**UNITED        STATES**

**SECURITIES        AND EXCHANGE COMMISSION **

**Washington,        D.C. 20549 **

**Form        10-Q **

| x | QUARTERLY                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                  ACT OF                  1934 |
|---|--------------------------------------------------------------------------------------------------------------------------------------------|

| o | TRANSITION                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                  ACT OF                  1934 |
|---|---------------------------------------------------------------------------------------------------------------------------------------------|

**BankUnited        Financial Corporation **

**(Exact        name of registrant as specified in its charter) **

| **Florida**                                                                                                   |   | **65-0377773**                                                        |
|---------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|
| **(State                  or other jurisdiction of ****incorporation or                  organization)** |   | **(I.R.S.                  Employer ****Identification Number)** |

**255        Alhambra Circle, Coral Gables, Florida 33134 **

**(Address        of principal executive offices) (Zip Code) **

**(305)        569-2000 **

**(Registrant’s        telephone number, including area code) **

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**BANKUNITED        FINANCIAL CORPORATION AND SUBSIDIARIES **

**FORM        10-Q REPORT FOR THE QUARTER ENDED JUNE 30, 2005 **

**TABLE        OF CONTENTS **

|                                                           |   |                                                                                                                                                                             |   | **Page No.** |   |
|----------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|--------|
| **PART                  I—FINANCIAL INFORMATION**        |   |                                                                                                                                                                             |   |
| Item                  1.                                       |   | Financial                  Statements                                                                                                                                            |   |              |   |
|                                                           |   | Consolidated                  Statements of Financial Condition (unaudited) as                  of June 30, 2005 and September 30, 2004                                          |   | 3                 |   |
|                                                           |   | Consolidated                      Statements of Operations (unaudited) for the                      Three and Nine Months Ended June 30, 2005 and                      2004 |   | 4                 |   |
|                                                           |   | Consolidated                  Statements of Stockholders’ Equity (unaudited) for                  the Nine Months Ended June 30, 2005 and 2004                             |   | 5                 |   |
|                                                           |   | Condensed                  Consolidated Statements of Cash Flows (unaudited) for                  the Nine Months Ended June 30, 2005 and 2004                                   |   | 6                 |   |
|                                                           |   | Condensed                  Notes to Consolidated Financial Statements                  (unaudited)                                                                               |   | 7                 |   |
| Item 2.                                                   |   | Management’s                  Discussion and Analysis of Financial Condition                  and Results of Operations                                                    |   | 19                |   |
| Item 3.                                                   |   | Quantitative                  and Qualitative Disclosures About Market                  Risk                                                                                     |   | 36                |   |
| Item 4.                                                   |   | Controls                  and Procedures                                                                                                                                         |   | 36                |   |
| **PART                  II—OTHER INFORMATION**** ** |   |                                                                                                                                                                             |   |
| Item 2. (C)                                          |   | Purchase                  of BankUnited Securities                                                                                                                               |   | 37                |   |
| Item 6.                                                   |   | Exhibits                                                                                                                                                                         |   | 37                |   |

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**BANKUNITED        FINANCIAL CORPORATION AND SUBSIDIARIES **

**CONSOLIDATED        STATEMENTS OF FINANCIAL CONDITION**

|                                                                                                                                                                                                                                                                        |   | **June                    30,****2005**                                                  |      | **September 30, ****2004** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------|-----------|--------------------------------------|--------|
|                                                                                                                                                                                                                                                                        |   | **(Dollars in thousands, except ****share                    data)** |      |
| **ASSETS**                                                                                                                                                                                                                                                                  |   |                                                                                     |      |                                 |   |
| Cash                                                                                                                                                                                                                                                                        |   | $                                                                                        | 35,536    |                                 | $      | 31,062 |   |
| Federal                    Home Loan Bank overnight deposits                                                                                                                                                                                                                |   |                                                                                     | 61,022    |                                 |   | 148,647 |   |
| Federal                    funds sold                                                                                                                                                                                                                                       |   |                                                                                     | 11,056    |                                 |   | 2,185 |   |
| Investments                    securities available for sale, at fair value                                                                                                                                                                                                 |   |                                                                                     | 287,547   |                                 |   | 333,939 |   |
| Mortgage-backed                    securities available for sale, at fair value                                                                                                                                                                                             |   |                                                                                     | 1,503,236 |                                 |   | 2,068,180 |   |
| Mortgage                    loans held for sale, at fair value                                                                                                                                                                                                              |   |                                                                                     | 25,602    |                                 |   | 28,786 |   |
| Loans                    held in portfolio                                                                                                                                                                                                                                  |   |                                                                                     | 7,460,569 |                                 |   | 5,684,887 |   |
| Add:                    Unearned discounts, premiums and deferred fees, net                                                                                                                                                                                                 |   |                                                                                     | 106,895   |                                 |   | 65,992 |   |
| Less:                    Allowance for loan losses                                                                                                                                                                                                                          |   |                                                                                     | (24,926   | )                                    |   | (24,079 | ) |
|                                                                                                                                                                                                                                                                        |   |                                                                                     |      |                                 |   |   |   |
| Loans                    held in portfolio, net                                                                                                                                                                                                                             |   |                                                                                     | 7,542,538 |                                 |   | 5,726,800 |   |
|                                                                                                                                                                                                                                                                        |   |                                                                                     |      |                                 |   |   |   |
| FHLB                    stock and other earning assets                                                                                                                                                                                                                      |   |                                                                                     | 175,643   |                                 |   | 156,166 |   |
| Office                    properties and equipment, net                                                                                                                                                                                                                     |   |                                                                                     | 36,552    |                                 |   | 26,417 |   |
| Real                    estate owned                                                                                                                                                                                                                                        |   |                                                                                     | 524       |                                 |   | 1,611 |   |
| Interest                    receivable                                                                                                                                                                                                                                      |   |                                                                                     | 36,095    |                                 |   | 32,195 |   |
| Receivables                    from securities sales                                                                                                                                                                                                                        |   |                                                                                     | 42,647    |                                 |   | — |   |
| Mortgage                    servicing rights                                                                                                                                                                                                                                |   |                                                                                     | 15,087    |                                 |   | 15,414 |   |
| Goodwill                                                                                                                                                                                                                                                                    |   |                                                                                     | 28,353    |                                 |   | 28,353 |   |
| Bank-owned                    life insurance                                                                                                                                                                                                                                |   |                                                                                     | 111,163   |                                 |   | 88,210 |   |
| Prepaid                    expenses and other assets                                                                                                                                                                                                                        |   |                                                                                     | 31,513    |                                 |   | 22,480 |   |
|                                                                                                                                                                                                                                                                        |   |                                                                                     |      |                                 |   |   |   |
| Total                    assets                                                                                                                                                                                                                                             |   | $                                                                                        | 9,944,114 |                                 | $      | 8,710,445 |   |
|                                                                                                                                                                                                                                                                        |   |                                                                                     |      |                                 |   |   |   |
| **LIABILITIES                    AND STOCKHOLDERS’ EQUITY**                                                                                                                                                                                                           |   |                                                                                     |      |                                 |   |   |   |
| **Liabilities**                                                                                                                                                                                                                                                             |   |                                                                                     |      |                                 |   |   |   |
| Interest                    bearing deposits                                                                                                                                                                                                                                |   | $                                                                                        | 3,896,628 |                                 | $      | 3,281,108 |   |
| Non-interest                    bearing deposits                                                                                                                                                                                                                            |   |                                                                                     | 326,357   |                                 |   | 247,154 |   |
|                                                                                                                                                                                                                                                                        |   |                                                                                     |      |                                 |   |   |   |
| Total                    deposits                                                                                                                                                                                                                                           |   |                                                                                     | 4,222,985 |                                 |   | 3,528,262 |   |
|                                                                                                                                                                                                                                                                        |   |                                                                                     |      |                                 |   |   |   |
| Securities                    sold under agreements to repurchase                                                                                                                                                                                                           |   |                                                                                     | 1,297,842 |                                 |   | 1,182,237 |   |
| Advances                    from Federal Home Loan Bank                                                                                                                                                                                                                     |   |                                                                                     | 3,500,385 |                                 |   | 3,115,428 |   |
| Convertible                    senior notes                                                                                                                                                                                                                                 |   |                                                                                     | 120,000   |                                 |   | 120,000 |   |
| Trust                    preferred securities and subordinated debentures                                                                                                                                                                                                   |   |                                                                                     | 196,250   |                                 |   | 164,979 |   |
| Interest                    payable                                                                                                                                                                                                                                         |   |                                                                                     | 16,349    |                                 |   | 14,051 |   |
| Advance                    payments by borrowers for taxes and insurance                                                                                                                                                                                                    |   |                                                                                     | 59,175    |                                 |   | 59,971 |   |
| Accrued                    expenses and other liabilities                                                                                                                                                                                                                   |   |                                                                                     | 31,465    |                                 |   | 32,860 |   |
|                                                                                                                                                                                                                                                                        |   |                                                                                     |      |                                 |   |   |   |
| Total                    liabilities                                                                                                                                                                                                                                        |   |                                                                                     | 9,444,451 |                                 |   | 8,217,788 |   |
|                                                                                                                                                                                                                                                                        |   |                                                                                     |      |                                 |   |   |   |
| Commitments                    and Contingencies (See notes 5, 9 and 10)                                                                                                                                                                                               |   |                                                                                     |      |                                 |   |   |   |
| **Stockholders’                    Equity**                                                                                                                                                                                                                           |   |                                                                                     |      |                                 |   |   |   |
| Preferred                    Stock, $0.01 par value                                                                                                                                                                                                                         |   |                                                                                     | 9         |                                 |   | 8 |   |
|    Authorized                    shares—10,000,000 Issued                    shares—889,139 and 803,405 Outstanding                    shares—862,419 and 776,685 Treasury                    shares—26,720                          |   |                                                                                     | (528      | )                                    |   | (528 | ) |
| Class                    A common stock, $0.01 par value                                                                                                                                                                                                                    |   |                                                                                     | 302       |                                 |   | 299 |   |
|    Authorized                    shares—60,000,000 Issued                    shares—30,192,795 and 29,866,275 Outstanding                    shares—29,837,566 and 29,522,546 Treasury                    shares—355,229 and 343,729 |   |                                                                                     | (3,342    | )                                    |   | (3,008 | ) |
| Class                    B common stock, $0.1 par value                                                                                                                                                                                                                     |   |                                                                                     | 6         |                                 |   | 6 |   |
|    Authorized                    shares—3,000,000 Issued                    shares—565,262 and 622,762 Outstanding                    shares—431,562 and 536,562 Treasury                    shares—133,700 and 86,200               |   |                                                                                     | (1,501    | )                                    |   | (1,011 | ) |
| Additional                    paid-in capital                                                                                                                                                                                                                               |   |                                                                                     | 340,091   |                                 |   | 336,258 |   |
| Retained                    earnings                                                                                                                                                                                                                                        |   |                                                                                     | 179,368   |                                 |   | 166,713 |   |
| Deferred                    compensation                                                                                                                                                                                                                                    |   |                                                                                     | 1,477     |                                 |   | 1,216 |   |
| Accumulated                    other comprehensive loss                                                                                                                                                                                                                     |   |                                                                                     | (16,219   | )                                    |   | (7,296 | ) |
|                                                                                                                                                                                                                                                                        |   |                                                                                     |      |                                 |   |   |   |
| Total                    stockholders’ equity                                                                                                                                                                                                                         |   |                                                                                     | 499,663   |                                 |   | 492,657 |   |
|                                                                                                                                                                                                                                                                        |   |                                                                                     |      |                                 |   |   |   |
| Total                    liabilities and stockholders’ equity                                                                                                                                                                                                         |   | $                                                                                        | 9,944,114 |                                 | $      | 8,710,445 |   |

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**BANKUNITED          FINANCIAL CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED          STATEMENTS OF OPERATIONS**

