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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025
Commission File Number: 001-35039
BankUnited, Inc.
(Exact name of registrant as specified in its charter)

Delaware |  | 27-0162450
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)

14817 Oak Lane | Miami Lakes | FL | 33016
(Address of principal executive offices) |  |  | (Zip Code)

Registrant’s telephone number, including area code: (305) 569-2000
Securities registered pursuant to Section 12(b) of the Act:

Class |  | Trading Symbol |  | Name of Exchange on Which Registered
Common Stock, $0.01 Par Value |  | BKU |  | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☒ | Accelerated filer | ☐ | Emerging growth company | ☐
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
The number of outstanding shares of the registrant common stock, $0.01 par value, as of August 4, 2025 was 75,212,773.

BANKUNITED, INC.
Form 10-Q
For the Quarter Ended June 30, 2025
TABLE OF CONTENTS

|  | Page
| Glossary of Defined Terms | ii
PART I. | FINANCIAL INFORMATION |
ITEM 1. | Financial Statements (Unaudited) |
| Consolidated Balance Sheets | 1
| Consolidated Statements of Income | 2
| Consolidated Statements of Comprehensive Income | 3
| Consolidated Statements of Cash Flows | 4
| Consolidated Statements of Stockholders’ Equity | 6
| Notes to Consolidated Financial Statements | 7
ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 34
ITEM 3. | Quantitative and Qualitative Disclosures About Market Risk | 66
ITEM 4. | Controls and Procedures | 66
PART II. | OTHER INFORMATION |
ITEM 1. | Legal Proceedings | 66
ITEM 1A. | Risk Factors | 66
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 66
ITEM 5. | Other Information | 66
ITEM 6. | Exhibits | 67
SIGNATURES | 68

i

GLOSSARY OF DEFINED TERMS
The following acronyms and terms may be used throughout this Form 10-Q, including the consolidated financial statements and related notes.

ACL |  | Allowance for credit losses
AFS |  | Available for sale
ALCO |  | Asset Liability Committee
ALM |  | Asset Liability Management
AOCI |  | Accumulated other comprehensive income
APY |  | Annual Percentage Yield
ASU |  | Accounting Standards Update
BKU |  | BankUnited, Inc.
BOLI |  | Bank Owned Life Insurance
BankUnited |  | BankUnited, National Association
The Bank |  | BankUnited, National Association
Bridge |  | Bridge Funding Group, Inc.
Buyout Loans |  | FHA and VA insured mortgages from third party servicers who have exercised their right to purchase these loans out of GNMA securitizations
CD |  | Certificate of Deposit
CEO |  | Chief Executive Officer
CET1 |  | Common Equity Tier 1 capital
CLO |  | Collateralized loan obligations
CMBS |  | Commercial mortgage-backed securities
CMOs |  | Collateralized mortgage obligations
CODM |  | Chief Operating Decision Maker
CPR |  | Constant prepayment rate
CRE |  | Commercial real estate loans, including non-owner occupied commercial real estate and construction and land
C&I |  | Commercial and Industrial loans, including owner-occupied commercial real estate
DSCR |  | Debt Service Coverage Ratio
EVE |  | Economic value of equity
FDIA |  | Federal Deposit Insurance Act
FDIC |  | Federal Deposit Insurance Corporation
FHA |  | Federal Housing Administration
FHLB |  | Federal Home Loan Bank
FICO |  | Fair Isaac Corporation (credit score)
FRB |  | Federal Reserve Bank
GAAP |  | U.S. generally accepted accounting principles
GDP |  | Gross Domestic Product
GNMA |  | Government National Mortgage Association
HOA |  | Homeowner Association
ISDA |  | International Swaps and Derivatives Association
LGD |  | Loss Given Default
LTV |  | Loan-to-value
MBS |  | Mortgage-backed securities
MSA |  | Metropolitan Statistical Area
MWL |  | Mortgage warehouse lending
NIDDA |  | Non-interest bearing demand deposits
NPA |  | Non-performing asset

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NRSRO |  | Nationally recognized statistical rating organization
OREO |  | Other real estate owned
PCD |  | Purchased credit-deteriorated
PD |  | Probability of default
Pinnacle |  | Pinnacle Public Finance, Inc.
REIT |  | Real Estate Investment Trust
RPA |  | Risk Participation Agreement
SBA |  | U.S. Small Business Administration
SEC |  | Securities and Exchange Commission
SOFR |  | Secured Overnight Financing Rate
Tri-State |  | New York, New Jersey and Connecticut
VA loan |  | Loan guaranteed by the U.S. Department of Veterans Affairs

iii

PART I
Item 1. Financial Statements and Supplementary Data
BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share and per share data)

| June 30, 2025 |  | December 31, 2024
ASSETS |  |  |
Cash and due from banks: |  |  |
Non-interest bearing | $ | 15,595 |  |  | $ | 12,078 |
Interest bearing | 785,699 |  |  | 479,038 |
Cash and cash equivalents | 801,294 |  |  | 491,116 |
Investment securities | 9,401,071 |  |  | 9,130,244 |
Non-marketable equity securities | 174,234 |  |  | 206,297 |
Loans | 23,933,527 |  |  | 24,297,980 |
Allowance for credit losses | (222,730) |  |  | (223,153) |
Loans, net | 23,710,797 |  |  | 24,074,827 |
Bank owned life insurance | 294,855 |  |  | 284,570 |
Operating lease equipment, net | 214,455 |  |  | 223,844 |
Goodwill | 77,637 |  |  | 77,637 |
Other assets | 785,364 |  |  | 753,207 |
Total assets | $ | 35,459,707 |  |  | $ | 35,241,742 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |
Liabilities: |  |  |
Demand deposits: |  |  |
Non-interest bearing | $ | 9,112,888 |  |  | $ | 7,616,182 |
Interest bearing | 5,583,663 |  |  | 4,892,814 |
Savings and money market | 10,171,156 |  |  | 11,055,418 |
Time | 3,778,234 |  |  | 4,301,289 |
Total deposits | 28,645,941 |  |  | 27,865,703 |
FHLB advances | 2,255,000 |  |  | 2,930,000 |
Notes and other borrowings | 708,937 |  |  | 708,553 |
Other liabilities | 896,812 |  |  | 923,168 |
Total liabilities | 32,506,690 |  |  | 32,427,424 |
Commitments and contingencies |  |  |
Stockholders' equity: |  |  |
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 75,218,911 and 74,748,370 shares issued and outstanding | 752 |  |  | 747 |
Paid-in capital | 306,271 |  |  | 301,672 |
Retained earnings | 2,877,237 |  |  | 2,796,440 |
Accumulated other comprehensive loss | (231,243) |  |  | (284,541) |
Total stockholders' equity | 2,953,017 |  |  | 2,814,318 |
Total liabilities and stockholders' equity | $ | 35,459,707 |  |  | $ | 35,241,742 |

1
The accompanying notes are an integral part of these consolidated financial statements

BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)

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

2
The accompanying notes are an integral part of these consolidated financial statements

BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED
(In thousands)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Net income | $ | 68,766 |  |  | $ | 53,733 |  |  | $ | 127,242 |  |  | $ | 101,713 |  |  |
Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on investment securities available for sale: |  |  |  |  |  |  |  |  |
Net unrealized holding gains arising during the period | 6,363 |  |  | 26,780 |  |  | 57,030 |  |  | 53,716 |  |  |
Reclassification adjustment for net gains realized in income | (453) |  |  | (259) |  |  | (1,064) |  |  | (238) |  |  |
Net change in unrealized gains (losses) on securities available for sale | 5,910 |  |  | 26,521 |  |  | 55,966 |  |  | 53,478 |  |  |
Unrealized gains (losses) on derivative instruments: |  |  |  |  |  |  |  |  |
Net unrealized holding gains arising during the period | 2,486 |  |  | 7,545 |  |  | 5,237 |  |  | 28,749 |  |  |
Reclassification adjustment for net gains realized in income | (3,405) |  |  | (11,760) |  |  | (7,905) |  |  | (26,428) |  |  |
Net change in unrealized gains (losses) on derivative instruments | (919) |  |  | (4,215) |  |  | (2,668) |  |  | 2,321 |  |  |
Other comprehensive income | 4,991 |  |  | 22,306 |  |  | 53,298 |  |  | 55,799 |  |  |
Comprehensive income | $ | 73,757 |  |  | $ | 76,039 |  |  | $ | 180,540 |  |  | $ | 157,512 |  |  |

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

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

| Six Months Ended June 30,
| 2025 |  | 2024 |  |
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 127,242 |  |  | $ | 101,713 |  |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Amortization and accretion, net | (10,060) |  |  | (7,266) |  |  |
Provision for credit losses | 30,809 |  |  | 34,823 |  |  |
Share based compensation | 10,182 |  |  | 10,582 |  |  |
Depreciation and amortization | 27,315 |  |  | 28,814 |  |  |
Deferred income taxes | 5,160 |  |  | (25,150) |  |  |
Proceeds from sale of loans held for sale, net | 65,857 |  |  | 75,460 |  |  |
Daily cash settlement of derivative instruments, net | (12,471) |  |  | 5,182 |  |  |
Other: |  |  |  |  |
Increase in other assets | (30,117) |  |  | (1,350) |  |  |
Decrease in other liabilities | (79,935) |  |  | (20,628) |  |  |
Net cash provided by operating activities | 133,982 |  |  | 202,180 |  |  |
Cash flows from investing activities: |  |  |  |  |
Purchases of investment securities | (1,916,129) |  |  | (624,636) |  |  |
Proceeds from repayments and calls of investment securities | 1,160,223 |  |  | 640,468 |  |  |
Proceeds from sale of investment securities | 612,292 |  |  | 115,249 |  |  |
Purchases of non-marketable equity securities | (78,375) |  |  | (203,775) |  |  |
Proceeds from redemption of non-marketable equity securities | 110,438 |  |  | 290,700 |  |  |
Purchases of loans | (185,043) |  |  | (126,983) |  |  |
Loan originations and repayments, net | 399,807 |  |  | 14,944 |  |  |
Proceeds from sale of loans | 14,586 |  |  | 37,630 |  |  |
Proceeds from surrender of BOLI | — |  |  | 32,144 |  |  |
Disposition of operating lease equipment | 2,082 |  |  | 98,357 |  |  |
Other investing activities | (34,418) |  |  | (13,072) |  |  |
Net cash provided by investing activities | 85,463 |  |  | 261,026 |  |  |
|  |  | (Continued) |  |

4
The accompanying notes are an integral part of these consolidated financial statements

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

| Six Months Ended June 30,
| 2025 |  | 2024 |  |
Cash flows from financing activities: |  |  |  |  |
Net increase in deposits | 780,238 |  |  | 1,225,129 |  |  |
Additions to FHLB borrowings | 80,000 |  |  | 485,000 |  |  |
Repayments of FHLB borrowings | (755,000) |  |  | (2,315,000) |  |  |
Dividends paid | (45,349) |  |  | (42,239) |  |  |
Other financing activities | 30,844 |  |  | 29,073 |  |  |
Net cash provided by (used in) financing activities | 90,733 |  |  | (618,037) |  |  |
Net increase (decrease) in cash and cash equivalents | 310,178 |  |  | (154,831) |  |  |
Cash and cash equivalents, beginning of period | 491,116 |  |  | 588,283 |  |  |
Cash and cash equivalents, end of period | $ | 801,294 |  |  | $ | 433,452 |  |  |
Supplemental disclosure of cash flow information: |  |  |  |  |
Interest paid | $ | 435,201 |  |  | $ | 534,276 |  |  |
Income taxes paid, net | $ | 29,727 |  |  | $ | 46,831 |  |  |
Supplemental schedule of non-cash investing and financing activities: |  |  |  |  |
Transfers from loans to loans held for sale | $ | 100,601 |  |  | $ | 113,536 |  |  |
Transfers from operating lease equipment to equipment held for sale | $ | — |  |  | $ | 21,842 |  |  |
Dividends declared, not paid | $ | 23,272 |  |  | $ | 21,633 |  |  |
Unsettled securities trades, net | $ | 145,025 |  |  | $ | 133,922 |  |  |

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

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

| Common Shares Outstanding |  | Common Stock |  | Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Total Stockholders’ Equity
Balance at March 31, 2025 | 75,242,048 |  |  | $ | 752 |  |  | $ | 301,321 |  |  | $ | 2,831,743 |  |  | $ | (236,234) |  |  | $ | 2,897,582 |
Comprehensive income | — |  |  | — |  |  | — |  |  | 68,766 |  |  | 4,991 |  |  | 73,757 |
Dividends ($0.31 per common share) | — |  |  | — |  |  | — |  |  | (23,272) |  |  | — |  |  | (23,272) |
Equity based compensation, net of shares forfeited and surrendered | (23,137) |  |  | — |  |  | 4,950 |  |  | — |  |  | — |  |  | 4,950 |
Balance at June 30, 2025 | 75,218,911 |  |  | $ | 752 |  |  | $ | 306,271 |  |  | $ | 2,877,237 |  |  | $ | (231,243) |  |  | $ | 2,953,017 |
Balance at March 31, 2024 | 74,772,706 |  |  | $ | 748 |  |  | $ | 286,169 |  |  | $ | 2,677,403 |  |  | $ | (323,928) |  |  | $ | 2,640,392 |
Comprehensive income | — |  |  | — |  |  | — |  |  | 53,733 |  |  | 22,306 |  |  | 76,039 |
Dividends ($0.29 per common share) | — |  |  | — |  |  | — |  |  | (21,633) |  |  | — |  |  | (21,633) |
Equity based compensation, net of shares forfeited and surrendered | (14,097) |  |  | — |  |  | 4,550 |  |  | — |  |  | — |  |  | 4,550 |
Balance at June 30, 2024 | 74,758,609 |  |  | $ | 748 |  |  | $ | 290,719 |  |  | $ | 2,709,503 |  |  | $ | (301,622) |  |  | $ | 2,699,348 |

| Common Shares Outstanding |  | Common Stock |  | Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Total Stockholders’ Equity |  |
Balance at December 31, 2024 | 74,748,370 |  |  | $ | 747 |  |  | $ | 301,672 |  |  | $ | 2,796,440 |  |  | $ | (284,541) |  |  | $ | 2,814,318 |  |  |
Comprehensive income | — |  |  | — |  |  | — |  |  | 127,242 |  |  | 53,298 |  |  | 180,540 |  |  |
Dividends ($0.62 per common share) | — |  |  | — |  |  | — |  |  | (46,445) |  |  | — |  |  | (46,445) |  |  |
Equity based compensation, net of shares forfeited and surrendered | 470,541 |  |  | 5 |  |  | 4,599 |  |  | — |  |  | — |  |  | 4,604 |  |  |
Balance at June 30, 2025 | 75,218,911 |  |  | $ | 752 |  |  | $ | 306,271 |  |  | $ | 2,877,237 |  |  | $ | (231,243) |  |  | $ | 2,953,017 |  |  |
Balance at December 31, 2023 | 74,372,505 |  |  | $ | 744 |  |  | $ | 283,642 |  |  | $ | 2,650,956 |  |  | $ | (357,421) |  |  | $ | 2,577,921 |  |  |
Comprehensive income | — |  |  | — |  |  | — |  |  | 101,713 |  |  | 55,799 |  |  | 157,512 |  |  |
Dividends ($0.58 per common share) | — |  |  | — |  |  | — |  |  | (43,166) |  |  | — |  |  | (43,166) |  |  |
Equity based compensation, net of shares forfeited and surrendered | 386,104 |  |  | 4 |  |  | 7,077 |  |  | — |  |  | — |  |  | 7,081 |  |  |
Balance at June 30, 2024 | 74,758,609 |  |  | $ | 748 |  |  | $ | 290,719 |  |  | $ | 2,709,503 |  |  | $ | (301,622) |  |  | $ | 2,699,348 |  |  |

6
The accompanying notes are an integral part of these consolidated financial statements

Table of Contents
BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Note 1 Basis of Presentation and Summary of Significant Accounting Policies
BankUnited, Inc. is a national bank holding company with one wholly-owned subsidiary, BankUnited, collectively, the Company. BankUnited, a national banking association headquartered in Miami Lakes, Florida, provides a full range of banking services to individual and corporate customers through banking centers in Florida, the New York metropolitan area and Dallas, Texas. The Bank also offers certain commercial lending and deposit products through national platforms and regional wholesale banking offices.
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, these financial statements do not include all of the information and footnotes required for a fair presentation of financial position, results of operations and cash flows in conformity with GAAP and should be read in conjunction with the Company’s consolidated financial statements and the notes thereto appearing in BKU’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected in future periods.
The Company has a single operating segment and thus a single reportable segment. The Company’s CEO is the CODM. While the CODM monitors the revenue streams and deposit and loan balances of its lines of business, the business lines serve a similar base of primarily commercial clients and provide a comparable range of products and services, all managed through similar processes and platforms. The CODM regularly assesses the performance of its single operating and reporting segment and decides how to allocate resources based on net income as reported in the Company’s consolidated statements of income. The CODM reviews expense information at the same level of detail as that disclosed in the Company's consolidated financial statements.
Accounting Estimates
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and disclosures of contingent assets and liabilities. Actual results could differ significantly from these estimates.
The most significant estimate impacting the Company's consolidated financial statements is the ACL.
Accounting Pronouncements Not Yet Adopted
ASU No. 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires entities to provide additional disclosures, primarily related to the income tax rate reconciliation and income taxes paid. The guidance also eliminates certain existing disclosure requirements related to uncertain tax positions among others. This ASU is effective for the Company for fiscal years beginning after December 15, 2024. The ASU stipulates adoption on a prospective basis with the option to apply the standard retrospectively. The Company plans to adopt this ASU when effective for fiscal year ended December 31, 2025. The adoption of this ASU is not expected to have an impact on the Company's consolidated financial position, results of operations or cash flows. Adoption will lead to revised disclosures about income taxes in the Company's financial statements.
ASU No. 2024-03—Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires additional disclosure in interim and annual periods about specific expense categories in the notes to the financial statements. This ASU is effective for the Company for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The adoption of this ASU is not expected to have an impact on the Company's consolidated financial position, results of operations or cash flows but may lead to additional disclosures about expenses in the Notes to the Consolidated Financial Statements.
7

Table of Contents
BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Note 2 Earnings Per Common Share
The computation of basic and diluted earnings per common share is presented below for the periods indicated (in thousands, except share and per share data):

| Three Months Ended June 30, |  | Six Months Ended June 30,
c | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Basic earnings per common share: |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |
Net income | $ | 68,766 |  |  | $ | 53,733 |  |  | $ | 127,242 |  |  | $ | 101,713 |  |  |
Distributed and undistributed earnings allocated to participating securities | (979) |  |  | (748) |  |  | (1,799) |  |  | (1,429) |  |  |
Income allocated to common stockholders for basic earnings per common share | $ | 67,787 |  |  | $ | 52,985 |  |  | $ | 125,443 |  |  | $ | 100,284 |  |  |
Denominator: |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding | 75,222,756 |  |  | 74,762,498 |  |  | 75,071,593 |  |  | 74,635,803 |  |  |
Less average unvested stock awards | (1,124,872) |  |  | (1,110,233) |  |  | (1,113,205) |  |  | (1,119,035) |  |  |
Weighted average shares for basic earnings per common share | 74,097,884 |  |  | 73,652,265 |  |  | 73,958,388 |  |  | 73,516,768 |  |  |
Basic earnings per common share | $ | 0.91 |  |  | $ | 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 |  |  | $ | 52,985 |  |  | $ | 125,443 |  |  | $ | 100,284 |  |  |
Adjustment for earnings reallocated from participating securities | 5 |  |  | 2 |  |  | 9 |  |  | 4 |  |  |
Income used in calculating diluted earnings per common share | $ | 67,792 |  |  | $ | 52,987 |  |  | $ | 125,452 |  |  | $ | 100,288 |  |  |
Denominator: |  |  |  |  |  |  |  |  |
Weighted average shares for basic earnings per common share | 74,097,884 |  |  | 73,652,265 |  |  | 73,958,388 |  |  | 73,516,768 |  |  |
Dilutive effect of certain share-based awards | 523,812 |  |  | 365,988 |  |  | 543,043 |  |  | 310,906 |  |  |
Weighted average shares for diluted earnings per common share | 74,621,696 |  |  | 74,018,253 |  |  | 74,501,431 |  |  | 73,827,674 |  |  |
Diluted earnings per common share | $ | 0.91 |  |  | $ | 0.72 |  |  | $ | 1.68 |  |  | $ | 1.36 |  |  |

Potentially dilutive unvested shares totaling 1,109,286 and 1,084,899 were outstanding at June 30, 2025 and 2024, respectively, but excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive.
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Note 3 Investment Securities
Investment securities include investment securities available for sale and marketable equity securities. The investment securities portfolio consisted of the following at the dates indicated (in thousands):

| June 30, 2025
| Amortized Cost |  | Gross Unrealized |  | Carrying Value
|  | Gains |  | Losses |
Investment securities available for sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 149,875 |  |  | $ | 998 |  |  | $ | (8,304) |  |  | $ | 142,569 |
U.S. Government agency and sponsored enterprise residential MBS | 2,721,476 |  |  | 10,330 |  |  | (19,268) |  |  | 2,712,538 |
U.S. Government agency and sponsored enterprise commercial MBS | 548,402 |  |  | 450 |  |  | (48,527) |  |  | 500,325 |
Private label residential MBS and CMOs | 2,586,509 |  |  | 1,502 |  |  | (226,507) |  |  | 2,361,504 |
Private label commercial MBS | 2,119,814 |  |  | 2,902 |  |  | (27,677) |  |  | 2,095,039 |
Single family real estate-backed securities | 207,306 |  |  | 240 |  |  | (4,193) |  |  | 203,353 |
Collateralized loan obligations | 1,119,184 |  |  | 690 |  |  | (1,043) |  |  | 1,118,831 |
Non-mortgage asset-backed securities | 91,483 |  |  | 6 |  |  | (1,699) |  |  | 89,790 |
State and municipal obligations | 111,897 |  |  | 51 |  |  | (8,074) |  |  | 103,874 |
SBA securities | 66,443 |  |  | 27 |  |  | (1,901) |  |  | 64,569 |
| $ | 9,722,389 |  |  | $ | 17,196 |  |  | $ | (347,193) |  |  | $ | 9,392,392 |
Marketable equity securities |  |  |  |  |  |  | 8,679 |
|  |  |  |  |  |  | $ | 9,401,071 |

| December 31, 2024
| Amortized Cost |  | Gross Unrealized |  | Carrying Value
|  | Gains |  | Losses |
Investment securities available for sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 214,796 |  |  | $ | 165 |  |  | $ | (12,009) |  |  | $ | 202,952 |
U.S. Government agency and sponsored enterprise residential MBS | 2,672,554 |  |  | 3,607 |  |  | (26,471) |  |  | 2,649,690 |
U.S. Government agency and sponsored enterprise commercial MBS | 557,489 |  |  | 156 |  |  | (61,892) |  |  | 495,753 |
Private label residential MBS and CMOs | 2,491,033 |  |  | 506 |  |  | (253,493) |  |  | 2,238,046 |
Private label commercial MBS | 1,822,881 |  |  | 1,836 |  |  | (40,688) |  |  | 1,784,029 |
Single family real estate-backed securities | 335,047 |  |  | 108 |  |  | (8,074) |  |  | 327,081 |
Collateralized loan obligations | 1,131,088 |  |  | 1,804 |  |  | (193) |  |  | 1,132,699 |
Non-mortgage asset-backed securities | 96,865 |  |  | 144 |  |  | (2,555) |  |  | 94,454 |
State and municipal obligations | 110,388 |  |  | 13 |  |  | (6,391) |  |  | 104,010 |
SBA securities | 74,900 |  |  | 37 |  |  | (2,235) |  |  | 72,702 |
| $ | 9,507,041 |  |  | $ | 8,376 |  |  | $ | (414,001) |  |  | $ | 9,101,416 |
Marketable equity securities |  |  |  |  |  |  | 28,828 |
|  |  |  |  |  |  | $ | 9,130,244 |

Accrued interest receivable on investments totaled $31 million and $36 million at June 30, 2025 and December 31, 2024, respectively, and is included in other assets in the accompanying consolidated balance sheets.
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
At June 30, 2025, contractual maturities of investment securities available for sale, adjusted for anticipated prepayments when applicable, were as follows (in thousands):

| Amortized Cost |  | Fair Value
Due in one year or less | $ | 801,840 |  |  | $ | 781,538 |
Due after one year through five years | 5,300,383 |  |  | 5,211,984 |
Due after five years through ten years | 2,429,925 |  |  | 2,304,295 |
Due after ten years | 1,190,241 |  |  | 1,094,575 |
| $ | 9,722,389 |  |  | $ | 9,392,392 |

