BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial
results for the third quarter of 2013.
For the quarter ended September 30, 2013, the Company reported net
income of $54.3 million, or $0.52 per diluted share, as compared to
$49.6 million, or $0.48 per diluted share, for the quarter ended
September 30, 2012.
For the nine months ended September 30, 2013, the Company reported net
income of $156.5 million, or $1.51 per diluted share, generating an
annualized return on average stockholders’ equity of 11.27% and an
annualized return on average assets of 1.61%. The Company reported net
income of $148.8 million, or $1.44 per diluted share, for the nine
months ended September 30, 2012.
John Kanas, Chairman, President and Chief Executive Officer, said, "This
quarter was marked by compelling growth in both of our primary markets.
We are particularly pleased with the increased momentum of our deposit
growth."
Performance Highlights
-
New loans grew by $1.1 billion during the third quarter of 2013. For
the nine months ended September 30, 2013, new loans increased by $2.5
billion to $6.2 billion.
-
Total deposits increased by $817 million for the quarter ended
September 30, 2013 to $9.8 billion, reflecting growth across all
deposit categories. For the nine months ended September 30, 2013,
total deposits grew by $1.3 billion.
-
The net interest margin, calculated on a tax-equivalent basis, was
5.70% for the quarter ended September 30, 2013.
-
Earnings for the quarter ended September 30, 2013 benefited from a
reduction in the effective income tax rate, primarily due to a $3.6
million release of reserves for uncertain tax liabilities.
-
Book value and tangible book value per common share were $18.70 and
$18.01, respectively, at September 30, 2013.
Capital
The Company and its banking subsidiary continue to exceed all regulatory
guidelines required to be considered well capitalized. The Company’s
regulatory capital ratios at September 30, 2013 were as follows:
Tier 1 leverage 13.1%
Tier 1 risk-based capital 24.1%
Total risk-based capital 25.0%
Loans and Leases
Loans, net of premiums, discounts and deferred fees and costs, increased
to $7.8 billion at September 30, 2013 from $5.6 billion at December 31,
2012. New loans grew by $2.5 billion to $6.2 billion at September 30,
2013 from $3.7 billion at December 31, 2012. Covered loans declined to
$1.6 billion at September 30, 2013 from $1.9 billion at December 31,
2012.
For the quarter ended September 30, 2013, new commercial loans,
including commercial loans, commercial real estate loans and leases,
grew $762 million to $4.5 billion, reflecting the continued success of
lending operations in New York, further expansion of market share in
Florida and growth of the lending subsidiaries. New residential loans
grew by $270 million to $1.6 billion during the third quarter of 2013,
primarily as a result of the continuation of the Company’s residential
loan purchase program.
A comparison of portfolio composition at September 30, 2013 and December
31, 2012 follows:
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New Loans
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Total Loans
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September 30,
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December 31,
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September 30,
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December 31,
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2013
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2012
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2013
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2012
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Single family residential and home equity
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25.9%
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25.0%
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38.0%
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45.3%
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Commercial real estate
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35.0%
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31.8%
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30.6%
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25.6%
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Commercial
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36.7%
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42.3%
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29.5%
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28.5%
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Consumer
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2.4%
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0.9%
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1.9%
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0.6%
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|
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100.0%
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100.0%
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100.0%
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100.0%
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The Company’s portfolio of equipment under operating lease grew by $99.7
million for the quarter ended September 30, 2013 to $185.0 million.
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 September 30, 2013, covered loans represented 19.9% of the
total loan portfolio, as compared to 33.5% at December 31, 2012.
The ratio of non-performing new loans to total new loans was 0.39% at
September 30, 2013 and 0.43% at December 31, 2012. The ratio of total
non-performing loans to total loans was 0.50% at September 30, 2013 as
compared to 0.62% at December 31, 2012. At September 30, 2013,
non-performing assets totaled $87.2 million, including $48.5 million of
other real estate owned (“OREO”), as compared to $110.6 million,
including $76.0 million of OREO, at December 31, 2012. At September 30,
2013, 71% of total non-performing assets were covered assets.
For the quarters ended September 30, 2013 and 2012, the Company recorded
provisions for loan losses of $2.6 million and $6.4 million,
respectively. Of these amounts, $(2.8) million and $1.0 million,
respectively, related to provisions for (recoveries of) covered loans,
and $5.4 million and $5.4 million, respectively, related to provisions
for new loans.
For the nine months ended September 30, 2013 and 2012, the Company
recorded provisions for loan losses of $19.5 million and $17.9 million,
respectively. Of these amounts, $(1.0) million and $1.1 million,
respectively, related to provisions for (recoveries of) covered loans,
and $20.4 million and $16.7 million, respectively, related to provisions
for new loans.
The provisions related to new loans reflect growth in the new loan
portfolio offset in part by reductions in general loss factors. For the
nine months ended September 30, 2013, the provision for new loans was
also impacted by specific reserves recognized on impaired loans,
particularly related to one commercial relationship.
The provisions (recoveries) related to covered loans were significantly
mitigated by offsetting increases or decreases in non-interest income
recorded in “Net loss on indemnification asset.”