|                                                                                         |   | **For                      the Three ****Months                      Ended****June                      30,** |    | **For                      the Nine****Months                      Ended****June                      30,** |   |
|----------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------|---------|-------------------------------------------------------------------------------------------------------------|--------|
|                                                                                         |   | **2005**                                                                                                           |    | **2004**                                                                                                    |   | **2005** |   | **2004** |   |
|                                                                                         |   | **(Dollars                      and shares in thousands,****except                      per share data)**          |    |
| Interest                      income:                                                        |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |
| Interest                      and fees on loans                                              |   | $                                                                                                                  | 88,637  |                                                                                                        | $      | 57,745 |   | $ | 238,491 |   | $ | 167,822 |   |
| Interest                      on mortgage-backed securities                                  |   |                                                                                                               | 15,341  |                                                                                                        |   | 20,240 |   |   | 50,461 |   |   | 60,226 |   |
| Interest                      and dividends on investments and other interest-earning assets |   |                                                                                                               | 5,864   |                                                                                                        |   | 4,949 |   |   | 16,864 |   |   | 14,547 |   |
|                                                                                         |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Total                      interest income                                                   |   |                                                                                                               | 109,842 |                                                                                                        |   | 82,934 |   |   | 305,816 |   |   | 242,595 |   |
|                                                                                         |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Interest                      expense:                                                       |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Interest                      on deposits                                                    |   |                                                                                                               | 26,160  |                                                                                                        |   | 17,856 |   |   | 67,157 |   |   | 54,028 |   |
| Interest                      on borrowings                                                  |   |                                                                                                               | 41,522  |                                                                                                        |   | 26,961 |   |   | 112,137 |   |   | 78,112 |   |
| Preferred                      dividends of subsidiary trusts                                |   |                                                                                                               | 3,395   |                                                                                                        |   | 1,792 |   |   | 9,325 |   |   | 6,466 |   |
|                                                                                         |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Total                      interest expense                                                  |   |                                                                                                               | 71,077  |                                                                                                        |   | 46,609 |   |   | 188,619 |   |   | 138,606 |   |
|                                                                                         |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Net                      interest income before provision for loan losses                    |   |                                                                                                               | 38,765  |                                                                                                        |   | 36,325 |   |   | 117,197 |   |   | 103,989 |   |
| Provision                      for loan losses                                               |   |                                                                                                               | 800     |                                                                                                        |   | 1,200 |   |   | 3,000 |   |   | 3,375 |   |
|                                                                                         |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Net                      interest income after provision for loan losses                     |   |                                                                                                               | 37,965  |                                                                                                        |   | 35,125 |   |   | 114,197 |   |   | 100,614 |   |
|                                                                                         |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Non-interest                      income:                                                    |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Loan                      servicing fees                                                     |   |                                                                                                               | 797     |                                                                                                        |   | 793 |   |   | 2,504 |   |   | 2,307 |   |
| Amortization                      of mortgage servicing rights                               |   |                                                                                                               | (937    | )                                                                                                           |   | (957 | ) |   | (2,518 | ) |   | (3,561 | ) |
| Impairment                      of mortgage servicing rights                                 |   |                                                                                                               | (130    | )                                                                                                      |   | — |   |   | (130 | ) |   | (1,200 | ) |
| Loan                      fees                                                               |   |                                                                                                               | 592     |                                                                                                        |   | 687 |   |   | 1,735 |   |   | 1,999 |   |
| Deposit                      fees                                                            |   |                                                                                                               | 1,066   |                                                                                                        |   | 1,060 |   |   | 3,182 |   |   | 3,223 |   |
| Other                      fees                                                              |   |                                                                                                               | 572     |                                                                                                        |   | 503 |   |   | 1,607 |   |   | 1,442 |   |
| Net                      gain (loss) on sale of investments and mortgage-backed securities   |   |                                                                                                               | 927     |                                                                                                        |   | (1,571 | ) |   | 3,113 |   |   | (1,833 | ) |
| Net                      gain on sale of loans and other assets                              |   |                                                                                                               | 2       |                                                                                                        |   | 2,672 |   |   | 2,384 |   |   | 5,952 |   |
| Income                      from insurance and investment services                           |   |                                                                                                               | 970     |                                                                                                        |   | 1,096 |   |   | 3,185 |   |   | 3,222 |   |
| Settlement                      of swap related to extinguishment of debt                    |   |                                                                                                               | (1,369  | )                                                                                                           |   | — |   |   | (1,369 | ) |   | — |   |
| Other                      non-interest income                                               |   |                                                                                                               | 1,217   |                                                                                                        |   | 1,690 |   |   | 3,450 |   |   | 3,972 |   |
|                                                                                         |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Total                      non-interest income                                               |   |                                                                                                               | 3,707   |                                                                                                        |   | 5.973 |   |   | 17,143 |   |   | 15,523 |   |
|                                                                                         |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Non-interest                      expenses:                                                  |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Employee                      compensation and benefits                                      |   |                                                                                                               | 13,231  |                                                                                                        |   | 11,250 |   |   | 37,270 |   |   | 32,730 |   |
| Occupancy                      and equipment                                                 |   |                                                                                                               | 7,214   |                                                                                                        |   | 4,475 |   |   | 17,606 |   |   | 12,511 |   |
| Telecommunications                      and data processing                                  |   |                                                                                                               | 1,886   |                                                                                                        |   | 1,485 |   |   | 5,032 |   |   | 4,278 |   |
| Advertising                      and promotion expense                                       |   |                                                                                                               | 1,434   |                                                                                                        |   | 1,680 |   |   | 4,253 |   |   | 4,118 |   |
| Professional                      fees-legal and accounting                                  |   |                                                                                                               | 2,168   |                                                                                                        |   | 1,176 |   |   | 4,323 |   |   | 3,520 |   |
| Extinguishment                      of debt                                                  |   |                                                                                                               | 36,548  |                                                                                                        |   | — |   |   | 36,548 |   |   | — |   |
| Other                      non-interest expense                                              |   |                                                                                                               | 2,841   |                                                                                                        |   | 2,495 |   |   | 8,647 |   |   | 5,719 |   |
|                                                                                         |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Total                      non-interest expenses                                             |   |                                                                                                               | 65,322  |                                                                                                        |   | 22,561 |   |   | 113,679 |   |   | 62,876 |   |
|                                                                                         |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| (Loss)                      income before income taxes                                  |   |                                                                                                               | (23,650 | )                                                                                                           |   | 18,537 |   |   | 17,661 |   |   | 53,261 |   |
| (Benefit)                      provision for income taxes                                    |   |                                                                                                               | (8,841  | )                                                                                                           |   | 5,497 |   |   | 4,389 |   |   | 16,633 |   |
|                                                                                         |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Net                      (loss) income                                                  |   | $                                                                                                                  | (14,809 | )                                                                                                           | $      | 13,040 |   | $ | 13,272 |   | $ | 36,628 |   |
|                                                                                         |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Earnings                      (Loss) Per Share:                                              |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Basic                                                                                        |   | $                                                                                                                  | (0.50   | )                                                                                                           | $      | 0.43 |   | $ | 0.43 |   | $ | 1.22 |   |
|                                                                                         |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Diluted                                                                                      |   | $                                                                                                                  | (0.50   | )                                                                                                           | $      | 0.41 |   | $ | 0.41 |   | $ | 1.14 |   |
|                                                                                         |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Weighted                      average number of common shares outstanding:                   |   |                                                                                                               |    |                                                                                                        |   |   |   |   |   |   |   |   |   |
| Basic                                                                                        |   |                                                                                                               | 30,134  |                                                                                                        |   | 29,894 |   |   | 30,062 |   |   | 29,805 |   |
| Diluted                                                                                      |   |                                                                                                               | 30,134  |                                                                                                        |   | 32,175 |   |   | 32,366 |   |   | 32,124 |   |
| Dividends                      declared per share on common stock                            |   | $                                                                                                                  | 149     |                                                                                                        |   | — |   | $ | 298 |   |   | — |   |

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**BANKUNITED          FINANCIAL CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED          STATEMENTS OF STOCKHOLDERS’ EQUITY**

|                                                                            |   |                                    | **For                      the Nine Months Ended June 30, 2005                      and 2004**  |   |
|---------------------------------------------------------------------------------|--------|-----------------------------------------|------------------------------------------------------------------------------------------------------|--------|
|                                                                            |   |                                    | **Preferred****Stock**                                                                               |   |   | **Common****Stock** |   |   | **Paid-in****Capital** |   |   | **Retained****Earnings **  |   |   | **Treasury****Stock** |   |   | **Deferred****Compensation** |   |   | **Accumulated****Other****Comprehensive****Loss****Net                      of Tax** |   |   | **Total****Stockholders’****Equity** |   |
|                                                                            |   | **(In                      thousands)** |                                                                                                 |
| Balance                      at September 30, 2004                              |   | $                                       | 8                                                                                                    |   | $ | 305 |   | $ | 336,258 |   | $ | 166,713 |   | $ | (4,547 | ) | $ | 1,216 |   | $ | (7,296 | ) | $ | 492,657 |   |
| Comprehensive                      income:                                      |   |                                    |                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                      income for the nine months ended June 30, 2005         |   |                                    | —                                                                                              |   |   | — |   |   | — |   |   | 13,272 |   |   | — |   |   | — |   |   | — |   |   | 13,272 |   |
| Other                      comprehensive loss, net of tax                       |   |                                    | —                                                                                              |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | (8,923 | ) |   | (8,923 | ) |
| Total                      comprehensive income                                 |   |                                    | —                                                                                              |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 4,349 |   |
| Payment                      of dividends                                       |   |                                    | —                                                                                              |   |   | — |   |   | — |   |   | (617 | ) |   | — |   |   | — |   |   | — |   |   | (617 | ) |
| Deferral                      of compensation                                   |   |                                    | —                                                                                              |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 261 |   |   | — |   |   | 261 |   |
| Purchase                      of stock                                          |   |                                    | —                                                                                              |   |   | — |   |   | — |   |   | — |   |   | (334 | ) |   | — |   |   | — |   |   | (334 | ) |
| Shares                      acquired through deferred compensation arrangements |   |                                    | —                                                                                              |   |   | — |   |   | — |   |   | — |   |   | (490 | ) |   | — |   |   | — |   |   | (490 | ) |
| Stock                      option exercises and other awards                    |   |                                    | 1                                                                                                    |   |   | 3 |   |   | 3,833 |   |   | — |   |   | — |   |   | — |   |   | — |   |   | 3,837 |   |
| Balance                      at June 30, 2005                                   |   | $                                       | 9                                                                                                    |   | $ | 308 |   | $ | 340,091 |   | $ | 179,368 |   | $ | (5,371 | ) | $ | 1,477 |   | $ | (16,219 | ) | $ | 499,663 |   |

|                                                                              |   |   | **Preferred****Stock**                          |   |   | **Common****Stock** |   |   | **Paid-in****Capital** |   |   | **Retained****Earnings** |   |   | **Treasury****Stock** |   |   | **Deferred****Compensation** |   |   | **Accumulated****Other****Comprehensive****Income                          (Loss) Net of****Tax** |   |   | **Total****Stockholders’****Equity** |   |
|-----------------------------------------------------------------------------------|--------|--------|-------------------------------------------------|--------|--------|---------------------|--------|--------|------------------------|--------|--------|--------------------------|--------|--------|-----------------------|--------|--------|------------------------------|--------|--------|---------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------|--------|
|                                                                              |   |   | **(In                        thousands)**  |
| Balance                        at September 30, 2003                              |   | $      | 7                                               |   | $      | 301                 |   | $      | 328,017                |   | $      | 116,370                  |   | $      | (3,904                | )      | $      | 794                          |   | $      | 5,788                                                                                             |   | $      | 447,373                                    |   |
| Comprehensive                        income:                                      |   |   |                                            |   |   |                |   |   |                   |   |   |                     |   |   |                  |   |   |                         |   |   |                                                                                              |   |   |                                       |   |
| Net                        income for the nine months ended June 30, 2004         |   |   | —                                         |   |   | —             |   |   | —                |   |   | 36,628                   |   |   | —               |   |   | —                      |   |   | —                                                                                           |   |   | 36,628                                     |   |
| Other                        comprehensive loss, net of tax                       |   |   | —                                         |   |   | —             |   |   | —                |   |   | —                  |   |   | —               |   |   | —                      |   |   | (27,264                                                                                           | )      |   | (27,264                                    | )      |
| Total                        comprehensive income                                 |   |   | —                                         |   |   | —             |   |   | —                |   |   | —                  |   |   | —               |   |   | —                      |   |   | —                                                                                           |   |   | 9,364                                      |   |
| Payment                        of preferred stock dividends                       |   |   | —                                         |   |   | —             |   |   | —                |   |   | (278                     | )      |   | —               |   |   | —                      |   |   | —                                                                                           |   |   | (278                                       | )      |
| Deferral                        of compensation                                   |   |   | —                                         |   |   | —             |   |   | —                |   |   | —                  |   |   | —               |   |   | 290                          |   |   | —                                                                                           |   |   | 290                                        |   |
| Shares                        acquired through deferred compensation arrangements |   |   | —                                         |   |   | —             |   |   | —                |   |   | —                  |   |   | (525                  | )      |   | —                      |   |   | —                                                                                           |   |   | (525                                       | )      |
| Stock                          option exercises and other awards                  |   |   | 1                                               |   |   | 3                   |   |   | 5,259                  |   |   | —                  |   |   | —               |   |   | —                      |   |   | —                                                                                           |   |   | 5,263                                      |   |
| Balance                        at June 30, 2004                                   |   | $      | 8                                               |   | $      | 304                 |   | $      | 333,276                |   | $      | 152,720                  |   | $      | (4,429                | )      | $      | 1,084                        |   | $      | (21,476                                                                                           | )      | $      | 461,487                                    |   |

----

**BANKUNITED          FINANCIAL CORPORATION AND SUBSIDIARIES **

**CONDENSED          CONSOLIDATED STATEMENTS OF CASH FLOWS**

|                                                                                                                                                           |   |   | **For the Nine Months Ended****June                      30,** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------|--------|
|                                                                                                                                                           |   |   | ** 2005**                                                                     |   |   | **2004** |   |
|                                                                                                                                                           |   |   | **(In                      thousands)**                                            |   |
| Cash                      flows used in operating activities                                                                                                   |   | $      | (85,938                                                                            | )      | $ | (106,757 | ) |
| Cash                      flows from investing activities:                                                                                                     |   |   |                                                                               |   |   |   |   |
| Net                      increase in loans held in portfolio                                                                                                   |   |   | (1,827,051                                                                         | )      |   | (1,183,821 | ) |
| Purchase                      of investment securities available for sale                                                                                      |   |   | (69,426                                                                            | )      |   | (43,769 | ) |
| Purchase                      of mortgage-backed securities available for sale                                                                                 |   |   | —                                                                            |   |   | (1,115,137 | ) |
| Purchase                      of other earning assets                                                                                                          |   |   | (83,772                                                                            | )      |   | (108,385 | ) |
| Purchase                      of office properties and equipment                                                                                               |   |   | (14,724                                                                            | )      |   | (7,119 | ) |
| Purchase                      of bank-owned life insurance                                                                                                     |   |   | (20,000                                                                            | )      |   |  — |   |
| Proceeds                      from repayments of investment securities available for sale                                                                      |   |   | 275                                                                                |   |   | 3,034 |   |
| Proceeds                      from repayments of mortgage-backed securities available for                      sale                                            |   |   | 471,140                                                                            |   |   | 729,313 |   |
| Proceeds                      from repayments of other earning assets                                                                                          |   |   | 64,295                                                                             |   |   | 88,100 |   |
| Proceeds                      from sale of investment securities available for sale                                                                            |   |   | 96,292                                                                             |   |   | 2,867 |   |
| Proceeds                      from sale of mortgage-backed securities available for sale                                                                       |   |   | 162,930                                                                            |   |   | 439,566 |   |
| Proceeds                      from sale of real estate owned and other assets                                                                                  |   |   | 4,607                                                                              |   |   | 6,142 |   |
| Proceeds                      from sale and write-offs of office properties and equipment                                                                      |   |   | 19                                                                                 |   |   | — |   |
|                                                                                                                                                           |   |   |                                                                               |   |   |   |   |
| Net                      cash used in investing activities                                                                                                     |   |   | (1,215,414                                                                         | )      |   | (1,189,209 | ) |
|                                                                                                                                                           |   |   |                                                                               |   |   |   |   |
| Cash                      flows from financing activities:                                                                                                     |   |   |                                                                               |   |   |   |   |
| Net                      increase in deposits                                                                                                                  |   |   | 694,723                                                                            |   |   | 209,384 |   |
| Net                      increase in Federal Home Loan Bank advances                                                                                           |   |   | 386,067                                                                            |   |   | 387,903 |   |
| Net                      increase in securities sold under agreements to repurchase                                                                            |   |   | 115,605                                                                            |   |   | 611,419 |   |
| Net                      proceeds from issuance of convertible debt                                                                                            |   |   | —                                                                            |   |   | 116,661 |   |
| Net                      proceeds from issuance of Subordinated Debentures                                                                                     |   |   | 30,928                                                                             |   |   | — |   |
| Net                      proceeds from issuance of stock                                                                                                       |   |   | 1,495                                                                              |   |   | 3.223 |   |
| Purchase                      of stock                                                                                                                         |   |   | (334                                                                               | )      |   | — |   |
| Maturity                      of senior notes                                                                                                                  |   |   | —                                                                            |   |   | (200,000 | ) |
| Dividends                      paid on preferred stock                                                                                                         |   |   | (319                                                                               | )      |   | (278 | ) |
| Dividends                      paid on common stock                                                                                                            |   |   | (298                                                                               | )      |   | — |   |
| Decrease                      in advances from borrowers for taxes and insurance                                                                               |   |   | (796                                                                               | )      |   | (5,207 | ) |
|                                                                                                                                                           |   |   |                                                                               |   |   |   |   |
| Net                      cash provided by financing activities                                                                                                 |   |   | 1,227,071                                                                          |   |   | 1,123,105 |   |
|                                                                                                                                                           |   |   |                                                                               |   |   |   |   |
| Decrease                      in cash and cash equivalents                                                                                                     |   |   | (74,280                                                                            | )      |   | (172,861 | ) |
| Cash                      and cash equivalents at beginning of period                                                                                          |   |   | 181,894                                                                            |   |   | 226,898 |   |
|                                                                                                                                                           |   |   |                                                                               |   |   |   |   |
| Cash                      and cash equivalents at end of period                                                                                                |   | $      | 107,614                                                                            |   | $ | 54,037 |   |
|                                                                                                                                                           |   |   |                                                                               |   |   |   |   |
| Supplemental                      disclosure and non-cash investing and financing activities:                                                                  |   |   |                                                                               |   |   |   |   |
| Exchange                      of loans for mortgage-backed securities in loan sales transactions                      with                      FNMA and FHLMC |   | $      | 110,344                                                                            |   | $ | 319,810 |   |
| Transfer                      of loans held for sale to portfolio                                                                                              |   |   | —                                                                            |   | $ | 99,796 |   |
| Securities                      sold pending settlement                                                                                                        |   | $      | 42,647                                                                             |   |   | — |   |

