BANK UNITED CORP.
SUPPLEMENTAL BALANCE SHEET, AS REPORTED
(in thousands)
(unaudited)
March 31, December 31, March 31,
1999 1998 1998
Assets
Cash and cash equivalents 237,251 321,989 197,207
Securities purchased under agreements
to resell and federal funds sold 411,529 185,850 609,503
Securities and other investments 124,373 89,163 61,753
Mortgage-backed securities, net 1,168,958 1,172,070 1,319,704
Loans, net
Single family held for investment 4,978,688 5,354,154 4,556,130
Single family held for sale 1,571,433 1,783,143 2,146,018
Commercial 4,480,710 4,144,105 2,880,053
Consumer 576,777 519,067 384,864
Federal Home Loan Bank stock 291,948 298,893 217,845
Mortgage servicing rights 431,746 417,235 275,672
Servicing receivables 160,786 155,825 114,568
Deferred tax asset 96,948 103,350 129,939
Premises and equipment 76,180 67,675 50,788
Intangible assets 87,035 58,253 62,915
Real estate owned 29,069 26,669 19,645
Other assets 151,335 126,120 82,893
Total Assets 14,874,766 14,823,561 13,109,497
Liabilities, Minority Interest,
and Stockholders' Equity
Liabilities
Deposits 6,605,548 6,304,183 6,506,367
Federal Home Loan Bank advances 5,744,594 5,888,294 4,228,294
Securities sold under agreements
to repurchase and federal
funds purchased 576,007 752,356 668,430
Notes payable 368,715 219,726 220,209
Mortgage loan principal and
interest due investors 248,636 359,618 231,583
Advances from borrowers
for taxes and insurance 215,907 207,459 175,747
Other liabilities 206,883 200,312 240,346
Total Liabilities 13,966,290 13,931,948 12,270,976
Minority interest
Preferred stock issued
by consolidated subsidiary 185,500 185,500 185,500
Stockholders' equity
Common stock 316 316 316
Paid-in capital 129,343 129,343 129,286
Retained earnings 599,088 579,028 519,172
Accumulated other comprehensive income
- unrealized gains (losses) on securities
available for sale, net of tax (4,708) (1,511) 4,247
Treasury stock, at cost (1,063) (1,063) ---
Total liabilities, minority interest
and stockholders' equity 722,976 706,113 653,021
14,874,766 14,823,561 13,109,497
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
3/31/99 03/31/98 03/31/99 12/31/98
Interest income
Short-term interest-earning assets 12,467 11,849 7,517 4,950
Securities and other investments 3,418 4,279 1,791 1,627
Mortgage-backed securities 35,661 46,980 17,694 17,967
Loans 419,350 373,135 209,585 209,765
Federal Home Loan Bank stock 7,879 6,338 4,056 3,823
Total interest income 478,775 442,581 240,643 238,132
Interest expense
Deposits 145,070 142,005 70,694 74,376
Federal Home Loan Bank advances 145,475 118,757 74,945 70,530
Securities sold under agreements
to repurchase
and federal funds purchased 18,652 32,625 8,530 10,122
Notes payable 9,975 9,792 5,088 4,887
Total interest expense 319,172 303,179 159,257 159,915
Net interest income 159,603 139,402 81,386 78,217
Provision for credit losses 12,384 14,963 5,898 6,486
Net interest income after
provision for credit losses 147,219 124,439 75,488 71,731
Non-interest income
Loan servicing fees, gross 59,093 40,561 28,940 30,153
Less amortization expense 31,495 27,102 16,065 15,430
Net servicing fees 27,598 13,459 12,875 14,723
Net gains (losses)
Sales of single family loans 13,175 2,541 4,662 8,513
Securities and mortgage-backed
securities 785 1,801 605 180
Other loans 1,027 376 (38) 1,065
Net gains (losses) 14,987 4,718 5,229 9,758
Other 18,711 13,280 10,029 8,682
Total non-interest income 61,296 31,457 28,133 33,163
Non-interest expense
Compensation and benefits 47,125 39,625 24,892 22,233
Occupancy 9,947 7,749 5,219 4,728
Data processing 8,977 7,750 4,626 4,351
Advertising and marketing 3,553 4,545 1,363 2,190
Court of claims litigation 4,077 900 1,316 2,761
Intangible amortization 2,920 2,353 1,582 1,338
SAIF deposit insurance premiums 2,010 1,927 1,043 967
Furniture and equipment 1,766 1,740 877 889
Other 29,163 21,658 14,749 14,414
Total non-interest expense 109,538 88,247 55,667 53,871
Income before income taxes and
minority interest 98,977 67,649 47,954 51,023
Income tax expense 37,365 (8,209) 18,281 19,084
Income before minority interest 61,612 75,858 29,673 31,939
Minority interest - subsidiary
preferred stock dividends 9,126 9,126 4,563 4,563
NET INCOME 52,486 66,732 25,110 27,376
Basic earnings per common share 1.66 2.11 0.80 0.87
Diluted earnings per common share 1.63 2.06 0.78 0.85
BANK UNITED CORP.
