BankUnited, Inc. Reports First Quarter 2013 Results, NY Market Launch

  BankUnited, Inc. Reports First Quarter 2013 Results, NY Market Launch

Business Wire

MIAMI LAKES, Fla. -- April 24, 2013

BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results
for the quarter ended March 31, 2013.

For the quarter ended March 31, 2013, the Company reported net income of $48.2
million, or $0.47 per diluted share, generating a return on average
stockholders’ equity of 10.67% and a return on average assets of 1.55%. The
Company reported net income of $50.3 million, or $0.49 per diluted share, for
the quarter ended March 31, 2012. The results for the first quarter of 2012
included a $5.3 million bargain purchase gain (with no related tax impact)
from the acquisition of Herald National Bank (“Herald”).

John Kanas, Chairman, President and Chief Executive Officer, said, "We are
thrilled to have achieved an important milestone this quarter with the launch
of the BankUnited franchise in New York. The New York launch coupled with
sustained growth in Florida and our strong financial performance underlie our
positive expectations for the Company’s future."

Performance Highlights

  *BankUnited launched its New York franchise during the first quarter of
    2013, opening a branch in Manhattan and a branch in Melville in March. A
    second Manhattan branch opened on April 15, 2013 and a third is expected
    to open in late April.
  *New loans grew by $379.4 million during the first quarter of 2013, an
    annualized growth rate of 42%, continuing to outpace the resolution of
    covered loans. In addition, the portfolio of equipment under operating
    lease grew by $32.4 million for the quarter.
  *Deposits totaled $8.7 billion at March 31, 2013 compared to $8.5 billion
    at December 31, 2012 with demand deposits totaling $1.9 billion, or 22% of
    total deposits.
  *The net interest margin, calculated on a tax-equivalent basis, was 5.93%
    for the quarter ended March 31, 2013.
  *The cost of deposits continued to trend downward to 0.70% for the first
    quarter of 2013.
  *Book value and tangible book value per common share were $18.35 and
    $17.66, respectively, at March 31, 2013.
  *The merger of Herald into BankUnited closed in the first quarter of 2013,
    along with a successful systems conversion.
  *The Company completed a secondary offering of 22,540,000 shares of its
    common stock during the quarter ended March 31, 2013. The selling
    stockholders received all net proceeds and the Company did not receive any
    proceeds from this offering.

Capital

BankUnited, Inc.’s capital position remains robust. The Company and its
banking subsidiary exceed all regulatory guidelines required to be considered
well capitalized. The Company’s regulatory capital ratios at March 31, 2013
were as follows:

Tier 1 leverage 13.6%

Tier 1 risk-based capital 31.1%

Total risk-based capital 32.4%

Loans and Leases

Loans, net of premiums, discounts and deferred fees and costs, increased to
$5.8 billion at March 31, 2013 from $5.6 billion at December 31, 2012. New
loans grew by $379.4 million to $4.1 billion at March 31, 2013 from $3.7
billion at December 31, 2012. Covered loans declined to $1.8 billion at March
31, 2013 from $1.9 billion at December 31, 2012.

For the quarter ended March 31, 2013, new commercial loans, including
commercial loans, commercial real estate loans and leases, grew $211.2 million
to $2.9 billion, primarily reflecting the Company’s continued expansion of
market share in Florida. New residential loans grew by $149.4 million to $1.1
billion during the first quarter of 2013, primarily as a result of the
purchase of residential loans outside of Florida to diversify credit risk
within the residential portfolio.

A comparison of portfolio composition at March 31, 2013 and December 31, 2012
follows:

                                                   
                           New Loans                  Total Loans
                           March 31,  December 31,   March 31,  December 31,
                           2013        2012           2013        2012
Single family
residential and home       26.4%       25.0%          44.5%       45.3%
equity
Commercial real estate     32.6%       31.8%          26.6%       25.6%
Commercial                 39.8%       42.3%          28.0%       28.5%
Consumer                   1.2%        0.9%           0.9%        0.6%
                           100.0%      100.0%         100.0%      100.0%
                                                                  

The Company’s portfolio of equipment under operating lease grew by $32.4
million to $71.2 million at March 31, 2013. These assets are included in other
assets in the accompanying consolidated balance sheets.