----

**BANKUNITED          FINANCIAL CORPORATION AND SUBSIDIARIES**

**CONDENSED          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

| **1.** | **Principles                      of Consolidation and Basis of Presentation** |
|--------|--------------------------------------------------------------------------------|

| **2.** | **Impact                      of Certain Accounting Pronouncements** |
|--------|----------------------------------------------------------------------|

**SFAS          No. 123R **

**SFAS            No. 154**

**EITF            Issue No. 04-8 **

----

**BANKUNITED          FINANCIAL CORPORATION AND SUBSIDIARIES **

**CONDENSED          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) **

| **3.** | **Investment                      and Mortgage-Backed Securities Available for Sale** |
|--------|---------------------------------------------------------------------------------------|

*Investment          Securities Available for Sale *

|                                                                                   |   |   | **As                        of ****June                        30, 2005** |   |
|----------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------|--------|
|                                                                                   |   |   | **Amortized****Cost**                                                     |   |   | **Gross****Unrealized****Gains**  |   |   | **Gross****Unrealized****Losses**  |   |   | **Fair                        Value **  |   |
|                                                                                   |   |   | **(In                        thousands) **                           |   |
| U.S.                        government sponsored entity debt securities (1)            |   | $      | 72,649                                                                         |   | $ | — |   | $ | (733 | ) | $ | 71,916 |   |
| Preferred                        stock of  U.S. government sponsored entities (1) |   |   | 96,085                                                                         |   |   | 420 |   |   | (4,584 | ) |   | 91,921 |   |
| Trust                        preferred securities of other issuers                     |   |   | 26,644                                                                         |   |   | 687 |   |   | (93 | ) |   | 27,238 |   |
| Mutual                        funds and other bonds (2)                                |   |   | 97,707                                                                         |   |   | 49 |   |   | (2,313 | ) |   | 95,443 |   |
| Other                        equity securities                                         |   |   | 1,011                                                                          |   |   | 18 |   |   | — |   |   | 1,029 |   |
|                                                                                   |   |   |                                                                           |   |   |   |   |   |   |   |   |   |   |
| Total                                                                                  |   | $      | 294,096                                                                        |   | $ | 1,174 |   | $ | (7,723 | ) | $ | 287,547 |   |

| (1) | U.S.                          government sponsored entities include the Federal National                          Mortgage                          Association ("FNMA") and the Federal Home Loan Mortgage                          Corporation                          ("FHLMC"). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Underlying                            assets of mutual funds consist primarily of mortgage-backed                            securities. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                 |   |   | **As                            of ****September                            30, 2004 **  |   |
|--------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------|--------|
|                                                                                 |   |   | **Amortized****Cost**                                                                                   |   |   | **Gross****Unrealized****Gains** |   |   | **Gross****Unrealized****Losses** |   |   | **Fair                            Value** |   |
|                                                                                 |   |   | **(In                            thousands)**                                                      |   |
| U.S.                            government sponsored entity debt securities (1)      |   | $      | 52,038                                                                                                  |   | $ | 539 |   | $ | — |   | $ | 52,577 |   |
| Preferred                            stock of U.S. government sponsored entities (1) |   |   | 96,089                                                                                                  |   |   | 436 |   |   | (2,028 | ) |   | 94,497 |   |
| Trust                            preferred securities of other issuers               |   |   | 88,567                                                                                                  |   |   | 4,072 |   |   | (250 | ) |   | 92,389 |   |
| Mutual                            funds and other bonds (2)                          |   |   | 95,186                                                                                                  |   |   | 34 |   |   | (1,706 | ) |   | 93,514 |   |
| Other                            equity securities                                   |   |   | 932                                                                                                     |   |   | 30 |   |   | — |   |   | 962 |   |
|                                                                                 |   |   |                                                                                                    |   |   |   |   |   |   |   |   |   |   |
| Total                                                                                |   | $      | 332,812                                                                                                 |   | $ | 5,111 |   | $ | (3,984 | ) | $ | 333,939 |   |

| (1) | U.S.                      government sponsored entities include the FNMA and                      FHLMC. |
|-----|----------------------------------------------------------------------------------------------------------|

| (2) | Underlying                        assets of mutual funds consist primarily of mortgage-backed                        securities. |
|-----|----------------------------------------------------------------------------------------------------------------------------------|

|                                                      |   | **As                    of ****June                    30, 2005** |    |
|-----------------------------------------------------------|--------|------------------------------------------------------------------------|---------|
|                                                      |   | **Amortized****Cost**                                                  |    | **Fair                    Value** |   |
|                                                      |   | **(In                    thousands)**                                  |    |
| Due                    in one year or less                |   | $                                                                      | 3,031   |   | $ | 3,028 |   |
| Due                    after one year through five years  |   |                                                                   | 81,700  |   |   | 80,903 |   |
| Due                    after five years through ten years |   |                                                                   | 1,795   |   |   | 1,795 |   |
| Due                    after ten years                    |   |                                                                   | 41,769  |   |   | 42,086 |   |
|                                                      |   |                                                                   |    |   |   |   |   |
| Total                                                     |   | $                                                                      | 128,295 |   | $ | 127,812 |   |

----

**BANKUNITED          FINANCIAL CORPORATION AND SUBSIDIARIES **

**CONDENSED          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) **

*Mortgage-Backed          Securities Available for Sale *

|                                                     |   |   | **As                      of ****June                      30, 2005** |
|----------------------------------------------------------|--------|--------|----------------------------------------------------------------------------|
|                                                     |   |   | **Amortized****Cost**                                                      |   |   | **Gross****Unrealized****Gains** |   |   | **Gross****Unrealized****Losses** |   |   | **Fair                    Value** |   |
|                                                     |   |   | **(In                      thousands)**                                    |   |
| FNMA                      mortgage-backed securities     |   | $      | 287,926                                                                    |   | $ | 230 |   | $ | (4,165 | ) | $ | 283,991 |   |
| FHLMC                      mortgage-backed securities    |   |   | 86,280                                                                     |   |   | 73 |   |   | (1,011 | ) |   | 85,342 |   |
| Collateralized                      mortgage obligations |   |   | 2,365                                                                      |   |   | — |   |   | (28 | ) |   | 2,337 |   |
| Mortgage                      pass-through certificates  |   |   | 1,144,719                                                                  |   |   | 1,100 |   |   | (14,253 | ) |   | 1,131,566 |   |
|                                                     |   |   |                                                                       |   |   |   |   |   |   |   |   |   |   |
| Total                                                    |   | $      | 1,521,290                                                                  |   | $ | 1,403 |   | $ | (19,457 | ) | $ | 1,503,236 |   |

|                                                       |   |   | **As                        of ****September                        30, 2004** |   |
|------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------|--------|
|                                                       |   |   | **Amortized****Cost**                                                               |   |   | **Gross****Unrealized****Gains** |   |   | **Gross****Unrealized****Losses** |   |   | **Fair                        Value** |   |
|                                                       |   |   | **(In                        thousands)**                                           |   |
| FNMA                        mortgage-backed securities     |   | $      | 361,326                                                                             |   | $ | 640 |   | $ | (3,714 | ) | $ | 358,252 |   |
| FHLMC                        mortgage-backed securities    |   |   | 114,869                                                                             |   |   | 72 |   |   | (1,355 | ) |   | 113,586 |   |
| Collateralized                        mortgage obligations |   |   | 4,648                                                                               |   |   | — |   |   | (34 | ) |   | 4,614 |   |
| Mortgage                        pass-through certificates  |   |   | 1,598,498                                                                           |   |   | 3,624 |   |   | (10,394 | ) |   | 1,591,728 |   |
|                                                       |   |   |                                                                                |   |   |   |   |   |   |   |   |   |   |
| Total                                                      |   | $      | 2,079,341                                                                           |   | $ | 4,336 |   | $ | (15,497 | ) | $ | 2,068,180 |   |
|                                                       |   |   |                                                                                |   |   |   |   |   |   |   |   |   |   |

|                                                        |   | **As                      of ****June                      30, 2005** |      |
|-------------------------------------------------------------|--------|----------------------------------------------------------------------------|-----------|
|                                                        |   | **Amortized****Cost**                                                      |      | **Fair                      Value** |   |
|                                                        |   | **(In                      thousands)**                                    |      |
| Due                      in one year or less                |   | $                                                                          | 459,967   |   | $ | 454,508 |   |
| Due                      after one year through five years  |   |                                                                       | 938,062   |   |   | 926,929 |   |
| Due                      after five years through ten years |   |                                                                       | 97,553    |   |   | 96,396 |   |
| Due                      after ten years                    |   |                                                                       | 25,708    |   |   | 25,403 |   |
|                                                        |   |                                                                       |      |   |   |   |   |
| Total                                                       |   | $                                                                          | 1,521,290 |   | $ | 1,503,236 |   |
|                                                        |   |                                                                       |      |   |   |   |   |

----

**BANKUNITED          FINANCIAL CORPORATION AND SUBSIDIARIES **

**CONDENSED          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) **

|                                                                           |   | **As                      of June 30, 2005** |    |
|--------------------------------------------------------------------------------|--------|----------------------------------------------|---------|
|                                                                           |   | **Less                      than 12 Months** |    | **12                      Months or Greater** |   | **Total** |   |
|                                                                           |   | **Fair                      Value**          |    | **Unrealized****Losses                      (1)** |   | **Fair****Value** |   | **Unrealized****Losses                      (1)** |   | **Fair                      Value** |   | **Unrealized****Losses** |   |
|                                                                           |   | **(In                      thousands)**      |    |
| Available                      for sale securities                             |   |                                         |    |   |   |   |   |   |   |   |   |   |   |
| Investment                      securities:                                    |   |                                         |    |   |   |   |   |   |   |   |   |   |   |
| U.S.                      government sponsored entity debt securities (2)      |   | $                                            | 71,916  |   | $ | (733 | ) | $ | — |   | $ | — |   | $ | 71,916 |   | $ | (733 | ) |
| Preferred                      stock of U.S. government sponsored entities (2) |   |                                         | 53,128  |   |   | (2,958 | ) |   | 23,303 |   |   | (1,626 | ) |   | 76,431 |   |   | (4,584 | ) |
| Trust                      preferred securities of other issuers               |   |                                         | 1,988   |   |   | (12 | ) |   | 1,919 |   |   | (81 | ) |   | 3,907 |   |   | (93 | ) |
| Mutual                      funds and other bonds (3)                          |   |                                         | 3,400   |   |   | (18 | ) |   | 81,966 |   |   | (2,295 | ) |   | 85,366 |   |   | (2,313 | ) |
| Other                      equity securities                                   |   |                                         | — |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                           |   |                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                      investment securities                               |   | $                                            | 130,431 |   | $ | (3,721 | ) | $ | 107,188 |   | $ | (4,002 | ) | $ | 237,620 |   | $ | (7,723 | ) |
|                                                                           |   |                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage-backed                      securities:                               |   |                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FNMA                      mortgage-backed securities                           |   | $                                            | 57,637  |   | $ | (680 | ) | $ | 215,232 |   | $ | (3,485 | ) | $ | 272,869 |   |   | (4,165 | ) |
| FHLMC                      mortgage-backed securities                          |   |                                         | — |   |   | — |   |   | 80,975 |   |   | (1,011 | ) |   | 80,975 |   |   | (1,011 | ) |
| Collateralized                      mortgage obligations                       |   |                                         | — |   |   | — |   |   | 2,337 |   |   | (28 | ) |   | 2,337 |   |   | (28 | ) |
| Mortgage                      pass-through certificates                        |   |                                         | 364,177 |   |   | (2,386 | ) |   | 632,625 |   |   | (11,867 | ) |   | 996,802 |   |   | (14,253 | ) |
|                                                                           |   |                                         |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                      mortgage-backed securities                          |   | $                                            | 421,815 |   | $ | (3,066 | ) | $ | 931,171 |   | $ | (16,391 | ) | $ | 1,352,983 |   | $ | (19,457 | ) |

