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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2011	Jun. 30, 2011	Feb. 24, 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-K
Document Period End Date	Dec. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock Shares Outstanding			97,703,169
Entity Public Float		$ 992,146,227
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filer	No
Entity Current Reporting Status	Yes

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Cash and due from banks:
Non-interest bearing	$ 39,894	$ 44,860
Interest bearing	13,160	12,523
Due from Federal Reserve Bank	247,488	502,828
Federal funds sold	3,200	4,563
Cash and cash equivalents	303,742	564,774
Investment securities available for sale, at fair value (including covered securities of $232,194 and $263,568)	4,181,977	2,926,602
Federal Home Loan Bank stock	147,055	217,408
Loans held for sale	3,952	2,659
Loans (including covered loans of $2,422,811 and $3,396,047)	4,137,058	3,934,217
Allowance for loan and lease losses	(48,402)	(58,360)
Loans, net	4,088,656	3,875,857
FDIC indemnification asset	2,049,151	2,667,401
Bank owned life insurance	204,077	207,061
Other real estate owned, covered by loss sharing agreements	123,737	206,680
Deferred tax asset, net	19,485	0
Income tax receivable	0	10,862
Goodwill and other intangible assets	68,667	69,011
Other assets	131,539	121,245
Total assets	11,322,038	10,869,560
Demand deposits:
Non-interest bearing	770,846	494,499
Interest bearing	453,666	349,985
Savings and money market	3,553,018	3,134,884
Time	2,587,184	3,184,360
Total deposits	7,364,714	7,163,728
Securities sold under agreements to repurchase	206	492
Federal Home Loan Bank advances	2,236,131	2,255,200
Income taxes payable	53,171	0
Deferred tax liability, net	0	4,618
Advance payments by borrowers for taxes and insurance	21,838	22,563
Other liabilities	110,698	169,451
Total liabilities	9,786,758	9,616,052
Commitments and contingencies
Stockholders' equity:
Common Stock, par value $0.01 per share 400,000,000 and 110,000,000 shares authorized; 97,700,829 and 92,971,850 shares issued and outstanding	977	930
Paid-in capital	1,240,068	950,831
Retained earnings	276,216	269,781
Accumulated other comprehensive income	18,019	31,966
Total stockholders' equity	1,535,280	1,253,508
Total liabilities and stockholders' equity	$ 11,322,038	$ 10,869,560

CONSOLIDATED BALANCE SHEETS - (PARENTHETICAL) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
ASSETS
Investment securities available for sale, covered securities	$ 232,194	$ 263,568
Loans, covered loans	$ 2,422,811	$ 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)	97,700,829	92,971,850
Common Stock, shares outstanding (in shares)	97,700,829	92,971,850

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2009	Dec. 31, 2011	Dec. 31, 2010
Interest income:
Interest and fees on loans	$ 287,460	$ 512,728	$ 431,468
Interest and dividends on investment securities available for sale	45,142	122,626	124,262
Other	2,922	2,743	1,958
Total interest income	335,524	638,097	557,688
Interest expense:
Interest on deposits	57,829	75,773	108,344
Interest on borrowings	26,027	63,164	59,856
Total interest expense	83,856	138,937	168,200
Net interest income before provision for loan losses	251,668	499,160	389,488
Provision for loan losses (including provision (recovery) for covered losses of $(7,692), $46,481, $21,287)	22,621	13,828	51,407
Net interest income after provision for loan losses	229,047	485,332	338,081
Non-interest income:
Accretion of discount on FDIC indemnification asset	149,544	55,901	134,703
Income from resolution of covered assets, net	120,954	18,776	121,462
Net gain (loss) on indemnification asset	(21,761)	79,812	17,736
FDIC reimbursement of costs of resolution of covered assets	8,095	31,528	29,762
Service charges and fees	6,763	11,128	10,567
Loss on sale of loans, net (including loss related to covered loans of $70,366, $76,360, $47,078)	(47,078)	(69,714)	(76,310)
Gain (loss) on sale or exchange of investment securities available for sale	(337)	1,136	(998)
Mortgage insurance income	1,338	16,904	18,441
Settlement with the FDIC	0	0	24,055
Investment services income	830	7,496	6,226
Gain on extinguishment of debt	31,303	0	0
Other non-interest income	3,985	10,250	12,135
Total non-interest income	253,636	163,217	297,779
Non-interest expense:
Employee compensation and benefits (including $110.4 million in equity based compensation recorded in conjunction with the IPO for 2011; see note 16)	62,648	272,991	144,486
Occupancy and equipment	20,121	36,680	28,692
Impairment of other real estate owned	21,055	24,569	16,131
Foreclosure expense	18,042	18,976	30,669
Loss on sale of other real estate owned	807	23,576	2,174
Other real estate owned expense	7,577	13,001	19,003
Change in value of FDIC warrant	1,704	0	21,832
Deposit insurance expense	11,850	8,480	13,899
Professional fees	14,854	17,330	14,677
Telecommunications and data processing	6,440	12,041	12,321
Other non-interest expense	8,920	28,161	19,436
Loss on FDIC receivable	69,444	0	0
Acquisition related costs	39,800	0	0
Total non-interest expense	283,262	455,805	323,320
Income before income taxes	199,421	192,744	312,540
Provision for income taxes	80,375	129,576	127,805
Net income	$ 119,046	$ 63,168	$ 184,735
Earnings per common share, basic (Note 3) (in dollars per share)	$ 1.29	$ 0.63	$ 1.99
Earnings per common share, diluted (Note 3) (in dollars per share)	1.29	0.62	1.99
Cash dividends declared per common share (in dollars per share)	$ 0	$ 0.56	$ 0.37

CONSOLIDATED STATEMENTS OF INCOME (PARENTHETICAL) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2009	Dec. 31, 2011	Dec. 31, 2010
Interest expense:
Provision for loan losses, provision (recovery) for covered loans	$ 21,287	$ (7,692)	$ 46,481
Non-interest income:
Loss on sale of loans, net, loss related to covered loans	$ 47,078	70,366	$ 76,360
Non-interest expense:
Employee compensation and benefits, equity based compensation recorded in conjunction with the IPO		$ 110,400

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2009	Dec. 31, 2011	Dec. 31, 2010
Cash flows from operating activities:
Net income	$ 119,046	$ 63,168	$ 184,735
Adjustments to reconcile net income to net cash used in operating activities:
Accretion of fair values of assets acquired and liabilities assumed	(378,533)	(476,104)	(443,012)
Amortization of fees, discounts and premiums, net	(19,107)	(1,250)	(31,611)
Provision for loan losses	22,621	13,828	51,407
Accretion of discount on FDIC indemnification asset	(149,544)	(55,901)	(134,703)
Income from resolution of covered assets, net	(120,954)	(18,776)	(121,462)
Net (gain) loss on indemnification asset	21,761	(79,812)	(17,736)
Net loss on sale of loans	47,078	69,714	76,310
Settlement with the FDIC	0	0	(24,055)
Increase in cash surrender value of bank owned life insurance	(3,219)	(3,891)	(5,259)
Income from life insurance proceeds	0	0	(544)
(Gain) loss on sale or exchange of investment securities available for sale	337	(1,136)	998
Loss on sale of other real estate owned	807	23,576	2,174
Loss on disposal of premises and equipment	0	43	316
Equity based compensation	210	144,769	1,301
Change in fair value of equity instruments classified as liabilities	10,497	0	58,002
Depreciation and amortization	1,201	7,987	3,399
Impairment of other real estate owned	21,055	24,569	16,131
Deferred income taxes	(2,325)	(15,109)	24,088
Gain on extinguishment of debt	(31,303)	0	0
Loss on FDIC receivable	69,444	0	0
Proceeds from sale of loans held for sale	0	34,895	3,849
Loans originated for sale, net of repayments	0	(35,536)	(6,459)
Realized tax benefits from dividend equivalents and equity based compensation	0	(606)	0
Other:
(Increase) decrease in other assets	(20,675)	15,101	(3,523)
Increase (decrease) in other liabilities	67,111	41,926	(82,087)
Net cash used in operating activities	(344,492)	(248,545)	(447,741)
Cash flows from investing activities:
Net cash (paid) acquired in business combinations	1,160,321	0	(50,489)
Cash received from the FDIC related to business combination	2,274,206	0	0
Decrease in due to FDIC	(9,447)	0	(89,951)
Purchase of investment securities available for sale	(1,824,870)	(2,074,483)	(1,496,002)
Proceeds from repayments of investment securities available for sale	177,074	541,016	655,517
Proceeds from sale of investment securities available for sale	9,271	217,069	222,014
Maturities and calls of investment securities available for sale	0	61,565	10,250
Purchases of loans	(37,082)	(384,171)	(74,970)
Loan repayments and resolutions, net of originations	559,916	170,147	762,085
Proceeds from sale of loans, net	82,735	75,782	67,166
Proceeds from redemption of Federal Home Loan Bank stock	0	70,353	25,926
Decrease in FDIC indemnification asset for claims filed	291,508	753,963	764,203
Purchase of bank owned life insurance	0	(50,000)	(150,000)
Bank owned life insurance proceeds	0	77,721	60,226
Purchase of office properties and equipment, net	(4,890)	(42,638)	(27,856)
Proceeds from sale of other real estate owned	176,601	347,756	287,358
Net cash provided (used in) by investing activities	2,855,343	(235,920)	965,477
Cash flows from financing activities:
Net increase (decrease) in deposits	(587,811)	207,972	(481,696)
Additions to Federal Home Loan Bank advances	300,000	0	605,000
Repayments of Federal Home Loan Bank advances	(2,795,112)	0	(405,000)
Increase (decrease) in securities sold under agreements to repurchase	1,662	(286)	(2,480)
Settlement of FDIC warrant liability	0	(25,000)	0
Decrease in advances from borrowers for taxes and insurance	(21,125)	(3,001)	(7,501)
Issuance of common stock	947,750	98,620	2,500
Dividends paid	0	(55,803)	(20,000)
Realized tax benefits from dividend equivalents and equity based compensation	0	606	0
Proceeds from exercise of stock options	0	325	0
Net cash provided by (used in) financing activities	(2,154,636)	223,433	(309,177)
Net increase (decrease) in cash and cash equivalents	356,215	(261,032)	208,559
Cash and cash equivalents, beginning of period	0	564,774	356,215
Cash and cash equivalents, end of period	356,215	303,742	564,774
Supplemental disclosure of cash flow information:
Interest paid on deposits and borrowings	227,421	164,960	217,947
Income taxes paid	0	80,224	197,224
Supplemental schedule of non-cash investing and financing activities:
Transfers from loans to other real estate owned	115,192	338,256	401,763
Dividends declared, not paid	0	14,930	14,000
Reclassification of PIU liability to equity	0	44,964	0
Rescission of surrender of bank owned life insurance	0	20,846	0
Restructuring of Federal Home Loan Bank Advances	$ 505,000	$ 0	$ 0

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	Total	Common stock	Paid-in capital	Retained earnings	Accumulated other comprehensive income
Balance at Apr. 28, 2009	$ 0	$ 0	$ 0	$ 0	$ 0
Initial capital contribution	925,000	925	924,075	0	0
Additional capital contribution	22,750	3	22,747	0	0
Comprehensive income:
Net income	119,046	0	0	119,046	0
Other comprehensive income (loss):
Unrealized gains (losses) on investment securities available for sale arising during the period, net of taxes of $17,870 in 2009, $16,791 in 2010 and $17 in 2011	28,546	0	0	0	28,546
Unrealized losses on cash flow hedges, net of taxes of $809 in 2009, $14,218 in 2010, and $8,303 in 2011	(1,292)	0	0	0	(1,292)
Total comprehensive income	146,300	0	0	119,046	27,254
Reclassification of PIU liability to equity	0
Equity based compensation	210	0	210	0	0
Tax benefits from dividend equivalents and equity based compensation	0
Balance at Dec. 31, 2009	1,094,260	928	947,032	119,046	27,254
Comprehensive income:
Net income	184,735	0	0	184,735	0
Other comprehensive income (loss):
Unrealized gains (losses) on investment securities available for sale arising during the period, net of taxes of $17,870 in 2009, $16,791 in 2010 and $17 in 2011	26,738	0	0	0	26,738
Reclassification adjustment for realized losses (gains) on investment securities available for sale, net of taxes of $385 in 2010 and $438 in 2011	613	0	0	0	613
Unrealized losses on cash flow hedges, net of taxes of $809 in 2009, $14,218 in 2010, and $8,303 in 2011	(22,639)	0	0	0	(22,639)
Total comprehensive income	189,447	0	0	184,735	4,712
Capital contribution	2,500	2	2,498	0	0
Dividends	(34,000)	0	0	(34,000)	0
Reclassification of PIU liability to equity	0
Equity based compensation	1,301	0	1,301	0	0
Tax benefits from dividend equivalents and equity based compensation	0
Balance at Dec. 31, 2010	1,253,508	930	950,831	269,781	31,966
Comprehensive income:
Net income	63,168	0	0	63,168	0
Other comprehensive income (loss):
Unrealized gains (losses) on investment securities available for sale arising during the period, net of taxes of $17,870 in 2009, $16,791 in 2010 and $17 in 2011	(27)	0	0	0	(27)
Reclassification adjustment for realized losses (gains) on investment securities available for sale, net of taxes of $385 in 2010 and $438 in 2011	(698)	0	0	0	(698)
Unrealized losses on cash flow hedges, net of taxes of $809 in 2009, $14,218 in 2010, and $8,303 in 2011	(13,222)	0	0	0	(13,222)
Total comprehensive income	49,221	0	0	63,168	(13,947)
Proceeds from issuance of common stock net of direct costs of $3,979	98,620	42	98,578	0	0
Dividends	(56,733)	0	0	(56,733)	0
Reclassification of PIU liability to equity	44,964	0	44,964	0	0
Equity based compensation	144,769	5	144,764	0	0
Proceeds from exercise of stock options	325	0	325	0	0
Tax benefits from dividend equivalents and equity based compensation	606	0	606	0	0
Balance at Dec. 31, 2011	$ 1,535,280	$ 977	$ 1,240,068	$ 276,216	$ 18,019

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME - (PARENTHETICAL) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2009	Dec. 31, 2011	Dec. 31, 2010
Comprehensive income:
Unrealized gains (losses) on investment securities available for sale arising during the period, taxes	$ 17,870	$ 17	$ 16,791
Reclassification adjustment for realized losses (gains) on investment securities available for sale, taxes		438	385
Unrealized losses on cash flow hedges, tax	$ 809	8,303	$ 14,218
Proceeds from issuance of common stock, direct costs		$ 3,979

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 1 Summary of Significant Accounting Policies

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". Operations commenced on May 22, 2009. 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 95 branch offices located in 15 Florida counties. Prior to the initial public offering ("IPO") of the Company's common stock in February, 2011, BankUnited, Inc. was a wholly-owned subsidiary of BU Financial Holdings, LLC ("BUFH"). Immediately prior to the completion of the IPO, a reorganization was effected in accordance with BUFH's LLC agreement, pursuant to which all equity interests in BankUnited, Inc. were distributed to the members of BUFH and BUFH was liquidated.

In February, 2012, the Company received approval from the Office of the Comptroller of the Currency (the "OCC") to change BankUnited's charter to that of a national bank. The Company also received approval from the Federal Reserve Board and the OCC to change its charter to that of a bank holding company.

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and prevailing practices in the banking industry.

The Company has a single reportable segment, community banking.

Accounting Estimates

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. Actual results could differ significantly from these estimates. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions.

Significant estimates include the allowance for loan and lease losses, the amount and timing of expected cash flows from covered assets and the FDIC indemnification asset, the fair values of investment securities and other financial instruments, the valuation of other real estate owned, the value of equity based compensation, the valuation of deferred tax assets, the evaluation of investment securities for other-than-temporary impairment and the evaluation of goodwill for impairment. Management has used information provided by third parties to assist in the determination of the fair values of investment securities, other real estate owned, and certain equity based compensation.