The following tables summarize the activity in the allowance for loan
and lease losses for the three and nine months ended September 30, 2013
and 2012 (in thousands):
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Three Months Ended September 30, 2013
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Three Months Ended September 30, 2012
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ACI Loans
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Non-ACI
Loans
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New Loans
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Total
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ACI Loans
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Non-ACI
Loans
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New Loans
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Total
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Balance at beginning of period
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$
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4,304
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$
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13,908
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$
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40,219
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$
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58,431
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$
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11,085
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$
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9,878
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$
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34,672
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$
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55,635
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Provision
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(842
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)
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(1,995
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)
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5,441
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2,604
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(867
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)
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1,888
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5,353
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6,374
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Charge-offs
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(117
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)
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(1,317
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)
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(586
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)
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(2,020
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)
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(296
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)
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(1,032
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)
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(578
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)
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(1,906
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)
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Recoveries
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-
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147
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457
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604
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-
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131
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|
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182
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313
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Balance at end of period
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$
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3,345
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$
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10,743
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$
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45,531
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$
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59,619
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$
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9,922
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$
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10,865
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$
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39,629
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$
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60,416
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Nine Months Ended September 30, 2013
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Nine Months Ended September 30, 2012
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ACI Loans
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Non-ACI
Loans
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New Loans
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Total
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ACI Loans
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Non-ACI
Loans
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New Loans
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Total
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Balance at beginning of period
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$
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8,019
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$
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9,874
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$
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41,228
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$
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59,121
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$
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16,332
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$
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7,742
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$
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24,328
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$
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48,402
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Provision
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(2,440
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)
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1,452
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20,440
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19,452
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(3,649
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)
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4,786
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16,729
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17,866
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Charge-offs
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(2,234
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)
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(3,223
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)
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(16,837
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)
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(22,294
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)
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(2,761
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)
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(3,072
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)
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(1,694
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)
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(7,527
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)
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Recoveries
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-
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2,640
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700
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3,340
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-
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1,409
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|
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266
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|
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1,675
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Balance at end of period
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$
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3,345
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$
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10,743
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$
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45,531
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$
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59,619
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$
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9,922
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$
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10,865
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$
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39,629
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$
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60,416
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Deposits
At September 30, 2013, deposits totaled $9.8 billion compared to $8.5
billion at December 31, 2012. Demand deposits, including non-interest
bearing and interest bearing deposits, comprised 23% of total deposits
at September 30, 2013. The average cost of deposits was 0.64% for the
quarter ended September 30, 2013 as compared to 0.78% for the quarter
ended September 30, 2012 and 0.66% for the nine months ended September
30, 2013 as compared to 0.84% for the nine months ended September 30,
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 0.59% and 0.61%,
respectively, for the three and nine months ended September 30, 2013.
Net interest income
Net interest income for the quarter ended September 30, 2013 grew to
$164.1 million from $139.4 million for the quarter ended September 30,
2012. Net interest income for the nine months ended September 30, 2013
was $482.0 million as compared to $423.0 million for the nine months
ended September 30, 2012.
The Company’s net interest margin, calculated on a tax-equivalent basis,
was 5.70% for the quarter ended September 30, 2013 as compared to 5.47%
for the quarter ended September 30, 2012. Net interest margin,
calculated on a tax-equivalent basis, was 5.92% for the nine months
ended September 30, 2013 as compared to 5.82% for the nine months ended
September 30, 2012. Significant factors impacting the trend in net
interest margin for the three and nine months ended September 30, 2013
included:
-
The tax-equivalent yield on loans declined to 8.83% and 9.79%,
respectively, for the three and nine months ended September 30, 2013
compared to 10.79% and 11.80% for the corresponding periods in 2012,
primarily because new loans, originated at yields lower than those on
the covered loan portfolio, comprised a greater percentage of total
loans.
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The yield on new loans decreased to 3.71% and 3.85%, respectively, for
the quarter and nine months ended September 30, 2013 from 4.29% and
4.44% for the quarter and nine months ended September 30, 2012,
primarily reflecting lower market interest rates.
-
The yield on covered loans increased to 26.91% and 25.93%,
respectively, for the quarter and nine months ended September 30, 2013
from 20.07% and 20.02% for the quarter and nine months ended September
30, 2012. The increase in the yield on covered loans was impacted by
(i) improvements in expected cash flows and (ii) the inclusion in
interest income for the quarter and nine months ended September 30,
2013 of proceeds of $13.2 million and $39.0 million, respectively,
from the sale of ACI residential loans from a pool with a carrying
value of zero.
-
Loans, which are higher yielding than other types of interest earning
assets, comprised a higher percentage of average interest earning
assets for the three and nine months ended September 30, 2013 as
compared to the corresponding periods in 2012.
-
The average rate on interest bearing liabilities declined to 0.93% and
0.96%, respectively, for the quarter and nine months ended September
30, 2013 from 1.31% and 1.38% for the corresponding periods in 2012,
primarily due to declining market interest rates.
