BankUnited Q2 net income $53.7M ($0.72 EPS); NIM expands to 2.72% but NPAs rise on office exposure

BankUnited, Inc.

2024-Q2 EPS reported $1.36 revenue$10,222,000

EPS $0.72 (diluted) vs $0.64 prior quarter and $0.78 year-ago; net income $53.7M.
Net interest margin (tax-equiv) expanded 15bps to 2.72%; average cost of deposits declined 9bps to 3.09%.
Non-interest bearing deposits grew $826M; total deposits up $736M; wholesale funding down $1.2B.
Core C&I and CRE loans grew $589M; residential loans declined $212M; total loans up $402M.
NPAs increased to $176M ($50M office exposure) from $118.9M; ACL ratio 0.92%.

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