Bankunited Inc - BKU STOCK NEWS

BankUnited, Inc. (NYSE: BKU) reported net income of $53.7 million, or $0.72 per diluted share, for Q2 2024. Key highlights include:

- Net interest margin expanded by 0.15% to 2.72%
- Average cost of total deposits declined by 0.09% to 3.09%
- Non-brokered deposits grew by $1.3 billion
- Non-interest bearing demand deposits grew by $826 million
- Total loans grew by $402 million
- Loan to deposit ratio declined to 88.7%

The company maintained strong liquidity with $14.9 billion in total same-day available liquidity and robust capital position with CET1 at 11.6%. Credit trends remained largely favorable with an annualized net charge-off ratio of 0.12% for H1 2024.

BankUnited (NYSE: BKU) will announce its financial results for the quarter ending June 30, 2024, on July 18, 2024, before the market opens. A conference call to discuss the results will be held at 9:00 a.m. ET on the same day, featuring key executives including CEO Rajinder P. Singh, CFO Leslie N. Lunak, and COO Thomas M. Cornish. The earnings release and supplementary information will be available on BankUnited's Investor Relations page prior to the call.

The live webcast can be accessed through the Investor Relations page's Event Calendar section. Participants should register at least 15 minutes in advance and will receive a unique PIN for telephone access. An archived version of the webcast will be available approximately two hours after the live event.

BankUnited, based in Miami Lakes, Florida, had total assets of $35.1 billion as of March 31, 2024. The bank operates in Florida, the New York metropolitan area, Dallas, Texas, and offers wholesale banking services through an Atlanta office focused on the Southeast region.

BankUnited (NYSE:BKU) has declared a quarterly cash dividend of $0.29 per common share, approved by its Board of Directors. This dividend will be payable on July 31, 2024, to shareholders recorded by the close of business on July 12, 2024.

BankUnited (NYSE: BKU) has appointed Ernie Diaz as Senior Executive Vice President to oversee their consumer, small business, and commercial banking operations, effective May 29, 2024. Diaz, with nearly 40 years of industry experience, joins from TD Bank where he held significant leadership roles, including EVP handling a vast distribution network. Diaz will be responsible for BankUnited's sales and branch strategies across Florida, Texas, and New York. The bank aims to leverage his expertise to enhance growth and service delivery. BankUnited, with assets of $35.1 billion as of March 31, 2024, is recognized as one of the World’s Most Trustworthy Companies and operates in multiple states with extensive digital banking services.

BankUnited, Inc. reported strong financial results for the first quarter of 2024, with net income of $48.0 million. The funding mix improved, with non-interest bearing demand deposits growing by $404 million. Total deposits increased by $489 million, while total loans declined by $407 million. The net interest margin remained stable at 2.57%. Credit performance was strong, with a net charge-off ratio of 0.02%. Liquidity and capital positions were robust, with ample liquidity and a CET1 ratio of 11.6%. The Company also announced a 7% increase in its common stock dividend.

BankUnited, Inc. (BKU) will release its financial results for the quarter ending March 31, 2024, on April 17, 2024. The conference call with key executives will be held at 9:00 a.m. ET on the same day. Participants can access the earnings release and webcast through the Investor Relations page.

BankUnited, Inc. (BKU) increases quarterly cash dividend by 7.4% to $0.29 per common share. Dividend payable on April 30, 2024, to stockholders of record on April 12, 2024.

BankUnited, Inc. reported net income of $20.8 million for the quarter ended December 31, 2023, compared to $64.2 million for the quarter ended December 31, 2022. For the year ended December 31, 2023, the Company reported net income of $178.7 million, compared to $285.0 million for the year ended December 31, 2022. The financial results were impacted by notable items totaling $41.8 million related to the FDIC special assessment and a loss on the sale of operating lease equipment. The company's net interest margin, non-brokered deposits, and total deposits all experienced growth during the quarter. The capital position remains robust with CET1 at 11.4% and the ACL to total loans ratio increased to 0.82% at December 31, 2023. Non-performing loans totaled $127.0 million at December 31, 2023, down from $136.9 million at September 30, 2023. The net interest income increased to $217.2 million for the quarter ended December 31, 2023. Non-interest income totaled $17.1 million, and non-interest expense totaled $190.9 million for the quarter ended December 31, 2023.

BankUnited, Inc. (BKU) will release its financial results for the quarter and fiscal year ended December 31, 2023, on January 26, 2024. The company will hold a conference call at 9:00 a.m. ET on the same day to discuss the quarterly results. The call will feature Chairman, President, and CEO Rajinder P. Singh, CFO Leslie N. Lunak, and COO Thomas M. Cornish. The earnings release and supplemental information will be available on BankUnited’s Investor Relations page, with a live webcast accessible via the Event Calendar section of the page. Participants can also join by telephone, with an archived webcast available approximately two hours after the live event.