The carrying value of securities pledged as collateral for FHLB advances, public deposits, interest rate swaps and to secure borrowing capacity at the FRB totaled $8.1 billion and $7.9 billion at June 30, 2025 and December 31, 2024, respectively.
The following table provides information about gains (losses) on investment securities for the periods indicated (in thousands):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Gross realized gains on investment securities AFS | $ | 731 |  |  | $ | 398 |  |  | $ | 1,593 |  |  | $ | 425 |  |  |
Gross realized losses on investment securities AFS | (118) |  |  | (48) |  |  | (155) |  |  | (103) |  |  |
Net realized gain | 613 |  |  | 350 |  |  | 1,438 |  |  | 322 |  |  |
Net gain (loss) on marketable equity securities recognized in earnings | (266) |  |  | 71 |  |  | (147) |  |  | 874 |  |  |
Gain on investment securities, net | $ | 347 |  |  | $ | 421 |  |  | $ | 1,291 |  |  | $ | 1,196 |  |  |

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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
The following tables present the aggregate fair value and the aggregate amount by which amortized cost exceeded fair value for investment securities available for sale in unrealized loss positions aggregated by investment category and length of time that individual securities had been in continuous unrealized loss positions at the dates indicated (in thousands):

| June 30, 2025
| Less than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities | $ | 53,724 |  |  | $ | (1,442) |  |  | $ | 42,776 |  |  | $ | (6,862) |  |  | $ | 96,500 |  |  | $ | (8,304) |
U.S. Government agency and sponsored enterprise residential MBS | 334,189 |  |  | (2,077) |  |  | 711,375 |  |  | (17,191) |  |  | 1,045,564 |  |  | (19,268) |
U.S. Government agency and sponsored enterprise commercial MBS | 37,967 |  |  | (376) |  |  | 401,394 |  |  | (48,151) |  |  | 439,361 |  |  | (48,527) |
Private label residential MBS and CMOs | 201,978 |  |  | (1,503) |  |  | 1,967,841 |  |  | (225,004) |  |  | 2,169,819 |  |  | (226,507) |
Private label commercial MBS | 440,202 |  |  | (1,056) |  |  | 633,038 |  |  | (26,621) |  |  | 1,073,240 |  |  | (27,677) |
Single family real estate-backed securities | — |  |  | — |  |  | 156,151 |  |  | (4,193) |  |  | 156,151 |  |  | (4,193) |
Collateralized loan obligations | 573,567 |  |  | (1,043) |  |  | — |  |  | — |  |  | 573,567 |  |  | (1,043) |
Non-mortgage asset-backed securities | — |  |  | — |  |  | 68,714 |  |  | (1,699) |  |  | 68,714 |  |  | (1,699) |
State and municipal obligations | 15,813 |  |  | (72) |  |  | 51,218 |  |  | (8,002) |  |  | 67,031 |  |  | (8,074) |
SBA securities | — |  |  | — |  |  | 60,862 |  |  | (1,901) |  |  | 60,862 |  |  | (1,901) |
| $ | 1,657,440 |  |  | $ | (7,569) |  |  | $ | 4,093,369 |  |  | $ | (339,624) |  |  | $ | 5,750,809 |  |  | $ | (347,193) |

| December 31, 2024
| Less than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities | $ | 126,710 |  |  | $ | (3,195) |  |  | $ | 40,791 |  |  | $ | (8,814) |  |  | $ | 167,501 |  |  | $ | (12,009) |
U.S. Government agency and sponsored enterprise residential MBS | 895,759 |  |  | (5,474) |  |  | 936,106 |  |  | (20,997) |  |  | 1,831,865 |  |  | (26,471) |
U.S. Government agency and sponsored enterprise commercial MBS | 55,431 |  |  | (1,545) |  |  | 394,735 |  |  | (60,347) |  |  | 450,166 |  |  | (61,892) |
Private label residential MBS and CMOs | 147,700 |  |  | (954) |  |  | 2,040,335 |  |  | (252,539) |  |  | 2,188,035 |  |  | (253,493) |
Private label commercial MBS | 44,000 |  |  | (302) |  |  | 1,199,150 |  |  | (40,386) |  |  | 1,243,150 |  |  | (40,688) |
Single family real estate-backed securities | — |  |  | — |  |  | 301,973 |  |  | (8,074) |  |  | 301,973 |  |  | (8,074) |
Collateralized loan obligations | 336,924 |  |  | (189) |  |  | 7,726 |  |  | (4) |  |  | 344,650 |  |  | (193) |
Non-mortgage asset-backed securities | — |  |  | — |  |  | 71,789 |  |  | (2,555) |  |  | 71,789 |  |  | (2,555) |
State and municipal obligations | 15,765 |  |  | (148) |  |  | 54,820 |  |  | (6,243) |  |  | 70,585 |  |  | (6,391) |
SBA securities | — |  |  | — |  |  | 67,880 |  |  | (2,235) |  |  | 67,880 |  |  | (2,235) |
| $ | 1,622,289 |  |  | $ | (11,807) |  |  | $ | 5,115,305 |  |  | $ | (402,194) |  |  | $ | 6,737,594 |  |  | $ | (414,001) |

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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
The Company monitors its investment securities available for sale for credit loss impairment on an individual security basis. No securities were determined to be credit loss impaired during the three and six months ended June 30, 2025 and 2024. At June 30, 2025, the Company did not have an intent to sell securities that were in significant unrealized loss positions, and it was not more likely than not that the Company would be required to sell these securities before recovery of the amortized cost basis, which may be at maturity. In making this determination, the Company considered its current and projected liquidity position including its ability to pledge securities to generate liquidity, its investment policy as to permissible holdings and concentration limits, regulatory requirements and other relevant factors.
At June 30, 2025, 393 securities available for sale were in unrealized loss positions. The amount of unrealized losses related to 101 of these securities was considered insignificant both individually and in the aggregate, totaling approximately $0.8 million and no further analysis with respect to these securities was considered necessary. The basis for concluding that AFS securities were not credit loss impaired and no ACL was considered necessary at June 30, 2025, is further discussed below.
Unrealized losses were primarily attributable to a sustained higher interest rate environment and in some cases, wider spreads compared to levels at which securities were purchased. The investment securities AFS portfolio was in a net unrealized loss position of $330.0 million at June 30, 2025, compared to $405.6 million at December 31, 2024, improving by $75.6 million during the six months ended June 30, 2025. While the majority of securities in the portfolio were floating rate at June 30, 2025, fixed rate securities accounted for the substantial majority of unrealized losses.
U.S. Government, U.S. Government Agency and Government Sponsored Enterprise Securities
At June 30, 2025, six U.S. treasury, 67 U.S. Government agency and sponsored enterprise residential MBS, 20 U.S. Government agency and sponsored enterprise commercial MBS, and 17 SBA securities were in unrealized loss positions. The timely payment of principal and interest on these securities is explicitly or implicitly guaranteed by the U.S. Government. As such, there is an assumption of zero credit loss and the Company expects to recover the amortized cost basis of these securities.
Private Label Securities
None of the impaired private label securities had missed principal or interest payments or had been downgraded by a NRSRO at June 30, 2025. The Company performed an analysis comparing the present value of cash flows expected to be collected to the amortized cost basis of impaired securities. This analysis was based on a scenario that we believe to be generally more conservative than our reasonable and supportable economic forecast at June 30, 2025, and incorporated assumptions about voluntary prepayment rates, collateral defaults, delinquencies, severity and other relevant factors as described further below. Our analysis also considered the structural characteristics of each security and the level of credit enhancement provided by that structure.
Private label residential MBS and CMOs
At June 30, 2025, 115 private label residential MBS and CMOs were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, voluntary prepayment rates, loss severity, delinquencies and recovery lag. In developing those assumptions, we took into account collateral quality measures such as FICO, LTV, documentation, loan type, property type, agency availability criteria and performing status. We also regularly monitor sector data including home price appreciation, forbearance, delinquency, special servicing and prepay trends as well as other economic data that could be indicative of stress in the sector. Underlying delinquencies in this sector remain low. Our June 30, 2025 analysis projected weighted average collateral losses for impaired securities in this category of 2.5% compared to weighted average credit support of 18.3%. As of June 30, 2025, 94% of impaired securities in this category, based on carrying value, were externally rated AAA, 4% were rated AA, 1% were rated A and one security was not externally rated.
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Private label commercial MBS
At June 30, 2025, 40 private label commercial MBS were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, voluntary prepayment rates, loss severity, delinquencies and recovery lag. In developing those assumptions, we took into account collateral quality and type, loan size, loan purpose and other qualitative factors. We also regularly monitor collateral concentrations, collateral watch lists, bankruptcy data, defeasance data, special servicing trends, delinquency and other economic data that could be indicative of stress in the sector. We consider collateral, deal, sector and tranche level performance as well as maturity and refinance risk. While we have observed some deterioration in collateral performance in this segment, particularly in the office sector, the high credit quality of these securities and adequacy of subordination to cover projected collateral losses supports the conclusion that there is no credit loss impairment. Our June 30, 2025 analysis projected weighted average collateral losses for impaired securities in this category of 7.1% compared to weighted average credit support of 47.0%. As of June 30, 2025, 83% of impaired securities in this category, based on carrying value, were externally rated AAA, 15% were rated AA and 2% were rated A. There was no single-asset, single-borrower exposure.
Single family real estate-backed securities
At June 30, 2025, seven single family rental real estate-backed securities were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, loss severity, delinquencies and recovery lag. We regularly monitor sector data including home price appreciation, forbearance, delinquency and prepay trends as well as other economic data that could be indicative of stress in the sector. We consider collateral, deal, sector and tranche level performance as well as maturity and refinance risk. Our June 30, 2025 analysis projected weighted average collateral losses for this category of 6.9% compared to weighted average credit support of 61.2%. As of June 30, 2025, 60% of impaired securities in this category, based on carrying value, were externally rated AAA and 40% were rated AA.
Collateralized loan obligations
At June 30, 2025, ten collateralized loan obligations were in unrealized loss positions. Unrealized losses totaled less than 1% of total amortized cost of this segment at June 30, 2025. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, loss severity, and delinquencies, calibrated to take into account idiosyncratic risks associated with the underlying collateral. In developing those assumptions, we took into account each sector’s performance pre-, during and post the 2008 financial crisis. We regularly engage with bond managers to monitor trends in underlying collateral including potential downgrades and subsequent cash flow diversions, liquidity, ratings migration, and any other relevant developments. The high credit quality of these securities and adequacy of subordination to cover projected collateral losses supports the conclusion that there is no credit loss impairment. Our June 30, 2025 analysis projected weighted average collateral losses for impaired securities in this category of 14.2% compared to weighted average credit support of 41.4%. As of June 30, 2025, 85% of the impaired securities in this category, based on carrying value, were externally rated AAA, and 15% were rated AA.
Non-mortgage asset-backed securities
At June 30, 2025, five non-mortgage asset-backed securities were in unrealized loss positions. These securities are backed by student loan collateral. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, loss severity, delinquencies, voluntary prepayment rates and recovery lag. In developing assumptions, we took into account collateral type, delineated by whether collateral consisted of loans to borrowers in school, refinancing, or a mixture. Our June 30, 2025 analysis projected weighted average collateral losses for impaired securities in this category of 3.7% compared to weighted average credit support of 31.6%. As of June 30, 2025, 26% of the impaired securities in this category, based on carrying value, were externally rated AAA, and 74% were rated AA.
State and Municipal Obligations
At June 30, 2025, five state and municipal obligations were in unrealized loss positions. Our analysis of potential credit loss impairment for these securities incorporates a comprehensive analysis and quantitative score of the underlying obligor's credit worthiness provided by a third-party vendor as well as other relevant qualitative considerations. As of June 30, 2025, 100% of the impaired securities in this category, based on carrying value, were externally rated AA.
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Note 4 Loans and Allowance for Credit Losses
Loans consisted of the following at the dates indicated (dollars in thousands):

| June 30, 2025 |  | December 31, 2024
| Amortized Cost |  | Percent of Total Loans |  | Amortized Cost |  | Percent of Total Loans
Commercial: |  |  |  |  |  |  |
Non-owner occupied commercial real estate | $ | 5,829,835 |  |  | 24.4 | % |  | $ | 5,652,203 |  |  | 23.3 | %
Construction and land | 643,630 |  |  | 2.7 | % |  | 561,989 |  |  | 2.3 | %
Owner occupied commercial real estate | 1,942,076 |  |  | 8.1 | % |  | 1,941,004 |  |  | 8.0 | %
Commercial and industrial | 6,743,739 |  |  | 28.2 | % |  | 7,042,222 |  |  | 28.9 | %
Pinnacle - municipal finance | 694,639 |  |  | 2.9 | % |  | 720,661 |  |  | 3.0 | %
Franchise and equipment finance | 149,022 |  |  | 0.6 | % |  | 213,477 |  |  | 0.9 | %
Mortgage warehouse lending | 626,589 |  |  | 2.6 | % |  | 585,610 |  |  | 2.4 | %
| 16,629,530 |  |  | 69.5 | % |  | 16,717,166 |  |  | 68.8 | %
Residential: |  |  |  |  |  |  |
1-4 single family residential | 6,310,932 |  |  | 26.4 | % |  | 6,508,922 |  |  | 26.8 | %
Government insured residential | 993,065 |  |  | 4.1 | % |  | 1,071,892 |  |  | 4.4 | %
| 7,303,997 |  |  | 30.5 | % |  | 7,580,814 |  |  | 31.2 | %
Total loans | 23,933,527 |  |  | 100.0 | % |  | 24,297,980 |  |  | 100.0 | %
Allowance for credit losses | (222,730) |  |  |  |  | (223,153) |  |  |
Loans, net | $ | 23,710,797 |  |  |  |  | $ | 24,074,827 |  |  |

Premiums, discounts and deferred fees and costs, excluding the non-credit related discount on PCD loans, totaled $30 million and $33 million at June 30, 2025 and December 31, 2024, respectively. The amortized cost of PCD loans totaled $35 million and $38 million at June 30, 2025 and December 31, 2024, respectively.
Included in loans, net are direct or sales type finance leases totaling $436 million and $459 million at June 30, 2025 and December 31, 2024, respectively. The amount of income recognized from direct or sales type finance leases for the three and six months ended June 30, 2025 and 2024 totaled $2.9 million, $5.7 million, $3.8 million and $7.9 million, respectively, and is included in interest income on loans in the consolidated statements of income.
During the three and six months ended June 30, 2025 and 2024, the Company purchased residential loans totaling $89 million, $185 million, $60 million and $127 million, respectively.
At June 30, 2025 and December 31, 2024, the Company had pledged loans with a carrying value of approximately $15.5 billion and $15.8 billion, respectively, as security for FHLB advances and Federal Reserve discount window capacity.
Accrued interest receivable on loans totaled $117 million and $120 million at June 30, 2025 and December 31, 2024, respectively, and is included in other assets in the accompanying consolidated balance sheets. The amount of interest income reversed on non-accrual loans was not material for the three and six months ended June 30, 2025 and 2024.
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Allowance for credit losses
Activity in the ACL is summarized below for the periods indicated (in thousands):

| Three Months Ended June 30,
| 2025 |  | 2024 |  |
| Commercial |  | Residential |  | Total |  | Commercial |  | Residential |  | Total |  |  |  |  |  |
Beginning balance | $ | 204,180 |  |  | $ | 15,567 |  |  | $ | 219,747 |  |  | $ | 210,929 |  |  | $ | 6,627 |  |  | $ | 217,556 |  |  |  |  |  |  |
Provision (recovery) | 17,292 |  |  | (1,598) |  |  | 15,694 |  |  | 22,224 |  |  | (401) |  |  | 21,823 |  |  |  |  |  |  |
Charge-offs | (14,051) |  |  | (208) |  |  | (14,259) |  |  | (16,100) |  |  | — |  |  | (16,100) |  |  |  |  |  |  |
Recoveries | 1,540 |  |  | 8 |  |  | 1,548 |  |  | 2,419 |  |  | — |  |  | 2,419 |  |  |  |  |  |  |
Ending balance | $ | 208,961 |  |  | $ | 13,769 |  |  | $ | 222,730 |  |  | $ | 219,472 |  |  | $ | 6,226 |  |  | $ | 225,698 |  |  |  |  |  |  |

| Six Months Ended June 30,
| 2025 |  | 2024 |  |
| Commercial |  | Residential |  | Total |  | Commercial |  | Residential |  | Total |  |  |  |  |  |
Beginning balance | $ | 211,203 |  |  | $ | 11,950 |  |  | $ | 223,153 |  |  | $ | 195,058 |  |  | $ | 7,631 |  |  | $ | 202,689 |  |  |  |  |  |  |
Provision (recovery) | 29,638 |  |  | 2,019 |  |  | 31,657 |  |  | 39,003 |  |  | (1,375) |  |  | 37,628 |  |  |  |  |  |  |
Charge-offs | (36,808) |  |  | (208) |  |  | (37,016) |  |  | (21,452) |  |  | (34) |  |  | (21,486) |  |  |  |  |  |  |
Recoveries | 4,928 |  |  | 8 |  |  | 4,936 |  |  | 6,863 |  |  | 4 |  |  | 6,867 |  |  |  |  |  |  |
Ending balance | $ | 208,961 |  |  | $ | 13,769 |  |  | $ | 222,730 |  |  | $ | 219,472 |  |  | $ | 6,226 |  |  | $ | 225,698 |  |  |  |  |  |  |

The ACL was determined utilizing a 2-year reasonable and supportable forecast period. The quantitative portion of the ACL was determined by weighting three third-party provided economic scenarios.
The ACL increased to 0.93% of total loans, compared to 0.92% at December 31, 2024. The two most significant factors impacting the ACL for the six months ended June 30, 2025 were increases in specific reserves, partially offset by net charge offs. The ACL was also impacted, although to a lesser extent, by increases related to (i) deterioration in the economic forecast and (ii) a net increase in qualitative factors and decreases related to (iii) upgrades and payoffs of criticized and classified commercial loans, (iv) shifts in portfolio composition, (v) improved borrower financials in some portfolio sub-segments, and (vi) routine modeling and assumption updates.
The following table presents gross charge-offs during the six months ended June 30, 2025 by year of origination (in thousands):

| Gross Charge-offs By Loan Origination Year
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior to 2021 |  | Revolving Loans |  | Total
CRE | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,983 |  |  | $ | 10,736 |  |  | $ | — |  |  | $ | 13,719 |
C&I | 83 |  |  | 193 |  |  | 3,734 |  |  | 9,460 |  |  | 5 |  |  | 722 |  |  | 8,892 |  |  | 23,089 |
Residential | — |  |  | — |  |  | — |  |  | 208 |  |  | — |  |  | — |  |  | — |  |  | 208 |
| $ | 83 |  |  | $ | 193 |  |  | $ | 3,734 |  |  | $ | 9,668 |  |  | $ | 2,988 |  |  | $ | 11,458 |  |  | $ | 8,892 |  |  | $ | 37,016 |

The following table presents the components of the provision for credit losses for the periods indicated (in thousands):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Amount related to funded portion of loans | $ | 15,694 |  |  | $ | 21,823 |  |  | $ | 31,657 |  |  | $ | 37,628 |  |  |
Amount related to off-balance sheet credit exposures | 4 |  |  | (2,285) |  |  | (848) |  |  | (2,805) |  |  |
Total provision for credit losses | $ | 15,698 |  |  | $ | 19,538 |  |  | $ | 30,809 |  |  | $ | 34,823 |  |  |

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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Credit quality information
Credit quality of loans held for investment is continuously monitored by dedicated commercial portfolio management and residential credit risk management functions. The Company also has a workout and recovery department that monitors the credit quality of criticized and classified loans and an independent internal credit review function.
Credit quality indicators for commercial loans
Factors that impact risk inherent in commercial portfolio segments include but are not limited to levels of economic activity or potential disruptions in economic activity, health of the national, regional and to a lesser extent global economies, interest rates, industry trends, demographic trends, inflationary trends, including particularly for commercial real estate loans the cost of insurance, patterns of and trends in customer behavior that influence demand for our borrowers' products and services, and commercial real estate values and related market dynamics. Particularly for the office sector, the evolving impact of hybrid and remote work on vacancies and valuations is a factor. Internal risk ratings are considered the most meaningful indicator of credit quality for commercial loans. Internal risk ratings are one indicator of the likelihood that a borrower will default, are a key factor influencing the level and nature of ongoing monitoring of loans and may impact the estimation of the ACL. Internal risk ratings are updated on a continuous basis. Generally, relationships with balances greater than $3 million are re-evaluated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. The special mention rating is considered a transitional rating for loans exhibiting potential credit weaknesses that could result in deterioration of repayment prospects at some future date if not checked or corrected and that deserve management’s close attention. These borrowers may exhibit declining cash flows or revenues or increasing leverage. Loans with well-defined credit weaknesses that may result in a loss if the deficiencies are not corrected are assigned a risk rating of substandard. These borrowers may exhibit payment defaults, inadequate cash flows from current operations, operating losses, increasing balance sheet leverage, project cost overruns, unreasonable construction delays, exhausted interest reserves, declining collateral values, frequent overdrafts or past due real estate taxes. Loans with weaknesses so severe that collection in full is highly questionable or improbable, but because of certain reasonably specific pending factors have not been charged off, are assigned an internal risk rating of doubtful.
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Commercial credit exposure based on internal risk rating (in thousands):

| June 30, 2025
| Amortized Cost By Origination Year |  | Revolving Loans |  |
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  |  | Total
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 563,575 |  |  | $ | 968,557 |  |  | $ | 872,218 |  |  | $ | 969,938 |  |  | $ | 522,771 |  |  | $ | 1,687,978 |  |  | $ | 125,880 |  |  | $ | 5,710,917 |
Special mention | — |  |  | — |  |  | — |  |  | 21,565 |  |  | 45,315 |  |  | 22,079 |  |  | — |  |  | 88,959 |
Substandard | — |  |  | — |  |  | 21,845 |  |  | 155,262 |  |  | 66,604 |  |  | 429,878 |  |  | — |  |  | 673,589 |
Total CRE | $ | 563,575 |  |  | $ | 968,557 |  |  | $ | 894,063 |  |  | $ | 1,146,765 |  |  | $ | 634,690 |  |  | $ | 2,139,935 |  |  | $ | 125,880 |  |  | $ | 6,473,465 |
C&I |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 734,851 |  |  | $ | 1,297,656 |  |  | $ | 1,066,081 |  |  | $ | 825,410 |  |  | $ | 382,815 |  |  | $ | 1,175,968 |  |  | $ | 2,756,193 |  |  | $ | 8,238,974 |
Special mention | — |  |  | — |  |  | 3,008 |  |  | — |  |  | 5,329 |  |  | 1,350 |  |  | 32,233 |  |  | 41,920 |
Substandard | — |  |  | 15,902 |  |  | 38,795 |  |  | 96,805 |  |  | 21,510 |  |  | 121,031 |  |  | 76,350 |  |  | 370,393 |
Doubtful | — |  |  | — |  |  | 796 |  |  | 9,375 |  |  | 14,954 |  |  | — |  |  | 9,403 |  |  | 34,528 |
Total C&I | $ | 734,851 |  |  | $ | 1,313,558 |  |  | $ | 1,108,680 |  |  | $ | 931,590 |  |  | $ | 424,608 |  |  | $ | 1,298,349 |  |  | $ | 2,874,179 |  |  | $ | 8,685,815 |
Pinnacle - municipal finance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 43,647 |  |  | $ | 54,653 |  |  | $ | 89,415 |  |  | $ | 78,757 |  |  | $ | 47,265 |  |  | $ | 380,902 |  |  | $ | — |  |  | $ | 694,639 |
Total Pinnacle - municipal finance | $ | 43,647 |  |  | $ | 54,653 |  |  | $ | 89,415 |  |  | $ | 78,757 |  |  | $ | 47,265 |  |  | $ | 380,902 |  |  | $ | — |  |  | $ | 694,639 |
Franchise and equipment finance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | — |  |  | $ | — |  |  | $ | 1,898 |  |  | $ | 4,241 |  |  | $ | 29,076 |  |  | $ | 72,717 |  |  | $ | 21,192 |  |  | $ | 129,124 |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,787 |  |  | — |  |  | 19,787 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 111 |  |  | — |  |  | 111 |
Total Franchise and equipment finance | $ | — |  |  | $ | — |  |  | $ | 1,898 |  |  | $ | 4,241 |  |  | $ | 29,076 |  |  | $ | 92,615 |  |  | $ | 21,192 |  |  | $ | 149,022 |
Mortgage warehouse lending |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 626,589 |  |  | $ | 626,589 |
Total Mortgage warehouse lending | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 626,589 |  |  | $ | 626,589 |