| (1) | These                              unrealized losses were caused by changes in interest                              rates and are                              considered to be temporary. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (2)  | U.S. government sponsored                          entities include the                          FNMA and FHLMC.  |
|-----------|------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (3)  | Underlying                            assets of mutual funds consist primarily of mortgage-backed                            securities. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                               |   | **As                        of September 30, 2004** |      |
|------------------------------------------------------------------------------------|--------|-----------------------------------------------------|-----------|
|                                                                               |   | **Less                        than 12 Months**      |      | **12                        Months or Greater** |   | **Total** |   |
|                                                                               |   | **Fair                        Value**               |      | **Unrealized****Losses                        (1)** |   | **Fair****Value** |   | **Unrealized****Losses                        (1)** |   | **Fair                        Value** |   | **Unrealized****Losses** |   |
|                                                                               |   | **(In                        thousands)**           |      |
| Available                        for sale securities                               |   |                                                |      |   |   |   |   |   |   |   |   |   |   |
| Investment                        securities:                                      |   |                                                |      |   |   |   |   |   |   |   |   |   |   |
| Preferred                          stock of U.S. government sponsored entities (2) |   | $                                                   | 69,048    |   | $ | (2,028 | ) | $ | — |   | $ | — |   | $ | 69,048 |   | $ | (2,028 | ) |
| Trust                        preferred securities of other issuers                 |   |                                                | 7,427     |   |   | (84 | ) |   | 3,834 |   |   | (166 | ) |   | 11,261 |   |   | (250 | ) |
| Mutual                        funds and other bonds (3)                            |   |                                                | 19,780    |   |   | (60 | ) |   | 73,194 |   |   | (1,646 | ) |   | 92,974 |   |   | (1,706 | ) |
|                                                                               |   |                                                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                        investment securities                                 |   | $                                                   | 96,255    |   | $ | (2,172 | ) | $ | 77,028 |   | $ | (1,812 | ) | $ | 173,283 |   | $ | (3,984 | ) |
|                                                                               |   |                                                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mortgage-backed                        securities:                                 |   |                                                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FNMA                        mortgage-backed securities                             |   | $                                                   | 69,222    |   | $ | (253 | ) | $ | 212,095 |   | $ | (3,461 | ) | $ | 281,317 |   | $ | (3,714 | ) |
| FHLMC                        mortgage-backed securities                            |   |                                                | 107,432   |   |   | (1,355 | ) |   | — |   |   | — |   |   | 107,432 |   |   | (1,355 | ) |
| Collateralized                        mortgage obligations                         |   |                                                | 4,018     |   |   | (21 | ) |   | 595 |   |   | (13 | ) |   | 4,613 |   |   | (34 | ) |
| Mortgage                        pass-through certificates                          |   |                                                | 844,874   |   |   | (7,085 | ) |   | 245,018 |   |   | (3,309 | ) |   | 1,089,892 |   |   | (10,394 | ) |
|                                                                               |   |                                                |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                        mortgage-backed securities                            |   | $                                                   | 1,025,546 |   | $ | (8,714 | ) | $ | 457,708 |   | $ | (6,783 | ) | $ | 1,483,254 |   | $ | (15,497 | ) |

| (1) | These                              unrealized losses were caused by changes in interest                              rates and are                              considered to be temporary. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (2)  | U.S. government sponsored                          entities include the                          FNMA and FHLMC.  |
|-----------|------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (3)  | Underlying                            assets of mutual funds consist primarily of mortgage-backed                            securities. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANKUNITED          FINANCIAL CORPORATION AND SUBSIDIARIES **

**CONDENSED          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) **

| **4.** | **Advances                        from Federal Home Loan Bank** |
|--------|-----------------------------------------------------------------|

 

|                                                                     |   | As                          of June 30,         |      | As                          of September 30, |                                             |
|--------------------------------------------------------------------------|--------|-------------------------------------------------|-----------|----------------------------------------------|--------------------------------------------------|
|                                                                     |   |  2005                                      |      | 2004                                         |                                             |
|                                                                     |   |  Amount                                    |      |                                         | Range                          of Interest Rates |   |  Amount |   |   | Range                          of Interest Rates |   |
| Repayable                        During Fiscal Year Ending September 30, |   | (Dollars                          in thousands) |      |
| 2005                                                                     |   | $                                               | 685,000   |                                         |                                             | 3.05 | % | - | 3.48 | % | $ | 769,000 |   |   | 1.90 | % | - | 7.43 | % |
| 2006                                                                     |   |                                            | 1,266,285 |                                         |                                             | 1.90 | % | - | 6.65 | % |   | 851,319 |   |   | 0.64 | % | - | 6.65 | % |
| 2007                                                                     |   |                                            | 630,000   |                                         |                                             | 2.34 | % | - | 4.12 | % |   | 450,000 |   |   | 0.40 | % | - | 3.43 | % |
| 2008                                                                     |   |                                            | 305,000   |                                         |                                             | 2.12 | % | - | 5.50 | % |   | 325,000 |   |   | 1.19 | % | - | 5.50 | % |
| 2009                                                                     |   |                                            | 125,000   |                                         |                                             | 4.43 | % | - | 5.48 | % |   | 125,000 |   |   | 4.01 | % | - | 5.48 | % |
| 2010                                                                     |   |                                            | 250,000   |                                         |                                             | 3.61 | % | - | 5.65 | % |   | 480,000 |   |   | 5.44 | % | - | 6.94 | % |
| 2011                                                                     |   |                                            | 39,000    |                                         |                                             | 4.70 | % | - | 4.93 | % |   | 64,000 |   |   | 4.70 | % | - | 5.67 | % |
| 2012                                                                     |   |                                            | 50,000    |                                         |                                             | 4.01 | % |   | 4.01 | % |   | 50,000 |   |   | 4.01 | % |   | 4.01 | % |
| 2015                                                                     |   |                                            | 150,100   |                                         |                                             | 3.46 | % |   | 3.66 | % |   | — |   |   | — |   |   | — |   |
| Total                          contractual outstandings                  |   |                                            | 3,500,385 |                                         |                                             |   |   |   |   |   |   | 3,114,319 |   |   |   |   |   |   |   |
| Fair                          value adjustments (1)                      |   |                                            | —   |                                         |                                             |   |   |   |   |   |   | 1,109 |   |   |   |   |   |   |   |
| Total                          carrying amount                           |   | $                                               | 3,500,385 |                                         |                                             |   |   |   |   |   | $ | 3,115,428 |   |   |   |   |   |   |   |

| (1)    | The                        fair value adjustments as of September 30, 2004 were made                        in connection                        with interest rate swaps outstanding at the time that qualified                        for hedge                        accounting treatment under SFAS No. 133. The notional amount                        of the                        interst rate swaps used in these transactions was $200 million. |
|-----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **5.** | **Convertible                      Senior Notes** |
|--------|---------------------------------------------------|

----

**BANKUNITED          FINANCIAL CORPORATION AND SUBSIDIARIES **

**CONDENSED          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) **

| **6.** | **Earnings                      (Loss) Per Share** |
|--------|----------------------------------------------------|

|                                                                            |   | **For the Three Months****Ended                      June 30,**                                 |    | **For                      the Nine Months****Ended                      June 30,** |   |
|---------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------|---------|-------------------------------------------------------------------------------------|--------|
|                                                                            |   | **2005**                                                                                                       |    | **2004**                                                                            |   | **2005** |   | **2004** |   |
|                                                                            |   | **(Dollars                      and shares in thousands,****except                      per share data)** |    |
| **Basic                      earnings (loss) per share:**                       |   |                                                                                                      |    |                                                                           |   |    |   |    |   |
| Numerator:                                                                      |   |                                                                                                      |    |                                                                           |   |    |   |    |   |
| Net                      (loss) income                                     |   | $                                                                                                              | (14,809 | )                                                                                   | $      | 13,040 |   | $ | 13,272 |   | $ | 36,628 |   |
| Preferred                      stock dividends                                  |   |                                                                                                           | 112     |                                                                                |   | 98 |   |   | 319 |   |   | 278 |   |
|                                                                            |   |                                                                                                           |    |                                                                                |   |   |   |   |   |   |   |   |   |
| Net                      (loss) income available to common stockholders         |   | $                                                                                                              | (14,921 | )                                                                                   | $      | 12,942 |   | $ | 12,953 |   | $ | 36,350 |   |
|                                                                            |   |                                                                                                           |    |                                                                                |   |   |   |   |   |   |   |   |   |
| Denominator:                                                                    |   |                                                                                                           |    |                                                                                |   |   |   |   |   |   |   |   |   |
| Weighted                      average common shares outstanding                 |   |                                                                                                           | 30,134  |                                                                                |   | 29,894 |   |   | 30,062 |   |   | 29,805 |   |
|                                                                            |   |                                                                                                           |    |                                                                                |   |   |   |   |   |   |   |   |   |
| Basic                      (loss) earnings per share                            |   | $                                                                                                              | (0.50   | )                                                                                   | $      | 0.43 |   | $ | 0.43 |   | $ | 1.22 |   |
|                                                                            |   |                                                                                                           |    |                                                                                |   |   |   |   |   |   |   |   |   |
| **Diluted                      earnings (loss)  per share:**               |   |                                                                                                           |    |                                                                                |   |   |   |   |   |   |   |   |   |
| Numerator:                                                                      |   |                                                                                                           |    |                                                                                |   |   |   |   |   |   |   |   |   |
| Net                      (loss) income available to common stockholders         |   | $                                                                                                              | (14,921 | )                                                                                   | $      | 12,942 |   | $ | 12,953 |   | $ | 36,350 |   |
| Plus:                                                                           |   |                                                                                                           |    |                                                                                |   |   |   |   |   |   |   |   |   |
| Convertible                      preferred stock dividends                      |   |                                                                                                           | — |                                                                                |   | 98 |   |   | 319 |   |   | 278 |   |
|                                                                            |   |                                                                                                           |    |                                                                                |   |   |   |   |   |   |   |   |   |
| Diluted                      net (loss) income available to common stockholders |   | $                                                                                                              | (14,921 | )                                                                                   | $      | 13,040 |   | $ | 13,272 |   | $ | 36,628 |   |
|                                                                            |   |                                                                                                           |    |                                                                                |   |   |   |   |   |   |   |   |   |
| Denominator:                                                                    |   |                                                                                                           |    |                                                                                |   |   |   |   |   |   |   |   |   |
| Weighted                      average common shares outstanding                 |   |                                                                                                           | 30,134  |                                                                                |   | 29,894 |   |   | 30,062 |   |   | 29,805 |   |
| Plus:                                                                           |   |                                                                                                           |    |                                                                                |   |   |   |   |   |   |   |   |   |
| Stock                      options and restricted stock                         |   |                                                                                                           | — |                                                                                |   | 1,508 |   |   | 1,493 |   |   | 1,556 |   |
| Convertible                      preferred stock                                |   |                                                                                                           | — |                                                                                |   | 773 |   |   | 811 |   |   | 763 |   |
|                                                                            |   |                                                                                                           |    |                                                                                |   |   |   |   |   |   |   |   |   |
| Diluted                      weighted average shares outstanding                |   |                                                                                                           | 30,134  |                                                                                |   | 32,175 |   |   | 32,366 |   |   | 32,124 |   |
|                                                                            |   |                                                                                                           |    |                                                                                |   |   |   |   |   |   |   |   |   |
| Diluted                      (loss) earnings per share                          |   | $                                                                                                              | (0.50   | )                                                                                   | $      | 0.41 |   | $ | 0.41 |   | $ | 1.14 |   |

----

**BANKUNITED          FINANCIAL CORPORATION AND SUBSIDIARIES **

**CONDENSED          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) **

| **7.** | **Regulatory                      Capital** |
|--------|---------------------------------------------|

|                                                         |   | **As of June 30,****2005**       |    | **As of September 30,****2004** |   |
|--------------------------------------------------------------|--------|-------------------------------------------------|---------|------------------------------------------------|--------|
|                                                         |   | **(Dollars                      in thousands)** |    |
| **Tier                      1 Leverage Capital**             |   |                                            |    |                                           |   |
| Amount                                                       |   | $                                               | 715,578 |                                           | $      | 622,328 |   |
| Actual                      Ratio                            |   |                                            | 7.2     | %                                              |   | 7.3 | % |
| Well-Capitalized                      Minimum Ratio(1)       |   |                                            | 5.0     | %                                              |   | 5.0 | % |
| Adequately                      Capitalized Minimum Ratio(1) |   |                                            | 4.0     | %                                              |   | 4.0 | % |
| **Tier                      1 Risk-Based Capital**           |   |                                            |    |                                           |   |   |   |
| Amount                                                       |   | $                                               | 715,578 |                                           | $      | 622,328 |   |
| Actual                      Ratio                            |   |                                            | 14.3    | %                                              |   | 15.1 | % |
| Well-Capitalized                      Minimum Ratio(1)       |   |                                            | 6.0     | %                                              |   | 6.0 | % |
| Adequately                      Capitalized Minimum Ratio(1) |   |                                            | 4.0     | %                                              |   | 4.0 | % |
| **Total                      Risk-Based Capital**            |   |                                            |    |                                           |   |   |   |
| Amount                                                       |   | $                                               | 739,121 |                                           | $      | 644,060 |   |
| Actual                      Ratio                            |   |                                            | 14.7    | %                                              |   | 15.6 | % |
| Well-Capitalized                      Minimum Ratio(1)       |   |                                            | 10.0    | %                                              |   | 10.0 | % |
| Adequately                      Capitalized Minimum Ratio(1) |   |                                            | 8.0     | %                                              |   | 8.0 | % |

| (1) | Based                        on Office of Thrift Supervision regulations. |
|-----|---------------------------------------------------------------------------|