Significant estimates were also made in the determination of the fair values of assets acquired and liabilities assumed in the Acquisition, including loans acquired with evidence of deterioration in credit quality since origination, the FDIC indemnification asset, investment securities, other real estate owned and goodwill.

Principles of Consolidation

The consolidated financial statements include the accounts of BankUnited, Inc., and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Fair Value Measurements

Certain of the Company's assets and liabilities are reflected in the financial statements at fair value on either a recurring or non-recurring basis. Investment securities available for sale, derivative instruments and equity awards classified as liabilities are measured at fair value on a recurring basis. Assets measured at fair value on a non-recurring basis may include collateral dependent impaired loans, other real estate owned, loans held for sale, goodwill, other intangible assets and assets acquired and liabilities assumed in business combinations. These nonrecurring fair value measurements typically involve the application of acquisition accounting, lower-of-cost-or-market accounting or the measurement of impairment of certain assets.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. GAAP establishes a hierarchy that prioritizes inputs used to determine fair value measurements into three levels based on the observability and transparency of the inputs:

Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; estimated fair values of certain preferred stock and mutual fund investments are generally based on level 1 inputs.

Level 2—Observable inputs other than level 1 inputs, including quoted prices for similar assets and liabilities, quoted prices for identical assets and liabilities in less active markets and other inputs that can be corroborated by observable market data; estimated fair values of U. S. Government agency and sponsored enterprise securities, certain private label mortgage-backed and non-mortgage asset-backed securities, certain preferred stocks, state and municipal obligations, Small Business Administration securities, certain other debt securities and most derivatives are generally based on level 2 inputs.

Level 3—Unobservable inputs supported by limited or no market activity or data and inputs requiring significant management judgment or estimation; estimated fair values of certain private label mortgage-backed securities and non-mortgage asset-backed securities, certain other debt securities, equity awards, other real estate owned and collateral dependent impaired loans are generally based on level 3 inputs. Valuation techniques utilizing level 3 inputs include option pricing models, discounted cash flow models and similar techniques.

The fair value hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs in estimating fair value. Unobservable inputs are utilized in determining fair value measurements only to the extent that observable inputs are unavailable. The need to use unobservable inputs generally results from a lack of market liquidity and diminished observability of actual trades or assumptions that would otherwise be available to value a particular asset or liability.

Transfers between levels of the fair value hierarchy are recorded as of the end of the reporting period.

Cash and Cash Equivalents

Cash and cash equivalents include cash and due from banks, both interest bearing and non-interest bearing, amounts on deposit at the Federal Reserve Bank and federal funds sold. Cash equivalents have original maturities of three months or less.

Investment Securities Available for Sale

Debt securities that the Company may not have the intent to hold to maturity and marketable equity securities are classified as available for sale at the time of acquisition and carried at fair value with unrealized gains and losses, net of tax, excluded from earnings and reported in accumulated other comprehensive income, a separate component of stockholders' equity. Securities classified as available for sale may be used as part of the Company's asset/liability management strategy and may be sold in response to changes in interest rates, prepayment risk or other market factors. Currently, all of the Company's investment securities are classified as available for sale; the Company does not maintain a trading or held to maturity portfolio. Purchase premiums and discounts on debt securities are amortized as adjustments to yield over the expected lives of the securities using the level yield method. Realized gains and losses from sales of securities are recorded on the trade date and are determined using the specific identification method.

The Company reviews investment securities available for sale for impairment on a quarterly basis or more frequently if events and circumstances indicate that a potential impairment may have occurred. An investment security is impaired if its fair value is lower than its amortized cost basis. The Company considers many factors in determining whether a decline in fair value below amortized cost represents other-than-temporary impairment ("OTTI"), including, but not limited to:

•: the Company's intent to hold the security until maturity or for a period of time sufficient for a recovery in value;
•: whether it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis;
•: the length of time and extent to which fair value has been less than amortized cost;
•: adverse changes in expected cash flows;
•: collateral values and performance;
•: the payment structure of the security including levels of subordination or over-collateralization;
•: changes in the economic or regulatory environment;
•: the general market condition of the geographic area or industry of the issuer;

•: the issuer's financial condition, performance and business prospects; and
•: changes in credit ratings

The relative importance assigned to each of these factors varies depending on the facts and circumstances pertinent to the individual security being evaluated.

The Company recognizes OTTI of a debt security for which there has been a decline in fair value below amortized cost if (i) management intends to sell the security, (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, or (iii) the Company does not expect to recover the entire amortized cost basis of the security. The amount by which amortized cost exceeds the fair value of a debt security that is considered to be other-than-temporarily impaired is separated into a component representing the credit loss, which is recognized in earnings, and a component related to all other factors, which is recognized in other comprehensive income. The measurement of the credit loss component is equal to the difference between the debt security's amortized cost basis and the present value of its expected future cash flows discounted at the security's effective yield. If the Company intends to sell the security, or if it is more likely than not it will be required to sell the security before recovery, an OTTI write-down is recognized in earnings equal to the entire difference between the amortized cost basis and fair value of the security.

The evaluation of OTTI of marketable equity securities focuses on whether evidence supports recovery of the unrealized loss within a timeframe consistent with temporary impairment. The entire amount by which cost basis exceeds the fair value of an equity security that is considered to be other-than-temporarily impaired is recognized in earnings.

Federal Home Loan Bank Stock

The Bank, as a member of the Federal Home Loan Bank of Atlanta ("FHLB") system, is required to maintain an investment in the stock of the FHLB. No market exists for this stock, and the Bank's investment can be liquidated only through redemption by the FHLB, at the discretion of and subject to conditions imposed by the FHLB. The stock has no readily determinable fair value and is carried at cost. Historically, FHLB stock redemptions have been at par value, which equals the Company's carrying value. The Company monitors its investment in FHLB stock for impairment through review of recent financial results of the FHLB including capital adequacy and liquidity position, dividend payment history, redemption history and information from credit agencies. The Company has not identified any indicators of impairment of FHLB stock.

Loans Held for Sale

Loans originated with the intent to sell in the secondary market are carried at the lower of cost or fair value, determined in the aggregate. These loans are generally sold on a non-recourse basis with servicing released. Gains and losses on the sale of loans recognized in earnings are measured based on the difference between proceeds received and the carrying amount of the loans, inclusive of deferred origination fees and costs, if any.

As a result of changes in events and circumstances or developments regarding management's view of the foreseeable future, loans not originated or acquired with the intent to sell may subsequently be designated as held for sale. These loans are transferred to the held for sale portfolio at the lower of their carrying amounts or fair value.

Loans

The Company's loan portfolio contains 1-4 single family residential first mortgages, home equity loans and lines of credit, multi-family, commercial real estate, construction, land, commercial and consumer loans and small business and municipal leases. A significant portion of the Company's loan portfolio consists of loans acquired from the FDIC in the Acquisition. The substantial majority of these loans are covered under BankUnited's loss sharing agreements with the FDIC. These loans are referred to as covered loans. The Company segregates its loan portfolio between covered and non-covered loans. Non-covered loans are primarily those originated or purchased since the Acquisition ("new loans"). Loans acquired in the Acquisition are 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).

ACI Loans

ACI loans are those for which, at acquisition, management determined it probable that the Company would be unable to collect all contractual principal and interest payments due. These loans were recorded at estimated fair value at the time of the Acquisition, measured as the present value of all cash flows expected to be received, discounted at an appropriately risk-weighted discount rate. Initial cash flow expectations incorporated significant assumptions regarding prepayment rates, frequency of default and loss severity.

The difference between total contractually required payments on ACI loans and the cash flows expected to be received represents non-accretable difference. The excess of all cash flows expected to be received over the Company's recorded investment in the loans represents accretable yield and is recognized as interest income on a level-yield basis over the expected life of the loans.

The Company aggregated ACI 1-4 single family residential mortgage loans and home equity loans and lines of credit with similar risk characteristics into homogenous pools at acquisition. A composite interest rate and composite expectations of future cash flows are used in accounting for each pool. These loans were aggregated into pools based on the following characteristics:

•: delinquency status;
•: product type, in particular, amortizing as opposed to option ARM products;
•: loan-to-value ratio; and
•: borrower FICO score.

Loans that do not have similar risk characteristics, primarily commercial and commercial real estate loans, are accounted for on an individual loan basis using interest rates and expectations of cash flows for each loan.

The Company is required to develop reasonable expectations about the timing and amount of cash flows to be collected related to ACI loans and to continue to update those estimates over the lives of the loans. Expected cash flows from ACI loans are updated quarterly. If it is probable that the Company will be unable to collect all the cash flows expected from a loan or pool at acquisition plus additional cash flows expected to be collected arising from changes in estimates after acquisition, the loan or pool is considered impaired and a valuation allowance is established by a charge to the provision for loan losses. If there is a significant increase in expected cash flows from a loan or pool, the Company first reduces any valuation allowance previously established by the amount of the increase in the present value of expected cash flows, then recalculates the amount of accretable yield for that loan or pool. The adjustment of accretable yield due to an increase in expected cash flows, as well as changes in expected cash flows due to changes in interest rate indices and changes in prepayment assumptions is accounted for prospectively as a change in estimate. Additional cash flows expected to be collected are transferred from non-accretable difference to accretable yield and the amount of periodic accretion is adjusted accordingly over the remaining life of the loan or pool.

The Company may resolve an ACI loan either through a sale of the loan, by working with the customer and obtaining partial or full repayment, by short sale of the collateral, or by foreclosure. In the event of a sale of the loan, the Company recognizes a gain or loss on sale based on the difference between the sales proceeds and the carrying value of the loan. For loans resolved through agreed pre-payments or short sale of the collateral, the Company recognizes the difference between the amount of the payment received and the carrying amount of the loan in the income statement line item "Income from resolution of covered assets, net". For loans resolved through foreclosure, the difference between the fair value of the collateral obtained through foreclosure less estimated cost to sell and the carrying amount of the loan is recognized in the income statement line item "Income from resolution of covered assets, net". Any remaining accretable discount related to loans not accounted for in pools that are resolved by full or partial pre-payment, short sale or foreclosure is recognized in interest income at the time of resolution. Accretable discount represents the cumulative undiscounted difference between the contractual coupon rate on the loan and the accretion rate and is generally amortized over the remaining life of the loan using the effective interest method.

Payments received in excess of expected cash flows may result in a pool becoming fully amortized and its carrying value reduced to zero even though outstanding contractual balances remain related to loans in the pool. Once the carrying value of a pool is reduced to zero, any future proceeds, which may include cash or real estate acquired in foreclosure, from the remaining loans are recognized as interest income upon receipt. As of December 31, 2011, the portfolio includes one pool whose carrying value has been reduced to zero.

Non-ACI Loans

Loans acquired without evidence of deterioration in credit quality since origination were initially recorded at estimated fair value on the acquisition date. These loans are carried at the principal amount outstanding, adjusted for unamortized acquisition date fair value adjustments and the allowance for loan losses. Interest income is accrued based on the unpaid principal balance ("UPB") and acquisition date fair value adjustments are amortized using the level-yield method over the expected lives of the related loans. Non-ACI 1-4 single family residential mortgage loans and home equity loans and lines of credit with similar risk characteristics were aggregated into pools for accounting purposes at acquisition. Loans that do not have similar risk characteristics, primarily commercial and commercial real estate loans, are accounted for on an individual loan basis.

New Loans

New loans are those originated or purchased by the Company since the Acquisition. New loans are carried at the principal amount outstanding, net of premiums, discounts, unearned income, deferred loan origination fees and costs, and the allowance for loan and lease losses.

Interest income on new loans is accrued based on the principal amount outstanding. Non-refundable loan origination fees, net of direct costs of originating or acquiring loans, as well as purchase premiums and discounts, are deferred and recognized as adjustments to yield over the expected lives of the related loans using the level yield method.

Nonaccrual Loans

Non-ACI and new commercial loans are placed on non-accrual status when (i) management has determined that full repayment of all contractual principal and interest is in doubt, or (ii) the loan is past due 90 days or more as to principal or interest unless the loan is well secured and in the process of collection. Non-ACI and new residential loans are generally placed on non-accrual status when 90 days of interest is due and unpaid. When a loan is placed on non-accrual status, uncollected interest accrued is reversed and charged to interest income. If full collection of principal is doubtful, subsequent payments of interest are applied to reduce the outstanding principal balance. Interest income may be recognized on a cash basis if full collection of the outstanding principal balance is reasonably assured. Commercial loans are returned to accrual status only after all past due principal and interest has been collected and full repayment of remaining contractual principal and interest is reasonably assured. Residential and consumer loans are returned to accrual status when there is no longer 90 days of interest due and unpaid. When a residential or consumer loan is returned to accrual status, interest accrued at the date the loan was placed on non-accrual status along with interest foregone during the non-accrual period are recognized as interest income. Past due status of loans is determined based on the contractual next payment due date. Loans less than 30 days past due are reported as current.

Contractually delinquent ACI loans are not classified as non-accrual as long as discount continues to be accreted on the loans or pools.

Impaired Loans

An ACI pool or loan is considered to be impaired when it is probable that the Company 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. 1-4 single family residential and home equity ACI loans accounted for in pools are evaluated collectively for impairment on a pool by pool basis based on expected pool cash flows. Commercial ACI loans are individually evaluated for impairment based on expected cash flows from the individual loans. 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 of the loan or pool.

Non-ACI and new loans are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due, according to the contractual terms of the loan agreements. Commercial relationships with committed balances greater than or equal to $500,000 that have internal risk ratings of substandard or doubtful and are on non-accrual status are individually evaluated for impairment. The likelihood of loss related to loans assigned internal risk ratings of substandard or doubtful is considered elevated due to their identified credit weaknesses. Loans with well defined credit weaknesses that may result in a loss if the identified deficiencies are not corrected are assigned an internal risk rating of substandard. Loans in this category may exhibit payment defaults, insufficient cash flows, operating losses, or declining collateral values. A loan with a weakness so severe that collection in full is highly questionable or improbable, but because of certain reasonably specific pending factors charge-off is not yet appropriate, will be assigned an internal risk rating of doubtful. Factors considered by management in evaluating impairment include payment status, financial condition of the borrower, collateral value, and other factors impacting the probability of collecting scheduled principal and interest payments when due. Generally, non-ACI and new loans identified as impaired have already been placed on non-accrual status.

Troubled Debt Restructurings

In certain situations due to economic or legal reasons related to a borrower's financial difficulties, the Company may grant a concession to the borrower for other than an insignificant period of time that it would not otherwise consider. At that time, except for ACI loans accounted for in pools, the related loan is classified as a troubled-debt restructuring ("TDR") and considered impaired. The concessions granted may include rate reductions, principal forgiveness, payment forbearance, extensions of maturity at rates of interest below that commensurate with the risk profile of the loans, and other actions intended to minimize economic loss. A troubled-debt restructured loan is generally placed on non-accrual status at the time of the modification unless the borrower has no history of missed payments for six months prior to the restructuring. If the borrower performs pursuant to the modified loan terms for at least six months and the remaining loan balance is considered collectible, the loan is returned to accrual status. Modified ACI loans accounted for in pools are not accounted for as TDRs, are not separated from the pools and are not classified as impaired loans. The majority of the Company's TDRs are covered loans.

Allowance for Loan and Lease Losses

The allowance for loan and lease losses ("ALLL") represents the amount considered adequate by management to absorb probable losses inherent in the loan portfolio at the balance sheet date. The ALLL relates to (i) new loans, (ii) estimated additional losses arising on non-ACI loans subsequent to the Acquisition and (iii) additional impairment recognized as a result of decreases in expected cash flows on ACI loans due to further credit deterioration since acquisition. The ALLL consists of both specific and general components. The ALLL is established as losses are estimated to have occurred through a provision charged to earnings. Individual loans are charged off against the ALLL when management determines them to be uncollectible. Inadequately secured home equity loans and lines of credit are typically charged off when they are 180 to 210 days past due. Unsecured consumer loans are generally charged off when they become 90 days past due. Subsequent recoveries are credited to the ALLL.

