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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
                
For the quarterly period ended June 30, 2023
Commission File Number: 001-35039 

BankUnited, Inc.
(Exact name of registrant as specified in its charter)
Delaware27-0162450
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
14817 Oak LaneMiami LakesFL33016
(Address of principal executive offices) (Zip Code)
 
Registrant’s telephone number, including area code: (305569-2000 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý  No  o 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  ý  No  o 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
Accelerated filer
 ☐
Emerging growth company
Non-accelerated filer
Smaller reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No  ☒ 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 
ClassTrading SymbolName of Exchange on Which Registered
Common Stock, $0.01 Par ValueBKUNew York Stock Exchange

The number of outstanding shares of the registrant common stock, $0.01 par value, as of July 31, 2023 was 74,414,998.






BANKUNITED, INC.
Form 10-Q
For the Quarter Ended June 30, 2023
TABLE OF CONTENTS
  Page
PART I. 
   
ITEM 1. 
 
 
 
 
 
 
   
ITEM 2.
   
ITEM 3.
   
ITEM 4.
   
PART II. 
   
ITEM 1.
   
ITEM 1A.
ITEM 2.
   
ITEM 6.
   

i


GLOSSARY OF DEFINED TERMS

The following acronyms and terms may be used throughout this Form 10-Q, including the consolidated financial statements and related notes.
ACLAllowance for credit losses
AFSAvailable for sale
ALCOAsset/Liability Committee
ALMAsset Liability Management
AOCIAccumulated other comprehensive income
ASCAccounting Standards Codification
ASUAccounting Standards Update
BKUBankUnited, Inc.
BOLIBank Owned Life Insurance
BankUnitedBankUnited, National Association
The BankBankUnited, National Association
BridgeBridge Funding Group, Inc.
BTFPBank Term Funding Program
Buyout loansFHA and VA insured mortgages from third party servicers who have exercised their right to purchase these loans out of GNMA securitizations
CCARComprehensive Capital Analysis and Review
CDCertificate of Deposit
CECLCurrent expected credit losses
CET1Common Equity Tier 1 capital
C&ICommercial and Industrial loans, including owner-occupied commercial real estate
CLOCollateralized loan obligations
CMBSCommercial mortgage-backed securities
CMEChicago Mercantile Exchange
CMOsCollateralized mortgage obligations
CRECommercial real estate loans, including non-owner occupied commercial real estate and construction and land
DSCRDebt Service Coverage Ratio
EVEEconomic value of equity
FCAThe Financial Conduct Authority
FDIAFederal Deposit Insurance Act
FDICFederal Deposit Insurance Corporation
FHAFederal Housing Administration
FHLBFederal Home Loan Bank
FICOFair Isaac Corporation (credit score)
FRBFederal Reserve Bank
GAAPU.S. generally accepted accounting principles
GDPGross Domestic Product
GNMAGovernment National Mortgage Association
ISDAInternational Swaps and Derivatives Association
LGDLoss Given Default
LIBORLondon InterBank Offered Rate
LIHTCLow Income Housing Tax Credits
LTVLoan-to-value
MBSMortgage-backed securities
MSAMetropolitan Statistical Area
ii



NRSRONationally recognized statistical rating organization
OREOOther real estate owned
PCDPurchased credit-deteriorated
PDProbability of default
PinnaclePinnacle Public Finance, Inc.
REITReal Estate Investment Trust
SBAU.S. Small Business Administration
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
TDRTroubled-debt restructuring
Tri-StateNew York, New Jersey and Connecticut
UPBUnpaid principal balance
VA loanLoan guaranteed by the U.S. Department of Veterans Affairs

iii



PART I
Item 1.  Financial Statements and Supplementary Data
BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share and per share data)
June 30,
2023
December 31,
2022
ASSETS  
Cash and due from banks:  
Non-interest bearing$18,355 $16,068 
Interest bearing282,814 556,579 
Cash and cash equivalents 301,169 572,647 
Investment securities (including securities reported at fair value of $9,133,937 and $9,745,327)
9,143,937 9,755,327 
Non-marketable equity securities317,759 294,172 
Loans24,629,990 24,885,988 
Allowance for credit losses (166,833)(147,946)
Loans, net24,463,157 24,738,042 
Bank owned life insurance 318,935 308,212 
Operating lease equipment, net514,734 539,799 
Goodwill77,637 77,637 
Other assets734,151 740,876 
Total assets$35,871,479 $37,026,712 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Demand deposits:  
Non-interest bearing$7,304,735 $8,037,848 
Interest bearing2,929,870 2,142,067 
Savings and money market10,084,276 13,061,341 
Time5,519,771 4,268,078 
Total deposits25,838,652 27,509,334 
Federal funds purchased  190,000 
FHLB advances5,975,000 5,420,000 
Notes and other borrowings715,302 720,923 
Other liabilities816,215 750,474 
Total liabilities 33,345,169 34,590,731 
Commitments and contingencies
Stockholders' equity:  
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 74,429,948 and 75,674,587 shares issued and outstanding
744 757 
Paid-in capital274,202 321,729 
Retained earnings2,623,926 2,551,400 
Accumulated other comprehensive loss(372,562)(437,905)
Total stockholders' equity 2,526,310 2,435,981 
Total liabilities and stockholders' equity $35,871,479 $37,026,712 
 
