BankUnited Financial Corporation (NASDAQ:BKUNA)
Industry: Financial
BankUnited Financial Corporation (BankUnited) is a holding company for BankUnited, FSB (the Bank). BankUnited's primary business consists of the Bank's operations. The Bank offers a spectrum of consumer and commercial banking products and services to consumers and businesses located primarily in Florida. As of November 30, 2005, the Bank's distribution system included 63 full-service branches in Florida; three loan production offices in Florida and four outside of Florida; a wholesale network for originating loans through mortgage broker relationships, and channels for conducting business through automated teller machines, personal computer (PC) banking, telebanking and Internet banking. Lending Activities BankUnited produces loans primarily for its portfolio, although it periodically sells a portion of the loans produced. It offers an array of residential mortgage products and originates loans for both the Bank's loan portfolio and for sale or securitization in the secondary market to governmental sponsored entities or other investors. The distribution channels used by BankUnited to originate loans include a network of mortgage brokers, internal retail loan originators and its sales force at each of its banking and loan production offices. BankUnited originates both fixed and adjustable rate (ARMs) one- to four-family loans typically secured by first mortgages on the borrower's primary or secondary residence. Consumer loans are originated through the Bank's branch network in the form of home equity loans and lines of credit, and to a lesser extent, automobile, boat and cash collateral loans. BankUnited originates and participates in commercial real estate loans, and to a lesser degree, multi-family loans, which may have fixed or variable interest rates. The commercial real estate loan portfolio includes loans secured by apartment buildings, office buildings, industrial/warehouses, retail centers and other properties located primarily in BankUnited's market area. BankUnited makes real estate construction loans to builders and real estate developers for the construction of commercial and single and multi-family real estate. These loans are primarily secured by single-family homes, condominiums, apartments, retail centers, commercial warehouse properties, office buildings, medical facilities or other property. BankUnited makes land loans to individuals for the purchase of land for their residences, as well as to builders and real estate developers for the purchase of land. BankUnited makes and participates in both secured and unsecured commercial business loans to companies in its market area. The majority of BankUnited's commercial business loan portfolio is secured by accounts receivable, inventory, equipment and/or general corporate assets of the borrowers, as well as the personal guarantee of the principal. BankUnited also makes and participates in loans originated by third parties. BankUnited sells a portion of the mortgage loans that it originates and may retain the right to service those loans. Mortgage servicing rights (MSR) arise from contractual agreements between BankUnited and investors in mortgage securities and mortgage loans. At September 30, 2005, BankUnited was servicing loans of approximately $1.7 billion for others. As of September 30, 2005, BankUnited had mortgage servicing rights with a carrying amount of $22.1 million. Deposits BankUnited offers a variety of deposit products ranging from personal and commercial transaction accounts, money market and regular savings accounts to certificates of deposit with maturities of up to five years. As of September 30, 2005, BankUnited had $300 million of certificates of deposit issued to the State of Florida, referred to as public funds. Investments and Mortgage-Backed Securities BankUnited maintains an investment portfolio consisting of debt, equity and mortgage-backed securities of Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC); debt, equity, trust preferred, and mortgage-backed securi
As Of: 10/07 00:00 ET
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