Exhibit 1 of 15
BANK UNITED CORP.
SUPPLEMENTAL BALANCE SHEET, AS REPORTED
(dollars in thousands)
(unaudited)
March 31, December 31, March 31,
2000 1999 1999
Assets
Cash and cash equivalents 188,797 326,593 245,867
Securities purchased under
agreements to resell and
federal funds sold 244,846 488,714 429,653
Securities and other investments 138,269 145,533 143,071
Mortgage-backed securities 897,013 901,805 1,175,160
Loans
Single family held
for investment 6,839,518 6,482,085 4,988,324
Single family held for sale 373,868 669,958 1,571,433
Commercial 6,499,529 6,151,726 4,529,272
Consumer 742,517 693,405 583,960
Federal Home Loan Bank stock 334,775 335,088 292,299
Mortgage servicing rights 557,779 567,376 431,746
Servicing receivables 131,716 139,841 160,786
Deferred tax asset 105,645 109,519 96,948
Premises and equipment 89,966 88,755 78,286
Intangible assets 81,101 82,948 87,035
Real estate owned 22,011 15,144 29,069
Other assets 141,023 153,711 152,427
Total assets 17,388,373 17,352,201 14,995,336
Liabilities
Deposits 8,505,536 8,361,782 7,170,316
Federal Home Loan Bank advances 6,593,300 6,593,293 5,744,789
Securities sold under
agreements to repurchase
and federal funds purchased 553,165 634,722 588,083
Notes payable 368,810 368,786 368,715
Other liabilities 282,657 275,073 207,111
Total liabilities 16,303,468 16,233,656 14,079,014
Minority interest and redeemable
preferred stock
Preferred stock issued
by consolidated subsidiary 185,500 185,500 185,500
Redeemable preferred stock 100,000 160,000 ---
Total minority interest and
redeemable preferred stock 285,500 345,500 185,500
Stockholders' equity
Common stock 325 325 323
Paid-in capital 132,411 132,411 132,572
Retained earnings 693,662 669,222 603,698
Unearned stock compensation (3,784) (4,235) ---
Accumulated other comprehensive income
-unrealized gains (losses) on
securities available for
sale, net of tax (22,120) (23,736) (4,708)
Treasury stock, at cost (1,089) (942) (1,063)
Total stockholders' equity 799,405 773,045 730,822
Total liabilities and
stockholders' equity 17,388,373 17,352,201 14,995,336
Exhibit 2 of 15
BANK UNITED CORP.
INCOME STATEMENT TREND, AS REPORTED
(dollars in thousands, except per share data)
(unaudited)
For the Six Months For the Quarter
Ended Ended
03/31/00 03/31/99 03/31/00 12/31/99
Interest income
Short-term
interest-earning
assets 12,273 10,476 7,255 5,018
Securities and other
investments 5,258 3,605 2,422 2,836
Mortgage-backed
securities 31,874 35,746 15,585 16,289
Loans 542,704 423,028 276,940 265,764
Federal Home Loan
Bank stock 9,884 7,882 5,117 4,767
Total interest income 601,993 480,737 307,319 294,674
Interest expense
Deposits 181,718 145,668 93,652 88,066
Federal Home Loan
Bank advances 188,605 145,478 97,229 91,376
Securities sold under
agreements to repurchase
and federal funds
purchased 15,136 18,788 7,491 7,645
Notes payable 15,843 9,975 7,922 7,921
Total interest expense 401,302 319,909 206,294 195,008
Net interest income 200,691 160,828 101,025 99,666
Provision for
credit losses 16,067 12,468 8,925 7,142
Net interest income
after provision for
credit losses 184,624 148,360 92,100 92,524
Non-interest income
Loan servicing fees,
gross 71,988 59,093 37,405 34,583
Less amortization
expense 35,628 31,495 17,891 17,737
Net servicing fees 36,360 27,598 19,514 16,846
Deposit fees
and charges 16,017 9,797 8,130 7,887
Net gains (losses)
Sales of single family
