BankUnited, Inc. Reports Second Quarter 2025 Results

MIAMI LAKES, Fla.--(BUSINESS WIRE)-- BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter ended June 30, 2025.

"This was an outstanding quarter - we continued to deliver on key priorities with strong NIDDA growth and continued margin expansion," said Rajinder Singh, Chairman, President and Chief Executive Officer.

For the quarter ended June 30, 2025, the Company reported net income of $68.8 million, or $0.91 per diluted share, an 18% increase over $58.5 million, or $0.78 per diluted share for the immediately preceding quarter ended March 31, 2025. For the quarter ended June 30, 2024, net income was $53.7 million, or $0.72 per diluted share. For the six months ended June 30, 2025, net income was $127.2 million, or $1.68 per diluted share compared to $101.7 million, or $1.36 per diluted share for the six months ended June 30, 2024, an increase of 25%.

Quarterly Highlights

• As expected, the net interest margin, calculated on a tax-equivalent basis, expanded by 0.12%, to 2.93% for the quarter ended June 30, 2025 from 2.81% for the immediately preceding quarter. Net interest income grew by $13.0 million, or 5.6% compared to the prior quarter.
• The Company's funding profile continued to improve this quarter. Non-interest bearing demand deposits ("NIDDA") grew by $1.0 billion, or 13%, to 32% of total deposits, up from 29% at March 31, 2025. NIDDA was also up $1.0 billion compared to June 30, 2024, one year ago. Average NIDDA grew $581 million for the quarter ended June 30, 2025.
• Non-brokered deposits grew by $1.2 billion, or 5.1%, for the quarter ended June 30, 2025 while total deposits grew by $588 million.
• The average cost of total deposits declined by 0.11% to 2.47% for the quarter ended June 30, 2025 from 2.58% for the immediately preceding quarter ended March 31, 2025. The spot APY of total deposits declined by 0.15% to 2.37% at June 30, 2025 from 2.52% at March 31, 2025. The spot APY of total deposits was 3.09% at June 30, 2024, one year ago.
• Wholesale funding, including FHLB advances and brokered deposits, declined by $749 million for the quarter ended June 30, 2025.
• For the quarter ended June 30, 2025, CRE loans grew by $267 million, largely in line with our expectations. C&I loans declined by $199 million; a continued high level of unscheduled payoffs and some strategic exits impacted C&I growth. Consistent with our balance sheet strategy, the residential, franchise, equipment and municipal finance portfolios declined by a combined $171 million. Total loans declined by $56 million for the quarter ended June 30, 2025.
• The loan to deposit ratio declined to 83.6% at June 30, 2025, from 85.5% at March 31, 2025.
• With respect to credit, total criticized and classified loans declined by $156 million for the quarter ended June 30, 2025. We experienced net migration of $117 million of loans to non-accrual for the quarter, the majority of which, not unexpectedly, was attributable to office exposure. The NPA ratio at June 30, 2025 was 1.08%, including 0.10% related to the guaranteed portion of non-accrual SBA loans, compared to 0.76%, including 0.09% related to the guaranteed portion of non-accrual SBA loans, at March 31, 2025. The annualized net charge-off ratio for the six months ended June 30, 2025 was 0.27%; the net charge-off ratio for the trailing twelve months was 0.23%.
• The ratio of the ACL to total loans was 0.93% at June 30, 2025, compared to 0.92% at the prior quarter-end. The ratio of the ACL to non-performing loans was 59.18%. The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, franchise finance and equipment finance was 1.36% at June 30, 2025 and the ACL to loans ratio for CRE office loans was 1.92%. The provision for credit losses was $15.7 million for the quarter ended June 30, 2025 compared to $15.1 million for the preceding quarter.
• At June 30, 2025, the weighted average LTV of the CRE portfolio was 54.2%, the weighted average DSCR was 1.76, 51% of the portfolio was collateralized by properties located in Florida and 24% was collateralized by properties located in the New York tri-state area. For the office sub-segment, the weighted average LTV was 63.3%, the weighted average DSCR was 1.52, 59% was collateralized by properties in Florida, substantially all of which was suburban, and 22% was collateralized by properties located in the New York tri-state area.
• Our capital position is robust. At June 30, 2025, CET1 was 12.2% at a consolidated level. Pro-forma CET1 including accumulated other comprehensive income was 11.3% at June 30, 2025. The ratio of tangible common equity to tangible assets increased to 8.1% at June 30, 2025.
• Book value and tangible book value per common share continued to accrete, to $39.26 and $38.23, respectively, at June 30, 2025 compared to $38.51 and $37.48, respectively, at March 31, 2025 and $36.11 and $35.07, respectively, at June 30, 2024. This represents a 9% year-over-year increase in tangible book value per share.
• As previously announced, we are excited about the launch of new wholesale banking offices in Morristown, NJ and Charlotte, NC.
• On July 22, 2025, the Company's Board of Directors authorized the repurchase of up to $100 million in shares of its outstanding common stock. Any repurchases will be made in accordance with applicable securities laws from time to time in open market or private transactions. The extent to which the Company repurchases shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, the Company’s capital position and amount of retained earnings, regulatory requirements and other considerations. No time limit was set for the completion of the share repurchase program, and the program may be suspended or discontinued at any time.
• On July 22, 2025, the Company's Board of Directors authorized the redemption of all of its outstanding 4.875% senior notes due November 2025.

