BankUnited

Financial

Corporation

First

Fiscal

Quarter

2008

Financial

Results

January 24, 2008

Exhibit 99.2

2

Forward-Looking Information

This

presentation

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,"

“would,”

"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

differ

materially

from

current

management

expectations

include,

but

are

not

limited

to,

general

business

and

economic

conditions,

either

nationally

or

regionally;

fiscal

or

monetary

policies;

significant

weather

events

such

as

hurricanes;

changes

or

fluctuations

in

the

interest

rate

environment;

a

deterioration

in

credit

quality

and/or

a

reduced

demand

for

credit;

reduced

deposit

flows

and

loan

demand;

real

estate

values;

competition

from

other

financial

service

companies

in

our

markets;

legislative

or

regulatory

changes,

including,

among

others,

changes

in

accounting

standards,

guidelines

and

policies;

the

issuance

or

redemption

of

additional

Company

debt

or

equity;

the

concentration

of

operations

in

Florida,

if

Florida

business

or

economic

conditions

decline;

reliance

on

other

companies

for

products

and

services;

the

impact

of

war

and

the

threat

and

impact

of

terrorism;

volatility

in

the

market

price

of

the

Company’s

common

stock;

and

other

economic,

competitive,

servicing

capacity,

governmental,

regulatory

and

technological

factors

affecting

the

Company’s

operations,

price,

products

and

delivery

of

services.

Please

refer

to

the

documents

that

BankUnited

Financial

Corporation

files

periodically

with

the

SEC,

such

as

the

Form

10-K,

Form

10-Q

and

Form

8-K,

which

contain

additional

important

factors

that

could

cause

its

actual

results

to

differ

from

its

current

expectations

and

from

the

forward-looking

statements

contained

in

this

presentation.

Alfred R. Camner

Chairman and Chief Executive Officer

4

First-Quarter Review

Loss of $25.5 million, or $0.73 per share

Recorded a provision of $65.0 million reflecting the

nationwide deterioration in the housing market and the rising

level of delinquencies

Earnings, not including provision for loan loss of $17.3

million*

Net charge-offs of $6.0 million, or 0.19%, annualized of total

loans

Allowance for loan loss of $118 million; 0.93% of loans

* See GAAP to Non-GAAP reconciliation on page 21

5

Repositioning the Company

Initiated a review of the business and began developing a

strategic plan

Key goals of the plan

Transitioning to retail commercial bank

Improving the capital position and profitability of the

Company

Goal = Improved Shareholder Return

6

Strengthening Capital

Structure

Maintaining a strong capital position

BankUnited, FSB Tier 1 capital of 8.1%

Shrinking the balance sheet

Reducing residential balances by decreasing production

Shifting mix of production to more saleable product

These actions will further strengthen our capital ratios

Maintaining capital levels in excess of the regulatory well

capitalized level

Additional tangible equity support to be provided by $184 million

of HiMEDS equity units scheduled to convert to common equity

in May 2010 at a minimum price of $23.40 per share

7

Wholesale Residential Lending

Wholesale lending

Consolidated nine operations centers to three

Announced closing of four of nine sales offices today

–

Arizona, California, Colorado and Oregon

These actions reduce wholesale lending staff by 45%

and reduce annualized run rate of expenses significantly

Emphasis on saleable product

–

Primarily conforming agency and other conduits

8

Credit Standards

Conservative underwriting standards

No subprime lending

No piggybacking

Loans originated with an LTV over 80% are required to

purchase mortgage insurance

Loans underwritten at the fully indexed rate

Strict appraisal review process

Limited exposure to condos

No high-rise construction loans in downtown Miami

Strengthened risk management programs

Ramiro Ortiz

President and Chief Operating Officer

10

First-Quarter 2008 Performance

Total deposits increased 14% YoY to $7.1 billion

Core deposits increased 13% YoY

Commercial and Commercial Real Estate loan balances

increased 10% YoY

Consumer loan balances increased 7% YoY

The core bank continues to perform well

We continue to build strong relationships with our customers

Key measurements of cross-sell and retention are solid

11

Repositioning the Company

We have realigned resources to support the core service areas of

the bank

We continue to attract new customers

Neighborhood banking household relationships have grown from 58,000 at

4Q03 to 100,000 at 1Q08

Number of commercial borrowing relationships has grown from 73 at 4Q03

to 286 at 1Q08

We will grow our non-interest income

Bert Lopez

Senior Executive Vice President

Chief Financial Officer

13

First-Quarter 2008 Credit Summary

Non-Performing Loans

Q1 08

Q4 07

($ in thousands)

