BankUnited Q2 Profit Rises, Tops View

(RTTNews) - BankUnited Inc. (BKU) reported that its net income for the second-quarter increased to $56.7 million or $0.52 per share, from $46.6 million or $0.43 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share. Analysts' estimates typically exclude special items.

John Kanas, Chairman, President and Chief Executive Officer, said, "Despite significant headwinds facing our industry, BankUnited has turned in another excellent quarter."

For the quarters ended June 30, 2016 and 2015, the Company recorded provisions for loan losses of $14.3 million and $8.4 million, respectively, substantially all of which related to new loans.

Net interest income before provision for loan losses increased by $33.3 million to $214.3 million for the quarter ended June 30, 2016 from $181.0 million for the quarter ended June 30, 2015. Increase in interest income were partially offset by increases in interest expense. 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.

Non-interest income totaled $28.9 million, compared to $21.1 million last year.