N E W S    R E L E A S E

FOR IMMEDIATE RELEASE
April 27, 2004
FINAL RELEASE Contact: Investor Relations: Lauren Camner 305-231-6535 Corporate Communications: Carlos Fernandez-Guzman 305-231-6518

BANKUNITED ANNOUNCES RECORD NET INCOME

UP 25% FROM SECOND QUARTER LAST YEAR

2nd Quarter 2004 Highlights:

• Record net income of $12.0 million, up 25% over the second quarter last year

• Total deposits of $3.4 billion, up 12% from March 31, 2003

• Core deposits of $1.6 billion, up 24% from March 31, 2003

• Commercial and commercial real estate loan production of $229 million, up 157% over the second quarter last year

• Total loan portfolio of $4.6 billion, up 23% from March 31, 2003, and up $381 million from December 31, 2003

• $120 million raised in successful private offering of convertible senior notes

• Market capitalization of $889 million, up 97% from March 31, 2003

• Total assets of $7.7 billion, up 16 % from March 31, 2003

CORAL GABLES, Fla., April 27, 2004 – BankUnited Financial Corporation (Nasdaq: BKUNA), parent of BankUnited, FSB, today reported record net income for the quarter ended March 31, 2004.

Net income for the quarter was $12.0 million, up 25% over $9.6 million for the same quarter last year. Basic and diluted earnings were $0.40 and $0.37 per share, respectively, for the quarter, up from $0.37 and $0.35 per share, respectively, for the same quarter last year. Earnings per share for the second quarter of fiscal 2004 include the dilutive effect of 3,936,500 shares of Class A Common Stock issued in the Company’s May 2003 secondary public offering.

“This marks our 13^th consecutive quarter of increased earnings,” said Alfred Camner, BankUnited’s Chairman and Chief Executive Officer. “We are particularly pleased that our earnings growth is fueled by strong performance in our core business areas. The continued success of our micro-market neighborhood banking strategy is yielding the desired results, as evidenced by the strong growth in our core deposits during this past quarter. Our ongoing efforts to place greater emphasis on establishing and deepening relationships have produced strong growth in middle-market commercial loan and depository relationships. The momentum of our commercial real estate initiatives continues to build, and our small business lending initiatives are performing above expectations.

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The long-term value of our back-to-basics strategies has been well received by the investor community and our market capitalization increased to $889 million at March 31, 2004, up 97% over the same time last year,” stated Camner.

Ramiro Ortiz, BankUnited’s President and Chief Operating Officer, added, “We are proud of our results and encouraged that the growth in lending activities has been achieved at the same time that our non-performing assets as a percentage of total assets declined. This ratio stood at 0.33% this quarter end, a key indicator of credit quality that compares favorably in the industry. Our micro-market neighborhood banking strategy has also begun to pay dividends in the area of non-interest income, and this quarter we have again seen a marked improvement in the fees generated from investment services.

These results reaffirm our decision to continue our branch expansion within our existing footprint, as well as in new markets. We plan to move forward with opening five or more additional branches this calendar year, including in new markets north of Palm Beach, subject to regulatory approval.”

Loan Production and Balances

Total loan originations were $827 million this quarter, up 26% over the same quarter last year.

Residential mortgage loan originations were $496 million for the quarter, up 5% over the same quarter last year. Consumer loan production, which includes specialty consumer mortgage loans originated through branch offices, was $102 million for the quarter, up 6% over the same quarter last year. BankUnited anticipates strong mortgage loan production in the upcoming quarter given its current robust pipeline.

Commercial real estate loan production was $181 million for the quarter, up 158% over the same quarter last year. Commercial loan production was $48 million for the quarter, up 152% over the same quarter last year.

This strong production contributed to significant growth in the loan portfolio balances during the quarter. This quarter the company’s total loan portfolio grew by $381 million to $4.6 billion as of March 31, 2004. This growth included an increase in residential mortgage loan balances of $216 million, an increase in commercial loan balances of $31 million and an increase in commercial real estate loan balances of $117 million. These results reflect positively on our strategic initiatives as well as the strength of the South Florida economy.

