"We continued to deliver on improved profitability this quarter, with gains in EPS, ROA and ROE. We achieved our near-term target of a 3% margin as well." said
For the quarter ended
Quarterly Highlights
-
The net interest margin, calculated on a tax-equivalent basis, expanded by 0.07% to 3.00% for the quarter ended
September 30, 2025 from 2.93% for the immediately preceding quarter. Net interest income grew by$4.0 million compared to the prior quarter and by$16.0 million or 7% compared to the comparable quarter of the prior year. -
As expected, non-interest bearing demand deposits ("NIDDA") declined by
$488 million for the quarter, in part due to expected seasonality in the title solutions vertical, and represented 30% of total deposits atSeptember 30, 2025 . NIDDA was up$990 million compared toSeptember 30, 2024 , one year ago. Average NIDDA grew by$210 million for the quarter endedSeptember 30, 2025 compared to the immediately preceding quarter and by$741 million for the nine months endedSeptember 30, 2025 compared to the nine months endedSeptember 30, 2024 . -
Total deposits was essentially flat quarter-over-quarter, declining by
$28 million . Non-brokered deposits grew by$1.2 billion compared to one year ago but, as expected, declined by$439 million for the quarter endedSeptember 30, 2025 largely due to normal seasonality in the title solutions and government banking verticals. -
The average cost of total deposits declined by 0.09% to 2.38% for the quarter ended
September 30, 2025 from 2.47% for the immediately preceding quarter endedJune 30, 2025 . The spot APY of total deposits declined by 0.06% to 2.31% atSeptember 30, 2025 from 2.37% atJune 30, 2025 . The spot APY of total deposits was 2.93% atSeptember 30, 2024 , one year ago. -
For the quarter ended
September 30, 2025 , total loans declined by$231 million . In the aggregate, consistent with our balance sheet strategy, the residential, franchise, equipment and municipal finance portfolios declined by$245 million while the core commercial portfolio segments and mortgage warehouse grew by a combined$14 million . -
The loan to deposit ratio was 82.8% at
September 30, 2025 , compared to 83.6% atJune 30, 2025 . -
Total criticized and classified loans declined by
$3 million for the quarter endedSeptember 30, 2025 while total non-accrual loans increased by$3 million . The annualized net charge-off ratio for the nine months endedSeptember 30, 2025 was 0.26%; the net charge-off ratio for the trailing twelve months was 0.27%. The NPA ratio atSeptember 30, 2025 was 1.10%, including 0.11% related to the guaranteed portion of non-accrual SBA loans, compared to 1.08%, including 0.10% related to the guaranteed portion of non-accrual SBA loans, atJune 30, 2025 . -
The ratio of the ACL to total loans was 0.93% at
September 30, 2025 , consistent with the prior quarter-end. The ratio of the ACL to non-performing loans was 57.95%. The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, franchise finance and equipment finance was 1.35% atSeptember 30, 2025 and the ACL to loans ratio for CRE office loans was 2.21%. The provision for credit losses was$11.6 million for the quarter endedSeptember 30, 2025 compared to$15.7 million for the preceding quarter. -
At
September 30, 2025 , the weighted average LTV of the CRE portfolio was 54.6%, the weighted average DSCR was 1.77, 49% of the portfolio was collateralized by properties located inFlorida and 22% was collateralized by properties located in theNew York tri-state area. For the office sub-segment, the weighted average LTV was 65.0%, the weighted average DSCR was 1.57, 61% was collateralized by properties inFlorida and was predominantly suburban; 18% was collateralized by properties located in theNew York tri-state area. -
Our capital position is robust. At
September 30, 2025 , CET1 was 12.5% at a consolidated level. Pro-forma CET1 including accumulated other comprehensive income was 11.7% atSeptember 30, 2025 . The ratio of tangible common equity to tangible assets increased to 8.4% atSeptember 30, 2025 . -
Book value and tangible book value per common share continued to accrete, to
$40.30 and$39.27 , respectively, atSeptember 30, 2025 compared to$39.26 and$38.23 , respectively, atJune 30, 2025 and$37.56 and$36.52 , respectively, atSeptember 30, 2024 . This represents an 8% year-over-year increase in tangible book value per share. -
As previously reported, in
August 2025 , the Company redeemed all of its outstanding senior notes dueNovember 2025 at par value plus accrued interest.