| December 31, 2024
| Amortized Cost By Origination Year |  | Revolving Loans |  |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  |  | Total
CRE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 921,888 |  |  | $ | 783,342 |  |  | $ | 1,119,032 |  |  | $ | 609,452 |  |  | $ | 399,806 |  |  | $ | 1,478,261 |  |  | $ | 114,648 |  |  | $ | 5,426,429 |
Special mention | — |  |  | — |  |  | — |  |  | — |  |  | 39,714 |  |  | 19,057 |  |  | — |  |  | 58,771 |
Substandard | — |  |  | 21,853 |  |  | 131,816 |  |  | 121,005 |  |  | 76,590 |  |  | 377,728 |  |  | — |  |  | 728,992 |
Total CRE | $ | 921,888 |  |  | $ | 805,195 |  |  | $ | 1,250,848 |  |  | $ | 730,457 |  |  | $ | 516,110 |  |  | $ | 1,875,046 |  |  | $ | 114,648 |  |  | $ | 6,214,192 |
C&I |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 1,514,746 |  |  | $ | 1,182,701 |  |  | $ | 962,478 |  |  | $ | 470,041 |  |  | $ | 269,508 |  |  | $ | 1,085,412 |  |  | $ | 2,931,044 |  |  | $ | 8,415,930 |
Special mention | 45,092 |  |  | 8,231 |  |  | 73,226 |  |  | 35,581 |  |  | — |  |  | — |  |  | 41,486 |  |  | 203,616 |
Substandard | — |  |  | 49,681 |  |  | 74,001 |  |  | 40,108 |  |  | 10,529 |  |  | 101,028 |  |  | 81,798 |  |  | 357,145 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,535 |  |  | 6,535 |
Total C&I | $ | 1,559,838 |  |  | $ | 1,240,613 |  |  | $ | 1,109,705 |  |  | $ | 545,730 |  |  | $ | 280,037 |  |  | $ | 1,186,440 |  |  | $ | 3,060,863 |  |  | $ | 8,983,226 |
Pinnacle - municipal finance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 60,317 |  |  | $ | 108,440 |  |  | $ | 93,800 |  |  | $ | 51,034 |  |  | $ | 24,010 |  |  | $ | 383,060 |  |  | $ | — |  |  | $ | 720,661 |
Total Pinnacle - municipal finance | $ | 60,317 |  |  | $ | 108,440 |  |  | $ | 93,800 |  |  | $ | 51,034 |  |  | $ | 24,010 |  |  | $ | 383,060 |  |  | $ | — |  |  | $ | 720,661 |
Franchise and equipment finance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | — |  |  | $ | 2,014 |  |  | $ | 26,408 |  |  | $ | 54,871 |  |  | $ | 16,435 |  |  | $ | 84,879 |  |  | $ | 174 |  |  | $ | 184,781 |
Substandard | — |  |  | — |  |  | — |  |  | 1,486 |  |  | 275 |  |  | 26,614 |  |  | — |  |  | 28,375 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 321 |  |  | — |  |  | 321 |
Total Franchise and equipment finance | $ | — |  |  | $ | 2,014 |  |  | $ | 26,408 |  |  | $ | 56,357 |  |  | $ | 16,710 |  |  | $ | 111,814 |  |  | $ | 174 |  |  | $ | 213,477 |
Mortgage warehouse lending |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 585,610 |  |  | $ | 585,610 |
Total Mortgage warehouse lending | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 585,610 |  |  | $ | 585,610 |

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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
At June 30, 2025 and December 31, 2024, the balance of revolving loans converted to term loans was immaterial.
The following table presents criticized and classified commercial loans in aggregate by risk rating category at the dates indicated (in thousands):

| June 30, 2025 |  |  |  | December 31, 2024 |  |  |  |
Special mention | $ | 130,879 |  |  |  |  | $ | 262,387 |  |  |  |  |
Substandard - accruing | 745,811 |  |  |  |  | 894,754 |  |  |  |  |
Substandard - non-accruing | 317,958 |  |  |  |  | 219,758 |  |  |  |  |
Doubtful | 34,639 |  |  |  |  | 6,856 |  |  |  |  |
Total | $ | 1,229,287 |  |  |  |  | $ | 1,383,755 |  |  |  |  |

Credit quality indicators for residential loans
Management considers delinquency status to be the most meaningful indicator of the credit quality of residential loans, other than government insured residential loans. Delinquency status is updated at least monthly. LTV and FICO scores are also important indicators of credit quality for 1-4 single family residential loans other than government insured loans. FICO scores are generally updated semi-annually, and were most recently updated in the first quarter of 2025. LTVs are typically at origination. Substantially all of the government insured residential loans are government insured Buyout Loans, which the Company buys out of GNMA securitizations upon default. For these loans, traditional measures of credit quality are not particularly relevant considering the guaranteed nature of the loans and the underlying business model. Factors that impact risk inherent in the residential portfolio segment include national and regional economic conditions such as levels of unemployment, wages and interest rates, as well as residential property values.
1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on delinquency status (in thousands):

| June 30, 2025
| Amortized Cost By Origination Year |  |
Days Past Due | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
Current | $ | 117,681 |  |  | $ | 229,137 |  |  | $ | 277,952 |  |  | $ | 971,632 |  |  | $ | 2,649,818 |  |  | $ | 2,016,622 |  |  | $ | 6,262,842 |
30 - 59 Days Past Due | 1,800 |  |  | 369 |  |  | 404 |  |  | 8,279 |  |  | 6,723 |  |  | 8,317 |  |  | 25,892 |
60 - 89 Days Past Due | — |  |  | 1,606 |  |  | — |  |  | — |  |  | 1,153 |  |  | 1,701 |  |  | 4,460 |
90 Days or More Past Due | — |  |  | — |  |  | — |  |  | 143 |  |  | 6,086 |  |  | 11,509 |  |  | 17,738 |
| $ | 119,481 |  |  | $ | 231,112 |  |  | $ | 278,356 |  |  | $ | 980,054 |  |  | $ | 2,663,780 |  |  | $ | 2,038,149 |  |  | $ | 6,310,932 |

| December 31, 2024
| Amortized Cost By Origination Year |  |
Days Past Due | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
Current | $ | 251,767 |  |  | $ | 304,595 |  |  | $ | 1,012,777 |  |  | $ | 2,744,941 |  |  | $ | 798,346 |  |  | $ | 1,340,402 |  |  | $ | 6,452,828 |
30 - 59 Days Past Due | — |  |  | 3,045 |  |  | 4,948 |  |  | 15,368 |  |  | 474 |  |  | 9,140 |  |  | 32,975 |
60 - 89 Days Past Due | 156 |  |  | — |  |  | 1,445 |  |  | 4,007 |  |  | — |  |  | 547 |  |  | 6,155 |
90 Days or More Past Due | — |  |  | — |  |  | 2,486 |  |  | 3,457 |  |  | — |  |  | 11,021 |  |  | 16,964 |
| $ | 251,923 |  |  | $ | 307,640 |  |  | $ | 1,021,656 |  |  | $ | 2,767,773 |  |  | $ | 798,820 |  |  | $ | 1,361,110 |  |  | $ | 6,508,922 |

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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on LTV (in thousands):

| June 30, 2025
| Amortized Cost By Origination Year |  |
LTV | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
Less than 61% | $ | 23,043 |  |  | $ | 26,952 |  |  | $ | 48,360 |  |  | $ | 225,455 |  |  | $ | 1,075,889 |  |  | $ | 689,723 |  |  | $ | 2,089,422 |
61% - 70% | 17,866 |  |  | 30,351 |  |  | 37,798 |  |  | 253,701 |  |  | 739,046 |  |  | 483,914 |  |  | 1,562,676 |
71% - 80% | 50,865 |  |  | 139,918 |  |  | 159,090 |  |  | 497,418 |  |  | 817,540 |  |  | 829,562 |  |  | 2,494,393 |
More than 80% | 27,707 |  |  | 33,891 |  |  | 33,108 |  |  | 3,480 |  |  | 31,305 |  |  | 34,950 |  |  | 164,441 |
| $ | 119,481 |  |  | $ | 231,112 |  |  | $ | 278,356 |  |  | $ | 980,054 |  |  | $ | 2,663,780 |  |  | $ | 2,038,149 |  |  | $ | 6,310,932 |

| December 31, 2024
| Amortized Cost By Origination Year |  |
LTV | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
Less than 61% | $ | 27,646 |  |  | $ | 51,565 |  |  | $ | 236,020 |  |  | $ | 1,124,532 |  |  | $ | 304,755 |  |  | $ | 425,814 |  |  | $ | 2,170,332 |
61% - 70% | 33,033 |  |  | 42,636 |  |  | 263,959 |  |  | 759,931 |  |  | 203,423 |  |  | 307,052 |  |  | 1,610,034 |
71% - 80% | 156,942 |  |  | 175,651 |  |  | 518,164 |  |  | 851,427 |  |  | 290,573 |  |  | 590,130 |  |  | 2,582,887 |
More than 80% | 34,302 |  |  | 37,788 |  |  | 3,513 |  |  | 31,883 |  |  | 69 |  |  | 38,114 |  |  | 145,669 |
| $ | 251,923 |  |  | $ | 307,640 |  |  | $ | 1,021,656 |  |  | $ | 2,767,773 |  |  | $ | 798,820 |  |  | $ | 1,361,110 |  |  | $ | 6,508,922 |

1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on FICO score (in thousands):

| June 30, 2025
| Amortized Cost By Origination Year |  |
FICO | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Total
760 or greater | $ | 78,873 |  |  | $ | 166,169 |  |  | $ | 207,607 |  |  | $ | 703,941 |  |  | $ | 2,097,309 |  |  | $ | 1,480,664 |  |  | $ | 4,734,563 |
720 - 759 | 31,996 |  |  | 42,903 |  |  | 40,971 |  |  | 156,609 |  |  | 352,321 |  |  | 292,525 |  |  | 917,325 |
719 or less or not available | 8,612 |  |  | 22,040 |  |  | 29,778 |  |  | 119,504 |  |  | 214,150 |  |  | 264,960 |  |  | 659,044 |
| $ | 119,481 |  |  | $ | 231,112 |  |  | $ | 278,356 |  |  | $ | 980,054 |  |  | $ | 2,663,780 |  |  | $ | 2,038,149 |  |  | $ | 6,310,932 |

| December 31, 2024
| Amortized Cost By Origination Year |  |
FICO | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total
760 or greater | $ | 179,256 |  |  | $ | 215,486 |  |  | $ | 725,399 |  |  | $ | 2,202,004 |  |  | $ | 642,572 |  |  | $ | 952,136 |  |  | $ | 4,916,853 |
720 - 759 | 58,642 |  |  | 59,356 |  |  | 173,309 |  |  | 365,198 |  |  | 95,495 |  |  | 192,943 |  |  | 944,943 |
719 or less or not available | 14,025 |  |  | 32,798 |  |  | 122,948 |  |  | 200,571 |  |  | 60,753 |  |  | 216,031 |  |  | 647,126 |
| $ | 251,923 |  |  | $ | 307,640 |  |  | $ | 1,021,656 |  |  | $ | 2,767,773 |  |  | $ | 798,820 |  |  | $ | 1,361,110 |  |  | $ | 6,508,922 |

19

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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Past Due and Non-Accrual Loans:
The following table presents an aging of loans at the dates indicated (in thousands):

| June 30, 2025 |  | December 31, 2024
| Current |  | 30 - 59 Days Past Due |  | 60 - 89 Days Past Due |  | 90 Days or More Past Due |  | Total |  | Current |  | 30 - 59 Days Past Due |  | 60 - 89 Days Past Due |  | 90 Days or More Past Due |  | Total
CRE | $ | 6,447,178 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,287 |  |  | $ | 6,473,465 |  |  | $ | 6,145,386 |  |  | $ | 35,000 |  |  | $ | — |  |  | $ | 33,806 |  |  | $ | 6,214,192 |
C&I | 8,635,670 |  |  | 4,727 |  |  | 1,253 |  |  | 44,165 |  |  | 8,685,815 |  |  | 8,911,057 |  |  | 16,137 |  |  | 25,645 |  |  | 30,387 |  |  | 8,983,226 |
Pinnacle - municipal finance | 694,639 |  |  | — |  |  | — |  |  | — |  |  | 694,639 |  |  | 720,661 |  |  | — |  |  | — |  |  | — |  |  | 720,661 |
Franchise and equipment finance | 149,022 |  |  | — |  |  | — |  |  | — |  |  | 149,022 |  |  | 213,477 |  |  | — |  |  | — |  |  | — |  |  | 213,477 |
Mortgage warehouse lending | 626,589 |  |  | — |  |  | — |  |  | — |  |  | 626,589 |  |  | 585,610 |  |  | — |  |  | — |  |  | — |  |  | 585,610 |
1-4 single family residential | 6,262,842 |  |  | 25,892 |  |  | 4,460 |  |  | 17,738 |  |  | 6,310,932 |  |  | 6,452,828 |  |  | 32,975 |  |  | 6,155 |  |  | 16,964 |  |  | 6,508,922 |
Government insured residential | 669,188 |  |  | 100,045 |  |  | 30,398 |  |  | 193,434 |  |  | 993,065 |  |  | 691,111 |  |  | 108,287 |  |  | 46,681 |  |  | 225,813 |  |  | 1,071,892 |
| $ | 23,485,128 |  |  | $ | 130,664 |  |  | $ | 36,111 |  |  | $ | 281,624 |  |  | $ | 23,933,527 |  |  | $ | 23,720,130 |  |  | $ | 192,399 |  |  | $ | 78,481 |  |  | $ | 306,970 |  |  | $ | 24,297,980 |

Included in the table above is the guaranteed portion of SBA loans past due by 90 days or more totaling $34 million ($25 million of C&I and $9 million of CRE) and $33 million at June 30, 2025 and December 31, 2024, respectively.
Loans contractually delinquent by 90 days or more and still accruing totaled $194 million and $227 million at June 30, 2025 and December 31, 2024, respectively, substantially all of which were government insured residential loans. These loans are Buyout Loans, which the Company buys out of GNMA securitizations upon default.
The following table presents information about loans on non-accrual status at the dates indicated (in thousands):

| June 30, 2025 |  | December 31, 2024
| Amortized Cost |  | Amortized Cost With No Related Allowance |  | Amortized Cost |  | Amortized Cost With No Related Allowance
CRE | $ | 152,634 |  |  | $ | 112,599 |  |  | $ | 95,378 |  |  | $ | 65,004 |
C&I | 195,897 |  |  | 53,452 |  |  | 125,226 |  |  | 41,929 |
Franchise and equipment finance | 4,066 |  |  | 2,611 |  |  | 6,010 |  |  | 4,345 |
1-4 single family residential | 23,151 |  |  | — |  |  | 23,500 |  |  | — |
| $ | 375,748 |  |  | $ | 168,662 |  |  | $ | 250,114 |  |  | $ | 111,278 |

Included in the table above is the guaranteed portion of non-accrual SBA loans totaling $35.9 million and $34.3 million at June 30, 2025 and December 31, 2024, respectively. The amount of interest income recognized on non-accrual loans was insignificant for the three and six months ended June 30, 2025 and 2024. The amount of additional interest income that would have been recognized on non-accrual loans had they performed in accordance with their contractual terms was not material for the three and six months ended June 30, 2025 and 2024.
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Collateral dependent loans:
The following table presents the amortized cost basis of collateral dependent loans at the dates indicated (in thousands):

| June 30, 2025 |  | December 31, 2024
| Amortized Cost |  | Extent to Which Secured by Collateral |  | Amortized Cost |  | Extent to Which Secured by Collateral
CRE | $ | 152,041 |  |  | $ | 152,041 |  |  | $ | 94,283 |  |  | $ | 91,050 |
C&I | 79,864 |  |  | 76,866 |  |  | 87,565 |  |  | 78,150 |
Franchise and equipment finance | 4,066 |  |  | 3,955 |  |  | 6,010 |  |  | 5,689 |
| $ | 235,971 |  |  | $ | 232,862 |  |  | $ | 187,858 |  |  | $ | 174,889 |

Collateral for the CRE loan class generally consists of commercial real estate, or for certain construction loans, residential real estate. Collateral for C&I loans generally consists of equipment, accounts receivable, inventory and other business assets and for owner-occupied commercial real estate loans, may also include commercial real estate. Franchise and equipment finance loans may be collateralized by franchise value or by equipment. Residential loans are collateralized by residential real estate. There were no significant changes to the extent to which collateral secured collateral dependent loans during the six months ended June 30, 2025.
Foreclosure of residential real estate
The recorded investment in residential loans in the process of foreclosure was $71 million, of which $63 million was government insured at June 30, 2025, and $167 million, of which $157 million was government insured at December 31, 2024. The carrying amount of foreclosed residential real estate included in other assets in the accompanying consolidated balance sheet was insignificant at June 30, 2025 and December 31, 2024.
Loan Modifications
The following tables summarize loans that were modified for borrowers experiencing financial difficulty, by type of modification, during the periods indicated (dollars in thousands):

| Three Months Ended June 30, 2025
| Interest Rate Reduction |  | Term Extension |  | Other than Insignificant Payment Delays |  | Combination - Interest Rate Reduction and Term Extension |  | Combination - Interest Rate Reduction and Other than Insignificant Payment Delays |  | Combination - Term Extension and Other than Insignificant Payment Delays |  |
| Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Total
CRE | $ | — |  |  | — | % |  | $ | 91,833 |  |  | 1 | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | 91,833 |
C&I | — |  |  | — | % |  | 10,451 |  |  | — | % |  | 29,816 |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 40,267 |
1-4 single family residential | 36 |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 36 |
Government insured residential | — |  |  | — | % |  | 12,713 |  |  | 1 | % |  | — |  |  | — | % |  | 7,145 |  |  | 1 | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 19,858 |
| $ | 36 |  |  |  |  | $ | 114,997 |  |  |  |  | $ | 29,816 |  |  |  |  | $ | 7,145 |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | 151,994 |

| Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest Rate Reduction |  | Term Extension |  | Other than Insignificant Payment Delays |  | Combination - Interest Rate Reduction and Term Extension |  | Combination - Interest Rate Reduction and Other than Insignificant Payment Delays |  | Combination - Term Extension and Other than Insignificant Payment Delays |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE | $ | — |  |  | — | % |  | $ | 91,833 |  |  | 1 | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | 8,912 |  |  | — | % |  | $ | — |  |  | — | % |  | $ | 100,745 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I | — |  |  | — | % |  | 10,451 |  |  | — | % |  | 50,395 |  |  | 1 | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 6,587 |  |  | — | % |  | 67,433 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 single family residential | 36 |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 36 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government insured residential | — |  |  | — | % |  | 17,653 |  |  | 2 | % |  | — |  |  | — | % |  | 8,668 |  |  | 1 | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 26,321 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 36 |  |  |  |  | $ | 119,937 |  |  |  |  | $ | 50,395 |  |  |  |  | $ | 8,668 |  |  |  |  | $ | 8,912 |  |  |  |  | $ | 6,587 |  |  |  |  | $ | 194,535 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025

| Three Months Ended June 30, 2024
| Interest Rate Reduction |  | Term Extension |  | Other than Insignificant Payment Delays |  | Combination - Interest Rate Reduction and Term Extension |  | Combination - Interest Rate Reduction and Other than Insignificant Payment Delays |  | Combination - Term Extension and Other than Insignificant Payment Delays |  |
| Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Total
CRE | $ | — |  |  | — | % |  | $ | 1,293 |  |  | — | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | 1,293 |
C&I | — |  |  | — | % |  | 95,694 |  |  | 1 | % |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 95,694 |
Government insured residential | — |  |  | — | % |  | 13,248 |  |  | 1 | % |  | — |  |  | — | % |  | 866 |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 14,114 |
| $ | — |  |  |  |  | $ | 110,235 |  |  |  |  | $ | — |  |  |  |  | $ | 866 |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | 111,101 |

| Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest Rate Reduction |  | Term Extension |  | Other than Insignificant Payment Delays |  | Combination - Interest Rate Reduction and Term Extension |  | Combination - Interest Rate Reduction and Other than Insignificant Payment Delays |  | Combination - Term Extension and Other than Insignificant Payment Delays |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Amortized Cost |  | % (1) |  | Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE | $ | — |  |  | — | % |  | $ | 1,293 |  |  | — | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | % |  | $ | 1,293 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I | — |  |  | — | % |  | 95,694 |  |  | 1 | % |  | — |  |  | — | % |  | 29 |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 95,723 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government insured residential | — |  |  | — | % |  | 21,434 |  |  | 2 | % |  | — |  |  | — | % |  | 2,353 |  |  | — | % |  | — |  |  | — | % |  | — |  |  | — | % |  | 23,787 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  |  |  |  | $ | 118,421 |  |  |  |  | $ | — |  |  |  |  | $ | 2,382 |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | 120,803 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

(1)Represents percentage of loans receivable in each category.
The following tables summarize the financial effect of the modifications made to borrowers experiencing difficulty, during the periods indicated:

|  | Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
|  | Financial Effect |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Reduction: |  |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 single family residential |  | Reduced weighted average contractual interest rate from 8.3% to 7.0%. |  |  |  |  |  |  |  |  |  |  |  |
Term Extension: |  |  |  |  |  |  |  |  |  |  |  |  |  |
CRE |  | Added a weighted average 0.9 year to the term of the modified loans. |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | Added a weighted average 0.6 year to the term of the modified loans. |  |  |  |  |  |  |  |  |  |  |  |
Government insured residential |  | Added a weighted average 12.5 years to the term of the modified loans. |  |  |  |  |  |  |  |  |  |  |  |
Other than Insignificant Payment Delays: |  |  |  |  |  |  |  |  |  |  |  |  |  |
C&I |  | Provided 0.9 year of payment deferral. |  |  |  |  |  |  |  |  |  |  |  |
Combination - Interest Rate Reduction and Term Extension: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government insured residential |  | Reduced weighted average contractual interest rate from 7.3% to 7.1% and added a weighted average 3.5 years to the term of the modified loans. |  |  |  |  |  |  |  |  |  |  |  |

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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025

|  | Six Months Ended June 30, 2025
|  | Financial Effect
Interest Rate Reduction: |  |
1-4 single family residential |  | Reduced weighted average contractual interest rate from 8.3% to 7.0%.
Term Extension: |  |
CRE |  | Added a weighted average 0.9 year to the term of the modified loans.
C&I |  | Added a weighted average 0.9 year to the term of the modified loans.
Government insured residential |  | Added a weighted average 12.1 years to the term of the modified loans.
Other than Insignificant Payment Delays: |  |
C&I |  | Provided 0.7 year of payment deferral.
Combination - Interest Rate Reduction and Term Extension: |  |
Government insured residential |  | Reduced weighted average contractual interest rate from 7.3% to 7.1% and added a weighted average 3.1 years to the term of the modified loans.
Combination - Interest Rate Reduction and Other than Insignificant Payment Delays: |  |
CRE |  | Reduced weighted average contractual interest rate from 4.3% to 3.5% and provided 0.7 year of payment deferral.
Combination - Term Extension and Other than Insignificant Payment Delays: |  |
C&I |  | Added a weighted average 0.6 years to the term of the modified loans and provided 1.3 years of payment deferral.

|  | Three Months Ended June 30, 2024
|  | Financial Effect
Term Extension: |  |
CRE |  | Added a weighted average 1.0 year to the term of the modified loans.
C&I |  | Added a weighted average 1.6 years to the term of the modified loans.
Government insured residential |  | Added a weighted average 9.5 years to the term of the modified loans.
Combination - Interest Rate Reduction and Term Extension: |  |
Government insured residential |  | Reduced weighted average contractual interest rate from 7.4% to 7.2% and added a weighted average 2.1 years to the term of the modified loans.

|  | Six Months Ended June 30, 2024
|  | Financial Effect
Term Extension: |  |
CRE |  | Added a weighted average 1.0 year to the term of the modified loans.
C&I |  | Added a weighted average 1.6 years to the term of the modified loans.
Government insured residential |  | Added a weighted average 9.8 years to the term of the modified loans.
Combination - Interest Rate Reduction and Term Extension: |  |
C&I |  | Reduced weighted average contractual interest rate from 21.2% to 5.0% and added a weighted average 2.2 years to the term of the modified loans.
Government insured residential |  | Reduced weighted average contractual interest rate from 6.8% to 6.3% and added a weighted average 4.6 years to the term of the modified loans.