Loans

Loan portfolio composition at the dates indicated follows (dollars in thousands):

	June 30, 2025						March 31, 2025						December 31, 2024
Core C&I and CRE segments:
Non-owner occupied commercial real estate	$	5,829,835		24.4	%		$	5,602,711		23.4	%		$	5,652,203		23.3	%
Construction and land		643,630		2.7	%			603,385		2.5	%			561,989		2.3	%
Owner occupied commercial real estate		1,942,076		8.1	%			1,967,984		8.2	%			1,941,004		8.0	%
Commercial and industrial		6,743,739		28.2	%			6,916,996		28.8	%			7,042,222		28.9	%
		15,159,280		63.4	%			15,091,076		62.9	%			15,197,418		62.5	%
Franchise and equipment finance		149,022		0.6	%			165,095		0.7	%			213,477		0.9	%
Pinnacle - municipal finance		694,639		2.9	%			688,986		2.9	%			720,661		3.0	%
Mortgage warehouse lending ("MWL")		626,589		2.6	%			580,248		2.4	%			585,610		2.4	%
Residential		7,303,997		30.5	%			7,464,494		31.1	%			7,580,814		31.2	%
	$	23,933,527		100.0	%		$	23,989,899		100.0	%		$	24,297,980		100.0	%

For the quarter ended June 30, 2025, the core C&I and CRE portfolio segments grew by a net $68 million. The CRE portfolio grew by $267 million while the C&I portfolio declined by $199 million. A continued high level of unscheduled payoffs and strategic exits contributed to this decline. MWL grew by $46 million. Consistent with our balance sheet strategy, residential loans declined by $160 million.

Our commercial real estate exposure totaled 27% of loans and 185% of the Bank's total risk based capital at June 30, 2025. By comparison, based on call report data as of March 31, 2025 for banks with between $10 billion and $100 billion in assets, the median level of CRE to total loans was 35% and the median level of CRE to total risk based capital was 217%.