Loans
Loan portfolio composition at the dates indicated follows (dollars in thousands):
|
|
|
|
|
|
|
||||||||||||
|
Core C&I and CRE segments: |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Non-owner occupied commercial real estate |
$ |
5,820,343 |
|
24.6 |
% |
|
$ |
5,829,835 |
|
24.4 |
% |
|
$ |
5,652,203 |
|
23.3 |
% |
|
Construction and land |
|
714,272 |
|
3.0 |
% |
|
|
643,630 |
|
2.7 |
% |
|
|
561,989 |
|
2.3 |
% |
|
Owner occupied commercial real estate |
|
1,943,331 |
|
8.2 |
% |
|
|
1,942,076 |
|
8.1 |
% |
|
|
1,941,004 |
|
8.0 |
% |
|
Commercial and industrial |
|
6,612,538 |
|
27.8 |
% |
|
|
6,743,739 |
|
28.2 |
% |
|
|
7,042,222 |
|
28.9 |
% |
|
|
|
15,090,484 |
|
63.6 |
% |
|
|
15,159,280 |
|
63.4 |
% |
|
|
15,197,418 |
|
62.5 |
% |
|
Franchise and equipment finance |
|
134,635 |
|
0.6 |
% |
|
|
149,022 |
|
0.6 |
% |
|
|
213,477 |
|
0.9 |
% |
|
Pinnacle - municipal finance |
|
637,198 |
|
2.7 |
% |
|
|
694,639 |
|
2.9 |
% |
|
|
720,661 |
|
3.0 |
% |
|
Mortgage warehouse lending ("MWL") |
|
709,185 |
|
3.0 |
% |
|
|
626,589 |
|
2.6 |
% |
|
|
585,610 |
|
2.4 |
% |
|
Residential |
|
7,130,992 |
|
30.1 |
% |
|
|
7,303,997 |
|
30.5 |
% |
|
|
7,580,814 |
|
31.2 |
% |
|
|
$ |
23,702,494 |
|
100.0 |
% |
|
$ |
23,933,527 |
|
100.0 |
% |
|
$ |
24,297,980 |
|
100.0 |
% |
For the quarter ended
Our commercial real estate exposure totaled 28% of loans and 185% of the Bank's total risk based capital at
Asset Quality and the ACL
The following table presents information about the ACL at the dates indicated as well as net charge-off rates for the periods ended
|
|
ACL |
|
ACL to Total Loans |
|
Commercial ACL to Commercial Loans(2) |
|
ACL to Non-Performing Loans |
|
Net Charge-offs to Average Loans (1) |
|||||
|
|
$ |
219,884 |
|
0.93 |
% |
|
1.35 |
% |
|
57.95 |
% |
|
0.26 |
% |
|
|
$ |
222,730 |
|
0.93 |
% |
|
1.36 |
% |
|
59.18 |
% |
|
0.27 |
% |
|
|
$ |
223,153 |
|
0.92 |
% |
|
1.37 |
% |
|
89.01 |
% |
|
0.16 |
% |
| __________________ | |
|
(1) |
Annualized for the six months ended |
|
(2) |
For purposes of this ratio, commercial loans includes the core C&I and CRE sub-segments as presented in the table above as well as franchise and equipment finance. Due to their unique risk profiles, MWL and municipal finance are excluded from this ratio. |
The ACL at
The following table summarizes the activity in the ACL for the periods indicated (in thousands):
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
2025 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||||
|
Beginning balance |
$ |
222,730 |
|
|
$ |
219,747 |
|
|
$ |
225,698 |
|
|
$ |
223,153 |
|
|
$ |
202,689 |
|
|
Provision |
|
11,851 |
|
|
|
15,694 |
|
|
|
9,091 |
|
|
|
43,508 |
|
|
|
46,719 |
|
|
Net charge-offs |
|
(14,697 |
) |
|
|
(12,711 |
) |
|
|
(6,540 |
) |
|
|
(46,777 |
) |
|
|
(21,159 |
) |
|
Ending balance |
$ |
219,884 |
|
|
$ |
222,730 |
|
|
$ |
228,249 |
|
|
$ |
219,884 |
|
|
$ |
228,249 |
|
Charge-offs for the quarter ended
|
|
|
|
|
|
|
||||||||||||
|
|
CRE |
|
Total Commercial |
|
CRE |
|
Total Commercial |
|
CRE |
|
Total Commercial |
||||||
|
Special mention |
$ |
54,562 |
|
$ |
136,640 |
|
$ |
88,959 |
|
$ |
130,879 |
|
$ |
58,771 |
|
$ |
262,387 |
|
Substandard - accruing |
|
521,284 |
|
|
733,615 |
|
|
520,955 |
|
|
745,811 |
|
|
633,614 |
|
|
894,754 |
|
Substandard - non-accruing |
|
149,993 |
|
|
306,953 |
|
|
152,634 |
|
|
317,958 |
|
|
95,378 |
|
|
219,758 |
|
Doubtful |
|
— |
|
|
48,635 |
|
|
— |
|
|
34,639 |
|
|
— |
|
|
6,856 |
|
Total |
$ |
725,839 |
|
$ |
1,225,843 |
|
$ |
762,548 |
|
$ |
1,229,287 |
|
$ |
787,763 |
|
$ |
1,383,755 |
Net Interest Income
Net interest income for the quarter ended
The Company’s net interest margin, calculated on a tax-equivalent basis, increased by 0.07% to 3.00% for the quarter ended
-
The net interest margin was positively impacted by a more favorable funding mix. Average NIDDA increased as a percentage of both total deposits and total funding, growing by
$210 million for the quarter endedSeptember 30, 2025 , while average interest bearing liabilities declined by$526 million . -
The average cost of interest bearing liabilities declined to 3.52% for the quarter ended
September 30, 2025 from 3.57% for the prior quarter. -
The average rate paid on interest bearing deposits declined to 3.40% for the quarter ended
September 30, 2025 , from 3.48% for the quarter endedJune 30, 2025 . This decline reflected the maturity of higher-rate term deposits, actions taken to proactively reduce deposit pricing in response to a lower Federal funds rate and higher priced brokered deposits, on average, declining for the quarter. The redemption of higher cost senior debt also positively impacted the cost of funds. -
The average rate paid on FHLB advances increased to 3.94% for the quarter ended
September 30, 2025 from 3.79% for the quarter endedJune 30, 2025 , primarily due to the expiration of cash flow hedges. -
The yield on interest earning assets held flat quarter-over-quarter at 5.38%. While the tax equivalent yield on loans declined marginally, the tax equivalent yield on investment securities increased to 5.13% for the quarter ended
September 30, 2025 , from 5.06% for the quarter endedJune 30, 2025 . This increase related to coupon resets during periods of rate volatility and to changes in portfolio composition.
