819
Construction	4,067		12,608		1,620
Land	14,053		18,391		2,789
Commercial loans and leases	20,920		22,852		4,267
Total:
Commercial	116,394		157,553		22,132
	$	116,394	$	157,553	$	22,132

	December 31, 2010
	Recorded Investment in Impaired Loans or Pools		Unpaid Principal Balance		Related Allowance
ACI
With no specific allowance recorded:
Construction	$	35	$	230	$	—
Land	346		400		—
Commercial loans and leases	846		1,582		—
With a specific allowance recorded:
Home equity loans and lines of credit	80,091		165,563		18,488
Multi-family	51,932		77,536		5,701
Commercial real estate	57,116		77,798		5,795
Construction	4,204		3,833		1,017
Land	35,554		46,536		3,874
Commercial loans and leases	32,006		33,460		5,050
Total:
Residential	$	80,091	$	165,563	$	18,488
Commercial	182,039		241,375		21,437
	$	262,130	$	406,938	$	39,925

The following table summarizes ACI loans that were modified in TDRs during the nine months ending September 30, 2011 (in thousands):

	TDRs			TDRs with a payment default during the period
	Number of TDRs	Recorded Investment in TDRs at September 30		Number of TDRs	Recorded investment in TDRs at September 30
ACI
Commercial real estate	4	$	1,037	3	$	801
Construction	1	64		—	—
Land	2	896		2	896
	7	$	1,997	5	$	1,697

The following table presents the average recorded investment in impaired ACI loans for the three and nine month periods ending September 30, 2011 and 2010 (in thousands):

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2011		2010		2011		2010
Residential:
1-4 single family residential	$	—	$	—	$	—	$	283,627
Home equity loans and lines of credit	36,493		102,446		57,434		51,446
	36,493		102,446		57,434		335,073
Commercial:
Multi-family	20,397		24,027		34,221		21,899
Commercial real estate	62,090		82,361		64,144		71,123
Construction	4,051		889		4,532		—
Land	16,080		11,944		23,478		8,376
Commercial loans and leases	21,056		12,010		25,618		6,948
	123,674		131,231		151,993		108,346
	$	160,167	$	233,677	$	209,427	$	443,419

The following tables summarize key indicators of credit quality for the Company’s ACI loans as of September 30, 2011 and December 31, 2010 (in thousands):

Residential credit exposure, based on delinquency status:

	September 30, 2011				December 31, 2010
	1-4 single family residential		Home equity loans and lines of credit		1-4 single family residential		Home equity loans and lines of credit
ACI loans:
Current	$	1,397,656	$	62,680	$	1,647,238	$	76,842
Past due less than 90 days	86,796		4,069		127,155		4,919
Past due 90 days or more	439,132		14,215		646,623		16,838
	$	1,923,584	$	80,964	$	2,421,016	$	98,599

Consumer credit exposure, based on delinquency status:

	September 30,		December 31,
	2011		2010
ACI loans:
Current	$	2,972	$	4,320
Past due less than 90 days	23		44
Past due 90 days or more	38		39
	$	3,033	$	4,403

Commercial credit exposure, based on internal risk rating:

	September 30, 2011
	Multi-family		Commercial real estate		Construction		Land		Commercial loans and leases
ACI loans:
Pass	$	21,117	$	133,767	$	1,349	$	15,386	$	12,225
Special mention	14,465		23,948		—		—		2,408
Substandard	27,413		94,105		4,067		17,619		13,143
Doubtful	—		56		—		—		867
	$	62,995	$	251,876	$	5,416	$	33,005	$	28,643

	December 31, 2010
	Multi-family		Commercial real estate		Construction		Land		Commercial loans and leases
ACI loans:
Pass	$	42,749	$	190,875	$	586	$	14,862	$	27,573
Special mention	1,207		22,566		183		6,092		5,423
Substandard	29,059		85,623		7,498		27,250		16,719
Doubtful	—		4		—		47		16
	$	73,015	$	299,068	$	8,267	$	48,251	$	49,731

The following table presents an aging of past due loans in the ACI portfolio as of September 30, 2011 and December 31, 2010 (in thousands):

	September 30, 2011								December 31, 2010
	30 - 59 days past due		60 - 89 days past due		More than 90 days past due or in foreclosure		Total past due loans		30 - 59 days past due		60 - 89 days past due		More than 90 days past due or in foreclosure		Total past due loans
ACI loans:
1-4 single family residential	$	59,608	$	27,188	$	439,132	$	525,928	$	91,470	$	35,685	$	646,623	$	773,778
Home equity loans and lines of credit	2,951		1,118		14,215		18,284		3,060		1,859		16,838		21,757
Multi-family	175		—		11,894		12,069		2,218		2,197		11,008		15,423
Commercial real estate	11,351		4,137		7,478		22,966		5,981		2,705		13,724		22,410
Construction	—		1,850		2,153		4,003		—		—		6,429		6,429
Land	—		—		9,646		9,646		366		—		16,378		16,744
Commercial loans and leases	39		50		8,971		9,060		181		—		6,625		6,806
Consumer	23		—		38		61		29		15		39		83
	$	74,147	$	34,343	$	493,527	$	602,017	$	103,305	$	42,461	$	717,664	$	863,430

1-4 single family residential and home equity ACI loans that are contractually delinquent by more than 90 days and accounted for in pools that are on accrual status because discount continues to be accreted totaled $453.3 million and $663.5 million at September 30, 2011 and December 31, 2010, respectively. The carrying amount of commercial and commercial real estate ACI loans that are contractually delinquent in excess of ninety days but still classified as accruing loans due to discount accretion totaled $40.1 million and $54.2 million at September 30, 2011 and December 31, 2010, respectively.

