BankUnited in Miami Lakes, Fla., reported lower quarterly profit as its noninterest expenses rose.
The $20 billion-asset company said in a press release Thursday that its first-quarter net income fell 16% from a year earlier, to $46.5 million. Earnings per share of 44 cents were a penny below the average estimate of analysts polled by Bloomberg.
Noninterest expenses increased 11.3%, to $114.1 million, largely because of costs tied to a loss-sharing agreement with the Federal Deposit Insurance Corp.
BankUnited's net interest income rose 3.7%, to $172.7 million. Total loans rose 33%, to $13.2 billion, while the net interest margin compressed by 103 basis points, to 4.02%.
Noninterest income fell 32%, to $20.7 million, though the first quarter of 2014 included substantial loans sales.
BankUnited also said that it expects to close its purchase of CertusBank's small-business finance unit by June 30.