loans and servicing
rights 6,056 13,175 3,843 2,213
Securities and
mortgage-backed
securities 1,188 785 555 633
Other loans 3,482 1,027 1,778 1,704
Net gains (losses) 10,726 14,987 6,176 4,550
Other 8,893 9,107 4,837 4,056
Total non-interest
income 71,996 61,489 38,657 33,339
Non-interest expense
Compensation and
benefits 66,949 47,652 34,221 32,728
Occupancy 12,965 10,068 6,816 6,149
Data processing 13,524 9,051 6,937 6,587
Court of claims
litigation 1,250 4,077 625 625
Amortization of
intangibles 3,654 2,920 1,848 1,806
REO operations, net 501 592 820 (319)
Merger related and
restructuring costs --- --- --- ---
Other 43,090 36,144 21,391 21,699
Total non-interest
expense 141,933 110,504 72,658 69,275
Income before income
taxes and minority
interest 114,687 99,345 58,099 56,588
Income tax expense 40,969 37,376 20,721 20,248
Income before minority
interest 73,718 61,969 37,378 36,340
Minority interest -
subsidiary preferred
stock dividends 9,126 9,126 4,563 4,563
Net income 64,592 52,843 32,815 31,777
Net income available to
common stockholders 59,248 52,843 30,436 28,812
Basic earnings per
common share 1.83 1.64 0.94 0.89
Diluted earnings per
common share 1.80 1.60 0.93 0.87
Exhibit 3 of 15
BANK UNITED CORP.
INCOME STATEMENT TREND, AS REPORTED
(dollars in thousands, except per share data)
(unaudited)
09/30/99 06/30/99 03/31/99
Interest income
Short-term interest-earning assets 5,528 4,838 5,514
Securities and other investments 1,912 1,747 1,990
Mortgage-backed securities 16,175 17,744 17,779
Loans 248,036 222,975 213,263
Federal Home Loan Bank stock 4,437 3,857 4,059
Total interest income 276,088 251,161 242,605
Interest expense
Deposits 78,173 72,789 71,292
Federal Home Loan Bank advances 83,804 73,732 74,948
Securities sold under agreements
to repurchase and federal funds
purchased 6,899 7,242 8,666
Notes payable 7,913 7,904 5,088
Total interest expense 176,789 161,667 159,994
Net interest income 99,299 89,494 82,611
Provision for credit losses 20,283 5,617 5,982
Net interest income after
provision for credit losses 79,016 83,877 76,629
Non-interest income
Loan servicing fees, gross 33,464 29,193 28,940
Less amortization expense 18,939 16,908 16,065
Net servicing fees 14,525 12,285 12,875
Deposit fees and charges 7,478 5,901 4,958
Net gains (losses)
Sales of single family loans
and servicing rights 2,106 3,628 4,662
Securities and mortgage-backed
securities 173 332 605
Other loans 1,393 879 (38)
Net gains (losses) 3,672 4,839 5,229
Other 5,333 4,439 5,264
Total non-interest income 31,008 27,464 28,326
Non-interest expense
Compensation and benefits 33,681 28,611 25,419
Occupancy 6,914 5,859 5,340
Data processing 6,230 5,293 4,700
Court of claims litigation 1,749 1,749 1,316
Amortization of intangibles 1,864 1,863 1,582
REO operations, net 722 566 623
Merger related and
restructuring costs 2,394 --- ---
Other 21,845 19,801 17,653
Total non-interest expense 75,399 63,742 56,633
Income before income taxes and
minority interest 34,625 47,599 48,322
Income tax expense (benefit) (1,356) 17,639 18,292
Income before minority interest 35,981 29,960 30,030
Minority interest - subsidiary
preferred stock dividends 4,564 4,563 4,563
Net income 31,417 25,397 25,467
Net income available to
common stockholders 29,715 25,397 25,467
Basic earnings per common share 0.92 0.78 0.79
Diluted earnings per common share 0.90 0.77 0.77
Exhibit 4 of 15
BANK UNITED CORP.