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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
The following tables present the aging at the dates indicated, of loans that were modified within the previous 12 months (in thousands):

| June 30, 2025 |  |  |  |  |  |  |  |
| Current |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or More Past Due |  | Total |  |  |  |  |  |  |  |  |  |  |  |
CRE | $ | 163,759 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,450 |  |  | $ | 180,209 |  |  |  |  |  |  |  |  |  |  |  |  |
C&I | 94,846 |  |  | 2,148 |  |  | — |  |  | 826 |  |  | 97,820 |  |  |  |  |  |  |  |  |  |  |  |  |
Franchise and equipment finance | 1,455 |  |  | — |  |  | — |  |  | — |  |  | 1,455 |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 single family residential | 36 |  |  | 169 |  |  | — |  |  | — |  |  | 205 |  |  |  |  |  |  |  |  |  |  |  |  |
Government insured residential | 17,514 |  |  | 6,847 |  |  | 4,029 |  |  | 9,102 |  |  | 37,492 |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 277,610 |  |  | $ | 9,164 |  |  | $ | 4,029 |  |  | $ | 26,378 |  |  | $ | 317,181 |  |  |  |  |  |  |  |  |  |  |  |  |

| June 30, 2024 |  |  |  |  |  |  |  |
| Current |  | 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or More Past Due |  | Total |  |  |  |  |  |  |  |  |  |  |  |
CRE | $ | 1,293 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,293 |  |  |  |  |  |  |  |  |  |  |  |  |
C&I | 97,558 |  |  | 1,504 |  |  | — |  |  | — |  |  | 99,062 |  |  |  |  |  |  |  |  |  |  |  |  |
Franchise and equipment finance | 9,402 |  |  | — |  |  | — |  |  | — |  |  | 9,402 |  |  |  |  |  |  |  |  |  |  |  |  |
1-4 single family residential | 73 |  |  | — |  |  | — |  |  | — |  |  | 73 |  |  |  |  |  |  |  |  |  |  |  |  |
Government insured residential | 14,577 |  |  | 7,047 |  |  | 6,712 |  |  | 17,126 |  |  | 45,462 |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 122,903 |  |  | $ | 8,551 |  |  | $ | 6,712 |  |  | $ | 17,126 |  |  | $ | 155,292 |  |  |  |  |  |  |  |  |  |  |  |  |

The following tables summarize loans that were modified within the previous 12 months and defaulted during the periods indicated (in thousands):

|  |  | Three Months Ended June 30,
|  |  | 2025 |  |  |  | 2024
|  |  | Term Extension |  | Other than Insignificant Payment Delays |  | Combination - Interest Rate Reduction and Term Extension |  |  |  |  |  | Total |  |  |  | Term Extension |  | Other than Insignificant Payment Delays |  | Combination - Interest Rate Reduction and Term Extension |  |  | Total
C&I |  |  | $ | — |  |  | $ | 826 |  |  | $ | — |  |  |  |  |  |  | $ | 826 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Government insured residential |  |  | 2,685 |  |  | — |  |  | 2,529 |  |  |  |  |  |  | 5,214 |  |  |  |  | 8,060 |  |  | — |  |  | 1,084 |  |  |  | 9,144 |
|  |  | $ | 2,685 |  |  | $ | 826 |  |  | $ | 2,529 |  |  |  |  |  |  | $ | 6,040 |  |  |  |  | $ | 8,060 |  |  | $ | — |  |  | $ | 1,084 |  |  |  | $ | 9,144 |

|  |  | Six Months Ended June 30,
|  |  | 2025 |  |  |  | 2024
|  |  | Term Extension |  | Other than Insignificant Payment Delays |  | Combination - Interest Rate Reduction and Term Extension |  |  |  |  |  | Total |  |  |  | Term Extension |  | Other than Insignificant Payment Delays |  | Combination - Interest Rate Reduction and Term Extension |  |  | Total
C&I |  |  | $ | — |  |  | $ | 1,007 |  |  | $ | — |  |  |  |  |  |  | $ | 1,007 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Government insured residential |  |  | 5,859 |  |  | — |  |  | 3,901 |  |  |  |  |  |  | 9,760 |  |  |  |  | 16,231 |  |  | — |  |  | 1,956 |  |  |  | 18,187 |
|  |  | $ | 5,859 |  |  | $ | 1,007 |  |  | $ | 3,901 |  |  |  |  |  |  | $ | 10,767 |  |  |  |  | $ | 16,231 |  |  | $ | — |  |  | $ | 1,956 |  |  |  | $ | 18,187 |

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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Note 5 Income Taxes
The Company’s effective income tax rate was 26.8% and 26.9% for the three and six months ended June 30, 2025 and 26.4% and 27.4% for the three and six months ended June 30, 2024, respectively. The effective income tax rates differed from the statutory federal income tax rate of 21% for the three and six months ended June 30, 2025 and 2024 primarily due to the impact of state income taxes and interest on certain unrecognized tax benefits, partially offset by the benefit of income not subject to federal tax.
Note 6 Derivative Financial Instruments
Derivatives designated as hedging instruments
The Company has entered into interest rate derivatives designated as cash flow hedges with the objective of limiting the variability of interest payment cash flows. Changes in fair value of derivative instruments designated as cash flow hedges are reported in accumulated other comprehensive income.
The following table summarizes the Company's derivatives designated as hedging instruments as of the dates indicated (in thousands):

| June 30, 2025 |  | December 31, 2024
| Notional Amount |  | Fair Value(1) |  | Notional Amount |  | Fair Value(1)
|  | Asset |  | Liability |  |  | Asset |  | Liability
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps | $ | 3,405,000 |  |  | $ | 5,259 |  |  | $ | (191) |  |  | $ | 4,030,000 |  |  | $ | — |  |  | $ | (4,011) |
Interest rate caps purchased | 100,000 |  |  | 1,575 |  |  | — |  |  | 200,000 |  |  | 3,395 |  |  | — |
Interest rate collar | 125,000 |  |  | 17 |  |  | — |  |  | 125,000 |  |  | — |  |  | (30) |
| $ | 3,630,000 |  |  | $ | 6,851 |  |  | $ | (191) |  |  | $ | 4,355,000 |  |  | $ | 3,395 |  |  | $ | (4,041) |

(1)The fair values of derivatives are included in other assets or other liabilities in the consolidated balance sheets.
The following table provides information about the amount of gain (loss) related to derivatives designated as cash flow hedges reclassified from AOCI into interest income or expense for the periods indicated (in thousands):

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Location of gain (loss) reclassified from AOCI into income: |  |  |  |  |  |  |  |  |  |
Interest expense on deposits |  | $ | 832 |  |  | $ | 4,683 |  |  | $ | 2,177 |  |  | $ | 9,609 |  |  |
Interest expense on borrowings |  | 5,074 |  |  | 12,018 |  |  | 11,115 |  |  | 27,730 |  |  |
Interest income on loans |  | (1,305) |  |  | (810) |  |  | (2,609) |  |  | (1,626) |  |  |
|  | $ | 4,601 |  |  | $ | 15,891 |  |  | $ | 10,683 |  |  | $ | 35,713 |  |  |

During the three and six months ended June 30, 2025 and 2024, no derivative positions designated as cash flow hedges were discontinued and none of the gains and losses reported in AOCI were reclassified into earnings as a result of the discontinuance of cash flow hedges or because of the early extinguishment of debt.
As of June 30, 2025, the amount of net gain expected to be reclassified from AOCI into earnings during the next 12 months was $7.7 million, based on the forward curve. See Note 7 to the consolidated financial statements for additional information about the reclassification adjustments from AOCI into earnings.
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Table of Contents
BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Derivatives not designated as hedging instruments
The Company enters into interest rate derivative contracts with certain of its commercial borrowers to enable those borrowers to manage their exposure to interest rate fluctuations. To mitigate interest rate risk associated with these derivative contracts, the Company enters into offsetting derivative contract positions with primary dealers. The Company purchases and sells credit protection under RPAs with the objective of sharing with financial institution counterparties some of the credit exposure related to interest rate derivative contracts entered into with commercial borrowers related to participations purchased or sold. The Company will make or receive payments under these agreements if a customer defaults on an obligation to perform under certain interest rate derivative contracts. The Company also enters into foreign currency forward derivative contracts with commercial borrowers to enable borrowers to manage their exposure to foreign currency fluctuations. The Company enters into offsetting forward contracts with primary dealers to mitigate the foreign currency risk associated with these contracts. These derivative contracts are not designated as hedging instruments; therefore, changes in the fair value of these derivatives are recognized in earnings. The impact on earnings related to changes in fair value of these derivatives was not material for the three and six months ended June 30, 2025 and 2024. The notional amount and fair value of the foreign currency forward derivative contracts were not material at June 30, 2025 and December 31, 2024.
The Company may be exposed to credit risk in the event of non-performance by the counterparties to its commercial customer derivative agreements. The Company assesses the credit risk of its financial institution counterparties by monitoring publicly available credit rating and financial information. The Company manages dealer credit risk by entering into derivatives only with primary and highly rated counterparties, the use of ISDA master agreements, central clearing mechanisms and counterparty limits. The agreements contain bilateral collateral arrangements with the amount of collateral to be posted generally governed by the settlement value of outstanding swaps. The Company manages the risk of default by its commercial borrower counterparties through its normal loan underwriting and credit monitoring policies and procedures. The Company does not currently anticipate any significant losses from failure of derivative counterparties to honor their obligations.
The following table summarizes the Company's interest rate derivatives not designated as hedging instruments as of the dates indicated (in thousands):

| June 30, 2025 |  | December 31, 2024
| Notional Amount |  | Fair Value(1) |  | Notional Amount |  | Fair Value(1)
|  | Asset |  | Liability |  |  | Asset |  | Liability
Pay-fixed interest rate swaps | $ | 3,321,081 |  |  | $ | 37,977 |  |  | $ | (46,475) |  |  | $ | 2,767,552 |  |  | $ | 69,802 |  |  | $ | (10,342) |
Pay-variable interest rate swaps | 3,321,081 |  |  | 46,460 |  |  | (37,977) |  |  | 2,767,552 |  |  | 10,342 |  |  | (69,802) |
Interest rate caps purchased | 228,417 |  |  | 516 |  |  | — |  |  | 210,398 |  |  | 1,418 |  |  | — |
Interest rate caps sold | 228,417 |  |  | — |  |  | (516) |  |  | 210,398 |  |  | — |  |  | (1,418) |
RPAs purchased | 170,070 |  |  | 304 |  |  | — |  |  | 126,578 |  |  | 175 |  |  | — |
RPAs sold | 505,796 |  |  | — |  |  | (414) |  |  | 424,424 |  |  | — |  |  | (296) |
| $ | 7,774,862 |  |  | $ | 85,257 |  |  | $ | (85,382) |  |  | $ | 6,506,902 |  |  | $ | 81,737 |  |  | $ | (81,858) |

(1)Fair values of these derivatives are included in other assets and other liabilities in the consolidated balance sheets.
Some of the Company’s ISDA master agreements with financial institution counterparties contain provisions that permit either counterparty to terminate the agreements and require settlement in the event that regulatory capital ratios fall below certain designated thresholds, upon the initiation of other defined regulatory actions or upon suspension or withdrawal of the Bank’s credit rating. Currently, there are no circumstances that would trigger these provisions of the agreements.
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Master netting agreements
The Company does not offset assets and liabilities under master netting agreements for financial reporting purposes. Information on interest rate swaps and caps subject to these agreements is as follows at the dates indicated (in thousands):

| June 30, 2025
|  |  | Gross Amounts Offset in Balance Sheet |  | Net Amounts Presented in Balance Sheet |  | Gross Amounts Not Offset in Balance Sheet |  |
| Gross Amounts Recognized |  |  |  | Derivative Instruments |  | Collateral Pledged |  | Net Amount
Derivative assets | $ | 45,344 |  |  | $ | — |  |  | $ | 45,344 |  |  | $ | (21,320) |  |  | $ | (23,997) |  |  | $ | 27 |
Derivative liabilities | (46,666) |  |  | — |  |  | (46,666) |  |  | 21,320 |  |  | 25,346 |  |  | — |
| $ | (1,322) |  |  | $ | — |  |  | $ | (1,322) |  |  | $ | — |  |  | $ | 1,349 |  |  | $ | 27 |

| December 31, 2024
|  |  | Gross Amounts Offset in Balance Sheet |  | Net Amounts Presented in Balance Sheet |  | Gross Amounts Not Offset in Balance Sheet |  |
| Gross Amounts Recognized |  |  |  | Derivative Instruments |  | Collateral Pledged |  | Net Amount
Derivative assets | $ | 74,615 |  |  | $ | — |  |  | $ | 74,615 |  |  | $ | (11,161) |  |  | $ | (63,376) |  |  | $ | 78 |
Derivative liabilities | (14,383) |  |  | — |  |  | (14,383) |  |  | 11,161 |  |  | 3,222 |  |  | — |
| $ | 60,232 |  |  | $ | — |  |  | $ | 60,232 |  |  | $ | — |  |  | $ | (60,154) |  |  | $ | 78 |

The difference between the amounts reported for interest rate swaps subject to master netting agreements and the total fair value of interest rate contract derivative financial instruments reported in the consolidated balance sheets is related to interest rate derivative contracts not subject to master netting agreements.
Note 7 Stockholders’ Equity
Accumulated Other Comprehensive Income
Changes in other comprehensive income are summarized as follows for the periods indicated (in thousands):

| Three Months Ended June 30,
| 2025 |  | 2024
| Before Tax |  | Tax Effect |  | Net of Tax |  | Before Tax |  | Tax Effect |  | Net of Tax
Unrealized gains (losses) on investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |
Net unrealized holding gains arising during the period | $ | 8,598 |  |  | $ | (2,235) |  |  | $ | 6,363 |  |  | $ | 36,189 |  |  | $ | (9,409) |  |  | $ | 26,780 |
Amounts reclassified to gain on investment securities available for sale, net | (613) |  |  | 160 |  |  | (453) |  |  | (350) |  |  | 91 |  |  | (259) |
Net change in unrealized gains (losses) on investment securities available for sale | 7,985 |  |  | (2,075) |  |  | 5,910 |  |  | 35,839 |  |  | (9,318) |  |  | 26,521 |
Unrealized gains (losses) on derivative instruments: |  |  |  |  |  |  |  |  |  |  |
Net unrealized holding gains arising during the period | 3,359 |  |  | (873) |  |  | 2,486 |  |  | 10,196 |  |  | (2,651) |  |  | 7,545 |
Amounts reclassified to interest expense on deposits | (832) |  |  | 216 |  |  | (616) |  |  | (4,683) |  |  | 1,217 |  |  | (3,466) |
Amounts reclassified to interest expense on borrowings | (5,074) |  |  | 1,319 |  |  | (3,755) |  |  | (12,018) |  |  | 3,125 |  |  | (8,893) |
Amounts reclassified to interest income on loans | 1,305 |  |  | (339) |  |  | 966 |  |  | 810 |  |  | (211) |  |  | 599 |
Net change in unrealized gains (losses) on derivative instruments | (1,242) |  |  | 323 |  |  | (919) |  |  | (5,695) |  |  | 1,480 |  |  | (4,215) |
Other comprehensive income | $ | 6,743 |  |  | $ | (1,752) |  |  | $ | 4,991 |  |  | $ | 30,144 |  |  | $ | (7,838) |  |  | $ | 22,306 |

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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025

| Six Months Ended June 30,
| 2025 |  | 2024
| Before Tax |  | Tax Effect |  | Net of Tax |  | Before Tax |  | Tax Effect |  | Net of Tax
Unrealized gains (losses) on investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |
Net unrealized holding gains arising during the period | $ | 77,067 |  |  | $ | (20,037) |  |  | $ | 57,030 |  |  | $ | 72,589 |  |  | $ | (18,873) |  |  | $ | 53,716 |
Amounts reclassified to gain on investment securities available for sale, net | (1,438) |  |  | 374 |  |  | (1,064) |  |  | (322) |  |  | 84 |  |  | (238) |
Net change in unrealized gains (losses) on investment securities available for sale | 75,629 |  |  | (19,663) |  |  | 55,966 |  |  | 72,267 |  |  | (18,789) |  |  | 53,478 |
Unrealized gains (losses) on derivative instruments: |  |  |  |  |  |  |  |  |  |  |
Net unrealized holding gains arising during the period | 7,077 |  |  | (1,840) |  |  | 5,237 |  |  | 38,850 |  |  | (10,101) |  |  | 28,749 |
Amounts reclassified to interest expense on deposits | (2,177) |  |  | 566 |  |  | (1,611) |  |  | (9,609) |  |  | 2,498 |  |  | (7,111) |
Amounts reclassified to interest expense on borrowings | (11,115) |  |  | 2,890 |  |  | (8,225) |  |  | (27,730) |  |  | 7,210 |  |  | (20,520) |
Amounts reclassified to interest income on loans | 2,609 |  |  | (678) |  |  | 1,931 |  |  | 1,626 |  |  | (423) |  |  | 1,203 |
Net change in unrealized gains (losses) on derivative instruments | (3,606) |  |  | 938 |  |  | (2,668) |  |  | 3,137 |  |  | (816) |  |  | 2,321 |
Other comprehensive income | $ | 72,023 |  |  | $ | (18,725) |  |  | $ | 53,298 |  |  | $ | 75,404 |  |  | $ | (19,605) |  |  | $ | 55,799 |

The categories of AOCI and changes therein are presented below for the periods indicated (in thousands):

| Unrealized Gain (Loss) on Investment Securities Available for Sale |  | Unrealized Gain (Loss) on Derivative Instruments |  | Total
Balance at March 31, 2025 | $ | (250,105) |  |  | $ | 13,871 |  |  | $ | (236,234) |
Other comprehensive income (loss) | 5,910 |  |  | (919) |  |  | 4,991 |
Balance at June 30, 2025 | $ | (244,195) |  |  | $ | 12,952 |  |  | $ | (231,243) |
Balance at March 31, 2024 | $ | (368,789) |  |  | $ | 44,861 |  |  | $ | (323,928) |
Other comprehensive income (loss) | 26,521 |  |  | (4,215) |  |  | 22,306 |
Balance at June 30, 2024 | $ | (342,268) |  |  | $ | 40,646 |  |  | $ | (301,622) |

| Unrealized Gain (Loss) on Investment Securities Available for Sale |  | Unrealized Gain (Loss) on Derivative Instruments |  | Total
Balance at December 31, 2024 | $ | (300,161) |  |  | $ | 15,620 |  |  | $ | (284,541) |
Other comprehensive income (loss) | 55,966 |  |  | (2,668) |  |  | 53,298 |
Balance at June 30, 2025 | $ | (244,195) |  |  | $ | 12,952 |  |  | $ | (231,243) |
Balance at December 31, 2023 | $ | (395,746) |  |  | $ | 38,325 |  |  | $ | (357,421) |
Other comprehensive income | 53,478 |  |  | 2,321 |  |  | 55,799 |
Balance at June 30, 2024 | $ | (342,268) |  |  | $ | 40,646 |  |  | $ | (301,622) |

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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Note 8 Fair Value Measurements
Assets and liabilities measured at fair value on a recurring basis
The following is a description of the methodologies used to estimate the fair values of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which those measurements are typically classified.
Investment securities available for sale and marketable equity securities—Fair value measurements are based on quoted prices in active markets when available; these measurements are classified within level 1 of the fair value hierarchy. These securities typically include U.S. Treasury securities and certain preferred stocks. If quoted prices in active markets are not available, fair values are estimated using quoted prices of securities with similar characteristics, quoted prices of identical securities in less active markets, discounted cash flow techniques, or matrix pricing models. These securities are generally classified within level 2 of the fair value hierarchy and typically include all categories of investment securities not classified within level 1 of the hierarchy. Pricing of these securities is generally primarily spread driven. Observable inputs that may impact the valuation of these securities include benchmark yield curves, credit spreads, reported trades, dealer quotes, bids, issuer spreads, current rating, historical constant prepayment rates, historical voluntary prepayment rates, structural and waterfall features of individual securities, published collateral data, and for certain securities, historical constant default rates and default severities.
The Company uses third-party pricing services in determining fair value measurements for investment securities. To obtain an understanding of the methodologies and assumptions used, management reviews written documentation provided by the pricing services, conducts interviews with valuation desk personnel and reviews model results and detailed assumptions used to value selected securities as considered necessary. Management has established a robust price challenge process that includes a review by the treasury front office of all prices provided on a quarterly basis. Any price evidencing significant unexpected quarter over quarter fluctuations or deviations from expectations is challenged. The Company has also established a quarterly process whereby prices provided by its primary pricing service are validated by obtaining a price from a second external source for most securities in the portfolio. If considered necessary to resolve any discrepancies, a price will be obtained from an additional independent valuation source. The Company does not typically adjust the prices provided, other than through this established challenge process. The results of price challenges are subject to review by executive management. Any price discrepancies are resolved based on careful consideration of the assumptions and inputs employed by each of the pricing sources.
Derivative financial instruments—Fair values of interest rate derivatives are determined using widely accepted discounted cash flow modeling techniques. These discounted cash flow models use projections of future cash payments and receipts that are discounted at mid-market rates. Observable inputs that may impact the valuation of these instruments include benchmark swap rates and benchmark forward yield curves. These fair value measurements are generally classified within level 2 of the fair value hierarchy.
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
The following tables present assets and liabilities measured at fair value on a recurring basis at the dates indicated (in thousands):

| June 30, 2025
| Level 1 |  | Level 2 |  | Total
Investment securities available for sale: |  |  |  |  |
U.S. Treasury securities | $ | 142,569 |  |  | $ | — |  |  | $ | 142,569 |
U.S. Government agency and sponsored enterprise residential MBS | — |  |  | 2,712,538 |  |  | 2,712,538 |
U.S. Government agency and sponsored enterprise commercial MBS | — |  |  | 500,325 |  |  | 500,325 |
Private label residential MBS and CMOs | — |  |  | 2,361,504 |  |  | 2,361,504 |
Private label commercial MBS | — |  |  | 2,095,039 |  |  | 2,095,039 |
Single family real estate-backed securities | — |  |  | 203,353 |  |  | 203,353 |
Collateralized loan obligations | — |  |  | 1,118,831 |  |  | 1,118,831 |
Non-mortgage asset-backed securities | — |  |  | 89,790 |  |  | 89,790 |
State and municipal obligations | — |  |  | 103,874 |  |  | 103,874 |
SBA securities | — |  |  | 64,569 |  |  | 64,569 |
Marketable equity securities | 8,679 |  |  | — |  |  | 8,679 |
Derivative assets | — |  |  | 92,108 |  |  | 92,108 |
Total assets at fair value | $ | 151,248 |  |  | $ | 9,341,931 |  |  | $ | 9,493,179 |
Derivative liabilities | $ | — |  |  | $ | (85,573) |  |  | $ | (85,573) |
Total liabilities at fair value | $ | — |  |  | $ | (85,573) |  |  | $ | (85,573) |

| December 31, 2024
| Level 1 |  | Level 2 |  | Total
Investment securities available for sale: |  |  |  |  |
U.S. Treasury securities | $ | 202,952 |  |  | $ | — |  |  | $ | 202,952 |
U.S. Government agency and sponsored enterprise residential MBS | — |  |  | 2,649,690 |  |  | 2,649,690 |
U.S. Government agency and sponsored enterprise commercial MBS | — |  |  | 495,753 |  |  | 495,753 |
Private label residential MBS and CMOs | — |  |  | 2,238,046 |  |  | 2,238,046 |
Private label commercial MBS | — |  |  | 1,784,029 |  |  | 1,784,029 |
Single family real estate-backed securities | — |  |  | 327,081 |  |  | 327,081 |
Collateralized loan obligations | — |  |  | 1,132,699 |  |  | 1,132,699 |
Non-mortgage asset-backed securities | — |  |  | 94,454 |  |  | 94,454 |
State and municipal obligations | — |  |  | 104,010 |  |  | 104,010 |
SBA securities | — |  |  | 72,702 |  |  | 72,702 |
Marketable equity securities | 28,828 |  |  | — |  |  | 28,828 |
Derivative assets | — |  |  | 85,132 |  |  | 85,132 |
Total assets at fair value | $ | 231,780 |  |  | $ | 8,983,596 |  |  | $ | 9,215,376 |
Derivative liabilities | $ | — |  |  | $ | (85,899) |  |  | $ | (85,899) |
Total liabilities at fair value | $ | — |  |  | $ | (85,899) |  |  | $ | (85,899) |