INCOME STATEMENT TREND, AS REPORTED cont.
(dollars in thousands, except per share data)
(unaudited)
09/30/98 06/30/98 03/31/98
Interest income
Short-term interest-earning assets 15,949 10,164 6,293
Securities and other investments 3,121 1,693 2,140
Mortgage-backed securities 15,228 19,962 22,595
Loans 190,316 193,439 189,007
Federal Home Loan Bank stock 3,191 3,102 3,181
Total interest income 227,805 228,360 223,216
Interest expense
Deposits 79,307 79,448 74,367
Federal Home Loan Bank advances 59,253 58,242 58,553
Securities sold under agreements
to repurchase and federal funds
purchased 12,866 10,591 14,019
Notes payable 4,887 4,892 4,896
Total interest expense 156,313 153,173 151,835
Net interest income 71,492 75,187 71,381
Provision for credit losses 3,346 1,814 11,524
Net interest income after
provision for credit losses 68,146 73,373 59,857
Non-interest income
Loan servicing fees, gross 28,100 26,760 20,011
Less amortization expense 16,214 16,130 15,890
Net servicing fees 11,886 10,630 4,121
Net gains (losses)
Sales of single family loans 5,660 2,923 2,715
Securities and mortgage-backed securities 736 224 886
Other loans (22) 297 376
Net gains (losses) 6,374 3,444 3,977
Other 8,567 8,579 6,760
Total non-interest income 26,827 22,653 14,858
Non-interest expense
Compensation and benefits 24,417 22,683 20,915
Occupancy 3,372 4,376 4,071
Data processing 4,639 4,202 3,927
Advertising and marketing 2,069 1,685 1,671
Court of claims litigation 450 450 450
Intangible amortization 1,750 1,761 1,468
SAIF deposit insurance premiums 1,060 1,173 1,076
Furniture and equipment 908 1,038 848
Other 11,094 13,168 12,631
Total non-interest expense 49,759 50,536 47,057
Income before income taxes and
minority interest 45,214 45,490 27,658
Income tax expense 16,917 17,014 (23,207)
Income before minority interest 28,297 28,476 50,865
Minority interest - subsidiary preferred
stock dividends 4,564 4,563 4,563
NET INCOME 23,733 23,913 46,302
Basic earnings per common share 0.75 0.76 1.47
Diluted earnings per common share 0.74 0.74 1.43
BANK UNITED CORP.
