BankUnited Financial Corp. in Coral Gables, Fla., said Tuesday that earnings for its fiscal fourth quarter jumped 70% from the year-earlier period, to a record $24.2 million, or 63 cents a share. Its fiscal year ended Sept. 30.
The $13.6 billion-asset thrift company's net interest margin improved to 2.26% in the quarter, up 42 basis points a year earlier and 8 basis points from the previous quarter. "This increase is especially significant in light of the margin compression reported by many in our industry," Alfred R. Camner, its chairman and chief executive, said in a press release.
The company attributed the margin increase to several factors, including a pause in interest rate increases by the Federal Reserve and the repricing of its adjustable-rate mortgages.
BankUnited has 75 branches in 11 counties. It added 14 branches in the 2006 fiscal year and plans to open 10 to 12 more branches in existing and new markets in the 2007 fiscal year.