Total non-performing loans

$384,426

$180,833

Real estate owned

46,909

27,732

Total non-performing

assets

$431,335

$208,565

Allowance for loan losses

$117,658

$58,623

14

First-Quarter 2008 Credit Summary

1Q 08

4Q 07

Non-performing assets to total assets

2.99%

1.39%

Non-performing loans to total loans

3.05%

1.43%

Allowance for loan losses as a % of total loan portfolio

0.93%

0.46%

Allowance for loan losses as a % of non-performing loans

30.61%

32.42%

0.17%

0.11%

Net annualized q-t-d charge-offs as a % of avg total loan portfolio

0.19%

0.18%

Net residential annualized q-t-d charge-offs as a % of avg total loan

portfolio

Strengthened risk management programs

Reduced LTVs and increased FICO requirements

Increased staffing in asset disposition area to approximately

50

15

Asset Quality

Fiscal year end: September 30th

-0.05%

0.58%

1.21%

1.83%

2.46%

3.09%

3.72%

NPAs/Assets

YTD NCOs/YTD Avg

Loans

16

Residential Loan Portfolio at December 31, 2007

Other

15%

Virginia

5%

New Jersey

5%

Illinois

6%

Arizona

7%

California

9%

Florida

53%

Geography

Calendar Year

2006

36%

2005

21%

2004

11%

2003 & Prior, 11%

2007

21%

Vintages as a % of Total 

Residential Loans

25% MI

29% MI

9% MI

17

Review of Portfolio for Discrepancies

Geography

Vintage

Collateral Type

Collateral Usage

FICO  

LTV   

Doc Type 

Product  

No discrepancies except for 2006 vintage

18

2006 Vintage

$3.6 billion, or 36% of residential portfolio

29% of the portfolio has mortgage insurance

Mortgage insurance payments as expected

Continue to monitor insurers’

performance

58% of non-performing assets

19

Strong Liquidity and Capital Position

Other Deposits

14%

Core Deposits

35%

Equity

& Other

5%

LT

Debt

4%

Other

Liabilities

1%

ST Debt

41%

Liability Funding

Total

Risk

Based

Tier 1

Risk

Based

Tier 1

Leverage

10.0%

6.0%

5.0%

Well Capitalized

Minimum Ratio

$674

14.4%

$1,153

$454

$442

Amount in Excess

of Well

Capitalized*

15.7%

8.1%

Actual Ratio

$1,253

$1,163

Amount

BankUnited, FSB Capital Ratios at Dec. 31, 2007

*Based on Office of Thrift Supervision regulations adopted to implement the prompt corrective action provisions of the Federal Deposit Insurance Act of 1991

$, in millions

20

Expenses

FY08 budgeted expenses are targeted below FY07,

excluding asset disposition costs

Reduction of FTE from 1,503 at 4Q07 to 1341 today

Continual reallocation of FTE’s

Strategic plan will include an extensive review of our

expense structure

21

GAAP to Non-GAAP Reconciliation

BankUnited

Financial Corporation

Quarter Ended December 30, 2007 Earnings Release (continued)

For the Three Months Ended

September 30,

2007

Reconciliation of GAAP to non-GAAP measures:

(in thousands)

Net income:

GAAP net income

6,398

$                         

Plus: after-tax effect of  provision for loan losses

12,568

Earnings, not including provision for loan loss*

18,966

$                          

*

BankUnited

believes

earnings,

not

including

provision

for

loan

losses,

a

Non-GAAP

Measure

provides

useful

information

to

investors

for

the

performance

of

financial

analysis.

BankUnited

uses

Earnings,

not

including

provision

for

loan

losses

internally

to

execute

its

in-period

financial

operating

performance

and

to

plan

for

future

periods.

However,

Earnings,

not

including

provision

for

loan

losses

is

neither

stated

in

accordance

with,

nor

is

it

a

substitute

for,

GAAP

measures.

December 31,

December 31,

2007

2006

(25,504)

42,770

17,266

27,368

2,640

30,008

$                         

$                         

$                         

$                         

BankUnited Financial Corporation

Thank You