FINANCIAL HIGHLIGHTS TREND, AS REPORTED
(dollars in thousands, except per share data)
(unaudited)
For the Six Months Ended For the Quarter Ended
3/31/99 03/31/98 03/31/99 12/31/98
For the period ended
Loan fundings
Single family 2,399,057 1,959,019 773,108 1,625,949
Commercial 2,040,570 1,219,141 998,638 1,041,932
Consumer 142,620 180,030 78,093 64,527
Total 4,582,247 3,358,190 1,849,839 2,732,408
Common share data
Ending shares
outstanding 31,562,896 31,595,596 31,562,896 31,562,896
Average shares
outstanding-basic 31,564,833 31,595,596 31,562,896 31,566,728
Average shares
outstanding-diluted 32,172,342 32,316,312 32,204,416 32,140,966
Basic earnings per share 1.66 2.11 0.80 0.87
Diluted earnings per share 1.63 2.06 0.78 0.85
Dividends paid
per common share 0.32 0.32 0.16 0.16
Book value (period end) 22.91 20.67 22.91 22.37
Tangible book value
(period end) 20.15 18.68 20.15 20.53
At period end
Assets 14,874,766 13,109,497 14,874,766 14,823,561
Securities 124,373 61,753 124,373 89,163
Mortgage-backed
securities 1,168,958 1,319,704 1,168,958 1,172,070
Loans, net 11,607,608 9,967,065 11,607,608 11,800,469
Allowance for credit
losses 58,767 44,415 58,767 52,217
Mortgage servicing rights 431,746 275,672 431,746 417,235
Deposits 6,605,548 6,506,367 6,605,548 6,304,183
Borrowed funds 6,689,316 5,116,933 6,689,316 6,860,376
Minority interest 185,500 185,500 185,500 185,500
Stockholders' equity 722,976 653,021 722,976 706,113
Servicing portfolio
Others 22,812,908 19,299,690 22,812,908 23,120,142
Bank 4,491,073 4,588,197 4,491,073 4,468,075
Total 27,303,981 23,887,887 27,303,981 27,588,217
NOLs utilized during
period 120,200 78,100 57,800 62,400
NOL balance at period end 403,300 623,500 403,300 461,100
Average balances
Assets 14,404,717 12,377,418 14,751,122 14,065,842
Stockholders' equity 706,117 617,631 715,210 697,024
Interest-earning
assets 13,304,904 11,572,610 13,607,325 13,009,055
Interest-bearing
liabilities 12,833,824 11,102,527 13,228,737 12,447,496
BANK UNITED CORP.
FINANCIAL HIGHLIGHTS TREND, AS REPORTED cont.
(dollars in thousands, except per share data)
(unaudited)
9/30/98 6/30/98 3/31/98
For the period ended
Loan fundings
Single family 997,808 832,562 1,112,078
Commercial 934,186 723,001 690,521
Consumer 58,505 128,562 143,465
Total 1,990,499 1,684,125 1,946,064
Common share data
Ending shares outstanding 31,582,896 31,595,596 31,595,596
Average shares
outstanding-basic 31,595,179 31,595,596 31,595,596
Average shares
outstanding-diluted 32,252,057 32,442,309 32,316,688
Basic earnings per share 0.75 0.76 1.47
Diluted earnings per share 0.74 0.74 1.43
Dividends paid per common share 0.16 0.16 0.16
Book value (period end) 21.67 21.19 20.67
Tangible book value (period end) 19.78 19.25 18.68
At period end
Assets 13,664,992 13,095,947 13,109,497
Securities 91,350 137,414 61,753
Mortgage-backed securities 932,058 1,050,101 1,319,704
Loans, net 10,803,744 9,711,789 9,967,065
Allowance for credit losses 47,027 44,935 44,415
Mortgage servicing rights 410,868 410,650 275,672
Deposits 6,320,476 6,419,242 6,506,367
Borrowed funds 5,814,756 5,189,733 5,116,933
Minority interest 185,500 185,500 185,500
Stockholders' equity 684,412 669,411 653,021
Servicing portfolio
Others 23,491,960 24,833,455 19,299,690
Bank 4,443,340 4,515,995 4,588,197
Total 27,935,300 29,349,450 23,887,887
NOLs utilized during period 42,000 58,000 32,400
NOL balance at period end 523,500 565,500 623,500
Average balances
Assets 13,243,434 13,038,008 12,708,333
Stockholders' equity 677,602 662,469 627,384
Interest-earning assets 12,080,553 12,082,896 11,804,306
Interest-bearing liabilities 11,639,485 11,503,379 11,388,405
BANK UNITED CORP.