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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Assets and liabilities measured at fair value on a non-recurring basis
The following is a description of the methodologies used to estimate the fair values of assets and liabilities that may be measured at fair value on a non-recurring basis, and the level within the fair value hierarchy in which those measurements are typically classified:
Collateral dependent loans and OREO—The carrying amount of collateral dependent loans is typically based on the fair value of the underlying collateral, which may be real estate, enterprise value or other business assets, less estimated costs to sell when repayment is expected to come from the sale of the collateral. The carrying value of OREO is initially measured based on the fair value of the real estate acquired in foreclosure and subsequently adjusted to the lower of cost or estimated fair value, less estimated cost to sell. Fair values of real estate collateral and OREO are typically based on third-party real estate appraisals which utilize market and income approaches to valuation incorporating both observable and unobservable inputs.
Fair value measurements related to collateral dependent loans and OREO are generally classified within level 3 of the fair value hierarchy.
The following table presents the net carrying value of assets classified within level 3 of the fair value hierarchy at the dates indicated, for which non-recurring changes in fair value were recorded during the period then ended (in thousands):

| June 30, 2025 |  | December 31, 2024
Collateral dependent loans | $ | 159,773 |  |  | $ | 165,951 |
OREO | 413 |  |  | 2,577 |
| $ | 160,186 |  |  | $ | 168,528 |

The following table presents the carrying value and fair value of financial instruments and the level within the fair value hierarchy in which those measurements are classified at the dates indicated (dollars in thousands):

|  |  | June 30, 2025 |  | December 31, 2024
| Level |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 1 |  | $ | 801,294 |  |  | $ | 801,294 |  |  | $ | 491,116 |  |  | $ | 491,116 |
Investment securities | 1/2 |  | $ | 9,401,071 |  |  | $ | 9,401,071 |  |  | $ | 9,130,244 |  |  | $ | 9,130,244 |
Non-marketable equity securities | 2 |  | $ | 174,234 |  |  | $ | 174,234 |  |  | $ | 206,297 |  |  | $ | 206,297 |
Loans, net | 3 |  | $ | 23,710,797 |  |  | $ | 22,737,419 |  |  | $ | 24,074,827 |  |  | $ | 23,053,011 |
Derivative assets | 2 |  | $ | 92,108 |  |  | $ | 92,108 |  |  | $ | 85,132 |  |  | $ | 85,132 |
Liabilities: |  |  |  |  |  |  |  |  |
Demand, savings and money market deposits | 2 |  | $ | 24,867,707 |  |  | $ | 24,867,707 |  |  | $ | 23,564,414 |  |  | $ | 23,564,414 |
Time deposits | 2 |  | $ | 3,778,234 |  |  | $ | 3,764,013 |  |  | $ | 4,301,289 |  |  | $ | 4,279,475 |
FHLB advances | 2 |  | $ | 2,255,000 |  |  | $ | 2,255,007 |  |  | $ | 2,930,000 |  |  | $ | 2,929,896 |
Notes and other borrowings | 2 |  | $ | 708,937 |  |  | $ | 703,480 |  |  | $ | 708,553 |  |  | $ | 695,457 |
Derivative liabilities | 2 |  | $ | 85,573 |  |  | $ | 85,573 |  |  | $ | 85,899 |  |  | $ | 85,899 |

Note 9 Commitments and Contingencies
The Company issues off-balance sheet financial instruments to meet the financing needs of its customers. These financial instruments include commitments to fund loans, unfunded commitments under existing lines of credit, and commercial and standby letters of credit. These commitments expose the Company to varying degrees of credit and market risk which are essentially the same as those involved in extending loans to customers, and are subject to the same credit policies used in underwriting loans. Collateral may be obtained based on the Company’s credit evaluation of the counterparty. The Company’s maximum exposure to credit loss is represented by the contractual amount of these commitments.
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
Commitments to fund loans
These are agreements to lend funds to customers as long as there is no violation of any condition established in the contract. Commitments to fund loans generally have fixed expiration dates or other termination clauses and may require payment of a fee. Many of these commitments are expected to expire without being funded and, therefore, the total commitment amounts do not necessarily represent future liquidity requirements.
Unfunded commitments under lines of credit
Unfunded commitments under lines of credit include commercial and commercial real estate lines of credit to existing customers, for many of which additional extensions of credit are subject to borrowing base requirements. Some of these commitments may mature without being fully funded, so may not necessarily represent future liquidity requirements.
Commercial and standby letters of credit
Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These letters of credit are primarily issued to support trade transactions or guarantee arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.
Total lending related commitments outstanding at June 30, 2025 were as follows (in thousands):

Commitments to fund loans | $ | 344,523 |
Unfunded commitments under lines of credit | 5,055,476 |
Commercial and standby letters of credit | 190,368 |
| $ | 5,590,367 |

Legal Proceedings
The Company is involved in various legal actions arising in the normal course of business. In the opinion of management, based upon advice of legal counsel, the likelihood is remote that the adverse impact of these proceedings, either individually or in the aggregate, would be material to the Company’s consolidated financial position, results of operations or cash flows.
Note 10 Deposits
The following table presents average balances and weighted average rates paid on deposits for the periods indicated (dollars in thousands):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| Average Balance |  | Average Rate Paid(1) |  | Average Balance |  | Average Rate Paid(1) |  | Average Balance |  | Average Rate Paid(1) |  | Average Balance |  | Average Rate Paid(1)
Demand deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing | $ | 7,993,915 |  |  | — | % |  | $ | 7,448,633 |  |  | — | % |  | $ | 7,705,120 |  |  | — | % |  | $ | 7,004,780 |  |  | — | %
Interest bearing | 5,407,538 |  |  | 3.39 | % |  | 3,742,071 |  |  | 3.79 | % |  | 5,111,328 |  |  | 3.37 | % |  | 3,663,217 |  |  | 3.77 | %
Savings and money market | 10,355,700 |  |  | 3.41 | % |  | 11,176,000 |  |  | 4.28 | % |  | 10,593,396 |  |  | 3.42 | % |  | 11,205,130 |  |  | 4.26 | %
Time | 3,919,526 |  |  | 3.79 | % |  | 4,750,640 |  |  | 4.56 | % |  | 4,122,014 |  |  | 3.89 | % |  | 4,990,909 |  |  | 4.50 | %
| $ | 27,676,679 |  |  | 2.47 | % |  | $ | 27,117,344 |  |  | 3.09 | % |  | $ | 27,531,858 |  |  | 2.52 | % |  | $ | 26,864,036 |  |  | 3.13 | %

(1)Annualized.
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
June 30, 2025
The following table presents maturities of time deposits as of June 30, 2025 (in thousands):

Maturing in: |
2025 | $ | 3,049,768 |
2026 | 725,618 |
2027 | 1,308 |
2028 | 346 |
2029 | 257 |
Thereafter | 937 |
| $ | 3,778,234 |

Included in deposits are public funds deposits of $3.0 billion and $3.1 billion, at June 30, 2025 and December 31, 2024, respectively, and brokered deposits of $4.1 billion and $5.2 billion at June 30, 2025 and December 31, 2024, respectively.
Interest expense on deposits for the periods indicated was as follows (in thousands):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest bearing demand | $ | 45,689 |  |  | $ | 35,249 |  |  | $ | 85,582 |  |  | $ | 68,756 |
Savings and money market | 88,023 |  |  | 118,945 |  |  | 179,802 |  |  | 237,584 |
Time | 36,983 |  |  | 53,897 |  |  | 79,521 |  |  | 111,749 |
| $ | 170,695 |  |  | $ | 208,091 |  |  | $ | 344,905 |  |  | $ | 418,089 |

We incur costs related to certain deposit rebate and commission programs. During the three and six months ended June 30, 2025 and 2024, costs related to those programs that were correlated with the balance in the related deposit accounts totaled $14.5 million, $27.7 million, $14.3 million and $27.0 million, respectively. These expenses are included in "other non-interest expense" in the accompanying consolidated statements of income.
Note 11 Subsequent Events
Capital Actions
In July 2025, the Company's Board of Directors authorized the repurchase of up to $100 million in shares of its outstanding common stock. Any repurchases under the program will be made in accordance with applicable securities laws from time to time in open market or private transactions. No time limit was set for the completion of the share repurchase program, and the program may be suspended or discontinued without prior notice at any time.
Borrowings
In July 2025, the Company's Board of Directors authorized the redemption of all of its outstanding 4.875% senior notes due November 2025 at par value plus accrued interest. At June 30, 2025, the carrying value of senior notes, net of unamortized discount and debt issuance costs, totaled $388 million.
33

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis is intended to focus on significant matters impacting and changes in the financial condition and results of operations of the Company during the three and six months ended June 30, 2025 and should be read in conjunction with the consolidated financial statements and notes hereto included in this Quarterly Report on Form 10-Q and BKU's 2024 Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report on Form 10-K").
Forward-Looking Statements
This Quarterly Report on Form 10-Q 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. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” "future", "could", and similar expressions identify forward-looking statements. These forward-looking statements are based on the historical performance of the Company 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 so contemplated will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions 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 adverse events 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. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements, including, but not limited to, the risk factors described in Part I, Item 1A of the 2024 Annual Report on Form 10-K and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K. 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.
Overview
Quarterly Highlights
In evaluating our financial performance, we consider (i) the funding mix and the composition of interest earning assets; (ii) the level of and trends in net interest income and the net interest margin; (iii) the cost of deposits, trends in non-interest income and non-interest expense; (iv) performance ratios such as the return on average equity and return on average assets and asset quality ratios, including the ratios of non-performing loans to total loans and non-performing assets to total assets; (v) trends in criticized and classified assets; and (vi) and portfolio delinquency and charge-off trends. We analyze these ratios and trends against our own historical performance, our expected performance, our risk appetite and the financial condition and performance of comparable financial institutions.
Quarterly highlights include:
•Net Income for the three months ended June 30, 2025 was $68.8 million, or $0.91 per diluted share, compared to $58.5 million or $0.78 per diluted share for the immediately preceding quarter ended March 31, 2025, an 18% increase. Net income was $53.7 million, or $0.72 per diluted share for the three months ended June 30, 2024. Net income for the six months ended June 30, 2025 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%.
•For the three months ended June 30, 2025, the annualized return on average stockholders' equity was 9.4% compared to 8.2% for the three months ended March 31, 2025 and 8.0% for the three months ended June 30, 2024. Return on average assets improved to 0.78% for the three months ended June 30, 2025, from 0.68% and 0.61% for the three months ended March 31, 2025 and June 30, 2024, respectively.
•As expected, the net interest margin, calculated on a tax-equivalent basis, expanded by 0.12%, to 2.93% for the three months ended June 30, 2025 from 2.81% for the immediately preceding three months ended March 31, 2025. The net interest margin was 2.72% for the three months ended June 30, 2024.
•The Company's funding profile continued to improve. NIDDA grew by $1.0 billion, or 13% during the three months ended June 30, 2025, 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 three months ended June 30, 2025.
•Non-brokered deposits grew by $1.2 billion, or 5.1%, for the three months ended June 30, 2025, while total deposits grew by $588 million.
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•The average cost of total deposits declined by 0.11% to 2.47% for the three months ended June 30, 2025, from 2.58% for the immediately preceding three months 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 three months ended June 30, 2025 and by $1.8 billion for the six months ended June 30, 2025.
•For the three months 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 three months ended June 30, 2025.
•The loan to deposit ratio declined to 83.6% at June 30, 2025, from 85.5% at March 31, 2025 and 87.2% at December 31, 2024.
•With respect to credit, total criticized and classified loans declined by $156 million for the three months 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-performing 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 March 31, 2025. 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 three months ended June 30, 2025 compared to $15.1 million for the preceding three months ended March 31, 2025 and $19.5 million for the three months ended June 30, 2024.
•Our capital position is robust. At June 30, 2025, CET1 was 12.2% and pro-forma CET1, including accumulated other comprehensive income, was 11.3%. The ratio of tangible common equity/tangible assets increased to 8.1%.
•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.
•In July 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.
•In July 2025, the Company's Board of Directors authorized the redemption of all of its outstanding 4.875% senior notes due November 2025.
Results of Operations
Net Interest Income
Net interest income is the difference between interest earned on interest earning assets and interest incurred on interest bearing liabilities and is the primary driver of core earnings. Net interest income is impacted by the mix of interest earning assets and interest bearing liabilities, the ratio of interest earning assets to total assets and of interest bearing liabilities to total funding sources, movements in market interest rates and monetary policy, the shape of the yield curve, levels of non-performing assets and pricing pressure from competitors.
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The mix of interest earning assets is influenced by loan demand, market and competitive conditions in our primary lending markets, by management's continual assessment of the rate of return and relative risk associated with various classes of earning assets and liquidity considerations. The mix of funding sources is influenced by the Company's liquidity profile, management's assessment of the desire for lower cost funding sources weighed against relationships with customers, our ability to attract and retain core deposit relationships, competition for deposits in the Company's markets and the availability and pricing of other sources of funds.
The following table presents, for the periods indicated, information about (i) average balances, the total dollar amount of taxable equivalent interest income from earning assets and the resultant average yields; (ii) average balances, the total dollar amount of interest expense on interest bearing liabilities and the resultant average rates; (iii) net interest income; (iv) the interest rate spread; and (v) the net interest margin. Non-accrual loans are included in the average balances presented in this table; however, interest income foregone on non-accrual loans is not included. Interest income, yields, spread and margin have been calculated on a tax-equivalent basis for loans and investment securities that are exempt from federal income taxes, at a federal tax rate of 21% (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. The tax-equivalent adjustment for tax-exempt loans was $2.7 million for both the three months ended June 30, 2025 and March 31, 2025, and $3.1 million for the three months ended June 30, 2024. The tax-equivalent adjustment for tax-exempt investment securities was $0.7 million for both the three months ended June 30, 2025 and March 31, 2025, and $0.9 million for the three months ended June 30, 2024.
(2)Annualized.
(3)At fair value.
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| 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. The tax-equivalent adjustment for tax-exempt loans was $5.4 million and $6.3 million for the six months ended June 30, 2025 and 2024, respectively. The tax-equivalent adjustment for tax-exempt investment securities was $1.4 million and $1.7 million for the six months ended June 30, 2025 and 2024, respectively.
(2)Annualized.
(3) At fair value.
Three months ended June 30, 2025 compared to the immediately preceding three months ended March 31, 2025
Net interest income, calculated on a tax-equivalent basis, was $249.5 million for the three months ended June 30, 2025, compared to $236.6 million for the three months ended March 31, 2025, an increase of $12.9 million. The increase was comprised of an increase in tax-equivalent interest income of $10.1 million and a decrease in interest expense of $2.9 million for the three months ended June 30, 2025, compared to the three months ended March 31, 2025. 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 net interest margin, calculated on a tax-equivalent basis, increased by 0.12% to 2.93% for the three months ended June 30, 2025, compared to 2.81% for the immediately preceding three months ended March 31, 2025. Factors impacting the net interest margin for the three months ended June 30, 2025 compared to the three months ended March 31, 2025 included:
•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 three months 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 three months ended June 30, 2025, from 3.54% for the three months 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.
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•The tax-equivalent yield on loans increased to 5.55% for the three months ended June 30, 2025, from 5.48% for the three months ended March 31, 2025. This increase reflected the origination of new loans at higher rates, paydowns and maturities of lower rate loans, including some strategic exits of lower-margin loans, and balance sheet repositioning.
•The average rate paid on FHLB advances increased to 3.79% for the three months ended June 30, 2025, from 3.69% for the three months ended March 31, 2025, primarily due to expiration of cash flow hedges, partially offset by maturities of higher rate advances.
Three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024
Net interest income, calculated on a tax-equivalent basis, was $249.5 million for the three months ended June 30, 2025, compared to $230.0 million for the three months ended June 30, 2024, an increase of $19.5 million. The increase was comprised of decreases in tax-equivalent interest income and interest expense of $30.1 million and $49.6 million, respectively.
Net interest income, calculated on a tax-equivalent basis, was $486.1 million for the six months ended June 30, 2025, compared to $448.9 million for the six months ended June 30, 2024, an increase of $37.2 million. The increase was comprised of decreases in tax-equivalent interest income and interest expense of $68.4 million and $105.7 million, respectively.
The net interest margin, calculated on a tax-equivalent basis, increased to 2.93% and 2.87% for the three and six months ended June 30, 2025, respectively, from 2.72% and 2.64% for the three and six months ended June 30, 2024, increases of 0.21% and 0.23%, respectively. Both the yield on interest earning assets and the cost of interest bearing liabilities declined over these comparative periods reflecting a lower interest rate environment, however the decline in the cost of interest bearing liabilities outpaced the decline in the yield on interest earning assets, primarily as a result of balance sheet repositioning, particularly an improved funding mix.
For the three months ended June 30, 2025 compared to the three months ended June 30, 2024, average NIDDA grew by $545 million while average FHLB advances declined by $823 million. For the six months ended June 30, 2025 compared to the six months ended June 30, 2024, average NIDDA grew by $700 million while average FHLB advances declined by $1.2 billion. Within interest bearing deposits, there was a shift from generally higher priced time deposits to generally lower priced forms of interest bearing deposits for both the three and six month periods. On the asset side of the balance sheet, average core C&I and CRE loans increased to 63.0% and 62.8% of average loans for the three and six months ended June 30, 2025, respectively, from 60.4% and 60.1% of average loans for the three and six months ended June 30, 2024, respectively, while generally lower yielding residential loans declined to 30.9% and 31.2% of average loans from 32.8% and 33.1% of average loans for the respective periods.
Provision for Credit Losses
The provision for credit losses is a charge or credit to earnings required to maintain the ACL at a level consistent with management’s estimate of expected credit losses on financial assets carried at amortized cost at the balance sheet date. The amount of the provision is impacted by changes in current economic conditions as well as in management's reasonable and supportable economic forecast, loan originations and runoff, changes in portfolio mix, risk rating migration and portfolio seasoning, changes in specific reserves, changes in expected prepayment speeds and other assumptions. The provision for credit losses also includes amounts related to off-balance sheet credit exposures and may include amounts related to accrued interest receivable and AFS debt securities.
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The following table presents the components of the provision for credit losses for the periods indicated (in thousands):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Amount related to funded portion of loans | $ | 15,694 |  |  | $ | 21,823 |  |  | $ | 31,657 |  |  | $ | 37,628 |  |  |
Amount related to off-balance sheet credit exposures | 4 |  |  | (2,285) |  |  | (848) |  |  | (2,805) |  |  |
Total provision for credit losses | $ | 15,698 |  |  | $ | 19,538 |  |  | $ | 30,809 |  |  | $ | 34,823 |  |  |

The most significant factor impacting the provision for credit losses for the three and six months ended June 30, 2025 was increases in specific reserves. The provision was also impacted, although to a lesser extent, by (i) deterioration in the economic forecast, (ii) a net increase in qualitative factors, (iii) upgrades and payoffs of criticized and classified commercial loans, (iv) shifts in portfolio composition, (v) improved borrower financials in some portfolio sub-segments, and (vi) routine modeling and assumption updates.
The provision for credit losses may be volatile and the level of the ACL may change materially from current levels. Future levels of the ACL could be significantly impacted, in either direction, by changes in factors such as, but not limited to, economic conditions or the economic outlook, the composition of the loan portfolio, the financial condition of our borrowers and collateral values. In the current environment, changes in economic conditions could be particularly impactful.
The determination of the amount of the ACL is complex and involves a high degree of judgment and subjectivity. See “Analysis of the Allowance for Credit Losses” below for more information about how we determine the appropriate level of the ACL and about factors that impacted the level of the ACL.
Non-Interest Income
The following table presents a comparison of the categories of non-interest income for the periods indicated (in thousands):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Deposit service charges and fees | $ | 5,323 |  |  | $ | 4,909 |  |  | $ | 10,558 |  |  | $ | 10,222 |  |  |
Lease financing | 4,612 |  |  | 5,640 |  |  | 8,925 |  |  | 17,080 |  |  |
Other non-interest income | 17,875 |  |  | 13,636 |  |  | 30,597 |  |  | 23,760 |  |  |
Total non-interest income | $ | 27,810 |  |  | $ | 24,185 |  |  | $ | 50,080 |  |  | $ | 51,062 |  |  |

The decrease in lease financing revenue for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, was attributable to the continuing decline in the size of the operating lease equipment portfolio and lower residual income. Expense related to the depreciation of operating lease equipment reflected a corresponding decline over these comparative periods.
The more significant items included in other non-interest income typically include commercial card revenue, lending related fees other than origination fees, income related to BOLI, securities gains and losses and capital markets revenue such as customer derivative, FX and syndication fees, none of which are individually material for any of the periods presented. The increase in other non-interest income for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024, was primarily driven by an increases in capital markets and BOLI revenue.
39

Non-Interest Expense
The following table presents components of non-interest expense for the periods indicated (in thousands):

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Employee compensation and benefits | $ | 83,153 |  |  | $ | 75,588 |  |  | $ | 165,899 |  |  | $ | 151,508 |  |  |
Occupancy and equipment | 10,945 |  |  | 10,973 |  |  | 22,288 |  |  | 21,542 |  |  |
Deposit insurance expense | 6,976 |  |  | 8,530 |  |  | 14,203 |  |  | 22,060 |  |  |
Technology | 23,492 |  |  | 20,567 |  |  | 46,272 |  |  | 40,882 |  |  |
Depreciation of operating lease equipment | 3,869 |  |  | 7,896 |  |  | 7,878 |  |  | 17,109 |  |  |
Deposit related rebate and commission costs | 14,532 |  |  | 14,343 |  |  | 27,694 |  |  | 27,002 |  |  |
Other non-interest expense | 21,360 |  |  | 19,809 |  |  | 40,319 |  |  | 36,843 |  |  |
Total non-interest expense | $ | 164,327 |  |  | $ | 157,706 |  |  | $ | 324,553 |  |  | $ | 316,946 |  |  |

The increase in compensation was primarily attributable to increased head count as we invest in the growth of the franchise and routine salary increases.
The decrease in deposit insurance expense was primarily attributable to a $5.2 million FDIC special assessment incurred during the six months ended June 30, 2024.
The decline in depreciation of operating lease equipment for the six months ended June 30, 2025 was primarily attributable to the continued decline in the size of the operating lease equipment portfolio as discussed above.
Analysis of Financial Condition
We have continued to execute on our organic balance sheet transformation strategy, focused on improving both the funding profile and asset mix. For the six months ended June 30, 2025, NIDDA grew by $1.5 billion from 27% to 32% of total deposits, and non-brokered deposits grew by $1.9 billion. Wholesale funding, including FHLB advances and brokered deposits, declined by $1.8 billion. Year-over-year, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, average NIDDA grew by $700 million. While growth of the core C&I and CRE loan portfolio segments fell short of our expectations, declining by $38 million for the six months ended June 30, 2025, consistent with our balance sheet strategy, lower yielding residential loans declined by $277 million, and franchise, equipment, and municipal finance declined by a combined $90 million. The core C&I and CRE portfolio segments comprised 63.4% of total loans at June 30, 2025, up from 62.5% at December 31, 2024 while residential loans declined to 30.5% of total loans at June 30, 2025 from 31.2% at December 31, 2024. The securities portfolio grew by $271 million over this six month period. The loan-to-deposit ratio improved to 83.6% at June 30, 2025 from 87.2% at December 31, 2024.
40