ACI Loans

A specific valuation allowance related to an ACI loan or pool is established when quarterly evaluations of expected cash flows indicate it is probable that the Company will be unable to collect all of the cash flows expected at acquisition plus any additional cash flows expected to be collected arising from changes in estimate after acquisition. The amount of any necessary valuation allowance is measured by comparing the carrying value of the loan or pool to the updated net present value of expected cash flows for the loan or pool. In calculating the present value of expected cash flows for this purpose, changes in cash flows related to credit related factors are isolated from those related to changes in interest rate indices or prepayment assumptions. Alternatively, an improvement in the expected cash flows related to ACI loans results in a reduction of any previously established specific allowance with a corresponding credit to the provision for loan losses. A charge-off is taken for an individual ACI commercial loan when it is deemed probable that the loan will be resolved for an amount less than its carrying value.

Expected cash flows are estimated on a pool basis for ACI 1-4 single family residential and home equity loans. The analysis of expected pool cash flows incorporates updated pool level expected prepayment rate, default rate, delinquency level and loss severity given default assumptions. Prepayment, delinquency and default curves are derived primarily from roll rates generated from the historical performance of the portfolio over the immediately preceding four quarters. Estimates of default probability and loss severity given default also incorporate updated loan-to-value ("LTV") ratios, at the loan level, based on Case-Shiller Home Price Indices for the relevant Metropolitan Statistical Area ("MSA"). Costs and fees represent an additional component of loss on default, and are projected using the "Making Home Affordable" cost factors provided by the Federal government.

The primary assumptions underlying estimates of expected cash flows for commercial ACI loans are default probability and severity of loss given default. For commercial relationships with committed balances greater than or equal to $500,000, updated cash flow assumptions are based primarily on net realizable value analyses prepared at the individual loan level. These analyses incorporate information about loan performance, collateral values, the financial condition of the borrower and other available information that may impact sources of repayment. Updated assumptions for smaller balance commercial loans are based on a combination of internal risk ratings, the Company's own historical delinquency and default severity data and industry level delinquency data. Cash flow estimates for consumer loans are based primarily on regularly updated historical performance information.

Non-ACI and New Loans

Non-ACI 1-4 single family residential mortgages and home equity loans and lines of credit are grouped into homogenous pools based on loan type for purposes of determining the amount of the ALLL. The credit quality of loans in the residential portfolio segment may be impacted by fluctuations in home values, unemployment, general economic conditions and, to a lesser extent in the current economic environment, fluctuations in interest rates. Home equity loans and lines of credit that are junior liens are likely to experience greater loss severity in the event of default. Calculated loss frequency and severity percentages are applied to the dollar value of loans in each pool to calculate the ALLL. Based on an analysis of historical portfolio performance, other real estate owned ("OREO") and short sale data and other internal and external factors, management has determined that LTV is the leading predictive indicator of loss severity. LTV ratios are updated quarterly at the loan level using Case-Shiller Home Price Indices for the relevant MSA. Home price index data used in updating LTV's is that for the preceding calendar quarter, the most recent data available. The loans in each pool are further disaggregated based on LTV ratios for purposes of calculating loss frequency and severity. Frequency is calculated using a four month roll to loss percentage. Loss severity given default is estimated based on internal data about short sales and OREO sales for the most recent quarter. The ALLL calculation incorporates a 100% loss severity assumption for home equity loans and lines of credit and consumer loans at 120 days delinquency.

The new residential and home equity portfolio segments have not yet developed an observable loss trend. Due to several factors, there is a lack of similarity between the risk characteristics of new loans and covered loans in the residential and home equity portfolios. Those factors include elimination of wholesale origination channels, elimination of Alt-A and no document loans, enhancements to real estate appraisal policies, elimination of Option ARM loans and tightening of underwriting policies. Therefore, management does not believe it is appropriate to use the historical performance of the covered loans as a basis for calculating the ALLL applicable to the new loans. The ALLL for new residential and home equity loans is based on peer group average historical loss rates as described further below.

The new and non-ACI commercial loan portfolios have limited delinquency history and have not yet exhibited an observable loss trend. The credit quality of loans in this portfolio segment is impacted by debt service coverage generated by the borrowers' businesses and fluctuations in the value of real estate collateral. For loans evaluated individually for impairment and determined to be impaired, a specific allowance is established based on the present value of expected cash flows discounted at the loan's effective interest rate, the estimated fair value of the loan, or for collateral dependent loans, the estimated fair value of collateral less costs to sell. Loans not individually determined to be impaired are grouped based on common risk characteristics. The ALLL for these portfolio segments is based primarily on the Bank's internal credit risk rating system and peer group average historical loss rates. The ALLL for municipal lease receivables is based on historical loss experience of a portfolio of similar loans.

The peer group used to calculate average historical loss rates consists of banks in the Southeast region determined by management to be comparable to BankUnited. Factors impacting the selection of the banks in the peer group include asset size, loan portfolio composition and credit quality statistics published by the FDIC. For the new bank portfolio, a six quarter average of peer group historical loss rates is used as this period corresponds to the vintage of the majority of loans in this portfolio segment. For the non-ACI portfolio, a twelve quarter average is used as this period is considered more representative of expected loss experience for the more seasoned loans in this segment.

Prior to 2011, the ALLL for non-ACI and new loans was calculated based primarily on the Bank's internal credit risk rating system and the OTS "Thrift Industry Charge-Off Rates by Asset Type, annualized Net Charge-Off Rates—Twelve Quarter Average" for the southeast region. Largely in response to growth in the new loan portfolio, management incorporated peer group historical loss rates in the ALLL methodology. The peer group data is considered more representative of expected losses than broader based industry averages. The impact of this change was not material to the overall ALLL estimate.

Qualitative adjustments are made to the ALLL when, based on management's judgment and experience, there are internal or external factors impacting loss frequency and severity not taken into account by the quantitative calculations. Management has categorized potential qualitative adjustments into the following four categories:

•: Portfolio trends, including trends in delinquencies and impaired loans, levels of and trends in recoveries and charge-offs, trends in volume, type and term of loans, emerging trends for particular loan types and pools, and strategic initiatives of the Company that may impact loan performance;
•: Policy and credit guidelines, including changes in lending policies and procedures, experience, ability and depth of lending management and staff;
•: Economic factors, including national, regional and local economic trends and conditions as well as housing and banking industry conditions and trends; and
•: Credit concentrations.

FDIC Indemnification Asset

The FDIC indemnification asset was initially recorded at the time of the Acquisition at fair value, measured as the present value of the estimated cash payments expected from the FDIC for probable losses on covered assets, past due interest and reimbursement of certain expenses. Covered assets consist of loans, other real estate owned and certain investment securities acquired from the FDIC. The FDIC indemnification asset is measured separately from the related covered assets. It is not contractually embedded in the covered assets and it is not transferrable with the covered assets should the Company choose to dispose of them. The discount rate used to estimate the initial fair value of the FDIC indemnification asset was determined using a risk-free yield curve adjusted for a premium reflecting the uncertainty related to the collection, amount and timing of the cash flows as well as illiquidity of the asset.

The discount resulting from recording the FDIC indemnification asset at present value is accreted to non-interest income using the effective interest method over the period during which cash flows from the FDIC are expected to be collected. Increases in expected cash flows from covered assets result in decreases in cash flows expected to be collected from the FDIC. These decreases in expected cash flows from the FDIC are recognized prospectively through an adjustment of the rate of accretion on the FDIC indemnification asset, consistent with the approach taken to recognize increases in expected cash flows on the covered assets. Impairment of expected cash flows from covered assets results in an increase in cash flows expected to be collected from the FDIC. These increased expected cash flows from the FDIC are recognized as increases in the FDIC indemnification asset and as non-interest income in the same period that the impairment of the covered assets is recognized in earnings.

Gains and losses from resolution of ACI loans are included in the income statement line item "Income from resolution of covered assets, net". These gains and losses represent the difference between the expected losses from ACI loans and consideration actually received in satisfaction of such loans that were resolved either by payment in full, foreclosure, short sale or, for the non-residential portfolio, charge-offs. The Company may also realize gains or losses on the sale of covered loans or other real estate owned. When the Company recognizes gains or losses related to the resolution or sale of covered assets in earnings, corresponding changes in the estimated amount recoverable from the FDIC under the loss sharing agreements are reflected in the consolidated financial statements as increases or decreases in the FDIC indemnification asset and in the income statement line item "Net gain (loss) on indemnification asset".

The ultimate realization of the FDIC indemnification asset is dependent upon the performance of the underlying covered assets and payment of claims by the FDIC.

Bank Owned Life Insurance

Bank owned life insurance is carried at the amount that could be realized under the contract at the balance sheet date, which is typically cash surrender value. Changes in cash surrender value are recorded in non-interest income.

Other Real Estate Owned

Other real estate owned ("OREO") consists of real estate assets acquired through, or in lieu of, loan foreclosure. These assets are held for sale and are initially recorded at the estimated fair value of the collateral less costs to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, periodic valuations are performed and the assets are carried at the lower of the carrying amount at the date of foreclosure or estimated fair value less cost to sell. Significant property improvements that enhance the salability of the property are capitalized to the extent that the resulting carrying value does not exceed fair value less cost to sell. Legal fees, maintenance, taxes, insurance and other direct costs of holding and maintaining foreclosed properties are expensed as incurred.

Goodwill and Other Intangible Assets

Goodwill represents the excess of consideration transferred in business combinations over the fair value of net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but is tested for impairment annually or more frequently if events or circumstances indicate that impairment may have occurred. The Company performs its annual goodwill impairment test in the third fiscal quarter. The Company has a single reporting unit. The impairment test compares the estimated fair value of the reporting unit to its carrying amount. If the fair value of the reporting unit exceeds its carrying amount, no impairment is indicated. If the fair value of the reporting unit is less than its carrying amount, impairment of goodwill is measured as the excess of the carrying amount of goodwill over its implied fair value. In 2011, the estimated fair value of the reporting unit was based on the market capitalization of the Company's common stock. Prior to 2011, management engaged third party valuation specialists to estimate the fair value of the reporting unit using a discounted cash flow valuation technique. The estimated fair value of the reporting unit at each impairment testing date substantially exceeded its carrying amount; therefore, no impairment of goodwill was indicated.

Intangible assets with determinable lives include core deposit intangible assets and other customer relationship intangible assets, and are amortized on a straight-line basis over their estimated useful lives. Intangible assets with determinable lives are evaluated for impairment when events or changes in circumstances indicate the carrying amount of the assets may not be recoverable.

Premises and Equipment

Premises and equipment are carried at cost less accumulated depreciation and amortization and are included in other assets in the accompanying consolidated balance sheets. Depreciation is calculated using the straight line method over the estimated useful lives of the assets. The lives of improvements to existing buildings are based on the lesser of the estimated remaining lives of the buildings or the estimated useful lives of the improvements. Leasehold improvements are amortized over the shorter of the expected terms of the leases at inception, considering options to extend that are reasonably assured, or their useful lives. External direct costs of materials and services associated with developing or obtaining and implementing internal use computer software are capitalized and amortized over the estimated useful lives of the software. The estimated useful lives of premises and equipment are as follows:

•: branch buildings and improvements-30 years
•: leasehold improvements-5 to 20 years
•: furniture, fixtures and equipment-5 to 7 years
•: computer equipment-3 years
•: software and software licensing rights-3 to 5 years.

Income Taxes

The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for periods in which the differences are expected to reverse. The effect of changes in tax rates on deferred tax assets and liabilities are recognized in income in the period that includes the enactment date. A valuation allowance is established for deferred tax assets when management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized. In making such determinations, the Company considers all available positive and negative evidence that may impact the realization of deferred tax assets. These considerations include the amount of taxable income generated in statutory carryback periods, future reversals of existing taxable temporary differences, projected future taxable income and available tax planning strategies.

The Company recognizes tax benefits from uncertain tax positions when it is more likely than not that the related tax positions will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the tax positions. An uncertain tax position is a position taken in a previously filed tax return or a position expected to be taken in a future tax return that is not based on clear and unambiguous tax law. The Company measures tax benefits related to uncertain tax positions based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. If the initial assessment fails to result in recognition of a tax benefit, the Company subsequently recognizes a tax benefit if (i) there are changes in tax law or case law that raise the likelihood of prevailing on the technical merits of the position to more-likely-than-not, (ii) the statute of limitations expires, or (iii) there is a completion of an examination resulting in a settlement of that tax year or position with the appropriate agency. The Company recognizes interest and penalties related to unrecognized tax positions in the provision for income taxes.

Equity Based Compensation

The Company periodically grants nonqualified stock options or unvested shares of common stock to key employees. Compensation cost is measured based on the estimated fair value of the awards at the grant date and is recognized in earnings on a straight-line basis over the requisite service period. The fair value of unvested shares is based on the closing market price of the Company's common stock at the date of grant. The fair value of stock options is estimated at the date of grant using a Black-Scholes option pricing model. This model requires assumptions as to expected volatility, expected term, dividend yield, and risk free interest rates. Since the Company's common stock has limited trading history, the measurement of expected volatility incorporates the volatility of the common stock of peer companies. The expected term represents the period of time that options are expected to be outstanding from the grant date and is based on the contractual term of the options and employees' anticipated exercise behavior. The risk free interest rate is based on the U.S. Treasury constant maturity rate corresponding to the expected term of the options at the date of grant. The expected dividend yield is determined based on historical dividend rates and dividends expected to be declared in the foreseeable future.

Prior to the IPO, BUFH had a class of authorized non-voting membership interests identified as Profits Interest Units ("PIUs"). PIUs were issued by BUFH to management members of the Company who owned common units of BUFH. The PIUs entitled their holders to share in distributions from BUFH after investors in BUFH received certain defined returns on their investment. PIUs consisted of both time-based awards, which vested based on fulfillment of a service condition and IRR-based awards. Based on their settlement provisions, the PIUs were classified as liabilities and adjusted to estimated fair value at each financial statement date. Fair value was estimated using a Black-Scholes option pricing model. Compensation expense related to PIUs was based on the fair value of the underlying units. Compensation expense related to time-based PIUs was recognized over the requisite service period on a straight-line basis. Compensation expense related to IRR-based PIUs was recognized upon vesting, which occurred on completion of the IPO. In conjunction with the IPO, all of the outstanding PIUs were exchanged for a combination of non-qualified stock options and common shares in the Company.

Warrant Issued to the FDIC

In conjunction with the Acquisition, the Company issued a warrant to the FDIC. Based on its settlement provisions, the warrant was classified as a liability and adjusted to the greater of fair value or guaranteed minimum value at each financial statement date, with changes in value reflected in earnings. The warrant was settled for cash in February, 2011.

Derivative Financial Instruments and Hedging Activities

Interest rate swap agreements

Interest rate swaps are contracts in which a series of interest cash flows are exchanged over a prescribed period. Interest rate swaps are recorded as assets or liabilities in the consolidated balance sheets at fair value. Interest rate swaps that are used as a risk management tool to hedge the Company's exposure to changes in interest rates have been designated as cash flow hedging instruments. The effective portion of the gain or loss on an interest rate swap designated and qualifying as a cash flow hedging instrument is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same period in which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized currently in earnings. Hedge effectiveness is assessed using the hypothetical derivative method. Assessments of hedge effectiveness and measurements of hedge ineffectiveness are performed quarterly.

The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative expires or is sold, terminated, or exercised, or management determines that the designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, any subsequent changes in fair value are recognized in earnings.