As anticipated, the net interest margin for the quarter ended September
30, 2013 declined by 0.44% in comparison to the immediately preceding
quarter, largely due to a decline in the average yield on loans. This
decline resulted primarily from continued growth of new loans as a
percentage of the total loan portfolio. The cost of interest bearing
liabilities remained relatively stable quarter over quarter.
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 nine months ended
September 30, 2013 and the year ended December 31, 2012 were as follows
(in thousands):
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|
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|
|
|
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Balance, December 31, 2011
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$
|
1,523,615
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|
|
|
|
|
|
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|
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Reclassification from non-accretable difference
|
|
|
206,934
|
|
|
|
|
|
|
|
|
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Accretion
|
|
|
(444,483
|
)
|
|
|
|
|
|
|
|
Balance, December 31, 2012
|
|
|
1,286,066
|
|
|
|
|
|
|
|
|
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Reclassification from non-accretable difference
|
|
|
231,070
|
|
|
|
|
|
|
|
|
|
Accretion
|
|
|
(313,326
|
)
|
|
|
|
|
|
|
|
Balance, September 30, 2013
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|
$
|
1,203,810
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
Non-interest income totaled $1.3 million and $25.2 million for the
quarter and nine months ended September 30, 2013 as compared to $25.7
million and $83.7 million for the quarter and nine months ended
September 30, 2012.
As anticipated, in 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
amortization of the FDIC indemnification asset of $(12.4) million and
$(21.8) million, respectively, for the quarter and nine months ended
September 30, 2013 compared to accretion of $3.4 million and $14.5
million, respectively, for the quarter and nine months ended September
30, 2012. As the expected cash flows from ACI loans have increased as
discussed above, expected cash flows from the FDIC indemnification asset
have decreased.
Income from resolution of covered assets, net was $24.6 million and
$64.4 million, respectively, for the quarter and nine months ended
September 30, 2013 compared to $17.5 million and $39.6 million for the
quarter and nine months ended September 30, 2012. This increase in
income resulted mainly from higher income from commercial recoveries and
lower losses from residential foreclosure resolutions.
Net loss on indemnification asset was $(18.4) million and $(47.7)
million, respectively, for the quarter and nine months ended September
30, 2013, compared to $(14.2) million and $(26.6) million for the
quarter and nine months ended September 30, 2012. This line item
represents the mitigating impact of FDIC indemnification on gains and
losses arising from certain transactions related to the covered assets.
Significant factors impacting these variances included increased income
from resolution of covered assets, net, fluctuations in the provision
for (recovery of) losses on covered loans, the loss on sale of covered
loans, reduced OREO impairment and more favorable results from the sale
of OREO.
Loss on the sale of covered loans was $4.3 million and $9.4 million for
the quarter and nine months ended September 30, 2013. No covered loans
were sold during the quarter and nine months ended September 30, 2012.
Gains on investment securities available for sale for the quarter and
nine months ended September 30, 2013 related primarily to sales of
securities to fund loan originations. Securities gains for the nine
months ended September 30, 2013 also included gains of $1.6 million from
the sale of securities in conjunction with the merger of Herald National
Bank (“Herald”) into BankUnited. The quarter and nine months ended
September 30, 2012 included approximately $6.0 million of aggregate
realized gains from the liquidation of our position in non-investment
grade and certain other preferred stock positions in order to reduce our
concentration in bank preferred stock investments.
Declines in FDIC reimbursement of costs of resolution of covered assets
and mortgage insurance income reflect the lower volume of covered loan
foreclosure resolution activity.
Non-interest expense
Non-interest expense totaled $84.3 million and $243.1 million,
respectively, for the quarter and nine months ended September 30, 2013
as compared to $77.2 million and $244.4 million for the quarter and nine
months ended September 30, 2012.
Employee compensation and benefits for the nine months ended September
30, 2013 as compared to the nine months ended September 30, 2012
reflected a decrease of $10.2 million in equity-based compensation
resulting primarily from the vesting in 2012 of instruments issued in
conjunction with the Company’s initial public offering of common stock
in 2011. Increased compensation costs related to the Company’s growth
and expansion into New York largely offset this decrease in equity-based
compensation and drove an increase in employee compensation and benefits
of $2.1 million for the three months ended September 30, 2013 as
compared to the three months ended September 30, 2012.
Occupancy and equipment expense increased to $16.6 million and $47.0
million, respectively, for the quarter and nine months ended September
30, 2013 from $13.7 million and $38.8 million for the quarter and nine
months ended September 30, 2012 due primarily to our expansion into New
York and the growth and refurbishment of our branch network in Florida.
For the quarter and nine months ended September 30, 2013, the aggregate
of foreclosure and OREO expense was $2.8 million and $7.4 million,
respectively, as compared to $4.8 million and $14.9 million for the
quarter and nine months ended September 30, 2012. For the quarter and
nine months ended September 30, 2013, the net amount of gain on sale of
OREO and impairment of OREO was $(1.7) million and $(7.1) million,
respectively, as compared to (gain) loss of $(25) thousand and $6.5
million for the quarter and nine months ended September 30, 2012. These
changes reflect continuing trends of lower levels of OREO and
foreclosure activity and an improving real estate market.