Core Deposit Growth

Total deposits increased to $3.4 billion at March 31, 2004, up from $3.1 billion at March 31, 2003 and up from $3.3 billion at December 31, 2003. Approximately 93% of the increase in total deposits this quarter was attributable to an increase in core deposits. Core deposits, which include checking, savings and money market accounts, grew by 9% during the quarter to reach $1.6 billion, up 24% from March 31, 2003. Non-interest bearing deposits were $235 million at March 31, 2004, up 62% from March 31, 2003 and up 14% during the quarter. At March 31, 2004, core deposits made up

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approximately 47% of total deposits, as compared to approximately 43% at March 31, 2003.

Net Interest Margin

The net interest margin improved this quarter to 1.99%, up from 1.91% for the preceding quarter, and up from 1.96% for the same quarter last year. This improvement resulted from decreased levels of mortgage loan pre-payments, deposits repricing at lower rates and reduced debt expense. Although BankUnited’s margin benefited from overall lower levels of pre-payments this quarter, pre-payments increased at the end of the quarter when mortgage rates dipped, and this could adversely affect BankUnited’s margin in the upcoming quarter. Efforts to increase the net interest margin are ongoing.

Non-Interest Income

Total non-interest income was $5.1 million for the quarter, up 3% from the same quarter last year, excluding a $1.1 million life insurance benefit received in the same quarter last year.

Fee income, which includes loan fees, deposit fees and other fees excluding loan servicing fees, was $2.5 million for the quarter, up 2% over the same quarter last year.

Insurance and investment income included approximately $1.2 million from commissions on sales of investment products sold through our branch offices for the quarter, up 23% over the preceding quarter and up 80% over the same quarter last year. These promising results are consistent with BankUnited’s strategy to increase non-interest income related to sales of investment products through our consumer branch channel.

Non-interest income from the sale of assets in the form of loans and securitized loans originated for sale was $0.7 million, down from $1.9 million compared to the same quarter last year, and down from $1.2 million for the prior quarter. The decrease from the prior quarter is attributed to a decrease in mortgage loans originated for sale and a decrease in the profit margin on such sales, due to market conditions.

Non-interest income included a gain of $1.1 million from sales of investment securities and other assets during the quarter ended March 31, 2004, as compared to a loss of $36 thousand for the same quarter last year.

BankUnited’s portfolio of residential loans serviced for others was $1.1 billion at March 31, 2004. As a result of pre-payments of mortgage loans in this portfolio, BankUnited provided for the amortization of $1.1 million of servicing rights for the quarter, compared to $1.5 million for the previous quarter and $1.6 million for the same quarter last year. This amortization, offset by fees earned on these loans of $0.8 million, resulted in a net loss of $0.3 million from loan servicing fees. In addition, BankUnited recorded a $1.2 million impairment charge for the quarter based on a current valuation of its mortgage servicing assets by independent third parties.

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Expenses and Efficiency Ratio

BankUnited strives to closely manage the impact of growth on expenses while continuing the company’s strategic investment in infrastructure, new banking offices, and the hiring of new talent to perform vital roles. Non-interest expense decreased $0.1 million, or 0.5%, from the same quarter last year. Non-interest expense for the quarter ended March 31, 2003 included a $1.8 million charge related to the redemption of trust preferred securities during the quarter. Without this occurrence, expenses related to normal operations for the quarter ended March 31, 2004 would have shown a 9% year over year increase due to the Company’s expansion.

The efficiency ratio was 52.9% for the quarter, down from 58.8% for the same quarter last year. Strong growth in net interest income, which increased 16% over the same quarter last year, contributed to a significant improvement in the efficiency ratio. Without the debt redemption expense or the aforementioned life insurance benefit in the quarter ended March 31, 2003, the efficiency ratio would have been 55.6%.

Asset Quality

Non-performing assets as a percentage of total assets improved to 0.33% at March 31, 2004, from 0.41% at December 31, 2003, and was also down from 0.64% at March 31, 2003. The allowance for loan losses as a percentage of total non-performing loans increased to 103% at March 31, 2004 compared to 58% at March 31, 2003. The net annualized charge-off ratio for the quarter remained at 0.05% from the preceding quarter. BankUnited’s provision for loan losses increased to $1.2 million for the quarter ended March 31, 2004 as compared to $1.0 million for the preceding quarter.