KEY RATIOS, AS REPORTED
(dollars in thousands, except per share data)
(unaudited)
For the Six Months For the Quarter
Ended Ended
3/31/99 03/31/98 03/31/99 12/31/98
Ratios
ROA (return, before minority interest,
on average assets) 0.86 1.23 0.82 0.90
ROCE (return on average common equity) 14.91 21.68 14.27 15.56
Net interest spread 2.23 2.20 2.25 2.22
Net yield on interest-earning assets 2.41 2.42 2.38 2.44
Efficiency ratio 48.36 50.39 49.49 47.26
Equity to assets (period end) 4.86 4.98 4.86 4.76
Equity to assets (average) 4.90 4.99 4.85 4.96
Tangible capital ratio (Bank only) 6.73 7.02 6.73 6.52
Core capital ratio (Bank only) 6.75 7.06 6.75 6.54
Risk-based capital ratio (Bank only) 11.92 11.59 11.92 10.39
Cash tax ratios(A)
Net income 75,472 48,948 36,554 38,918
Basic earnings per share 2.39 1.55 1.16 1.23
Diluted earnings per share 2.34 1.51 1.14 1.21
ROA 1.18 0.94 1.13 1.23
ROCE 21.44 15.89 20.73 22.15
Asset quality (period end)
Nonperforming assets ("NPAs") 92,554 82,671 92,554 90,594
NPAs as a % of total assets 0.62 0.63 0.62 0.61
Allowance to period end loan balance 0.50 0.44 0.50 0.44
Branch and employee statistics
Full-time equivalent employees 2,234 1,689 2,234 1,950
Community bank branches
Traditional 81 74 81 77
Supermarket 13 6 13 11
Total 94 80 94 88
ATMs 90 72 90 87
Checking accounts 188,000 173,700 188,000 182,300
Commercial banking offices 19 15 19 19
Wholesale mtg. origination offices 9 6 9 9
(A) Cash tax figures exclude goodwill amortization expense and are
computed using a cash equivalent income tax rate of 16.80 %.
BANK UNITED CORP.
KEY RATIOS, AS REPORTED cont.
(dollars in thousands, except per share data)
(unaudited)
09/30/98 06/30/98 03/31/98
Ratios
ROA (return, before minority interest,
on average assets) 0.85 0.88 1.62
ROCE (return on average common equity) 13.87 14.49 29.97
Net interest spread 2.21 2.24 2.20
Net yield on interest-earning assets 2.40 2.49 2.39
Efficiency ratio 48.93 49.95 52.98
Equity to assets (period end) 5.01 5.11 4.98
Equity to assets (average) 5.12 5.08 4.94
Tangible capital ratio (Bank only) 6.75 7.03 7.02
Core capital ratio (Bank only) 6.77 7.06 7.06
Risk-based capital ratio (Bank only) 10.48 10.93 11.59
Cash tax ratios(A)
Net income 34,428 34,666 19,586
Basic earnings per share 1.09 1.10 0.62
Diluted earnings per share 1.07 1.07 0.61
ROA 1.17 1.21 0.77
ROCE 20.16 20.99 12.66
Asset quality (period end)
Nonperforming assets ("NPAs") 81,305 85,548 82,671
NPAs as a % of total assets 0.59 0.65 0.63
Allowance to period end loan balance 0.44 0.46 0.44
Branch and employee statistics
Full-time equivalent employees 1,927 1,814 1,689
Community bank branches
Traditional 74 74 74
Supermarket 9 6 6
Total 83 80 80
ATMs 81 76 72
Checking accounts 176,000 173,000 173,700
Commercial banking offices 19 19 15
Wholesale mtg. origination offices 8 6 6
(A) Cash tax figures exclude goodwill amortization expense and are
computed using a cash equivalent income tax rate of 16.80 %.
BANK UNITED CORP.