Earnings Conference Call and Presentation
A conference call to discuss quarterly results will be held at
The earnings release and slides with supplemental information relating to the release will be available on the Investor Relations page under About Us on www.bankunited.com prior to the call. Due to recent demand for conference call services, participants are encouraged to listen to the call via a live Internet webcast at https://ir.bankunited.com. To participate by telephone, participants will receive dial-in information and a unique PIN number upon completion of registration at https://register-conf.media-server.com/register/BIfa1eb10c2cce4ebcba9bc778ae3f56ae. For those unable to join the live event, an archived webcast will be available on the Investor Relations page at https://ir.bankunited.com approximately two hours following the live webcast.
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company’s current views with respect to, among other things, future events and financial performance. The Company generally identifies forward-looking statements by terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” "forecasts" or the negative version of those words or other comparable words. Any forward-looking statements contained in this press release are based on the historical performance of the Company and its subsidiaries or on the Company’s current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by the Company that the future plans, estimates or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions, including (without limitation) those relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity, including as impacted by external circumstances outside the Company's direct control, such as but not limited to adverse events or conditions impacting the financial services industry. If one or more of these or other risks or uncertainties materialize, or if the Company’s underlying assumptions prove to be incorrect, the Company’s actual results may vary materially from those indicated in these statements. These factors should not be construed as exhaustive. The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. Information on these factors can be found in the Company’s Annual Report on Form 10-K for the year ended
|
|
|||||||||||
|
|
2025 |
|
2025 |
|
2024 |
||||||
|
ASSETS |
|
|
|
|
|
||||||
|
Cash and due from banks: |
|
|
|
|
|
||||||
|
Non-interest bearing |
$ |
13,589 |
|
|
$ |
15,595 |
|
|
$ |
12,078 |
|
|
Interest bearing |
|
545,916 |
|
|
|
785,699 |
|
|
|
479,038 |
|
|
Cash and cash equivalents |
|
559,505 |
|
|
|
801,294 |
|
|
|
491,116 |
|
|
Investment securities |
|
9,467,082 |
|
|
|
9,401,071 |
|
|
|
9,130,244 |
|
|
Non-marketable equity securities |
|
165,922 |
|
|
|
174,234 |
|
|
|
206,297 |
|
|
Loans |
|
23,702,494 |
|
|
|
23,933,527 |
|
|
|
24,297,980 |
|
|
Allowance for credit losses |
|
(219,884 |
) |
|
|
(222,730 |
) |
|
|
(223,153 |
) |
|
Loans, net |
|
23,482,610 |
|
|
|
23,710,797 |
|
|
|
24,074,827 |
|
|
Bank owned life insurance |
|
303,368 |
|
|
|
294,855 |
|
|
|
284,570 |
|
|
Operating lease equipment, net |
|
201,777 |
|
|
|
214,455 |
|
|
|
223,844 |
|
|
|
|
77,637 |
|
|
|
77,637 |
|
|
|
77,637 |
|
|
Other assets |
|
817,872 |
|
|
|
785,364 |
|
|
|
753,207 |
|
|
Total assets |
$ |
35,075,773 |
|
|
$ |
35,459,707 |
|
|
$ |
35,241,742 |
|
|
|
|
|
|
|
|
||||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||||||
|
Liabilities: |
|
|
|
|
|
||||||
|
Demand deposits: |
|
|