Cash flows resulting from derivative financial instruments that are accounted for as hedges are classified in the cash flow statement in the same category as the cash flows from the hedged items.

Changes in the fair value of interest rate swaps not designated as, or not qualifying as, hedging instruments are recognized currently in earnings.

Derivative loan commitments

Interest rate lock commitments to originate mortgage loans to be held for sale upon funding are derivative instruments and are recognized in the consolidated balance sheets at fair value with changes in fair value reflected in earnings.

Forward loan sale commitments

Mandatory delivery forward loan sale commitments are derivative instruments that are reflected in the consolidated balance sheets at fair value with changes in fair value reflected in earnings.

Transfers of Financial Assets

Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. A gain or loss is recognized in earnings upon completion of the sale based on the difference between the sales proceeds and the carrying value of the assets. Control over the transferred assets is deemed to have been surrendered when: (i) the assets have been legally isolated from the Company, (ii) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets.

Advertising Costs

Advertising costs are expensed as incurred.

Earnings per Share

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share reflect the effect of common stock equivalents, including stock options and unvested shares, calculated using the treasury stock method. Common stock equivalents are excluded from the computation of diluted earnings per common share in periods in which the effect is anti-dilutive.

Some of the Company's outstanding equity based payment awards, including unvested shares and certain stock options, contain nonforfeitable rights to dividends or dividend equivalents. These securities are considered participating securities. Accordingly, the Company calculates net income available to common stockholders using the two-class method, whereby net income is allocated between common stock and participating securities. In periods of a net loss, no allocation is made to participating securities as they are not contractually required to fund net losses.

Reclassifications

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

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 in 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. Accounting Standards Update 2011-12 delayed the effective date of certain requirements of Accounting Standards Update 2011-05 related to the presentation of reclassifications of items out of accumulated other comprehensive income.

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.

In December 2011, The FASB issued Accounting Standards Update 2011-11, "Disclosures about Offsetting Assets and Liabilities." This update requires entities to disclose both gross information and net information about instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The scope of this update includes derivatives, sale and repurchase agreements and reverse sale and repurchase agreements and securities borrowing and lending arrangements. The Company is required to adopt this update retrospectively for periods beginning after January 1, 2013. 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

12 Months Ended

Dec. 31, 2011

Acquisition Activity [Abstract]

Acquisition Activity

Note 2 Acquisition Activity

BankUnited, FSB

On May 21, 2009, BankUnited entered into a purchase and assumption agreement (the "FSB Agreement") with the FDIC, as receiver, pursuant to which BankUnited acquired substantially all of the assets and assumed substantially all of the non-brokered deposits and other liabilities of BankUnited, FSB, a community bank headquartered in Coral Gables, Florida.

Excluding the effects of acquisition accounting adjustments, the Bank acquired $13.6 billion in assets and assumed $12.8 billion of the deposits and liabilities of BankUnited, FSB. The Bank received net consideration in the amount of $2.2 billion, partially offset by liabilities due to the FDIC in the amount of $156.8 million.

In connection with the Acquisition, the Bank entered into loss sharing agreements with the FDIC that cover single family residential mortgage loans, commercial real estate, commercial and industrial and consumer loans, certain investment securities and OREO, collectively referred to as the "covered assets". The Bank acquired other BankUnited, FSB assets that are not covered by the loss sharing agreements with the FDIC including cash balances of $1.2 billion, certain investment securities purchased at fair value and other tangible 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. The Bank will reimburse the FDIC for its share of recoveries with respect to losses for which the FDIC paid the Bank a reimbursement under the loss sharing agreements. The FDIC's obligation to reimburse the Company for losses with respect to covered assets begins with the first dollar of loss incurred. The expected reimbursements under the loss sharing agreements were recorded as an indemnification asset at an estimated fair value of $3.4 billion on the acquisition date. The indemnification asset reflects the present value of the expected net cash reimbursements under the loss sharing agreements.

The amounts covered by the loss sharing agreements are the pre-acquisition book values of the underlying covered assets, the contractual balance of unfunded commitments that were acquired, plus certain interest and expenses. The loss sharing agreements are subject to servicing procedures specified in the agreement with the FDIC. The loss sharing agreement applicable to single family residential mortgage loans provides for FDIC loss sharing and the Bank's reimbursement of recoveries to the FDIC for ten years. The loss sharing agreements applicable to all other covered assets provide for FDIC loss sharing for five years and the Bank's reimbursement of recoveries to the FDIC for 8 years. Under the loss sharing agreements, the Bank may sell up to 2.5% of the acquired residential and commercial loan portfolio, with certain restrictions, based on the UPB of the loans at Acquisition, or approximately $280 million, on an annual basis without prior consent from the FDIC. If the Bank seeks to sell residential or non-residential loans in excess of the agreed 2.5% threshold, nine months prior to the tenth anniversary or fifth anniversary, respectively, and does not receive approval from the FDIC, the loss sharing agreements are extended for a period of two years after the respective anniversaries. The loss sharing term is extended only with respect to the loans to be included in such sales. The Bank will have the right to sell all or any portion of such loans without FDIC consent, at any time within nine months prior to the respective extended termination dates.

The Acquisition was determined to be a business combination; accordingly, the assets acquired and liabilities assumed were recorded at their estimated fair values at the acquisition date. The determination of the initial fair value of loans purchased in the acquisition and the initial fair value of the related FDIC indemnification asset involved a high degree of judgment and complexity and required management to make subjective assumptions about discount rates, future expected cash flows, market conditions and other future events that are subject to change. The amount the Company ultimately realizes from these assets could differ materially from the initial estimates.

The following table summarizes the carrying amount and estimated fair values of assets acquired and liabilities assumed as of the acquisition date (in thousands):

	As Recorded by BankUnited FSB		Fair Value Adjustments			Net Cash Received From the FDIC		As Recorded by the Company

Assets
Cash and cash equivalents	$	1,160,321	$	—		$	2,156,393	$	3,316,714
Investment securities, at fair value		608,388		(69,444	)		—		538,944
Federal Home Loan Bank stock		243,334		—			—		243,334
Loans		11,174,232		(6,163,904	)		—		5,010,328
FDIC receivable		—		69,444			—		69,444
FDIC indemnification asset		—		3,442,890			—		3,442,890
Bank owned life insurance		129,111		—			—		129,111
Other real estate owned		199,819		(22,140	)		—		177,679
Deferred tax asset, net		—		37,269			—		37,269
Goodwill and other intangible assets		—		61,150			—		61,150
Other assets		95,171		(44,696	)		—		50,475

Total assets		13,610,376		(2,689,431	)		2,156,393		13,077,338

Liabilities
Deposits		8,225,916		108,566			—		8,334,482
Securities sold under agreements to repurchase		1,310		—			—		1,310
Federal Home Loan Bank advances		4,429,350		201,264			—		4,630,614
Advance payments by borrowers for taxes and insurance		52,362		—			—		52,362
Other liabilities		59,137		(567	)		—		58,570

Total liabilities		12,768,075		309,263			—		13,077,338

Net Assets	$	842,301	$	(2,998,694	)	$	2,156,393	$	—

Goodwill and other intangible assets recognized in conjunction with the Acquisition included approximately $59.4 million of goodwill and a $1.8 million core deposit intangible asset.

The following is a description of the methods used to determine the fair values of significant assets acquired and liabilities assumed.

Cash and cash equivalents, securities sold under agreements to repurchase and advance payments by borrowers for taxes and insurance:

The carrying amount of these assets and liabilities was considered a reasonable estimate of fair value based on the short-term, liquid nature of these assets and liabilities.

Investment securities:

Fair values of investment securities were based on quoted prices in active markets, where available. If quoted prices in active markets were not available, fair value estimates were based on observable inputs including quoted prices in less active markets, quoted prices in active markets for similar instruments, or other inputs observable in the market. In the absence of observable inputs, fair value was estimated based on pricing models and/or discounted cash flow methodologies.

FHLB stock:

Par value was considered a reasonable estimate of fair value based on the redemption provisions of the securities, as these instruments are restricted securities with no evidence of impairment at the time of acquisition.

Loans:

Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, delinquency and credit classification status, fixed or variable interest rate, term of loan, whether or not the loan was amortizing, and current discount rates. Additional assumptions used included default rates, loss severity, payment curves, loss curves and prepayment speeds. Certain residential loans were pooled according to similar characteristics and fair value was estimated at the pool level. The discount rates used to estimate the fair value of loans were based on market rates for new originations of comparable loans at the time of acquisition, and included adjustments for liquidity concerns.

FDIC receivable:

The $69.4 million FDIC receivable represented a receivable recognized by the Company for an amount due from the FDIC related to the disputed purchase price of certain investment securities. The FDIC assigned a purchase price to these securities that the Company believed to be higher than the price required by the FSB Agreement. The FSB Agreement incorporates dispute resolution procedures that describe the process by which disputes regarding interpretation, application, calculation of loss or calculation of payments regarding the loss share must be resolved. In 2009, the Company recognized an impairment charge on the full amount of the FDIC receivable due to concerns over collectability. In 2010, $24.1 million was received from the FDIC in settlement of this dispute.

FDIC indemnification asset:

Fair value was estimated using projected cash flows related to the loss sharing agreements based on the expected reimbursements of losses and the applicable loss sharing percentages. These cash flows were discounted using a risk-free yield curve plus a premium reflecting the uncertainty related to the collection, amounts and timing of the cash flows and other liquidity concerns.

Bank owned life insurance:

The fair value of bank owned life insurance was based on the amount that could be realized at the acquisition date from the underlying insurance contract.

OREO:

OREO was recorded at estimated fair value, generally based on real estate appraisals or other market based indications of value, net of estimated costs of disposal.

Deferred tax asset, net:

The deferred tax asset, net represented the tax effects of differences between the book bases and tax bases of certain assets acquired and liabilities assumed, including investment securities, loans, the FDIC indemnification asset, time deposits, FHLB advances and the deferred tax gain resulting from the Acquisition.

Goodwill:

Goodwill represented the residual difference between the fair value of tangible and identifiable intangible assets acquired and liabilities assumed by the Company and the payment received from the FDIC for assuming the net liabilities and reflects the market share and related benefits expected to result from the Acquisition. Goodwill was assigned to the Company's single operating segment and reporting unit at the date of the Acquisition, community banking.

Core deposit intangible:

The core deposit intangible asset represented the value of relationships with deposit customers. Fair value was estimated based on the present value of the expected cost savings attributable to core deposit funding relative to an alternative source of funding. In determining fair value, consideration was given to expected customer attrition rates, cost of the deposit base, reserve requirements and the net maintenance cost attributable to customer deposits.

Other assets:

The fair value of other assets was determined based on management's assessment of the realizability of such assets at acquisition date.

Deposits:

Fair values of transaction accounts acquired, including demand, savings and money market deposits, equaled the amount payable on demand at the acquisition date. The fair values of time deposits were estimated using a discounted cash flow calculation that applied interest rates being offered at the acquisition date to the contractual cash flows on such deposits.

Federal Home Loan Bank advances:

The fair values of Federal Home Loan Bank advances were estimated using a discounted cash flow calculation that applied interest rates being offered at the acquisition date for advances with similar terms and remaining maturities to the contractual cash flows on such advances.

Other liabilities:

The fair value of other liabilities was based primarily on their carrying amounts, which was considered a reasonable estimate based on the short-term nature of these liabilities. Included in other liabilities was the estimated fair value of the warrant issued to the FDIC in connection with the acquisition, amounting to $1.5 million.

A summary of the covered loans acquired as of May 21, 2009 and the related discount is as follows (in thousands):

	Acquired Credit Impaired

	Unpaid Principal Balance		Additional Contractual Cash Flows		Total Estimated Contractual Cash Flows on ACI Loans		Non-ACI		Total
Residential:
1 - 4 single family residential	$	9,114,641	$	4,047,208	$	13,161,849	$	212,847	$	13,374,696
Home equity loans and lines of credit		284,222		82,164		366,386		220,434		586,820

Total residential		9,398,863		4,129,372		13,528,235		433,281		13,961,516
Commercial:
Multi-family		124,785		48,072		172,857		6,032		178,889
Commercial real estate		566,990		245,204		812,194		40,582		852,776
Construction		187,025		99,338		286,363		377		286,740
Land		220,100		54,636		274,736		173		274,909
Commercial		131,590		21,746		153,336		51,434		204,770

Total commercial		1,230,490		468,996		1,699,486		98,598		1,798,084

Consumer		13,000		348		13,348		—		13,348

Total loans	$	10,642,353	$	4,598,716		15,241,069		531,879		15,772,948

Less: Non-accretable difference						8,714,344		—		8,714,344

Cash flows expected to be collected						6,526,725
Accretable discount						2,004,337		43,939		2,048,276

					$	4,522,388	$	487,940	$	5,010,328

The estimated contractual cash flows for the acquired non-ACI loans at the acquisition date were $713.0 million.

The following table presents the components of the FDIC indemnification asset at May 21, 2009 (in thousands):

	Loans		OREO		Total

Estimated portion of gross losses subject to FDIC indemnification:
Residential	$	4,119,357	$	18,860	$	4,138,217
Commercial		411,095		—		411,095

Total		4,530,452		18,860		4,549,312
Fair value discount		1,103,681		2,741		1,106,422

FDIC indemnification asset at May 21, 2009	$	3,426,771	$	16,119	$	3,442,890

At the closing of the Acquisition on May 21, 2009, the Company paid transaction fees to related parties totaling $20.0 million and reimbursed those parties for $2.5 million in certain expenses related to the Acquisition. These fees and costs are included in non-interest expense for the period ended December 31, 2009.

Herald National Bank

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. The Company received the requisite regulatory approvals for the acquisition of Herald in February, 2012 and anticipates closing the transaction on February 29, 2012 for an estimated purchase price of approximately $62 million consisting of cash of approximately $23 million and common stock valued at approximately $39 million. The final purchase price will not be determined until closing. Herald had total assets of approximately $524 million at December 31, 2011. Financial statements of Herald and pro-forma financial information are not required to be presented due to the immateriality of this acquisition to the Company's overall financial position and results of operations.

Other Acquisitions

In October 2010, in two separate transactions, the Company acquired certain assets and assumed certain liabilities of a small business commercial lending company and a municipal leasing company for total cash consideration of approximately $50.5 million. These transactions were determined to be business combinations and were accounted for using the acquisition method of accounting. The acquired businesses are complementary to the Company's commercial lending business strategy. The assets acquired and liabilities assumed were accounted for at their estimated fair values at the date of acquisition and included primarily small business loans valued at $42.7 million, customer relationship intangible assets of $442 thousand, goodwill of $7.9 million, premises and equipment of $570 thousand, and other liabilities of $1.1 million. Goodwill resulted primarily from the value of an assembled workforce and related industry expertise. The results of operations of the acquired businesses have been included in the Company's financial statements from the date of acquisition. Pro-forma financial information is not presented due to immateriality of these acquisitions to the Company's overall financial position and results of operations.

- 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
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-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

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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Earnings per Common Share

12 Months Ended

Dec. 31, 2011

Earnings per Common Share [Abstract]

Earnings per Common Share

Note 3 Earnings per Common 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 for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009 is presented below (in thousands except per share amounts):

	2011			2010		2009

Basic earnings per common share:
Numerator:
Net income	$	63,168		$	184,735	$	119,046
Distributed and undistributed earnings allocated to participating securities		(3,449	)		—		—

Income available to common stockholders	$	59,719		$	184,735	$	119,046
Denominator:
Weighted average common shares outstanding		96,875,386			92,950,735		92,664,910
Less average unvested stock awards		(1,421,694	)		—		—

Weighted average shares for basic earnings per share		95,453,692			92,950,735		92,664,910
Basic earnings per common share	$	0.63		$	1.99	$	1.29

Diluted earnings per common share:
Numerator:
Income available to common shareholders	$	59,719		$	184,735	$	119,046
Adjustment for earnings reallocated from participating securities		—			—		—

Income used in calculating diluted earnings per share	$	59,719		$	184,735	$	119,046
Denominator:
Average shares for basic earnings per share		95,453,692			92,950,735		92,664,910
Dilutive effect of stock options		151,585			—		—

Weighted average shares for diluted earnings per share		95,605,277			92,950,735		92,664,910
Diluted earnings per common share	$	0.62		$	1.99	$	1.29

No participating securities were outstanding during the year ended December 31, 2010 or the period ended December 31, 2009.

