BankUnited Financial Corp. of Coral Gables, Fla., reported earnings of $23.8 million for the quarter ending June 30, reversing a $14.8 million loss in the same period of 2005.
The $12.9 billion-asset company saw fiscal third-quarter deposits grow 39%, to $5.9 billion, compared to the same period of 2005. BankUnited's third-quarter total loan production also increased 17%, to $1.8 billion, the company said in its earnings report, which was released Friday.
Additionally, BankUnited's net interest margin increased 52 basis points, to 2.18%, and the company said it could see the margin widen further should the Federal Reserve Board slow or pause its interest rate increases.
The $14.8 million loss that BankUnited recorded in the third quarter of 2005 was driven by a $24.6 million after-tax charge the company incurred as a result of prepayments and swap settlements related to Federal Home Loan Bank advances.