|
|
|
||||||
|
Non-interest bearing |
$ |
8,625,115 |
|
|
$ |
9,112,888 |
|
|
$ |
7,616,182 |
|
|
Interest bearing |
|
6,609,679 |
|
|
|
5,583,663 |
|
|
|
4,892,814 |
|
|
Savings and money market |
|
9,936,797 |
|
|
|
10,171,156 |
|
|
|
11,055,418 |
|
|
Time |
|
3,446,696 |
|
|
|
3,778,234 |
|
|
|
4,301,289 |
|
|
Total deposits |
|
28,618,287 |
|
|
|
28,645,941 |
|
|
|
27,865,703 |
|
|
FHLB advances |
|
2,080,000 |
|
|
|
2,255,000 |
|
|
|
2,930,000 |
|
|
Notes and other borrowings |
|
320,431 |
|
|
|
708,937 |
|
|
|
708,553 |
|
|
Other liabilities |
|
1,024,681 |
|
|
|
896,812 |
|
|
|
923,168 |
|
|
Total liabilities |
|
32,043,399 |
|
|
|
32,506,690 |
|
|
|
32,427,424 |
|
|
|
|
|
|
|
|
||||||
|
Commitments and contingencies |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
|
Stockholders' equity: |
|
|
|
|
|
||||||
|
Common stock, par value |
|
752 |
|
|
|
752 |
|
|
|
747 |
|
|
Paid-in capital |
|
310,974 |
|
|
|
306,271 |
|
|
|
301,672 |
|
|
Retained earnings |
|
2,925,806 |
|
|
|
2,877,237 |
|
|
|
2,796,440 |
|
|
Accumulated other comprehensive loss |
|
(205,158 |
) |
|
|
(231,243 |
) |
|
|
(284,541 |
) |
|
Total stockholders' equity |
|
3,032,374 |
|
|
|
2,953,017 |
|
|
|
2,814,318 |
|
|
Total liabilities and stockholders' equity |
$ |
35,075,773 |
|
|
$ |
35,459,707 |
|
|
$ |
35,241,742 |
|
|
|
||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||
|
|
2025 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||
|
Interest income: |
|
|
|
|
|
|
|
|
|
|||||
|
Loans |
$ |
324,390 |
|
$ |
328,090 |
|
$ |
355,220 |
|
$ |
973,864 |
|
$ |
1,053,081 |
|
Investment securities |
|
120,419 |
|
|
117,346 |
|
|
127,907 |
|
|
351,634 |
|
|
375,794 |
|
Other |
|
8,113 |
|
|
8,343 |
|
|
9,229 |
|
|
24,892 |
|
|
28,253 |
|
Total interest income |
|
452,922 |
|
|
453,779 |
|
|
492,356 |
|
|
1,350,390 |
|
|
1,457,128 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|||||
|
Deposits |
|
163,555 |
|
|
170,695 |
|
|
208,630 |
|
|
508,460 |
|
|
626,719 |
|
Borrowings |
|
39,255 |
|
|
36,965 |
|
|
49,598 |
|
|
112,560 |
|
|
155,402 |
|
Total interest expense |
|
202,810 |
|
|
207,660 |
|
|
258,228 |
|
|
621,020 |
|
|
782,121 |
|
Net interest income before provision for credit losses |
|
250,112 |
|
|
246,119 |
|
|
234,128 |
|
|
729,370 |
|
|
675,007 |
|
Provision for credit losses |
|
11,577 |
|
|
15,698 |
|
|
9,248 |
|
|
42,386 |
|
|
44,071 |
|
Net interest income after provision for credit losses |
|
238,535 |
|
|
230,421 |
|
|
224,880 |
|
|
686,984 |
|
|
630,936 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|||||
|
Deposit service charges and fees |
|
5,387 |
|
|
5,323 |
|
|
5,016 |
|
|
15,945 |
|
|
15,238 |
|
Lease financing |
|
4,152 |
|
|
4,612 |
|
|
6,368 |
|
|
13,077 |
|
|
23,448 |
|
Other non-interest income |
|
16,027 |
|
|
17,875 |
|
|
11,504 |
|
|
46,624 |
|
|
35,264 |
|
Total non-interest income |
|
25,566 |
|
|
27,810 |
|
|
22,888 |
|
|
75,646 |
|
|
73,950 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|||||
|
Employee compensation and benefits |
|
85,196 |
|
|
83,153 |
|
|
81,781 |
|
|
251,095 |
|
|
233,289 |
|
Occupancy and equipment |
|
10,929 |
|
|
10,945 |
|
|
12,242 |
|
|
33,217 |
|
|
33,784 |
|
Deposit insurance expense |
|
6,601 |
|
|
6,976 |
|
|
7,421 |
|
|
20,804 |
|
|
29,481 |
|
Technology |
|
21,630 |
|
|
23,492 |
|
|
21,094 |
|
|
67,902 |
|
|
61,976 |
|
Depreciation of operating lease equipment |
|
4,423 |
|
|
3,869 |
|
|
4,666 |
|
|
12,301 |
|
|
21,775 |
|
Other non-interest expense |