Provision for income taxes
The effective income tax rate decreased to 30.9% and 36.0%, for the
three and nine months ended September 30, 2013 from 39.2% for both the
three and nine months ended September 30, 2012. The decrease reflects
the release in the third quarter of 2013 of $3.6 million in reserves for
uncertain state income tax positions as a result of the lapse in the
statute of limitations related thereto.
Earnings Conference Call and Presentation
A conference call to discuss quarterly results will be held at 9:00 a.m.
ET on Tuesday, October 22, 2013 with Chairman, President and Chief
Executive Officer, John A. Kanas and Chief Financial Officer, Leslie N.
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) 713-4217 (domestic) or (617)
213-4869 (international). The name of the call is BankUnited, Inc. and
the confirmation number for the call is 20145461. 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 1:00 p.m. ET on Oct. 22
through 11:59 p.m. ET on Oct. 29 by calling (888) 286-8010 (domestic) or
(617) 801-6888 (international). The pass code for the replay is
64245043. 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 the bank holding company of BankUnited, N.A., a
national bank headquartered in Miami Lakes, Florida with $14.1 billion
of assets, 98 banking centers in 15 Florida counties and 5 banking
centers in the New York metropolitan area at September 30, 2013.
The Company was organized by a management team led by its Chairman,
President and Chief Executive Officer, John A. Kanas in 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 purchased or originated
loans (“new loans”) or other 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 $4.3 billion. The Company has received
$2.5 billion from the FDIC in reimbursements under the Loss Sharing
Agreements for claims filed for incurred losses as of September 30, 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
2013
|
|
2012
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks:
|
|
|
|
|
|
|
|
|
Non-interest bearing
|
|
$
|
42,360
|
|
|
$
|
61,088
|
|
|
|
Interest bearing
|
|
|
16,854
|
|
|
|
21,507
|
|
|
Interest bearing deposits at Federal Reserve Bank
|
|
|
463,311
|
|
|
|
408,827
|
|
|
Federal funds sold
|
|
|
3,154
|
|
|
|
3,931
|
|
|
|
Cash and cash equivalents
|
|
|
525,679
|
|
|
|
495,353
|
|
|
Investment securities available for sale, at fair value
|
|
|
|
|
|
|
|
|
(including covered securities of $206,666 and $226,505)
|
|
|
3,871,948
|
|
|
|
4,172,412
|
|
|
Non-marketable equity securities
|
|
|
149,816
|
|
|
|
133,060
|
|
|
Loans held for sale
|
|
|
844
|
|
|
|
2,129
|
|
|
Loans (including covered loans of $1,550,974 and $1,864,375)
|
|
|
7,806,563
|
|
|
|
5,571,739
|
|
|
|
Allowance for loan and lease losses
|
|
|
(59,619
|
)
|
|
|
(59,121
|
)
|
|
|
|
Loans, net
|
|
|
7,746,944
|
|
|
|
5,512,618
|
|
|
FDIC indemnification asset
|
|
|
1,265,037
|
|
|
|
1,457,570
|
|
|
Bank owned life insurance
|
|
|
206,296
|
|
|
|
207,069
|
|
|
Other real estate owned (including covered OREO of $47,546 and
$76,022)
|
|
|
48,510
|
|
|
|
76,022
|
|
|
Deferred tax asset, net
|
|
|
79,954
|
|
|
|
62,274
|
|
|
Goodwill and other intangible assets
|
|
|
69,240
|
|
|
|
69,768
|
|
|
Other assets
|
|
|
343,746
|
|
|
|
187,678
|
|
|
|
|
Total assets
|
|
$
|
14,308,014
|
|
|
$
|
12,375,953
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
Demand deposits:
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
|
|
$
|
1,680,004
|
|
|
$
|
1,312,779
|
|
|
|
|
Interest bearing
|
|
|
632,159
|
|
|
|
542,561
|
|
|
|
Savings and money market
|
|
|
4,429,034
|
|
|
|
4,042,022
|
|
|
|
Time
|
|
|
3,106,906
|
|
|
|
2,640,711
|
|
|
|
|
Total deposits
|
|
|
9,848,103
|
|
|
|
8,538,073
|
|
|
|
Short-term borrowings
|
|
|
6,015
|
|
|
|
8,175
|
|
|
|