At December 31, 2011, 2010 and 2009, 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:



Options	5,073,580	981,710	384,680
Unvested shares	1,663,822

Investment Securities Available for Sale

12 Months Ended

Dec. 31, 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 December 31, 2011 and 2010 consisted of the following (in thousands):

	December 31, 2011

	Covered Securities									Non-Covered Securities
			Gross Unrealized									Gross Unrealized
	Amortized Cost		Gross Unrealized					Fair Value		Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value		Amortized Cost		Gains		Losses			Fair Value
U.S. Government agency and sponsored enterprise residential mortgage-backed securities	$	—	$	—	$	—		$	—	$	1,952,095	$	34,823	$	(1,205	)	$	1,985,713
Resecuritized real estate mortgage investment conduits ("Re-Remics")		—		—		—			—		544,924		4,972		(3,586	)		546,310
Private label residential mortgage-backed securities and CMO's		165,385		44,746		(310	)		209,821		177,614		1,235		(983	)		177,866
Private label commercial mortgage-backed securities		—		—		—			—		255,868		6,694		—			262,562
Non-mortgage asset-backed securities		—		—		—			—		414,274		2,246		(5,635	)		410,885
Mutual funds and preferred stocks		16,382		491		(556	)		16,317		235,705		3,071		(1,276	)		237,500
State and municipal obligations		—		—		—			—		24,994		278		(2	)		25,270
Small Business Administration securities		—		—		—			—		301,109		2,664		(96	)		303,677
Other debt securities		3,868		2,188		—			6,056		—		—		—			—

	$	185,635	$	47,425	$	(866	)	$	232,194	$	3,906,583	$	55,983	$	(12,783	)	$	3,949,783

	December 31, 2010

	Covered Securities									Non-Covered Securities
			Gross Unrealized									Gross Unrealized
	Amortized Cost		Gross Unrealized					Fair Value		Amortized Cost		Gross Unrealized					Fair Value
	Amortized Cost		Gains		Losses			Fair Value		Amortized Cost		Gains		Losses			Fair Value
U.S. Government agency and sponsored enterprise residential mortgage-backed securities	$	—	$	—	$	—		$	—	$	1,282,757	$	11,411	$	(3,258	)	$	1,290,910
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		—		—		—			—

	$	201,414	$	64,802	$	(2,648	)	$	263,568	$	2,634,192	$	33,973	$	(5,131	)	$	2,663,034

At December 31, 2011, investment securities available for sale by contractual maturity, 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	$	583,060	$	598,811
Due after one year through five years		1,797,898		1,837,540
Due after five years through ten years		1,101,762		1,123,514
Due after ten years		357,411		368,295
Mutual funds and preferred stocks with no stated maturity		252,087		253,817

	$	4,092,218	$	4,181,977

Based on the Company's proprietary model and prepayment assumptions, the estimated weighted average life of the investment portfolio as of December 31, 2011 was 4.7 years. The effective duration of the investment portfolio as of December 31, 2011 was 1.7 years. The model results are based on assumptions that may differ from the eventual outcome.

The carrying value of securities pledged as collateral for FHLB advances, public deposits, interest rate swaps, securities sold under agreements to repurchase and to secure borrowing capacity at the Federal Reserve Bank totaled $1.2 billion and $496.5 million at December 31, 2011 and December 31, 2010, respectively.

The following table provides information about gains and losses on the sale and exchange of investment securities available for sale for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009 (in thousands):

	2011			2010			2009

Proceeds from sale of investment securities available for sale	$	217,069		$	222,014		$	9,271

Gross realized gains	$	1,224		$	1,861		$	44
Gross realized losses		(88	)		(48	)		(381	)
Loss on exchange of securities		—			(2,811	)		—

Net realized gain (loss)	$	1,136		$	(998	)	$	(337	)

During the year ended December 31, 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 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 December 31, 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):

	December 31, 2011

	Less than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Government agency and sponsored enterprise residential mortgage-backed securities	$	211,168	$	(830	)	$	70,049	$	(375	)	$	281,217	$	(1,205	)
Re-Remics		254,826		(3,344	)		19,491		(242	)		274,317		(3,586	)
Private label residential mortgage-backed securities and CMO's		114,915		(1,120	)		6,469		(173	)		121,384		(1,293	)
Non-mortgage asset-backed securities		221,904		(5,590	)		8,772		(45	)		230,676		(5,635	)
Mutual funds and preferred stocks		77,811		(1,371	)		14,982		(461	)		92,793		(1,832	)
State and municipal obligations		1,002		(2	)		—		—			1,002		(2	)
Small Business Administration securities		29,774		(96	)		—		—			29,774		(96	)

	$	911,400	$	(12,353	)	$	119,763	$	(1,296	)	$	1,031,163	$	(13,649	)

	December 31, 2010

	Less Than 12 Months
	Fair Value		Unrealized Losses
U.S. Government agency and sponsored enterprise residential mortgage-backed securities	$	486,216	$	(3,258	)
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	)

	$	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. No securities were determined to be other-than-temporarily impaired during the years ended December 31, 2011 and 2010 or the period ended December 31, 2009. 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 at maturity. At December 31, 2011, seventy-nine securities were in unrealized loss positions. The amount of impairment related to fourteen of these securities was considered insignificant, totaling approximately $53 thousand 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 and Small Business Administration securities:

At December 31, 2011, ten U.S. Government agency mortgage-backed securities and one Small Business Administration security were in unrealized loss positions. Three of these securities have been in unrealized loss positions for more than twelve months. The remaining 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. Unrealized losses in this portfolio segment result primarily from widening spreads on GNMA HECM securities. The timely payment of principal and interest on these securities is explicitly guaranteed by the U.S. Government. Given the limited severity 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 December 31, 2011, twenty-five 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 incorporating CUSIP level constant default rate, voluntary prepayment rate, loss severity and delinquency assumptions. The results of this evaluation were not indicative of credit losses related to any of these securities as of December 31, 2011. Three of these securities have been in unrealized loss positions for more than twelve months, with aggregate unrealized losses of $415 thousand. The remaining securities have been in unrealized loss positions for six months or less. Unrealized losses in this portfolio segment result primarily from widening spreads on senior tranches and increased discount rates on subordinate tranches. Given the generally limited duration and severity of impairment of these securities and the expectation of timely recovery of outstanding principal, the impairments are considered to be temporary.

Non-mortgage asset-backed securities:

At December 31, 2011, eighteen non-mortgage asset-backed securities were in unrealized loss positions. One of these securities has been in an unrealized loss position for sixteen months. The remaining securities had been in continuous unrealized loss positions for nine months or less at December 31, 2011. These securities were assessed for OTTI using a third-party developed credit and prepayment behavioral model and CUSIP level constant default rate, voluntary prepayment rate, loss severity and delinquency assumptions. The results of this evaluation were not indicative of credit losses related to these securities as of December 31, 2011. Unrealized losses in this portfolio sector are largely driven by the impact of recent events on spreads for student loan backed securities, which management believes to be temporary. Given the generally limited duration of impairment and the absence of projected credit losses, the impairments are considered to be temporary.

Mutual funds:

At December 31, 2011, one mutual fund investment was in an unrealized loss position and had been in a continuous unrealized loss position for sixteen 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 is approximately 3% of its cost basis. Given the limited severity, the impairment is considered to be temporary.

Preferred stocks:

At December 31, 2011, eight positions in financial institution preferred stocks and two positions in FNMA and FHLMC preferred stocks were in unrealized loss positions. The financial institution preferred stocks have been in continuous unrealized loss positions for eight months or less at December 31, 2011. All of these 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. The FNMA and FHLMC preferred stocks have been in unrealized loss positions for two months or less at December 31, 2011 and unrealized losses aggregated $95 thousand. Given the limited duration and immaterial amount of the aggregate unrealized loss, the impairment is considered to be temporary.

The fair values of the Company's investment securities could decline in the future if the underlying performance of the collateral deteriorates and the Company's credit enhancement levels do not provide sufficient protection for the Company's contractual principal and interest payments.

- 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
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-Name Accounting Standards Codification
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-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
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-Name Accounting Standards Codification
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-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
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-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
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-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
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-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
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-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

FDIC Indemnification Asset

12 Months Ended

Dec. 31, 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 prepayment, short sale of the underlying collateral, foreclosure, sale of the loans or, for the non-residential portfolio, charge-off. For loans resolved through prepayment, 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 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 the sale of OREO and covered loans and their carrying amounts result in gains or losses and reduce or increase the amount recoverable from the FDIC under the Loss Sharing Agreements. Increases in valuation allowances or impairment charges related to covered assets also increase the amount estimated to be recoverable from the FDIC. These additions to or reductions in estimated 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 tables summarize the components of the gains and losses associated with covered assets, 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 years ended December 31, 2011 and 2010 and the period ended December 31, 2009 (in thousands):

	2011

	Transaction Income (Loss)			Net Gain (Loss) on Indemnification Asset			Net Impact on Pre-tax Earnings
Recovery of losses on covered loans	$	7,692		$	(6,327	)	$	1,365
Income from resolution of covered assets, net		18,776			(6,871	)		11,905
Net loss on sale of covered loans		(70,366	)		56,053			(14,313	)

		(51,590	)		49,182			(2,408	)

Loss on sale of OREO		(23,576	)		17,272			(6,304	)
Impairment of OREO		(24,569	)		19,685			(4,884	)

Net OREO gain (loss)		(48,145	)		36,957			(11,188	)

	$	(92,043	)	$	79,812		$	(12,231	)

	2010

	Transaction Income (Loss)			Net Gain (Loss) on Indemnification Asset			Net Impact on Pre-tax Earnings
Provision for losses on covered loans	$	(46,481	)	$	29,291		$	(17,190	)
Income from resolution of covered assets, net		121,462			(84,138	)		37,324
Net loss on sale of covered loans		(76,360	)		57,747			(18,613	)

		45,102			(26,391	)		18,711

Loss on sale of OREO		(2,174	)		1,932			(242	)
Impairment of OREO		(16,131	)		12,904			(3,227	)

Net OREO gain (loss)		(18,305	)		14,836			(3,469	)

	$	(19,684	)	$	17,736		$	(1,948	)

	2009

	Transaction Income (Loss)			Net Gain (Loss) on Indemnification Asset			Net Impact on Pre-tax Earnings
Provision for losses on covered loans	$	(21,287	)	$	14,433		$	(6,854	)
Income from resolution of covered assets, net		120,954			(88,801	)		32,153
Net loss on sale of covered loans		(47,078	)		37,600			(9,478	)

		73,876			(51,201	)		22,675

Loss on sale of OREO		(807	)
Impairment of OREO		(21,055	)

Net OREO gain (loss)		(21,862	)		15,007			(6,855	)

	$	30,727		$	(21,761	)	$	8,966

In addition to the loss on sale of covered loans reflected in the tables above, the income statement line item "Loss on sale of loans, net" includes approximately $651.7 thousand and $50 thousand of gains on the sale of loans held for sale for the years ended December 31, 2011 and 2010, respectively. These transactions are not subject to the Loss Sharing Agreements.

Changes in the FDIC indemnification asset for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009 were as follows (in thousands):

	2011			2010			2009

Balance, beginning of period	$	2,667,401		$	3,279,165		$	3,442,890
Accretion		55,901			134,703			149,544
Reduction for claims filed		(753,963	)		(764,203	)		(291,508	)
Net gain (loss) on indemnification asset		79,812			17,736			(21,761	)

Balance, end of period	$	2,049,151		$	2,667,401		$	3,279,165

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 years ended December 31, 2011 and 2010 and the period ended December 31, 2009 non-interest expense includes approximately $32.0 million, $49.7 million and $26.1 million, respectively, of expenses subject to reimbursement at the 80% level under the Loss Sharing Agreements. For those same periods, claims of $31.5 million, $29.8 million and $8.1 million, respectively, were submitted to the FDIC for reimbursement. As of December 31, 2011, $21.1 million of expenses remain to be submitted for reimbursement from the FDIC in future periods as the related covered assets are resolved.

Other Real Estate Owned

12 Months Ended

Dec. 31, 2011

Other Real Estate Owned [Abstract]

Other Real Estate Owned

Note 7 Other Real Estate Owned

At December 31, 2011 all of the Company's OREO was covered under BankUnited's Loss Sharing Agreements with the FDIC. An analysis of OREO activity for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009 follows (in thousands):

	2011			2010			2009

Balance, beginning of period	$	206,680		$	120,110		$	177,679
Transfers from loan portfolio		338,256			401,763			115,192
(Decrease) increase from resolution of covered loans		(25,298	)		(9,530	)		25,702
Sales		(371,332	)		(289,532	)		(177,408	)
Impairment		(24,569	)		(16,131	)		(21,055	)

Balance, end of period	$	123,737		$	206,680		$	120,110

Decreases in OREO from resolution of covered loans result when the fair value of OREO less estimated cost to sell at the date of foreclosure is less than the carrying amount of related ACI loans that are resolved via foreclosure. Alternatively, increases in OREO from the resolution of covered loans results when the fair value of OREO less estimated cost to sell at the date of foreclosure exceeds the carrying amount of related ACI loans resolved via foreclosure. These amounts are reflected in the line item "Income from resolution of covered assets, net" in the accompanying consolidated statements of income.

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph c
-Subparagraph Schedule III
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 28
-Article 12

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Chapter V
-Section 563c.102
-Paragraph 11
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph f
-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 15
-Paragraph 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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-DEP
-Chapter 11
-Paragraph 2, 6, 9-11, 18, 20
-IssueDate 2006-05-01
-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 144
-Paragraph 7, 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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 34
-Paragraph 9, 11, 12, 13, 14, 15, 21
-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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Chapter V
-Section 563c.102
-Paragraph 10
-Subparagraph a, b
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 10
-Subparagraph 4
-Article 9

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 11
-Article 9

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6375948&loc=d3e4437-111522

Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 43
-URI http://asc.fasb.org/extlink&oid=6390298&loc=d3e1739-110224

Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.9-03.10(4))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6390298&loc=d3e1424-110224

+ Details

Premises and Equipment and Lease Commitments

12 Months Ended

Dec. 31, 2011

Premises and Equipment and Lease Commitments [Abstract]

Premises and Equipment and Lease Commitments

Note 8 Premises and Equipment and Lease Commitments

Premises and equipment are included in other assets in the accompanying consolidated balance sheets. Premises and equipment as of December 31, 2011 and 2010 are summarized as follows (in thousands):

	December 31,

	2011			2010
Branch buildings and improvements	$	11,588		$	3,540
Leasehold improvements		13,090			5,913
Construction in process		11,528			4,849
Furniture, fixtures and equipment		18,031			6,607
Computer equipment		7,173			5,302
Software and software licensing rights		20,824			13,554

Total		82,234			39,765
Less: accumulated depreciation		(11,634	)		(4,117	)

Premises and equipment, net	$	70,600		$	35,648

Depreciation and amortization expense related to premises and equipment was $7.6 million, $3.1 million and $1.2 million for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009, respectively.

The Company leases branch and office facilities under operating leases, most of which contain renewal options under various terms. Total rent expense under operating leases for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009, was $14.9 million, $12.8 million and $9.3 million, respectively.

