BankUnited reported third-quarter earnings Wednesday that were boosted by a discrete income tax benefit.
The Miami Lakes-based bank said it had net income of $102.3 million, or 95 cents per diluted share, for the quarter that ended Sept. 30, compared to net income of $53.6 million, or 51 cents per share, for the same quarter last year.
Without the tax benefit, a one-time tax adjustment based on changing income tax rates, the bank’s income would have been $53.8 million, or 50 cents per share.
Deposits for the quarter increased to $15.9 billion, up 4.3 percent year-over-year.
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But BankUnited also switched a $44 million commercial loan to nonperforming status after one of the bank’s borrowers was the victim of fraud, according to the South Florida Business Journal. Bank executives did not identify the company on a conference call, SFBJ reported.
The share price of the bank, which has a 5-star rating from Bauer Financial, dipped to $36.25 by the end of trading, down 3 percent on the day.