1
The accompanying notes are an integral part of these consolidated financial statements





BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
 Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Interest income:  
Loans$326,153 $209,223 $634,948 $400,785 
Investment securities120,604 54,771 239,362 97,819 
Other16,664 2,979 29,527 4,333 
Total interest income 463,421 266,973 903,837 502,937 
Interest expense:
Deposits156,868 20,501 290,498 32,363 
Borrowings92,675 21,056 171,587 36,516 
Total interest expense 249,543 41,557 462,085 68,879 
Net interest income before provision for credit losses 213,878 225,416 441,752 434,058 
Provision for credit losses
15,517 23,996 35,305 31,826 
Net interest income after provision for credit losses 198,361 201,420 406,447 402,232 
Non-interest income:
Deposit service charges and fees5,349 5,896 10,894 11,856 
Gain (loss) on investment securities, net
993 (8,392)(11,556)(16,260)
Lease financing12,519 13,363 25,628 26,778 
Other non-interest income6,626 2,583 17,056 5,377 
Total non-interest income 25,487 13,450 42,022 27,751 
Non-interest expense:
Employee compensation and benefits67,414 62,461 138,465 129,549 
Occupancy and equipment 11,043 11,399 21,845 22,911 
Deposit insurance expense7,597 3,993 15,504 7,396 
Professional fees 3,518 3,256 6,436 5,518 
Technology20,437 17,898 42,163 34,902 
Depreciation of operating lease equipment11,232 12,585 22,753 25,195 
Other non-interest expense23,977 15,810 50,832 28,255 
Total non-interest expense 145,218 127,402 297,998 253,726 
Income before income taxes
78,630 87,468 150,471 176,257 
Provision for income taxes20,634 21,704 39,593 43,343 
Net income
$57,996 $65,764 $110,878 $132,914 
Earnings per common share, basic$0.78 $0.82 $1.49 $1.61 
Earnings per common share, diluted$0.78 $0.82 $1.48 $1.60 
2
The accompanying notes are an integral part of these consolidated financial statements





BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED
(In thousands)
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Net income
$57,996 $65,764 $110,878 $132,914 
Other comprehensive income (loss), net of tax: 
Unrealized gains (losses) on investment securities available for sale: 
Net unrealized holding gain (loss) arising during the period(18,365)(177,969)56,571 (352,949)
Reclassification adjustment for net securities gains realized in income(627)(670)(1,183)(2,648)
Net change in unrealized gains (losses) on securities available for sale(18,992)(178,639)55,388 (355,597)
Unrealized gains (losses) on derivative instruments:
Net unrealized holding gains arising during the period32,353 12,866 30,188 44,045 
Reclassification adjustment for net (gains) losses realized in income(11,239)3,077 (20,233)7,097 
Net change in unrealized gains (losses) on derivative instruments21,114 15,943 9,955 51,142 
Other comprehensive income (loss)2,122 (162,696)65,343 (304,455)
Comprehensive income (loss)$60,118 $(96,932)$176,221 $(171,541)

3
The accompanying notes are an integral part of these consolidated financial statements



BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(In thousands)

 Six Months Ended June 30,
 20232022
Cash flows from operating activities:  
Net income
$110,878 $132,914 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and accretion, net(5,114)(4,337)
Provision for credit losses
35,305 31,826 
Loss on investment securities, net
11,556 16,260 
Equity based compensation10,150 11,862 
Depreciation and amortization 38,240 38,154 
Deferred income taxes2,143 15,147 
Proceeds from sale of loans held for sale, net196,256 426,174 
Other:
(Increase) decrease in other assets
(23,130)203,717 
Increase in other liabilities
47,290 183,713 
Net cash provided by operating activities
423,574 1,055,430 
Cash flows from investing activities:  
Purchases of investment securities(113,800)(2,315,336)
Proceeds from repayments and calls of investment securities551,928 1,054,902 
Proceeds from sale of investment securities233,143 710,769 
Purchases of non-marketable equity securities(284,750)(222,563)
Proceeds from redemption of non-marketable equity securities261,163 145,013 
Purchases of loans(340,694)(1,575,715)
Loan originations and repayments, net 363,132 786,260 
Proceeds from sale of loans, net32,500 5,430 
Other investing activities(12,073)(16,414)
Net cash provided by (used in) investing activities
690,549 (1,427,654)
4
The accompanying notes are an integral part of these consolidated financial statements



BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In thousands)



 Six Months Ended June 30,
 20232022
Cash flows from financing activities:  
Net decrease in deposits (1,670,682)(977,203)
Net decrease in federal funds purchased(190,000)(199,000)
Additions to FHLB borrowings2,015,000 2,510,000 
Repayments of FHLB borrowings(1,460,000)(410,000)
Dividends paid (38,983)(40,842)
Repurchase of common stock(55,154)(325,741)
Other financing activities14,218 13,926 
Net cash provided by (used in) financing activities
(1,385,601)571,140 
Net increase (decrease) in cash and cash equivalents
(271,478)198,916 
Cash and cash equivalents, beginning of period 572,647 314,857 
Cash and cash equivalents, end of period $301,169 $513,773 
Supplemental disclosure of cash flow information:
Interest paid$418,168 $65,545 
Income taxes paid (refunded), net$8,827 $(122,242)
Supplemental schedule of non-cash investing and financing activities:
Transfers from loans to loans held for sale$228,695 $439,222 
Dividends declared, not paid$20,051 $19,240 
Obligations incurred in acquisition of affordable housing limited partnerships$ $55,000 




5
The accompanying notes are an integral part of these consolidated financial statements





BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - UNAUDITED
(In thousands, except share data)

 Common
Shares
Outstanding
Common
Stock
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Balance at March 31, 2023
74,423,365 $744 $269,353 $2,585,981 $(374,684)$2,481,394 
Comprehensive income   57,996 2,122 60,118 
Dividends ($0.27 per common share)
   (20,051) (20,051)
Equity based compensation49,264 1 4,869   4,870 
Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(42,681)(1)(20)  (21)
Balance at June 30, 202374,429,948 $744 $274,202 $2,623,926 $(372,562)$2,526,310 
Balance at March 31, 2022
84,052,021 $841 $626,564 $2,391,526 $(157,699)$2,861,232 
Comprehensive loss   65,764 (162,696)(96,932)
Dividends ($0.25 per common share)
   (19,240) (19,240)
Equity based compensation24,011  4,619   4,619 
Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(32,228)(1)(23)  (24)
Repurchase of common stock (6,099,588)(61)(243,577)  (243,638)
Balance at June 30, 202277,944,216 $779 $387,583 $2,438,050 $(320,395)$2,506,017 
 Common
Shares
Outstanding
Common
Stock
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Balance at December 31, 202275,674,587 $757 $321,729 $2,551,400 $(437,905)$2,435,981 
Impact of adoption of ASU 2022-02— — — 1,336 — 1,336 
Balance at January 1, 2023
75,674,587 757 321,729 2,552,736 (437,905)2,437,317 
Comprehensive income   110,878 65,343 176,221 
Dividends ($0.27 per common share)
   (39,688) (39,688)
Equity based compensation646,243 6 14,453   14,459 
Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(256,637)(3)(6,842)  (6,845)
Repurchase of common stock (1,634,245)(16)(55,138)  (55,154)
Balance at June 30, 202374,429,948 $744 $274,202 $2,623,926 $(372,562)$2,526,310 
Balance at December 31, 202185,647,986 $856 $707,503 $2,345,342 $(15,940)$3,037,761 
Comprehensive loss   132,914 (304,455)(171,541)
Dividends ($0.50 per common share)
   (40,206) (40,206)
Equity based compensation492,061 5 10,945   10,950 
Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(164,340)(2)(5,204)  (5,206)
Repurchase of common stock (8,031,491)(80)(325,661)  (325,741)
Balance at June 30, 202277,944,216 $779 $387,583 $2,438,050 $(320,395)$2,506,017 
6
The accompanying notes are an integral part of these consolidated financial statements