FINANCIAL HIGHLIGHTS TREND, AS REPORTED
(dollars in thousands, except per share data)
(unaudited)
For the Six Months For the Quarter
Ended Ended
03/31/00 03/31/99 03/31/00 12/31/99
For the period ended
Loan fundings
Single family 1,103,768 2,399,092 462,071 641,697
Commercial 3,184,620 2,043,508 1,515,232 1,669,388
Consumer 173,572 142,620 90,871 82,701
Total 4,461,960 4,585,220 2,068,174 2,393,786
NOLs utilized
during period 29,800 120,200 14,900 14,900
NOL balance at
period end 304,400 403,300 304,400 319,300
Common share data
Average shares
outstanding-basic 32,447,412 32,185,426 32,439,047 32,455,687
Average shares
outstanding-
diluted 32,831,985 32,858,467 32,721,219 32,949,661
Ending shares
outstanding 32,438,926 32,271,517 32,438,926 32,444,426
Basic earnings
per share 1.83 1.64 0.94 0.89
Diluted earnings
per share 1.80 1.60 0.93 0.87
Dividends paid
per common share 0.370 0.314 0.185 0.185
Book value (period end) 24.64 22.65 24.64 23.83
Tangible book value
(period end) 22.14 19.95 22.14 21.27
At period end
Assets 17,388,373 14,995,336 17,388,373 17,352,201
Securities and
other investments 138,269 143,071 138,269 145,533
Mortgage-backed
securities 897,013 1,175,160 897,013 901,805
Loans 14,455,432 11,672,989 14,455,432 13,997,174
Allowance for
credit losses 94,719 59,320 94,719 87,773
Mortgage servicing
rights 557,779 431,746 557,779 567,376
Deposits 8,505,536 7,170,316 8,505,536 8,361,782
Borrowed funds 7,515,275 6,701,587 7,515,275 7,596,801
Minority interest
and redeemable
preferred stock 285,500 185,500 285,500 345,500
Stockholders' equity 799,405 730,822 799,405 773,045
Single family
servicing portfolio
Others 26,795,884 22,812,908 26,795,884 27,524,504
Bank 5,062,042 4,491,073 5,062,042 5,004,162
Total 31,857,926 27,303,981 31,857,926 32,528,666
Average balances
Assets 17,000,882 14,521,136 17,206,100 16,797,894
Stockholders' equity 775,524 713,219 786,330 764,098
Interest-earning
assets 15,777,686 13,410,360 15,998,079 15,559,674
Interest-bearing
liabilities 15,668,819 13,475,597 15,828,962 15,510,422
Exhibit 5 of 15
BANK UNITED CORP.
FINANCIAL HIGHLIGHTS TREND, AS REPORTED
(dollars in thousands, except per share data)
(unaudited)
09/30/99 06/30/99 03/31/99
For the period ended
Loan fundings
Single family 574,101 707,009 773,143
Commercial 1,291,830 1,144,047 1,001,576
Consumer 83,162 92,627 78,093
Total 1,949,093 1,943,683 1,852,812
NOLs utilized during period 12,300 56,800 57,800
NOL balance at period end 334,200 346,500 403,300
Common share data
Average shares
outstanding-basic 32,424,459 32,401,036 32,190,307
Average shares
outstanding-diluted 32,964,086 33,081,914 32,913,479
Ending shares outstanding 32,448,926 32,413,483 32,271,517
Basic earnings per share 0.92 0.78 0.79
Diluted earnings per share 0.90 0.77 0.77
Dividends paid per common share 0.185 0.193 0.157
Book value (period end) 23.22 22.86 22.65
Tangible book value (period end) 20.64 20.22 19.95
At period end
Assets 16,244,679 15,545,747 14,995,336
Securities and other investments 143,538 142,108 143,071
Mortgage-backed securities 1,004,002 1,076,277 1,175,160
Loans 13,116,202 12,454,619 11,672,989
Allowance for credit losses 82,705 64,018 59,320
Mortgage servicing rights 534,694 527,464 431,746
Deposits 7,508,502 7,311,673 7,170,316
Borrowed funds 7,329,132 7,034,819 6,701,587
Minority interest and redeemable
preferred stock 345,500 185,500 185,500
Stockholders' equity 753,414 740,860 730,822
Single family servicing portfolio
Others 26,058,482 25,950,135 22,812,908
Bank 4,834,511 4,659,020 4,491,073
Total 30,892,993 30,609,155 27,303,981
Average balances
Assets 16,031,175 15,113,371 14,867,541
Stockholders' equity 750,809 738,028 722,312
Interest-earning assets 14,814,946 13,943,689 13,712,781
Interest-bearing liabilities 14,755,228 14,015,570 13,813,336
Exhibit 6 of 15
BANK UNITED CORP.
