BankUnited, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
January 25, 2017 at 05:15 pm IST
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BankUnited, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income of $277,965,000 against $242,402,000 for the same period a year ago. Net interest income before provision for loan losses was $227,499,000 against $202,995,000 for the same period a year ago. Income before income taxes was $92,101,000 against $85,512,000 for the same period a year ago. Net income was $63,294,000 or $0.59 per basic and diluted share against $56,263,000 or $0.52 per diluted share for the same period a year ago. Return on average assets was 0.92% against 0.97% for the same period a year ago. Return on average stockholders’ equity was 10.45% against 9.94% for the same period a year ago. The increases in interest income were primarily attributable to an increase in the average balance of loans, partially offset by a decline in the related average yield.
For the year, the company reported total interest income of $1,059,217,000 against $880,816,000 for the same period a year ago. Net interest income before provision for loan losses was $870,385,000 against $745,652,000 for the same period a year ago. Income before income taxes was $335,444,000 against $296,893,000 for the same period a year ago. Net income was $225,741,000 or $2.09 per diluted share against $251,660,000 or $2.35 per diluted share for the same period a year ago. Return on average assets was 0.87% against 1.18% for the same period a year ago. Return on average stockholders’ equity was 9.64% against 11.62% for the same period a year ago. Book value and tangible book value per common share grew to $23.22 and $22.47, respectively, at December 31, 2016.
BankUnited, Inc. is a bank holding company of BankUnited (the Bank). The Bank provides a full range of commercial lending and both commercial and consumer deposit services through banking centers located in Florida, the New York metropolitan area and Dallas, Texas, and a comprehensive suite of wholesale products to customers through an Atlanta office focused on the Southeast region. The Bankâs lending and leasing products include commercial loans, commercial real estate loans, residential mortgages and other consumer loans. It offers traditional deposit products, including commercial and consumer checking accounts, money market deposit accounts, savings accounts and certificates of deposit with a variety of terms and rates, as well as a robust suite of treasury, commercial payments and cash management services. The Bank provides certain commercial lending and deposit products through national platforms and certain consumer deposit products through an online channel.