As of December 31, 2011, future minimum rentals under non-cancelable operating leases with initial or remaining terms in excess of one year were as follows (in thousands):


Years Ending December 31:
2012	$	14,512
2013		14,962
2014		12,937
2015		10,752
2016		10,270
Thereafter through 2033		68,911

	$	132,344

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2011

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

Note 9 Goodwill and Other Intangible Assets

Goodwill and other intangible assets consisted of the following at December 31, 2011 and 2010 (in thousands):

	December 31,

	2011			2010
Indefinite lived intangible assets:
Goodwill	$	67,231		$	67,231
Intangible assets with determinable useful lives:
Core deposit intangible		1,799			1,799
Customer relationship intangible		442			442

		2,241			2,241
Accumulated amortization		(805	)		(461	)

		1,436			1,780

Goodwill and other intangible assets, net	$	68,667		$	69,011

The core deposit intangible is being amortized over a period of approximately 6 years and the customer relationship intangible is being amortized over a period of approximately 10 years. Amortization expense was $344 thousand, $292 thousand and $170 thousand for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009, respectively.

The following table presents the future expected amortization of intangible assets with determinable useful lives:


Years Ending December 31:
2012	$	336
2013		336
2014		336
2015		214
2016		44
Thereafter		170

	$	1,436

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Deposits

12 Months Ended

Dec. 31, 2011

Deposits [Abstract]

Deposits

Note 10 Deposits

The following table presents average balances and weighted average rates paid on deposits for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009 (dollars in thousands):

	2011					2010					2009

	Average Balance		Average Rate			Average Balance		Average Rate			Average Balance		Average Rate
Demand deposits:
Non-interest bearing	$	622,377		—		$	440,673		—		$	303,810		—
Interest bearing		382,329		0.65	%		273,897		0.72	%		183,416		0.79	%
Money market		2,165,230		0.88	%		1,667,277		1.20	%		1,205,446		1.93	%
Savings		1,201,236		0.83	%		1,203,491		1.18	%		948,000		1.94	%
Time		2,585,201		1.71	%		3,889,961		1.85	%		5,506,320		0.93	%

	$	6,956,373		1.09	%	$	7,475,299		1.45	%	$	8,146,992		1.16	%

Time deposit accounts with balances of $100,000 or more totaled approximately $1.3 billion at both December 31, 2011 and 2010. Time deposit accounts with balances of $250,000 or more totaled $428.4 million and $297.3 million at December 31, 2011 and 2010, respectively. The following table presents maturities of time deposits with balances equal to or greater than $100,000 as of December 31, 2011 (in thousands):


Three months or less	$	126,699
Over three through six months		68,141
Over six through twelve months		438,052
Over twelve months		695,615

	$	1,328,507

Included in deposits at December 31, 2011 are $200.0 million of time deposits issued to the State of Florida and other public funds deposits totaling $78.6 million. Investment securities available for sale with a carrying value of $317.9 million were pledged as security for these deposits at December 31, 2011.

Interest expense on deposits for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009 was as follows (in thousands):

	2011		2010		2009

Interest bearing demand	$	2,499	$	1,981	$	890
Money market		19,020		19,999		14,283
Savings		10,006		14,243		11,295
Time		44,248		72,121		31,361

	$	75,773	$	108,344	$	57,829

Interest expense on time deposits has been reduced by amortization of fair value adjustments recorded in connection with the Acquisition of $7.0 million, $21.4 million and $79.9 million for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009, respectively.

- Definition

The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity.

+ References + Details

Short-Term Borrowings

12 Months Ended

Dec. 31, 2011

Short-Term Borrowings [Abstract]

Short-Term Borrowings

Note 11 Short-Term Borrowings

The following table sets forth information about short-term borrowings, consisting of securities sold under agreements to repurchase and federal funds purchased, for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009 (dollars in thousands):

	2011			2010			2009

Maximum outstanding at any month-end	$	2,165		$	17,459		$	2,972
Balance outstanding at end of year	$	206		$	492		$	2,972
Average outstanding during the year	$	1,333		$	7,812		$	2,091
Average interest rate during the year		0.48	%		0.92	%		0.02	%
Average interest rate at end of year		0.50	%		0.43	%		0.01	%

As of December 31, 2011 and 2010 the Company had pledged securities with a carrying value of approximately $25.0 million and $25.3 million, respectively, as collateral for securities sold under agreements to repurchase.

As of December 31, 2011, BankUnited had unused borrowing capacity at the Federal Reserve Bank of approximately $113.5 million and unused Federal Funds lines of credit with other financial institutions totaling $85 million.

Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2011

Federal Home Loan Bank Advances [Abstract]

Federal Home Loan Bank Advances

Note 12 Federal Home Loan Bank Advances

Information about outstanding FHLB advances as of December 31, 2011 follows (dollars in thousands):

			Range of Interest Rates

			Range of Interest Rates						Weighted Average Rate
	Amount		Minimum			Maximum			Weighted Average Rate
Maturing in:
2012	$	1,145,000		0.4	%		4.8	%		2.4	%
2013		565,000		2.4	%		4.8	%		3.3	%
2014		505,000		3.9	%		4.5	%		4.2	%
2015		350		0.0	%		0.0	%		0.0	%

Total contractual balance outstanding		2,215,350
Acquisition accounting fair value adjustment		20,781

Carrying value	$	2,236,131

The fair value adjustment recorded in conjunction with the Acquisition is being amortized as a reduction to interest expense over the remaining term of the related advances using the effective yield method. Amortization of the fair value adjustment totaled $19.1 million, $23.9 million and $25.1 million during the years ended December 31, 2011 and 2010 and the period ended December 31, 2009, respectively.

The terms of the Company's security agreement with the FHLB require a specific assignment of collateral consisting of qualifying first mortgage loans, commercial real estate loans, home equity lines of credit and mortgage-backed securities with unpaid principal amounts discounted at various stipulated percentages at least equal to 100% of outstanding FHLB advances. As of December 31, 2011 the Company had pledged investment securities and real estate loans with an aggregate carrying amount of approximately $3.0 billion as collateral for advances from the FHLB.

During the period ended December 31, 2009, the Company elected to prepay $2.71 billion of FHLB advances with a carrying value of $2.83 billion for an aggregate cash payment of $2.80 billion. The Company recognized a gain of $31.3 million on this extinguishment of debt. Also during the period ended December 31, 2009, the Company restructured $505.0 million in principal amount of FHLB advances. The original advances had a weighted average interest rate and maturity of 3.69% and 1.8 years at the date of restructuring, respectively, and the new advances have a weighted average interest rate and maturity of 4.22% and 4.8 years, respectively. No gain or loss was recognized on the restructuring transactions.

At December 31, 2011 the Bank's available borrowing capacity at the Federal Home Loan Bank of Atlanta was approximately $564.8 million.

- Definition

The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-DEP
-Chapter 15
-Paragraph 37
-IssueDate 2006-05-01
-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 AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 14
-Subparagraph h
-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 47
-Paragraph 17
-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 OTS
-Name Federal Regulation (FR)
-Number Title 12
-Chapter V
-Section 563c.102
-Paragraph 15, 18
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It 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 942
-SubTopic 470
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(a))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income Taxes

Note 13 Income Taxes

The components of the provision for income taxes for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009 are as follows (in thousands):

	2011			2010		2009

Current:
Federal	$	115,127		$	96,722	$	70,910
State		29,558			6,995		11,790

		144,685			103,717		82,700

Deferred:
Federal		(9,322	)		20,987		(1,994	)
State		(5,787	)		3,101		(331	)

		(15,109	)		24,088		(2,325	)

	$	129,576		$	127,805	$	80,375

A reconciliation of expected income tax expense at the statutory federal income tax rate of 35% to the Company's actual income tax expense and effective tax rate for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009 is as follows (dollars in thousands):

	2011						2010						2009

	Amount			Percent			Amount			Percent			Amount		Percent
Tax expense calculated at the statutory federal income tax rate	$	67,460			35.00	%	$	109,389			35.00	%	$	69,797		35.00	%
Increases (decreases) resulting from:
State income taxes, net of federal tax benefit		7,007			3.64	%		7,464			2.39	%		7,448		3.73	%
Non-deductible equity based compensation		47,023			24.40	%		12,660			4.05	%		3,078		1.54	%
Uncertain state tax positions		12,757			6.62	%		1,601			0.51	%		—		—
Other, net		(4,671	)		(2.43	)%		(3,309	)		(1.06	)%		52		0.03	%

	$	129,576			67.23	%	$	127,805			40.89	%	$	80,375		40.30	%

The components of deferred tax assets and liabilities at December 31, 2011 and 2010 were as follows (in thousands):

	December 31,

	2011		2010
Deferred tax assets:
Excess of tax basis over carrying value of acquired loans	$	301,518	$	414,776
Excess of carrying value over tax basis of FHLB advances and time deposits assumed		8,024		18,196
Allowance for loan and lease losses		18,371		14,151
Acquisition costs		12,471		12,460
Warrant issued to the FDIC		7,126		9,644
OREO		6,805		2,869
Unrealized losses on derivatives designated as cash flow hedges		23,331		15,028
Other		11,552		6,377

Gross deferred tax assets		389,198		493,501

Deferred tax liabilities:
Deferred tax gain resulting from the Acquisition		265,330		359,090
Excess of carrying value over tax basis of investment securities acquired		54,822		100,764
Net unrealized gains on investment securities available for sale		34,588		35,099
Premises and equipment, due to differences in depreciation		13,840		2,636
Other		1,133		530

Gross deferred tax liabilities		369,713		498,119

Net deferred tax asset (liability)	$	19,485	$	(4,618	)

The Company's determination of the realization of deferred tax assets is based on its assessment of all available positive and negative evidence. Sources of taxable income that may allow for the realization of deferred tax assets include: (1) taxable income for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009 that would be available through carry-back in future years, (2) future taxable income that will result from reversal of existing taxable temporary differences, which are expected to have a reversal pattern generally consistent with deferred tax assets, (3) potential tax planning strategies and (4) future projected taxable income. Based on this evaluation, management has concluded that it is more likely than not that the existing deferred tax assets will be realized.

The Company has a liability for unrecognized tax benefits relating to uncertain tax positions primarily for state tax contingencies in several jurisdictions. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the years ended December 31, 2011 and 2010 follows (in thousands):

	2011			2010

Balance, beginning of period	$	2,845		$	—
Additions for tax positions related to the current year		6,501			2,176
Additions for tax positions related to prior periods		7,982			343
Reductions due to settlements with taxing authorities		(185	)		—
Reductions due to lapse of the statute of limitations		—			—

		17,143			2,519

Interest and penalties		3,818			326

Balance, end of period	$	20,961		$	2,845

The Company did not have any unrecognized tax benefits for the period ended December 31, 2009.

As of December 31, 2011 and 2010 the Company had $10.9 million and $1.6 million of unrecognized federal and state tax benefits that if recognized would have impacted the effective tax rate. The Company does not expect its unrecognized tax benefits to change significantly over the next year.

Income tax returns for the tax years ended December 31, 2011, 2010 and 2009 remain subject to examination in the U.S. Federal and various state tax jurisdictions.

The Company and its subsidiaries, other than BU REIT, Inc. file a consolidated federal income tax return as well as combined state income tax returns where combined filings are required. BU REIT, Inc. was liquidated in 2011.

- 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

12 Months Ended

Dec. 31, 2011

Derivatives and Hedging Activities [Abstract]

Derivatives and Hedging Activities

Note 14 Derivatives and Hedging Activities

The Company uses interest rate swaps to manage interest rate risk related to variable rate 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 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. 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 impact on earnings related to changes in fair value of these derivatives for the years ended December 31, 2011 or 2010 was not significant. None of these instruments were outstanding during the period ended December 31, 2009.

The Company may be exposed to credit risk in the event of nonperformance by the counterparties to its interest rate swap agreements. The Company assesses the credit risk of its financial institution counterparties by monitoring publicly available credit rating and financial information. The Company manages dealer credit risk by entering into interest rate swaps only with primary and highly rated counterparties, the use of ISDA master agreements and counterparty limits. The agreements may require counterparties to post collateral in defined circumstances. The Company is currently in a liability position with respect to these interest rate swap agreements and is therefore not holding any collateral. The Company manages the risk of default by its borrower counterparties through its normal loan underwriting and credit monitoring policies and procedures. The Company does not currently anticipate any losses from failure of interest rate swap counterparties to honor their obligations.

Some of the Company's ISDA master agreements with financial institution counterparties contain provisions that permit either counterparty to terminate the agreements and require settlement in the event that regulatory capital ratios fall below certain designated thresholds or upon the initiation of other defined regulatory actions. Currently, there are no circumstances that would trigger these provisions of the agreements. The fair value of derivative instruments containing these provisions that are in a liability position at December 31, 2011 is $63.4 million.

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

	December 30, 2011

				Weighted Average Remaining Life in Years
			Weighted Average Receive Rate						Fair value
		Weighted Average Pay Rate				Notional Amount		Balance Sheet Location	Fair value
	Hedged Item	Weighted Average Pay Rate				Notional Amount		Balance Sheet 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		3.9	$	225,000	Other liabilities	$	—	$	(15,854	)
Purchased interest rate forward-starting swaps	Variability of interest cash flows on variable rate borrowings	3.65%	3-Month Libor		4.4		405,000	Other liabilities		—		(47,593	)
Derivatives not designated as hedges:
Pay-fixed interest rate swaps		5.15%	Indexed to 1-month Libor		5.6		53,018	Other liabilities		—		(3,731	)
Pay-variable interest rate swaps		Indexed to 1-month Libor	5.15%		5.6		53,018	Other assets		3,731		—

						$	736,036		$	3,731	$	(67,178	)

	December 31, 2010

				Weighted Average Remaining Life in Years
			Weighted Average Receive Rate						Fair value
		Weighted Average Pay Rate				Notional Amount		Balance Sheet Location	Fair value
	Hedged Item	Weighted Average Pay Rate				Notional Amount		Balance Sheet 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 variable rate borrowings	3.65%	3-Month Libor		5.4		405,000	Other liabilities		—		(31,625	)
Derivatives not designated as hedges:
Pay-fixed interest rate swaps		4.51%	Indexed to 1-month Libor		4.8		17,304	Other liabilities		—		(132	)
Pay-variable interest rate swaps		Indexed to 1-month Libor	4.51%		4.8		17,304	Other assets		132		—

						$	664,608		$	132	$	(42,629	)

The following table provides information about gains and losses recognized and included in interest expense in the accompanying consolidated statements of income related to interest rate contract derivative instruments designated as cash flow hedges for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009 (in thousands):

	2011			2010			2009

Amount of loss included in AOCI at end of period, net of tax	$	(37,153	)	$	(23,931	)	$	(1,292	)

Amount of loss reclassified from AOCI into income during the period (effective portion)	$	(18,982	)	$	(13,519	)	$	(678	)

Amount of gain (loss) recognized in income during the period (ineffective portion)	$	426		$	(706	)	$	280

Following is a summary of the changes in the component of accumulated other comprehensive income related to these derivatives for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009 (in thousands):

	2011			2010			2009

Balance, beginning of period	$	(23,931	)	$	(1,292	)	$	—
Unrealized loss on cash flow hedges		(21,525	)		(36,857	)		(2,101	)
Tax effect		8,303			14,218			809

Net of tax		(13,222	)		(22,639	)		(1,292	)

Balance, end of period	$	(37,153	)	$	(23,931	)	$	(1,292	)

During the years ended December 31, 2011 and 2010 and the period ended December 31, 2009, 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 December 31, 2011, the amount expected to be reclassified from AOCI into income during the next twelve months is $17.1 million.

At December 31, 2011, investment securities available for sale with a carrying amount of $80.4 million and cash on deposit of $12.4 million were pledged as collateral for interest rate swap agreements instruments. The amount of collateral required to be posted by the Company varies based on the settlement value of outstanding swaps, which approximates their carrying amount at December 31, 2011.