KEY RATIOS, AS REPORTED
(dollars in thousands, except per share data)
(unaudited)
For the Six Months For the Quarter
Ended Ended
03/31/00 03/31/99 03/31/00 12/31/99
Ratios
ROA (return, before
minority interest
and redeemable
preferred stock,
on average assets) 0.87 0.73 0.87 0.86
ROCE (return on
average common equity) 15.28 14.86 15.57 15.00
Net interest spread 2.53 2.45 2.48 2.58
Net yield on
interest-earning assets 2.57 2.43 2.53 2.60
Efficiency ratio 50.82 48.49 50.81 50.84
Equity to assets
(period end) 4.60 4.87 4.60 4.46
Equity to assets
(average) 4.56 4.91 4.57 4.55
Tangible capital ratio
(Bank only) 7.01 6.72 7.01 6.84
Core capital ratio
(Bank only) 7.02 6.74 7.02 6.85
Risk-based capital ratio
(Bank only) 11.16 11.91 11.16 11.14
Asset quality (period end)
Nonperforming assets
("NPAs") 121,251 92,752 121,251 111,891
Nonperforming loans
("NPLs") 98,082 63,158 98,082 95,943
NPAs as a % of
total assets 0.70 0.62 0.70 0.64
Allowance to period
end loan balance 0.65 0.51 0.65 0.62
Allowance to average
loan balance 0.68 0.52 0.67 0.64
Allowance to NPLs
- single family 24.04 22.96 24.04 25.93
- commercial 341.28 752.87 341.28 361.12
- consumer 171.97 148.65 171.97 78.13
- total 96.57 93.92 96.57 91.48
Branch and employee statistics
Full-time equivalent
employees 2,622 2,272 2,622 2,599
Commercial banking
offices 23 19 23 21
SBA lending offices 23 2 23 25
Wholesale mtg.
origination offices 11 9 11 11
Community bank branches
Traditional 83 81 83 82
Supermarket 71 13 71 70
Total 154 94 154 152
ATMs 158 93 158 156
Checking accounts
excluding escrows 251,000 191,000 251,000 239,000
Exhibit 7 of 15
BANK UNITED CORP.
KEY RATIOS, AS REPORTED
(dollars in thousands, except per share data)
(unaudited)
09/30/99 06/30/99 03/31/99
Ratios
ROA (return, before minority
interest and redeemable preferred
stock, on average assets) 0.89 0.80 0.82
ROCE (return on average
common equity) 15.70 13.80 14.30
Net interest spread 2.71 2.60 2.44
Net yield on interest-earning assets 2.73 2.58 2.41
Efficiency ratio 56.55 53.04 49.73
Equity to assets (period end) 4.64 4.77 4.87
Equity to assets (average) 4.68 4.88 4.86
Tangible capital ratio (Bank only) 7.14 6.60 6.72
Core capital ratio (Bank only) 7.15 6.62 6.74
Risk-based capital ratio (Bank only) 11.71 11.24 11.91
Asset quality (period end)
Nonperforming assets ("NPAs") 108,267 100,078 92,752
Nonperforming loans ("NPLs") 89,649 75,001 63,158
NPAs as a % of total assets 0.67 0.64 0.62
Allowance to period end loan balance 0.63 0.51 0.51
Allowance to average loan balance 0.64 0.53 0.51
Allowance to NPLs
- single family 25.71 21.44 22.96
- commercial 436.59 679.04 752.87
- consumer 151.77 221.48 148.65
- total 92.25 85.36 93.92
Branch and employee statistics
Full-time equivalent employees 2,578 2,462 2,272
Commercial banking offices 20 18 19
SBA lending offices 23 2 2
Wholesale mtg. origination offices 10 9 9
Community bank branches
Traditional 82 82 81
Supermarket 68 62 13
Total 150 144 94
ATMs 152 149 93
Checking accounts excluding escrows 233,000 211,000 191,000
Exhibit 8 of 15
BANK UNITED CORP.