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 June 30, 2025, March 31, 2025 and December 31, 2024 (dollars in thousands):

	ACL			ACL to Total Loans			Commercial ACL to Commercial Loans(2)			ACL to Non- Performing Loans			Net Charge-offs to Average Loans (1)
December 31, 2024	$	223,153		0.92	%		1.37	%		89.01	%		0.16	%
March 31, 2025	$	219,747		0.92	%		1.34	%		84.58	%		0.33	%
June 30, 2025	$	222,730		0.93	%		1.36	%		59.18	%		0.27	%

_______________________________
(1)	Annualized for the three months ended March 31, 2025 and the six months ended June 30, 2025; ratio for December 31, 2024 represents annual net charge-off rate.
(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 June 30, 2025 represents management's estimate of lifetime expected credit losses, or the amount of amortized cost not expected to be collected, given an assessment of historical data, current conditions, and a reasonable and supportable economic forecast as of the balance sheet date. For the quarter ended June 30, 2025, the provision for credit losses, including portions related to both funded and unfunded loan commitments, was $15.7 million, compared to $15.1 million for the immediately preceding quarter ended March 31, 2025 and $19.5 million for the quarter ended June 30, 2024. Factors impacting the provision for credit losses and increase in the ACL for the quarter included increases in specific reserves and deterioration in the economic forecast, substantially offset by the impact of upgrades and payoffs of criticized and classified commercial loans, some reduction in certain qualitative factors and net charge-offs. The quarter-over-quarter decline in the ratio of the ACL to non-performing loans is related to non-performing loans that have no or relatively low related ACL due to the adequacy of estimated collateral value to cover the remaining outstanding balance, which is in some cases net of partial charge-offs recognized.

The following table summarizes the activity in the ACL for the periods indicated (in thousands):

	Three Months Ended												Six Months Ended
	June 30, 2025				March 31, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Beginning balance	$	219,747			$	223,153			$	217,556			$	223,153			$	202,689
Provision		15,694				15,963				21,823				31,657				37,628
Net charge-offs		(12,711	)			(19,369	)			(13,681	)			(32,080	)			(14,619	)
Ending balance	$	222,730			$	219,747			$	225,698			$	222,730			$	225,698

As detailed in the following table, criticized and classified commercial loans declined during the quarter ended June 30, 2025 (in thousands):

	June 30, 2025						March 31, 2025						December 31, 2024
	CRE			Total Commercial			CRE			Total Commercial			CRE			Total Commercial
Special mention	$	88,959		$	130,879		$	70,579		$	193,206		$	58,771		$	262,387
Substandard - accruing		520,955			745,811			649,867			962,342			633,614			894,754
Substandard - non-accruing		152,634			317,958			92,648			227,567			95,378			219,758
Doubtful		—			34,639			—			2,026			—			6,856
Total	$	762,548		$	1,229,287		$	813,094		$	1,385,141		$	787,763		$	1,383,755

Total criticized and classified loans declined by $156 million for the quarter ended June 30, 2025, although total non-accrual loans increased by $117 million. Of the net increase, $86 million was office related exposure. At June 30, 2025, 75% of non-accrual loans were current.

Net Interest Income

Net interest income for the quarter ended June 30, 2025 was $246.1 million, compared to $233.1 million for the immediately preceding quarter ended March 31, 2025, a 5.6% increase. Net interest income increased by 8.9% compared to $226.0 million for the quarter ended June 30, 2024. Interest income increased by $10.1 million for the quarter ended June 30, 2025 while interest expense decreased by $2.9 million. The quarter-over-quarter increase in interest income was primarily related to higher yields on loans. The decline in interest expense related to both a lower average cost of funds and lower average balance of interest bearing liabilities.

The Company’s net interest margin, calculated on a tax-equivalent basis, increased by 0.12% to 2.93% for the quarter ended June 30, 2025, from 2.81% for the immediately preceding quarter ended March 31, 2025. Factors impacting the net interest margin for the quarter ended June 30, 2025 were:

• The net interest margin was positively impacted by the increase in average NIDDA as a percentage of both total deposits and total funding. Average NIDDA grew by $581 million for the quarter ended June 30, 2025, while average interest bearing deposits declined by $290 million.
• The average rate paid on interest bearing deposits declined to 3.48% for the quarter ended June 30, 2025, from 3.54% for the quarter ended March 31, 2025. This decline reflected the maturity of higher-rate term deposits, a reduction in higher priced brokered deposits and continued pricing discipline.
• The tax-equivalent yield on loans increased to 5.55% for the quarter ended June 30, 2025, from 5.48% for the quarter ended March 31, 2025. This increase reflects the origination of new loans at higher rates, paydowns and maturities of lower rate loans and balance sheet repositioning.
• The average rate paid on FHLB advances increased to 3.79% for the quarter ended June 30, 2025 from 3.69% for the quarter ended March 31, 2025, primarily due to the expiration of cash flow hedges, partially offset by maturities of higher rate advances.

