BankUnited, Inc. has reported its financial results for the first quarter of 2024, showing significant changes in various key metrics compared to the previous quarter and the same period a year ago.
The company's net income for the quarter ended March 31, 2024, was $48.0 million, or $0.64 per diluted share, compared to $20.8 million, or $0.27 per diluted share, for the previous quarter and $52.9 million, or $0.70 per diluted share, for the first quarter of 2023.
The funding mix continued to improve, with non-interest bearing demand deposits growing by $404 million, and non-brokered deposits growing by $644 million, totaling $489 million in total deposits for the first quarter of 2024. Non-interest bearing demand deposits represented 27% of total deposits at March 31, 2024, up from 26% at December 31, 2023.
Total loans declined by $407 million for the quarter ended March 31, 2024. Residential loans declined by $152 million, and the core commercial and industrial (C&I) and commercial real estate (CRE) portfolios declined by $226 million.
The net interest margin was relatively stable at 2.57% compared to 2.60% for the previous quarter.
The annualized net charge-off ratio for the first quarter of 2024 was 0.02%, and the non-performing assets (NPA) ratio declined to 0.34% at March 31, 2024, from 0.37% at December 31, 2023.
Total same-day available liquidity was $14.8 billion, and the capital position remained robust, with the common equity tier 1 (CET1) ratio at 11.6% at a consolidated level.
The average cost of total deposits increased by 0.22% to 3.18% for the first quarter of 2024 from 2.96% for the previous quarter.
The company's book value and tangible book value per common share continued to grow, reaching $35.31 and $34.27, respectively, at March 31, 2024.
BankUnited also announced an increase of $0.02 per share in its common stock dividend for the first quarter of 2024, to $0.29 per common share, a 7% increase from the previous level of $0.27 per share.
In terms of asset quality, the allowance for credit losses (ACL) to loans ratio increased to 0.90% at March 31, 2024, compared to 0.82% at December 31, 2023.
Non-interest income totaled $26.9 million for the first quarter of 2024, compared to $17.1 million for the previous quarter, while non-interest expense totaled $159.2 million, compared to $190.9 million for the previous quarter.
The company's net interest income for the first quarter of 2024 was $214.9 million, and the net interest margin decreased by 0.03% to 2.57% compared to the previous quarter.
BankUnited, Inc. reported total assets of $35.1 billion at March 31, 2024.
These figures reflect the company's performance and changes in key financial metrics during the first quarter of 2024, showcasing both positive and challenging aspects of its operations. The market has reacted to these announcements by moving the company's shares 2.1% to a price of $24.99. For more information, read the company's full 8-K submission here.
