BankUnited in Miami Lakes, Fla., reported a double-digit percentage increase in fourth-quarter profit, citing growth in loans and fee income.
The $23.9 billion-asset bank reported 20% higher net income over the previous year, at $56.3 million. Earnings per share rose 16% to 52 cents, beating the average estimate of analysts polled by Bloomberg by four cents.
Net interest income after the provision for loan losses rose 28% to $193.1 million. The provision fell 52% to $9.9 million. The net interest margin shrank 32 basis points to 3.94%.
- New York
Signature Bank in New York reported a record profit in the fourth quarter as strong loan growth more than offset continuing weakness in its portfolio of taxi medallion loans.
January 21 -
A number of community banks have gotten into government-backed small-business lending by buying firms or poaching talent. While the business seems lucrative now, there are concerns that too many banks may be jumping into the pool.
January 19 -
BankUnited of Miami Lakes, Fla., has exited the retail mortgage origination channel. It originated loans through its retail banking branches in Florida and New York.
January 13
Net loans grew 34% to $16.5 billion, with most of the growth coming from commercial real estate and business loans. BankUnited's New York market contributed $623 million of the new loans and Florida contributed $485 million.
Noninterest income rose 54% to $29.3 million. BankUnited recorded a $12.9 million net loss on its FDIC indemnification asset. The loss was outweighed by a $10.9 million gain on the sale of loans.
Noninterest expense rose 26% to $136.8 million, including $32.5 million in amortization on the FDIC indemnification asset.