Earnings Conference Call and Presentation

A conference call to discuss quarterly results will be held at 9:00 a.m. ET on Wednesday, July 23, 2025 with Chairman, President and Chief Executive Officer Rajinder P. Singh, Chief Financial Officer Leslie N. Lunak and Chief Operating Officer Thomas M. Cornish.

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/BI81e8f26b6a09415db30bca2bdb4ac949. 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 BankUnited, Inc.

BankUnited, Inc., with total assets of $35.5 billion at June 30, 2025, is the bank holding company of BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida that provides a full range of banking and related services to individual and corporate customers through banking centers located in the state of Florida, the New York metropolitan area and Dallas, Texas, and a comprehensive suite of wholesale products to customers through an Atlanta office focused on the Southeast region. BankUnited also offers certain commercial lending and deposit products through national platforms. For additional information, call (877) 779-2265 or visit www.BankUnited.com. BankUnited can be found on Facebook at facebook.com/BankUnited.official, LinkedIn @BankUnited and on X @BankUnited.

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 December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are available at the SEC’s website (www.sec.gov).

BANKUNITED, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - UNAUDITED (In thousands, except share and per share data)
	June 30, 2025				March 31, 2025				December 31, 2024
ASSETS
Cash and due from banks:
Non-interest bearing	$	15,595			$	12,727			$	12,078
Interest bearing		785,699				431,018				479,038
Cash and cash equivalents		801,294				443,745				491,116
Investment securities		9,401,071				9,099,809				9,130,244
Non-marketable equity securities		174,234				181,359				206,297
Loans		23,933,527				23,989,899				24,297,980
Allowance for credit losses		(222,730	)			(219,747	)			(223,153	)
Loans, net		23,710,797				23,770,152				24,074,827
Bank owned life insurance		294,855				293,886				284,570
Operating lease equipment, net		214,455				218,621				223,844
Goodwill		77,637				77,637				77,637
Other assets		785,364				746,788				753,207
Total assets	$	35,459,707			$	34,831,997			$	35,241,742
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Demand deposits:
Non-interest bearing	$	9,112,888			$	8,069,275			$	7,616,182
Interest bearing		5,583,663				4,776,223				4,892,814
Savings and money market		10,171,156				10,788,919				11,055,418
Time		3,778,234				4,423,408				4,301,289
Total deposits		28,645,941				28,057,825				27,865,703
FHLB advances		2,255,000				2,405,000				2,930,000
Notes and other borrowings		708,937				709,091				708,553
Other liabilities		896,812				762,499				923,168
Total liabilities		32,506,690				31,934,415				32,427,424
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 75,218,911, 75,242,048 and 74,748,370 shares issued and outstanding		752				752				747
Paid-in capital		306,271				301,321				301,672
Retained earnings		2,877,237				2,831,743				2,796,440
Accumulated other comprehensive loss		(231,243	)			(236,234	)			(284,541	)
Total stockholders' equity		2,953,017				2,897,582				2,814,318
Total liabilities and stockholders' equity	$	35,459,707			$	34,831,997			$	35,241,742

