BankUnited Q1 net income $52.9M ($0.70 EPS); NIM compresses to 2.62% on deposit cost pressure

BankUnited, Inc.

2023-Q1 EPS reported $0.70 revenue$5,545,000

Net income $52.9M ($0.70 diluted EPS) vs $64.2M ($0.82) in Q4 2022 and $67.2M ($0.79) in Q1 2022.
Net interest margin (tax-equivalent) fell to 2.62% from 2.81% QoQ; cost of total deposits rose to 2.05% from 1.42%.
Total deposits declined $1.79B during quarter; available liquidity $9.4B at March 31, increasing to $12.3B by April 21.
Provision for credit losses $19.8M; ACL to loans ratio 0.64% vs 0.59% at Dec 2022.
Dividend increased 8% to $0.27/share; repurchased 1.6M shares for $55M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

BankUnited, Inc. reported quarter ended March 31, 2023 results: net income net income of $52.9 million, EPS or $0.70 per diluted share.

Period: quarter ended March 31, 2023
Net income: net income of $52.9 million
EPS: or $0.70 per diluted share
Result: reported results

Exact text from the filing

For the quarter ended March 31, 2023, the Company reported net income of $52.9 million, or $0.70 per diluted share, compared to $64.2 million, or $0.82 per diluted share for the immediately preceding quarter ended December 31, 2022 and $67.2 million, or $0.79 per diluted share, for the quarter ended March 31, 2022.

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Source: SEC EDGAR

accession 0001504008-23-000012

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