BankUnited Announces Second-Quarter Results for Fiscal 2008.
Linked as:
Extract
BankUnited Announces Second-Quarter Results for Fiscal 2008.
Provision for Loan Losses Increases by $94 Million
CORAL GABLES, Fla. -- BankUnited Financial Corporation (NASDAQ: BKUNA), parent company of BankUnited FSB, today reported a loss of $65.8 million, or $1.88 per diluted share, for the quarter ended March 31, 2008, compared to earnings of $24.4 million, or $0.64 per diluted share, for the quarter ended March 31, 2007. * The company increased the provision for loan losses from $4 million for the quarter ended March 31, 2007, to $98.0 million for the quarter ended March 31, 2008, in response to a weaker economy, deteriorating residential housing markets and increased foreclosures. * The allowance for loan losses was increased to $202.3 million, or 1.61% of total loans, as of March 31, 2008. * The company has completed Phase I and has begun implementation of Phase II of a multi-year strategic plan that will transition BankUnited to a more traditional reta...See the full content of this document
Sponsored links
