BankUnited's earnings gets boost from net interest income
BankUnited in Miami Lakes, Fla., reported higher quarterly earnings as income from interest and fees rose.
The $30.4 billion-asset company said on Tuesday that its second-quarter net income rose 36%, to $89.9 million, from a year earlier.
Net interest income rose roughly 6%, to $255.3 million, driven by increases in average balances of loans and investment securities outstanding, BankUnited said. The net interest margin fell by 16 basis points to 3.60%.
Average loan balances totaled $21.6 billion, up roughly 10% from a year earlier.
Noninterest income rose by about 7%, to $32 million, as lease financing fees jumped by more than 33%, to $17.5 million.
Noninterest expense rose by less than 1%, to $161.2 million. Telecommunications and data processing costs increased by more than 4%, to $3.9 million, while professional fees decreased by more than 44%, to $2.7 million.