BankUnited(US:BKU)2022-10-20 14:04Financial Performance - Net income for Q3 2022 reached $87.9 million with an EPS of $1.12, representing an increase of $22 million and $0.30 respectively compared to Q2 2022 [3, 5] - Net Interest Margin (NIM) expanded by 13 basis points (bps) to 2.76% during the quarter, reflecting margin growth in a rising interest rate environment [3, 5] - Pre-Provision, Pre-Tax Net Revenue (PPNR) rose to $121 million, an increase of $10 million from the previous quarter [5, 42] Loans and Deposits - Core Commercial & Industrial (C&I) and Commercial Real Estate (CRE) segments grew by $444 million, contributing to a total loan growth of $186 million excluding PPP runoff [3, 5] - Total deposits declined by $1.1 billion to $27.349 billion, while the average cost of total deposits increased to 0.78% from 0.30% in Q2 [3, 5] - Non-interest bearing demand deposits have achieved a compound annual growth rate of 30% since December 31, 2019 [6] Asset Quality and Capital - Total criticized and classified loans decreased by $175 million, and the annualized net charge-off rate improved to 0.16% [3, 5] - The Non-performing Assets (NPA) ratio stood at 0.43% as of September 30, 2022 [3, 5] - The Board authorized an additional $150 million share repurchase program, following $11 million in repurchases during Q3 [4] - CET1 ratios remained robust at 11.3% for the holding company and 12.9% for the bank as of September 30, 2022 [4, 5]