Asset Quality

Asset quality remained strong. Credit risk continues to be limited, though to
a declining extent, by the Loss Sharing Agreements with the FDIC. At March 31,
2013, covered loans represented 30% of the total loan portfolio, as compared
to 33% at December 31, 2012.

The ratio of non-performing new loans to total new loans was 0.65% at March
31, 2013 and 0.43% at December 31, 2012. The ratio of total non-performing
loans to total loans was 0.74% at March 31, 2013 as compared to 0.62% at
December 31, 2012. At March 31, 2013, non-performing assets totaled $112.1
million, including $68.9 million of other real estate owned (“OREO”), as
compared to $110.6 million, including $76.0 million of OREO, at December 31,
2012. At March 31, 2013, 76% of total non-performing assets were covered
assets.

For the quarters ended March 31, 2013 and 2012, the Company recorded
provisions for loan losses of $12.0 million and $8.8 million, respectively. Of
these amounts, $4.8 million and $1.6 million, respectively, related to covered
loans, and $7.2 million and $7.2 million, respectively, related to new loans.
The increase in the provision related to covered loans was driven primarily by
an increase in expected losses on the non-ACI home equity portfolio. The
provision for losses on new loans for the quarter ended March 31, 2013
reflected a provision for loss on one commercial relationship, partially
offset by updated loss factors on the new residential portfolio.

The provisions related to covered loans were significantly mitigated by
increases in non-interest income recorded in “Net gain (loss) on
indemnification asset.”

The following table summarizes the activity in the allowance for loan and
lease losses for the quarters ended March 31, 2013 and 2012 (in thousands):

                                                                
              Three Months Ended March 31, 2013                    Three Months Ended March 31, 2012
              ACI Loans   Non-ACI     New Loans   Total         ACI Loans   Non-ACI     New Loans   Total
                           Loans                                                Loans
Balance at
beginning of  $ 8,019      $ 9,874      $ 41,228     $ 59,121      $ 16,332     $ 7,742      $ 24,328     $ 48,402
period
  Provision     (1,403 )     6,203        7,167        11,967        (1,011 )     2,611        7,167        8,767
  Charge-offs   (1,826 )     (1,105 )     (8,214 )     (11,145 )     (730   )     (606   )     (583   )     (1,919 )
  Recoveries   -          947        133        1,080       -          1,168      56         1,224  
Balance at    $ 4,790     $ 15,919    $ 40,314    $ 61,023     $ 14,591    $ 10,915    $ 30,968    $ 56,474 
end of period
                                                                                                            

Deposits

At March 31, 2013, deposits totaled $8.7 billion compared to $8.5 billion at
December 31, 2012. Demand deposits, including non-interest bearing and
interest bearing deposits, comprised 22% of total deposits at March 31, 2013
and December 31, 2012. The average cost of deposits was 0.70% for the quarter
ended March 31, 2013 as compared to 0.90% for the quarter ended March 31,
2012. The decrease in the average cost of deposits was attributable to both
the growth in non-interest bearing deposits as a percentage of average total
deposits and a decline in market rates of interest. Excluding the impact of
hedge accounting and accretion of fair value adjustments, the average cost of
deposits was 0.64% for the quarter ended March 31, 2013.

Net interest income

Net interest income for the quarter ended March 31, 2013 grew to $153.8
million from $137.8 million for the quarter ended March 31, 2012.

