BankUnited Reports $53.7M Net Income for Q2 2024

By Tamara Parker • Thursday, July 18 15:20 • Permanent Link

BankUnited, Inc. has reported its financial results for the second quarter of 2024, showing a net income of $53.7 million, or $0.72 per diluted share, compared to $48.0 million, or $0.64 per diluted share, for the previous quarter and $58.0 million, or $0.78 per diluted share, for the same quarter in 2023.

The net interest margin expanded by 0.15%, reaching 2.72% for the quarter ended June 30, 2024, from 2.57% for the previous quarter. Non-interest bearing deposits grew by over $800 million, representing 29% of total deposits at June 30, 2024, up from 27% at March 31, 2024.

Total loans grew by $402 million for the quarter ended June 30, 2024, with the core commercial and industrial (C&I) and commercial real estate (CRE) portfolios growing by $589 million and mortgage warehouse lending (MWL) growing by $83 million. Conversely, the residential loan portfolio declined by $212 million, and franchise, equipment, and municipal finance declined by an aggregate $57 million.

The allowance for credit losses (ACL) to total loans increased to 0.92% at June 30, 2024, from 0.90% at March 31, 2024, and the ACL to non-performing loans ratio was 130.12%. The total criticized and classified commercial loans declined by $52 million for the quarter ended June 30, 2024.

Net interest income for the quarter ended June 30, 2024, was $226.0 million, compared to $214.9 million for the previous quarter. Non-interest income totaled $24.2 million for the quarter ended June 30, 2024, compared to $26.9 million for the previous quarter.

BankUnited, Inc. reported total assets of $35.4 billion at June 30, 2024, and a robust capital position with a Common Equity Tier 1 (CET1) ratio of 11.6% at a consolidated level.

For additional information and to access the complete earnings release and related materials, visit the company's investor relations page on its website.

The company will hold a conference call at 9:00 a.m. ET on Thursday, July 18, 2024, to discuss the quarterly results. As a result of these announcements, the company's shares have moved 3.2% on the market, and are now trading at a price of $35.78. Check out the company's full 8-K submission here.

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