The allowance for loan losses as a percentage of total loans was 0.48% as of March 31, 2004, compared to 0.53% as of March 31, 2003. The current level is relatively low as compared to the banking industry in general, but management believes the current allowance to be prudent given the composition of BankUnited’s loan portfolio, which is more than 90% secured by real estate.

Capital Ratios and Book Value

BankUnited strives to maintain its strong capital position in excess of regulatory requirements. Core and total risk-based capital ratios for the Bank were 7.2% and 15.5%, respectively, at March 31, 2004.

Book value per common share was $15.77 as of March 31, 2004, up from $14.23 at March 31, 2003.

About BankUnited

BankUnited Financial Corporation is the parent company of BankUnited FSB, which, with over $7.7 billion in assets, is the largest banking institution headquartered in Florida. Offering a full array of consumer and commercial banking products and services, BankUnited operates 46 banking offices throughout Miami-Dade, Broward, Palm Beach and Collier Counties. BankUnited can be accessed on the Internet at

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www.buexpress.com. BankUnited’s Class A Common Stock trades on the NASDAQ National Market under the trading symbol BKUNA.

A conference call will be held on Tuesday, April 27, 2004, at 2:00 p.m. EDT, with Chairman and Chief Executive Officer, Alfred R. Camner, President and Chief Operating Officer, Ramiro Ortiz, and Chief Financial Officer, Bert Lopez, to discuss the earnings for the quarter and fiscal year.

The toll-free dial-in number for the 2:00 p.m. EDT conference call is: 1-800-915-4836. The call leader is Alfred R. Camner and the name of the call is “BankUnited.” A replay of the call will be available from 4:00 p.m. EDT on April 27, 2004, through 11:59 p.m. EDT on May 4, 2004, by calling toll-free: (domestic) 1-800-428-6051, (International/toll) 973-709-2089. The pass code for the reply is: 350220.

Forward-Looking Statements

This press release may contain certain forward-looking statements, which are based on management’s expectations regarding factors that may impact the Company’s earnings and performance in future periods. Words and phrases such as: “will likely result,” “expect,” “will continue,” “anticipate,” “estimate,” “project,” “believe,” “intend,” “should,” “may,” “can,” “could,” “plan,” “target” and similar expressions are intended to identify “forward looking statements.” Actual results or performance could differ from those implied or contemplated by such statements. Factors that could cause future results and performance to vary materially from current management expectations include, but are not limited to, general business and economic conditions, fiscal and monetary policies, war and terrorism, changes in interest rates, deposit flows, loan demand and real estate values; competition with other providers of financial products and services; the issuance or redemption of additional company equity or debt; volatility in the market price of our common stock; changes in accounting principles, policies or guidelines, changes in legislation or regulation; reliance on other companies for products and services; and other economic, competitive, servicing capacity, governmental, regulatory and technological factors affecting the company’s operations, pricing, products and delivery of services.

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BankUnited Financial Corporation

