BankUnited in Miami Lakes, Fla., lost $1.8 billion of deposits in the week after the failures of Silicon Valley Bank and Signature Bank.
The $37.2 billion-asset bank said in a press release that it gained $245 million of deposits over the last two weeks of March. Still, total deposits fell by 6.5% in the first quarter from the end of 2022, to $25.7 billion.
BankUnited said deposit outflows were concentrated in a small number of larger institutional depositors.
The average cost of deposits increased by 63 basis points from the fourth quarter, to 2.05%. The net interest margin compressed by 19 basis points over that period, to 2.62%.
Net income fell by 21% from a year earlier, to $52.9 million. The results included a $12.5 million in securities losses and a $19.8 million loan-loss provision.