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5074-111524

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5066-111524

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5162-111524

+ Details

FDIC Indemnification Asset

9 Months Ended

Sep. 30, 2011

FDIC Indemnification Asset [Abstract]

FDIC Indemnification Asset

Note 6 FDIC Indemnification Asset

The FDIC indemnification asset represents the present value of estimated future payments to be received from the FDIC under the terms of BankUnited’s Loss Sharing Agreements with the FDIC.

When the Company recognizes gains or losses related to covered assets in its consolidated financial statements, changes in the estimated amount recoverable from the FDIC under the Loss Sharing Agreements with respect to those gains or losses are also reflected in the consolidated financial statements. Covered loans may be resolved through repayment, short sale of the underlying collateral, foreclosure or, for the non-residential portfolio, charge-off, or by sale of the loans. For loans resolved through repayment, short sale or foreclosure, the difference between consideration received in satisfaction of the loans and the carrying value of the loans is recognized in the statement of operations line item “Income from resolution of covered assets, net”. Losses from the resolution or permanent modification of covered loans increase the amount recoverable from the FDIC under the Loss Sharing Agreements. Gains from the resolution of covered loans reduce the amount recoverable from the FDIC under the Loss Sharing Agreements. Similarly, differences in proceeds received on disposition of OREO and the carrying amount of the OREO result in gains or losses and reduce or increase the amount recoverable from the FDIC under the Loss Sharing Agreements. Increases in valuation allowances related to covered assets also increase the amount estimated to be recoverable from the FDIC. These additions to or reductions in amounts recoverable from the FDIC related to the resolution of covered assets are recorded in the income statement line item “Net gain (loss) on indemnification asset” and reflected as corresponding increases or decreases in the FDIC indemnification asset.

The following table summarizes the components of the gains and losses associated with covered assets, plus the provision for loan losses on non-covered loans, along with the related additions to or reductions in the amounts recoverable from the FDIC under the Loss Sharing Agreements, as reflected in the consolidated statements of income for the three and nine month periods ended September 30, 2011 and 2010 (in thousands):

	Three Months Ended September 30, 2011									Three Months Ended September 30, 2010
	Transaction Income (Loss)			Net Gain (Loss) on Indemnification Asset			Net Impact on Pre- tax Earnings			Transaction Income (Loss)			Net Gain (Loss) on Indemnification Asset			Net Impact on Pre- tax Earnings
Provision for losses on covered loans	$	6,379		$	(3,762	)	$	2,617		$	(18,116	)	$	3,988		$	(14,128	)
Provision for losses on non-covered loans	(7,631		)	—			(7,631		)	(950		)	—			(950		)
Total provision for loan losses	(1,252		)	(3,762		)	(5,014		)	(19,066		)	3,988			(15,078		)
Income (loss) from resolution of covered assets, net	4,702			(2,668		)	2,034			17,787			(5,399		)	12,388
Gain (loss) on sale of OREO	(2,865		)	2,425			(440		)	(897		)	1,430			533
Impairment of OREO	(4,037		)	3,228			(809		)	(6,263		)	5,034			(1,229		)
Net OREO gain (loss)	(6,902		)	5,653			(1,249		)	(7,160		)	6,464			(696		)
Total	$	(3,452	)	$	(777	)	$	(4,229	)	$	(8,439	)	$	5,053		$	(3,386	)

	Nine Months Ended September 30, 2011									Nine Months Ended September 30, 2010
	Transaction Income (Loss)			Net Gain (Loss) on Indemnification Asset			Net Impact on Pre- tax Earnings			Transaction Income (Loss)			Net Gain (Loss) on Indemnification Asset			Net Impact on Pre- tax Earnings
Provision for losses on covered loans	$	2,805		$	(2,930	)	$	(125	)	$	(42,538	)	$	22,979		$	(19,559	)
Provision for losses on non-covered loans	(12,621		)	—			(12,621		)	(2,619		)	—			(2,619		)
Total provision for loan losses	(9,816		)	(2,930		)	(12,746		)	(45,157		)	22,979			(22,178		)
Income (loss) from resolution of covered assets, net	7,068			1,486			8,554			112,777			(76,978		)	35,799
Gain (loss) on sale of OREO	(27,339		)	20,813			(6,526		)	2,270			(766		)	1,504
Impairment of OREO	(21,823		)	17,488			(4,335		)	(12,164		)	9,833			(2,331		)
Net OREO gain (loss)	(49,162		)	38,301			(10,861		)	(9,894		)	9,067			(827		)
Total	$	(51,910	)	$	36,857		$	(15,053	)	$	57,726		$	(44,932	)	$	12,794

Changes in the FDIC indemnification asset for the nine months ended September 30, 2011 and the year ended December 31, 2010 were as follows (in thousands):

	Nine Months Ended September 30, 2011			Year Ended December 31, 2010
Balance, beginning of period	$	2,667,401		$	3,279,165
Accretion	45,247			134,703
Reduction for claims filed	(641,900		)	(764,203		)
Net gain on indemnification asset	36,857			17,736
Balance, end of period	$	2,107,605		$	2,667,401

Under the terms of the Loss Sharing Agreements, the Company is also entitled to reimbursement from the FDIC for certain expenses related to covered assets upon final resolution of those assets. For the nine months ended September 30, 2011 and 2010, non-interest expense includes approximately $23.5 million and $40.2 million, respectively, of disbursements subject to reimbursement at the 80% level under the Loss Sharing Agreements. For the nine months ended September 30, 2011 and 2010, claims of $24.6 million and $22.4 million, respectively, were submitted to the FDIC for reimbursement. As of September 30, 2011, $21.3 million of disbursements remain to be submitted for reimbursement from the FDIC in future periods as the related covered assets are resolved.

Income Taxes

9 Months Ended

Sep. 30, 2011

Income Taxes [Abstract]

Income Taxes

Note 6 FDIC Indemnification Asset

The FDIC indemnification asset represents the present value of estimated future payments to be received from the FDIC under the terms of BankUnited’s Loss Sharing Agreements with the FDIC.

