SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date of Report: February 25, 1997
BANKUNITED FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its charter)
FLORIDA 5-43936 65-0377773
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(State or other Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
255 ALHAMBRA CIRCLE, CORAL GABLES, FLORIDA 33134
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(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code: (305) 569-2000
<PAGE>
Item 5. OTHER EVENTS.
Attached hereto as Exhibit 20.1 is a press release announcing
BankUnited Financial Corporation's (the "Corporation")
first quarter earnings.
Attached hereto as Exhibit 20.2 is a press release announcing
the conversion of two classes of preferred stock into Class A
Common Stock.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
BANKUNITED FINANCIAL CORPORATION
By: /s/ SAMUEL A. MILNE
-------------------------------
Samuel A. Milne
Executive Vice President and
Chief Financial Officer
Dated: February 25, 1997
<PAGE>
BANKUNITED FINANCIAL CORPORATION
FORM 8-K
INDEX TO EXHIBITS
EXHIBIT
NO.
- -------
20.1 Press release regarding the Corporation's first quarter....
earnings
22.2 Press release regarding the conversion of two classes of the
Corporation's preferred stock..............................
Exhibit 20.1
<PAGE>
Contacts:
Alfred R. Camner
Chief Executive Officer
NEWS RELEASE
BANKUNITED James A. Dougherty
Chief Operating Officer
Nasdaq National Market: BKUNA
Samuel Milne
Chief Financial Officer
PHONE (305) 569-2000
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BankUnited Financial Corporation * 255 Alhambra Circle
* Coral Gables, Florida 33134
BANKUNITED, FSB * PRIVATE AND RELATIONSHIP BANKING
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FOR IMMEDIATE RELEASE
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February 3, 1997
BANKUNITED'S FIRST QUARTER EARNINGS JUMP 76%;
DOUBLES SIZE FROM PRIOR YEAR
CORAL GABLES, FL -- BankUnited Financial Corporation, parent company of
BankUnited, FSB, today reported net income of $1.6 million for the three months
ended December 31, 1996, a 76% increase over net income of $911,000 for the same
quarter of last year.
Fully-diluted earnings after payment of preferred stock dividends amounted to
$.13 (13 cents) per share for the first quarter of fiscal 1997, on 8,045,353
average fully-diluted common shares. This compared with $.15 (15 cents) per
share a year ago, on 3,172,243 average fully-diluted common shares.
BankUnited also reported that its assets more than doubled to $1.3 billion at
December 31, 1996 as compared with $638 million a year ago. Deposits increased
149% to $878 million at December 31, 1996 from $353 million one year ago; and
loans grew to $1 billion, a 114% increase over $88 million at December 31, 1995.
Alfred R. Camner, Chairman and CEO stated that "BankUnited has shown a strong
increase in net income compared to last year. This strong earnings performance
is not yet completely reflected in year to year comparisons in earnings per
share, as a result of the almost tripling of our average common shares
outstanding from the common shares issued in the Suncoast acquisition and the
$3.6 million shares issued in our public offering in February of last year. We
fully anticipate receiving important additional benefits to our bottom line from
substantial merger cost savings as the consolidation of Suncoast operations into
BankUnited continues during this year.
BankUnited has more than doubled its size during this past year in pursuing our
goal of becoming one of the most significant franchises headquartered in South
Florida. This expansion resulted not only from our acquisition of Suncoast
Savings and Loan, which had $409 million in assets, but additionally from a high
level of internal expansion which was more than 63% during the last year.
Furthermore, we are very pleased with the initial speed with which we have
merged the operations of Suncoast into BankUnited. For example, we substantially
integrated all Suncoast branch operations into BankUnited's system including
completing name changes within 30 days of the November closing. These newly
acquired branches have strengthened our South Florida presence significantly,
particularly in Broward County where we now have eight offices.
<PAGE>
The Suncoast acquisition combined with our recently completed $50 million trust
preferred stock offering has placed us in a unique position to pursue our target
of rapid growth in the consolidated bank market in South Florida. Our total core
capitalization, now totaling approximately $140 million, will enable us to
continue rapid internal expansion during the coming year; and, of course, we
will always be interested in attractive acquisitions which are appropriate to
achieve our goals."
Headquartered in Coral Gables, BankUnited currently is the fourth largest
publicly-held financial institution based in the tri-county South Florida
region, operating 15 branches in Dade, Broward and Palm Beach counties of
southeast Florida.
BankUnited Financial Corporation is traded on the Nasdaq National Market., Its
common stock trades under the symbol of BKUNA and its preferred stocks trade
under the symbols BKUNO, BKUNP and now BKUNN.
