BankUnited in Miami Lakes, Fla., on Wednesday reported higher quarterly profits, driven in part by an uptick in fee income from equipment-lease financing.
The $26.3 billion-asset company had a profit of $56.7 million in the second quarter, up 21% from a year earlier. Earnings per share were 52 cents, which was in line with the consensus among analysts polled by Bloomberg.
Noninterest income rose 37% to $28.9 million. In addition to the boost from leases, accounting changes related to Federal Deposit Insurance Corp. indemnification were a contributing factor.
Meanwhile, net interest income rose 18% to $214.3 million as the company increased its portfolio of investment securities. Loans grew 9% to $18.1 billion.
The net interest margin shrank 20 basis points to 3.75%.
Noninterest expenses climbed 17% to $144.1 million on higher salaries as well as increased amortization of the FDIC indemnification asset.