BankUnited reported first-quarter 2026 net income of $61.9 million, up from $58.5 million a year earlier but down from $69.3 million in the fourth quarter of 2025. Diluted earnings per share were $0.83, compared with $0.78 in the year-ago quarter and $0.90 in the prior quarter.
Pre-provision net revenue was $106.3 million, versus $95.2 million in the first quarter of 2025 and $115.4 million in the fourth quarter. Net interest income came in at $9.2 million lower than the prior quarter, but $15.8 million higher than a year ago. Net interest margin was 2.99%, down 7 basis points from the fourth quarter, but up 18 basis points from the first quarter of 2025.
Total deposits excluding brokered deposits rose by $1.4 billion from a year ago and by $277 million from the prior quarter. Noninterest-bearing deposits were up $875 million year over year, though they fell $166 million sequentially. They represented 30% of total deposits at March 31.
Loans were little changed overall in the quarter at $24.13 billion, down $139 million from December 31 but up $145 million from a year earlier. Core loans rose $9 million sequentially and $906 million year over year. Within the portfolio, commercial and industrial loans fell $144 million from the prior quarter to $6.86 billion, residential loans declined $127 million to $6.86 billion, while non-owner occupied commercial real estate increased $41 million to $6.15 billion and mortgage warehouse lending rose $77 million to $805 million.
Credit quality improved from the prior quarter. Criticized and classified loans fell $146 million, or 12%, to $560.9 million. Non-performing loans dropped $98 million, or 26%, to $278.8 million. The non-performing asset ratio fell to 0.79% from 1.08%. The allowance for credit losses declined to $208.8 million from $219.8 million, while coverage of non-performing loans increased to 75.90% from 58.99%.
Noninterest income was $24.7 million, down from $30.0 million in the fourth quarter but up from $22.3 million a year earlier. Noninterest expense was $167.4 million, down from $172.8 million sequentially and up from $160.2 million year over year.
BankUnited ended the quarter with total assets of $35.4 billion. The CET1 ratio was 12.2%, down 10 basis points from the prior quarter. Tangible common equity was 8.3%, and tangible book value per share was $40.05, up 7% from a year earlier.
The company repurchased about 1.3 million shares for $60.0 million during the quarter at an average price of $46.15. It also raised its common dividend to $0.33 per share from $0.31, a 6% increase. Following these announcements, the company's shares moved -0.73%, and are now trading at a price of $45.02. If you want to know more, read the company's complete 8-K report here.
