BankUnited (BKU) Misses Q1 EPS by 1c

BankUnited (NYSE: BKU) reported Q1 EPS of $0.51, $0.01 worse than the analyst estimate of $0.52.

Performance Highlights

• Total interest earning assets increased by $972 million during the first quarter of 2016. New loans and leases, including equipment under operating lease, grew by $527 million during the quarter.
• Deposit growth exceeded loan growth for the quarter. Total deposits increased by $576 million for the quarter ended March 31, 2016 to $17.5 billion.
• Net interest income increased by $34.1 million to $206.8 million for the quarter ended March 31, 2016 from $172.7 million for the quarter ended March 31, 2015. Interest income increased by $48.9 million primarily as a result of an increase in the average balance of loans outstanding. Interest expense increased by $14.8 million due primarily to an increase in average interest bearing liabilities.
• The net interest margin, calculated on a tax-equivalent basis, was 3.83% for the quarter ended March 31, 2016 compared to 4.02% for the quarter ended March 31, 2015 and 3.94% for the immediately preceding quarter ended December 31, 2015. The origination of new loans at current market yields lower than those on loans acquired in the FSB Acquisition (as defined below) and the cost of the senior notes issued in November 2015 contributed to the decline in the net interest margin.
• Book value and tangible book value per common share grew to $21.74 and $20.99, respectively, at March 31, 2016.

For earnings history and earnings-related data on BankUnited (BKU) click here.

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