----

**BANKUNITED          FINANCIAL CORPORATION AND SUBSIDIARIES **

**CONDENSED          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) **

| **8.** | **Comprehensive                      (Loss) Income** |
|--------|-----------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | **For the Three Months****Ended                      June 30,** |   |   | **For                      the Nine Months****Ended                      June 30,** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | ** 2005**                                                            |   |   | **2004**                                                                            |   |   | **2005** |   |   | **2004**  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | **(In                      thousands)**                                        |   |
| Net                      (loss) income                                                                                                                                                                                                                                                                                                                                                                               |   | $      | (14,809                                                                        | )      | $      | 13,040                                                                              |   | $ | 13,272 |   | $ | 36,628 |   |
| Other                      comprehensive income (loss), net of tax:                                                                                                                                                                                                                                                                                                                                                  |   |   |                                                                           |   |   |                                                                                |   |   |   |   |   |   |   |
| Unrealized                      (loss) gain arising during the period on securities, net of                      tax expense                      (benefit) of $5,761 and $(15,992) for the three months ended                      June 30, 2005                      and 2004, and $(3,812) and $(14,093) for the nine months ended                      June 30,                      2005 and 2004, respectively |   |   | 10,699                                                                         |   |   | (29,699                                                                             | )      |   | (7,080 | ) |   | (26,173 | ) |
| Unrealized                      (loss) gain on cash flow hedges, net of tax (benefit) expense                      of $(239)                      and $(824) for the three months ended June 30, 2005 and 2004,                      respectively, and of $96 and $(602) for the nine months ended                      June 30,                      2005 and 2004, respectively                                    |   |   | (444                                                                           | )      |   | (1,530                                                                              | )      |   | 179 |   |   | (1,119 | ) |
| Less                      reclassification adjustment for:                                                                                                                                                                                                                                                                                                                                                           |   |   |                                                                           |   |   |                                                                                |   |   |   |   |   |   |   |
| Realized                      gain on securities sold included in net income, net of tax                      of $359 for the                      three months ended June 30, 2005, and $1,230 and $254 for the                      nine months                      ended June 30, 2005 and 2004, respectively                                                                                                    |   |   | 667                                                                            |   |   | —                                                                             |   |   | 2,284 |   |   | 472 |   |
| Realized                      loss on cash flow hedges, net of tax benefit of $33 and $92                      for the three                      months ended June 30, 2005 and 2004, and $141 and $269 for                      the nine months                      ended June 30, 2005 and 2004, respectively                                                                                                    |   |   | (62                                                                            | )      |   | (171                                                                                | )      |   | (262 | ) |   | (500 | ) |
| Total                      other comprehensive income (loss), net of tax                                                                                                                                                                                                                                                                                                                                             |   |   | 9,650                                                                          |   |   | (31,058                                                                             | )      |   | (8,923 | ) |   | (27,264 | ) |
| Comprehensive                      (loss) income                                                                                                                                                                                                                                                                                                                                                                     |   | $      | (5,159                                                                         | )      | $      | (18,018                                                                             | )      | $ | 4,349 |   | $ | 9,364 |   |

| **9.** | **Accounting                      For Derivatives and Hedging Activities** |
|--------|----------------------------------------------------------------------------|

**Loan          Commitments **

**Forward          Sales Contracts **

----

**BANKUNITED          FINANCIAL CORPORATION AND SUBSIDIARIES **

**CONDENSED          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) **

**Interest          Rate Swaps and Caps **

|                                                                                                                                                |   | **For                      the****Three                      Months****Ended****June                      30,** |   | **For the****Nine Months****Ended****June                      30,** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------|--------|
|                                                                                                                                                |   | **2005**                                                                                                        |   | **2004**                                                                       |   | ** 2005** |   | ** 2004** |   |
|                                                                                                                                                |   | **(In                      thousands)**                                                                         |   |
| **Fair                      Value Hedges**                                                                                                          |   |                                                                                                            |   |                                                                           |   |   |   |   |   |
| Net                      gain recorded in earnings due to ineffectiveness                                                                           |   | $                                                                                                               | 29     |                                                                           | $      | 187 |   | $ | 41 |   | $ | 188 |   |
| Net                      loss recorded in earnings upon settlement of swap related to                      debt                      extinguishment |   |                                                                                                            | (1,369 | )                                                                              |   | — |   |   | (1,369 | ) |   | — |   |
| **Other                      Derivatives (1)**                                                                                                      |   |                                                                                                            |   |                                                                           |   |   |   |   |   |   |   |   |   |
| Net                      gain (loss) recorded in earnings                                                                                           |   |                                                                                                            | 84     |                                                                           |   | (111 | ) |   | 92 |   |   | 630 |   |
|                                                                                                                                                |   |                                                                                                            |   |                                                                           |   |   |   |   |   |   |   |   |   |
| Total                      net (loss) gain recorded in earnings due to derivatives                                                                  |   | $                                                                                                               | (1,256 | )                                                                              | $      | 76 |   | $ | (1,236 | ) | $ | 818 |   |
|                                                                                                                                                |   |                                                                                                            |   |                                                                           |   |   |   |   |   |   |   |   |   |

| Note: | There                        was no ineffectiveness related to cash flow hedges during                        the three and                        nine months ended June 30, 2005 and 2004. Within the next                        12 months,                        BankUnited estimates that $423 thousand of existing unrealized                        gains or                        losses on cash flow hedges as of June 30, 2005, will be reclassified                        out                        of accumulated other comprehensive income as a charge to                        earnings. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (1) | These                      derivatives are used by BankUnited to hedge interest rate risk,                      but do not                      qualify for hedge accounting treatment. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**BANKUNITED          FINANCIAL CORPORATION AND SUBSIDIARIES **

**CONDENSED          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) **

| **10.** | **Commitments                      and Contingencies** |
|---------|--------------------------------------------------------|

| **11.** | **Related                      Party Transactions** |
|---------|-----------------------------------------------------|

|                                                                                |   | Related                    Party Loans |    |
|-------------------------------------------------------------------------------------|--------|----------------------------------------|---------|
|                                                                                |   | Fiscal                    2005         |    | Fiscal 2004 |   |
|                                                                                |   | (In                    thousands)      |    |
| Ending balance                    at September 30, 2004 and 2003, respectively |   | $                                      | 5,593   |   | $ | 6,307 |   |
| Additions                                                                           |   |                                   | 2,367   |   |   | 827 |   |
| Payments                                                                            |   |                                   | (1,599  | ) |   | (852 | ) |
| Termination                    of related party relationship                        |   |                                   | — |   |   | (937 | ) |
| Ending                    balance at June 30, 2005 and 2004, respectively           |   | $                                      | 6,361   |   | $ | 5,345 |   |

----

**BANKUNITED          FINANCIAL CORPORATION AND SUBSIDIARIES **

**CONDENSED          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) **

| **12.** | **Stock                      Based Compensation** |
|---------|---------------------------------------------------|

*Pro-forma          Earnings (Loss) Per Share*

|                                                                                                                                                                                                                                                                  |   |   | **For the Three Months****Ended                      June 30,**  |   |   | **For                      the Nine Months****Ended                      June 30,**  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                  |   |   | **2005**                                                                             |   |   | **2004**                                                                             |   |   | **2005** |   |   |  **2004**  |   |
|                                                                                                                                                                                                                                                                  |   |   | **(Dollars                      in thousands)**                                      |   |
| Net                      (loss) income, as reported                                                                                                                                                                                                                   |   | $      | (14,809                                                                              | )      | $      | 13,040                                                                                    |   | $ | 13,272 |   | $ | 36,628 |   |
| Add:                      Total stock-based employee and director compensation expense                      included in                      net (loss) income, net of related tax effects                                                                            |   |   | 479                                                                                  |   |   | 460                                                                                       |   |   | 1,308 |   |   | 1,134 |   |
| Deduct:                      Total stock-based employee and director compensation expense                      determined                      under the fair value based method for all awards, net of related                      tax                      effects |   |   | (1,367                                                                               | )      |   | (935                                                                                      | )      |   | (4,292 | ) |   | (2,455 | ) |
|                                                                                                                                                                                                                                                                  |   |   |                                                                                 |   |   |                                                                                      |   |   |   |   |   |   |   |
| Pro                      forma net (loss) income                                                                                                                                                                                                                      |   | $      | (15,697                                                                              | )      | $      | 12,565                                                                                    |   | $ | 10,288 |   | $ | 35,307 |   |
|                                                                                                                                                                                                                                                                  |   |   |                                                                                 |   |   |                                                                                      |   |   |   |   |   |   |   |
| Earnings                      (loss) per share:                                                                                                                                                                                                                  |   |   |                                                                                 |   |   |                                                                                      |   |   |   |   |   |   |   |
| Basic                      — as reported                                                                                                                                                                                                                        |   | $      | (0.50                                                                                | )      | $      | 0.43                                                                                      |   | $ | 0.43 |   | $ | 1.22 |   |
|                                                                                                                                                                                                                                                                  |   |   |                                                                                 |   |   |                                                                                      |   |   |   |   |   |   |   |
| Basic                      — pro forma                                                                                                                                                                                                                          |   | $      | (0.52                                                                                | )      | $      | 0.42                                                                                      |   | $ | 0.33 |   | $ | 1.18 |   |
|                                                                                                                                                                                                                                                                  |   |   |                                                                                 |   |   |                                                                                      |   |   |   |   |   |   |   |
| Diluted                      — as reported                                                                                                                                                                                                                      |   | $      | (0.50                                                                                | )      | $      | 0.41                                                                                      |   | $ | 0.41 |   | $ | 1.14 |   |
|                                                                                                                                                                                                                                                                  |   |   |                                                                                 |   |   |                                                                                      |   |   |   |   |   |   |   |
| Diluted                      — pro forma                                                                                                                                                                                                                        |   | $      | (0.52                                                                                | )      | $      | 0.39                                                                                      |   | $ | 0.32 |   | $ | 1.10 |   |
|                                                                                                                                                                                                                                                                  |   |   |                                                                                 |   |   |                                                                                      |   |   |   |   |   |   |   |
| Assumptions                      for weighted average grant-date fair value of options granted                      during the                      period using the Black Scholes option pricing model are as                      follows:                          |   |   |                                                                                 |   |   |                                                                                      |   |   |   |   |   |   |   |
| Dividend                      yield                                                                                                                                                                                                                                   |   |   | 0.07                                                                                 |   |   | —                                                                                   |   |   | 0.07 |   |   | — |   |
| Expected                      volatility                                                                                                                                                                                                                              |   |   | 28.0                                                                                 | %      |   | 32.0                                                                                      | %      |   | 28.0 | % |   | 32.0 | % |
| Risk                      free interest rate                                                                                                                                                                                                                          |   |   | 3.83                                                                                 | %      |   | 3.85                                                                                      | %      |   | 3.43 | % |   | 3.34 | % |
| Expected                      life (years)                                                                                                                                                                                                                            |   |   | 4.84                                                                                 |   |   | 5.81                                                                                      |   |   | 4.76 |   |   | 5.25 |   |

*Acceleration          of Vesting *

----

**BANKUNITED          FINANCIAL CORPORATION AND SUBSIDIARIES **

**CONDENSED          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)**

| **13.** | **Purchase                      of BankUnited Class A Common Stock** |
|---------|----------------------------------------------------------------------|

----

| **Item 2.** | **MANAGEMENT’S                    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF                    OPERATIONS** |   |
|------------------|---------------------------------------------------------------------------------------------------------------------------------------|--------|

| • | Projections                          of revenues, expenses, income, earnings per share, margin,                          asset growth,                          loan production, deposit growth, and other performance                          measures; |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| •  | Expansion                          of operations, including branch openings, entrance into                          new markets,                          development of products and services and plans for new                          marketing                          strategies; and |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| • | Discussions on the outlook                        of the                        economy. |
|---------|------------------------------------------------------------------------------------------|

**Overview          **

----

| • | Balance                    sheet repositioned through prepayment of $405 million of high                    rate debt                    and related swaps, resulting in a $24.6 million after-tax charge                    to                    earnings. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| • | Net                        loss of $14.8 million, compared to net income of $13.0 for                        the same                        quarter last year. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| •  | Net                      interest margin decreased to 1.67% for the quarter ended June                      30, 2005,                      compared to 1.87% for the same period in 2004. |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| • | Loan                      production for the third quarter of fiscal 2005 improved by                      28.3% compared                      to the same quarter in fiscal 2004, to reach $1.5                      billion. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| • | Total                      loans, net increased to $7.6 billion, up 31% compared to $5.8                      billion at                      September 30, 2004. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| • | Total                      assets of $9.9 billion, up 14.2% compared to $8.7 billion at                      September 30,                      2004. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| • | Non-performing                      assets as a percentage of total assets of 0.10%, down from                      0.20% at                      September 30, 2004. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| • | Total                      deposits of $4.2 billion, up 20% compared to $3.5 billion at                      September 30,                      2004. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| • | Non-interest                      bearing deposits grew to $326 million as of June 30, 2005,                      a 32% increase                      compared to September 30th of 2004. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| • | Branch                      network increased to 55 as of June 30, 2005 with two new branch                      openings                      during the quarter. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**RESULTS          OF OPERATIONS **
**FINANCIAL          CONDITION **

**Fiscal          2005 Developments **

----

**Critical            Accounting Policies **

**Accounting            Pronouncements Issued and Not Yet Adopted **

**Note            2. Impact of Certain Accounting Pronouncements **
**SFAS            No. 123R **
**Note            12. Stock Based Compensation **
*Acceleration            of Vesting *