The Company’s net interest margin, calculated on a tax-equivalent basis, was
5.93% for the quarter ended March 31, 2013 as compared to 6.09% for the
quarter ended March 31, 2012. Significant factors impacting the trend in net
interest margin for the first quarter of 2013 included:

  *The tax-equivalent yield on loans declined by 2.30% for the quarter ended
    March 31, 2013 compared to the quarter ended March 31, 2012, primarily
    because new loans, originated at yields lower than those on the covered
    loan portfolio, comprised a greater percentage of total loans.
  *The yield on new loans decreased to 4.03% for the quarter ended March 31,
    2013 compared to 4.62% for the quarter ended March 31, 2012, primarily
    reflecting lower market interest rates.
  *The yield on covered loans increased to 24.12% for the quarter ended March
    31, 2013 from 19.51% for the quarter ended March 31, 2012. The increase in
    the yield on covered loans resulted from (i) reclassifications from
    non-accretable difference to accretable yield, (ii) the inclusion in
    interest income for the quarter ended March 31, 2013 of proceeds of $10.2
    million from the sale of ACI residential loans from the pool with a
    carrying value of zero and (iii) an increase in the favorable impact of
    resolutions of covered commercial loans.
  *The tax-equivalent yield on investment securities declined to 2.84% for
    the quarter ended March 31, 2013 from 3.14% for the quarter ended March
    31, 2012, reflecting the impact of lower prevailing market rates of
    interest and changes in portfolio composition.
  *The average rate on interest-bearing liabilities declined to 0.99% for the
    quarter ended March 31, 2013 from 1.46% for the quarter ended March 31,
    2012, primarily due to declining market interest rates.

The Company’s net interest margin has been impacted by reclassifications from
non-accretable difference to accretable yield on ACI loans. Non-accretable
difference at acquisition represented the difference between the total
contractual payments due and the cash flows expected to be received on these
loans. The accretable yield on ACI loans represented the amount by which
undiscounted expected future cash flows exceeded the carrying value of the
loans. As the Company’s expected cash flows from ACI loans have increased
since the FSB Acquisition (as defined below), the Company has reclassified
amounts from non-accretable difference to accretable yield.

Changes in accretable yield on ACI loans for the three months ended March 31,
2013 and the year ended December 31, 2012 were as follows (in thousands):

                                                        
        Balance, December 31, 2011                            $ 1,523,615
          Reclassification from non-accretable difference     206,934
            Accretion                                          (444,483  )
        Balance, December 31, 2012                              1,286,066
            Reclassification from non-accretable difference     69,903
            Accretion                                          (104,199  )
        Balance, March 31, 2013                               $ 1,251,770 
                                                                

Non-interest income

Non-interest income for the quarter ended March 31, 2013 was $17.8 million,
compared to $36.4 million for the quarter ended March 31, 2012.

As anticipated, during the quarter ended March 31, 2013, the Company began
amortizing the FDIC indemnification asset. In prior periods, we recorded
accretion of discount on the FDIC indemnification asset. Non-interest income
included $(2.3) million of amortization of the FDIC indemnification asset for
the quarter ended March 31, 2013 as compared to accretion of $6.8 million for
the quarter ended March 31, 2012. As the expected cash flows from ACI loans
have increased as discussed above, expected cash flows from the FDIC
indemnification asset have decreased. The rate of amortization on the FDIC
indemnification asset was (0.64)% for the quarter ended March 31, 2013. For
the quarter ended March 31, 2012, the rate of accretion on the indemnification
asset was 1.46%.

Income from resolution of covered assets, net was $19.2 million for the
quarter ended March 31, 2013, as compared to $7.3 million for the quarter
ended March 31, 2012. This increase in income resulted mainly from higher
income from payoffs in full of ACI residential loans and lower losses from
foreclosure resolutions.

Loss on the sale of covered loans was $0.8 million for the quarter ended March
31, 2013. No covered loans were sold during the quarter ended March 31, 2012.

Net gain (loss) on indemnification asset was $(11.7) million for the quarter
ended March 31, 2013, as compared to $0.1 million for the quarter ended March
31, 2012. Significant factors impacting the decrease included increased income
from resolution of covered assets, net, the loss on sale of covered loans, the
increase in the provision for losses on covered loans, reduced OREO impairment
and more favorable results from the sale of OREO as discussed further below.

Declines in FDIC reimbursement of costs of resolution of covered assets and
mortgage insurance income reflect the lower volume of covered loan resolution
activity.