Federal Home Loan Bank advances and other borrowings
|
|
|
2,363,745
|
|
|
|
1,916,919
|
|
|
|
Other liabilities
|
|
|
204,337
|
|
|
|
106,106
|
|
|
|
|
Total liabilities
|
|
|
12,422,200
|
|
|
|
10,569,273
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
Common stock, par value $0.01 per share, 400,000,000 shares
authorized;
100,860,270 and 95,006,729 shares issued and
outstanding
|
|
|
|
|
|
|
|
|
|
|
1,009
|
|
|
|
950
|
|
|
|
Preferred stock, par value $0.01 per share, 100,000,000 shares
authorized;
5,415,794 shares of Series A issued and
outstanding at
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
54
|
|
|
|
Paid-in capital
|
|
|
1,327,164
|
|
|
|
1,308,315
|
|
|
|
Retained earnings
|
|
|
504,702
|
|
|
|
413,385
|
|
|
|
Accumulated other comprehensive income
|
|
|
52,939
|
|
|
|
83,976
|
|
|
|
|
Total stockholders' equity
|
|
|
1,885,814
|
|
|
|
1,806,680
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
14,308,014
|
|
|
$
|
12,375,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKUNITED, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
|
|
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
158,332
|
|
|
$
|
137,039
|
|
|
$
|
458,183
|
|
|
$
|
415,957
|
|
|
|
Investment securities available for sale
|
|
|
27,993
|
|
|
|
32,149
|
|
|
|
88,194
|
|
|
|
99,247
|
|
|
|
Other
|
|
|
1,359
|
|
|
|
1,117
|
|
|
|
3,780
|
|
|
|
3,306
|
|
|
|
|
Total interest income
|
|
|
187,684
|
|
|
|
170,305
|
|
|
|
550,157
|
|
|
|
518,510
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
15,248
|
|
|
|
16,459
|
|
|
|
44,287
|
|
|
|
50,466
|
|
|
|
Borrowings
|
|
|
8,318
|
|
|
|
14,429
|
|
|
|
23,915
|
|
|
|
45,021
|
|
|
|
|
Total interest expense
|
|
|
23,566
|
|
|
|
30,888
|
|
|
|
68,202
|
|
|
|
95,487
|
|
|
|
|
Net interest income before provision for (recovery of) loan losses
|
|
|
164,118
|
|
|
|
139,417
|
|
|
|
481,955
|
|
|
|
423,023
|
|
|
|
Provision for (recovery of) loan losses
(including $(2,837),
$1,021, $(988) and $1,137
for covered loans)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,604
|
|
|
|
6,374
|
|
|
|
19,452
|
|
|
|
17,866
|
|
|
|
|
Net interest income after provision for (recovery of) loan losses
|
|
|
161,514
|
|
|
|
133,043
|
|
|
|
462,503
|
|
|
|
405,157
|
|
|
Non-interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amortization) accretion of FDIC indemnification asset
|
|
|
(12,354
|
)
|
|
|
3,432
|
|
|
|
(21,784
|
)
|
|
|
14,513
|
|
|
|
Income from resolution of covered assets, net
|
|
|
24,592
|
|
|
|
17,517
|
|
|
|
64,362
|
|
|
|
39,602
|
|
|
|
Net loss on indemnification asset
|
|
|
(18,377
|
)
|
|
|
(14,199
|
)
|
|
|
(47,747
|
)
|
|
|
(26,602
|
)
|
|
|
FDIC reimbursement of costs of resolution of covered assets
|
|
|
2,040
|
|
|
|
3,566
|
|
|
|
7,165
|
|
|
|
13,415
|
|
|
|
Service charges and fees
|
|
|
3,634
|
|
|
|
3,095
|
|
|
|
10,355
|
|
|
|
9,440
|
|
|
|
Gain (loss) on sale of loans, net (including
loss related to
covered loans of $(4,286) and
$(9,368) for the three and nine
months ended
September 30, 2013)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,081
|
)
|
|
|
189
|
|
|
|
(8,782
|
)
|
|
|
698
|
|
|
|
Gain on investment securities available for
sale, net
(including loss related to covered
securities of $(963) for
the nine months ended
September 30, 2013)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,066
|
|
|
|
6,035
|
|
|
|
6,288
|
|
|
|
6,931
|
|
|
|
Mortgage insurance income
|
|
|
310
|
|
|
|
2,571
|
|
|
|
1,212
|
|
|
|
8,910
|
|
|
|
Other non-interest income
|
|
|
4,476
|
|
|
|
3,478
|
|
|
|
14,160
|
|
|
|
16,841
|
|
|
|
|
Total non-interest income
|
|
|
1,306
|
|
|
|
25,684
|
|
|
|
25,229
|
|
|
|
83,748
|
|
|
Non-interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation and benefits
|
|
|
44,117
|
|
|
|
41,968
|
|
|
|
130,219
|
|
|
|
132,544
|
|
|
|