	Three Months Ended September 30, 2011									Three Months Ended September 30, 2010
	Transaction Income (Loss)			Net Gain (Loss) on Indemnification Asset			Net Impact on Pre- tax Earnings			Transaction Income (Loss)			Net Gain (Loss) on Indemnification Asset			Net Impact on Pre- tax Earnings
Provision for losses on covered loans	$	6,379		$	(3,762	)	$	2,617		$	(18,116	)	$	3,988		$	(14,128	)
Provision for losses on non-covered loans	(7,631		)	—			(7,631		)	(950		)	—			(950		)
Total provision for loan losses	(1,252		)	(3,762		)	(5,014		)	(19,066		)	3,988			(15,078		)
Income (loss) from resolution of covered assets, net	4,702			(2,668		)	2,034			17,787			(5,399		)	12,388
Gain (loss) on sale of OREO	(2,865		)	2,425			(440		)	(897		)	1,430			533
Impairment of OREO	(4,037		)	3,228			(809		)	(6,263		)	5,034			(1,229		)
Net OREO gain (loss)	(6,902		)	5,653			(1,249		)	(7,160		)	6,464			(696		)
Total	$	(3,452	)	$	(777	)	$	(4,229	)	$	(8,439	)	$	5,053		$	(3,386	)

	Nine Months Ended September 30, 2011									Nine Months Ended September 30, 2010
	Transaction Income (Loss)			Net Gain (Loss) on Indemnification Asset			Net Impact on Pre- tax Earnings			Transaction Income (Loss)			Net Gain (Loss) on Indemnification Asset			Net Impact on Pre- tax Earnings
Provision for losses on covered loans	$	2,805		$	(2,930	)	$	(125	)	$	(42,538	)	$	22,979		$	(19,559	)
Provision for losses on non-covered loans	(12,621		)	—			(12,621		)	(2,619		)	—			(2,619		)
Total provision for loan losses	(9,816		)	(2,930		)	(12,746		)	(45,157		)	22,979			(22,178		)
Income (loss) from resolution of covered assets, net	7,068			1,486			8,554			112,777			(76,978		)	35,799
Gain (loss) on sale of OREO	(27,339		)	20,813			(6,526		)	2,270			(766		)	1,504
Impairment of OREO	(21,823		)	17,488			(4,335		)	(12,164		)	9,833			(2,331		)
Net OREO gain (loss)	(49,162		)	38,301			(10,861		)	(9,894		)	9,067			(827		)
Total	$	(51,910	)	$	36,857		$	(15,053	)	$	57,726		$	(44,932	)	$	12,794

Changes in the FDIC indemnification asset for the nine months ended September 30, 2011 and the year ended December 31, 2010 were as follows (in thousands):

	Nine Months Ended September 30, 2011			Year Ended December 31, 2010
Balance, beginning of period	$	2,667,401		$	3,279,165
Accretion	45,247			134,703
Reduction for claims filed	(641,900		)	(764,203		)
Net gain on indemnification asset	36,857			17,736
Balance, end of period	$	2,107,605		$	2,667,401

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Derivatives and Hedging Activities

9 Months Ended

Sep. 30, 2011

Derivatives and Hedging Activities [Abstract]

Derivatives and Hedging Activities

Note 8 Derivatives and Hedging Activities

The Company uses interest rate swaps to manage interest rate risk related to FHLB advances and certificates of deposit with maturities of one year, which expose the Company to variability in cash flows due to changes in interest rates. The Company enters into LIBOR-based interest rate swaps that are designated as cash flow hedges with the objective of limiting the variability of interest payment cash flows resulting from changes in the benchmark interest rate LIBOR. The effective portion of changes in the fair value of interest rate swaps designated as cash flow hedging instruments is reported in accumulated other comprehensive income (“AOCI”) and subsequently reclassified into interest expense in the same period in which the related interest on the floating-rate debt obligations affects earnings. The Company may be exposed to credit risk in the event of nonperformance by the counterparties to its interest rate swap agreements. The Company manages this risk by entering into interest rate swaps only with primary dealers, the use of ISDA master agreements, credit approvals, counterparty limits and monitoring procedures and does not currently anticipate any losses from failure of counterparties to honor their obligations.

The Company also enters into interest rate swaps with certain of its borrowers to enable those borrowers to manage their exposure to interest rate fluctuations. To mitigate interest rate risk associated with these derivative contracts, the Company enters into offsetting derivative contract positions with financial institution counterparties. The Company manages credit risk, or the risk of default by its borrowers, though its normal loan underwriting and credit monitoring policies and procedures. These interest rate swap contracts are not designated as hedging instruments; therefore, changes in the fair value of these derivatives are recognized immediately in earnings.

The following tables set forth certain information concerning the Company’s interest rate contract derivative financial instruments and related hedged items at September 30, 2011 and December 31, 2010 (dollars in thousands):

	September 30, 2011
				Remaining
				Life	Notional		Balance Sheet	Fair value
	Hedged Item	Pay Rate	Receive Rate	in Years	Amount		Location	Asset		Liability
Derivatives designated as cash flow hedges:
Pay-fixed interest rate swaps	Variability of interest cash flows on certificates of deposit	3.11%	12-Month Libor	4.1	$	225,000	Other liabilities	$	—	$	(21,104	)
Purchased interest rate forward-starting swaps	Variability of interest cash flows on FHLB advances	3.42% - 3.76%	3-Month Libor	3.6 - 5.5	405,000		Other liabilities	—		(49,247		)
Derivatives not designated as hedges:
Pay-fixed interest rate swaps		3.68% - 6.59%	Indexed to 1-month Libor	3.9 - 11.6	25,211		Other assets	2,163		––
Pay-variable interest rate swaps		Indexed to 1-month Libor	3.68% - 6.59%	3.9 - 11.6	25,211		Other liabilities	––		(2,163		)
Total					$	680,422		$	2,163	$	(72,514	)