ADJUSTING ITEMS
(dollars in thousands, except per share data)
(unaudited)
For the Six Months For the Quarter
Ended Ended
3/31/99 03/31/98 03/31/99 12/31/98
Net income as reported 52,486 66,732 25,110 27,376
Court of claims litigation
expenses 4,077 --- 1,316 2,761
Additional allowance
for credit losses 7,776
Higher prepayments
on single family portfolio 1,973
Higher prepayments
on servicing portfolio 4,767
Tax effect on adjusting items (1,527) (5,430) (494) (1,033)
Federal Deposit Insurance
Corp. tax settlement (6,020)
Deferred tax asset reduction
in allowance (27,500)
Net income as adjusted 55,036 42,298 25,932 29,104
Diluted earnings per share
as reported 1.63 2.06 0.78 0.85
Court of claims litigation
expenses 0.08 0.03 0.05
Additional allowance
for credit losses 0.15
Higher prepayments
on single family portfolio 0.04
Higher prepayments
on servicing portfolio 0.09
Federal Deposit Insurance
Corp. tax settlement (0.18)
Deferred tax asset reduction
in allowance (0.85)
Diluted earnings per share
as adjusted 1.71 1.31 0.81 0.90
Selected data, excluding
adjusting items
Net income 55,036 42,298 25,932 29,104
Basic earnings per share 1.74 1.34 0.82 0.92
Diluted earnings per share 1.71 1.31 0.81 0.90
ROA 0.89 0.83 0.84 0.95
ROCE 15.61 13.82 14.72 16.53
Efficiency ratio 46.52 48.48 48.29 44.78
Net interest spread 2.23 2.24 2.25 2.22
Net yield on
interest-earning assets 2.41 2.46 2.38 2.44
Net income, cash tax basis (A) 78,864 61,026 37,649 41,215
Basic earnings per share,
cash tax basis (A) 2.50 1.93 1.19 1.31
Diluted earnings per share,
cash tax basis (A) 2.45 1.89 1.17 1.28
ROA, cash tax basis (A) 1.23 1.14 1.16 1.29
ROCE, cash tax basis (A) 22.36 19.93 21.32 23.44
(A) Cash tax figures exclude goodwill amortization expense and are
computed using a cash equivalent income tax rate of 16.80%.
BANK UNITED CORP.
ADJUSTING ITEMS cont.
(dollars in thousands, except per share data)
(unaudited)
09/30/98 06/30/98 03/31/98
Net income as reported 23,733 23,913 46,302
Court of claims litigation expenses
Additional allowance for credit losses 7,776
Higher prepayments on single family portfolio 1,973
Higher prepayments on servicing portfolio 4,767
Tax effect on adjusting items (5,430)
Federal Deposit Insurance Corp. tax settlement (6,020)
Deferred tax asset reduction in allowance (27,500)
Net income as adjusted 23,733 23,913 21,868
Diluted earnings per share as reported 0.74 0.74 1.43
Court of claims litigation expenses
Additional allowance for credit losses 0.15
Higher prepayments on single family portfolio 0.04
Higher prepayments on servicing portfolio 0.09
Federal Deposit Insurance Corp. tax settlement (0.18)
Deferred tax asset reduction in allowance (0.85)
Diluted earnings per share as adjusted 0.74 0.74 0.68
Selected data, excluding adjusting items
Net income 23,733 23,913 21,868
Basic earnings per share 0.75 0.76 0.69
Diluted earnings per share 0.74 0.74 0.68
ROA 0.85 0.88 0.84
ROCE 14.39 15.04 14.32
Efficiency ratio 48.93 49.95 49.14
Net interest spread 2.21 2.24 2.27
Net yield on interest-earning assets 2.40 2.49 2.46
Net income, cash tax basis (A) 34,428 34,666 31,663
Basic earnings per share,
cash tax basis (A) 1.09 1.10 1.00
Diluted earnings per share,
cash tax basis (A) 1.07 1.07 0.98
ROA, cash tax basis (A) 1.17 1.21 1.16
ROCE, cash tax basis (A) 20.91 21.79 20.67
(A) Cash tax figures exclude goodwill amortization expense and are
computed using a cash equivalent income tax rate of 16.80%.