Occupancy and equipment
|
|
|
16,571
|
|
|
|
13,725
|
|
|
|
46,994
|
|
|
|
38,776
|
|
|
|
Impairment (recovery) of other real estate owned
|
|
|
(243
|
)
|
|
|
1,385
|
|
|
|
1,456
|
|
|
|
7,980
|
|
|
|
Gain on sale of other real estate owned
|
|
|
(1,454
|
)
|
|
|
(1,410
|
)
|
|
|
(8,576
|
)
|
|
|
(1,499
|
)
|
|
|
Other real estate owned expense
|
|
|
533
|
|
|
|
1,756
|
|
|
|
2,663
|
|
|
|
5,193
|
|
|
|
Foreclosure expense
|
|
|
2,270
|
|
|
|
3,060
|
|
|
|
4,769
|
|
|
|
9,671
|
|
|
|
Deposit insurance expense
|
|
|
1,926
|
|
|
|
2,040
|
|
|
|
5,587
|
|
|
|
5,136
|
|
|
|
Professional fees
|
|
|
4,831
|
|
|
|
3,850
|
|
|
|
17,212
|
|
|
|
11,452
|
|
|
|
Telecommunications and data processing
|
|
|
2,842
|
|
|
|
3,379
|
|
|
|
9,694
|
|
|
|
9,730
|
|
|
|
Other non-interest expense
|
|
|
12,870
|
|
|
|
7,469
|
|
|
|
33,101
|
|
|
|
25,388
|
|
|
|
|
Total non-interest expense
|
|
|
84,263
|
|
|
|
77,222
|
|
|
|
243,119
|
|
|
|
244,371
|
|
|
Income before income taxes
|
|
|
78,557
|
|
|
|
81,505
|
|
|
|
244,613
|
|
|
|
244,534
|
|
|
Provision for income taxes
|
|
|
24,248
|
|
|
|
31,948
|
|
|
|
88,070
|
|
|
|
95,776
|
|
|
|
|
Net income
|
|
|
54,309
|
|
|
|
49,557
|
|
|
|
156,543
|
|
|
|
148,758
|
|
|
Preferred stock dividends
|
|
|
-
|
|
|
|
921
|
|
|
|
-
|
|
|
|
2,762
|
|
|
|
|
Net income available to common stockholders
|
|
$
|
54,309
|
|
|
$
|
48,636
|
|
|
$
|
156,543
|
|
|
$
|
145,996
|
|
|
Earnings per common share, basic
|
|
$
|
0.52
|
|
|
$
|
0.48
|
|
|
$
|
1.52
|
|
|
$
|
1.45
|
|
|
Earnings per common share, diluted
|
|
$
|
0.52
|
|
|
$
|
0.48
|
|
|
$
|
1.51
|
|
|
$
|
1.44
|
|
|
Cash dividends declared per common share
|
|
$
|
0.21
|
|
|
$
|
0.17
|
|
|
$
|
0.63
|
|
|
$
|
0.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKUNITED, INC. AND SUBSIDIARIES
|
|
AVERAGE BALANCES AND YIELDS
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
2013
|
|
2012
|
|
|
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
|
|
|
Balance
|
|
Interest (1)
|
|
Rate (2)
|
|
Balance
|
|
Interest (1)
|
|
Rate (2)
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
7,234,822
|
|
|
$
|
160,257
|
|
|
8.83
|
%
|
|
$
|
5,117,295
|
|
|
$
|
138,252
|
|
|
10.79
|
%
|
|
Investment securities available for sale
|
|
|
4,030,197
|
|
|
|
28,670
|
|
|
2.85
|
%
|
|
|
4,658,274
|
|
|
|
33,082
|
|
|
2.84
|
%
|
|
Other interest earning assets
|
|
|
416,185
|
|
|
|
1,359
|
|
|
1.30
|
%
|
|
|
559,889
|
|
|
|
1,117
|
|
|
0.80
|
%
|
|
|
Total interest earning assets
|
|
|
11,681,204
|
|
|
|
190,286
|
|
|
6.50
|
%
|
|
|
10,335,458
|
|
|
|
172,451
|
|
|
6.66
|
%
|
|
Allowance for loan and lease losses
|
|
|
(61,792
|
)
|
|
|
|
|
|
|
|
|
(56,392
|
)
|
|
|
|
|
|
|
|
Non-interest earning assets
|
|
|
2,009,626
|
|
|
|
|
|
|
|
|
|
2,372,698
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
13,629,038
|
|
|
|
|
|
|
|
|
$
|
12,651,764
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand deposits
|
|
$
|
571,884
|
|
|
|
636
|
|
|
0.44
|
%
|
|
$
|
505,657
|
|
|
|
824
|
|
|
0.65
|
%
|
|
Savings and money market deposits
|
|
|
4,342,628
|
|
|
|
5,191
|
|
|
0.47
|
%
|
|
|
3,989,263
|
|
|
|
5,867
|
|
|
0.59
|
%
|
|
Time deposits
|
|
|
2,927,537
|
|
|
|
9,421
|
|
|
1.28
|
%
|
|
|
2,661,285
|
|
|
|
9,768
|
|
|
1.46
|
%
|
|
|
Total interest bearing deposits
|
|
|
7,842,049
|
|
|
|
15,248
|
|
|
0.77
|
%
|
|
|
7,156,205
|
|
|
|
16,459
|
|
|
0.91
|
%
|
|
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB advances and other borrowings
|
|
|
2,198,613
|
|
|
|
8,316
|
|
|
1.50
|
%
|
|
|
2,225,235
|
|
|
|
14,420
|
|
|
2.58
|
%
|
|
Short-term borrowings
|
|
|
1,118
|
|
|
|
2
|
|
|
0.50
|
%
|
|
|
7,952
|
|
|
|
9
|
|
|
0.43
|
%
|
|
|
Total interest bearing liabilities
|
|
|
10,041,780
|
|
|
|
23,566
|
|
|
0.93
|
%
|
|
|
9,389,392
|
|
|
|
30,888
|
|
|
1.31
|
%
|
|