**RESULTS            OF OPERATIONS **

**For            the Three Months Ended June 30, 2005 Compared to the Same Period in 2004            **

**General            **

**Analysis            of Net Interest Income **

*Yields            Earned and Rates Paid. *

----

|                                                                                     |   | **For                      the Three Months Ended June 30,** |         |
|------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------------|
|                                                                                     |   | **2005**                                                     | **2004**     |   |
|                                                                                     |   | **(Dollars                      in thousands)**              |         |
|                                                                                     |   | **Average****Balance**                                       |         | **Interest** |   | **Yield/****Rate** |   | **Average****Balance** |   | **Interest** |   | **Yield/****Rate** |   |
| Interest-earning                      assets:                                            |   |                                                         |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loan                      portfolio, net(1)                                              |   | $                                                            | 7,165,849    |   | $ | 88,403 |   |   | 4.93 | % | $ | 4,852,464 |   | $ | 56,493 |   |   | 4.66 | % |
| Loans                      held for sale                                                 |   |                                                         |  15,918 |   |   |  234 |   |   | 5.89 | %  |   |  91,175 |   |   |  1,252 |   |   | 5.49 | % |
| Mortgage-backed                      securities                                          |   |                                                         | 1,614,157    |   |   | 15,341 |   |   | 3.80 | % |   | 2,321,678 |   |   | 20,240 |   |   | 3.49 | % |
| Short-term                      investments(2)                                           |   |                                                         | 22,895       |   |   | 335 |   |   | 5.88 | % |   | 15,384 |   |   | 66 |   |   | 1.73 | % |
| Investment                      securities and FHLB stock                                |   |                                                         | 467,829      |   |   | 5,529 |   |   | 4.73 | % |   | 473,588 |   |   | 4,883 |   |   | 4.13 | % |
| Total                      interest-earning assets                                       |   |                                                         | 9,286,648    |   |   | 109,842 |   |   | 4.73 | % |   | 7,754,289 |   |   | 82,934 |   |   | 4.28 | % |
| Interest-bearing                      liabilities:                                       |   |                                                         |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Transaction                      and money market                                        |   |                                                         | 384,912      |   |   | 1,353 |   |   | 1.41 | % |   | 377,326 |   |   | 1,021 |   |   | 1.09 | % |
| Savings                                                                                  |   |                                                         | 922,650      |   |   | 5,250 |   |   | 2.28 | % |   | 1,024,578 |   |   | 4,355 |   |   | 1.71 | % |
| Certificates                      of deposits                                            |   |                                                         | 2,484,654    |   |   | 19,557 |   |   | 3.16 | % |   | 1,784,028 |   |   | 12,480 |   |   | 2.81 | % |
| Trust                      preferred securities and subordinated debentures(3)           |   |                                                         | 195,458      |   |   | 3,395 |   |   | 6.95 | % |   | 165,497 |   |   | 1,792 |   |   | 4.33 | % |
| Senior                      notes                                                        |   |                                                         | 120,000      |   |   | 1,069 |   |   | 3.57 | % |   | 120,000 |   |   | 1,070 |   |   | 3.57 | % |
| FHLB                      advances and other borrowings(3)                               |   |                                                         | 4,519,851    |   |   | 40,453 |   |   | 3.59 | % |   | 3,736,288 |   |   | 25,891 |   |   | 2.79 | % |
| Total                      interest-bearing liabilities                                  |   | $                                                            | 8,627,525    |   | $ | 71,077 |   |   | 3.30 | % | $ | 7,207,717 |   | $ | 46,609 |   |   | 2.60 | % |
| Excess                      of interest-earning assets over interest-bearing liabilities |   | $                                                            | 659,123      |   |   |   |   |   |   |   | $ | 546,572 |   |   |   |   |   |   |   |
| Net                      interest income                                                 |   |                                                         |         |   | $ | 38,765 |   |   |   |   |   |   |   | $ | 36,625 |   |   |   |   |
| Interest                      rate spread                                                |   |                                                         |         |   |   |   |   |   | 1.43 | % |   |   |   |   |   |   |   | 1.68 | % |
| Effect                      of non-interest bearing sources                              |   |                                                         |         |   |   |   |   |   | 0.24 | % |   |   |   |   |   |   |   | 0.19 | % |
| Net                      interest margin                                                 |   |                                                         |         |   |   |   |   |   | 1.67 | % |   |   |   |   |   |   |   | 1.87 | % |
| Ratio                      of interest-earning assets to interest-bearing liabilities    |   |                                                         | 107.64       | % |   |   |   |   |   |   |   | 107.58 | % |   |   |   |   |   |   |

| Note: | The                    yields and rates along with the corresponding interest rate spread                    and net                    interest margin represent the yields earned and rates paid on                    BankUnited’s                    interest-earning assets and interest-bearing liabilities, respectively,                    for the periods presented. The yields are annualized and are                    not                    calculated on a tax equivalent basis. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (1) | Includes                      average non-accruing loans of $11 million and $17 million for                      the three                      months ended June 30, 2005 and 2004, respectively. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (2) | Short-term                      investments include FHLB overnight deposits, federal funds                      sold, and                      certificates of deposit. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (3) | Includes                      the effect of interest rate swaps. For more information on                      interest rate                      swaps see Note 9 of the accompanying condensed notes                      to consolidated                      financial statements. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                 |   | **For                            the Three Month Period Ended****June                            30, 2005 vs. 2004** |    |
|--------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|---------|
|                                                                                 |   | **Increase                            (Decrease)****Due                            to**                              |    |   |   |
|                                                                                 |   | **Changes in****Volume**                                                                                        |    | **Changes****in                            Rate** |   | **Total****Increase/****(Decrease)** |   |
|                                                                                 |   | **(Dollars                            in thousands)**                                                                |    |
| Interest                            income attributable to:                          |   |                                                                                                                 |    |   |   |   |   |   |   |   |
| Loan                            portfolio, net                                       |   | $                                                                                                                    | 26,951  |   | $ | 4,959 |   | $ | 31,910 |   |
| Loans                            held for sale                                       |   |                                                                                                                 | (1,033  | )  |   | 15 |   |   | (1,018 | )  |
| Mortgage-backed                            securities                                |   |                                                                                                                 | (6,173  | ) |   | 1,274 |   |   | (4,899 | ) |
| Short-term                            investments(1)                                 |   |                                                                                                                 | 32      |   |   | 237 |   |   | 269 |   |
| Investment                            securities and FHLB stock                      |   |                                                                                                                 | (59     | ) |   | 705 |   |   | 646 |   |
|                                                                                 |   |                                                                                                                 |    |   |   |   |   |   |   |   |
| Total                            interest-earning assets                             |   |                                                                                                                 | 19,718  |   |   | 7,190 |   |   | 26,908 |   |
|                                                                                 |   |                                                                                                                 |    |   |   |   |   |   |   |   |
| Interest                            expense attributable to:                         |   |                                                                                                                 |    |   |   |   |   |   |   |   |
| Transaction                            and money market                              |   |                                                                                                                 | 21      |   |   | 311 |   |   | 332 |   |
| Savings                                                                              |   |                                                                                                                 | (436    | ) |   | 1,331 |   |   | 895 |   |
| Certificates                            of deposit                                   |   |                                                                                                                 | 4,922   |   |   | 2,155 |   |   | 7,077 |   |
| Trust                            Preferred Securities and subordinated debentures(2) |   |                                                                                                                 | 324     |   |   | 1,279 |   |   | 1,603 |   |
| Senior                            notes(3)                                           |   |                                                                                                                 | — |   |   | (1 | ) |   | (1 | ) |
| FHLB                            advances and other borrowings                        |   |                                                                                                                 | 5,465   |   |   | 9,097 |   |   | 14,562 |   |
|                                                                                 |   |                                                                                                                 |    |   |   |   |   |   |   |   |
| Total                            interest-bearing liabilities                        |   |                                                                                                                 | 10,296  |   |   | 14,172 |   |   | 24,468 |   |
|                                                                                 |   |                                                                                                                 |    |   |   |   |   |   |   |   |
| Increase                            (decrease) in net interest income                |   | $                                                                                                                    | 9,422   |   | $ | (6,982 | ) | $ | 2,440 |   |

| (1) | Short-term                        investments include FHLB overnight deposits, federal funds                        sold, and                        certificates of deposit. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (2) | Includes                        the effect of interest rate swaps. See Note 9 of the                        accompanying                        condensed notes to consolidated financial statements for                        more information                        on interest rate swaps. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (3) | Includes                        interest expense on convertible senior notes issued in February                        and March                        of 2004, and interest expense on senior notes up until February                        2004, when                        the senior notes matured. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Interest            Income. *

----

*Interest            Expense*

*Lag            Risk *

*Provision            for Loan Losses. *
**Asset            Quality **

----

**Analysis            of Non-Interest Income and Expenses **

|                                                                                          |   | **For the Three Months****Ended****June                          30,** |   |     |   |
|-----------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|--------|----------|--------|
|                                                                                          |   | **2005**                                                                              |   | **2004** |   | **Increase/(Decrease)** |   |
|                                                                                          |   | **(Dollars                          in thousands)**                                   |   |
| Non-interest                          income:                                                 |   |                                                                                  |   |     |   |   |   |   |   |   |   |   |   |
| Loan                          servicing fees                                                  |   | $                                                                                     | 797    |     | $      | 793 |   | $ | 4 |   |   | 0.5 | % |
|                                                                                          |   |                                                                                  |   |     |   |   |   |   |   |   |   |   |   |
| Amortization                          of mortgage servicing rights                            |   |                                                                                  | (937   | )        |   | (957 | ) |   | 20 |   |   | 2.1 |   |
| Impairment                          of mortgage servicing rights                              |   |                                                                                  | (130   | )        |   | — |   |   | (130 | ) |   | — |   |
| Loan                          fees                                                            |   |                                                                                  | 592    |     |   | 687 |   |   | (95 | ) |   | (13.8 | ) |
| Deposit                          fees                                                         |   |                                                                                  | 1,066  |     |   | 1,060 |   |   | 6 |   |   | 0.6 |   |
| Other                          fees                                                           |   |                                                                                  | 572    |     |   | 503 |   |   | 69 |   |   | 13.7 |   |
| Net                          gain (loss) on sale of investment and mortgage-backed securities |   |                                                                                  | 927    |     |   | (1,571 | ) |   | 2,498 |   |   | (159 | ) |
| Net                          gain on sale of loans and other assets                           |   |                                                                                  | 2      |     |   | 2,672 |   |   | (2,670 | ) |   | (99.9 | ) |
| Income                          from insurance and investment services                        |   |                                                                                  | 970    |     |   | 1,096 |   |   | (126 | ) |   | (11.5 | ) |
| Settlement                          of swap related to extinguishment of debt                 |   |                                                                                  | (1,369 | )        |   | — |   |   | (1,369 | ) |   | — |   |
| Other                          non-interest income                                            |   |                                                                                  | 1,217  |     |   | 1,690 |   |   | (473 | ) |   | (28.0 | ) |
|                                                                                          |   |                                                                                  |   |     |   |   |   |   |   |   |   |   |   |
| Total                          non-interest income                                            |   | $                                                                                     | 3,707  |     | $      | 5,973 |   | $ | (2,266 | ) |   | (37.9 | )% |

----

|                                                                  |   | **For                        the Three Months****Ended****June                        30,** |   |     |   |
|-----------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------|--------|----------|--------|
|                                                                  |   | **2005**                                                                                              |   | **2004** |   | **Increase/(Decrease)** |   |
|                                                                  |   | **(Dollars                        in thousands)**                                                     |   |
| Non-interest                        expenses:                         |   |                                                                                                  |   |     |   |   |   |   |   |   |   |   |   |
| Employee                        compensation and benefits             |   | $                                                                                                     | 13,231 |     | $      | 11,250 |   | $ | 1,981 |   |   | 17.6 | % |
|                                                                  |   |                                                                                                  |   |     |   |   |   |   |   |   |   |   |   |
| Occupancy                        and equipment                        |   |                                                                                                  | 7,214  |     |   | 4,475 |   |   | 2,739 |   |   | 61.2 |   |
| Telecommunications                        and data processing         |   |                                                                                                  | 1,886  |     |   | 1,485 |   |   | 401 |   |   | 27.0 |   |
| Advertising                        and promotion expense              |   |                                                                                                  | 1,434  |     |   | 1,680 |   |   | (246 | ) |   | (14.6 | ) |
| Professional                        fees — legal and accounting |   |                                                                                                  | 2,168  |     |   | 1,176 |   |   | 992 |   |   | 84.4 |   |
| Extinguishment                        of debt                         |   |                                                                                                  | 36,548 |     |   | — |   |   | 36,548 |   |   | — |   |
| Other                        non-interest expense                     |   |                                                                                                  | 2,841  |     |   | 2,495 |   |   | 346 |   |   | 13.9 |   |
|                                                                  |   |                                                                                                  |   |     |   |   |   |   |   |   |   |   |   |
| Total                        non-interest expenses                    |   | $                                                                                                     | 65,322 |     | $      | 22,561 |   | $ | 42,761 |   |   | 189.5 | % |

