BankUnited (BKU) Tops Q1 EPS by 1c
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BankUnited (NYSE: BKU) reported Q1 EPS of $0.57, $0.01 better than the analyst estimate of $0.56. Revenue for the quarter came in at $236.36 million versus the consensus estimate of $258.31 million.
Rajinder Singh, President and Chief Executive Officer, said, “We are happy to report another strong earnings quarter. Net income is up 13.5% from the comparable quarter of the prior year.”
Performance Highlights
- Net interest income increased by $23.8 million to $230.6 million for the quarter ended March 31, 2017 from $206.8 million for the quarter ended March 31, 2016. Interest income increased by $32.7 million, primarily driven by increases in the average balances of loans and investment securities outstanding. Interest expense increased by $9.0 million due primarily to an increase in average interest bearing liabilities.
- The net interest margin, calculated on a tax-equivalent basis, increased to 3.70% for the quarter ended March 31, 2017 from 3.67% for the immediately preceding quarter ended December 31, 2016. The net interest margin was 3.83% for the quarter ended March 31, 2016. The origination of new loans at current market yields lower than those on covered loans contributed to the decline in the net interest margin when compared to the quarter ended March 31, 2016.
- Total deposits increased by $433 million for the quarter ended March 31, 2017 to $19.9 billion. New loans and leases, including equipment under operating lease, grew by $121 million during the quarter. Loan growth was negatively impacted during the quarter by seasonal trends in the mortgage warehouse and commercial and industrial lines of business.
- Book value per common share grew to $23.71 at March 31, 2017, a 9.1% increase from March 31, 2016. Tangible book value per common share increased by 9.5% over the same period, to $22.98 at March 31, 2017.
For earnings history and earnings-related data on BankUnited (BKU) click here.
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