BankUnited, Inc. Reports Third Quarter 2025 Results
"We continued to deliver on improved profitability this quarter, with gains in EPS, ROA and ROE. We achieved our near-term target of a
For the quarter ended September 30, 2025, the Company reported net income of
Quarterly Highlights
-
The net interest margin, calculated on a tax-equivalent basis, expanded by
0.07% to3.00% for the quarter ended September 30, 2025 from2.93% for the immediately preceding quarter. Net interest income grew by$4.0 million $16.0 million 7% compared to the comparable quarter of the prior year. -
As expected, non-interest bearing demand deposits ("NIDDA") declined by
$488 million 30% of total deposits at September 30, 2025. NIDDA was up$990 million $210 million $741 million -
Total deposits was essentially flat quarter-over-quarter, declining by
$28 million $1.2 billion $439 million -
The average cost of total deposits declined by
0.09% to2.38% for the quarter ended September 30, 2025 from2.47% for the immediately preceding quarter ended June 30, 2025. The spot APY of total deposits declined by0.06% to2.31% at September 30, 2025 from2.37% at June 30, 2025. The spot APY of total deposits was2.93% at September 30, 2024, one year ago. -
For the quarter ended September 30, 2025, total loans declined by
$231 million $245 million $14 million -
The loan to deposit ratio was
82.8% at September 30, 2025, compared to83.6% at June 30, 2025. -
Total criticized and classified loans declined by
$3 million $3 million 0.26% ; the net charge-off ratio for the trailing twelve months was0.27% . The NPA ratio at September 30, 2025 was1.10% , including0.11% related to the guaranteed portion of non-accrual SBA loans, compared to1.08% , including0.10% related to the guaranteed portion of non-accrual SBA loans, at June 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 was57.95% . The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, franchise finance and equipment finance was1.35% at September 30, 2025 and the ACL to loans ratio for CRE office loans was2.21% . The provision for credit losses was$11.6 million $15.7 million -
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 and22% was collateralized by properties located in theNew York tri-state area. For the office sub-segment, the weighted average LTV was65.0% , 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 was11.7% at September 30, 2025. The ratio of tangible common equity to tangible assets increased to8.4% at September 30, 2025. -
Book value and tangible book value per common share continued to accrete, to
$40.30 $39.27 $39.26 $38.23 $37.56 $36.52 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 due November 2025 at par value plus accrued interest.
Loans
Loan portfolio composition at the dates indicated follows (dollars in thousands):
|
September 30, 2025 |
|
June 30, 2025 |
|
December 31, 2024 |
||||||||||||
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 September 30, 2025, the core C&I and CRE portfolio segments declined by a net
Our commercial real estate exposure totaled
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 September 30, 2025, June 30, 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) |
|||||
September 30, 2025 |
$ |
219,884 |
|
0.93 |
% |
|
1.35 |
% |
|
57.95 |
% |
|
0.26 |
% |
June 30, 2025 |
$ |
222,730 |
|
0.93 |
% |
|
1.36 |
% |
|
59.18 |
% |
|
0.27 |
% |
December 31, 2024 |
$ |
223,153 |
|
0.92 |
% |
|
1.37 |
% |
|
89.01 |
% |
|
0.16 |
% |
| __________________ | |
(1) |
Annualized for the six months ended June 30, 2025 and the nine months ended September 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 September 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 September 30, 2025, the provision for credit losses, including portions related to both funded and unfunded loan commitments, was
The following table summarizes the activity in the ACL for the periods indicated (in thousands):
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 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 September 30, 2025 related primarily to one C&I loan and one CRE office loan. As detailed in the following table, total criticized and classified commercial loans was stable quarter-over-quarter, declining by
|
September 30, 2025 |
|
June 30, 2025 |
|
December 31, 2024 |
||||||||||||
|
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 September 30, 2025 was
The Company’s net interest margin, calculated on a tax-equivalent basis, increased by
-
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 $526 million -
The average cost of interest bearing liabilities declined to
3.52% for the quarter ended September 30, 2025 from3.57% for the prior quarter. -
The average rate paid on interest bearing deposits declined to
3.40% for the quarter ended September 30, 2025, from3.48% for the quarter ended June 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 from3.79% for the quarter ended June 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 to5.13% for the quarter ended September 30, 2025, from5.06% for the quarter ended June 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 9:00 a.m. ET on Wednesday, October 22, 2025 with Chairman, President and Chief Executive Officer Rajinder P. Singh, Chief Financial Officer Leslie N. Lunak, Chief Operating Officer Thomas M. Cornish and incoming Chief Financial Officer, James G.
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 BankUnited, Inc.
BankUnited, Inc., with total assets of
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
|
|||||||||||
|
September 30, 2025 |
|
June 30, 2025 |
|
December 31, 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 |
|
Goodwill |
|
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 |
|
BANKUNITED, INC. AND SUBSIDIARIES
|
||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||
|
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 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 |
BANKUNITED, INC. AND SUBSIDIARIES
|
|||||||||||||||||||||||||||||
|
Three Months Ended September 30, |
|
Three Months Ended June 30, |
|
Three Months Ended September 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 |
$ |
23,533,712 |
|
|
$ |
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 |
BANKUNITED, INC. AND SUBSIDIARIES
|
|||||||||||||||||||
|
Nine Months Ended September 30, |
||||||||||||||||||
|
2025 |
|
2024 |
||||||||||||||||
|
Average Balance |
|
Interest (1) |
|
Yield/ Rate (1)(2) |
|
Average Balance |
|
Interest (1) |
|
Yield/ Rate (1)(2) |
||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans |
$ |
23,788,158 |
|
|
$ |
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 |
BANKUNITED, INC. AND SUBSIDIARIES
|
|||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 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 |
|
BANKUNITED, INC. AND SUBSIDIARIES
|
|||||||||||||||||||
|
At or for the Three Months Ended |
|
At or for the Nine Months Ended |
||||||||||||||||
|
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
|
September 30, 2025 |
|
September 30, 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 |
|
|
September 30, 2025 |
|
June 30, 2025 |
|
December 31, 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 June 30, 2025 and the nine months ended September 30, 2025; ratio for December 31, 2024 represents annual net charge-off rate. |
|
September 30, 2025 |
|
June 30, 2025 |
|
December 31, 2024 |
|
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):
|
September 30, 2025 |
|
June 30, 2025 |
|
September 30, 2024 |
|||
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/
BankUnited, Inc.
Investor Relations:
Leslie N. Lunak, 786-313-1698
Source: BankUnited, Inc.