BANKUNITED, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED (In thousands, except per share data)
	Three Months Ended									Six Months Ended
	June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Interest income:
Loans	$	328,090		$	321,384		$	350,604		$	649,474		$	697,861
Investment securities		117,346			113,869			123,708			231,215			247,887
Other		8,343			8,436			8,986			16,779			19,024
Total interest income		453,779			443,689			483,298			897,468			964,772
Interest expense:
Deposits		170,695			174,210			208,091			344,905			418,089
Borrowings		36,965			36,340			49,185			73,305			105,804
Total interest expense		207,660			210,550			257,276			418,210			523,893
Net interest income before provision for credit losses		246,119			233,139			226,022			479,258			440,879
Provision for credit losses		15,698			15,111			19,538			30,809			34,823
Net interest income after provision for credit losses		230,421			218,028			206,484			448,449			406,056
Non-interest income:
Deposit service charges and fees		5,323			5,235			4,909			10,558			10,222
Lease financing		4,612			4,313			5,640			8,925			17,080
Other non-interest income		17,875			12,722			13,636			30,597			23,760
Total non-interest income		27,810			22,270			24,185			50,080			51,062
Non-interest expense:
Employee compensation and benefits		83,153			82,746			75,588			165,899			151,508
Occupancy and equipment		10,945			11,343			10,973			22,288			21,542
Deposit insurance expense		6,976			7,227			8,530			14,203			22,060
Technology		23,492			22,780			20,567			46,272			40,882
Depreciation of operating lease equipment		3,869			4,009			7,896			7,878			17,109
Other non-interest expense		35,892			32,121			34,152			68,013			63,845
Total non-interest expense		164,327			160,226			157,706			324,553			316,946
Income before income taxes		93,904			80,072			72,963			173,976			140,172
Provision for income taxes		25,138			21,596			19,230			46,734			38,459
Net income	$	68,766		$	58,476		$	53,733		$	127,242		$	101,713
Earnings per common share, basic	$	0.91		$	0.78		$	0.72		$	1.70		$	1.36
Earnings per common share, diluted	$	0.91		$	0.78		$	0.72		$	1.68		$	1.36

BANKUNITED, INC. AND SUBSIDIARIES AVERAGE BALANCES AND YIELDS (Dollars in thousands)
	Three Months Ended June 30,										Three Months Ended March 31,										Three Months Ended June 30,
	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	$	23,901,218			$	330,805		5.55	%		$	23,933,938			$	324,113		5.48	%		$	24,290,169			$	353,707		5.85	%
Investment securities (3)		9,352,504				118,046		5.06	%			9,104,228				114,590		5.07	%			8,894,517				124,572		5.60	%
Other interest earning assets		807,721				8,343		4.14	%			788,547				8,436		4.33	%			711,586				8,986		5.08	%
Total interest earning assets		34,061,443				457,194		5.38	%			33,826,713				447,139		5.34	%			33,896,272				487,265		5.77	%
Allowance for credit losses		(227,191	)									(228,158	)									(225,161	)
Non-interest earning assets		1,370,990										1,376,904										1,571,649
Total assets	$	35,205,242									$	34,975,459									$	35,242,760
Liabilities and Stockholders' Equity:
Interest bearing liabilities:
Interest bearing demand deposits	$	5,407,538			$	45,689		3.39	%		$	4,811,826			$	39,893		3.36	%		$	3,742,071			$	35,249		3.79	%
Savings and money market deposits		10,355,700				88,023		3.41	%			10,833,734				91,779		3.44	%			11,176,000				118,945		4.28	%
Time deposits		3,919,526				36,983		3.79	%			4,326,750				42,538		3.99	%			4,750,640				53,897		4.56	%
Total interest bearing deposits		19,682,764				170,695		3.48	%			19,972,310				174,210		3.54	%			19,668,711				208,091		4.26	%
FHLB advances		2,941,264				27,828		3.79	%			2,991,389				27,206		3.69	%			3,764,286				40,032		4.28	%
Notes and other borrowings		709,081				9,137		5.16	%			709,037				9,134		5.15	%			711,167				9,153		5.15	%
Total interest bearing liabilities		23,333,109				207,660		3.57	%			23,672,736				210,550		3.61	%			24,144,164				257,276		4.28	%
Non-interest bearing demand deposits		7,993,915										7,413,117										7,448,633
Other non-interest bearing liabilities		931,879										1,004,917										960,691
Total liabilities		32,258,903										32,090,770										32,553,488
Stockholders' equity		2,946,339										2,884,689										2,689,272
Total liabilities and stockholders' equity	$	35,205,242									$	34,975,459									$	35,242,760
Net interest income					$	249,534									$	236,589									$	229,989
Interest rate spread								1.81	%									1.73	%									1.49	%
Net interest margin								2.93	%									2.81	%									2.72	%