The gain on sale of investment securities available for sale for the quarter
ended March 31, 2013 related to the sale, in conjunction with the merger of
Herald into BankUnited, of investment securities formerly held by Herald.

Other non-interest income declined to $5.0 million for the quarter ended March
31, 2013 from $8.7 million for the quarter ended March 31, 2012. The most
significant factor impacting the decrease was $5.3 million of bargain purchase
gain on the acquisition of Herald included in other non-interest income for
the quarter ended March 31, 2012.

Non-interest expense

Non-interest expense totaled $80.5 million for the quarter ended March 31,
2013 as compared to $84.1 million for the quarter ended March 31, 2012.

Employee compensation and benefits for the quarter ended March 31, 2013
reflected a decrease of $6.5 million in equity based compensation resulting
from the vesting of instruments issued in conjunction with the Company’s IPO,
partially offset by increased compensation costs related to the Company’s
growth and expansion. Occupancy and equipment expense increased to $15.0
million for the quarter ended March 31, 2013 from $11.8 million for the
quarter ended March 31, 2012 due primarily to the expansion and refurbishment
of our branch network and technology enhancements.

For the quarter ended March 31, 2013, the aggregate of foreclosure expense,
OREO expense, gain (loss) on sale of OREO and impairment of OREO was $1.6
million, as compared to $9.9 million for the quarter ended March 31, 2012.
This is a continuing trend, reflective of lower levels of OREO and foreclosure
activity and an improving real estate market.

Earnings Conference Call and Presentation

A conference call to discuss the first quarter results will be held at 9:00
a.m. ET on Wednesday, April 24, 2013 with Chairman, President and Chief
Executive Officer, John A. Kanas, and Chief Financial Officer, Leslie Lunak.

The earnings release will be available on the Investor Relations page under
About Us on www.bankunited.com prior to the call. The call may be accessed via
a live Internet webcast at www.bankunited.com or through a dial in telephone
number at (888) 895-5271 (domestic) or (847) 619- 6547 (international). The
name of the call is BankUnited, and the confirmation number for the call is
34725889. Participants may pre-register for the call on the Investor Relations
page on www.bankunited.com. A replay of the call will be available from 11:30
a.m. ET on April 24 through 11:59 p.m. ET on May 1 by calling (888) 843-7419
(domestic) or (630) 652-3042 (international). The pass code for the replay is
3472 5889#. An archived webcast will also be available on the Investor
Relations page of www.bankunited.com.

About BankUnited, Inc. and the FSB Acquisition

BankUnited, Inc. is a bank holding company with two wholly-owned subsidiaries:
BankUnited, N.A., which is one of the largest independent depository
institutions headquartered in Florida by assets and BankUnited Investment
Services, Inc.. BankUnited, N.A., is a national bank headquartered in Miami
Lakes, Florida with $12.6 billion of assets, 97 branches in 15 Florida
counties, 2 branches in the New York metropolitan area and 1,459 professionals
at March 31, 2013.