Table of Contents
BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2023



Note 1    Basis of Presentation and Summary of Significant Accounting Policies
BankUnited, Inc. is a national bank holding company with one wholly-owned subsidiary, BankUnited, collectively, the Company. BankUnited, a national banking association headquartered in Miami Lakes, Florida, provides a full range of banking and related services to individual and corporate customers through banking centers in Florida, the New York metropolitan area and Dallas, Texas. The Bank also offers certain commercial lending and deposit products through national platforms and regional wholesale banking offices.
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, these do not include all of the information and footnotes required for a fair presentation of financial position, results of operations and cash flows in conformity with GAAP and should be read in conjunction with the Company’s consolidated financial statements and the notes thereto appearing in BKU’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected in future periods.
The Company has a single operating segment and thus a single reportable segment. While management monitors the revenue streams of its various business units, the business units serve a similar base of primarily commercial clients, providing a similar range of products and services, managed through similar processes and platforms. The Company’s chief operating decision maker makes company-wide resource allocation decisions and assessments of performance based on a collective assessment of the Company’s operations.
Accounting Estimates
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and disclosures of contingent assets and liabilities. Actual results could differ significantly from these estimates.
The most significant estimate impacting the Company's consolidated financial statements is the ACL.
New Accounting Pronouncements Adopted During the Six Months Ended June 30, 2023
ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326). This ASU eliminated the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors. The ASU enhanced disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty, updated certain requirements related to accounting for credit losses under ASC 326 and required disclosure of current-period gross charge-offs of financing receivables by year of origination. The Company adopted this ASU in the first quarter of 2023, prospectively, except with respect to the recognition and measurement of TDRs, for which the modified retrospective transition method was applied. The Company recorded a reduction to the ACL of $1.8 million and a cumulative-effect adjustment, net of tax, to retained earnings of $1.3 million on January 1, 2023.
Accounting Pronouncements Not Yet Adopted
ASU No. 2023-02—Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures using the Proportional Amortization Method (A Consensus of the Emerging Issues Task Force). This ASU was issued to expand use of the proportional amortization method of accounting to equity investments in tax credit programs beyond those in LIHTC programs. The ASU allows entities to elect the proportional amortization method, on a tax-credit-program-by-tax-credit-program basis, for all equity investments in tax credit programs meeting the eligibility criteria established. This ASU is effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2023. Currently, all of the Company's equity investments in tax credit programs are in LIHTC programs accounted for using the proportional amortization method.
7

Table of Contents
BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2023


Note 2    Earnings Per Common Share
The computation of basic and diluted earnings per common share is presented below for the periods indicated (in thousands, except share and per share data):
Three Months Ended June 30,Six Months Ended June 30,
c2023202220232022
Basic earnings per common share: 
Numerator: 
Net income
$57,996 $65,764 $110,878 $132,914 
Distributed and undistributed earnings allocated to participating securities
(881)(999)(1,679)(1,927)
Income allocated to common stockholders for basic earnings per common share$57,115 $64,765 $109,199 $130,987 
Denominator:
Weighted average common shares outstanding74,424,631 80,300,069 74,588,904 82,629,098 
Less average unvested stock awards(1,183,039)(1,257,258)(1,188,430)(1,234,678)
Weighted average shares for basic earnings per common share73,241,592 79,042,811 73,400,474 81,394,420 
Basic earnings per common share$0.78 $0.82 $1.49 $1.61 
Diluted earnings per common share:
Numerator:
Income allocated to common stockholders for basic earnings per common share$57,115 $64,765 $109,199 $130,987 
Adjustment for earnings reallocated from participating securities
1 3 5 4 
Income used in calculating diluted earnings per common share$57,116 $64,768 $109,204 $130,991 
Denominator:
Weighted average shares for basic earnings per common share73,241,592 79,042,811 73,400,474 81,394,420 
Dilutive effect of certain share-based awards179,318 350,734 312,708 244,808 
Weighted average shares for diluted earnings per common share
73,420,910 79,393,545 73,713,182 81,639,228 
Diluted earnings per common share$0.78 $0.82 $1.48 $1.60 
Potentially dilutive unvested shares totaling 1,179,216 and 1,245,299 were outstanding at June 30, 2023 and 2022, respectively, but excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive.
8

Table of Contents
BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2023


Note 3    Investment Securities
Investment securities include investment securities available for sale, marketable equity securities, and investment securities held to maturity. The investment securities portfolio consisted of the following at the dates indicated (in thousands):
June 30, 2023
 Amortized CostGross Unrealized
Carrying Value (1)
 GainsLosses
Investment securities available for sale:
U.S. Treasury securities$119,454 $ $(12,004)$107,450 
U.S. Government agency and sponsored enterprise residential MBS
2,000,621 1,220 (48,385)1,953,456 
U.S. Government agency and sponsored enterprise commercial MBS
577,961 152 (69,832)508,281 
Private label residential MBS and CMOs
2,702,029 161 (318,209)2,383,981 
Private label commercial MBS
2,380,013 364 (98,661)2,281,716 
Single family real estate-backed securities462,100  (23,537)438,563 
Collateralized loan obligations1,099,890 381 (19,244)1,081,027 
Non-mortgage asset-backed securities95,512  (3,679)91,833 
State and municipal obligations108,383 201 (4,971)103,613 
SBA securities120,836 243 (3,559)117,520 
9,666,799 $2,722 $(602,081)9,067,440 
Investment securities held to maturity10,000 10,000 
$9,676,799 9,077,440 
Marketable equity securities 66,497 
$9,143,937 
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2023



