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BankUnited reports lower Q3 net income YOY

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BankUnited reports lower Q3 net income YOY

Miami Lakes, Fla.-based BankUnited Inc. reported third-quarter net income of $76.2 million, or 77 cents per share, down from $97.3 million, or 90 cents per share, in the same quarter of 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 72 cents.

Net interest margin, calculated on a tax-equivalent basis, was 2.41% in the third quarter, compared to 2.52% in the second quarter and 3.51% in the year-ago period. A decrease in accretion on covered residential loans was the primary reason for the decline in NIM, the company said.

Provision for loan losses increased year over year to $1.8 million from $1.2 million.

Total deposits increased to $23.96 billion at Sept. 30 compared to $23.47 billion at Dec. 31, 2018.

Total loans for the quarter totaled $22.86 billion at Sept. 30 compared to $21.98 billion at Dec. 31, 2018.