BankUnited Financial Corp. of Coral Gables, Fla., said after the markets closed Friday that it lost $117.7 million, or $3.35 a share, in its fiscal third quarter, which ended June 30.
A year earlier it earned $23.2 million, or 62 cents a share.
BankUnited, which has been plagued all year by mortgage troubles, blamed the loss on a $130 million provision for loan losses. Its credit-loss reserve now stands at $309.6 million, or 2.52% of total loans.
The company also said Friday that over the next six months it would reach out to thousands of its customers who have option adjustable-rate mortgages, which have produced extraordinarily high default rates for BankUnited and other lenders.
BankUnited said it would help these customers, the majority of whom are in Florida, refinance into conventional loans to help them avoid foreclosure.