The Company was organized by a management team led by its Chairman, President
and Chief Executive Officer, John A. Kanas, on April 28, 2009. On May 21,
2009, BankUnited acquired substantially all of the assets and assumed all of
the non-brokered deposits and substantially all other liabilities of
BankUnited, FSB from the FDIC, in a transaction referred to as the FSB
Acquisition. Concurrently with the FSB Acquisition, BankUnited entered into
two loss sharing agreements, or the Loss Sharing Agreements, which covered
certain legacy assets, including the entire legacy loan portfolio and OREO,
and certain purchased investment securities. Assets covered by the Loss
Sharing Agreements are referred to as “covered assets” (or, in certain cases,
“covered loans”). The Loss Sharing Agreements do not apply to subsequently
acquired, purchased or originated 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 BankUnited for 80% of losses, including
certain interest and expenses, up to the $4.0 billion stated threshold and 95%
of losses in excess of the $4.0 billion stated threshold. The Company’s
current estimate of cumulative losses on the covered assets is approximately
$4.5 billion. The Company has received $2.4 billion from the FDIC in
reimbursements under the Loss Sharing Agreements for claims filed for incurred
losses as of March 31, 2013.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 that reflect the
Company’s current views with respect to, among other things, future events and
financial performance. The Company generally identifies forward-looking
statements by terminology such as “outlook,” “believes,” “expects,”
“potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,”
“approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or
the negative version of those words or other comparable words. Any
forward-looking statements contained in this press release are based on the
historical performance of the Company and its subsidiaries or on the Company’s
current plans, estimates and expectations. The inclusion of this
forward-looking information should not be regarded as a representation by the
Company that the future plans, estimates or expectations contemplated by the
Company will be achieved. Such forward-looking statements are subject to
various risks and uncertainties and assumptions relating to the Company’s
operations, financial results, financial condition, business prospects, growth
strategy and liquidity. If one or more of these or other risks or
uncertainties materialize, or if the Company’s underlying assumptions prove to
be incorrect, the Company’s actual results may vary materially from those
indicated in these statements. These factors should not be construed as
exhaustive. The Company does not undertake any obligation to publicly update
or review any forward-looking statement, whether as a result of new
information, future developments or otherwise. A number of important factors
could cause actual results to differ materially from those indicated by the
forward-looking statements. Information on these factors can be found in the
Company’s Annual Report on Form 10-K for the year ended December 31, 2012
available at the SEC’s website (www.sec.gov).


BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share and per share data)
                                                             
                                                                  
                                                                  
                                               March 31,        December 31,
                                               2013             2012
ASSETS
                                                                  
Cash and due from banks:
Non-interest bearing                           $ 51,948         $ 61,088
Interest bearing                                 21,206           21,507
Interest bearing deposits at Federal Reserve     384,462          408,827
Bank
Federal funds sold                              3,563          3,931      
Cash and cash equivalents                        461,179          495,353
Investment securities available for sale, at
fair value                                       4,279,477        4,172,412
(including covered securities of $224,765
and $226,505)
Non-marketable equity securities                 134,821          133,060
Loans held for sale                              2,407            2,129
Loans (including covered loans of $1,757,162     5,843,841        5,571,739
and $1,864,375)
Allowance for loan and lease losses             (61,023    )    (59,121    )
Loans, net                                       5,782,818        5,512,618
FDIC indemnification asset                       1,400,915        1,457,570
Bank owned life insurance                        205,308          207,069
Other real estate owned (including covered       68,893           76,022
OREO of $68,423 and $76,022)
Deferred tax asset, net                          54,377           62,274
Goodwill and other intangible assets             69,586           69,768
Other assets                                    286,149        187,678    
Total assets                                   $ 12,745,930    $ 12,375,953 
                                                                  
LIABILITIES AND STOCKHOLDERS' EQUITY
                                                                  
Liabilities:
Demand deposits:
Non-interest bearing                           $ 1,364,804      $ 1,312,779
Interest bearing                                 563,525          542,561
Savings and money market                         4,196,944        4,042,022
Time                                            2,620,150      2,640,711  
Total deposits                                   8,745,423        8,538,073
Short-term borrowings                            1,245            8,175
Federal Home Loan Bank advances                  2,016,456        1,916,919
Other liabilities                               139,011        106,106    
Total liabilities                               10,902,135     10,569,273 
                                                                  
Commitments and contingencies
                                                                  
Stockholders' equity:
Common stock, par value $0.01 per share,
400,000,000 shares authorized;                   1,005            950
100,453,851 and 95,006,729 shares issued and
outstanding
Preferred stock, par value $0.01 per share,
100,000,000 shares authorized;                   -                54
5,415,794 shares of Series A issued and
outstanding at December 31, 2012
Paid-in capital                                  1,312,518        1,308,315
Retained earnings                                439,908          413,385
Accumulated other comprehensive income          90,364         83,976     
Total stockholders' equity                      1,843,795      1,806,680  
Total liabilities and stockholders' equity     $ 12,745,930    $ 12,375,953 
                                                                             


BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
                                                                
                                                                       
                                                                       
                                                  Three Months Ended March 31,
                                                  2013              2012
                                                                       
Interest income:
Loans                                             $  145,091        $  136,297
Investment securities available for sale             30,005            33,039
Other                                               1,279           954
Total interest income                               176,375         170,290
Interest expense:
Deposits                                             14,881            16,960
Borrowings                                          7,707           15,521
Total interest expense                              22,588          32,481
Net interest income before provision for loan        153,787           137,809
losses
Provision for loan losses (including $4,800 and     11,967          8,767
$1,600 for covered loans)
Net interest income after provision for loan        141,820         129,042
losses
Non-interest income:
(Amortization) accretion of FDIC                     (2,280   )        6,787
indemnification asset
Income from resolution of covered assets, net        19,190            7,282
Net gain (loss) on indemnification asset             (11,687  )        134
FDIC reimbursement of costs of resolution of         2,864             6,516
covered assets
Service charges and fees                             3,342             3,055
Gain (loss) on sale of loans, net (including
loss related to covered loans                        (586     )        256
of $(772) for the three months ended March 31,
2013)
Gain on sale of investment securities available      1,686             16
for sale, net
Mortgage insurance income                            271               3,690
Other non-interest income                           5,043           8,662
Total non-interest income                           17,843          36,398
Non-interest expense:
Employee compensation and benefits                   43,075            46,625
Occupancy and equipment                              15,042            11,822
Impairment of other real estate owned                1,280             3,547
(Gain) loss on sale of other real estate owned       (1,031   )        1,401
Other real estate owned expense                      868               2,276
Foreclosure expense                                  505               2,719
Deposit insurance expense                            1,937             1,150
Professional fees                                    5,422             3,649
Telecommunications and data processing               3,368             3,230
Other non-interest expense                          10,043          7,699
Total non-interest expense                          80,509          84,118
Income before income taxes                           79,154            81,322
Provision for income taxes                          30,928          31,050
Net income                                        $  48,226        $  50,272
Earnings per common share, basic                  $  0.48          $  0.49
Earnings per common share, diluted                $  0.47          $  0.49
Cash dividends declared per common share          $  0.21          $  0.17
                                                                       


BANKUNITED, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(Dollars in thousands)
                                                                               
                Three Months Ended March 31,
                2013                                     2012
                Average          Interest    Yield/      Average          Interest    Yield/
                Balance          (1)         Rate (2)    Balance          (1)         Rate (2)
Assets:
Interest
earning
assets:
Loans           $ 5,589,968      $ 146,549     10.54 %   $ 4,275,406      $ 137,049     12.84 %
Investment
securities        4,329,912        30,753      2.84  %     4,398,697        34,504      3.14  %
available for
sale
Other
interest         630,169        1,279      0.82  %    524,710        954        0.73  %
earning
assets
Total
interest          10,550,049       178,581     6.80  %     9,198,813        172,507     7.51  %
earning
assets
Allowance for
loan and          (60,965    )                             (49,857    )
lease losses
Non-interest
earning          2,115,460                              2,441,365  
assets
Total assets    $ 12,604,544                            $ 11,590,321 
Liabilities
and
Stockholders'
Equity:
Interest
bearing
liabilities:
Interest
bearing         $ 544,566          671         0.50  %   $ 474,898          767         0.65  %
demand
deposits
Savings and
money market      4,144,823        5,164       0.51  %     3,660,944        6,433       0.71  %
deposits
Time deposits    2,635,152      9,046      1.39  %    2,578,826      9,760      1.52  %
Total
interest          7,324,541        14,881      0.82  %     6,714,668        16,960      1.02  %
bearing
deposits
Borrowings:
FHLB advances     1,890,060        7,691       1.65  %     2,234,426        15,520      2.79  %
Short-term       14,906         16         0.42  %    1,209          1          0.45  %
borrowings
Total
interest          9,229,507       22,588      0.99  %     8,950,303       32,481      1.46  %
bearing
liabilities
Non-interest
bearing           1,332,461                                863,131
demand
deposits
Other
non-interest     210,319                                191,816    
bearing
liabilities
Total             10,772,287                               10,005,250
liabilities
Stockholders'    1,832,257                              1,585,071  
equity
Total
liabilities
and             $ 12,604,544                            $ 11,590,321 
stockholders'
equity
Net interest                     $ 155,993                                $ 140,026
income
Interest rate                                 5.81  %                                 6.05  %
spread
Net interest                                  5.93  %                                 6.09  %
margin