_______________________________
(1)	On a tax-equivalent basis where applicable
(2)	Annualized
(3)	At fair value

BANKUNITED, INC. AND SUBSIDIARIES AVERAGE BALANCES AND YIELDS (Dollars in thousands)
	Six Months Ended June 30,
	2025										2024
	Average Balance				Interest (1)			Yield/ Rate (1)(2)			Average Balance				Interest (1)			Yield/ Rate (1)(2)
Assets:
Interest earning assets:
Loans	$	23,917,488			$	654,918		5.51	%		$	24,313,806			$	704,149		5.82	%
Investment securities (3)		9,229,050				232,636		5.06	%			8,923,485				249,596		5.59	%
Other interest earning assets		801,797				16,779		4.22	%			737,523				19,024		5.19	%
Total interest earning assets		33,948,335				904,333		5.36	%			33,974,814				972,769		5.74	%
Allowance for credit losses		(227,672	)									(215,954	)
Non-interest earning assets		1,370,321										1,580,491
Total assets	$	35,090,984									$	35,339,351
Liabilities and Stockholders' Equity:
Interest bearing liabilities:
Interest bearing demand deposits	$	5,111,328			$	85,582		3.37	%		$	3,663,217			$	68,756		3.77	%
Savings and money market deposits		10,593,396				179,802		3.42	%			11,205,130				237,584		4.26	%
Time deposits		4,122,014				79,521		3.89	%			4,990,909				111,749		4.50	%
Total interest bearing deposits		19,826,738				344,905		3.50	%			19,859,256				418,089		4.23	%
FHLB advances		2,966,188				55,034		3.74	%			4,167,253				87,528		4.22	%
Notes and other borrowings		709,059				18,271		5.16	%			710,092				18,276		5.15	%
Total interest bearing liabilities		23,501,985				418,210		3.58	%			24,736,601				523,893		4.26	%
Non-interest bearing demand deposits		7,705,120										7,004,780
Other non-interest bearing liabilities		968,195										933,479
Total liabilities		32,175,300										32,674,860
Stockholders' equity		2,915,684										2,664,491
Total liabilities and stockholders' equity	$	35,090,984									$	35,339,351
Net interest income					$	486,123									$	448,876
Interest rate spread								1.78	%									1.48	%
Net interest margin								2.87	%									2.64	%

_______________________________
(1)	On a tax-equivalent basis where applicable
(2)	Annualized
(3)	At fair value

BANKUNITED, INC. AND SUBSIDIARIES EARNINGS PER COMMON SHARE (In thousands except share and per share amounts)
	Three Months Ended												Six Months Ended
	June 30, 2025				March 31, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Basic earnings per common share:
Numerator:
Net income	$	68,766			$	58,476			$	53,733			$	127,242			$	101,713
Distributed and undistributed earnings allocated to participating securities		(979	)			(821	)			(748	)			(1,799	)			(1,429	)
Income allocated to common stockholders for basic earnings per common share	$	67,787			$	57,655			$	52,985			$	125,443			$	100,284
Denominator:
Weighted average common shares outstanding		75,222,756				74,918,750				74,762,498				75,071,593				74,635,803
Less average unvested stock awards		(1,124,872	)			(1,101,408	)			(1,110,233	)			(1,113,205	)			(1,119,035	)
Weighted average shares for basic earnings per common share		74,097,884				73,817,342				73,652,265				73,958,388				73,516,768
Basic earnings per common share	$	0.91			$	0.78			$	0.72			$	1.70			$	1.36
Diluted earnings per common share:
Numerator:
Income allocated to common stockholders for basic earnings per common share	$	67,787			$	57,655			$	52,985			$	125,443			$	100,284
Adjustment for earnings reallocated from participating securities		5				4				2				9				4
Income used in calculating diluted earnings per common share	$	67,792			$	57,659			$	52,987			$	125,452			$	100,288
Denominator:
Weighted average shares for basic earnings per common share		74,097,884				73,817,342				73,652,265				73,958,388				73,516,768
Dilutive effect of certain share-based awards		523,812				562,488				365,988				543,043				310,906
Weighted average shares for diluted earnings per common share		74,621,696				74,379,830				74,018,253				74,501,431				73,827,674
Diluted earnings per common share	$	0.91			$	0.78			$	0.72			$	1.68			$	1.36