	December 31, 2010
				Remaining
				Life	Notional		Balance Sheet	Fair value
	Hedged Item	Pay Rate	Receive Rate	in Years	Amount		Location	Asset		Liability
Derivatives designated as cash flow hedges:
Pay-fixed interest rate swaps	Variability of interest cash flows on certificates of deposit	3.11%	12-Month Libor	4.9	$	225,000	Other liabilities	$	—	$	(10,872	)
Purchased interest rate forward-starting swaps	Variability of interest cash flows on FHLB advances	3.42% - 3.76%	3-Month Libor	4.4 - 6.3	405,000		Other liabilities	—		(31,625		)
Derivatives not designated as hedges:
Pay-fixed interest rate swaps		3.68% - 5.49%	Indexed to 1-month Libor	4.7 - 5.0	17,304		Other assets	132		—
Pay-variable interest rate swaps		Indexed to 1-month Libor	3.68% - 5.49%	4.7 - 5.0	17,304		Other liabilities	—		(132		)
Total					$	664,608		$	132	$	(42,629	)

The following table provides information about gains and losses recognized, included in interest expense in the accompanying consolidated statements of operations, related to interest rate contract derivative instruments designated as cash flow hedges for the three and nine months ended September 30, 2011 and 2010 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Amount of gain (loss) included in AOCI at end of period, net of tax	$	(38,848	)	$	(37,853	)	$	(38,848	)	$	(37,853	)
Amount of gain (loss) reclassified from AOCI into income during the period (effective portion)	$	(4,844	)	$	(4,419	)	$	(14,312	)	$	(8,852	)
Amount of gain (loss) recognized in income during the period (ineffective portion)	$	—		$	—		$	427		$	(279	)

Following is a summary of the changes in the component of accumulated other comprehensive income related to these derivatives (in thousands):

	Nine Months Ended September 30,
	2011			2010
Balance, beginning of period	$	(23,931	)	$	(1,292	)
Unrealized loss on cash flow hedges	(24,285		)	(59,525		)
Tax effect	9,368			22,964
Net of tax	(14,917		)	(36,561		)
Balance, end of period	$	(38,848	)	$	(37,853	)

During the nine month periods ended September 30, 2011 and 2010, no derivative positions designated as cash flow hedges were discontinued, and none of the gains and losses reported in AOCI were reclassified into earnings as a result of the discontinuance of cash flow hedges or because of the early extinguishment of debt. As of September 30, 2011, the amount expected to be reclassified from AOCI into income during the next twelve months is $29.1 million.

The Company enters into commitments to fund residential mortgage loans with the intention that these loans will subsequently be sold into the secondary market. A mortgage loan commitment binds the Company to lend funds to a potential borrower at a specified interest rate within a specified period of time, generally 30 to 90 days. These commitments are considered derivative instruments. The notional amount of outstanding mortgage loan commitment derivatives was $11.9 million and $6.4 million at September 30, 2011 and December 31, 2010, respectively. Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from exercise of the commitments might decline from inception of the commitment to funding of the loan. To protect against the price risk inherent in derivative loan commitments, the Company utilizes “best efforts” forward loan sale commitments. Under a “best efforts” contract, the Company commits to deliver an individual mortgage loan to an investor if the loan to the underlying borrower closes. Generally, the price the investor will pay the Company for a loan is specified prior to the loan being funded. These commitments are considered derivative instruments once the underlying loans are funded. All of the Company’s loans held for sale at September 30, 2011 and December 31, 2010 were subject to forward sale commitments. The notional amount of forward loan sale commitment derivatives was $2.1 million and $2.7 million at September 30, 2011 and December 31, 2010, respectively. The fair value of derivative loan commitments and forward sale commitments was insignificant at September 30, 2011 and December 31, 2010.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80784-113994

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624181-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624177-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80748-113994

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624258-113959

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708775-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

+ Details

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2011
Stockholders' Equity [Abstract]
Stockholders' Equity	Note 9 Stockholders’ Equity On February 2, 2011, the Company closed an initial public offering (“IPO”) of 33,350,000 shares of common stock at $27.00 per share. In the offering, the Company sold 4,000,000 shares and selling stockholders sold 29,350,000 shares. Proceeds received by the Company on the sale of the 4,000,000 shares amounted to $102.6 million, net of underwriting discounts. The Company incurred direct costs of the stock issuance of $4.0 million, which were charged to paid-in capital. Prior to the IPO, BankUnited, Inc. was a wholly owned subsidiary of BU Financial Holdings LLC (“BUFH”), a Delaware limited liability company. Immediately prior to the completion of the offering, a reorganization was effected in accordance with BUFH’s LLC agreement, pursuant to which all equity interests in the Company were distributed to the members of BUFH and BUFH was liquidated. Effective January 10, 2011, the Board of Directors authorized a 10-for-1 split of the Company’s outstanding common shares. Stockholders’ equity has been retroactively adjusted to give effect to this stock split for all periods presented by reclassifying from paid-in capital to common stock the par value of the additional shares issued. All share and per share data have been retroactively restated for all periods presented to reflect this stock split.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