December 31, 2022
 Amortized CostGross Unrealized
Carrying Value (1)
 GainsLosses
Investment securities available for sale:
U.S. Treasury securities$148,956 $63 $(13,178)$135,841 
U.S. Government agency and sponsored enterprise residential MBS
2,036,693 1,334 (54,859)1,983,168 
U.S. Government agency and sponsored enterprise commercial MBS
600,517  (75,423)525,094 
Private label residential MBS and CMOs
2,864,589 54 (333,980)2,530,663 
Private label commercial MBS
2,645,168 176 (120,990)2,524,354 
Single family real estate-backed securities502,194  (31,753)470,441 
Collateralized loan obligations1,166,838 151 (30,526)1,136,463 
Non-mortgage asset-backed securities102,194  (6,218)95,976 
State and municipal obligations122,181 695 (6,215)116,661 
SBA securities139,320 381 (3,919)135,782 
10,328,650 $2,854 $(677,061)9,654,443 
Investment securities held to maturity10,000 10,000 
$10,338,650 9,664,443 
Marketable equity securities 90,884 
$9,755,327 
(1)At fair value except for securities held to maturity.
Investment securities held to maturity at June 30, 2023 and December 31, 2022 consisted of one State of Israel bond maturing in 2024. Accrued interest receivable on investments totaled $35 million and $34 million at June 30, 2023 and December 31, 2022, respectively, and is included in other assets in the accompanying consolidated balance sheets.
At June 30, 2023, contractual maturities of investment securities available for sale, adjusted for anticipated prepayments when applicable, were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$1,324,481 $1,266,669 
Due after one year through five years5,284,285 5,070,598 
Due after five years through ten years1,753,937 1,583,726 
Due after ten years1,304,096 1,146,447 
 $9,666,799 $9,067,440 
The carrying value of securities pledged as collateral for FHLB advances, public deposits, interest rate swaps and to secure borrowing capacity at the FRB totaled $8.2 billion and $4.1 billion at June 30, 2023 and December 31, 2022, respectively.
10

Table of Contents
BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2023


The following table provides information about gains and losses on investment securities for the periods indicated (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Gross realized gains on investment securities AFS$847 $956 $1,619 $3,706 
Gross realized losses on investment securities AFS (51)(20)(128)
Net realized gain847 905 1,599 3,578 
Net gains (losses) on marketable equity securities recognized in earnings146 (9,297)(13,155)(19,838)
Gain (loss) on investment securities, net$993 $(8,392)$(11,556)$(16,260)
The following tables present the aggregate fair value and the aggregate amount by which amortized cost exceeded fair value for investment securities available for sale in unrealized loss positions aggregated by investment category and length of time that individual securities had been in continuous unrealized loss positions at the dates indicated (in thousands):
 June 30, 2023
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. Treasury securities
$9,846 $(108)$97,604 $(11,896)$107,450 $(12,004)
U.S. Government agency and sponsored enterprise residential MBS
346,927 (3,517)1,483,255 (44,868)1,830,182 (48,385)
U.S. Government agency and sponsored enterprise commercial MBS
14,200 (814)480,484 (69,018)494,684 (69,832)
Private label residential MBS and CMOs
72,768 (1,896)2,297,353 (316,313)2,370,121 (318,209)
Private label commercial MBS
143,153 (2,166)2,030,605 (96,495)2,173,758 (98,661)
Single family real estate-backed securities37,556 (212)401,007 (23,325)438,563 (23,537)
Collateralized loan obligations191,253 (1,247)838,162 (17,997)1,029,415 (19,244)
Non-mortgage asset-backed securities
7,678 (38)84,155 (3,641)91,833 (3,679)
State and municipal obligations39,803 (492)27,011 (4,479)66,814 (4,971)
SBA securities29,095 (354)73,598 (3,205)102,693 (3,559)
 $892,279 $(10,844)$7,813,234 $(591,237)$8,705,513 $(602,081)
11