BANK UNITED CORP.
SUPPLEMENTAL LOAN AND DEPOSIT DATA, AS REPORTED
(in thousands)
(unaudited)
March 31, December 31, March 31,
1999 1998 1998
Loans
Gross single family held
for investment 4,976,144 5,345,811 4,570,195
Less allowance (12,841) (13,186) (14,109)
Less discounts/plus premiums 15,385 21,529 44
Net single family held
for investment 4,978,688 5,354,154 4,556,130
Gross single family held
for sale 1,554,593 1,764,048 2,126,673
Less allowance --- --- (2)
Less discounts/plus premiums 16,840 19,095 19,347
Net single family held for sale 1,571,433 1,783,143 2,146,018
Commercial
Single family construction 1,065,373 902,120 541,281
Multifamily 923,497 917,078 851,377
Commercial real estate 667,088 596,626 417,870
Commercial syndications 272,562 261,279 145,792
Healthcare 448,922 407,894 187,004
Warehouse line of credit 867,799 922,127 668,974
SBA warehouse 103,583 77,828 54,677
Small business 152,507 104,932 50,532
Energy 25,295 --- ---
Agricultural 7,520 --- ---
Gross commercial 4,534,146 4,189,884 2,917,507
Less allowance (43,949) (37,067) (28,427)
Less discounts/plus premiums (9,487) (8,712) (9,027)
Net commercial 4,480,710 4,144,105 2,880,053
Gross consumer 573,968 516,551 383,849
Less allowance (1,977) (1,964) (1,877)
Less discounts/plus premiums 4,786 4,480 2,892
Net consumer 576,777 519,067 384,864
Total gross loans 11,638,851 11,816,294 9,998,224
Less allowance (58,767) (52,217) (44,415)
Less discounts/plus premiums 27,524 36,392 13,256
Total net loans 11,607,608 11,800,469 9,967,065
Deposits
Transaction accounts
Non-interest checking 686,334 547,866 414,036
Checking with interest 246,596 236,034 218,945
Savings 137,714 127,521 133,261
Money market 2,088,922 2,092,492 1,972,455
Total 3,159,566 3,003,913 2,738,697
Certificates of deposit 3,445,982 3,300,270 3,767,670
Total deposits 6,605,548 6,304,183 6,506,367
BANK UNITED CORP.
LOAN ACTIVITY, AS REPORTED
(in thousands)
(unaudited)
March 31, December 31, March 31,
1999 1998 1998
Beginning balance
Single family held for investment 5,354,154 4,686,600 5,469,280
Single family held for sale 1,783,143 2,149,009 1,242,031
Commercial 4,144,105 3,472,579 2,659,695
Consumer 519,067 495,556 299,569
Fundings
Single family held for investment 93,438 163,729 194,213
Single family held for sale 679,670 1,462,220 917,865
Commercial 998,638 1,041,932 690,521
Consumer 78,093 64,527 143,465
Purchases
Single family held for investment 148,252 724,823 14,009
Single family held for sale 27,732 7,344 35,233
Commercial 274,218 306,273 154,925
Consumer 25,472 --- ---
Net change in warehouse line of credit (54,438) 134,529 31,662
Repayments
Single family held for investment (601,611) (524,854) (524,557)
Single family held for sale (100,636) (214,041) (72,014)
Commercial (691,084) (681,821) (517,910)
Consumer (45,109) (40,426) (24,226)
Securitized loans sold or transferred
Single family held for sale (322,073) (66,416) (165,216)
Commercial (94,604) (109,234) (115,256)
Sales
Single family held for investment (2,273) (36,495) (22)
Single family held for sale (479,862) (1,189,077) (409,790)
Commercial (91,101) (14,585) (8,238)
Consumer --- --- (32,080)
Foreclosures (7,691) (14,659) (9,897)
Net change in allowance for loan losses (6,550) (5,190) (9,206)
Other (21,342) (11,854) 3,009
Ending balance
Single family held for investment 4,978,688 5,354,154 4,556,130
Single family held for sale 1,571,433 1,783,143 2,146,018
Commercial 4,480,710 4,144,105 2,880,053
Consumer 576,777 519,067 384,864
BANK UNITED CORP.