|
37,390 |
|
|
35,892 |
|
|
37,378 |
|
|
105,403 |
|
|
101,223 |
|
Total non-interest expense |
|
166,169 |
|
|
164,327 |
|
|
164,582 |
|
|
490,722 |
|
|
481,528 |
|
Income before income taxes |
|
97,932 |
|
|
93,904 |
|
|
83,186 |
|
|
271,908 |
|
|
223,358 |
|
Provision for income taxes |
|
26,081 |
|
|
25,138 |
|
|
21,734 |
|
|
72,815 |
|
|
60,193 |
|
Net income |
$ |
71,851 |
|
$ |
68,766 |
|
$ |
61,452 |
|
$ |
199,093 |
|
$ |
163,165 |
|
Earnings per common share, basic |
$ |
0.96 |
|
$ |
0.91 |
|
$ |
0.82 |
|
$ |
2.65 |
|
$ |
2.19 |
|
Earnings per common share, diluted |
$ |
0.95 |
|
$ |
0.91 |
|
$ |
0.81 |
|
$ |
2.63 |
|
$ |
2.17 |
|
|
|||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
||||||||||||||||||||||||
|
|
2025 |
|
2025 |
|
2024 |
||||||||||||||||||||||||
|
|
Average Balance |
|
Interest (1) |
|
Yield/ Rate (1)(2) |
|
Average Balance |
|
Interest (1) |
|
Yield/ Rate (1)(2) |
|
Average Balance |
|
Interest (1) |
|
Yield/ Rate (1)(2) |
||||||||||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Loans |
$ |
23,533,712 |
|
|
$ |
327,266 |
|
5.53 |
% |
|
$ |
23,901,218 |
|
|
$ |
330,805 |
|
5.55 |
% |
|
$ |
24,299,898 |
|
|
$ |
358,259 |
|
5.87 |
% |
|
Investment securities (3) |
|
9,404,188 |
|
|
|
121,124 |
|
5.13 |
% |
|
|
9,352,504 |
|
|
|
118,046 |
|
5.06 |
% |
|
|
9,171,185 |
|
|
|
128,762 |
|
5.62 |
% |
|
Other interest earning assets |
|
793,366 |
|
|
|
8,113 |
|
4.06 |
% |
|
|
807,721 |
|
|
|
8,343 |
|
4.14 |
% |
|
|
722,366 |
|
|
|
9,229 |
|
5.08 |
% |
|
Total interest earning assets |
|
33,731,266 |
|
|
|
456,503 |
|
5.38 |
% |
|
|
34,061,443 |
|
|
|
457,194 |
|
5.38 |
% |
|
|
34,193,449 |
|
|
|
496,250 |
|
5.79 |
% |
|
Allowance for credit losses |
|
(227,694 |
) |
|
|
|
|
|
|
(227,191 |
) |
|
|
|
|
|
|
(231,383 |
) |
|
|
|
|
||||||
|
Non-interest earning assets |
|
1,390,051 |
|
|
|
|
|
|
|
1,370,990 |
|
|
|
|
|
|
|
1,444,410 |
|
|
|
|
|
||||||
|
Total assets |
$ |
34,893,623 |
|
|
|
|
|
|
$ |
35,205,242 |
|
|
|
|
|
|
$ |
35,406,476 |
|
|
|
|
|
||||||
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest bearing demand deposits |
$ |
5,586,547 |
|
|
$ |
47,304 |
|
3.36 |
% |
|
$ |
5,407,538 |
|
|
$ |
45,689 |
|
3.39 |
% |
|
$ |
3,930,101 |
|
|
$ |
37,294 |
|
3.78 |
% |
|
Savings and money market deposits |
|
9,921,293 |
|
|
|
83,862 |
|
3.35 |
% |
|
|
10,355,700 |
|
|
|
88,023 |
|
3.41 |
% |
|
|
11,304,999 |
|
|
|
119,856 |
|
4.22 |
% |
|
Time deposits |
|
3,535,051 |
|
|
|
32,389 |
|
3.63 |
% |
|
|
3,919,526 |
|
|
|
36,983 |
|
3.79 |
% |
|
|
4,524,215 |
|
|
|
51,480 |
|
4.53 |
% |
|
Total interest bearing deposits |
|
19,042,891 |
|
|
|
163,555 |
|
3.40 |
% |
|
|
19,682,764 |
|
|
|
170,695 |
|
3.48 |
% |
|
|
19,759,315 |
|
|
|
208,630 |
|
4.20 |
% |
|
FHLB advances |
|
3,221,577 |
|
|
|
32,027 |
|
3.94 |
% |
|
|
2,941,264 |
|
|
|
27,828 |
|
3.79 |
% |
|
|
3,766,630 |
|
|
|
40,471 |
|
4.27 |
% |
|
Notes and other borrowings |
|
542,241 |
|
|
|
7,228 |
|
5.34 |
% |
|
|
709,081 |
|
|
|
9,137 |
|
5.16 |
% |
|
|
708,829 |
|
|
|
9,127 |
|
5.15 |
% |
|
Total interest bearing liabilities |
|
22,806,709 |
|
|
|
202,810 |
|
3.52 |
% |
|
|
23,333,109 |
|
|
|
207,660 |
|
3.57 |
% |
|
|
24,234,774 |
|
|
|
258,228 |
|
4.24 |
% |
|
Non-interest bearing demand deposits |
|
8,203,439 |
|
|
|
|
|
|
|
7,993,915 |
|
|
|
|
|
|
|
7,384,721 |
|
|
|
|
|
||||||
|
Other non-interest bearing liabilities |
|
868,385 |
|
|
|
|
|
|
|
931,879 |
|
|
|
|
|
|
|
1,009,157 |
|
|
|
|
|
||||||
|
Total liabilities |
|
