A tax benefit significantly boosted fourth-quarter earnings at BankUnited in Miami Lakes, Fla.
The $30.3 billion-asset company said in a press release Tuesday that its profit rose more than sixfold from a year earlier to $417.8 million. That included a $327.9 million income tax benefit.
Excluding the tax benefit, earnings rose by nearly 50%.
Net interest income rose 5% to $238.8 million. Loans, including premiums, discounts and deferred fees and costs, increased by 10% to $21.4 billion, while the net interest margin narrowed by 15 basis points, to 3.52%.
BankUnited has a "remarkable" 2017, Rajinder Singh, the company's president and CEO, said in the release. “We delivered double-digit growth in earnings, loans and deposits, while shifting our strategy to diversify our balance sheet and business mix.”
Multifamily made up 15% of total loans, down from almost 20% a year earlier. Commercial and industrial loans made up more than 19% of total loans, an improvement from 17.5% at the end of 2016.
Noninterest income rose 59% to $46.5 million, reflecting $21 million in gains from loan sales.
Noninterest expense increased by 3% to $161.3 million, after professional fees nearly tripled to $11.1 million.