The Real Deal Miami

Coral Gables-based BankUnited financial swings to Loss

May 13, 2008 09:27AM

Bad loans helped push BankUnited Financial, the corporate parent of BankUnited, to a loss of $1.88 a share in the first quarter, down from a profit of 64 cents a share a year ago. The bank said its $65.8 million loss for the first three months of the year was due to a weaker economy, deteriorating residential housing markets and increased foreclosures, which forced BankUnited to increase its provision for loan losses to $98 million for the quarter, setting aside $4 million.