Non-interest bearing demand deposits
|
|
|
1,568,407
|
|
|
|
|
|
|
|
|
|
1,199,577
|
|
|
|
|
|
|
|
|
Other non-interest bearing liabilities
|
|
|
144,231
|
|
|
|
|
|
|
|
|
|
335,193
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
11,754,418
|
|
|
|
|
|
|
|
|
|
10,924,162
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
1,874,620
|
|
|
|
|
|
|
|
|
|
1,727,602
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
13,629,038
|
|
|
|
|
|
|
|
|
$
|
12,651,764
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
$
|
166,720
|
|
|
|
|
|
|
|
$
|
141,563
|
|
|
|
|
Interest rate spread
|
|
|
|
|
|
|
|
|
5.57
|
%
|
|
|
|
|
|
|
|
|
5.35
|
%
|
|
Net interest margin
|
|
|
|
|
|
|
|
|
5.70
|
%
|
|
|
|
|
|
|
|
|
5.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) On a tax-equivalent basis where applicable
|
|
(2) Annualized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKUNITED, INC. AND SUBSIDIARIES
|
|
AVERAGE BALANCES AND YIELDS
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
2013
|
|
2012
|
|
|
|
|
Average
|
|
|
|
|
Yield/
|
|
Average
|
|
|
|
|
Yield/
|
|
|
|
|
Balance
|
|
Interest (1)
|
|
Rate (2)
|
|
Balance
|
|
Interest (1)
|
|
Rate (2)
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$
|
6,311,252
|
|
|
$
|
463,144
|
|
|
9.79
|
%
|
|
$
|
4,736,869
|
|
|
$
|
418,835
|
|
|
11.80
|
%
|
|
Investment securities available for sale
|
|
|
4,245,236
|
|
|
|
90,327
|
|
|
2.84
|
%
|
|
|
4,582,143
|
|
|
|
103,129
|
|
|
3.00
|
%
|
|
Other interest earning assets
|
|
|
471,625
|
|
|
|
3,780
|
|
|
1.07
|
%
|
|
|
535,912
|
|
|
|
3,306
|
|
|
0.82
|
%
|
|
|
Total interest earning assets
|
|
|
11,028,113
|
|
|
|
557,251
|
|
|
6.74
|
%
|
|
|
9,854,924
|
|
|
|
525,270
|
|
|
7.11
|
%
|
|
Allowance for loan and lease losses
|
|
|
(62,272
|
)
|
|
|
|
|
|
|
|
|
(54,540
|
)
|
|
|
|
|
|
|
|
Non-interest earning assets
|
|
|
2,060,332
|
|
|
|
|
|
|
|
|
|
2,408,962
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
13,026,173
|
|
|
|
|
|
|
|
|
$
|
12,209,346
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand deposits
|
|
$
|
562,299
|
|
|
|
1,945
|
|
|
0.46
|
%
|
|
$
|
494,331
|
|
|
|
2,406
|
|
|
0.65
|
%
|
|
Savings and money market deposits
|
|
|
4,208,333
|
|
|
|
15,175
|
|
|
0.48
|
%
|
|
|
3,870,050
|
|
|
|
18,790
|
|
|
0.65
|
%
|
|
Time deposits
|
|
|
2,734,198
|
|
|
|
27,167
|
|
|
1.33
|
%
|
|
|
2,621,599
|
|
|
|
29,270
|
|
|
1.49
|
%
|
|
|
Total interest bearing deposits
|
|
|
7,504,830
|
|
|
|
44,287
|
|
|
0.79
|
%
|
|
|
6,985,980
|
|
|
|
50,466
|
|
|
0.96
|
%
|
|
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB advances and other borrowings
|
|
|
2,026,828
|
|
|
|
23,896
|
|
|
1.58
|
%
|
|
|
2,229,674
|
|
|
|
44,976
|
|
|
2.69
|
%
|
|
Short-term borrowings
|
|
|
5,977
|
|
|
|
19
|
|
|
0.43
|
%
|
|
|
14,777
|
|
|
|
45
|
|
|
0.41
|
%
|
|
|
Total interest bearing liabilities
|
|
|
9,537,635
|
|
|
|
68,202
|
|
|
0.96
|
%
|
|
|
9,230,431
|
|
|
|
95,487
|
|
|
1.38
|
%
|
|
Non-interest bearing demand deposits
|
|
|
1,458,849
|
|
|
|
|
|
|
|
|
|
1,040,153
|
|
|
|
|
|
|
|
|
Other non-interest bearing liabilities
|
|
|
172,342
|
|
|
|
|
|
|
|
|
|
276,857
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
11,168,826
|
|
|
|
|
|
|
|
|
|
10,547,441
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
1,857,347
|
|
|
|
|
|
|
|
|
|
1,661,905
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
13,026,173
|
|
|
|
|
|
|
|
|
$
|
12,209,346
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
|
|
$
|
489,049
|
|
|
|
|
|
|
|
$
|
429,783
|
|
|
|
|
Interest rate spread
|
|
|
|
|
|
|
|
|
5.78
|
%
|
|
|
|
|
|
|
|
|
5.73
|
%
|
|
Net interest margin
|
|
|
|
|
|
|
|
|
5.92
|
%
|
|
|
|
|
|
|
|
|
5.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Basic earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
54,309
|
|
|
$
|
49,557