31,878,533 |
|
|
|
|
|
|
|
32,258,903 |
|
|
|
|
|
|
|
32,628,652 |
|
|
|
|
|
||||||
|
Stockholders' equity |
|
3,015,090 |
|
|
|
|
|
|
|
2,946,339 |
|
|
|
|
|
|
|
2,777,824 |
|
|
|
|
|
||||||
|
Total liabilities and stockholders' equity |
$ |
34,893,623 |
|
|
|
|
|
|
$ |
35,205,242 |
|
|
|
|
|
|
$ |
35,406,476 |
|
|
|
|
|
||||||
|
Net interest income |
|
|
$ |
253,693 |
|
|
|
|
|
$ |
249,534 |
|
|
|
|
|
$ |
238,022 |
|
|
|||||||||
|
Interest rate spread |
|
|
|
|
1.86 |
% |
|
|
|
|
|
1.81 |
% |
|
|
|
|
|
1.55 |
% |
|||||||||
|
Net interest margin |
|
|
|
|
3.00 |
% |
|
|
|
|
|
2.93 |
% |
|
|
|
|
|
2.78 |
% |
|||||||||
| __________________ | |
|
(1) |
On a tax-equivalent basis where applicable |
|
(2) |
Annualized |
|
(3) |
At fair value |
|
|
|||||||||||||||||||
|
|
Nine Months Ended |
||||||||||||||||||
|
|
2025 |
|
2024 |
||||||||||||||||
|
|
Average Balance |
|
Interest (1) |
|
Yield/ Rate (1)(2) |
|
Average Balance |
|
Interest (1) |
|
Yield/ Rate (1)(2) |
||||||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Loans |
$ |
23,788,158 |
|
|
$ |
982,184 |
|
5.52 |
% |
|
$ |
24,309,134 |
|
|
$ |
1,062,407 |
|
5.84 |
% |
|
Investment securities (3) |
|
9,288,070 |
|
|
|
353,760 |
|
5.08 |
% |
|
|
9,006,654 |
|
|
|
378,358 |
|
5.60 |
% |
|
Other interest earning assets |
|
798,956 |
|
|
|
24,892 |
|
4.17 |
% |
|
|
732,435 |
|
|
|
28,253 |
|
5.15 |
% |
|
Total interest earning assets |
|
33,875,184 |
|
|
|
1,360,836 |
|
5.37 |
% |
|
|
34,048,223 |
|
|
|
1,469,018 |
|
5.76 |
% |
|
Allowance for credit losses |
|
(227,680 |
) |
|
|
|
|
|
|
(221,135 |
) |
|
|
|
|
||||
|
Non-interest earning assets |
|
1,376,969 |
|
|
|
|
|
|
|
1,534,800 |
|
|
|
|
|
||||
|
Total assets |
$ |
35,024,473 |
|
|
|
|
|
|
$ |
35,361,888 |
|
|
|
|
|
||||
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Interest bearing demand deposits |
$ |
5,271,474 |
|
|
$ |
132,886 |
|
3.37 |
% |
|
$ |
3,752,828 |
|
|
$ |
106,050 |
|
3.77 |
% |
|
Savings and money market deposits |
|
10,366,899 |
|
|
|
263,664 |
|
3.40 |
% |
|
|
11,238,662 |
|
|
|
357,440 |
|
4.25 |
% |
|
Time deposits |
|
3,924,209 |
|
|
|
111,910 |
|
3.82 |
% |
|
|
4,834,209 |
|
|
|
163,229 |
|
4.51 |
% |
|
Total interest bearing deposits |
|
19,562,582 |
|
|
|
508,460 |
|
3.48 |
% |
|
|
19,825,699 |
|
|
|
626,719 |
|
4.22 |
% |
|
FHLB advances |
|
3,052,253 |
|
|
|
87,060 |
|
3.81 |
% |
|
|
4,032,737 |
|
|
|
128,000 |
|
4.24 |
% |
|
Notes and other borrowings |
|
652,843 |
|
|
|
25,500 |
|
5.21 |
% |
|
|
709,668 |
|
|
|
27,402 |
|
5.15 |
% |
|
Total interest bearing liabilities |
|
23,267,678 |
|
|
|
621,020 |
|
3.57 |
% |
|
|
24,568,104 |
|
|
|
782,121 |
|
4.25 |
% |
|
Non-interest bearing demand deposits |
|
7,873,052 |
|
|
|
|
|
|
|
7,132,351 |
|
|
|
|
|
||||
|
Other non-interest bearing liabilities |
|
934,559 |
|
|
|
|
|
|
|
958,888 |
|
|
|
|
|
||||
|
Total liabilities |
|
32,075,289 |
|
|
|
|
|
|
|
32,659,343 |
|
|
|
|
|
||||
|
Stockholders' equity |
|
2,949,184 |
|
|
|
|
|
|
|
2,702,545 |
|
|
|
|
|
||||
|
Total liabilities and stockholders' equity |
$ |
35,024,473 |
|
|
|
|
|
|
$ |
35,361,888 |
|
|
|
|
|
||||
|
Net interest income |
|
|
$ |
739,816 |
|
|
|
|
|
$ |
686,897 |
|
|
||||||
|
Interest rate spread |
|
|
|
|
1.80 |
% |
|
|
|
|
|
1.51 |
% |
||||||
|
Net interest margin |
|
|
|
|
2.92 |
% |
|
|
|
|
|
2.69 |
% |
||||||
| __________________ | |
|
(1) |
On a tax-equivalent basis where applicable |
|
(2) |
Annualized |
|
(3) |
At fair value |
|
|