*Provision            for Income Taxes. *

**For            the Nine Months Ended June 30, 2005 Compared to the Same Period in 2004            **

**General            **

**Analysis            of Net Interest Income **

*Yields            Earned and Rates Paid. *

----

|                                                                                       |   | **For                        the Nine Months Ended June 30,** |      |
|--------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|-----------|
|                                                                                       |   | **2005**                                                      |      | **2004** |   |
|                                                                                       |   | **Average****Balance**                                        |      | **Interest** |   | **Yield/****Rate** |   | **Average****Balance** |   | **Interest** |   | **Yield/****Rate** |   |
|                                                                                       |   | **(Dollars                        in thousands)**             |      |
| Interest-earning                        assets:                                            |   |                                                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loan                        portfolio, net(1)                                              |   | $                                                             | 6,594,712 |   | $ | 237,687 |   |   | 4.81 | % | $ | 4,424,110 |   | $ | 161,720 |   |   | 4.87 | % |
| Loans                        held for sale                                                 |   |                                                          | 18,302    |   |   | 804 |   |   | 5.86 | % |   | 147,417 |   |   | 6,102 |   |   | 5.52 | % |
| Mortgage-backed                        securities                                          |   |                                                          | 1,778,285 |   |   | 50,461 |   |   | 3.78 | % |   | 2,178,089 |   |   | 60,226 |   |   | 3.69 | % |
| Short-term                        investments(2)                                           |   |                                                          | 20,491    |   |   | 726 |   |   | 4.74 | % |   | 16,459 |   |   | 282 |   |   | 2.28 | % |
| Investment                        securities and FHLB stock                                |   |                                                          | 484,768   |   |   | 16,138 |   |   | 4.44 | % |   | 449,989 |   |   | 14,265 |   |   | 4.23 | % |
| Total                        interest-earning assets                                       |   |                                                          | 8,896,558 |   |   | 305,816 |   |   | 4.59 | % |   | 7,216,064 |   |   | 242,595 |   |   | 4.48 | % |
| Interest-bearing                        liabilities:                                       |   |                                                          |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Transaction                        and money market                                        |   |                                                          | 394,315   |   |   | 3,862 |   |   | 1.31 | % |   | 371,218 |   |   | 2,951 |   |   | 1.06 | % |
| Savings                                                                                    |   |                                                          | 953,929   |   |   | 14,475 |   |   | 2.03 | % |   | 951,514 |   |   | 11,990 |   |   | 1.68 | % |
| Certificates                        of deposits                                            |   |                                                          | 2,212,564 |   |   | 48,820 |   |   | 2.95 | % |   | 1,793,400 |   |   | 39,087 |   |   | 2.91 | % |
| Trust                        preferred securities and subordinated debentures(3)           |   |                                                          | 188,915   |   |   | 9,325 |   |   | 6.58 | % |   | 165,276 |   |   | 6,466 |   |   | 5.22 | % |
| Senior                        notes(4)                                                     |   |                                                          | 120,000   |   |   | 3,208 |   |   | 3.57 | % |   | 144,818 |   |   | 5,708 |   |   | 5.26 | % |
| FHLB                        advances and other borrowings(3)                               |   |                                                          | 4,405,406 |   |   | 108,929 |   |   | 3.31 | % |   | 3,268,742 |   |   | 72,404 |   |   | 2.96 | % |
| Total                        interest-bearing liabilities                                  |   | $                                                             | 8,275,129 |   | $ | 188,619 |   |   | 3.05 | % | $ | 6,694,968 |   | $ | 138,606 |   |   | 2.76 | % |
| Excess                        of interest-earning assets over interest-bearing liabilities |   | $                                                             | 621,429   |   |   |   |   |   |   |   | $ | 521,096 |   |   |   |   |   |   |   |
| Net                        interest income                                                 |   |                                                          |      |   | $ | 117,197 |   |   |   |   |   |   |   | $ | 103,989 |   |   |   |   |
| Interest                        rate spread                                                |   |                                                          |      |   |   |   |   |   | 1.54 | % |   |   |   |   |   |   |   | 1.72 | % |
| Effect                        of non-interest bearing sources                              |   |                                                          |      |   |   |   |   |   | 0.21 | % |   |   |   |   |   |   |   | 0.20 | % |
| Net                        interest margin                                                 |   |                                                          |      |   |   |   |   |   | 1.75 | % |   |   |   |   |   |   |   | 1.92 | % |
| Ratio                        of interest-earning assets to interest-bearing liabilities    |   |                                                          | 107.51    | % |   |   |   |   |   |   |   | 107.78 | % |   |   |   |   |   |   |

| Note: | The                    yields and rates along with the corresponding interest rate spread                    and net                    interest margin represent the yields earned and rates paid on                    BankUnited’s                    interest-earning assets and interest-bearing liabilities, respectively,                    for the periods presented. The yields are annualized and are                    not                    calculated on a tax equivalent basis. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (1) | Includes                    average non-accruing loans of $15 million and $25 million for                    the nine                    months ended June 30, 2005 and 2004, respectively. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (2) | Short-term                    investments include FHLB overnight deposits, federal funds sold,                    and                    certificates of deposit. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (3) | Includes                    the effect of interest rate swaps. For more information on interest                    rate                    swaps see Note 9 of the accompanying condensed notes to                    consolidated                    financial statements. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (4) | Includes                    convertible senior notes issued in February and March of 2004,                    and senior                    notes up until February 2004, when the notes matured. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                           |   | **For                      the Nine Month Period Ended****June                      30, 2005 vs. 2004** |    |
|--------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------|---------|
|                                                                           |   | **Increase (Decrease)****Due                      to**                                             |    |   |   |
|                                                                           |   | **Changes****in****Volume**                                                                             |    | **Changes****in                      Rate** |   | **Total****Increase/****(Decrease)** |   |
|                                                                           |   | **(Dollars                      in thousands)**                                                         |    |
| Interest                      income attributable to:                          |   |                                                                                                    |    |   |   |   |   |   |   |   |
| Loan                      portfolio, net                                       |   | $                                                                                                       | 79,281  |   | $ | (3,314 | ) | $ | 75,967 |   |
| Loans                      held for sale                                       |   |                                                                                                    | (5,345  | )  |   | 47 |   |   | (5,298 | )  |
| Mortgage-backed                      securities                                |   |                                                                                                    | (11,065 | ) |   | 1,300 |   |   | (9,765 | ) |
| Short-term                      investments(1)                                 |   |                                                                                                    | 69      |   |   | 375 |   |   | 444 |   |
| Investment                      securities and FHLB stock                      |   |                                                                                                    | 1,103   |   |   | 770 |   |   | 1,873 |   |
|                                                                           |   |                                                                                                    |    |   |   |   |   |   |   |   |
| Total                      interest-earning assets                             |   |                                                                                                    | 64,043  |   |   | (822 | ) |   | 63,221 |   |
|                                                                           |   |                                                                                                    |    |   |   |   |   |   |   |   |
| Interest                      expense attributable to:                         |   |                                                                                                    |    |   |   |   |   |   |   |   |
| Transaction                      and money market                              |   |                                                                                                    | 184     |   |   | 727 |   |   | 911 |   |
| Savings                                                                        |   |                                                                                                    | 30      |   |   | 2,455 |   |   | 2,485 |   |
| Certificates                      of deposit                                   |   |                                                                                                    | 9,148   |   |   | 585 |   |   | 9,733 |   |
| Trust                      Preferred Securities and subordinated debentures(2) |   |                                                                                                    | 925     |   |   | 1,934 |   |   | 2,859 |   |
| Senior                      notes(3)                                           |   |                                                                                                    | (979    | ) |   | (1,521 | ) |   | (2,500 | ) |
| FHLB                      advances and other borrowings                        |   |                                                                                                    | 25,234  |   |   | 11,291 |   |   | 36,525 |   |
|                                                                           |   |                                                                                                    |    |   |   |   |   |   |   |   |
| Total                      interest-bearing liabilities                        |   |                                                                                                    | 34,542  |   |   | 15,471 |   |   | 50,013 |   |
|                                                                           |   |                                                                                                    |    |   |   |   |   |   |   |   |
| Increase                      (decrease) in net interest income                |   | $                                                                                                       | 29,501  |   | $ | (16,293 | ) | $ | 13,208 |   |

| (1) | Short-term investments include                    FHLB overnight                    deposits, federal funds sold, securities purchased under agreements                    to                    resell, and certificates of                    deposit. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (2) | Includes                    the effect of interest rate swaps. See                    Note 9 of the accompanying condensed notes to consolidated                    financial                    statements for more information on interest rate                    swaps. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (3) | Includes interest expense on convertible                  senior notes issued in February and March of 2004, and interest                  expense on                  senior notes up until February 2004, when the senior notes                  matured. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Interest            Income. *

----

*Interest          Expense*

*Provision            for Loan Losses. *
**Asset            Quality **

**Analysis            of Non-Interest Income and Expenses**

|                                                                                          |   | **For                          the Nine Months****Ended****June                          30,** |   |     |   |
|-----------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------|--------|----------|--------|
|                                                                                          |   | **2005**                                                                                       |   | **2004** |   | **Increase/(Decrease)** |   |
|                                                                                          |   | **(Dollars                          in thousands)**                                            |   |
| Non-interest                          income:                                                 |   |                                                                                           |   |     |   |   |   |   |   |   |   |   |   |
| Loan                          servicing fees                                                  |   | $                                                                                              | 2,504  |     | $      | 2,307 |   | $ | 197 |   |   | 8.5 | % |
|                                                                                          |   |                                                                                           |   |     |   |   |   |   |   |   |   |   |   |
| Amortization                          of mortgage servicing rights                            |   |                                                                                           | (2,518 | )        |   | (3,561 | ) |   | 1,043 |   |   | 29.3 |   |
| Impairment                          of mortgage servicing rights                              |   |                                                                                           | (130   | )        |   | (1,200 | ) |   | 1,070 |   |   | 89.2 |   |
| Loan                          fees                                                            |   |                                                                                           | 1,735  |     |   | 1,999 |   |   | (264 | ) |   | (13.2 | ) |
| Deposit                          fees                                                         |   |                                                                                           | 3,182  |     |   | 3,223 |   |   | (41 | ) |   | (1.3 | ) |
| Other                          fees                                                           |   |                                                                                           | 1,607  |     |   | 1,442 |   |   | 165 |   |   | 11.4 |   |
| Net                          gain (loss) on sale of investment and mortgage-backed securities |   |                                                                                           | 3,113  |     |   | (1,833 | ) |   | 4,946 |   |   | 269.8 |   |
| Net                          gain on sale of loans and other assets                           |   |                                                                                           | 2,384  |     |   | 5,952 |   |   | (3,568 | ) |   | (59.9 | ) |
| Income                          from insurance and investment services                        |   |                                                                                           | 3,185  |     |   | 3,222 |   |   | (37 | ) |   | (1.1 | ) |
| Settlement                          of swap related to extinguishment of debt                 |   |                                                                                           | (1,369 | )        |   | — |   |   | (1,369 | ) |   | — |   |
| Other                          non - interest income                                          |   |                                                                                           | 3,450  |     |   | 3,972 |   |   | (522 | ) |   | (13.1 | ) |
|                                                                                          |   |                                                                                           |   |     |   |   |   |   |   |   |   |   |   |
| Total                          non-interest income                                            |   | $                                                                                              | 17,143 |     | $      | 15,523 |   | $ | 1,620 |   |   | 10.4 | % |

----

|                                                                    |   | **For                          the Nine Months****Ended****June                          30,** |    |     |   |
|-------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------|---------|----------|--------|
|                                                                    |   | **2005**                                                                                       |    | **2004** |   | **Increase/(Decrease)** |   |
|                                                                    |   | **(Dollars                          in thousands)**                                            |    |
| Non-interest                          expenses:                         |   |                                                                                           |    |     |   |   |   |   |   |   |   |   |   |
| Employee                          compensation and benefits             |   | $                                                                                              | 37,270  |     | $      | 32,730 |   | $ | 4,540 |   |   | 13.9 | % |
|                                                                    |   |                                                                                           |    |     |   |   |   |   |   |   |   |   |   |
| Occupancy                          and equipment                        |   |                                                                                           | 17,606  |     |   | 12,511 |   |   | 5,095 |   |   | 40.7 |   |
| Telecommunications                          and data processing         |   |                                                                                           | 5,032   |     |   | 4,278 |   |   | 754 |   |   | 17.6 |   |
| Advertising                          and promotion expense              |   |                                                                                           | 4,253   |     |   | 4,118 |   |   | 135 |   |   | 3.3 |   |
| Professional                          fees — legal and accounting |   |                                                                                           | 4,323   |     |   | 3,520 |   |   | 803 |   |   | 22.8 |   |
| Extinguishment                          of debt                         |   |                                                                                           | 36,548  |     |   | — |   |   | 36,548 |   |   | — |   |
| Other                          non-interest expense                     |   |                                                                                           | 8,647   |     |   | 5,                          719 |   |   | 2,928 |   |   | 51.2 |   |
|                                                                    |   |                                                                                           |    |     |   |   |   |   |   |   |   |   |   |
| Total                          non-interest expenses                    |   | $                                                                                              | 113,679 |     | $      | 62,876 |   | $ | 50,803 |   |   | 80.8 | % |

----

*Provision            for Income Taxes. *

**LIQUIDITY            **

**Discussion            of Cash Flows **

*Significant            Sources of Funds *

*Significant            Uses of Funds *

**FINANCIAL            CONDITION **

----

**Assets            **

*Investment            securities available for sale. *

*Mortgage-backed            securities available for sale. *

*Loans            *

----

|                                                                       |   | **As                        of June 30,****2005** |      | **As                        of September 30,****2004** |   |
|----------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|--------------------------------------------------------|--------|
|                                                                       |   | **Amount**                                        |      | **Percent of****Total**                           |   | **Amount** |   | **Percent of****Total** |   |
|                                                                       |   | **(Dollars                        in thousands)** |      |
| Real                        estate loans:                                  |   |                                              |      |                                                   |   |   |   |   |   |   |   |   |   |
| One-to-four                        family residential:                     |   |                                              |      |                                                   |   |   |   |   |   |   |   |   |   |
| Residential                        mortgages                               |   | $                                                 | 5,671,543 |                                                   |   | 75.2 | % | $ | 4,058,858 |   |   | 70.9 | % |
| Specialty                        consumer mortgages                        |   |                                              | 678,109   |                                                   |   | 9.0 |   |   | 688,711 |   |   | 12.0 |   |
|                                                                       |   |                                              |      |                                                   |   |   |   |   |   |   |   |   |   |
| Total                        one-to-four family residential                |   |                                              | 6,349,652 |                                                   |   | 84.2 |   |   | 4,747,569 |   |   | 82.9 |   |
| Home                        equity loans and lines of credit               |   |                                              | 227,727   |                                                   |   | 3.0 |   |   | 150,323 |   |   | 2.6 |   |
| Multi-family                                                               |   |                                              | 75,218    |                                                   |   | 1.0 |   |   | 51,104 |   |   | 0.9 |   |
| Commercial                        real estate                              |   |                                              | 325,040   |                                                   |   | 4.3 |   |   | 267,127 |   |   | 4.7 |   |
| Construction                                                               |   |                                              | 83,831    |                                                   |   | 1.1 |   |   | 187,518 |   |   | 3.3 |   |
| Land                                                                       |   |                                              | 185,277   |                                                   |   | 2.5 |   |   | 94,006 |   |   | 1.6 |   |
|                                                                       |   |                                              |      |                                                   |   |   |   |   |   |   |   |   |   |
| Total                        real estate loans                             |   |                                              | 7,246,745 |                                                   |   | 96.1 |   |   | 5,497,647 |   |   | 96.0 |   |
|                                                                       |   |                                              |      |                                                   |   |   |   |   |   |   |   |   |   |
| Other                        loans:                                        |   |                                              |      |                                                   |   |   |   |   |   |   |   |   |   |
| Commercial                                                                 |   |                                              | 195,432   |                                                   |   | 2.6 |   |   | 167,786 |   |   | 2.9 |   |
| Consumer                                                                   |   |                                              | 18,392    |                                                   |   | 0.2 |   |   | 19,454 |   |   | 0.3 |   |
|                                                                       |   |                                              |      |                                                   |   |   |   |   |   |   |   |   |   |
| Total                        other loans                                   |   |                                              | 213,824   |                                                   |   | 2.8 |   |   | 187,240 |   |   | 3.2 |   |
|                                                                       |   |                                              |      |                                                   |   |   |   |   |   |   |   |   |   |
| Total                        loans held in portfolio                       |   |                                              | 7,460,569 |                                                   |   | 98.9 |   |   | 5,684,887 |   |   | 99.2 |   |
| Unearned                        discounts, premiums and deferred fees, net |   |                                              | 106,895   |                                                   |   | 1.4 |   |   | 65,992 |   |   | 1.2 |   |
| Allowance                        for loan losses                           |   |                                              | (24,926   | )                                                      |   | (0.3 | ) |   | (24,079 | ) |   | (0.4 | ) |
|                                                                       |   |                                              |      |                                                   |   |   |   |   |   |   |   |   |   |
| Total                        loans held in portfolio, net                  |   | $                                                 | 7,542,538 |                                                   |   | 100.0 | % | $ | 5,726,800 |   |   | 100.0 | % |