+ Details

Equity Based Compensation	9 Months Ended
Equity Based Compensation	Sep. 30, 2011
Equity Based Compensation [Abstract]
Equity Based Compensation	Note 10 Equity Based Compensation *Profits Interest Units of BUFH* Prior to the consummation of the IPO, BUFH had a class of authorized membership interests identified as Profits Interest Units (“PIUs”). PIUs were awarded to management members of the Company who owned common units of BUFH and entitled the holders to share in distributions from BUFH after investors in BUFH received specified returns on their investment. The PIUs were divided equally into time-based and IRR-based PIUs. Time-based PIUs generally vested in equal annual installments over a period of three years from the grant date. Based on their settlement provisions, the PIUs were classified as liabilities. Compensation expense related to the time-based PIUs was measured based on their estimated fair values and recognized in earnings over the vesting period. In accordance with a resolution approved by the BUFH Board of Directors, immediately prior to consummation of the IPO of the Company’s common stock, the IRR-based PIUs became fully vested. In conjunction with the IPO, the time-based and IRR-based PIUs outstanding were exchanged for 1,931,745 unvested shares and 3,863,491 vested shares of the Company’s common stock, 3,023,314 vested stock options and 1,511,656 unvested stock options. The vested and unvested shares and vested stock options participate in dividends declared on the Company’s common stock on a one-for-one basis. The unvested stock options issued in exchange for PIUs participate on a one-for-one basis in dividends declared on common stock until they vest. In conjunction with the IPO, the Company recorded approximately $110.4 million in compensation expense related to the exchange and the vesting of the IRR-based PIUs. This expense, which is not deductible for tax purposes, resulted in an offsetting increase in paid-in capital. Compensation expense of $9.3 million and $20.0 million was recognized for the three and nine months ended September 30, 2010, respectively, related to time-based PIUs. *Equity Based Compensation* During the nine months ended September 30, 2011, the Board of Directors granted a total of 291,440 shares of unvested stock under the BankUnited 2010 Omnibus Equity Incentive Plan (the “2010 Plan”). The shares granted were valued at the closing price of the Company’s common stock on the date of grant, ranging from $21.74 to $28.05 for a weighted average per share value on the date of grant of $27.81 and an aggregate fair value of $8.1 million. The shares vest in equal annual installments over a period of three years. Unvested shares participate in dividends declared on the Company’s common stock on a one-for-one basis. In addition to compensation expense recorded in conjunction with the IPO and PIUs discussed above, the Company recorded a total of $9.5 million and $25.3 million of stock based compensation expense during the three and nine month periods ended September 30, 2011, respectively and approximately $340,000 and $873,000 during the three and nine month periods ended September 30, 2010, respectively.

Fair Value Measurements

9 Months Ended

Sep. 30, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 11 Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis

Following is a description of the methodologies used to estimate the fair values of assets and liabilities measured at fair value on a recurring basis, and the level within the fair value hierarchy in which those measurements are typically classified.

Investment securities available for sale—Fair value measurements are based on quoted prices in active markets when available; these measurements are classified within Level 1 of the fair value hierarchy. These securities typically include U.S. treasury securities, preferred stock, and certain mutual funds. If quoted market prices in active markets are not available, fair values are estimated using quoted prices of securities with similar characteristics, quoted prices of identical securities in inactive markets, discounted cash flow techniques, or matrix pricing models. Investment securities available for sale that are generally classified within Level 2 of the fair value hierarchy include U.S. government agency mortgage-backed securities, preferred stock and mutual fund investments for which Level 1 valuations are not available, certain nonmortgage asset backed securities, state and municipal obligations and U.S. Small Business Administration securities. Observable inputs that may impact the valuation of these securities include benchmark yield curves, reported trades, dealer quotes, issuer spreads, current rating, constant default rates and constant prepayment rates. Investment securities available for sale generally classified within Level 3 of the fair value hierarchy include private label mortgage backed securities, Re-Remics, certain nonmortgage asset backed securities and other debt securities. The Company typically values these securities using internally developed or third party proprietary pricing models, primarily discounted cash flow valuation techniques, which incorporate both observable and unobservable inputs. Unobservable inputs that may impact the valuation of these securities include risk adjusted discount rates, projected prepayment rates, projected default rates and projected loss severity.

Derivative financial instruments—Interest rate swaps are predominantly traded in over-the-counter markets and, as such, values are determined using widely accepted discounted cash flow modeling techniques. These discounted cash flow models use projections of future cash payments and receipts that are discounted at mid-market rates. Observable inputs that may impact the valuation of these instruments include LIBOR swap rates, LIBOR forward yield curves and counterparty credit risk spreads. These fair value measurements are generally classified within Level 2 in the fair value hierarchy. Loan commitment derivatives are priced based on a bid pricing convention adjusted based on the Company’s historical fallout rates. Fallout rates are a significant unobservable input; therefore, these fair value measurements are classified within Level 3 of the fair value hierarchy. The value of these derivatives is generally not significant.

Profits interest units—The fair value of profits interest units outstanding prior to the IPO was historically estimated using the Black-Scholes option pricing model. Since the Company’s common stock historically was not traded on an exchange, significant inputs to the model including estimated volatility, equity value per share, estimated dividend yield and expected life were unobservable; therefore this fair value measurement was classified within Level 3 of the fair value hierarchy. None of these instruments remain outstanding at September 30, 2011.

FDIC warrant—The fair value of the FDIC warrant was historically estimated using binomial and Monte Carlo simulation models that incorporated significant unobservable inputs as to equity value per share, estimated volatility, expected life, and dividend yield. This fair value estimate was classified within Level 3 of the fair value hierarchy. At December 31, 2010 the fair value of the warrant was adjusted to the settlement price negotiated with the FDIC. The warrant was redeemed at that price in February, 2011.

