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CEO John Kanas is letting rivals know in advance that he's coming to New York — and that he's targeting their employees.
February 13 -
BankUnited looked like a seller last year, but a secondary offering of nearly 20 million shares will let PE profit and should arm BankUnited with a more valuable currency for buying banks.
March 6 -
BankUnited (BKU) in Miami Lakes, Fla., reported solid growth in interest income as it began its expansion into the New York City market.
April 24
BankUnited (BKU) in Miami Lakes, Fla., added interest income and beat earnings estimates as it expanded into New York City last quarter.
The $13.2 billion-asset company reported Wednesday second-quarter profit of $54 million, up 12% from the second quarter of 2012. Per-share earnings of 52 cents were 9 cents higher than the average estimates of analysts polled by Bloomberg.
Net interest income rose 13%, to $159.2 million, as net interest margin widened by 22 basis points, to 6.14%.
Noninterest income dropped to $6.1 million, a decline of $15.6 million. The main culprit was a $17.7 million charge to amortize assets covered by loss-share agreements with the Federal Deposit Insurance Corp.
Provision for loan losses rose79%, to $4.9 million, and BankUnited recovered $745,000 worth of loans, after recording net chargeoffs of $3.6 million in the second quarter of 2012.
Noninterest expense fell by 6%, to $78.3 million, as foreclosure expense fell and the bank recorded higher gains on real estate sales. Compensation costs fell slightly, despite