ADJUSTING ITEMS
(dollars in thousands, except per share data)
(unaudited)
For the Six Months For the Quarter
Ended Ended
03/31/00 03/31/99 03/31/00 12/31/99
Net income as reported 64,592 52,843 32,815 31,777
Additional allowance
for credit losses --- --- --- ---
Servicing valuation
improvement (2,398) --- (1,674) (724)
Court of claims
litigation expenses 1,250 4,077 625 625
Merger related and
restructuring costs --- --- --- ---
Tax effect on
adjusting items 410 (1,527) 375 35
NOL tax benefit --- --- --- ---
Net income as adjusted 63,854 55,393 32,141 31,713
Diluted earnings per
share as reported 1.80 1.60 0.93 0.87
Additional allowance
for credit losses --- --- --- ---
Servicing valuation
improvement (0.04) --- (0.03) (0.01)
Court of claims
litigation expenses 0.02 0.08 0.01 0.01
Merger related and
restructuring costs --- --- --- ---
NOL tax benefit --- --- --- ---
Diluted earnings per
share as adjusted 1.78 1.68 0.91 0.87
Selected data, excluding
adjusting items
Net income available to
common stockholders 58,510 55,393 29,762 28,748
ROA 0.86 0.77 0.86 0.86
ROCE 15.09 15.55 15.23 14.96
Efficiency ratio 50.81 46.66 50.97 50.65
Net interest spread 2.53 2.45 2.48 2.58
Net yield on
interest-earning assets 2.57 2.43 2.53 2.60
Exhibit 9 of 15
BANK UNITED CORP.
ADJUSTING ITEMS
(dollars in thousands, except per share data)
(unaudited)
09/30/99 06/30/99 03/31/99
Net income as reported 31,417 25,397 25,467
Additional allowance
for credit losses 13,009 --- ---
Servicing valuation improvement --- --- ---
Court of claims litigation expenses 1,749 1,749 1,316
Merger related and
restructuring costs 2,893 --- ---
Tax effect on adjusting items (6,619) (655) (494)
NOL tax benefit (13,500) --- ---
Net income as adjusted 28,949 26,491 26,289
Diluted earnings per share
as reported 0.90 0.77 0.77
Additional allowance
for credit losses 0.25 --- ---
Servicing valuation improvement --- --- ---
Court of claims litigation expenses 0.03 0.03 0.03
Merger related and
restructuring costs 0.06 --- ---
NOL tax benefit (0.41) --- ---
Diluted earnings per share
as adjusted 0.83 0.80 0.80
Selected data, excluding adjusting items
Net income available to
common stockholders 27,247 26,491 26,289
ROA 0.83 0.82 0.84
ROCE 14.45 14.38 14.74
Efficiency ratio 53.23 51.55 48.54
Net interest spread 2.71 2.60 2.44
Net yield on interest-earning assets 2.73 2.58 2.41
Exhibit 10 of 15
BANK UNITED CORP.