The following table presents assets and liabilities measured at fair value on a recurring basis as of September 30, 2011 and December 31, 2010 (in thousands):

	September 30, 2011
	Level 1		Level 2		Level 3		Total
Investment Securities Available for Sale:
U.S. Government agency and sponsored enterprise residential mortgage-backed securities	$	—	$	1,853,464	$	—	$	1,853,464
Resecuritized real estate mortgage investment conduits (“Re-Remics”)	—		—		493,682		493,682
Other collateralized mortgage obligations Private label residential mortgage backed securities and CMO’s	—		—		406,260		406,260
Private label commercial mortgage backed securities	—		—		159,250		159,250
Non mortgage asset-backed securities	—		95,786		325,987		421,773
Mortgage pass-through certificates Mutual funds and preferred stocks	248,045		127		—		248,172
State and municipal obligations	—		25,104		—		25,104
Small Business Administration securities	—		278,946		—		278,946
Other debt securities	—		2,520		3,905		6,425
Derivative assets	—		2,163		—		2,163
Total assets at fair value	$	248,045	$	2,258,110	$	1,389,084	$	3,895,239
Derivative liabilities	—		72,514		48		72,562
Total liabilities at fair value	$	—	$	72,514	$	48	$	72,562

	December 31, 2010
	Level 1		Level 2		Level 3		Total
Investment Securities Available for Sale:
U.S. Government agency and sponsored enterprise residential mortgage-backed securities	$	—	$	1,290,910	$	—	$	1,290,910
Resecuritized real estate mortgage investment conduits (“Re-Remics”)	—		—		612,631		612,631
Other collateralized mortgage obligations Private label residential mortgage backed securities and CMO’s	—		—		382,920		382,920
Non mortgage asset-backed securities	—		278,384		130,610		408,994
Mortgage pass-through certificates Mutual funds and preferred stocks	40,269		98,266		—		138,535
State and municipal obligations	—		22,960		—		22,960
Small Business Administration securities	—		62,891		—		62,891
Other debt securities	—		2,818		3,943		6,761
Derivative assets	—		132		—		132
Total assets at fair value	$	40,269	$	1,756,361	$	1,130,104	$	2,926,734
FDIC warrant	$	—	$	—	$	25,000	$	25,000
Liability for PIUs	—		—		44,964		44,964
Derivative liabilities	—		42,629		78		42,707
Total liabilities at fair value	$	—	$	42,629	$	70,042	$	112,671

During the three months ended September 30, 2011, financial institution preferred stocks with a fair value of $200.1 million were transferred from Level 2 to Level 1 of the fair value hierarchy. Activity in the market for these securities has increased, enabling management to obtain quoted prices in a market considered to be active for identical securities on the measurement date. Transfers between levels of the fair value hierarchy are recorded as of the end of the reporting period.

The following tables reconcile changes in the fair value of assets and liabilities measured at fair value on a recurring basis and classified in Level 3 of the fair value hierarchy for the three months and nine months ended September 30, 2011 and 2010 (in thousands):

	Three Months Ended September 30, 2011
	Re-Remics			Private Label Residential Mortgage Backed Securities			Private Label Commercial Mortgage- Backed Securities			Non Mortgage Asset-Backed Securities			Other Debt Securities			Derivative Liabilities

Balance, beginning of period	$	527,594		$	353,235		$	64,778		$	221,352		$	4,511		$	(29	)
Gains (losses) for the period included in:
Net income	—			—			—			—			—			(19		)
Other comprehensive income	566			(5,217		)	1,498			(722		)	(603		)	—
Purchases or issuances	—			75,000			113,592			45,814			—			—
Sales	—			—			—			—			—			—
Settlements	(34,478		)	(16,758		)	(20,618		)	(4,990		)	(3		)	—
Transfers into Level 3										64,533						—
Balance, end of period	$	493,682		$	406,260		$	159,250		$	325,987		$	3,905		$	(48	)

	Three Months Ended September 30, 2010
	Re-Remics			Private Label Residential Mortgage Backed Securities			Non Mortgage Asset-Backed Securities			Other Debt Securities			FDIC Warrant			Liability for PIUs

Balance, beginning of period	$	744,111		$	429,033		$	132,337		$	4,338		$	(6,373	)	$	(19,431	)
Gains (losses) for the period included in:
Net income	—			—			—			—			(1,298		)	(9,349		)
Other comprehensive income	7,241			6,699			969			(53		)	—			—
Purchases or issuances	—			—			—			—			—			—
Sales	(50,591		)	—			—			—			—			—
Settlements	(42,951		)	(22,723		)	(501		)	7			—			—
Transfers into (out of) Level 3	—			—			—			—			—			—
Balance, end of period	$	657,810		$	413,009		$	132,805		$	4,292		$	(7,671	)	$	(28,780	)

	Nine Months Ended September 30, 2011
	Re-Remics			Private Label Residential Mortgage Backed Securities			Private Label Commercial Mortgage- Backed Securities			Non Mortgage Asset-Backed Securities			Other Debt Securities			FDIC Warrant			Liability for PIUs			Derivative Liabilities

Balance, beginning of period	$	612,631		$	382,920		$	—		$	130,610		$	3,943		$	(25,000	)	$	(44,964	)	$	(78	)
Gains (losses) for the period included in:
Net income	—			—			—			—			—			—			—			30
Other comprehensive income	(4,195		)	(12,989		)	1,498			2,956			(35		)	—			—			—
Purchases or issuances	—			84,390			178,370			140,922			—			—			—			—
Sales	—			—			—			—			—			—			—			—
Settlements	(114,754		)	(48,061		)	(20,618		)	(13,034		)	(3		)	25,000			44,964			—
Transfers into Level 3	—			—			—			64,533			—			—			—			—
Balance, end of period	$	493,682		$	406,260		$	159,250		$	325,987		$	3,905		$	—		$	—		$	(48	)

	Nine Months Ended September 30, 2010
	Re-Remics			Private Label Residential Mortgage Backed Securities			Non Mortgage Asset-Backed Securities			Other Debt Securities		FDIC Warrant			Liability for PIUs

Balance, beginning of period	$	475,003		$	366,508		$	30,000		$	3,528	$	(3,168	)	$	(8,793	)
Gains (losses) for the period included in:
Net income	—			—			—			—		(4,503		)	(19,987		)
Other comprehensive income	14,816			20,138			675			740		—			—
Purchases or issuances	325,543			80,566			106,946			—		—			—
Sales	(50,591		)	—			—			—		—			—
Settlements	(106,961		)	(54,203		)	(4,816		)	24		—			—
Transfers into (out of) Level 3	—			—			—			—		—			—
Balance, end of period	$	657,810		$	413,009		$	132,805		$	4,292	$	(7,671	)	$	(28,780	)

Changes in the fair value of the FDIC warrant and derivative liabilities are included in the consolidated statement of income line item “Other non-interest expense”. Changes in the fair value of the liability for PIUs are included in the consolidated statement of income line item “Employee compensation and benefits”.