Quarter Ended March 31, 2004 Earnings Release

	For the Three Months Ended									For the Six Months Ended
	March 31,			December 31,			March 31,			March 31,
Operations Data:	2004			2003			2003			2004			2003
	(dollars and shares in thousands, except per share amounts)
Interest income:
Interest and fees on loans	$	55,095		$	54,361		$	58,421		$	109,456		$	119,634
Interest on mortgage-backed securities		20,189			19,797			19,296			39,986			32,967
Interest on short-term investments		123			92			110			215			227
Interest and dividends on long-term investments and other interest-earning assets		4,932			4,523			3,463			9,383			6,722
Total interest income		80,339			78,773			81,290			159,040			159,550
Interest expense:
Interest on deposits		17,902			18,270			21,112			36,172			43,756
Interest on borrowings		25,151			26,000			24,754			51,151			47,886
Interest on trust preferred securities and subordinated debentures		2,322			2,424			5,259			4,674			10,135
Total interest expense		45,375			46,694			51,125			91,997			101,777
Net interest income		34,964			32,079			30,165			67,043			57,773
Provision for loan losses		1,200			975			1,250			2,175			2,550
Net interest income after provision for loan losses		33,764			31,104			28,915			64,868			55,223
Other income:
Loan servicing fees, net of amortization		(317	)		(773	)		(1,090	)		(1,090	)		(1,882	)
Impairment of mortgage servicing rights		(1,200	)		—			—			(1,200	)		—
Loan fees		994			939			1,146			1,933			2,190
Deposit fees		1,044			1,119			991			2,163			2,020
Other fees		459			480			312			939			604
Gain on sales of loans, securities, and other assets (1)		1,861			1,157			1,860			3,018			4,523
Insurance and investment income		1,184			942			626			2,126			1,320
Other income		1,084			1,198			2,212			2,282			3,022
Total other income		5,109			5,062			6,057			10,171			11,797
Other expense:
Employee compensation		10,004			10,061			9,708			20,065			18,369
Occupancy and equipment		4,332			3,704			3,005			8,036			5,953
Insurance and professional fees		1,394			1,677			1,489			3,071			2,916
Telecommunications and data processing		1,409			1,384			1,209			2,793			2,419
Loan servicing expense		131			156			362			287			847
Advertising and promotion expense		1,287			1,151			1,256			2,438			2,443
Other operating expenses		2,645			980			4,282			3,625			6,599
Total other expense		21,202			19,113			21,311			40,315			39,546
Income before income taxes		17,671			17,053			13,661			34,724			27,474
Provision for income taxes		5,633			5,503			4,055			11,136			9,082
Net income	$	12,038		$	11,550		$	9,606		$	23,588		$	18,392
Earning Per Share Data:
Net income	$	12,038		$	11,550		$	9,606			23,588		$	18,392
Preferred stock dividends		99			81			79			180			158
Net income available to common stockholders	$	11,939		$	11,469		$	9,527			23,408		$	18,234
Basic earnings per common share:	$	0.40		$	0.39		$	0.37		$	0.79		$	0.72
Weighted average common shares		29,835			29,686			25,539			29,760			25,398
Diluted earnings per common share:	$	0.37		$	0.36		$	0.35		$	0.72		$	0.67
Weighted average diluted common shares		32,683			32,238			27,710			32,553			27,572
	For the Three Months Ended									For the Six Months Ended
(1) Consists of the following:	March 31,			December 31,			March 31,			March 31,			March 31,
	2004			2003			2003			2004			2003
Gain on sales of loans and securitizations	$	746		$	1,181		$	1,896		$	1,928		$	3,129
(Loss) gain on sales of investments and other assets	$	1,115		$	(24	)	$	(36	)	$	1,090		$	1,394

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BankUnited Financial Corporation

Quarter Ended March 31, 2004 Earnings Release (continued)

	As of March 31,
Selected Balance Sheet Data:	2004			2003
	(In thousands)
Asset Data:
Total assets	$	7,650,003		$	6,610,146
Cash and cash equivalents	$	45,077		$	87,663
Investment securities	$	339,506		$	211,635
Mortgage-backed securities	$	2,226,105		$	1,967,638
Loans:
Residential loans	$	3,727,975		$	3,122,413
Commercial and commercial real estate loans		678,241			489,594
Consumer loans (1)		148,807			105,936
Unearned discounts, premiums and loan fees		44,883			33,499
Allowance for loan losses		(22,665	)		(21,662	)
Loans receivable, net (excluding loans held for sale)	$	4,577,241		$	3,729,780
Loans held for sale	$	123,590		$	323,568
FHLB Stock	$	130,716		$	100,118
Liability Data:
Total liabilities	$	7,171,927		$	6,240,560
Deposits:
Non-interest bearing deposits	$	235,346		$	145,309
Interest bearing checking and money market deposits		376,191			449,419
Savings		1,005,806			713,422
Total core deposits		1,617,343			1,308,150
Certificates of deposit		1,808,901			1,764,062
Total deposits	$	3,426,244		$	3,072,212
Borrowings (2)	$	3,352,886		$	2,742,032
Convertible debt	$	120,000		$	—
Trust preferred securities and subordinated debentures	$	165,544		$	260,463
Equity Data:
Total stockholders’ equity	$	478,076		$	369,586
Preferred equity	$	5,857		$	5,345
AVERAGE BALANCE SHEET DATA (Three months ended)
Loans, net (3)	$	4,487,520		$	4,013,507
Investment securities	$	327,668		$	202,344
Mortgage-backed securities	$	2,111,979		$	1,793,259
Interest-earning assets	$	7,047,261		$	6,082,107
Assets	$	7,297,054		$	6,368,959
Interest bearing deposits	$	3,112,017		$	2,941,220
Non-interest-bearing deposits	$	206,864		$	130,030
Borrowings (2)	$	3,241,729		$	2,580,855
Convertible debt	$	43,516		$	—
Trust preferred securities and subordinated debentures	$	164,900		$	289,142
Interest-bearing liabilities	$	6,562,162		$	5,811,217
Liabilities	$	6,834,710		$	6,008,584
Stockholders’ equity	$	462,343		$	360,375

