MIAMI LAKES, Fla.—BankUnited Inc. reported a better-than-expected profit of $45.6 million Thursday for the third quarter -- its third as a publicly traded company.
Net income for the July-through-September period amounted to 45 cents per share. That was 2 cents per share above the consensus estimate of analysts surveyed by FactSet.
The savings and loan holding company said core deposits, or total deposits minus certificates of deposit, grew $169.8 million to $4.5 billion in the quarter as it continued to expand in Florida. The amount of new loans increased to $1.3 billion, more than doubled since the start of the year.
It opened two new branches in the quarter, giving it 83 branches in 13 Florida counties.
CEO John Kanas said the company expects continued growth in the fourth quarter and into 2012, underscoring its emergence as an important regional bank.
BankUnited, which was formed in 2009 from the remnants of a failed bank, set aside $1.3 million in the quarter for loan losses.
Net interest income for the quarter was $128.8 million, compared with $98.8 million for the same period of 2010.
The company has two subsidiaries: BankUnited, a regional banking institution, and BankUnited Investment Services, a Florida insurance agency which also provides financial planning services.
Shares rose $1.13, or 5.3 percent, to $22.30 in Thursday trading.