During the three months ended September 30, 2011, non-mortgage asset backed securities with a fair value of $64.5 million were transferred from Level 2 to Level 3 of the fair value hierarchy due to an increase in the significance of unobservable inputs to the valuation of the securities transferred. Transfers are recorded as of the end of the reporting period.

Assets and liabilities measured at fair value on a non-recurring basis

Following is a description of the methodologies used to estimate the fair values of assets and liabilities measured at fair value on a non-recurring basis, and the level within the fair value hierarchy in which those measurements are typically classified.

Impaired loans and OREO—The carrying amount of collateral dependent impaired loans is typically based on the fair value of the underlying collateral, which may be real estate or other business assets, less estimated costs to sell. The carrying value of OREO is initially measured based on the fair value of the real estate acquired in foreclosure and subsequently adjusted to the lower of cost or estimated fair value, less estimated cost to sell. Fair values of real estate collateral are typically based on real estate appraisals which utilize market and income approaches to valuation incorporating both observable and unobservable inputs. When current appraisals are not available, the Company may use brokers’ price opinions, home price indices, or other available information about changes in real estate market conditions to adjust the latest appraised value available. These adjustments to appraised values may be subjective and involve significant management judgment. The fair value of collateral consisting of other business assets is generally based on appraisals that use market approaches to valuation incorporating primarily unobservable inputs. Fair value measurements related to collateral dependent impaired loans and OREO are classified within Level 3 of the fair value hierarchy.

The following table presents assets for which nonrecurring changes in fair value have been recorded for the three and nine month periods ended September 30, 2011 and 2010 (in thousands):

									Gains (Losses) from Fair Value Changes
									Three Months		Nine Months
	September 30, 2011								Ended		Ended
	Level 1		Level 2		Level 3		Total		September 30, 2011
Impaired loans	$	—	$	—	$	2,841	$	2,841	$	1,352	$	6,506
Other real estate owned	$	—	$	—	$	124,990	$	124,990	$	4,037	$	21,823

									Gains (Losses) from Fair Value Changes
									Three Months		Nine Months
	September 30, 2010								Ended		Ended
	Level 1		Level 2		Level 3		Total		September 30, 2010
Other real estate owned	$	—	$	—	$	194,286	$	194,286	$	6,263	$	12,164

The Company did not have any impaired loans whose carrying amounts were measured based on the fair value of underlying collateral at September 30, 2010.

The following table presents the carrying value and fair value of financial instruments as of September 30, 2011 and December 31, 2010 (in thousands):

	September 30, 2011				December 31, 2010
	Carrying Value		Fair Value		Carrying Value		Fair Value

Assets:
Cash and cash equivalents	$	385,086	$	385,086	$	564,774	$	564,774
Investment securities available for sale	3,893,076		3,893,076		2,926,602		2,926,602
Federal Home Loan Bank stock	165,547		165,547		217,408		217,408
Loans held for sale	2,142		2,164		2,659		2,674
Loans, net:
Covered	2,706,822		3,120,057		3,343,838		3,521,204
Non-covered	1,253,194		1,290,206		532,019		537,840
FDIC Indemnification asset	2,107,605		2,017,062		2,667,401		2,632,992
Income tax receivable	6,296		6,296		10,862		10,862
Accrued interest receivable	17,430		17,430		12,013		12,013
Derivative assets	2,163		2,163		132		132
Liabilities:
Deposits	$	6,948,412	$	6,976,661	$	7,163,728	$	7,202,975
Securities sold under agreements to repurchase	284		284		492		492
Federal Home Loan Bank advances	2,240,937		2,349,436		2,255,200		2,344,263
Accrued interest payable	8,613		8,613		8,425		8,425
Advance payments by borrowers for taxes and insurance	47,732		47,732		22,563		22,563
FDIC warrant	—		—		25,000		25,000
Liability for PIUs	—		—		44,964		44,964
Derivative liabilities	72,562		72,562		42,707		42,707

The following methods and assumptions were used to estimate the fair value of each class of financial instruments, other than those described above:

The carrying amounts of certain financial instruments approximate fair value due to their short-term nature and generally negligible credit risk. These financial instruments include cash and cash equivalents, income tax receivable, accrued interest receivable, securities sold under agreements to repurchase, accrued interest payable and advance payments by borrowers for taxes and insurance.

Federal Home Loan Bank stock:

There is no market for this stock, which can be liquidated only by redemption by the FHLB. The stock is carried at par, which has historically represented the redemption price and is therefore considered to approximate fair value. FHLB stock is evaluated quarterly for potential impairment.

Loans held for sale:

The fair value of loans held for sale is based on pricing available in the secondary market.

ACI and non-ACI loans:

Fair values are estimated based on a discounted cash flow analysis. Estimates of future cash flows incorporate various factors that may include the type of loan and related collateral, collateral values, estimated default probability and loss severity given default, internal risk rating, whether the interest rate is fixed or variable, term of loan, whether or not the loan is amortizing and loan specific net realizable value analyses for certain commercial and commercial real estate loans. The fair values of loans accounted for in pools are estimated on a pool basis. Other loans may be grouped based on risk characteristics and fair value estimated in the aggregate when applying discounted cash flow valuation techniques. Discount rates are based on current market rates for new originations of comparable loans adjusted for liquidity and credit risk premiums that the Company believes would be required by market participants.

New loans:

Fair values are estimated using a discounted cash flow analysis with a discount rate based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. The allowance for loan losses is considered a reasonable estimate of the required adjustment to fair value to reflect the impact of credit risk. This estimate may not represent an exit value as defined in ASC 820.