BANKUNITED, INC. AND SUBSIDIARIES SELECTED RATIOS
	At or for the Three Months Ended												At or for the Six Months Ended
	June 30, 2025				March 31, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Financial ratios (4)
Return on average assets		0.78	%			0.68	%			0.61	%			0.73	%			0.58	%
Return on average stockholders’ equity		9.4	%			8.2	%			8.0	%			8.8	%			7.7	%
Net interest margin (3)		2.93	%			2.81	%			2.72	%			2.87	%			2.64	%
Loans to deposits		83.6	%			85.5	%			88.7	%			83.6	%			88.7	%
Tangible book value per common share	$	38.23			$	37.48			$	35.07			$	38.23			$	35.07

	June 30, 2025			March 31, 2025			December 31, 2024
Asset quality ratios
Non-performing loans to total loans (1)(5)	1.57	%		1.08	%		1.03	%
Non-performing assets to total assets (2)(5)	1.08	%		0.76	%		0.73	%
ACL to total loans	0.93	%		0.92	%		0.92	%
Commercial ACL to commercial loans (6)	1.36	%		1.34	%		1.37	%
ACL to non-performing loans (1)(5)	59.18	%		84.58	%		89.01	%
Net charge-offs to average loans(7)	0.27	%		0.33	%		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 six month periods as applicable.
(5)	Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $35.9 million or 0.15% of total loans and 0.10% of total assets at June 30, 2025, $33.0 million or 0.14% of total loans and 0.09% of total assets at March 31, 2025, and $34.3 million or 0.14% of total loans and 0.10% of total assets at December 31, 2024.
(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 three months ended March 31, 2025 and the six months ended June 30, 2025; ratio for December 31, 2024 represents annual net charge-off rate.

	June 30, 2025						March 31, 2025						December 31, 2024						Required to be Considered Well Capitalized
	BankUnited, Inc.			BankUnited, N.A.			BankUnited, Inc.			BankUnited, N.A.			BankUnited, Inc.			BankUnited, N.A.
Capital ratios
Tier 1 leverage	8.8	%		9.3	%		8.7	%		9.5	%		8.5	%		9.7	%		5.0	%
Common Equity Tier 1 ("CET1") risk-based capital	12.2	%		13.0	%		12.2	%		13.4	%		12.0	%		13.7	%		6.5	%
Total risk-based capital	14.3	%		13.9	%		14.3	%		14.3	%		14.1	%		14.6	%		10.0	%
Tangible Common Equity/Tangible Assets	8.1	%		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):

	June 30, 2025			March 31, 2025			June 30, 2024
Total stockholders’ equity	$	2,953,017		$	2,897,582		$	2,699,348
Less: goodwill and other intangible assets		77,637			77,637			77,637
Tangible stockholders’ equity	$	2,875,380		$	2,819,945		$	2,621,711
Common shares issued and outstanding		75,218,911			75,242,048			74,758,609
Book value per common share	$	39.26		$	38.51		$	36.11
Tangible book value per common share	$	38.23		$	37.48		$	35.07

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250723129526/en/

BankUnited, Inc.

Investor Relations:

Leslie N. Lunak, 786-313-1698

Source: BankUnited, Inc.