MORTGAGE-BACKED SECURITY ACTIVITY, AS REPORTED
(in thousands)
(unaudited)
March 31, December 31, March 31,
1999 1998 1998
Beginning balance 1,172,070 932,058 1,410,261
Purchases 101,790 333,460 13,420
Securitization --- 1,619 ---
Principal repayments (99,421) (94,726) (101,882)
Premium/discount amortization (1,233) (1,264) (1,245)
Mark-to-market (4,248) 923 (850)
Ending balance 1,168,958 1,172,070 1,319,704
BANK UNITED CORP.
SINGLE FAMILY SERVICING PORTFOLIO SERVICED FOR OTHERS, AS REPORTED
(in thousands)
(unaudited)
March 31, December 31, March 31,
1999 1998 1998
Servicing portfolio activity
Beginning balance 22,268,666 22,840,194 19,064,377
Production 992,188 1,181,551 604,937
Purchases 696,844 606,325 872,263
Repayments (1,691,171) (2,130,623) (1,211,108)
Other (222,769) (228,781) (182,197)
Total serviced 22,043,758 22,268,666 19,148,272
Acquired, not transferred 769,150 851,476 151,418
Ending balance 22,812,908 23,120,142 19,299,690
Number of loans serviced 244,242 260,480 211,010
Mortgage servicing rights
("MSRs") at period end 431,746 417,235 275,672
MSRs as a % of principal balance 1.89 1.80 1.43
Loan type mix
Adjustable rate 7,479,008 8,195,307 4,799,368
Fixed rate 15,333,900 14,924,835 14,500,322
Total 22,812,908 23,120,142 19,299,690
Investor mix
GNMA 9,129,660 9,175,711 5,125,329
FNMA 3,052,705 3,250,584 3,847,151
FHLMC 2,191,919 2,396,468 2,649,507
Other 8,438,624 8,297,379 7,677,703
Total 22,812,908 23,120,142 19,299,690
Average service fee rate 0.4223 0.4161 0.3461
BANK UNITED CORP.
ALLOWANCE FOR CREDIT LOSSES, AS REPORTED
(dollars in thousands)
(unaudited)
Single Single
family family
ALLOWANCE ACTIVITY held held
for for
investment sale Commercial Consumer Total
Balance at December 31,1998 13,186 --- 37,067 1,964 52,217
Provision 671 --- 4,963 264 5,898
Acquisition --- --- 2,594 --- 2,594
Net charge-offs (1,016) --- (675) (251) (1,942)
Balance at March 31, 1999 12,841 --- 43,949 1,977 58,767
Net charge-offs
to average loans 0.08 --- 0.06 0.18 0.07
Balance at September 30,1998 12,503 --- 32,269 2,255 47,027
Provision 1,989 --- 10,060 335 12,384
Acquisition --- --- 2,594 --- 2,594
Net charge-offs (1,651) --- (974) (613) (3,238)
Balance at March 31, 1999 12,841 --- 43,949 1,977 58,767
Net charge-offs
to average loans 0.07 --- 0.05 0.23 0.06
PERIOD END RESERVES March 31, December 31, March 31,
1999 1998 1998
Loans held for investment
Single family
Allowance 12,841 13,186 14,109
Period end loan balance 4,991,529 5,367,340 4,570,239
Average loan balance 5,066,794 4,951,817 5,341,758
Reserve ratio-period end 0.26 0.25 0.31
Reserve ratio-average 0.25 0.27 0.26
Reserve ratio-12 month average 0.28 0.29 0.25
Commercial
Allowance 43,949 37,067 28,427
Period end loan balance 4,381,270 4,039,549 2,842,759
Average loan balance 4,120,533 3,649,189 2,715,167
Reserve ratio-period end 1.00 0.92 1.00
Reserve ratio-average 1.07 1.02 1.05
Reserve ratio-12 month average 1.19 1.16 1.33
Consumer
Allowance 1,977 1,964 1,877
Period end loan balance 578,754 521,031 386,741
Average loan balance 543,188 506,772 312,428
Reserve ratio-period end 0.34 0.38 0.49
Reserve ratio-average 0.36 0.39 0.60
Reserve ratio-12 month average 0.40 0.44 0.62
Loans held for sale
Allowance --- --- 2
Period end loan balance 1,714,822 1,924,766 2,211,741
Average loan balance 1,885,441 1,945,572 1,515,952
Total loans
Allowance 58,767 52,217 44,415
Period end loan balance 11,666,375 11,852,686 10,011,480
Average loan balance 11,615,956 11,053,350 9,885,305
Reserve ratio-period end 0.50 0.44 0.44
Reserve ratio-average 0.51 0.47 0.45
Reserve ratio-12 month average 0.54 0.50 0.49
BANK UNITED CORP.