*Bank-owned              life insurance. *

*Receivables              from securities sales*

**Liabilities            **

*Deposits.            *

*Trust            preferred securities and subordinated debentures. *

*FHLB            advances. *

*Securities            sold under agreements to repurchase*
*repurchase *

----

**Asset          Quality **

|                                                                                   |   | **June 30,****2005**                       |    | **September 30,****2004** |   |
|----------------------------------------------------------------------------------------|--------|-------------------------------------------------|---------|--------------------------------|--------|
|                                                                                   |   | **(Dollars                      in thousands)** |    |
| Non-accrual                      loans                                                 |   | $                                               | 8,509   |                           | $      | 15,523 |   |
| Restructured                      loans                                                |   |                                            | — |                           |   | 367 |   |
| Loans                      past due 90 days and still accruing                         |   |                                            | 537     |                           |   | 2 |   |
|                                                                                   |   |                                            |    |                           |   |   |   |
| Total                      non-performing loans                                        |   |                                            | 9,046   |                           |   | 15,892 |   |
| Non-accrual                      tax certificates                                      |   |                                            | — |                           |   | 69 |   |
| Real                      estate owned                                                 |   |                                            | 524     |                           |   | 1,611 |   |
|                                                                                   |   |                                            |    |                           |   |   |   |
| Total                      non-performing assets                                       |   |                                            | 9,570   |                           |   | 17,572 |   |
|                                                                                   |   |                                            |    |                           |   |   |   |
| Allowance                      for losses on tax certificates                          |   |                                            | — |                           |   | 65 |   |
| Allowance                      for loan losses                                         |   |                                            | 24,926  |                           |   | 24,079 |   |
|                                                                                   |   |                                            |    |                           |   |   |   |
| Total                      allowance                                                   |   | $                                               | 24,926  |                           | $      | 24,144 |   |
|                                                                                   |   |                                            |    |                           |   |   |   |
| Non-performing                      assets as a percentage of total assets             |   |                                            | 0.10    | %                              |   | 0.20 | % |
| Non-performing                      loans as a percentage of total loans               |   |                                            | 0.12    | %                              |   | 0.27 | % |
| Allowance                      for loan losses as a percentage of total loans          |   |                                            | 0.33    | %                              |   | 0.42 | % |
| Allowance                      for loan losses as a percentage of non-performing loans |   |                                            | 275.55  | %                              |   | 151.52 | % |

----

|                                                                                     |   | **For                        the Three****Months                        Ended****June                        30,** |          | **For                        the Nine****Months                        Ended****June                        30,** |   |
|------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------|---------------|-------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                     |   | **2005**                                                                                                           |          | **2004**                                                                                                          |   | **2005** |   | **2004** |   |
|                                                                                     |   | **(In                        thousands)**                                                                          |          |
| Allowance                        for loan losses, balance (at beginning of period)       |   | $                                                                                                                  | 24,777        |                                                                                                              | $      | 22,665 |   | $ | 24,079 |   | $ | 22,295 |   |
| Provisions                        for loan losses                                        |   |                                                                                                               | 800           |                                                                                                              |   | 1,200 |   |   | 3,000 |   |   | 3,375 |   |
| Loans                        charged off:                                                |   |                                                                                                               |          |                                                                                                              |   |   |   |   |   |   |   |   |   |
| One-to-four                        family residential(1)                                 |   |                                                                                                               | (235          | )                                                                                                                 |   | (49 | ) |   | (903 | ) |   | (336 | ) |
| Home                        equity loans and lines of credit                             |   |                                                                                                               | (241          | )                                                                                                                 |   |  — |   |   | (572 | ) |   | (11 | ) |
| Commercial                        real estate                                            |   |                                                                                                               |          |                                                                                                              |   |   |   |   |   |   |   |   |   |
| Commercial                                                                               |   |                                                                                                               | (219          | )                                                                                                                 |   | (575 | ) |   | (717 | ) |   | (1,733 | ) |
| Consumer(1)                                                                              |   |                                                                                                               | (36           | )                                                                                                                 |   | (15 | ) |   | (114 | ) |   | (42 | ) |
|                                                                                     |   |                                                                                                               |          |                                                                                                              |   |   |   |   |   |   |   |   |   |
| Total                        loans charged off(2)                                        |   |                                                                                                               | (731          | )                                                                                                                 |   | (639 | ) |   | (2,306 | ) |   | (2,122 | ) |
|                                                                                     |   |                                                                                                               |          |                                                                                                              |   |   |   |   |   |   |   |   |   |
| Recoveries:                                                                              |   |                                                                                                               |          |                                                                                                              |   |   |   |   |   |   |   |   |   |
| One-to-four                        family residential mortgages(1)                       |   |                                                                                                               |  — |                                                                                                              |   |  — |   |   |  — |   |   | 192 |   |
| Home                        equity loans and lines of credit                             |   |                                                                                                               | 43            |                                                                                                              |   |  — |   |   | 43 |   |   | 1 |   |
| Commercial                                                                               |   |                                                                                                               | 30            |                                                                                                              |   | 70 |   |   | 97 |   |   | 148 |   |
| Consumer(1)                                                                              |   |                                                                                                               | 7             |                                                                                                              |   | 1 |   |   | 13 |   |   | 7 |   |
|                                                                                     |   |                                                                                                               |          |                                                                                                              |   |   |   |   |   |   |   |   |   |
| Total                        recoveries(2)                                               |   |                                                                                                               | 80            |                                                                                                              |   | 71 |   |   | 153 |   |   | 348 |   |
|                                                                                     |   |                                                                                                               |          |                                                                                                              |   |   |   |   |   |   |   |   |   |
| Reclassification                        of letter of credit reserve to other liabilities |   |                                                                                                               |          |                                                                                                              |   |   |   |   |   |   |   | (599 | ) |
|                                                                                     |   |                                                                                                               |          |                                                                                                              |   |   |   |   |   |   |   |   |   |
| Allowance                        for loan losses, balance (at end of period)             |   | $                                                                                                                  | 24,926        |                                                                                                              | $      | 23,297 |   | $ | 24,926 |   | $ | 23,297 |   |

| (1) | Specialty consumer mortgage                    loans originated                    through our branch network are included in one-to-four family                    residential                    loans. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (2) | Net annualized charge-offs as a                  percentage of                  average total loans were 0.04% for both the three and nine- month                  periods                  ended June 30, 2004. Net annualized charge-offs as a percentage                  of average                  total loans were 0.05% for both the three and nine- month periods                  ended                  June 30, 2004. There can be no assurance that additional provisions                  for                  loan losses will not be required in future                  periods. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                 |   | **June 30,****2005**               |   | **September 30,****2004** |   |
|----------------------------------------------------------------------|--------|-----------------------------------------|--------|--------------------------------|--------|
|                                                                 |   | **(In                      thousands)** |   |
| Balance                      at the end of the period applicable to: |   |                                    |   |                           |   |   |   |
| One-to-four                      family residential(1)               |   | $                                       | 6,010  |                           | $      | 4,889 |   |
| Home                      equity loans and lines of credit           |   |                                    | 2,651  |                           |   | 2,608 |   |
| Multi-family                                                         |   |                                    | 602    |                           |   | 409 |   |
| Commercial                      real estate                          |   |                                    | 2,978  |                           |   | 2,706 |   |
| Construction                                                         |   |                                    | 671    |                           |   | 1,500 |   |
| Land                                                                 |   |                                    | 1,483  |                           |   | 752 |   |
| Commercial                                                           |   |                                    | 7,081  |                           |   | 7,140 |   |
| Consumer(1)                                                          |   |                                    | 830    |                           |   | 331 |   |
| Unallocated                                                          |   |                                    | 2,620  |                           |   | 3,744 |   |
|                                                                 |   |                                    |   |                           |   |   |   |
| Total                      allowance for loan losses                 |   | $                                       | 24,926 |                           | $      | 24,079 |   |

| (1) | Specialty consumer mortgage loans                  originated                  through our branch network are included in one-to-four family residential                  loans. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Item          3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES          ABOUT MARKET RISK **

*Risks          Associated with Changing Interest Rates*

*Risks          Associated with Investments and Mortgage-Backed Securities *

*Derivative          and Hedging Activities *

**Item          4.    CONTROLS AND PROCEDURES**

----

**PART          II—OTHER INFORMATION **

**Item          2. (C) PURCHASE OF BANKUNITED SECURITIES**

Purchases          of BankUnited Equity Securities by BankUnited 

|                                           |   | **Total****Shares****Purchased** |          | **Average****Price Paid****per                          Share** |   | **Total Number****of                          Shares****Purchased as****Part                          of a****Publicly****Announced****Program                          (1)** |   | **Maximum****Number                          of****Shares that May****Yet                          Be****Purchased****Under                          the****Program** |    |
|------------------------------------------------|--------|----------------------------------|---------------|----------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
|                                           |   |                             |          |                                                                 |   |                                                                                                                                                                                    |   |                                                                                                                                                                            |    |
| January                          1 - 31, 2005  |   |                             | 11,500        |                                                                 | $      | 29.03                                                                                                                                                                                   |   |                                                                                                                                                                            | 11,500  |   |   | 988,500 |   |
| February                          1 - 28, 2005 |   |                             | —       |                                                                 |   | —                                                                                                                                                                                 |   |                                                                                                                                                                            | — |   |   | 988,500 |   |
| March                          1 - 31, 2005    |   |                             | —       |                                                                 |   | —                                                                                                                                                                                 |   |                                                                                                                                                                            | — |   |   | 988,500 |   |
| April                          1- 30, 2005     |   |                             | —       |                                                                 |   | —                                                                                                                                                                                 |   |                                                                                                                                                                            | — |   |   | 988,500 |   |
| May                          1 - 31, 2005      |   |                             | —       |                                                                 |   | —                                                                                                                                                                                 |   |                                                                                                                                                                            | — |   |   | 988,500 |   |
| June                          1- 30, 2005      |   |                             |  — |                                                                 |   |  —                                                                                                                                                                           |   |                                                                                                                                                                            | — |   |   | 988,500 |   |
|                                           |   |                             |          |                                                                 |   |                                                                                                                                                                                    |   |                                                                                                                                                                            |    |   |   |   |   |
| Total                                          |   |                             | 11,500        |                                                                 | $      | 29.03                                                                                                                                                                                   |   |                                                                                                                                                                            | 11,500  |   |   | 988,500 |   |

| (1) | On                    October 24, 2002 BankUnited announced to the public that its                    Board of                    Directors had authorized a stock repurchase program on its Class                    A Common                    Stock. Under the program, BankUnited may purchase up to 1,000,000                    shares                    of its Class A Common Stock. There is no expiration date for                    this stock                    purchase program. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Item          6.    EXHIBITS **

| 10.1  |   | Exhibit                    99.1of BankUnited’s Form 8-K dated May 13, 2005, as filed with the                    Securities and Exchange Commission on May 17, 2005, the Second                    Amended                    Employment Agreement by and between BankUnited Financial Corporation                    and                    Alfred C. Camner, is incorporated herein by reference in response                    to this                    item.* |
|------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2  |   | Exhibit                    99.2 of BankUnited’s Form 8-K dated May 13, 2005, as filed with the                    Securities and Exchange Commission on May 17, 2005, the Second                    Amended                    Employment Agreement by and between BankUnited FSB and Alfred                    C. Camner,                    is incorporated herein by reference in response to this                    item.* |
|------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1 | Certification                  of the Chief Executive Officer pursuant to Section 302, of the                  Sarbanes-Oxley Act of 2002. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2 | Certification                    of the Chief Financial Officer pursuant to Section 302, of the                    Sarbanes-Oxley Act of 2002. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------|

| 32 | Certifications                    of the Chief Executive Officer and Chief Financial Officer pursuant                    to 18                    U.S.C. Section 1350, as adopted pursuant to Section 906 of the                    Sarbanes-Oxley Act of 2002. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SIGNATURES            **

----

**Humberto            L. Lopez **

**Senior            Executive Vice President and Chief Financial Officer **

----

**Bernardo            M. Argudin **

**Executive            Vice President and Principal Accounting Officer **

----

**Exhibit            Index **

| **Exhibit****Number** |   | **Description**                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| 10.1                  |   | Exhibit                      99.1of BankUnited’s Form 8-K dated May 13, 2005, as filed with the                      Securities and Exchange Commission on May 17, 2005, the Second                      Amended                      Employment Agreement by and between BankUnited Financial Corporation                      and                      Alfred C. Camner, is incorporated herein by reference in response                      to this                      item.* |
| 10.2                  |   | Exhibit                      99.2 of BankUnited’s Form 8-K dated May 13, 2005, as filed with the                      Securities and Exchange Commission on May 17, 2005, the Second                      Amended                      Employment Agreement by and between BankUnited FSB and Alfred                      C. Camner,                      is incorporated herein by reference in response to this                      item.*                                       |
| 31.1                  |   | Certification                      of the Chief Executive Officer pursuant to Section 302, of                      the                      Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                   |
| 31.2                  |   | Certification                      of the Chief Financial Officer pursuant to Section 302, of                      the                      Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                   |
| 32                    |   | Certifications                      of the Chief Executive Officer and Chief Financial Officer                      pursuant to 18                      U.S.C. Section 1350, as adopted pursuant to Section 906 of                      the                      Sarbanes-Oxley Act of 2002.                                                                                                                                                                                              |

----