SUPPLEMENTAL LOAN AND DEPOSIT DATA, AS REPORTED
(dollars in thousands)
(unaudited)
March 31, December 31, March 31,
2000 1999 1999
Loans
Single family
Held for investment 6,857,527 6,501,454 5,001,165
Allowance for credit losses (18,009) (19,369) (12,841)
Net single family
held for investment 6,839,518 6,482,085 4,988,324
Held for sale 373,868 669,958 1,571,433
Net single family 7,213,386 7,152,043 6,559,757
Commercial
Single family construction 1,401,216 1,279,322 1,065,853
Mortgage banker finance
line of credit 1,205,075 1,201,351 867,434
Commercial real estate
construction 116,846 121,728 76,480
Commercial real estate 1,038,076 984,886 600,992
Multi-family construction 285,467 268,726 178,482
Multi-family 928,735 935,006 744,576
Healthcare construction 302,222 284,297 193,462
Healthcare 440,206 426,028 252,647
Commercial syndications 327,357 286,273 271,288
SBA 272,399 203,975 172,818
Small business 197,356 185,498 116,926
Energy 54,679 33,829 25,296
Agricultural 4,182 6,918 7,520
Total commercial 6,573,816 6,217,837 4,573,774
Allowance for credit losses (74,287) (66,111) (44,502)
Net commercial 6,499,529 6,151,726 4,529,272
Consumer
Real estate 669,165 620,377 494,991
Installment 70,950 69,828 84,128
Revolving 4,825 5,493 6,818
Total consumer 744,940 695,698 585,937
Allowance for credit losses (2,423) (2,293) (1,977)
Net consumer 742,517 693,405 583,960
Total loans receivable, net 14,455,432 13,997,174 11,672,989
Deposits
Transaction accounts
Non-interest checking 813,742 898,382 690,209
Checking with interest 266,245 274,510 282,902
Savings 139,517 133,371 138,921
Money market 2,356,525 2,118,722 2,120,083
Mortgage loan principal
and interest 139,720 146,952 248,636
Escrow 253,207 220,982 215,907
3,968,956 3,792,919 3,696,658
Certificates of deposit 3,657,338 3,640,587 3,287,932
Wholesale certificates of deposit 879,242 928,276 185,726
4,536,580 4,568,863 3,473,658
Total deposits 8,505,536 8,361,782 7,170,316
Exhibit 11 of 15
BANK UNITED CORP.
LOAN ACTIVITY, AS REPORTED
(dollars in thousands)
(unaudited)
For the Quarter Ended
March 31, December 31, March 31,
2000 1999 1999
Beginning balance
Single family held for investment 6,482,085 6,451,606 5,363,755
Single family held for sale 669,958 592,583 1,783,143
Commercial 6,151,726 5,408,675 4,189,806
Consumer 693,405 663,338 527,918
Fundings
Single family held for investment 124,593 84,836 93,473
Single family held for sale 337,478 556,861 679,670
Commercial 1,515,232 1,669,388 1,001,576
Consumer 90,871 82,701 78,093
Purchases
Single family held for investment 70,841 149,330 148,252
Single family held for sale 80,185 55,817 27,732
Commercial 136,325 127,832 274,218
Consumer --- --- 25,472
Net change in mortgage banker
finance line of credit 3,724 257,196 (54,438)
Repayments
Single family held for investment (225,701) (352,511) (601,611)
Single family held for sale (11,905) (17,400) (100,636)
Commercial (1,127,913) (1,162,086) (691,084)
Consumer (40,634) (52,389) (46,777)
Loans sold or securitized
Single family held for investment (3,980) (18,579) (4,068)
Single family held for sale (299,016) (333,634) (800,140)
Commercial (173,352) (147,051) (185,705)
Consumer --- (1,267) ---
Foreclosures (8,366) (5,914) (7,691)
Net change in allowance
for credit losses (6,946) (5,068) (6,627)
Other (3,178) (7,090) (21,342)
Ending balance
Single family held for investment 6,839,518 6,482,085 4,988,324
Single family held for sale 373,868 669,958 1,571,433
Commercial 6,499,529 6,151,726 4,529,272
Consumer 742,517 693,405 583,960
Exhibit 12 of 15
BANK UNITED CORP.
