BankUnited Q3 2023 Earnings Report

BankUnited reported a decrease in net income due to an increase in provision for credit losses, driven by a less favorable economic forecast.

Key Takeaways

BankUnited reported a net income of $47.0 million for the quarter ended September 30, 2023, a decrease compared to the previous quarter and the same quarter last year. The results were impacted by an increase in the provision for credit losses due to a less favorable economic forecast.

Net interest margin expanded to 2.56% from 2.47% in the previous quarter.

Non-brokered deposits grew by $484 million, and total deposits grew by $274 million.

Residential loans and securities declined, while core C&I and commercial real estate portfolios grew.

Total same day available liquidity was $14.4 billion, and the available liquidity to uninsured, uncollateralized deposits ratio was 161%.