FDIC indemnification asset:

The fair value of the FDIC indemnification asset has been estimated using a discounted cash flow technique incorporating assumptions about the timing and amount of future projected cash payments from the FDIC related to the resolution of covered assets. The factors that impact estimates of future cash flows are similar to those impacting estimated cash flows from covered loans described above. The discount rate is determined by adjusting the risk free rate to incorporate credit risk, uncertainty in the estimate of the timing and amount of future cash flows and illiquidity.

Deposits:

The fair value of demand deposits, savings accounts and money market deposits is the amount payable on demand at the reporting date. The fair value of time deposits is estimated using a discounted cash flow analysis based on rates currently offered for deposits of similar remaining maturities.

Federal Home Loan Bank advances:

Fair value is estimated by discounting contractual future cash flows using the current rate at which borrowings with similar terms and remaining maturities could be obtained by the Company.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2011

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 12 Commitments and Contingencies

The Company issues off-balance sheet financial instruments to meet the financing needs of its customers. These financial instruments include commitments to fund loans, unfunded commitments under existing lines of credit, and commercial and standby letters of credit. These commitments expose the Company to varying degrees of credit and market risk which are essentially the same as those involved in extending loans to customers, and are subject to the same credit policies used in underwriting loans. Collateral may be obtained based on the Company’s credit evaluation of the counterparty. The Company’s maximum exposure to credit loss is represented by the contractual amount of these commitments. Amounts funded under non-cancelable commitments in effect at the date of the Acquisition are covered under the Loss Sharing Agreements if certain conditions are met.

Commitments to fund loans:

These are agreements to lend funds to customers as long as there is no violation of any condition established in the contract. Commitments to fund loans generally have fixed expiration dates or other termination clauses and may require payment of a fee. Many of these commitments are expected to expire without being funded and, therefore, the total commitment amounts do not necessarily represent future liquidity requirements.

Unfunded commitments under lines of credit:

Unfunded commitments under lines of credit include consumer, commercial and commercial real estate lines of credit to existing customers. Many of these commitments have fixed expiration dates or other termination clauses and may require payment of a fee. Some of these commitments may mature without being fully funded.

Commercial and standby letters of credit:

Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These letters of credit are primarily issued to support trade transactions or guarantee arrangements. Fees collected on standby letters of credit represent the fair value of those commitments and are deferred and amortized over their term, which is typically one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.

Total lending related commitments outstanding at September 30, 2011 were as follows (in thousands):

	Covered		Non-Covered		Total

Commitments to fund loans	$	—	$	148,260	$	148,260
Commitments to purchase loans	—		25,554		25,554
Unfunded commitments under existing lines of credit	91,920		383,178		475,098
Commercial and standby letters of credit	—		39,039		39,039
Total	$	91,920	$	596,031	$	687,951

Legal Proceedings

The Company is involved as plaintiff or defendant in various legal actions arising in the normal course of business. While the ultimate outcome of any such proceedings cannot be predicted with certainty, it is the opinion of management, based upon advice of legal counsel, that no proceedings exist, either individually or in the aggregate, which, if resolved adversely to the Company, would have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Earnings per Share

9 Months Ended

Sep. 30, 2011

Earnings per Share [Abstract]

Earnings per Share

Note 13 Earnings per Share

Basic earnings per common share is calculated by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period, reduced by average unvested stock awards. Unvested stock awards and stock option awards with nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities and are included in the computation of basic earnings per share using the two class method. Diluted earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding for the period, increased for the dilutive effect of unexercised stock options and unvested share awards using the treasury stock method.

The computation of basic and diluted earnings per common share is presented below (in thousands except per share amounts):

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2011			2010		2011			2010
Basic earnings per common share:
Numerator:
Net income	$	45,553		$	45,039	$	21,888		$	156,922
Distributed and undistributed earnings allocated to participating securities	(2,267		)	—		(2,359		)	—
Income available to common shareholders	$	43,286		$	45,039	$	19,529		$	156,922
Denominator:
Weighted average common shares outstanding	97,265,095			92,947,087		96,712,972			92,943,620
Less average unvested stock awards	(1,272,726		)	—		(1,454,811		)	—
Weighted average shares for basic earnings per share	95,992,369			92,947,087		95,258,161			92,943,620

Basic earnings per common share	$	0.45		$	0.48	$	0.21		$	1.69

Diluted earnings per common share:

Numerator:
Income available to common shareholders	$	43,286		$	45,039	$	19,529		$	156,922

Adjustment for earnings reallocated from participating securities	1			—		—			—
Income used in calculating diluted earnings per share	$	43,287		$	45,039	$	19,529		$	156,922

Denominator:
Average shares for basic earnings per share	95,992,369			92,947,087		95,258,161			92,943,620
Dilutive effect of stock options	93,938			—		137,744			—
Weighted average shares for diluted earnings per share	96,086,307			92,947,087		95,395,905			92,943,620

Diluted earnings per common share	$	0.45		$	0.48	$	0.20		$	1.69

No participating securities were outstanding during the three and nine month periods ended September 30, 2010.

At September 30, 2011 and 2010, the following potentially dilutive securities were outstanding but excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive:

	September 30,
	2011	2010
Unvested shares	1,250,832	—
Options	4,534,970	723,680

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2011
Subsequent Events [Abstract]
Subsequent Events	Note 14 Subsequent Events In November 2011, management approved the sale of covered residential mortgage loans with a UPB of approximately $269.3 million and a carrying value of approximately $146.4 million. The Company anticipates recording an estimated pre-tax loss, net of the impact of indemnification by the FDIC under the residential loss sharing agreement, of approximately $13.5 million on this transaction during the fourth quarter of 2011. The actual loss recorded may differ from this estimate, pending finalization of the terms of the transaction.