|||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
2025 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|||||||||||
|
Basic earnings per common share: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Numerator: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Net income |
$ |
71,851 |
|
|
$ |
68,766 |
|
|
$ |
61,452 |
|
|
$ |
199,093 |
|
|
$ |
163,165 |
|
|
Distributed and undistributed earnings allocated to participating securities |
|
(1,030 |
) |
|
|
(979 |
) |
|
|
(850 |
) |
|
|
(2,829 |
) |
|
|
(2,282 |
) |
|
Income allocated to common stockholders for basic earnings per common share |
$ |
70,821 |
|
|
$ |
67,787 |
|
|
$ |
60,602 |
|
|
$ |
196,264 |
|
|
$ |
160,883 |
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Weighted average common shares outstanding |
|
75,227,314 |
|
|
|
75,222,756 |
|
|
|
74,753,372 |
|
|
|
75,124,070 |
|
|
|
74,675,279 |
|
|
Less average unvested stock awards |
|
(1,116,965 |
) |
|
|
(1,124,872 |
) |
|
|
(1,079,182 |
) |
|
|
(1,114,472 |
) |
|
|
(1,105,654 |
) |
|
Weighted average shares for basic earnings per common share |
|
74,110,349 |
|
|
|
74,097,884 |
|
|
|
73,674,190 |
|
|
|
74,009,598 |
|
|
|
73,569,625 |
|
|
Basic earnings per common share |
$ |
0.96 |
|
|
$ |
0.91 |
|
|
$ |
0.82 |
|
|
$ |
2.65 |
|
|
$ |
2.19 |
|
|
Diluted earnings per common share: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Numerator: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Income allocated to common stockholders for basic earnings per common share |
$ |
70,821 |
|
|
$ |
67,787 |
|
|
$ |
60,602 |
|
|
$ |
196,264 |
|
|
$ |
160,883 |
|
|
Adjustment for earnings reallocated from participating securities |
|
7 |
|
|
|
5 |
|
|
|
6 |
|
|
|
15 |
|
|
|
9 |
|
|
Income used in calculating diluted earnings per common share |
$ |
70,828 |
|
|
$ |
67,792 |
|
|
$ |
60,608 |
|
|
$ |
196,279 |
|
|
$ |
160,892 |
|
|
Denominator: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Weighted average shares for basic earnings per common share |
|
74,110,349 |
|
|
|
74,097,884 |
|
|
|
73,674,190 |
|
|
|
74,009,598 |
|
|
|
73,569,625 |
|
|
Dilutive effect of certain share-based awards |
|
715,117 |
|
|
|
523,812 |
|
|
|
817,866 |
|
|
|
601,031 |
|
|
|
481,126 |
|
|
Weighted average shares for diluted earnings per common share |
|
74,825,466 |
|
|
|
74,621,696 |
|
|
|
74,492,056 |
|
|
|
74,610,629 |
|
|
|
74,050,751 |
|
|
Diluted earnings per common share |
$ |
0.95 |
|
|
$ |
0.91 |
|
|
$ |
0.81 |
|
|
$ |
2.63 |
|
|
$ |
2.17 |
|
|
|
|||||||||||||||||||
|
|
At or for the Three Months Ended |
|
At or for the Nine Months Ended |
||||||||||||||||
|
|
2025 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||||
|
Financial ratios (4) |
|
|
|
|
|
|
|
|
|
||||||||||
|
Return on average assets |
|
0.82 |
% |
|
|
0.78 |
% |
|
|
0.69 |
% |
|
|
0.76 |
% |
|
|
0.62 |
% |
|
Return on average stockholders’ equity |
|
9.5 |
% |
|
|
9.4 |
% |
|
|
8.8 |
% |
|
|
9.0 |
% |
|
|
8.1 |
% |
|
Net interest margin (3) |
|
3.00 |
% |
|
|
2.93 |
% |
|
|
2.78 |
% |
|
|
2.92 |
% |
|
|
2.69 |
% |
|
Loans to deposits |
|
82.8 |
% |
|
|
83.6 |
% |
|
|
87.6 |
% |
|
|
82.8 |
% |
|
|
87.6 |
% |
|
Tangible book value per common share |
$ |
39.27 |
|
|
$ |
38.23 |
|
|
$ |
36.52 |
|
|
$ |
39.27 |
|
|
$ |
36.52 |
|
|
|
2025 |
|
2025 |
|
2024 |
|||
|
Asset quality ratios |
|
|
|
|
|
|||
|
Non-performing loans to total loans (1)(5) |
1.60 |
% |
|
1.57 |
% |
|
1.03 |
% |
|
Non-performing assets to total assets (2)(5) |
1.10 |
% |
|
1.08 |
% |
|
0.73 |