MORTGAGE-BACKED SECURITY ACTIVITY, AS REPORTED
(dollars in thousands)
(unaudited)
For the Quarter Ended
March 31, December 31, March 31,
2000 1999 1999
Beginning balance 901,805 1,004,002 1,178,540
Purchases 24,969 151 101,790
Securitization --- --- ---
Sales --- (55,444) ---
Principal repayments (30,095) (39,646) (99,689)
Premium/discount amortization (764) (1,182) (1,233)
Unrealized gains/losses 1,098 (6,076) (4,248)
Ending balance 897,013 901,805 1,175,160
Exhibit 13 of 15
BANK UNITED CORP.
SINGLE FAMILY SERVICING PORTFOLIO SERVICED FOR OTHERS, AS REPORTED
(dollars in thousands)
(unaudited)
For the Quarter Ended
March 31, December 31, March 31,
2000 1999 1999
Servicing portfolio activity
Beginning balance 27,524,504 26,058,491 23,120,142
Production 229,687 317,142 992,188
Purchases 367,267 2,132,839 563,104
Sales (460,873) --- ---
Payoffs and amortization (777,390) (912,139) (1,796,768)
Foreclosures/Other (87,311) (71,829) (65,758)
Total serviced 26,795,884 27,524,504 22,812,908
Number of loans serviced 288,976 301,299 244,242
Mortgage servicing rights
("MSRs") at period end 557,779 567,376 431,746
MSRs as a % of principal balance 2.08 2.06 1.89
Loan type mix
Fixed rate 18,772,198 19,342,418 15,333,900
Adjustable rate 8,023,686 8,182,086 7,479,008
Total 26,795,884 27,524,504 22,812,908
Investor mix
GNMA 12,602,105 13,111,729 9,129,660
FNMA 4,458,639 4,572,992 3,052,705
FHLMC 2,646,533 2,600,915 2,191,919
Other 7,088,607 7,238,868 8,438,624
Total 26,795,884 27,524,504 22,812,908
Average service fee rate 0.449 0.451 0.437
Note:At March 31, 2000, $2.1 billion of purchased servicing had not yet
been transferred to the Company and is expected to be transferred by the third
quarter of fiscal 2000.
Exhibit 14 of 15
BANK UNITED CORP.
ALLOWANCE FOR CREDIT LOSSES, AS REPORTED
(dollars in thousands)
(unaudited)
Single
ALLOWANCE ACTIVITY family Commercial Consumer Total
Balance at
December 31,1999 19,369 66,111 2,293 87,773
Provision 93 8,522 310 8,925
Net charge-offs (1,453) (346) (180) (1,979)
Balance at
March 31, 2000 18,009 74,287 2,423 94,719
Net charge-offs
to average loans
(annualized) 0.09 0.02 0.10 0.06
Balance at
September 30,1999 19,030 61,271 2,404 82,705
Provision 1,776 13,468 823 16,067
Net charge-offs (2,797) (452) (804) (4,053)
Balance at
March 31, 2000 18,009 74,287 2,423 94,719
Net charge-offs to
average loans
(annualized) 0.09 0.02 0.23 0.06
PERIOD END RESERVES March 31, December 31, March 31,
2000 1999 1999
Loans held for investment
Single family
Allowance 18,009 19,369 12,841
Period end loan balance 6,857,527 6,501,454 5,001,165
Average loan balance 6,597,141 6,380,049 5,075,534
Reserve ratio-period end 0.26 0.30 0.26
Reserve ratio-average 0.27 0.30 0.25
Reserve ratio-12 month average 0.29 0.34 0.28
Commercial
Allowance 74,287 66,111 44,502
Period end loan balance 6,390,956 6,085,978 4,430,385
Average loan balance 6,091,842 5,785,406 4,167,354
Reserve ratio-period end 1.16 1.09 1.00
Reserve ratio-average 1.22 1.14 1.07
Reserve ratio-12 month average 1.33 1.29 1.19
Consumer
Allowance 2,423 2,293 1,977
Period end loan balance 744,940 695,698 585,937
Average loan balance 726,521 701,589 550,055
Reserve ratio-period end 0.33 0.33 0.34
Reserve ratio-average 0.33 0.33 0.36
Reserve ratio-12 month average 0.36 0.36 0.39
Loans held for sale
Period end loan balance 556,728 801,817 1,714,822
Average loan balance 719,489 875,697 1,885,441
Total loans
Allowance 94,719 87,773 59,320
Period end loan balance 14,550,151 14,084,947 11,732,309
Average loan balance 14,134,993 13,742,741 11,678,384
Reserve ratio-period end 0.65 0.62 0.51
Reserve ratio-average 0.67 0.64 0.51
Reserve ratio-12 month average 0.71 0.69 0.54
Exhibit 15 of 15
BANK UNITED CORP.
