News about BKU

BankUnited (BKU) reported a third-quarter net interest margin of 3.16%, up 10 basis points from the prior quarter, and adjusted diluted EPS of $1.03. The bank spent $97.0 million repurchasing about 2.1 million shares and lowered its average cost of deposits to 1.99%, while non-interest demand deposits rose to 32.2% of total deposits. Average core loans reached $16.9 billion, up 4% from a year earlier, driven by commercial real estate and mortgage warehouse lending. For Q4, management guided to a 3.2% margin, assuming a 25 basis point Federal Reserve rate hike in December, and it sold $1.0 billion of lower-yielding securities to reinvest in three- to five-year instruments.