% |
|
ACL to total loans |
0.93 |
% |
|
0.93 |
% |
|
0.92 |
% |
|
Commercial ACL to commercial loans (6) |
1.35 |
% |
|
1.36 |
% |
|
1.37 |
% |
|
ACL to non-performing loans (1)(5) |
57.95 |
% |
|
59.18 |
% |
|
89.01 |
% |
|
Net charge-offs to average loans(7) |
0.26 |
% |
|
0.27 |
% |
|
0.16 |
% |
| __________________ | |
|
(1) |
We define non-performing loans to include non-accrual loans and loans other than purchased credit deteriorated and government insured residential loans that are past due 90 days or more and still accruing. Contractually delinquent purchased credit deteriorated and government insured residential loans on which interest continues to be accrued are excluded from non-performing loans. |
|
(2) |
Non-performing assets include non-performing loans, OREO and other repossessed assets. |
|
(3) |
On a tax-equivalent basis. |
|
(4) |
Annualized for the three and nine month periods as applicable. |
|
(5) |
Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling |
|
(6) |
For purposes of this ratio, commercial loans includes the C&I and CRE sub-segments, as well as franchise and equipment finance. Due to their unique risk profiles, MWL and municipal finance are excluded from this ratio. |
|
(7) |
Annualized for the six months ended |
|
|
|
|
|
|
|
|
Required to be Considered Well Capitalized |
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BankUnited, Inc. |
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BankUnited, N.A. |
|
BankUnited, Inc. |
|
BankUnited, N.A. |
|
BankUnited, Inc. |
|
BankUnited, N.A. |
|
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|
Capital ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Tier 1 leverage |
9.0 |
% |
|
9.5 |
% |
|
8.8 |
% |
|
9.3 |
% |
|
8.5 |
% |
|
9.7 |
% |
|
5.0 |
% |
|
Common Equity Tier 1 ("CET1") risk-based capital |
12.5 |
% |
|
13.2 |
% |
|
12.2 |
% |
|
13.0 |
% |
|
12.0 |
% |
|
13.7 |
% |
|
6.5 |
% |
|
Total risk-based capital |
14.4 |
% |
|
14.1 |
% |
|
14.3 |
% |
|
13.9 |
% |
|
14.1 |
% |
|
14.6 |
% |
|
10.0 |
% |
|
Tangible Common Equity/Tangible Assets |
8.4 |
% |
|
N/A |
|
|
8.1 |
% |
|
N/A |
|
|
7.8 |
% |
|
N/A |
|
|
N/A |
|
Non-GAAP Financial Measures
Tangible book value per common share is a non-GAAP financial measure. Management believes this measure is relevant to understanding the capital position and performance of the Company. Disclosure of this non-GAAP financial measure also provides a meaningful basis for comparison to other financial institutions as it is a metric commonly used in the banking industry. The following table reconciles the non-GAAP financial measurement of tangible book value per common share to the comparable GAAP financial measurement of book value per common share at the dates indicated (in thousands except share and per share data):
|
|
|
|
|
|
|
|||
|
Total stockholders’ equity |
$ |
3,032,374 |
|
$ |
2,953,017 |
|
$ |
2,807,804 |
|
Less: goodwill and other intangible assets |
|
77,637 |
|
|
77,637 |
|
|
77,637 |
|
Tangible stockholders’ equity |
$ |
2,954,737 |
|
$ |
2,875,380 |
|
$ |
2,730,167 |
|
|
|
|
|
|
|
|||
|
Common shares issued and outstanding |
|
75,242,935 |
|
|
75,218,911 |
|
|
74,749,012 |
|
|
|
|
|
|
|
|||
|
Book value per common share |
$ |
40.30 |
|
$ |
39.26 |
|
$ |
37.56 |
|
|
|
|
|
|
|
|||
|
Tangible book value per common share |
$ |
39.27 |
|
$ |
38.23 |
|
$ |
36.52 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251022991032/en/
Investor Relations:
Source: BankUnited, Inc.