Investment Securities
The following table shows the amortized cost and carrying value, which is fair value, of investment securities at the dates indicated (in thousands):

| June 30, 2025 |  | December 31, 2024 |  |
| Amortized Cost |  | Carrying Value |  | Amortized Cost |  | Carrying Value |  |  |  |
U.S. Treasury securities | $ | 149,875 |  |  | $ | 142,569 |  |  | $ | 214,796 |  |  | $ | 202,952 |  |  |  |  |
U.S. Government agency and sponsored enterprise residential MBS | 2,721,476 |  |  | 2,712,538 |  |  | 2,672,554 |  |  | 2,649,690 |  |  |  |  |
U.S. Government agency and sponsored enterprise commercial MBS | 548,402 |  |  | 500,325 |  |  | 557,489 |  |  | 495,753 |  |  |  |  |
Private label residential MBS and CMOs | 2,586,509 |  |  | 2,361,504 |  |  | 2,491,033 |  |  | 2,238,046 |  |  |  |  |
Private label commercial MBS | 2,119,814 |  |  | 2,095,039 |  |  | 1,822,881 |  |  | 1,784,029 |  |  |  |  |
Single family real estate-backed securities | 207,306 |  |  | 203,353 |  |  | 335,047 |  |  | 327,081 |  |  |  |  |
Collateralized loan obligations | 1,119,184 |  |  | 1,118,831 |  |  | 1,131,088 |  |  | 1,132,699 |  |  |  |  |
Non-mortgage asset-backed securities | 91,483 |  |  | 89,790 |  |  | 96,865 |  |  | 94,454 |  |  |  |  |
State and municipal obligations | 111,897 |  |  | 103,874 |  |  | 110,388 |  |  | 104,010 |  |  |  |  |
SBA securities | 66,443 |  |  | 64,569 |  |  | 74,900 |  |  | 72,702 |  |  |  |  |
| $ | 9,722,389 |  |  | $ | 9,392,392 |  |  | $ | 9,507,041 |  |  | $ | 9,101,416 |  |  |  |  |
Marketable equity securities |  |  | 8,679 |  |  |  |  | 28,828 |  |  |  |  |
|  |  | $ | 9,401,071 |  |  |  |  | $ | 9,130,244 |  |  |  |  |

Our investment strategy is focused on ensuring adequate liquidity, maintaining a suitable balance of high credit quality, diverse assets, managing interest rate risk, and generating acceptable returns given our established risk parameters. We have sought to maintain liquidity by investing a significant portion of the portfolio in high quality liquid securities including U.S. Treasury and U.S. Government Agency and sponsored enterprise securities. We have also invested in highly-rated structured products, including private-label commercial and residential MBS, CLOs, single family real estate-backed securities and non-mortgage asset-backed securities that, while somewhat less liquid, are generally pledgeable at either the FHLB or the FRB and provide us with attractive yields. Investment grade municipal securities provide liquidity and attractive tax-equivalent yields. We remain committed to keeping the duration of our securities portfolio short; relatively short effective portfolio duration helps mitigate interest rate risk. T he estimated effective duration of the investment portfolio was 1.67 years and the estimated weighted average life of the portfolio was 5.3 years as of June 30, 2025. Approximately 71% of the securities portfolio was floating rate at June 30, 2025.
The investment securities AFS portfolio was in a net unrealized loss position of $330.0 million at June 30, 2025, an improvement of $75.6 million compared to a net unrealized loss position of $405.6 million at December 31, 2024. Net unrealized losses at June 30, 2025 included $17.2 million of gross unrealized gains and $347.2 million of gross unrealized losses. Investment securities available for sale in unrealized loss positions at June 30, 2025 had an aggregate fair value of $5.8 billion. The unrealized losses resulted primarily from a sustained period of higher interest rates, and in some cases, wider spreads compared to the levels at which securities were purchased. None of the unrealized losses were attributable to credit loss impairments.
41

The external ratings distribution of our AFS securities portfolio at the dates indicated is depicted in the charts below:

June 30, 2025 |  | December 31, 2024

We evaluate the credit quality of individual securities in the portfolio quarterly to determine whether we expect to recover the amortized cost basis of the investments in unrealized loss positions. This evaluation considers, but is not necessarily limited to, the following factors, the relative significance of which varies depending on the circumstances pertinent to each individual security:
•Whether we intend to sell the security prior to recovery of its amortized cost basis;
•Whether it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis;
•The extent to which fair value is less than amortized cost;
•Adverse conditions specifically related to the security, a sector, an industry or geographic area;
•Changes in the financial condition of the issuer or underlying loan obligors;
•The payment structure and remaining payment terms of the security, including levels of subordination or over-collateralization;
•Failure of the issuer to make scheduled payments;
•Changes in external credit ratings;
•Relevant market data; and
•Estimated prepayments, defaults, and the value and performance of underlying collateral at the individual security level.
We regularly engage with bond managers to monitor trends in underlying collateral, including potential downgrades and subsequent cash flow diversions, liquidity, ratings migration, and any other relevant developments.
We have not sold, and do not anticipate the need to sell, securities in unrealized loss positions to generate liquidity. Additionally, we do not intend to sell securities in significant unrealized loss positions at June 30, 2025. Based on an assessment of our liquidity position and internal and regulatory guidelines for permissible investments and concentrations, it is not more likely than not that we will be required to sell securities in significant unrealized loss positions prior to recovery of amortized cost basis, which may be at maturity. The substantial majority of our investment securities are eligible to be pledged at either the FHLB or FRB.
42

We have implemented a robust credit stress testing framework with respect to our non-agency securities. The following table presents subordination levels and average internal stress scenario losses for select non-agency portfolio segments at June 30, 2025:

|  |  |  |  | Subordination |  | Weighted Average Stress Scenario Loss
| Rating |  | Percent of Total |  | Minimum |  | Maximum |  | Average |
Private label CMBS | AAA |  | 87 | % |  | 23.1 |  | 98.9 |  | 46.3 |  | 8.2
| AA |  | 9 | % |  | 34.9 |  | 84.9 |  | 48.3 |  | 7.4
| A |  | 4 | % |  | 29.0 |  | 79.6 |  | 37.9 |  | 10.7
Weighted average |  |  | 100 | % |  | 24.4 |  | 96.9 |  | 46.1 |  | 8.2
CLOs | AAA |  | 86 | % |  | 39.2 |  | 76.5 |  | 43.7 |  | 15.2
| AA |  | 14 | % |  | 30.8 |  | 34.3 |  | 32.3 |  | 14.9
Weighted average |  |  | 100 | % |  | 38.0 |  | 70.7 |  | 42.2 |  | 15.2
Private label residential MBS and CMOs | AAA |  | 90 | % |  | 2.8 |  | 82.0 |  | 18.1 |  | 2.1
| AA |  | 3 | % |  | 21.7 |  | 45.4 |  | 28.4 |  | 6.8
| A |  | 2 | % |  | 21.3 |  | 25.4 |  | 22.9 |  | 15.5
| NR |  | 5 | % |  | 19.7 |  | 20.0 |  | 19.9 |  | 12.9
Weighted average |  |  | 100 | % |  | 4.6 |  | 76.6 |  | 18.6 |  | 3.1

The high credit quality of these securities and adequacy of subordination to cover projected collateral losses supports the conclusion that there is no credit loss impairment. The scenario used to project stress scenario losses is generally calibrated to the level of stress experienced in the Great Financial Crisis. For further discussion of our analysis of impaired investment securities AFS for credit loss impairment, see Note 3 to the consolidated financial statements.
The majority of our investment securities are classified within level 2 of the fair value hierarchy. U.S. Treasury securities and marketable equity securities are classified within level 1 of the hierarchy. For additional disclosure related to the fair values of investment securities, see Note 8 to the consolidated financial statements.
The following table shows the weighted average prospective yields based on current rates, categorized by scheduled maturity, for AFS investment securities as of June 30, 2025. Scheduled maturities have been adjusted for anticipated prepayments when applicable. Yields on tax-exempt securities have been calculated on a tax-equivalent basis, based on a federal income tax rate of 21%:

|  |  | Within One Year |  |  |  | After One Year Through Five Years |  |  |  | After Five Years Through Ten Years |  |  |  | After Ten Years |  |  |  | Total
U.S. Treasury securities |  |  | — | % |  |  |  | 4.39 | % |  |  |  | 2.53 | % |  |  |  | — | % |  |  |  | 3.13 | %
U.S. Government agency and sponsored enterprise residential MBS |  |  | 5.11 | % |  |  |  | 5.32 | % |  |  |  | 5.30 | % |  |  |  | 5.38 | % |  |  |  | 5.29 | %
U.S. Government agency and sponsored enterprise commercial MBS |  |  | 4.26 | % |  |  |  | 4.58 | % |  |  |  | 2.83 | % |  |  |  | 2.08 | % |  |  |  | 3.38 | %
Private label residential MBS and CMOs |  |  | 4.14 | % |  |  |  | 4.48 | % |  |  |  | 3.84 | % |  |  |  | 4.06 | % |  |  |  | 4.17 | %
Private label commercial MBS |  |  | 5.43 | % |  |  |  | 6.13 | % |  |  |  | 2.28 | % |  |  |  | 3.27 | % |  |  |  | 5.87 | %
Single family real estate-backed securities |  |  | 1.36 | % |  |  |  | 4.08 | % |  |  |  | — | % |  |  |  | — | % |  |  |  | 4.02 | %
Collateralized loan obligations |  |  | 6.23 | % |  |  |  | 6.29 | % |  |  |  | 6.17 | % |  |  |  | — | % |  |  |  | 6.24 | %
Non-mortgage asset-backed securities |  |  | 3.11 | % |  |  |  | 5.37 | % |  |  |  | 2.67 | % |  |  |  | — | % |  |  |  | 5.19 | %
State and municipal obligations |  |  | 4.27 | % |  |  |  | 4.39 | % |  |  |  | 4.16 | % |  |  |  | — | % |  |  |  | 4.28 | %
SBA securities |  |  | 5.32 | % |  |  |  | 5.31 | % |  |  |  | 5.23 | % |  |  |  | 4.98 | % |  |  |  | 5.28 | %
|  |  | 4.87 | % |  |  |  | 5.50 | % |  |  |  | 4.43 | % |  |  |  | 4.35 | % |  |  |  | 5.08 | %

43

Loans
The following table shows the composition of the loan portfolio at the dates indicated (dollars in thousands):

| June 30, 2025 |  | December 31, 2024 |  |  |  |
| Amortized Cost |  | Percent of Total Loans |  | Amortized Cost |  | Percent of Total Loans |  |  |  |
Non-owner occupied commercial real estate | $ | 5,829,835 |  |  | 24.4 | % |  | $ | 5,652,203 |  |  | 23.3 | % |  |  |  |
Construction and land | 643,630 |  |  | 2.7 | % |  | 561,989 |  |  | 2.3 | % |  |  |  |
Owner occupied commercial real estate | 1,942,076 |  |  | 8.1 | % |  | 1,941,004 |  |  | 8.0 | % |  |  |  |
Commercial and industrial | 6,743,739 |  |  | 28.2 | % |  | 7,042,222 |  |  | 28.9 | % |  |  |  |
Total Core C&I and CRE | 15,159,280 |  |  | 63.4 | % |  | 15,197,418 |  |  | 62.5 | % |  |  |  |
Pinnacle - municipal finance | 694,639 |  |  | 2.9 | % |  | 720,661 |  |  | 3.0 | % |  |  |  |
Franchise and equipment finance | 149,022 |  |  | 0.6 | % |  | 213,477 |  |  | 0.9 | % |  |  |  |
Mortgage warehouse lending | 626,589 |  |  | 2.6 | % |  | 585,610 |  |  | 2.4 | % |  |  |  |
Total commercial | 16,629,530 |  |  | 69.5 | % |  | 16,717,166 |  |  | 68.8 | % |  |  |  |
1-4 single family residential | 6,310,932 |  |  | 26.4 | % |  | 6,508,922 |  |  | 26.8 | % |  |  |  |
Government insured residential | 993,065 |  |  | 4.1 | % |  | 1,071,892 |  |  | 4.4 | % |  |  |  |
Total residential | 7,303,997 |  |  | 30.5 | % |  | 7,580,814 |  |  | 31.2 | % |  |  |  |
Total loans | 23,933,527 |  |  | 100.0 | % |  | 24,297,980 |  |  | 100.0 | % |  |  |  |
Allowance for credit losses | (222,730) |  |  |  |  | (223,153) |  |  |  |  |  |  |
Loans, net | $ | 23,710,797 |  |  |  |  | $ | 24,074,827 |  |  |  |  |  |  |

Commercial loans and leases
Commercial loans include a diverse portfolio of commercial and industrial loans and lines of credit, loans secured by owner-occupied commercial real-estate, income-producing non-owner occupied commercial real estate, a smaller amount of construction loans, SBA loans, mortgage warehouse lines of credit, municipal loans and leases and franchise and equipment finance loans and leases.
The following charts present the distribution of the commercial loan portfolio at the dates indicated (dollars in millions):

June 30, 2025 |  | December 31, 2024

44

Commercial Real Estate:
Commercial real estate loans include term loans secured by non-owner occupied income producing properties including rental apartments, industrial properties, retail shopping centers, free-standing single-tenant buildings, medical and other office buildings, warehouse facilities, hotels, and real estate secured lines of credit. The Company’s commercial real estate underwriting standards most often provide for loan terms of five to seven years, with amortization schedules of no more than thirty years. Overall CRE exposure is modest in comparison to peer banks as presented in the charts below:

CRE / Total Loans(1)(2) |  | CRE / Total Risk Based Capital(1)(2)

(1)BKU information as of June 30, 2025
(2)CRE peer median information based on March 31, 2025 Call Report data for banks with total assets between $10 billion and $100 billion
The following tables present the distribution of commercial real estate loans by property type, along with weighted average DSCRs and LTVs at the dates indicated (dollars in thousands):

| June 30, 2025
| Amortized Cost |  | Percent of Total CRE |  | FL |  | New York Tri-State |  | Other |  | Weighted Average DSCR |  | Weighted Average LTV
Office | $ | 1,647,383 |  |  | 26 | % |  | 59 | % |  | 22 | % |  | 19 | % |  | 1.52 |  | 63.3 | %
Warehouse/Industrial | 1,368,628 |  |  | 21 | % |  | 49 | % |  | 8 | % |  | 43 | % |  | 1.88 |  | 47.4 | %
Multifamily | 886,792 |  |  | 14 | % |  | 53 | % |  | 45 | % |  | 2 | % |  | 1.94 |  | 49.5 | %
Retail | 1,293,695 |  |  | 20 | % |  | 46 | % |  | 26 | % |  | 28 | % |  | 1.80 |  | 57.3 | %
Hotel | 484,584 |  |  | 7 | % |  | 78 | % |  | 10 | % |  | 12 | % |  | 1.66 |  | 44.0 | %
Construction and Land | 643,630 |  |  | 10 | % |  | 27 | % |  | 45 | % |  | 28 | % |  | N/A |  | N/A
Other | 148,753 |  |  | 2 | % |  | 49 | % |  | 6 | % |  | 45 | % |  | 2.60 |  | 47.3 | %
| $ | 6,473,465 |  |  | 100 | % |  | 51 | % |  | 24 | % |  | 25 | % |  | 1.76 |  | 54.2 | %

45

| December 31, 2024
| Amortized Cost |  | Percent of Total CRE |  | FL |  | New York Tri-State |  | Other |  | Weighted Average DSCR |  | Weighted Average LTV
Office | $ | 1,769,344 |  |  | 28 | % |  | 57 | % |  | 23 | % |  | 20 | % |  | 1.57 |  | 65.2 | %
Warehouse/Industrial | 1,374,738 |  |  | 22 | % |  | 54 | % |  | 8 | % |  | 38 | % |  | 1.83 |  | 47.2 | %
Multifamily | 838,341 |  |  | 13 | % |  | 51 | % |  | 49 | % |  | — | % |  | 2.01 |  | 50.1 | %
Retail | 1,098,314 |  |  | 19 | % |  | 49 | % |  | 29 | % |  | 22 | % |  | 1.73 |  | 57.3 | %
Hotel | 482,378 |  |  | 8 | % |  | 79 | % |  | 9 | % |  | 12 | % |  | 1.84 |  | 44.7 | %
Construction and Land | 561,989 |  |  | 9 | % |  | 36 | % |  | 47 | % |  | 17 | % |  | N/A |  | N/A
Other | 89,088 |  |  | 1 | % |  | 74 | % |  | 11 | % |  | 15 | % |  | 1.93 |  | 46.9 | %
| $ | 6,214,192 |  |  | 100 | % |  | 54 | % |  | 25 | % |  | 21 | % |  | 1.76 |  | 55.0 | %

The following table presents weighted average DSCR and weighted average LTV for the Florida and New York tri-state CRE portfolios, by property type, at June 30, 2025:

| Florida |  | NY Tri-State
| Weighted Average DSCR |  | Weighted Average LTV |  | Weighted Average DSCR |  | Weighted Average LTV
Office | 1.51 |  |  | 62.3 | % |  | 1.56 |  |  | 58.9 | %
Warehouse/Industrial | 2.06 |  |  | 44.9 | % |  | 1.86 |  |  | 33.3 | %
Multifamily | 2.46 |  |  | 44.4 | % |  | 1.32 |  |  | 55.6 | %
Retail | 1.93 |  |  | 54.2 | % |  | 1.47 |  |  | 58.9 | %
Hotel | 1.66 |  |  | 44.6 | % |  | 1.80 |  |  | 30.8 | %
Other | 3.26 |  |  | 39.8 | % |  | 1.20 |  |  | 63.8 | %
| 1.90 |  |  | 51.7 | % |  | 1.48 |  |  | 55.2 | %

Geographic distribution in the tables above is based on location of the underlying collateral property. LTVs and DSCRs are based on the most recent available information; if current appraisals are not available, LTVs are adjusted by our models based on current and forecasted sub-market dynamics. DSCRs are calculated based on current contractually required payments, which in some cases may be interest only and on current levels of operating cash flows. DSCR calculations do not include pro-forma rental payments on in-place leases that are currently in initial rent abatement periods.
Included in New York tri-state multifamily loans in the tables above is approximately $110 million of rent regulated exposure as of June 30, 2025.
The following table presents information about CRE loans maturing in the next 12 months by property type at June 30, 2025 (dollars in thousands). 16% of the total CRE portfolio, with a weighted average coupon rate of 4.34%, is fixed rate to the borrower and maturing in the next 12 months.

| Maturing in the Next 12 Months |  | % Maturing in the Next 12 Months |  | Fixed Rate or Swapped Maturing Next 12 Months |  |  |  | Fixed Rate to Borrower Maturing in Next 12 Months as a % of Total Portfolio |  |
Office | $ | 636,055 |  |  | 39 | % |  | $ | 369,258 |  |  |  |  | 22 | % |  |
Warehouse/Industrial | 245,402 |  |  | 18 | % |  | 157,853 |  |  |  |  | 12 | % |  |
Multifamily | 266,078 |  |  | 30 | % |  | 117,706 |  |  |  |  | 13 | % |  |
Retail | 246,367 |  |  | 19 | % |  | 201,825 |  |  |  |  | 16 | % |  |
Hotel | 97,307 |  |  | 20 | % |  | 89,833 |  |  |  |  | 19 | % |  |
Construction and Land | 181,111 |  |  | 28 | % |  | 42,131 |  |  |  |  | 7 | % |  |
Other | 32,347 |  |  | 22 | % |  | 32,347 |  |  |  |  | 22 | % |  |
| $ | 1,704,667 |  |  | 26 | % |  | $ | 1,010,953 |  |  |  |  | 16 | % |  |

46

The following table presents scheduled contractual maturities of the CRE portfolio by property type at June 30, 2025 (in thousands):

| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Office | $ | 364,855 |  |  | $ | 481,037 |  |  | $ | 297,078 |  |  | $ | 196,045 |  |  | $ | 246,772 |  |  | $ | 61,596 |  |  | $ | 1,647,383 |
Warehouse/Industrial | 150,462 |  |  | 401,664 |  |  | 335,282 |  |  | 162,763 |  |  | 163,724 |  |  | 154,733 |  |  | 1,368,628 |
Multifamily | 195,885 |  |  | 149,088 |  |  | 145,016 |  |  | 167,059 |  |  | 138,116 |  |  | 91,628 |  |  | 886,792 |
Retail | 164,969 |  |  | 279,921 |  |  | 198,995 |  |  | 291,788 |  |  | 125,243 |  |  | 232,779 |  |  | 1,293,695 |
Hotel | 42,464 |  |  | 237,171 |  |  | 30,387 |  |  | 61,983 |  |  | 59,214 |  |  | 53,365 |  |  | 484,584 |
Construction and Land | 86,362 |  |  | 215,487 |  |  | 255,518 |  |  | 6,946 |  |  | 24,741 |  |  | 54,576 |  |  | 643,630 |
Other | 6,133 |  |  | 26,219 |  |  | 18,938 |  |  | 29,293 |  |  | 15,167 |  |  | 53,003 |  |  | 148,753 |
| $ | 1,011,130 |  |  | $ | 1,790,587 |  |  | $ | 1,281,214 |  |  | $ | 915,877 |  |  | $ | 772,977 |  |  | $ | 701,680 |  |  | $ | 6,473,465 |

The office segment totaled $1.6 billion at June 30, 2025. Medical office comprised approximately $337 million or 20% of the total office portfolio. The following charts present the sub-market geographic distribution of the Florida and NY tri-state office portfolios at June 30, 2025:

NY Tri-State by Sub-Market |  | Florida by Sub-Market

The New York tri-state market encompasses approximately 22% of the office segment, with $133 million of exposure in Manhattan. As of June 30, 2025, the Manhattan office portfolio was approximately 96% occupied with 6% rent rollover expected in the next 12 months. The Florida office portfolio is predominantly suburban.
Office loans not secured by properties in Florida or the New York tri-state area comprised 19%, or approximately $315 million of the segment, and exhibited no particular geographic concentration. Estimated rent rollover of the total office portfolio in the next 12 months is approximately 9%; 10% for Florida and 7% for the New York tri-state area.
The construction portfolio includes an additional $88 million in office related exposure, $84 million of which is in New York.
Non-performing CRE loans, excluding SBA loans, totaled $142 million at June 30, 2025 and included $124 million of office exposure at June 30, 2025. Also see the section entitled "Asset Quality" below.
47

Commercial and Industrial
Commercial and industrial loans are typically made to small, middle market and larger corporate businesses and not-for-profit entities and include equipment loans, secured and unsecured working capital facilities, formula-based loans, subscription finance lines of credit, trade finance, SBA product offerings, business acquisition finance credit facilities, credit facilities to institutional real estate entities such as REITs and commercial real estate investment funds, and a small amount of commercial credit cards. These loans may be structured as term loans, typically with maturities of five to seven years, or revolving lines of credit which may have multi-year maturities. In addition to financing provided by Pinnacle, the Bank provides financing to state and local governmental entities generally within our primary geographic markets. The Bank makes loans secured by owner-occupied commercial real estate that typically have risk profiles more closely aligned with that of commercial and industrial loans than with other types of commercial real estate loans.
The following table presents the exposure in the C&I portfolio by industry, at June 30, 2025 (dollars in thousands):

| Amortized Cost(1) |  | Percent of Total |  |  |  |
Finance and Insurance | $ | 1,466,433 |  |  | 16.9 | % |  |  |  |
Health Care and Social Assistance | 823,867 |  |  | 9.5 | % |  |  |  |
Manufacturing | 733,128 |  |  | 8.4 | % |  |  |  |
Utilities | 704,032 |  |  | 8.1 | % |  |  |  |
Educational Services | 645,147 |  |  | 7.4 | % |  |  |  |
Wholesale Trade | 628,993 |  |  | 7.2 | % |  |  |  |
Information | 574,830 |  |  | 6.6 | % |  |  |  |
Real Estate and Rental and Leasing | 489,016 |  |  | 5.6 | % |  |  |  |
Transportation and Warehousing | 487,682 |  |  | 5.6 | % |  |  |  |
Construction | 466,556 |  |  | 5.4 | % |  |  |  |
Retail Trade | 347,496 |  |  | 4.0 | % |  |  |  |
Professional, Scientific, and Technical Services | 331,087 |  |  | 3.8 | % |  |  |  |
Other Services (except Public Administration) | 260,830 |  |  | 3.0 | % |  |  |  |
Public Administration | 234,212 |  |  | 2.7 | % |  |  |  |
Accommodation and Food Services | 144,131 |  |  | 1.7 | % |  |  |  |
Arts, Entertainment, and Recreation | 139,001 |  |  | 1.6 | % |  |  |  |
Administrative and Support and Waste Management | 91,794 |  |  | 1.1 | % |  |  |  |
Other | 117,579 |  |  | 1.4 | % |  |  |  |
| $ | 8,685,814 |  |  | 100.0 | % |  |  |  |

(1) Includes $1.9 billion of owner occupied real estate.
The Pinnacle portfolio consists of essential-use equipment financing to state and local governmental entities on a national basis directly and through vendor programs and alliances, with financing structures including equipment lease purchase agreements, direct (private placement) bond re-fundings and loan agreements.
The franchise and equipment finance portfolio is comprised of loans originated by Bridge including (i) franchise acquisition, expansion and equipment financing facilities and (ii) transportation equipment finance. We do not currently expect significant new loan originations in these segments.
Residential mortgages
The following table shows the composition of residential loans at the dates indicated (in thousands):

| June 30, 2025 |  | December 31, 2024
1-4 single family residential | $ | 6,310,932 |  |  | $ | 6,508,922 |
Government insured residential | 993,065 |  |  | 1,071,892 |
| $ | 7,303,997 |  |  | $ | 7,580,814 |