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 $8.4 million and $6.4 million at December 31, 2011 and 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 December 31, 2011 and December 31, 2010 were subject to forward sale commitments. The notional amount of forward loan sale commitment derivatives was $4.0 million and $2.7 million at December 31, 2011 and 2010, respectively. The fair value of derivative loan commitments and forward sale commitments was nominal at December 31, 2011 and 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

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-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 15 Stockholders' Equity

On February 2, 2011, the Company closed the IPO of 33,350,000 shares of its 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.

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.

As of December 31, 2011, the Company has 100,000,000 authorized shares of $0.01 par value preferred stock. The Board of Directors has the authority to issue preferred stock at its discretion, and for any class or series of preferred stock, to fix voting powers and to provide for redemption, dividend, dissolution, or conversion rights. There are no shares of preferred stock issued or outstanding.

- 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
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-Name Statement of Financial Accounting Standard (FAS)
-Number 5
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-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
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-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

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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

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+ Details

Equity Based Compensation and Other Benefit Plans

12 Months Ended

Dec. 31, 2011

Equity Based Compensation and Other Benefit Plans [Abstract]

Equity Based Compensation

Note 16 Equity Based Compensation and Other Benefit Plans

Profits Interest Units

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, while outstanding, 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. Based on the terms of the PIUs, the value of an option on the Company's common stock with an exercise price of $10 was determined to be a reasonable estimate of the value of a PIU. The Company used the same assumptions to estimate the fair value of stock options, described below, and PIUs. The IRR-based PIUs vested immediately prior to consummation of the IPO.

In conjunction with the IPO, the time-based and IRR-based PIUs outstanding were exchanged for 1,931,745 unvested shares of common stock, 3,863,491 vested shares of 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 was not deductible for tax purposes, resulted in an offsetting increase in paid-in capital.

Stock Options

On July 9, 2009, the Company adopted the BankUnited, Inc. 2009 Stock Option Plan (the "2009 Plan") pursuant to which the Company's Board of Directors may grant up to 2,312,500 non-qualified stock options to key employees of the Company and its affiliates. Stock options may be granted with an exercise price equal to or greater than the stock's fair value at the date of grant. The terms and conditions applicable to options granted under the 2009 Plan are determined by the Company's Board of Directors or a committee thereof, provided however, that each stock option shall expire on the tenth anniversary of the date of the grant, unless it is earlier exercised or forfeited. Options granted to date under the 2009 Plan vest over a period of three years. Shares of common stock delivered under the 2009 Plan may be authorized but unsold common stock, or previously issued common stock reacquired by the Company. Vesting of stock options may be accelerated in the event of a change in control, as defined. The Company does not intend to issue any new awards under the 2009 Plan.

In connection with the IPO, the Company adopted the BankUnited 2010 Omnibus Equity Incentive Plan (the "2010 Plan"). The 2010 Plan is administered by the Board of Directors or a committee thereof and provides for the grant of non-qualified stock options, share appreciation rights ("SARs"), restricted shares, deferred shares, performance shares, unrestricted shares and other share-based awards to selected employees, directors or independent contractors of the Company and its affiliates. The number of shares of common stock authorized for award under the 2010 Plan is 7,500,000, of which 1,967,080 shares remain available for issuance as of December 31, 2011. Shares of common stock delivered under the plan may consist of authorized but unissued shares or previously issued shares reacquired by the Company. The term of a share option or SAR issued under the plan may not exceed ten years from the date of grant and the exercise price may not be less than the fair market value of the Company's common stock at the date of grant. Unvested awards generally become fully vested in the event of a change in control, as defined.

The grant-date fair value of option awards granted during the years ended December 31, 2011 and 2010 and the period ended December 31, 2009 was determined using a Black-Scholes option pricing model incorporating the following weighted average assumptions:

	2011

	Options Granted			Exchanged for PIUs			2010			2009
Expected volatility		42.85	%		45.00	%		35.92	%		27.30	%
Expected dividend yield		2.51	%		2.07	%		3.06	%		3.50	%
Expected term (years)		6			5.1			8.4			10
Risk-free interest rate		1.07	%		1.98	%		2.78	%		3.85	%
Weighted average grant date fair value	$	7.19		$	9.42		$	6.49		$	6.47

Prior to the IPO, the Company's common stock was not traded on an exchange. Expected volatility for options granted prior to the IPO was based on the volatility of comparable peer banks. Since trading history of the Company's common stock is limited, expected volatility for options granted subsequent to the IPO is estimated using both the volatility of the Company's common stock since it began trading and the volatility of peer companies. The Company has limited exercise history related to stock option awards. For options granted prior to November, 2010 the expected life was assumed to be equal to the contractual term of the options. For options granted after November, 2010, the simplified method provided for in Staff Accounting Bulletin 14 was used to estimate the expected term. The change in the expected life assumption was based primarily on the increased probability of completion of the IPO.

A summary of activity related to stock options for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009 follows:

			Weighted Average Exercise Price

Options outstanding, April 28, 2009	—		$	—
Granted	384,680			11.32

Options outstanding, December 31, 2009	384,680			11.32
Granted	647,020			20.01
Canceled or forfeited	(49,990	)		11.58

Options outstanding, December 31, 2010	981,710			17.04
Granted	300,000			22.31
Options issued in exchange for PIUs	4,534,970			27.00
Exercised	(31,029	)		10.48
Canceled or forfeited	(47,529	)		19.55

Options outstanding, December 31, 2011	5,738,122		$	25.20

Exercisable at December 31, 2011	4,169,865		$	25.96

The intrinsic value of options exercised during the year ended December 31, 2011 was $369.7 thousand.

Additional information about options outstanding and exercisable at December 31, 2011 is presented in the following table:

	Outstanding Options						Exercisable Options

Range of Exercise Prices	Number of Options		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)		Number of Options		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
$10.00 - $11.14		264,369		7.73	$	2,953		166,906		7.73	$	1,858
$16.29 - $19.97		400,173		8.30		1,497		144,272		8.27		561
$22.23 - $22.31		538,610		9.48		—		79,545		8.88		—
$27		4,534,970		7.40		—		3,779,142		7.40		—

		5,738,122		7.67	$	4,450		4,169,865		7.47	$	2,419

Unvested Shares

A summary of activity related to unvested shares granted under the 2010 Plan, including unvested shares issued in exchange for PIUs, for the year ended December 31, 2011 follows:

	December 31, 2011

	Number of Unvested Shares			Weighted Average Grant Date Fair Value
Unvested shares outstanding, beginning of period		—		$	—
Granted		706,230			24.58
Shares in exchange for Profits Interest Units		1,931,745			27.00
Vested		(965,873	)		27.00
Canceled or forfeited		(8,280	)		28.05

Unvested shares outstanding, end of period		1,663,822		$	25.97

No unvested shares were granted during the year ended December 31, 2010 or the period ended December 31, 2009. Unvested share awards, other than those issued in exchange for PIUs, were valued at the closing price of the Company's common stock on the date of grant, ranging from $21.74 to $28.05. The aggregate fair value of shares vested during 2011 was $26.0 million. The shares vest in equal annual installments over a period of three years from the date of grant. Unvested shares issued in exchange for PIUs were valued at the IPO price of $27. These shares retained the vesting provisions of the time-based PIUs for which they were exchanged, and will fully vest in 2012. Unvested shares participate in dividends declared on the Company's common stock on a one-for-one basis.

Compensation Expense Related to Equity Based Awards

The following table summarizes compensation cost related to equity based awards for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009 (in thousands):

	2011			2010			2009

Compensation cost of equity based awards:
PIUs	$	110,398		$	36,170		$	8,793
Instruments issued in exchange for PIUs		30,614			—			—
Stock options		1,707			1,301			210
Unvested shares		2,069			—			—

Total compensation cost of equity based awards:		144,788			37,471			9,003
Related tax benefits		(3,767	)		(502	)		(81	)

Compensation cost of equity based awards, net of tax	$	141,021		$	36,969		$	8,922

Compensation expense related to PIUs and to certain instruments issued in exchange for PIUs is not deductible for income tax purposes.

At December 31, 2011, there was $4.5 million of total unrecognized compensation cost related to unvested stock option awards expected to be recognized over a weighted average period of 1.7 years, $13.7 million of unrecognized compensation cost related to unvested share awards expected to be recognized over a weighted average period of 2.7 years and $13.2 million of total unrecognized compensation cost related to unvested awards granted in exchange for PIUs expected to be recognized in 2012. The total unrecognized compensation cost related to equity based awards as of December 31, 2011 was $31.4 million.

Deferred Compensation Plan

The Company has a non-qualified deferred compensation plan (the "Deferred Compensation Plan") for a select group of highly compensated employees whereby a participant, upon election, may defer a portion of eligible compensation. The Deferred Compensation Plan provided for Company contributions equal to 4.5% of eligible compensation for the period ended December 31, 2009. For subsequent years, Company contributions are equal to 100% of the first 1% plus 70% of the next 5% of eligible compensation deferred. The Company credits each participant's account at an annual interest rate determined by the Company's Compensation Committee. The Company accrued interest on the deferred obligation at an annual rate of 6% for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009. A participant's elective deferrals and interest thereon are at all times 100% vested. Company contributions and interest thereon will become 100% vested upon the earlier of a change in control, as defined, or the participant's death, disability, attainment of normal retirement age or the completion of two years of service. Participant deferrals and any associated earnings will be paid upon separation from service or the specified distribution year elected. The specified distribution year can be no earlier than the third calendar year after the calendar year in which the participant deferrals and or Company contributions are made. A participant may elect to be paid in a lump sum or in five, ten or fifteen annual installments. Deferred compensation expense for this plan was $216.7 thousand, $191.6 thousand and $102.9 thousand for the years ended December 31, 2011 and 2010 and the period ended December 31, 2009, respectively.

BankUnited 401(k) Plan

The Company sponsors the BankUnited 401(k) Plan, a tax-qualified, deferred compensation plan (the "401(k) Plan"). Under the terms of the 401(k) Plan, eligible employees may contribute a portion of compensation not exceeding the limits set by law. Employees are eligible to participate in the plan after one month of service. The 401(k) Plan allows a matching employer contribution equal to 100% of elective deferrals that do not exceed 1% of compensation, plus 70% of elective deferrals that exceed 1% but are less that 6% of compensation. Matching contributions are fully vested after two years of service. For the years ended December 31, 2011 and 2010 and the period ended December 31, 2009, BankUnited made matching contributions to the 401(k) Plan of approximately $3.0 million, $2.1 million and $788 thousand, respectively.

Warrant Issued to the FDIC

12 Months Ended

Dec. 31, 2011

Warrant Issued to the FDIC [Abstract]

Warrant Issued to the FDIC

Note 17 Warrant Issued to the FDIC

In connection with the Acquisition, BUFH issued a warrant to the FDIC. The warrant had an initial contractual term of ten years and was exercisable for a sixty day period beginning on the tenth day after the consummation of a qualifying IPO or exit event as defined in the warrant agreement. The warrant entitled the FDIC to acquire a number of common shares in the Company, or the entity acquiring BUFH or the Company, determined by applying a formula defined in the warrant agreement. After becoming exercisable, the warrant was redeemable for cash by the Company or BUFH at a redemption price equal to the warrant value, as defined.

In October 2010, the Company and the FDIC agreed to amend the warrant to guarantee a minimum value to the FDIC of $25.0 million. Included in other liabilities at December 31, 2010 and 2009 is $25.0 million and $3.2 million, respectively, representing the greater of fair value or the minimum guaranteed value of the warrant. The Company recognized expense of $21.8 million and $1.7 million related to the increase in value of this instrument for the year ended December 31, 2010 and the period ended December 31, 2009, respectively.

The Company settled the warrant for $25.0 million in cash in February, 2011.

Regulatory Requirements and Restrictions

12 Months Ended

Dec. 31, 2011

Regulatory Requirements and Restrictions [Abstract]

Regulatory Requirements and Restrictions

Note 18 Regulatory Requirements and Restrictions

BankUnited and the Company are subject to various regulatory capital requirements administered by Federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory—and possibly additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on the Company' s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, BankUnited and the Company must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items calculated pursuant to regulation. The capital amounts and classification also are subject to qualitative judgments by the regulators about components, risk weightings and other factors. Banking regulations identify five capital categories for insured depository institutions: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. As of December 31, 2011 and 2010, all capital ratios of BankUnited and the Company exceeded the "well capitalized" levels under the regulatory framework for prompt corrective action. Quantitative measures established by regulation to ensure capital adequacy require BankUnited and the Company to maintain minimum amounts and ratios of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to average tangible assets (leverage ratio).

The following tables provide information regarding regulatory capital for BankUnited and the Company as of December 31, 2011 and 2010 (dollars in thousands):

	December 31, 2011

	Actual					Required to be Considered Well Capitalized					Required to be Considered Adequately Capitalized
	Amount		Ratio			Amount		Ratio			Amount		Ratio
BankUnited:
Tier 1 leverage capital(1)	$	1,182,647		10.77	%	$	878,687		8.00	%	$	878,687		8.00	%
Tier 1 risk-based capital	$	1,182,647		34.59	%	$	205,166		6.00	%	$	136,778		4.00	%
Total risk-based capital	$	1,226,299		35.86	%	$	341,944		10.00	%	$	273,555		8.00	%
BankUnited, Inc.:
Tier 1 leverage capital(1)	$	1,448,592		13.06	%	$	887,514		8.00	%	$	887,514		8.00	%
Tier 1 risk-based capital	$	1,448,592		41.62	%	$	208,837		6.00	%	$	139,225		4.00	%
Total risk-based capital	$	1,492,939		42.89	%	$	348,062		10.00	%	$	278,450		8.00	%

	December 31, 2010

	Actual					Required to be Considered Well Capitalized					Required to be Considered Adequately Capitalized
	Amount		Ratio			Amount		Ratio			Amount		Ratio
BankUnited:
Tier 1 leverage capital(1)	$	1,107,820		10.34	%	$	857,107		8.00	%	$	857,107		8.00	%
Tier 1 risk-based capital	$	1,107,820		41.30	%	$	160,942		6.00	%	$	107,295		4.00	%
Total risk-based capital	$	1,127,661		42.04	%	$	268,235		10.00	%	$	214,588		8.00	%
BankUnited, Inc.:
Tier 1 leverage capital(1)	$	1,152,531		10.76	%	$	857,014		8.00	%	$	857,014		8.00	%
Tier 1 risk-based capital	$	1,152,531		42.97	%	$	160,913		6.00	%	$	107,276		4.00	%
Total risk-based capital	$	1,172,372		43.71	%	$	268,189		10.00	%	$	214,551		8.00	%

(1): A condition for approval of the application for Federal Deposit Insurance requires the Bank to maintain a Tier 1 leverage ratio of no less than eight percent throughout the first three years of operation.

For purposes of risk based capital computations, the FDIC Indemnification asset and the covered assets are risk-weighted at 20% due to the conditional guarantee represented by the Loss Sharing Agreements.

BankUnited is required by the Board of Governors of the Federal Reserve System to maintain reserve balances in the form of vault cash or deposits with the Federal Reserve Bank. At December 31, 2011, the net reserve requirement was $20.6 million.

BankUnited is subject to various regulatory restrictions relating to the payment of dividends, including requirements to maintain capital at or above certain minimums, and to remain "well-capitalized" under the prompt corrective action regulations. The Company does not expect that any of these laws, regulations or policies will materially affect the ability of BankUnited to pay dividends.

Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 19 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, certain preferred stocks, and 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 investments for which level 1 valuations are not available, certain non-mortgage asset-backed securities, certain Re-remics, commercial mortgage-backed securities, state and municipal obligations, U.S. Small Business Administration securities and corporate notes. Pricing of these securities is generally spread driven. Observable inputs that may impact the valuation of these securities include benchmark yield curves, credit spreads, reported trades, dealer quotes, bids, issuer spreads, current rating, historical constant prepayment rates, historical voluntary prepayment rates, structural and waterfall features of individual securities, published collateral data, and for certain securities, historical constant default rates and default severities. Investment securities available for sale generally classified within level 3 of the fair value hierarchy include private label mortgage-backed securities, certain Re-Remics, certain non-mortgage asset-backed securities and trust preferred 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 of 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 fair value of loan commitment derivatives is nominal.

Profits interest units—The fair value of PIUs outstanding prior to the IPO was estimated using a 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 December 31, 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 at December 31, 2011 and 2010 (in thousands):

	December 31, 2011

	Level 1		Level 2		Level 3		Total
Investment Securities Available for Sale:
U.S. Government agency and sponsored enterprise residential mortgage-backed securities	$	—	$	1,985,713	$	—	$	1,985,713
Re-Remics		—		546,310		—		546,310
Private label residential mortgage-backed securities and CMO's		—		—		387,687		387,687
Private label commercial mortgage-backed securities		—		262,562		—		262,562
Non-mortgage asset-backed securities		—		331,015		79,870		410,885
Mutual funds and preferred stocks		253,778		39		—		253,817
State and municipal obligations		—		25,270		—		25,270
Small Business Administration securities		—		303,677		—		303,677
Other debt securities		—		2,897		3,159		6,056
Derivative assets		—		3,731		—		3,731

Total assets at fair value	$	253,778	$	3,461,214	$	470,716	$	4,185,708

Derivative liabilities		—		67,178		—		67,178

Total liabilities at fair value	$	—	$	67,178	$	—	$	67,178

	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
Re-Remics		—		—		612,631		612,631
Private label residential mortgage-backed securities and CMO's		—		—		382,920		382,920
Non-mortgage asset-backed securities		—		278,384		130,610		408,994
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
PIU liability		—		—		44,964		44,964
Derivative liabilities		—		42,629		78		42,707

Total liabilities at fair value	$	—	$	42,629	$	70,042	$	112,671

During the year ended December 31, 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.

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 years ended December 31, 2011 and 2010 and the period ended December 31, 2009 (in thousands):

	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			PIU Liability			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		—			—			—			—			—			—			—			78
Other comprehensive income		(9,949	)		(18,135	)		6,033			(3,256	)		(771	)		—			—			—
Purchases or issuances		—			93,594			178,370			140,922			—			—			—			—
Sales		—			—			—			(14,978	)		—			—			—			—
Settlements		(144,270	)		(70,692	)		(20,685	)		(80,160	)		(13	)		25,000			44,964			—
Transfers into Level 3		—			—			—			64,533			—			—			—			—
Transfers out of Level 3		(458,412	)		—			(163,718	)		(157,801	)		—			—			—			—

Balance, end of period	$	—		$	387,687		$	—		$	79,870		$	3,159		$	—		$	—		$	—

	2010

	Re-Remics			Private Label Residential Mortgage- Backed Securities			Non-Mortgage Asset-Backed Securities			Other Debt Securities			FDIC Warrant			PIU Liability			Derivative Liabilities
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		—			—			—			—			(21,832	)		(36,171	)		(78	)
Other comprehensive income		16,677			16,081			375			634			—			—			—
Purchases or issuances		325,543			80,566			106,946			—			—			—			—
Sales		(50,591	)		—			—			—			—			—			—
Settlements		(154,001	)		(80,235	)		(6,711	)		(219	)		—			—			—
Transfers into (out of) Level 3		—			—			—			—			—			—			—

Balance, end of period	$	612,631		$	382,920		$	130,610		$	3,943		$	(25,000	)	$	(44,964	)	$	(78	)

	2009

	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	$	—		$	231,877		$	—	$	1,926		$	(1,464	)	$	—
Gains (losses) for the period included in:
Net income		—			—			—		—			(1,704	)		(8,793	)
Other comprehensive income		(3,728	)		46,743			—		1,400			—			—
Purchases or issuances		503,112			126,767			30,000		275			—			—
Sales		—			—			—		—			—			—
Settlements		(24,381	)		(38,879	)		—		(73	)		—			—
Transfers into (out of) Level 3		—			—			—		—			—			—

Balance, end of period	$	475,003		$	366,508		$	30,000	$	3,528		$	(3,168	)	$	(8,793	)

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 year ended December 31, 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 related to default assumptions to the valuation of the securities transferred. Re-remics, private label commercial mortgage-backed securities, and non-mortgage asset-backed securities with a fair value of $780 million were transferred from level 3 to level 2 of the fair value hierarchy due to an increase in the level of market activity for these securities such that unobservable inputs were no longer considered significant to the valuation process.

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 years ended December 31, 2011 and 2010 and the period ended December 31, 2009 (in thousands):

	December 31, 2011

	Level 1		Level 2		Level 3		Total		Gains (Losses) From Fair Value Changes
Impaired Loans	$	—	$	—	$	5,028	$	5,028	$	(4,254	)

Other real estate owned	$	—	$	—	$	123,737	$	123,737	$	(24,569	)

	December 31, 2010

	Level 1		Level 2		Level 3		Total		Gains (Losses) from Fair Value Changes
Other real estate owned	$	—	$	—	$	206,680	$	206,680	$	(16,131	)

	December 31, 2009

	Level 1		Level 2		Level 3		Total		Gains (Losses) from Fair Value Changes
Other real estate owned	$	—	$	—	$	120,110	$	120,110	$	(21,055	)

The Company did not have any impaired loans whose carrying amounts were measured based on the fair value of underlying collateral during the year ended December 31, 2010 or the period ended December 31, 2009.

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

	December 31, 2011				December 31, 2010

	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Cash and cash equivalents	$	303,742	$	303,742	$	564,774	$	564,774
Investment securities available for sale		4,181,977		4,181,977		2,926,602		2,926,602
Federal Home Loan Bank stock		147,055		147,055		217,408		217,408
Loans held for sale		3,952		3,994		2,659		2,674
Loans, net:
Covered		2,398,737		2,856,268		3,343,838		3,521,204
Non-covered		1,689,919		1,725,313		532,019		537,840
FDIC Indemnification asset		2,049,151		1,950,446		2,667,401		2,632,992
Income tax receivable		—		—		10,862		10,862
Accrued interest receivable		19,133		19,133		12,013		12,013
Derivative assets		3,731		3,731		132		132
Liabilities:
Deposits	$	7,364,714	$	7,399,404	$	7,163,728	$	7,202,975
Securities sold under agreements to repurchase		206		206		492		492
Federal Home Loan Bank advances		2,236,131		2,294,265		2,255,200		2,344,263
Income taxes payable		53,171		53,171		—		—
Accrued interest payable		8,519		8,519		8,425		8,425
Advance payments by borrowers for taxes and insurance		21,838		21,838		22,563		22,563
FDIC warrant		—		—		25,000		25,000
PIU liability		—		—		44,964		44,964
Derivative liabilities		67,178		67,178		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, income taxes payable, 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 currently available to the Company 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 ALLL 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 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
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 20 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, home equity, commercial and commercial real estate lines of credit to existing customers. 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 December 31, 2011 were as follows (in thousands).

	Covered		Non-Covered		Total

Commitments to fund loans	$	—	$	112,019	$	112,019
Commitments to purchase loans		—		44,359		44,359
Unfunded commitments under lines of credit		87,256		380,494		467,750
Commercial and standby letters of credit		—		27,859		27,859

	$	87,256	$	564,731	$	651,987

Other Commitments

Employment Agreements:

The Company has employment agreements with certain members of senior management. The employment agreements had initial terms ranging from one year to three years, with provisions for extensions, and include specific provisions for salary, bonus, other benefits and termination payments in certain circumstances.

Legal Proceedings

The Company is involved as plaintiff or defendant in various legal actions arising in the normal course of business. In the opinion of management, based upon advice of legal counsel, the likelihood is remote that the impact of these proceedings, either individually or in the aggregate, would be material to 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
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-Name Accounting Standards Codification
-Topic 210
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-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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-Name Accounting Standards Codification
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-Topic 825
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+ Details

Condensed Financial Statements of BankUnited, Inc.

12 Months Ended

Dec. 31, 2011

Condensed Financial Statements of BankUnited, Inc. [Abstract]

Condensed Financial Statements of BankUnited, Inc.

Note 21 Condensed Financial Statements of BankUnited, Inc.

Condensed financial statements of BankUnited, Inc. are presented below (in thousands):

Condensed Balance Sheets

	December 31, 2011		December 31, 2010

Assets:
Cash and cash equivalents	$	128,126	$	83,236
Investment securities available for sale, at fair value		105,707		—
Investment in subsidiaries		1,270,682		1,209,661
Due from BankUnited		26,550		32,574
Deferred tax asset, net		14,837		12,574
Other assets		7,341		3,329

Total assets	$	1,553,243	$	1,341,374

Liabilities and Stockholders' Equity:
PIU liability	$	—	$	44,964
FDIC warrant		—		25,000
Other liabilities		17,963		17,902

Total liabilities		17,963		87,866
Stockholders' equity		1,535,280		1,253,508

Total liabilities and stockholders' equity	$	1,553,243	$	1,341,374

Condensed Statements of Income

	Years Ended December 31,

	Years Ended December 31,				Period Ended December 31, 2009
	2011		2010		Period Ended December 31, 2009
Income:
Interest and dividends on investment securities available for sale	$	2,033	$	—	$	—
Service fees from subsidiaries		25,659		25,797		3,183
Equity in earnings of subsidiaries		190,134		209,753		152,943

Total		217,826		235,550		156,126

Expense:
Employee compensation and benefits		145,279		41,817		12,124
Acquisition related costs		—		—		39,800
Other		7,858		3,425		1,111

Total		153,137		45,242		53,035

Income before income taxes		64,689		190,308		103,091
Provision (benefit) for income taxes		1,521		5,573		(15,955	)

Net income	$	63,168	$	184,735	$	119,046

Condensed Statements of Cash Flows

	Years Ended December 31,

	Years Ended December 31,						Period Ended December 31, 2009
	2011			2010			Period Ended December 31, 2009
Cash flows from operating activities:
Net income	$	63,168		$	184,735		$	119,046
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed earnings of subsidiaries		(75,134	)		(149,753	)		(152,943	)
Equity based compensation		144,769			1,301			210
Change in fair value of equity instruments classified as liabilities		—			35,062			10,497
Other		(883	)		2,397			(21,843	)

Net cash provided by (used in) operating activities		131,920			73,742			(45,033	)

Cash flows from investing activities:
Capital contributions to subsidiary		—			—			(875,000	)
Purchase of investment securities available for sale		(123,367	)		—			—
Proceeds from repayments of investment securities available for sale		17,812			—			—
Other		(223	)		(723	)		—

Net cash used in investing activities		(105,778	)		(723	)		(875,000	)

Cash flows from financing activities:
Settlement of FDIC warrant		(25,000	)		—			—
Issuance of common stock		98,620			2,500			947,750
Dividends paid		(55,803	)		(20,000	)		—
Other		931			—			—

Net cash provided by (used in) financing activities		18,748			(17,500	)		947,750

Net increase in cash and cash equivalents		44,890			55,519			27,717
Cash and cash equivalents, beginning of period		83,236			27,717			—

Cash and cash equivalents, end of period	$	128,126		$	83,236		$	27,717

*Supplemental schedule of non-cash investing and financing activities:*
Dividends declared, not paid	$	14,930		$	14,000		$	—

Reclassification of PIU liability to equity	$	44,964		$	—		$	—

BankUnited, Inc.'s investment in the Bank totaled $1.3 billion and $1.2 billion at December 31, 2011 and 2010, respectively. Dividends received by BankUnited, Inc. from the Bank totaled $115.0 million and $60.0 million for the years ended December 31, 2011 and 2010, respectively. No dividends were paid by the Bank to BankUnited, Inc. during the period ended December 31, 2009.

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

Subsequent Events

12 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

Subsequent Events

Note 22 Subsequent Events

In February, 2012 the Company received notice that BankUnited, Inc.'s applications to acquire Herald have been approved by the Federal Reserve Bank of Atlanta and the OCC. Additionally, BankUnited has received OCC approval to convert its charter to a national bank. Upon completion of the acquisition of Herald and the conversion of BankUnited to a national bank, BankUnited, Inc. will become a bank holding company. Subject to the terms and conditions of the Merger Agreement by and between BankUnited, Inc. and Herald, as amended, management expects both the Herald acquisition and the charter conversions to be completed on February 29, 2012.

On February 28, 2012, the Company's Board of Directors approved the payment of a cash dividend of $0.17 per share to holders of record of its common stock.

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information (Unaudited) [Abstract]

Quarterly Financial Information (Unaudited)

Note 23 Quarterly Financial Information (Unaudited)

Financial information by quarter for the years ended December 31, 2011 and 2010 follows:

	December 31, 2011

	Fourth Quarter		Third Quarter		Second Quarter			First Quarter			Total
Interest income	$	174,639	$	163,155	$	152,097		$	148,206		$	638,097
Interest expense		33,926		34,357		34,775			35,879			138,937

Net interest income before provision for loan losses		140,713		128,798		117,322			112,327			499,160
Provision for (recovery of) loan losses		4,012		1,252		(2,892	)		11,456			13,828

Net interest income after provision for loan losses		136,701		127,546		120,214			100,871			485,332

Non-interest income(1)		13,342		32,755		52,858			64,262			163,217
Non-interest expense(2)		75,825		79,752		95,889			204,339			455,805

Income (loss) before income taxes		74,218		80,549		77,183			(39,206	)		192,744
Provision for income taxes(2)		32,938		34,996		33,188			28,454			129,576

Net income (loss)	$	41,280	$	45,553	$	43,995		$	(67,660	)	$	63,168

Earnings (loss) per common share, basic	$	0.41	$	0.45	$	0.44		$	(0.72	)	$	0.63

Earnings (loss) per common share, diluted	$	0.41	$	0.45	$	0.44		$	(0.72	)	$	0.62

	December 31, 2010

	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Total
Interest income	$	142,729	$	141,374	$	139,648	$	133,937	$	557,688
Interest expense		40,705		42,586		43,465		41,444		168,200

Net interest income before provision for loan losses		102,024		98,788		96,183		92,493		389,488
Provision for loan losses		6,250		19,066		17,908		8,183		51,407

Net interest income after provision for loan losses		95,774		79,722		78,275		84,310		338,081

Non-interest income(1)(3)		60,259		71,315		83,749		82,456		297,779
Non-interest expense(4)		103,272		79,913		74,433		65,702		323,320

Income before income taxes		52,761		71,124		87,591		101,064		312,540
Provision for income taxes		24,948		26,085		36,427		40,345		127,805

Net income	$	27,813	$	45,039	$	51,164	$	60,719	$	184,735

Earnings per common share, basic	$	0.30	$	0.48	$	0.55	$	0.65	$	1.99

Earnings per common share, diluted	$	0.30	$	0.48	$	0.55	$	0.65	$	1.99

(1): Non-interest income for the fourth quarters of 2011 and 2010 includes losses from the sale of covered residential loans of $14.3 million and $18.6 million, respectively, net of the impact of indemnification from the FDIC under the Loss Sharing Agreements. See Note 5.
(2): Non-interest expense for the first quarter of 2011 includes $110.4 million in equity based compensation recorded at the time of the Company's IPO. This expense was not deductible for income tax purposes and therefore impacted the Company's effective tax rate for the quarter. See Note 16.
(3): Non-interest income for the fourth quarter of 2010 includes $24.1 million related to the settlement of a dispute with the FDIC related to the valuation of certain investment securities acquired in the Acquisition. See Note 2.
(4): Non-interest expense for the fourth quarter of 2010 includes $21.8 million related to an increase in the fair value of a warrant issued to the FDIC in conjunction with the Acquisition. See Note 17.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details