CONTACT: SAMUEL MILNE, CFO, BANKUNITED, (305) 569-2000
Distributed by: Boardroom Communications (954) 321-6334
Contact: Linda Greck or Julie Silver
<PAGE>
BankUnited Financial Corporation
FIRST QUARTER 1997 EARNINGS RELEASE
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<TABLE>
<CAPTION>
THREE MONTHS ENDED
DECEMBER 31,
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1996 1995
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(Dollars in thousands, except per share data)
<S> <C> <C>
Total interest income............................................. $ 19,491 $ 11,324
Total interest expense............................................ 12,387 7,786
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Net interest income........................................... 7,104 3,538
Provision (credit) for loan losses................................ 250 (300)
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Net interest income after provision for loan losses........... 6,854 3,838
Net gain on sale of assets........................................ -- --
Total other income................................................ 600 158
Total other expense............................................... 4,833 2,528
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Income before income taxes and preferred stock dividends...... 2,621 1,468
Provision for income taxes........................................ 1,022 557
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Net income before preferred stock dividends................... 1,599 911
Preferred stock dividends......................................... 672 536
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Net income after preferred stock dividends.................... $ 927 $ 375
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Primary earnings per common shares:............................... $ 0.13 $ 0.16
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Weighted average common shares and equivalents.................... 7,154,658 2,369,244
=========== ===========
Fully-diluted earnings per common share:.......................... $ 0.13 $ 0.15
=========== ===========
Weighted average fully-diluted common shares...................... 8,045,353 3,172,243
=========== ===========
Return on average equity.......................................... 8.08% 5.01%
Return on average assets.......................................... 0.62% 0.42%
Net interest yield on earning assets.............................. 2.83% 2.31%
Net interest spread............................................... 2.60% 1.91%
DECEMBER 31,
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1996 1995
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(Dollars in thousands)
Total assets...................................................... $1,329,044 $ 638,434
Loan receivable, net.............................................. 1,046,771 488,390
Mortgage-backed securities........................................ 86,112 52,353
Deposits.......................................................... 878,166 353,044
Borrowings........................................................ 289,259 231,775
Stockholders' equity.............................................. 98,155 46,793
Book value per common share....................................... 7.59 10.60
</TABLE>
Exhibit 22.2
<PAGE>
Contacts:
Alfred R. Camner
Chief Executive Officer
NEWS RELEASE
James A. Dougherty
BANKUNITED Chief Operating Officer
Nasdaq National Market: BKUNA Samuel Milne
Chief Financial Officer
PHONE (305) 569-2000
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BankUnited Financial Corporation * 255 Alhambra Circle
* Coral Gables, Florida 33134
BANKUNITED, FSB * PRIVATE AND RELATIONSHIP BANKING
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FOR IMMEDIATE RELEASE
- ---------------------
February 13, 1997
BANKUNITED ANNOUNCES CONVERSION OF TWO CLASSES OF
PREFERRED STOCK
CORAL GABLES, FL -- Alfred R. Camner, Chairman and CEO of BankUnited Financial
Corporation (NASDAQ: BKUNA) today announced that Frost-Nevada, Ltd., a limited
partnership controlled by Dr. Phillip Frost, the holder of BankUnited's Series C
and Series C-II classes of preferred stock, has exercised its right to convert
both classes to Class A Common Stock. BankUnited had previously exercised its
right to call both classes of preferred stock.
The Company called all 363,636 outstanding shares of its Series C Noncumulative
Convertible Preferred Stock at $5.50 per share. The shares will be converted to
Class A Common Stock at an exchange ratio of 1.45 shares of Common Stock for
each share of Series C Preferred Stock.
BankUnited also called all 222,223 outstanding shares of its Series C-II
Noncumulative Convertible Preferred Stock at $9 per share. The shares will be
converted to Class A Common Stock at an exchange ratio of 1.32 shares of Common
Stock for each share of Series C-II Preferred Stock.
Headquartered in Coral Gables, BankUnited currently is the fourth largest
publicly-held financial institution based in the tri-county South Florida
region, operating 15 branches in Dade, Broward and Palm Beach counties of
southeast Florida.
BankUnited Financial Corporation is traded on the Nasdaq National Market. Its
common stock trades under the symbol of BKUNA, Preferred stocks trade under the
symbols BKUNO, BKUNP and BKUNN.
CONTACT: SAMUEL MILNE, CFO, BANKUNITED, (305) 569-2000
Distributed by: Boardroom Communications (954) 321-6334
Contact: Linda Greck or Julie Silver
