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Sep 30, 2020
BankUnited Q3 2020 Earnings Report
Reported third quarter earnings, with improved deposit mix and cost of funds, PPNR growth over the prior year, and positive credit signs as loans on deferral declined.
Key Takeaways
BankUnited reported a net income of $66.6 million, or $0.70 per diluted share, for the quarter ended September 30, 2020. The company saw improvements in deposit mix and cost of funds, continued growth in pre-tax, pre-provision net revenue (PPNR), and positive credit signs with declining loans on deferral.
Non-interest bearing demand deposits grew by $906 million, or 15%, reaching 26% of total deposits.
The average cost of total deposits declined by 0.23% to 0.57%, the lowest level since the company's inception.
Loans under COVID related deferral continued to decline to $1.1 billion, or approximately 5% of total loans.
Pre-tax, pre-provision net revenue (PPNR) increased by $12.9 million year-over-year to $115.1 million.