-
A neighborhood association wants regulators to stop the company and CEO John Kanas from expanding in New York.
January 9 -
BankUnited is expanding its footprint in the Sunshine State.
December 28 -
Six months after settling a legal battle with Capital One, John Kanas is eager to start hiring employees and opening branches in the Big Apple.
December 19 -
BankUnited (BKU) is gearing up for branch openings in New York despite being barred by a settlement with Capital One Financial from opening the branches until next year.
October 10
BankUnited (BKU) of Miami Lakes, Fla., reported better-than-expected earnings in the fourth quarter as a surge in interest income more than offset a dip in fee income and the impact of a penalty for pre-paying Federal Home Loan bank advances.
The $12.4 billion-asset company said Tuesday that it earned $62.5 million in quarter, up 51% from the fourth quarter of 2011. Per-share earnings of 61 cents were 13 cents above the expectations of analysts polled by Bloomberg.
Net interest income rose 24%, to $175 million, thanks largely to $30 million it netted from the sale of a pool of credit-impaired loans. That sale also helped boost the net interest margin by 16 basis points, to 6.70%.
Meanwhile, the bank's portfolio of new loans expanded rapidly in 2012, growing by $450 million in the last three months of 2012 and $2 billion for the full year.
Profits were also aided by improved credit quality. BankUnited's provision for loan losses fell fourfold, to $1 million, compared to the year-prior period.
Noninterest income fell 59%, to $5.5 million, due to charges related to debt payments and the termination of an interest rate swap. The bank's mortgage-insurance income also fell 82%, to $862,000.
Also, the bank sold $526.7 million worth of loans in the quarter and used the proceeds to extinguish $520 million in Federal Home Loan Bank advances. This resulted in a prepayment charge of $23 million.
The holding company BankUnited has three subsidiaries: BankUnited in Florida, with $11.7 billion of assets and 98 branches; the wealth-management subsidiary BankUnited Investment Services; and Herald National Bank in
"We are greatly encouraged by the growth of our franchise as we continue to