AVERAGE BALANCE SHEET AND RATE INFORMATION, AS REPORTED
(in thousands of dollars)
(unaudited)
For the Quarter Ended For the Quarter Ended
March 31,1999 December 31,1998
Average Average Average Average
Balance Rate Balance Rate
Interest-earning assets
Short-term interest-earning
assets 431,607 6.97 353,664 5.48
Securities and other
investments 144,507 5.03 117,684 5.48
Mortgage-backed securities 1,122,278 6.31 1,115,325 6.44
Loans
Single family 6,838,812 6.82 6,889,440 7.18
Commercial 4,229,580 7.83 3,765,216 8.02
Consumer 541,273 7.93 503,035 7.88
Total 11,609,665 7.24 11,157,691 7.49
Federal Home Loan Bank
stock 299,268 5.50 264,691 5.73
Total interest-earning
assets 13,607,325 7.10 13,009,055 7.29
Non-interest earning assets 1,143,797 1,056,787
Total assets 14,751,122 14,065,842
Interest-bearing liabilities
Deposits 6,443,932 4.45 6,270,927 4.71
Federal Home Loan Bank
advances 5,872,116 5.11 5,211,120 5.30
Securities sold under
agreements to repurchase
and federal funds purchased 681,371 5.01 745,726 5.31
Notes payable 231,318 8.80 219,723 8.90
Total interest-bearing
liabilities 13,228,737 4.85 12,447,496 5.07
Non-interest bearing
liabilities, minority
interest and stockholders'
equity 1,522,385 1,618,346
Total liabilities and
stockholders' equity 14,751,122 14,065,842
Net interest spread 2.25 2.22
Net yield on interest-earning
assets 2.38 2.44
Average interest-earning
assets to average
interest-bearing liabilities 1.03 1.05
BANK UNITED CORP.
AVERAGE BALANCE SHEET AND RATE INFORMATION, AS REPORTED (CONTINUED)
(in thousands)
(unaudited)
For the Quarter Ended
March 31,1998
Average Average
Balance Rate
Interest-earning assets
Short-term
interest-earning
assets 298,741 8.43
Securities and
other
investments 122,614 7.08
Mortgage-backed
securities 1,336,361 6.76
Loans
Single family 6,791,490 7.30
Commercial 2,735,125 8.51
Consumer 305,076 9.32
Total 9,831,691 7.70
Federal Home Loan Bank stock 214,899 6.00
Total interest-earning assets 11,804,306 7.57
Non-interest earning assets 904,027
Total assets 12,708,333
Interest-bearing liabilities
Deposits 6,110,899 4.94
Federal Home Loan Bank advances 4,068,040 5.76
Securities sold under agreements
to repurchase and federal
funds purchased 989,259 5.67
Notes payable 220,207 8.89
Total interest-bearing liabilities 11,388,405 5.37
Non-interest bearing liabilities,
minority interest and
stockholders' equity 1,319,928
Total liabilities and
stockholders' equity 12,708,333
Net interest spread 2.20
Net yield on interest-earning assets 2.39
Average interest-earning assets to
average interest-bearing liabilities
1.04
Web site: http://www.bankunited.com
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