BankUnited, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Announces Impairment of Other Real Estate Owned for the Fourth Quarter of 2013; Provides Earnings Guidance for the Year 2014
January 23, 2014 at 07:30 am
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BankUnited, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total interest income was $188.664 million compared to $202.346 million a year ago. Net interest income after provision for loan losses was of $151.743 million compared to $173.534 million a year ago. Income before income taxes was $73.389 million compared to $100.331 million a year ago. Net income available to common stockholders was of $52.393 million or $0.50 per diluted share compared to $61.365 million or $0.61 per diluted share a year ago. Return on average assets was $1.41% compared to 1.95% a year ago. Return on average stockholders' equity was 10.84% compared to 13.80% a year ago. Net income was increased a little better than expected, driven mostly by the extraordinary loan growth in quarter.
For the year, the company reported total interest income was $738.821 million compared to $720.856 million a year ago. Net interest income after provision for loan losses was of $614.246 million compared to $578.5691 million a year ago. Income before income taxes was $318.002 million compared to $344.865 million a year ago. Net income available to common stockholders was of $208.936 million or $2.01 per diluted share compared to $207.361 million or $2.05 per diluted share a year ago. Return on average assets was $1.55% compared to 1.71% a year ago. Return on average stockholders' equity was 11.16% compared to 12.45% a year ago.
The company reported impairment of other real estate owned for the fourth quarter of 2013 was of $0.483 million compared to $1.946 million a year ago.
For the year 2014, the company expects net interest income to be higher in 2014 than it was in 2013 as they continue to grow the balance sheet. EPS will decline for 2014.
BankUnited, Inc. is a bank holding company of BankUnited (the Bank). The Bank provides a full range of commercial lending and both commercial and consumer deposit services through banking centers located in Florida, the New York metropolitan area and Dallas, Texas, and a comprehensive suite of wholesale products to customers through an Atlanta office focused on the Southeast region. The Bankâs lending and leasing products include commercial loans, commercial real estate loans, residential mortgages and other consumer loans. It offers traditional deposit products, including commercial and consumer checking accounts, money market deposit accounts, savings accounts and certificates of deposit with a variety of terms and rates, as well as a robust suite of treasury, commercial payments and cash management services. The Bank provides certain commercial lending and deposit products through national platforms and certain consumer deposit products through an online channel.
BankUnited, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Announces Impairment of Other Real Estate Owned for the Fourth Quarter of 2013; Provides Earnings Guidance for the Year 2014