BankUnited, Inc. (NYSE:BKU) Q1 2024 Earnings Call Transcript

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Leslie Lunak: I mean, we had about $900 million or so repriced in the first quarter. I don’t know, somewhere between 30 basis points and 50 basis points. But that really was the cliff. I think going forward, it’s pretty tame and spread out. So I think we’re kind of past the cliff and you can see the impact of that embedded in the change in the cost of funds for the quarter.

David Bishop: Got it. And then, I know there was some noise obviously in fee income in the fourth quarter. Just curious if you think this first quarter rate represents a decent run rate or good approximation heading out to the rest of the year? Thanks.

Leslie Lunak: I mean, for the most part, yes. These leasing residual items are going to be episodic and sporadic. The portfolio is small enough that those don’t occur with a regular predictable cadence. So you saw some of that. You’ve seen a little bit of that every quarter the last several quarters, and those things will be sporadic, but if you pull that out, yes, probably.

David Bishop: Perfect. Most of my questions have been asked and answered. Thank you.

Raj Singh: Thank you.

Operator: Thank you. And I see no further questions in the queue at this time. I will now turn the call back over to Mr. Raj Singh for any closing remarks.

Raj Singh: Thank you everyone for joining us. We will speak to you again in three months. In the meantime, you know how to reach us. Thanks, bye.

Operator: Ladies and gentlemen, that does conclude the conference for today. Thank you for your participation. You may now disconnect.

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