BankUnited in Miami Lakes, Fla., on Wednesday reported higher quarterly profits, driven in part by an uptick in fee income from equipment-lease financing.
The $26.3 billion-asset company had a profit of $56.7 million in the second quarter, up 21% from a year earlier. Earnings per share were 52 cents, which was in line with the consensus among analysts polled by Bloomberg.
Noninterest income rose 37% to $28.9 million. In addition to the boost from leases, accounting changes related to Federal Deposit Insurance Corp. indemnification were a contributing factor.
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Mortgage originations typically surge in a low-rate environment. Second-quarter reports should show an uptick in fees from selling those loans, but what will bankers say about the rest of this year?
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The $25 billion-asset company said in a press release Tuesday that BankUnited Small Business Finance is now making loans in Ohio, Washington and Wisconsin.
July 12 -
Bank United in Miami Lakes, Fla., has appointed two former Capital One Financial executives to lead its new equipment and franchise finance subsidiary.
June 21
Meanwhile, net interest income rose 18% to $214.3 million as the company increased its portfolio of investment securities. Loans grew 9% to $18.1 billion.
The net interest margin shrank 20 basis points to 3.75%.
Noninterest expenses climbed 17% to $144.1 million on higher salaries as well as increased amortization of the FDIC indemnification asset.