(1) Excludes consumer mortgage products which are included in Residential Loans.

(2) Includes FHLB advances, repurchase agreements, and senior notes.

(3) Includes loans held for sale.

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BankUnited Financial Corporation

Quarter Ended March 31, 2004 Earnings Release (continued)

	For the Three Months Ended
	March 31, 2004		December 31, 2003		March 31, 2003
Selected Data:
Quarterly Performance Data:
Return on average tangible common equity	11.16	%	11.16	%	11.66	%
Return on average assets	0.66	%	0.66	%	0.60	%
Yield on interest-earning assets	4.55	%	4.61	%	5.32	%
Cost of interest-bearing liabilities	2.67	%	2.83	%	3.46	%
Net interest yield on earning assets (margin)	1.99	%	1.91	%	1.96	%
Net interest spread	1.88	%	1.78	%	1.86	%
Efficiency Ratio	52.91	%	51.46	%	58.83	%

	For the Six Months Ended March 31,
	2004			2003
Year to Date Performance Data:
Return on average tangible common equity		11.16	%		11.39	%
Return on average assets		0.66	%		0.61	%
Yield on interest-earning assets		4.58	%		5.49	%
Cost of interest-bearing liabilities		2.75	%		3.61	%
Net interest yield on earning assets (margin)		1.95	%		2.00	%
Net interest spread		1.83	%		1.88	%
Efficiency Ratio		52.21	%		56.84	%
	As of March 31,
	2004			2003
	(dollars and shares in thousands, except per share amounts)
Equity Data:
Book value per common share	$	15.77		$	14.23
Closing price of Class A Common Stock	$	29.70		$	17.65
Common shares outstanding		29,936			25,574
Average equity to average assets (3 mos.)		6.34	%		5.79	%
Capital Ratios:
Tangible capital ratio (1)		7.2	%		7.5	%
Tier 1 core capital ratio (1)		7.2	%		7.5	%
Total risk-based capital ratio (1)		15.5	%		16.9	%
Non-Performing Assets:
Non-accrual loans	$	21,645		$	36,931
Restructured loans		371			311
Loans 90 day past due and still accruing		52			—
Total non-performing loans		22,068			37,242
Non-accrual tax certificates		212			568
Real estate owned		2,975			4,765
Total non-performing assets	$	25,255		$	42,575
Allowance for losses on tax certificates		208			606
Allowance for loan losses		22,665			21,662
Total allowance	$	22,873		$	22,268
Non-performing assets to total assets		0.33	%		0.64	%
Non-performing loans to total loans		0.47	%		0.91	%
Allowance for loan losses as a percentage of total loans		0.48	%		0.53	%
Allowance for loan losses as a percentage of non-performing loans		102.71	%		58.17	%
Net charge-offs for the three months ended March 31,	$	660		$	441
Net annualized year-to-date charge-offs as a percentage of average total loans		0.05	%		0.06	%

(1) Capital ratios are for BankUnited FSB only.