HOUSTON - Bank United of Texas reported operating earnings of $22.1 million for the quarter ended March 31, a 6% increase over income in the year-ago period. Year-to-date operating earnings are $53.4 million, compared with $51 million for last year's period.

Operating results were affected by rapidly rising interest costs related to the bank's adjustable-rate mortgage portfolio. This was mitigated by an increase in interest-earning assets, including single-family asset acquisitions and increases in construction lending.

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