(1) On a tax-equivalent basis where applicable
(2) Annualized



BANKUNITED, INC. AND SUBSIDIARIES
EARNINGS PER COMMON SHARE
(In thousands except share amounts)
                                                            
                                                                  
                                               Three Months Ended
                                               March 31,
                                               2013             2012
Basic earnings per common share:
Numerator:
Net income                                     $ 48,226         $ 50,272
Preferred stock dividends                       -              (921       )
  Net income available to common                 48,226           49,351
  stockholders
Distributed and undistributed earnings          (3,019     )    (3,261     )
allocated to participating securities
  Income allocated to common stockholders      $ 45,207         $ 46,090
  for basic earnings per common share
Denominator:
Weighted average common shares outstanding       96,121,473       96,386,890
Less average unvested stock awards              (1,166,706 )    (1,641,200 )
  Weighted average shares for basic earnings    94,954,767     94,745,690 
  per common share
Basic earnings per common share                $ 0.48          $ 0.49       
Diluted earnings per common share:
Numerator:
Income allocated to common stockholders for    $ 45,207         $ 46,090
basic earnings per common share
Adjustment for earnings reallocated from        1,109          4          
participating securities
  Income used in calculating diluted           $ 46,316         $ 46,094
  earnings per common share
Denominator:
Average shares for basic earnings per common     94,954,767       94,745,690
share
Dilutive effect of stock options and            4,526,162      166,030    
preferred shares
  Weighted average shares for diluted           99,480,929     94,911,720 
  earnings per common share
Diluted earnings per common share              $ 0.47          $ 0.49       
                                                                             


BANKUNITED, INC. AND SUBSIDIARIES
SELECTED RATIOS
                                                          
                                            Three Months Ended March 31,
Financial ratios                            2013 (4)         2012 (4)
    Return on average assets                1.55%            1.74%
    Return on average stockholders'         10.67%           12.76%
    equity
    Net interest margin                     5.93%            6.09%
                                                             
                                                             
Capital ratios                              March 31, 2013   December 31, 2012
    Tier 1 leverage                         13.64%           13.16%
    Tier 1 risk-based capital               31.14%           33.60%
    Total risk-based capital                32.35%           34.88%
                                                             
                                                             
Asset quality ratios                        March 31, 2013   December 31, 2012
    Non-performing loans to total loans     0.74%            0.62%
    (1) (3)
    Non-performing assets to total assets   0.88%            0.89%
    (2)
    Allowance for loan losses to total      1.04%            1.06%
    loans (3)
    Allowance for loan losses to            141.37%          171.21%
    non-performing loans (1)
    Net charge-offs to average loans (4)    0.73%            0.17%
                                                             
    We define non-performing loans to include nonaccrual loans, loans, other
(1) than ACI loans,
    that are past due 90 days or more and still accruing and certain loans
    modified in troubled
    debt restructurings. Contractually delinquent ACI loans on which interest
    continues to be
    accreted are excluded from non-performing loans.
                                                             
(2) Non-performing assets include non-performing loans and other real estate
    owned.
                                                             
(3) Total loans is net of unearned discounts, premiums and deferred fees and
    costs.
                                                             
(4) Annualized
    

Contact:

BankUnited, Inc.
Investor Relations:
Leslie Lunak, 786-313-1698
llunak@bankunited.com
or
Media Relations:
Mary Harris, 305-817-8117
mharris@bankunited.com
 
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