48

The 1-4 single family residential loan portfolio, excluding government insured residential loans, is primarily comprised of prime jumbo loans purchased through established correspondent channels. 1-4 single family residential mortgage loans are primarily closed-end, first lien jumbo mortgages for the purchase or re-finance of owner occupied property. The loans have terms ranging from 10 to 30 years, with either fixed or adjustable interest rates. At June 30, 2025, the majority of the 1-4 single family residential loan portfolio, excluding government insured residential loans, was owner-occupied, with 80% primary residence, 5% second homes and 15% investor-owned properties.
The Company acquires non-performing FHA and VA insured mortgages from third parties who have exercised their right to purchase these loans out of GNMA securitizations upon default ("Buyout Loans"). Buyout Loans that re-perform, either through modification or self-cure, may be eligible for re-securitization. The balance of Buyout Loans totaled $959 million at June 30, 2025.
The following charts present the distribution of the 1-4 single family residential mortgage portfolio by product type at the dates indicated:

June 30, 2025 |  | December 31, 2024

The following table presents the five states with the largest geographic concentrations of 1-4 single family residential loans, excluding government insured residential loans, at the dates indicated (dollars in thousands):

| June 30, 2025 |  | December 31, 2024
| Amortized Cost |  | Percent of Total |  | Amortized Cost |  | Percent of Total
California | $ | 1,876,707 |  |  | 29.7 | % |  | $ | 1,960,873 |  |  | 30.1 | %
New York | 1,260,545 |  |  | 20.0 | % |  | 1,282,197 |  |  | 19.7 | %
Florida | 455,129 |  |  | 7.2 | % |  | 473,556 |  |  | 7.3 | %
Illinois | 315,307 |  |  | 5.0 | % |  | 327,698 |  |  | 5.0 | %
Virginia | 296,239 |  |  | 4.7 | % |  | 308,784 |  |  | 4.7 | %
Others | 2,107,005 |  |  | 33.4 | % |  | 2,155,814 |  |  | 33.2 | %
| $ | 6,310,932 |  |  | 100.0 | % |  | $ | 6,508,922 |  |  | 100.0 | %

Operating lease equipment, net
Operating lease equipment, net totaled $214 million and $224 million at June 30, 2025 and December 31, 2024, respectively, consisting primarily of railcars and other transportation equipment. We expect the balance of operating lease equipment to continue to decline as this product offering is no longer considered core to our business strategy.
49

Asset Quality
Commercial Loans
We have a robust credit risk management framework, an experienced team to lead the workout and recovery process for the commercial and commercial real estate portfolios and a dedicated internal credit review function. Loan performance is monitored by our credit administration, portfolio management and workout and recovery departments. Risk ratings are updated continuously; generally, commercial relationships with balances greater than $3 million, are re-evaluated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. Homogenous groups of smaller balance commercial loans may be monitored collectively. The credit quality and risk rating of commercial loans as well as our underwriting and portfolio management practices are regularly reviewed by our internal independent credit review department.
We believe internal risk rating is the best indicator of the credit quality of commercial loans. The Company utilizes a 16-grade internal asset risk classification system as part of its efforts to monitor and maintain commercial asset quality. The special mention rating is considered a transitional rating for loans exhibiting potential credit weaknesses that could result in deterioration of repayment prospects at some future date if not checked or corrected and that deserve management’s close attention. These borrowers may exhibit declining cash flows or revenues or increasing leverage. Loans with well-defined credit weaknesses that may result in a loss if the deficiencies are not corrected are assigned a risk rating of substandard. These borrowers may exhibit payment defaults, inadequate cash flows from current operations, operating losses, increasing balance sheet leverage, project cost overruns, unreasonable construction delays, exhausted interest reserves, declining collateral values, frequent overdrafts or past due real estate taxes. Loans with weaknesses so severe that collection in full is highly questionable or improbable, but because of certain reasonably specific pending factors have not been charged off, are assigned an internal risk rating of doubtful.
The following table summarizes the Company's commercial credit exposure, based on internal risk rating, at the dates indicated (dollars in thousands):

| June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  |
| CRE |  |  |  | Total Commercial |  | Percent of Commercial Loans |  | CRE |  | Total Commercial |  | Percent of Commercial Loans |  | CRE |  |  |  | Total Commercial |  | Percent of Commercial Loans |  |  |  |
Pass | $ | 5,710,917 |  |  |  |  | $ | 15,400,243 |  |  | 92.6 | % |  | $ | 5,393,002 |  |  | $ | 15,140,264 |  |  | 91.6 | % |  | $ | 5,426,429 |  |  |  |  | $ | 15,333,411 |  |  | 91.7 | % |  |  |  |
Special mention | 88,959 |  |  |  |  | 130,879 |  |  | 0.8 | % |  | 70,579 |  |  | 193,206 |  |  | 1.2 | % |  | 58,771 |  |  |  |  | 262,387 |  |  | 1.6 | % |  |  |  |
Substandard accruing | 520,955 |  |  |  |  | 745,811 |  |  | 4.5 | % |  | 649,867 |  |  | 962,342 |  |  | 5.8 | % |  | 633,614 |  |  |  |  | 894,754 |  |  | 5.4 | % |  |  |  |
Substandard non-accruing | 152,634 |  |  |  |  | 317,958 |  |  | 1.9 | % |  | 92,648 |  |  | 227,567 |  |  | 1.4 | % |  | 95,378 |  |  |  |  | 219,758 |  |  | 1.3 | % |  |  |  |
Doubtful | — |  |  |  |  | 34,639 |  |  | 0.2 | % |  | — |  |  | 2,026 |  |  | — | % |  | — |  |  |  |  | 6,856 |  |  | — | % |  |  |  |
| $ | 6,473,465 |  |  |  |  | $ | 16,629,530 |  |  | 100.0 | % |  | $ | 6,206,096 |  |  | $ | 16,525,405 |  |  | 100.0 | % |  | $ | 6,214,192 |  |  |  |  | $ | 16,717,166 |  |  | 100.0 | % |  |  |  |

Total criticized classified loans declined by $156 million for the three months ended June 30, 2025, although total non-accrual loans increased by $117 million. Of the net increase in non-accrual loans, $86 million was office related exposure. At June 30, 2025, 75% of non-accrual loans were current.
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The following table provides additional information about special mention and substandard accruing loans at the dates indicated (dollars in thousands). All of these loans are performing. Non-performing loans are discussed further in the section entitled "Non-performing Assets" below.

| June 30, 2025 |  | March 31, 2025 |  | December 31, 2024
| Amortized Cost |  | % of Loan Segment |  | Amortized Cost |  | % of Loan Segment |  | Amortized Cost |  | % of Loan Segment
Special mention: |  |  |  |  |  |  |  |  |  |  |
CRE |  |  |  |  |  |  |  |  |  |  |
Hotel | $ | 45,315 |  |  | 9.4 | % |  | $ | — |  |  | — | % |  | $ | — |  |  | — | %
Office | 43,644 |  |  | 2.6 | % |  | 70,579 |  |  | 4.1 | % |  | 58,771 |  |  | 3.3 | %
| 88,959 |  |  | 1.4 | % |  | 70,579 |  |  | 1.1 | % |  | 58,771 |  |  | 0.9 | %
Owner occupied commercial real estate | 7,278 |  |  | 0.4 | % |  | 23,592 |  |  | 1.2 | % |  | 7,530 |  |  | 0.4 | %
Commercial and industrial | 34,642 |  |  | 0.5 | % |  | 99,035 |  |  | 1.4 | % |  | 196,086 |  |  | 2.8 | %
| $ | 130,879 |  |  |  |  | $ | 193,206 |  |  |  |  | $ | 262,387 |  |  |
Substandard accruing: |  |  |  |  |  |  |  |  |  |  |
CRE |  |  |  |  |  |  |  |  |  |  |
Hotel | $ | 21,653 |  |  | 4.5 | % |  | $ | 21,811 |  |  | 4.5 | % |  | $ | 20,442 |  |  | 4.2 | %
Retail | 94,785 |  |  | 7.3 | % |  | 95,465 |  |  | 8.0 | % |  | 101,340 |  |  | 9.2 | %
Multi-family | 142,049 |  |  | 16.0 | % |  | 157,356 |  |  | 19.1 | % |  | 129,397 |  |  | 15.4 | %
Office | 186,418 |  |  | 11.3 | % |  | 249,758 |  |  | 14.5 | % |  | 235,967 |  |  | 13.3 | %
Industrial | 47,072 |  |  | 3.4 | % |  | 47,247 |  |  | 3.6 | % |  | 47,422 |  |  | 3.4 | %
Construction and land | 28,891 |  |  | 4.5 | % |  | 75,574 |  |  | 12.5 | % |  | 96,374 |  |  | 17.1 | %
Other | 87 |  |  | 0.1 | % |  | 2,656 |  |  | 3.0 | % |  | 2,672 |  |  | 3.0 | %
| $ | 520,955 |  |  | 8.0 | % |  | $ | 649,867 |  |  | 10.5 | % |  | $ | 633,614 |  |  | 10.2 | %
Owner occupied commercial real estate | 93,538 |  |  | 4.8 | % |  | 79,926 |  |  | 4.1 | % |  | 95,775 |  |  | 4.9 | %
Commercial and industrial | 115,486 |  |  | 1.7 | % |  | 215,845 |  |  | 3.1 | % |  | 142,679 |  |  | 2.0 | %
Franchise and equipment finance | 15,832 |  |  | 10.6 | % |  | 16,704 |  |  | 10.1 | % |  | 22,686 |  |  | 10.6 | %
| $ | 745,811 |  |  |  |  | $ | 962,342 |  |  |  |  | $ | 894,754 |  |  |

The following graphs present trends in criticized and classified loans by segment over the periods indicated (in millions):

Commercial Real Estate(1) |  | Commercial(1)(2)

(1)Excludes SBA
(2)Includes C&I. and franchise and equipment finance.
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The following charts present criticized and classified CRE loans by property type at the dates indicated (in millions):

June 30, 2025 |  | December 31, 2024

(1)Includes $60 million and $85 million of office exposure at June 30, 2025 and December 31 ,2024, respectively.
The following graphs present delinquency trends by segment over the periods indicated (in millions):

Commercial Real Estate |  | Commercial(1)

(1)Includes C&I, franchise and equipment finance.
Residential Loans
Excluding government insured loans, our residential portfolio consists largely of performing jumbo mortgage loans purchased through established correspondent channels with FICO scores above 720, full documentation, current LTVs of 80% or less and are primarily owner-occupied. Loans with LTVs higher than 80% may be extended to selected credit-worthy borrowers. We perform due diligence on the purchased loans for credit, compliance, counterparty, payment history and property valuation.
52

We have a dedicated residential credit risk management function, and the residential portfolio is monitored by our internal credit review function. Residential mortgage loans are not individually risk rated. Delinquency status is the primary measure we use to monitor the credit quality of these loans. We also consider original LTV and most recently available FICO score to be significant indicators of credit quality for the 1-4 single family residential portfolio, excluding government insured residential loans.
The following charts present information about the 1-4 single family residential portfolio, excluding government insured loans, by FICO distribution, LTV distribution and vintage at June 30, 2025:

FICO Distribution |  | LTV Distribution |  | Vintage

The following graph presents delinquency trends for residential loans, excluding government insured residential loans, over the periods indicated (in millions):

Residential Delinquencies

FICO scores are generally updated semi-annually and were most recently updated in the first quarter of 2025. LTVs are typically based on valuation at origination.
Note 4 to the consolidated financial statements presents additional information about key credit quality indicators and delinquency status of the loan portfolio.
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Non-Performing Assets
Non-performing assets consist of (i) non-accrual loans, (ii) accruing loans that are more than 90 days contractually past due as to interest or principal, excluding PCD loans for which management has a reasonable basis for an expectation about future cash flows and government insured residential loans, and (iii) OREO and other non-performing assets.
The following table presents information about the Company's non-performing loans and non-performing assets at the dates indicated (dollars in thousands):

| June 30, 2025 |  | March 31, 2025 |  | December 31, 2024
Non-accrual loans: |  |  |  |  |
Commercial: |  |  |  |  |
Non-owner occupied commercial real estate | $ | 111,180 |  | $ | 51,906 |  | $ | 54,169
Construction and land | 31,055 |  | 31,395 |  | 31,758
Owner occupied commercial real estate | 21,288 |  | 4,786 |  | 3,803
Commercial and industrial | 145,062 |  | 99,400 |  | 92,475
Franchise and equipment finance | 4,066 |  | 5,644 |  | 6,010
Guaranteed portion of SBA | 35,947 |  | 33,016 |  | 34,328
Non-guaranteed portion of SBA | 3,999 |  | 3,446 |  | 4,071
Total commercial loans | 352,597 |  | 229,593 |  | 226,614
Residential | 23,151 |  | 29,625 |  | 23,500
Total non-accrual loans | 375,748 |  | 259,218 |  | 250,114
Loans past due 90 days and still accruing | 593 |  | 593 |  | 593
Total non-performing loans | 376,341 |  | 259,811 |  | 250,707
OREO | 6,698 |  | 4,946 |  | 5,482
Total non-performing assets | $ | 383,039 |  | $ | 264,757 |  | $ | 256,189
Non-performing loans to total loans | 1.57 | % |  | 1.08 | % |  | 1.03 | %
Non-performing loans, excluding the guaranteed portion of non-accrual SBA loans, to total loans | 1.42 | % |  | 0.94 | % |  | 0.89 | %
Non-performing assets to total assets | 1.08 | % |  | 0.76 | % |  | 0.73 | %
Non-performing assets, excluding the guaranteed portion of non-accrual SBA loans, to total assets | 0.98 | % |  | 0.67 | % |  | 0.63 | %
ACL to total loans | 0.93 | % |  | 0.92 | % |  | 0.92 | %
Commercial ACL to commercial loans (1) | 1.36 | % |  | 1.34 | % |  | 1.37 | %
ACL to non-performing loans | 59.18 | % |  | 84.58 | % |  | 89.01 | %
Net charge-offs to average loans (2) | 0.27 | % |  | 0.33 | % |  | 0.16 | %

(1) 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.
(2) Annualized for the six months ended June 30, 2025 and three months ended March 31, 2025; ratio for December 31, 2024 represents annual net charge-off rate.
Contractually delinquent government insured residential loans are typically Buyout Loans and are excluded from non-performing loans as defined in the table above due to their government guarantee. The carrying value of such loans contractually delinquent by 90 days or more was $193 million, $249 million and $226 million at June 30, 2025, March 31, 2025 and December 31, 2024 respectively.
The majority of the increase in non-performing loan and non-performing asset ratios for the three months ended June 30, 2025 is attributable to office exposure. The decline in the ratio of the ACL to non-performing loans at June 30, 2025 compared to March 31, 2025 is reflective of non-performing loans that have no or minimal related ACL due to the adequacy of estimated collateral value to cover the remaining amortized cost basis, which is in some cases net of partial charge-offs recognized. At June 30, 2025 75% of non-accrual loans were current.
The following graphs present trends in non-performing loans to total loans and non-performing assets to total assets over the periods indicated, as well as trends in net charge-offs.

Non-Performing Loans to Total Loans |  | Non-Performing Assets to Total Assets

Net Charges-Offs to Average Loans (1)

(1) Annualized for the six months ended June 30, 2025 and the three months ended March 31, 2025.
The net charge-off ratio for the trailing twelve months ended June 30, 2025 was 0.23%.
The following graph presents the trend in non-performing loans by portfolio segment over the periods indicated (in millions):
The following charts present non-performing CRE loans by property type at the dates indicated (in millions):

June 30, 2025 |  | December 31, 2024

Commercial loans are placed on non-accrual status when (i) management has determined that full repayment of all contractual principal and interest is in doubt, or (ii) the loan is past due 90 days or more as to principal or interest unless the loan is well secured and in the process of collection. Residential loans, other than Buyout Loans, are generally placed on non-accrual status when they are 60 days past due. When a loan is placed on non-accrual status, uncollected interest accrued is reversed and charged to interest income. Commercial loans are returned to accrual status only after all past due principal and interest has been collected and full repayment of remaining contractual principal and interest is reasonably assured. Residential loans are generally returned to accrual status when less than 60 days past due. Past due status of loans is determined based on the contractual next payment due date. Loans less than 30 days past due are reported as current.
Loss Mitigation Strategies
Criticized or classified commercial loans in excess of certain thresholds are reviewed quarterly by the Criticized Asset Committee, which evaluates the appropriate strategy for collection to mitigate the amount of credit losses and considers the appropriate risk rating for these loans. Criticized asset reports for each relationship are presented by the assigned relationship manager and credit officer to the Criticized Asset Committee until such time as the relationships are returned to a satisfactory credit risk rating or otherwise resolved. The Criticized Asset Committee may require the transfer of a loan to our workout and recovery department, which is tasked to effectively manage the loan with the goal of minimizing losses and expenses associated with restructure, collection and/or liquidation of collateral. Commercial loans with a risk rating of substandard, loans on non-accrual status, and assets classified as OREO or repossessed assets are usually transferred to workout and recovery. Oversight of the workout and recovery department is provided by the Criticized Asset Committee.
Our servicers evaluate each residential loan in default to determine the most effective loss mitigation strategy, which may be modification, short sale, or foreclosure, and pursue the alternative most suitable to the consumer and to mitigate losses to the Bank.
Analysis of the Allowance for Credit Losses
The ACL is management's estimate of the amount of expected credit losses over the life of the loan portfolio, or the amount of amortized cost basis not expected to be collected, at the balance sheet date. This estimate encompasses information about historical events, current conditions and reasonable and supportable economic forecasts. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Given a level of continued uncertainty about the general economy, evolving dynamics in some segments of the commercial real estate market, particularly the office sector, the complexity of the ACL estimate and level of management judgment required, we believe it is possible that the ACL estimate could change, potentially materially, in future periods. If commercial real estate market dynamics in our primary markets worsen beyond our current expectations, the ACL and the provision for credit losses will increase in the future. Changes in the ACL may result from changes in current economic conditions including but not limited to unanticipated changes in interest rates or inflationary pressures, changes in our economic forecast, loan portfolio composition, commercial and residential real estate market dynamics and other circumstances not currently known to us that may impact the financial condition and operations of our borrowers, among other factors.
Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. For loans that do not share similar risk characteristics with other loans such as collateral dependent loans, expected credit losses are estimated on an individual basis. Expected credit losses are estimated over the contractual terms of the loans, adjusted for expected prepayments, generally excluding expected extensions, renewals, and modifications.
For the substantial majority of portfolio segments and subsegments, including residential loans other than government insured loans and most commercial and commercial real estate loans, expected losses are estimated using econometric models. The models employ a factor based methodology, leveraging data sets containing extensive historical loss and recovery information by industry, geography, product type, collateral type and obligor characteristics, to estimate PD and LGD. Measures of PD for commercial loans incorporate current conditions through market cycle or credit cycle adjustments. For residential loans, the models consider FICO, adjusted LTVs and delinquencies. PDs and LGDs are then conditioned on the reasonable and supportable economic forecast. Projected PDs and LGDs, determined based on pool level characteristics, are applied to estimated exposure at default, considering the contractual term and payment structure of loans, adjusted for expected prepayments, to generate estimates of expected loss. For criticized or classified loans, PDs are adjusted to benchmark PDs established for each risk rating given that the most current financial information available is often not reflective of the borrowers' current financial condition. The ACL estimate incorporates a reasonable and supportable economic forecast through the use of externally developed macroeconomic scenarios applied in the models.
A single economic scenario or a probability weighted blend of economic scenarios may be used. The models ingest numerous national, regional and MSA level variables and data points. At June 30, 2025 and December 31, 2024, we used a combination of weighted third-party provided economic scenarios in calculating the quantitative portion of the ACL. Each of these externally provided scenarios in fact represents the result of a probability weighting of thousands of individual scenario paths.
See Note 1 to the consolidated financial statements of the Company's 2024 Annual Report on Form 10-K for more detailed information about our ACL methodology and related accounting policies.
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The following table provides an analysis of the ACL, the provision for credit losses related to the funded portion of loans and net charge-offs by loan segment for the periods indicated (dollars in thousands):

|  | CRE |  | C&I |  | Pinnacle - Municipal Finance |  | Franchise and Equipment Finance |  | Residential and MWL |  | Total
Balance at December 31, 2023 |  | $ | 41,338 |  |  | $ | 142,405 |  |  | $ | 243 |  |  | $ | 10,855 |  |  | $ | 7,848 |  |  | $ | 202,689 |
Provision for credit losses |  | 33,368 |  |  | 7,365 |  |  | (20) |  |  | (1,763) |  |  | (1,322) |  |  | 37,628 |
Charge-offs |  | (4,855) |  |  | (13,436) |  |  | — |  |  | (3,161) |  |  | (34) |  |  | (21,486) |
Recoveries |  | 50 |  |  | 6,813 |  |  | — |  |  | — |  |  | 4 |  |  | 6,867 |
Balance at June 30, 2024 |  | $ | 69,901 |  |  | $ | 143,147 |  |  | $ | 223 |  |  | $ | 5,931 |  |  | $ | 6,496 |  |  | $ | 225,698 |
Balance at December 31, 2024 |  | $ | 70,458 |  |  | $ | 137,954 |  |  | $ | 116 |  |  | $ | 2,381 |  |  | $ | 12,244 |  |  | $ | 223,153 |
Provision for credit losses |  | 1,698 |  |  | 29,324 |  |  | (17) |  |  | (1,388) |  |  | 2,040 |  |  | 31,657 |
Charge-offs |  | (13,719) |  |  | (23,089) |  |  | — |  |  | — |  |  | (208) |  |  | (37,016) |
Recoveries |  | 29 |  |  | 4,809 |  |  | — |  |  | 90 |  |  | 8 |  |  | 4,936 |
Balance at June 30, 2025 |  | $ | 58,466 |  |  | $ | 148,998 |  |  | $ | 99 |  |  | $ | 1,083 |  |  | $ | 14,084 |  |  | $ | 222,730 |
Net Charge-offs to Average Loans (1) |  |  |  |  |  |  |  |  |  |  |  |
Six Months Ended June 30, 2024 |  | 0.17 | % |  | 0.15 | % |  | — | % |  | 1.86 | % |  | — | % |  | 0.12 | %
Six Months Ended June 30, 2025 |  | 0.44 | % |  | 0.42 | % |  | — | % |  | (0.10) | % |  | 0.01 | % |  | 0.27 | %

(1)Annualized.
The following table shows the distribution of the ACL at the dates indicated (dollars in thousands):

| June 30, 2025 |  | March 31, 2025 |  | December 31, 2024 |  |
| Total |  | %(1) |  | Total |  | %(1) |  | Total |  | %(1) |  |  |  |
CRE | $ | 58,466 |  |  | 27.1 | % |  | $ | 65,592 |  |  | 25.9 | % |  | $ | 70,458 |  |  | 25.6 | % |  |  |  |
C&I | 148,998 |  |  | 36.3 | % |  | 136,599 |  |  | 37.0 | % |  | 137,954 |  |  | 36.9 | % |  |  |  |
Pinnacle - municipal finance | 99 |  |  | 2.9 | % |  | 105 |  |  | 2.9 | % |  | 116 |  |  | 3.0 | % |  |  |  |
Franchise and equipment finance | 1,083 |  |  | 0.6 | % |  | 1,591 |  |  | 0.7 | % |  | 2,381 |  |  | 0.9 | % |  |  |  |
Total Commercial | 208,646 |  |  |  |  | 203,887 |  |  |  |  | 210,909 |  |  |  |  |  |  |
Residential and MWL | 14,084 |  |  | 33.1 | % |  | 15,860 |  |  | 33.5 | % |  | 12,244 |  |  | 33.6 | % |  |  |  |
| $ | 222,730 |  |  | 100.0 | % |  | $ | 219,747 |  |  | 100.0 | % |  | $ | 223,153 |  |  | 100.0 | % |  |  |  |

