The following is a summary of the BankUnited, Inc. (BKU) Q1 2024 Earnings Call Transcript:

Financial Performance:

• BankUnited reported Q1 net income of $48 million or $0.64 per share, exceeding consensus estimates of $0.60.

• Total deposits grew by $489 million for the quarter, led by non-brokered deposits which grew by $644 million.

• The margin for the quarter was 2.57%, with the yield on loans increasing from 5.69% to 5.78%.

• The company reports successful risk management, maintaining a reserve for future uncertainties.

• Guidance for future performance remains unchanged, with a focus on remixing the balance sheet, continuing to decrease residential loans, and driving margin growth over the next three quarters.

Business Progress:

• BankUnited highlighted a growth in the middle-market commercial portfolio, expecting double-digit growth.

• The bank plans to maintain and grow their non-interest bearing deposits through new business and minimizing deposit leakages.

• The bank is applying a disciplined approach to its loan portfolio and operations, closely monitoring its asset allocations.

• BankUnited projects continued discussion on buybacks, with these talks likely gaining more focus in the second half of the year.

• In relation to geographic performance, the bank notes majority of growth occurring in existing geographies and existing lines of business, with new areas like Dallas yet to contribute significantly to growth.

More details: BankUnited IR

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