BankUnited's stock plummeted 5.07% during intraday trading on Wednesday, following the release of its first-quarter financial results.
The regional bank reported Q1 earnings per share of $0.83, which missed the analyst consensus estimate of $0.96. Revenue for the quarter came in at $273.687 million, falling short of the $284.341 million estimate. The company's net interest margin declined from the prior quarter due to seasonally lower activity and increased reliance on higher-cost wholesale funding as non-interest bearing deposits fell.
While net income rose year-over-year to $61.9 million and the company repurchased shares and raised its dividend, investors reacted negatively to the earnings and revenue misses along with the net interest margin pressure.
Comments