AVERAGE BALANCE SHEET AND RATE INFORMATION, AS REPORTED
(dollars in thousands)
(unaudited)
For the Quarter Ended For the Quarter Ended
March 31, 2000 December 31, 1999
Average Average Average Average
Balance Rate Balance Rate
Interest-earning assets
Short-term
interest-earning
assets 467,586 6.14 340,092 5.77
Securities and other
investments 164,151 5.93 165,790 6.79
Mortgage-backed
securities 923,570 6.75 997,139 6.53
Loans
Single family 7,161,253 7.31 7,133,225 7.25
Commercial 6,225,195 8.46 5,896,251 8.27
Consumer 720,625 8.01 697,066 7.78
Total loans 14,107,073 7.85 13,726,542 7.72
Federal Home Loan
Bank stock 335,699 6.13 330,111 5.73
Total interest-
earning assets 15,998,079 7.68 15,559,674 7.54
Non-interest-
earning assets 1,208,021 1,238,220
Total assets 17,206,100 16,797,894
Interest-bearing liabilities
Deposits
Interest-bearing 7,235,182 5.21 6,826,402 5.12
Non-interest
bearing 1,101,023 --- 1,261,570 ---
Total deposits 8,336,205 4.52 8,087,972 4.32
Federal Home Loan
Bank advances 6,593,281 5.84 6,493,950 5.52
Securities sold under
agreements to
repurchase and federal
funds purchased 528,884 5.60 557,758 5.36
Notes payable 370,592 8.55 370,742 8.55
Total interest-
bearing
liabilities 15,828,962 5.20 15,510,422 4.96
Non-interest-bearing
liabilities and
stockholders'
equity 1,377,138 1,287,472
Total liabilities
and stockholders'
equity 17,206,100 16,797,894
Net interest spread 2.48 2.58
Net yield on
interest-earning assets 2.53 2.60
Ratio of average
interest-earning
assets to average
interest-bearing
liabilities 1.01 1.00
BANK UNITED CORP.
AVERAGE BALANCE SHEET AND RATE INFORMATION, AS REPORTED
(dollars in thousands)
(unaudited)
For the Quarter Ended
March 31, 1999
Average Average
Balance Rate
Interest-earning assets
Short-term interest-earning assets 454,508 4.85
Securities and other investments 158,625 5.09
Mortgage-backed securities 1,128,287 6.30
Loans
Single family 6,847,552 6.95
Commercial 4,276,401 7.85
Consumer 548,140 7.95
Total loans 11,672,093 7.33
Federal Home Loan Bank stock 299,268 5.50
Total interest-earning assets 13,712,781 7.10
Non-interest-earning assets 1,154,760
Total assets 14,867,541
Interest-bearing liabilities
Deposits
Interest-bearing 5,919,682 4.88
Non-interest-bearing 1,096,320 ---
Total deposits 7,016,002 4.12
Federal Home Loan Bank advances 5,872,316 5.11
Securities sold under agreements to
repurchase and federal funds purchased 693,700 5.00
Notes payable 231,318 8.80
Total interest-bearing liabilities 13,813,336 4.66
Non-interest-bearing liabilities and
stockholders' equity 1,054,205
Total liabilities and
stockholders' equity 14,867,541
Net interest spread 2.44
Net yield on interest-earning assets 2.41
Ratio of average interest-earning assets to
average interest-bearing liabilities 0.99
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