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Net interest income increased by $17.2 million to $247.8 million for the quarter ended March 31, 2018 from $230.6 million for the quarter ended March 31, 2017. Interest income increased by $44.2 million, driven by increases in the average balances of loans and investment securities outstanding as well as increases in tax-equivalent yields on interest earning assets. Interest expense increased by $27.0 million, driven primarily by increases in average interest bearing deposits and an increase in the cost of interest bearing liabilities.
The net interest margin, calculated on a tax-equivalent basis, was 3.56% for the quarter ended March 31, 2018 compared to 3.52% for the immediately preceding quarter ended December 31, 2017 and 3.70% for the quarter ended March 31, 2017. Significant factors contributing to the decline in the net interest margin from the comparable quarter of the prior year were (i) an increase in the cost of interest bearing liabilities; (ii) the impact on tax equivalent yields of the reduction in the statutory federal income tax rate; and (iii) although yields on all categories of interest earning assets increased, non-covered loans and investment securities were added to the balance sheet at yields lower than the existing yield on earning assets.
The effective income tax rate declined to 23.1% for the quarter ended March 31, 2018 from 30.8% for the quarter ended March 31, 2017, primarily due to the reduction in the statutory federal income tax rate.
Total deposits increased by $361 million for the quarter ended March 31, 2018, to $22.2 billion. Growth in non-interest bearing demand deposits accounted for $270 million of this increase. Non-covered loans and leases, including equipment under operating lease, grew by $66 million during the quarter. Loan growth was impacted during the quarter by continued runoff of the New York multi-family portfolio and seasonality in the mortgage warehouse and commercial and industrial lines of business.
During the three months ended March 31, 2018, under the terms of the share repurchase program authorized by its Board of Directors, the Company repurchased 1.2 million shares of its common stock for an aggregate purchase price of $48.6 million.
Book value per common share grew to $28.57 at March 31, 2018 from $28.32 at December 31, 2017 while tangible book value per common share increased to $27.83 from $27.59 over the same period.
The following information was filed by Bankunited, Inc. (BKU) on Wednesday, April 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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