(1)Represents percentage of loans receivable in each category to total loans receivable.
The following table presents the ACL as a percentage of loans at the dates indicated, by portfolio sub-segment:

| June 30, 2025 |  | March 31, 2025 |  |  |  | December 31, 2024 |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |
CRE | 0.90 | % |  | 1.06 | % |  |  |  | 1.13 | % |  |  |
C&I | 1.72 | % |  | 1.54 | % |  |  |  | 1.54 | % |  |  |
Franchise and equipment finance | 0.73 | % |  | 0.96 | % |  |  |  | 1.12 | % |  |  |
Total commercial (1) | 1.36 | % |  | 1.34 | % |  |  |  | 1.37 | % |  |  |
Pinnacle - municipal finance | 0.01 | % |  | 0.02 | % |  |  |  | 0.02 | % |  |  |
Residential and MWL | 0.18 | % |  | 0.20 | % |  |  |  | 0.15 | % |  |  |
| 0.93 | % |  | 0.92 | % |  |  |  | 0.92 | % |  |  |
ACL to non-performing loans | 59.18 | % |  | 84.58 | % |  |  |  | 89.01 | % |  |  |
ACL to CRE office loans | 1.92 | % |  | 1.99 | % |  |  |  | 2.30 | % |  |  |

(1)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.
55

Changes in the ACL during the three months ended June 30, 2025, are depicted in the chart below (dollars in millions):
Changes in the ACL during the three months ended June 30, 2025
As depicted in the chart above, the most significant factor impacting the ACL for the three months ended June 30, 2025 was an increase in specific reserves, net of overall positive risk rating migration. The ACL was also impacted by (i) upgrades and payoffs of criticized and classified commercial loans, (ii) improving borrower financial performance in some segments of the pass rated portfolio, (iii) a reduction in certain qualitative factors and (iv) shifts in portfolio composition, partially offset by deterioration in the economic forecast. Net charge-offs also reduced the ACL.
At June 30, 2025, the ratio of the ACL to loans was 0.93%, compared to 0.92% at March 31, 2025. The commercial ACL ratio, inclusive of C&I, CRE, and franchise and equipment finance was 1.36% at June 30, 2025 compared to 1.34% at March 31, 2025. The ACL to loans ratio for CRE office loans was 1.92% at June 30, 2025 compared to 1.99% at March 31, 2025. Further discussion of changes in the ACL for select portfolio sub-segments follows:
•The ACL for the CRE portfolio sub-segment decreased by $7.1 million during the three months ended June 30, 2025, from 1.06% to 0.90% of loans, primarily a result of net charge-offs.
•The ACL for the commercial and industrial sub-segment increased by $12.4 million during the three months ended June 30, 2025, from 1.54% to 1.72% of loans, primarily a result of increases in specific reserves.
The quantitative estimate of the ACL at June 30, 2025, was informed by forecasted economic scenarios published in June 2025, a wide variety of additional economic data, information about borrower financial condition and collateral values, and other relevant information. The quantitative portion of the ACL at June 30, 2025, was modeled using a weighting of baseline, downside and upside third-party economic scenarios, with the highest weighting ascribed to the baseline scenario and lower weightings ascribed equally to the downside and upside scenarios.
Some of the high-level data points informing the baseline scenario used in estimating the quantitative portion of the ACL at June 30, 2025, included:
•Labor market assumptions, which reflected national unemployment peaking at 4.8% and
56

•Annualized growth in national GDP troughing at 0.6%.
The above unemployment and GDP growth assumptions are provided to give a high level overview of the nature and severity of the baseline economic forecast scenario used in estimating the ACL. Numerous additional variables and assumptions not explicitly stated, including but not limited to detailed commercial and residential property forecasts, projected stock market volatility indices and a variety of additional assumptions about market interest rates and spreads also contributed to the overall impact economic conditions and the economic forecast had on the ACL estimate. Furthermore, while the variables presented above are at the national level, many of the economic variables are regionalized at the market and submarket level in the models.
For additional information about the ACL, see Note 4 to the consolidated financial statements.
Deposits
A breakdown of deposits at the dates indicated is shown below:

June 30, 2025 |  | December 31, 2024

The Company has a diverse deposit book. At June 30, 2025, our largest concentration was deposits sourced by our national title solutions business line, with approximately $5.0 billion in total deposits. Deposits in the HOA vertical totaled $2.1 billion at June 30, 2025. Approximately 70% of our total deposits were commercial or municipal deposits at June 30, 2025.
Brokered deposits totaled $4.1 billion and $5.2 billion at June 30, 2025 and December 31, 2024, respectively. Brokered deposits are generally insured and typically a readily available source of funds, however, they are typically higher cost and in some circumstances, credit sensitive.
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The following graph presents trends in the deposit mix and cost of deposits (in millions):

Quarterly cost of deposits |  |  | 0.19% |  | 1.42% |  | 2.96% |  | 3.09% |  | 2.72% |  | 2.58% |  | 2.47%
Non-interest bearing as a % of total deposits |  |  | 30.5% |  | 29.2% |  | 25.8% |  | 29.1% |  | 27.3% |  | 28.8% |  | 31.8%
Spot average APY of total deposits |  |  | 0.16% |  | 1.92% |  | 3.18% |  | 3.09% |  | 2.63% |  | 2.52% |  | 2.37%

The following graph presents trends in the spot APY of total deposits compared to the upper bound of the federal funds target range:
For additional information about Deposits, see Note 10 to the consolidated financial statements.
58

Borrowings
In addition to deposits, we utilize FHLB advances as a funding source; the advances provide us with additional flexibility in managing both term and cost of funding and in managing interest rate risk. FHLB advances are secured by qualifying residential first mortgage and commercial real estate loans and MBS. The following table presents information about the contractual balance and maturities of outstanding FHLB advances, as of June 30, 2025 (dollars in thousands):

| Amount |  | Weighted Average Rate
Maturing in: |  |  |
2025 - One month or less | $ | 2,150,000 |  |  | 4.40 | %
2025 - Over one month | 105,000 |  |  | 4.44 | %
Total contractual balance outstanding | $ | 2,255,000 |  |  |

The table above reflects contractual maturities of outstanding advances and does not incorporate the impact that interest rate swaps designated as cash flow hedges have on the duration or cost of borrowings.
The table below presents information about outstanding interest rate swaps hedging the variability of interest cash flows on the FHLB advances included in the table above, as of June 30, 2025 (dollars in thousands):

| Notional Amount |  | Weighted Average Rate
Cash flow hedges maturing in: |  |  |
2025 | $ | 800,000 |  |  | 3.69 | %
2026 | 1,430,000 |  |  | 3.50 | %
Thereafter | 25,000 |  |  | 2.50 | %
| $ | 2,255,000 |  |  | 3.55 | %

See Note 6 to the consolidated financial statements and "Interest Rate Risk" below for more information about derivative instruments.
Outstanding notes payable and other borrowings consisted of the following at the dates indicated (in thousands):

| June 30, 2025 |  | December 31, 2024 |
Senior notes: |  |  |  |
Principal amount of 4.875% senior notes maturing on November 17, 2025 | $ | 388,479 |  |  | $ | 388,479 |  |
Unamortized discount and debt issuance costs | (349) |  |  | (802) |  |
| 388,130 |  |  | 387,677 |  |
Subordinated notes: |  |  |  |
Principal amount of 5.125% subordinated notes maturing on June 11, 2030 | 300,000 |  |  | 300,000 |  |
Unamortized discount and debt issuance costs | (3,451) |  |  | (3,753) |  |
| 296,549 |  |  | 296,247 |  |
Total notes | 684,679 |  |  | 683,924 |  |
Finance leases | 24,258 |  |  | 24,629 |  |
Notes and other borrowings | $ | 708,937 |  |  | $ | 708,553 |  |

In July 2025, the Company's Board of Directors authorized the redemption of all of its outstanding 4.875% senior notes due November 2025 at a redemption price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid interest.
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Liquidity and Capital Resources
Liquidity
Liquidity involves our ability to generate adequate funds to support planned interest earning asset growth, meet deposit withdrawal and credit line usage requests in both normal operating and stressed environments, maintain reserve requirements, conduct routine operations, pay dividends, service outstanding debt and meet other contractual obligations.
BankUnited's ongoing liquidity needs have historically been met primarily by cash flows from operations, deposit growth, the investment portfolio, its amortizing loan portfolio and FHLB advances. FRB discount window capacity, repurchase agreement capacity and a letter of credit with the FHLB provide additional sources of contingent liquidity.
Same day available liquidity inc ludes cash, secured funding such as borrowing capacity at the Federal Home Loan Bank of Atlanta and the Federal Reserve, and unencumbered securities. Additional sources of liquidity include cash flows from operations, wholesale deposits, cash flow from the Bank's amortizing securities and loan portfolios, repurchase agreements and the sale of investment securities. Management also has the ability to exert substantial control over the rate and timing of loan production, and resultant requirements for liquidity to fund new loans.
The following chart presents the components of same day available liquidity at June 30, 2025 and December 31, 2024 (in millions):

Same Day Available Liquidity

At June 30, 2025, the ratio of estimated insured and collateralized deposits to total deposits was 57% and the ratio of available liquidity to estimated uninsured, uncollateralized deposits was 132%. As a commercially focused bank, due to the inherent nature of commercial deposits and the fact that deposit insurance is designed primarily to protect consumers, a significant portion of our deposits are uninsured.
Our ALM policy establishes limits or operating risk thresholds for a number of measures of liquidity which are monitored at least monthly by the ALCO and quarterly by the Board of Directors. Some of the measures currently used to dimension liquidity risk and manage liquidity are a wholesale funding ratio, the ratio of available liquidity to uninsured/non-collateralized deposits, the ratio of available operational liquidity (which excludes availability at the FRB) to volatile liabilities, a liquidity stress test coverage ratio, the loan to deposit ratio, a one-year liquidity ratio, a measure of available on-balance sheet liquidity, the ratio of brokered deposits to total deposits and large depositor concentrations. We also have single depositor relationship limits. Our liquidity management framework incorporates a robust contingency funding plan and liquidity stress test.
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The following tables present some of the Company's liquidity measures, where applicable, their related policy limits and operating risk thresholds at the dates indicated:

|  | June 30, 2025 |  |  |  | Policy Limit |
Wholesale funding/total assets |  | 20.4% |  |  |  | <37.5% |

|  |  |  |  | June 30, 2025 |  |  |  | Operating Threshold |
Available operational liquidity/volatile liabilities |  |  |  |  | 2.73x |  |  |  | ≥1.30x |
Liquidity stress test coverage ratio |  |  |  |  | 2.53 |  |  |  | ≥1.50x |
One year liquidity ratio |  |  |  |  | 3.43x |  |  |  | ≥1.00x |
Loan to deposit ratio |  |  |  |  | 83.6% |  |  |  | ≤100% |
Top 20 uninsured depositors to total deposits (excluding brokered & municipal deposits) |  |  |  |  | 12.0% |  |  |  | ≤15% |
Available on-balance sheet liquidity |  |  |  |  | 9.4% |  |  |  | ≥5% |
Available liquidity to uninsured/non-collateralized deposits |  |  |  |  | 132% |  |  |  | <100% |

As a holding company, BankUnited, Inc. is a corporation separate and apart from its banking subsidiary, and therefore, provides for its own liquidity. BankUnited, Inc.’s main sources of funds include management fees and dividends from the Bank and access to capital markets. There are regulatory limitations that may affect the ability of the Bank to pay dividends to BankUnited, Inc. Management believes that such limitations will not impact our ability to meet our ongoing cash obligations.
Capital
Pursuant to the FDIA, the federal banking agencies have adopted regulations setting forth a five-tier system for measuring the capital adequacy of the financial institutions they supervise. At June 30, 2025 and December 31, 2024, the Company and the Bank had capital levels that exceeded both the regulatory well-capitalized guidelines and all internal capital ratio targets.
We have an active shelf registration statement on file with the SEC that allows the Company to periodically offer and sell in one or more offerings, individually or in any combination, our common stock, preferred stock and other non-equity securities. The shelf registration provides us with flexibility in issuing capital instruments and enables us to more readily access the capital markets as needed to pursue future growth opportunities and to ensure continued compliance with regulatory capital requirements. Our ability to issue securities pursuant to the shelf registration is subject to market conditions.
The following table provides information regarding regulatory capital for the Company and the Bank as of June 30, 2025 (dollars in thousands):

| Actual |  | Required to be Considered Well Capitalized |  | Required to be Considered Adequately Capitalized |  | Required to be Considered Adequately Capitalized Including Capital Conservation Buffer
| Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio
BankUnited, Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tier 1 leverage | $ | 3,105,286 |  |  | 8.75 | % |  | N/A (1) |  | N/A (1) |  | $ | 1,419,195 |  |  | 4.00 | % |  | N/A (1) |  | N/A (1)
CET1 risk-based capital | $ | 3,105,286 |  |  | 12.22 | % |  | $ | 1,651,726 |  |  | 6.50 | % |  | $ | 1,143,503 |  |  | 4.50 | % |  | $ | 1,778,782 |  |  | 7.00 | %
Tier 1 risk-based capital | $ | 3,105,286 |  |  | 12.22 | % |  | $ | 2,032,894 |  |  | 8.00 | % |  | $ | 1,524,670 |  |  | 6.00 | % |  | $ | 2,159,949 |  |  | 8.50 | %
Total risk-based capital | $ | 3,635,467 |  |  | 14.31 | % |  | $ | 2,541,117 |  |  | 10.00 | % |  | $ | 2,032,894 |  |  | 8.00 | % |  | $ | 2,668,173 |  |  | 10.50 | %
BankUnited: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tier 1 leverage | $ | 3,289,522 |  |  | 9.28 | % |  | $ | 1,772,798 |  |  | 5.00 | % |  | $ | 1,418,239 |  |  | 4.00 | % |  | N/A |  | N/A
CET1 risk-based capital | $ | 3,289,522 |  |  | 12.96 | % |  | $ | 1,650,288 |  |  | 6.50 | % |  | $ | 1,142,507 |  |  | 4.50 | % |  | $ | 1,777,233 |  |  | 7.00 | %
Tier 1 risk-based capital | $ | 3,289,522 |  |  | 12.96 | % |  | $ | 2,031,123 |  |  | 8.00 | % |  | $ | 1,523,343 |  |  | 6.00 | % |  | $ | 2,158,069 |  |  | 8.50 | %
Total risk-based capital | $ | 3,519,702 |  |  | 13.86 | % |  | $ | 2,538,904 |  |  | 10.00 | % |  | $ | 2,031,123 |  |  | 8.00 | % |  | $ | 2,665,850 |  |  | 10.50 | %

(1)There is no Tier 1 leverage ratio component in the definition of a well-capitalized bank holding company.
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In July 2025, the Company's Board of Directors authorized the repurchase of up to $100 million in shares of its outstanding common stock. Any repurchases under the program will be made in accordance with applicable securities laws from time to time in open market or private transactions. No time limit was set for the completion of the share repurchase program, and the program may be suspended or discontinued without prior notice at any time.
Interest Rate Risk
A principal component of the Company’s risk of loss arising from adverse changes in the fair value of financial instruments, or market risk, is interest rate risk, including the risk that assets and liabilities with similar re-pricing characteristics may not reprice at the same time or to the same degree. A primary objective of the Company’s asset/liability management activities is to maximize net interest income, while maintaining acceptable levels of interest rate risk. The ALCO is responsible for establishing policies to manage exposure to interest rate risk, and to ensure procedures are established to monitor compliance with these policies. The policies established by the ALCO are approved at least annually by the Board of Directors and its Risk Committee. The Board of Directors or its Risk Committee monitor compliance with these policies at least quarterly.
Management believes that the simulation of net interest income in different interest rate environments provides the most meaningful measure of interest rate risk. Income simulation analysis is designed to capture not only the potential of all assets and liabilities to mature or reprice, but also the probability that they will do so. Income simulation also attends to the relative interest rate sensitivities of these items, and projects their behavior over an extended period of time. Finally, income simulation permits management to assess the probable effects on the balance sheet not only of changes in interest rates, but also of proposed strategies for responding to them. Simulation of changes in EVE in various interest rate environments is also a meaningful measure of interest rate risk.
Net Interest Income Simulation
The income simulation model analyzes interest rate sensitivity by projecting net interest income over 12- and 24-month periods in a most likely rate scenario based on a consensus forward curve versus net interest income in alternative rate scenarios. Management continually reviews and refines its interest rate risk management process in response to changes in the interest rate environment, the economic climate and observed customer behavior. Currently, our interest rate risk management framework is based on modeling instantaneous rate shocks to a static balance sheet, assuming that maturing instruments are replaced with like instruments at forward rates, of plus and minus 100, 200, 300 and 400 basis point parallel shifts. In lower interest rate environments, we may not model more extreme declining rate scenarios and in certain macro-environments, we may model shocks of more than 400 basis points. Our ALM policy has established limits for the plus and minus 100 and 200 basis points shock scenarios. We also model a variety of dynamic balance sheet scenarios, various yield curve slopes, non-parallel shifts and alternative depositor behavior, beta and decay assumptions. We continually evaluate the scenarios being modeled with a view toward adapting them to changing economic conditions, expectations and trends.
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The following table presents the impact on forecasted net interest income compared to a "most likely" scenario, based on the consensus forward curve, in static balance sheet, parallel rate shock scenarios of plus and minus 100 and 200 basis points at the dates indicated:

|  |  | Down 200 |  | Down 100 |  | Plus 100 |  | Plus 200 |  |  |  |
Policy Limits: |  |  |  |  |  |  |  |  |  |  |  |  |
In year 1 |  |  | (12) | % |  | (8) | % |  | (8) | % |  | (12) | % |  |  |  |
In year 2 |  |  | (15) | % |  | (11) | % |  | (11) | % |  | (15) | % |  |  |  |
Model Results at June 30, 2025 - increase (decrease) |  |  |  |  |  |  |  |  |  |  |  |  |
In year 1 |  |  | (5.3) | % |  | (2.1) | % |  | 1.8 | % |  | 3.4 | % |  |  |  |
In year 2 |  |  | (8.7) | % |  | (3.6) | % |  | 2.7 | % |  | 5.2 | % |  |  |  |
Model Results at December 31, 2024 - increase (decrease) |  |  |  |  |  |  |  |  |  |  |  |  |
In year 1 |  |  | (4.2) | % |  | (1.7) | % |  | 1.5 | % |  | 2.7 | % |  |  |  |
In year 2 |  |  | (3.4) | % |  | (1.2) | % |  | 0.6 | % |  | 1.0 | % |  |  |  |

EVE Simulation
The following table illustrates the modeled change in EVE in the indicated scenarios at the dates indicated:

|  |  | Down 200 |  | Down 100 |  | Plus 100 |  | Plus 200 |  |  |  |
Policy Limits |  |  | (20.0) | % |  | (10.0) | % |  | (10.0) | % |  | (20.0) | % |  |  |  |
Model Results at June 30, 2025 - increase (decrease): |  |  | 12.3 | % |  | 7.9 | % |  | (5.3) | % |  | (10.8) | % |  |  |  |
Model Results at December 31, 2024 - increase (decrease): |  |  | 16.9 | % |  | 10.0 | % |  | (7.1) | % |  | (14.8) | % |  |  |  |

All of the modeled results at June 30, 2025 are within ALM policy limits.
The Company uses many assumptions in estimating the impact of changes in interest rates on forecasted net interest income and EVE. Actual results may not be similar to the Company's projections due to many factors including but not limited to the timing and frequency of market rate changes, market conditions, unanticipated changes in depositor behavior and loan prepayment speeds, the shape of the yield curve, changes in balance sheet composition and the Company's actions in response to changing external and balance sheet dynamics. Some of the more significant assumptions used by the Company in estimating the impact of changes in interest rates on forecasted net interest income and EVE at June 30, 2025 were:
•Prepayment speeds for loans, with CPRs ranging from 6.8% to 12.3% depending on loan characteristics and the magnitude of the modeled rate shock;
•Prepayment speeds for investment securities, with CPRs ranging from 4.2% to 11.5% depending on individual security collateral and characteristics and the magnitude of the modeled rate shock;
•Deposit decay rates ranging between 17% and 22%;
•Overall non-maturity interest bearing deposit beta of 79%;
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Derivative Financial Instruments and Hedging Activities
Management continually evaluates a variety of hedging strategies that are available to manage interest rate risk.
Interest rate derivatives designated as cash flow or fair value hedging instruments are tools we may use to manage interest rate risk. These derivative instruments are used to mitigate exposure to changes in interest cash flows or the fair value of financial instruments caused by fluctuations in benchmark interest rates, as well as to manage duration of liabilities.
The following tables provide information about the Company's derivatives designated as cash flow hedges as of June 30, 2025 (dollars in thousands):

|  |  |  |  | Weighted Average Pay Rate / Strike Price |  | Weighted Average Receive Rate / Strike Price |  | Weighted Average Remaining Life in Years
|  |  | Notional Amount |  |  |
| Hedged Item |  |  |  |
Pay-fixed interest rate swaps | Variability of interest cash flows on variable rate borrowings |  | $ | 2,255,000 |  |  | 3.55% |  | Daily SOFR |  | 0.8
Pay-variable interest rate swaps | Variability of interest cash flows on variable rate loans |  | 1,150,000 |  |  | Term SOFR |  | 3.89% |  | 1.5
Interest rate caps purchased, indexed to Fed Funds effective rate | Variability of interest cash flows on variable rate liabilities |  | 100,000 |  |  | 1.00% |  |  |  | 0.4
Interest rate collar, indexed to 1-month SOFR | Variability of interest cash flows on variable rate loans |  | 125,000 |  |  | 5.58% |  | 1.50% |  | 1.2
|  |  | $ | 3,630,000 |  |  |  |  |  |  |

| Variability of Interest Payment Cash Flows on Variable Rate Loans |  | Variability of Interest Payment Cash Flows on Variable Rate Liabilities
| Notional Amount |  | Weighted Average Rate |  | Notional Amount |  | Weighted Average Rate
Cash flows hedges maturing in: |  |  |  |  |  |  |
Third quarter 2025 | $ | — |  |  | — | % |  | $ | 550,000 |  |  | 3.8 | %
Fourth quarter 2025 | 50,000 |  |  | 3.8 | % |  | 350,000 |  |  | 2.7 | %
2026 | 925,000 |  |  | 3.9 | % |  | 1,430,000 |  |  | 3.5 | %
2027 | 300,000 |  |  | 3.8 | % |  | — |  |  | — | %
Thereafter | — |  |  | — | % |  | 25,000 |  |  | 2.5 | %
| $ | 1,275,000 |  |  |  |  | $ | 2,355,000 |  |  |

In addition to derivative instruments, the Company has issued callable CDs to hedge interest rate risk in a falling rate environment; the amount of such instruments outstanding at June 30, 2025 was $380 million. The short duration of our AFS investment portfolio (1.66 at June 30, 2025) also provides a natural offset from an interest rate risk perspective to the longer duration of the residential mortgage portfolio.
See Note 6 to the consolidated financial statements for additional information about derivative financial instruments.
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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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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Item 3. Quantitative and Qualitative Disclosures About Market Risk
See the section entitled “Interest Rate Risk” included in Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this Form 10-Q, we carried out an evaluation under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and 15d-15(e). Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that our disclosure controls and procedures were effective.
During the quarter ended June 30, 2025, there were no changes in the Company's internal control over financial reporting that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company is involved as plaintiff or defendant in various legal actions arising in the normal course of business. In the opinion of management, based upon currently available information and the advice of legal counsel, the likelihood is remote that any adverse impact of these proceedings, either individually or in the aggregate, would be material to the Company’s consolidated financial position, results of operations or cash flows.
Item 1A. Risk Factors
There have been no material changes in the risk factors disclosed by the Company in its 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 28, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 5. Other Information
During the three months ended June 30, 2025, no director or officer (as defined in Exchange Act Rule 16a-1(f)) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.
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Item 6.
Exhibits

Exhibit Number |  | Description |  | Location
31.1 |  | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |  | Filed herewith
31.2 |  | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |  | Filed herewith
32.1 |  | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |  | Filed herewith
32.2 |  | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |  | Filed herewith
101.INS |  | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document |  | Filed herewith
101.SCH |  | XBRL Taxonomy Extension Schema |  | Filed herewith
101.CAL |  | XBRL Taxonomy Extension Calculation Linkbase |  | Filed herewith
101.DEF |  | XBRL Taxonomy Extension Definition Linkbase |  | Filed herewith
101.LAB |  | XBRL Taxonomy Extension Label Linkbase |  | Filed herewith
101.PRE |  | XBRL Taxonomy Extension Presentation Linkbase |  | Filed herewith

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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized this 5th day of August 2025.

| /s/ Rajinder P. Singh
| Rajinder P. Singh
| Chairman, President and Chief Executive Officer
| /s/ Leslie N. Lunak
| Leslie N. Lunak
| Chief Financial Officer

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