|
|
|
$
|
156,543
|
|
|
$
|
148,758
|
|
|
Preferred stock dividends
|
|
|
-
|
|
|
|
(921
|
)
|
|
|
-
|
|
|
|
(2,762
|
)
|
|
|
Net income available to common stockholders
|
|
|
54,309
|
|
|
|
48,636
|
|
|
|
156,543
|
|
|
|
145,996
|
|
|
Distributed and undistributed earnings allocated to participating
securities
|
|
|
(2,132
|
)
|
|
|
(3,536
|
)
|
|
|
(7,427
|
)
|
|
|
(10,505
|
)
|
|
|
Income allocated to common stockholders for basic earnings per
common share
|
|
$
|
52,177
|
|
|
$
|
45,100
|
|
|
$
|
149,116
|
|
|
$
|
135,491
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
|
100,737,319
|
|
|
|
94,196,429
|
|
|
|
99,131,377
|
|
|
|
94,856,763
|
|
|
Less average unvested stock awards
|
|
|
(1,085,044
|
)
|
|
|
(746,934
|
)
|
|
|
(1,118,496
|
)
|
|
|
(1,184,068
|
)
|
|
|
Weighted average shares for basic earnings per common share
|
|
|
99,652,275
|
|
|
|
93,449,495
|
|
|
|
98,012,881
|
|
|
|
93,672,695
|
|
|
Basic earnings per common share
|
|
$
|
0.52
|
|
|
$
|
0.48
|
|
|
$
|
1.52
|
|
|
$
|
1.45
|
|
|
Diluted earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income allocated to common stockholders for basic earnings per
common share
|
|
$
|
52,177
|
|
|
$
|
45,100
|
|
|
$
|
149,116
|
|
|
$
|
135,491
|
|
|
Adjustment for earnings reallocated from participating securities
|
|
|
4
|
|
|
|
2,615
|
|
|
|
1,264
|
|
|
|
15
|
|
|
|
Income used in calculating diluted earnings per common share
|
|
$
|
52,181
|
|
|
$
|
47,715
|
|
|
$
|
150,380
|
|
|
$
|
135,506
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares for basic earnings per common share
|
|
|
99,652,275
|
|
|
|
93,449,495
|
|
|
|
98,012,881
|
|
|
|
93,672,695
|
|
|
Dilutive effect of stock options and preferred shares
|
|
|
196,190
|
|
|
|
5,613,427
|
|
|
|
1,626,264
|
|
|
|
187,582
|
|
|
|
Weighted average shares for diluted earnings per common share
|
|
|
99,848,465
|
|
|
|
99,062,922
|
|
|
|
99,639,145
|
|
|
|
93,860,277
|
|
|
Diluted earnings per common share
|
|
$
|
0.52
|
|
|
$
|
0.48
|
|
|
$
|
1.51
|
|
|
$
|
1.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKUNITED, INC. AND SUBSIDIARIES
|
|
SELECTED RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
Financial ratios
|
|
2013 (4)
|
|
2012 (4)
|
|
2013 (4)
|
|
2012 (4)
|
|
|
Return on average assets
|
|
1.58
|
%
|
|
1.56
|
%
|
|
1.61
|
%
|
|
1.63
|
%
|
|
|
Return on average stockholders' equity
|
|
11.49
|
%
|
|
11.41
|
%
|
|
11.27
|
%
|
|
11.96
|
%
|
|
|
Net interest margin (5)
|
|
5.70
|
%
|
|
5.47
|
%
|
|
5.92
|
%
|
|
5.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
|
|
Capital ratios
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
Tier 1 leverage
|
|
13.11
|
%
|
|
13.16
|
%
|
|
|
|
|
|
|
Tier 1 risk-based capital
|
|
24.10
|
%
|
|
33.60
|
%
|
|
|
|
|
|
|
Total risk-based capital
|
|
24.97
|
%
|
|
34.88
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2013
|
|
December 31, 2012
|
|
Asset quality ratios
|
|
Non-Covered
|
|
Total
|
|
Non-Covered
|
|
Total
|
|
|
Non-performing loans to total loans (1) (3)
|
|
0.39
|
%
|
|
0.50
|
%
|
|
0.43
|
%
|
|
0.62
|
%
|
|
|
Non-performing assets to total assets (2)
|
|
0.18
|
%
|
|
0.61
|
%
|
|
0.13
|
%
|
|
0.89
|
%
|
|
|
Allowance for loan and lease losses to total loans (3)
|
|
0.73
|
%
|
|
0.76
|
%
|
|
1.11
|
%
|
|
1.06
|
%
|
|
|
Allowance for loan and lease losses to non-performing loans (1)
|
|
186.06
|
%
|
|
153.98
|
%
|
|
256.65
|
%
|
|
171.21
|
%
|
|
|
Net charge-offs to average loans (4)
|
|
0.47
|
%
|
|
0.40
|
%
|
|
0.09
|
%
|
|
0.17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
We define non-performing loans to include nonaccrual loans, loans,
other 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
On a tax-equivalent basis.
|
|
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|
Copyright Business Wire 2013