BankUnited (NYSE: BKU) reported Q2 EPS of $0.52, $0.01 better than the analyst estimate of $0.51.

Performance Highlights

• Total interest earning assets increased by $1.6 billion during the second quarter of 2016. New loans and leases, including equipment under operating lease, grew by $1.2 billion during the quarter. For the six months ended June 30, 2016, new loans and leases increased by $1.7 billion.
• Total deposits increased by $718 million for the quarter ended June 30, 2016 to $18.2 billion. For the six months ended June 30, 2016, total deposits increased by $1.3 billion.
• Net interest income increased by $33.3 million to $214.3 million for the quarter ended June 30, 2016 from $181.0 million for the quarter ended June 30, 2015. Interest income increased by $47.8 million, primarily driven by increases in the average balances of loans and investment securities outstanding. Interest expense increased by $14.5 million due primarily to an increase in average interest bearing liabilities.
• The net interest margin, calculated on a tax-equivalent basis, was 3.75% for the quarter ended June 30, 2016 compared to 3.95% for the quarter ended June 30, 2015 and 3.83% for the immediately preceding quarter ended March 31, 2016. 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 $22.38 and $21.63, respectively, at June 30, 2016.

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