EX-99.1 2 earningsdocex99120250630.htm EX-99.1 Document

Exhibit 99.1
BANKUNITED, INC. REPORTS SECOND QUARTER 2025 RESULTS

Miami Lakes, Fla. — July 23, 2025 — BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter ended June 30, 2025.
"This was an outstanding quarter - we continued to deliver on key priorities with strong NIDDA growth and continued margin expansion" said Rajinder Singh, Chairman, President and Chief Executive Officer.
For the quarter ended June 30, 2025, the Company reported net income of $68.8 million, or $0.91 per diluted share, an 18% increase over $58.5 million, or $0.78 per diluted share for the immediately preceding quarter ended March 31, 2025. For the quarter ended June 30, 2024, net income was $53.7 million, or $0.72 per diluted share. For the six months ended June 30, 2025, net income was $127.2 million, or $1.68 per diluted share compared to $101.7 million, or $1.36 per diluted share for the six months ended June 30, 2024, an increase of 25%.
Quarterly Highlights
•As expected, the net interest margin, calculated on a tax-equivalent basis, expanded by 0.12%, to 2.93% for the quarter ended June 30, 2025 from 2.81% for the immediately preceding quarter. Net interest income grew by $13.0 million, or 5.6% compared to the prior quarter.
•The Company's funding profile continued to improve this quarter. Non-interest bearing demand deposits ("NIDDA") grew by $1.0 billion, or 13%, to 32% of total deposits, up from 29% at March 31, 2025. NIDDA was also up $1.0 billion compared to June 30, 2024, one year ago. Average NIDDA grew $581 million for the quarter ended June 30, 2025.
•Non-brokered deposits grew by $1.2 billion, or 5.1%, for the quarter ended June 30, 2025 while total deposits grew by $588 million.
•The average cost of total deposits declined by 0.11% to 2.47% for the quarter ended June 30, 2025 from 2.58% for the immediately preceding quarter ended March 31, 2025. The spot APY of total deposits declined by 0.15% to 2.37% at June 30, 2025 from 2.52% at March 31, 2025. The spot APY of total deposits was 3.09% at June 30, 2024, one year ago.
•Wholesale funding, including FHLB advances and brokered deposits, declined by $749 million for the quarter ended June 30, 2025.
•For the quarter ended June 30, 2025, CRE loans grew by $267 million, largely in line with our expectations. C&I loans declined by $199 million; a continued high level of unscheduled payoffs and some strategic exits impacted C&I growth. Consistent with our balance sheet strategy, the residential, franchise, equipment and municipal finance portfolios declined by a combined $171 million. Total loans declined by $56 million for the quarter ended June 30, 2025.
•The loan to deposit ratio declined to 83.6% at June 30, 2025, from 85.5% at March 31, 2025.
•With respect to credit, total criticized and classified loans declined by $156 million for the quarter ended June 30, 2025. We experienced net migration of $117 million of loans to non-accrual for the quarter, the majority of which, not unexpectedly, was attributable to office exposure. The NPA ratio at June 30, 2025 was 1.08%, including 0.10% related to the guaranteed portion of non-accrual SBA loans, compared to 0.76%, including 0.09% related to the guaranteed portion of non-accrual SBA loans, at March 31, 2025. The annualized net charge-off ratio for the six months ended June 30, 2025 was 0.27%; the net charge-off ratio for the trailing twelve months was 0.23%.
•The ratio of the ACL to total loans was 0.93% at June 30, 2025, compared to 0.92% at the prior quarter-end. The ratio of the ACL to non-performing loans was 59.18%. The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, franchise finance and equipment finance was 1.36% at June 30, 2025 and the ACL to loans ratio for CRE office loans was 1.92%. The provision for credit losses was $15.7 million for the quarter ended June 30, 2025 compared to $15.1 million for the preceding quarter.
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•At June 30, 2025, the weighted average LTV of the CRE portfolio was 54.2%, the weighted average DSCR was 1.76, 51% of the portfolio was collateralized by properties located in Florida and 24% was collateralized by properties located in the New York tri-state area. For the office sub-segment, the weighted average LTV was 63.3%, the weighted average DSCR was 1.52, 59% was collateralized by properties in Florida, substantially all of which was suburban, and 22% was collateralized by properties located in the New York tri-state area.
•Our capital position is robust. At June 30, 2025, CET1 was 12.2% at a consolidated level. Pro-forma CET1 including accumulated other comprehensive income was 11.3% at June 30, 2025. The ratio of tangible common equity to tangible assets increased to 8.1% at June 30, 2025.
•Book value and tangible book value per common share continued to accrete, to $39.26 and $38.23, respectively, at June 30, 2025 compared to $38.51 and $37.48, respectively, at March 31, 2025 and $36.11 and $35.07, respectively, at June 30, 2024. This represents a 9% year-over-year increase in tangible book value per share.
•As previously announced, we are excited about the launch of new wholesale banking offices in Morristown, NJ and Charlotte, NC.
•On July 22, 2025, the Company's Board of Directors authorized the repurchase of up to $100 million in shares of its outstanding common stock. Any repurchases will be made in accordance with applicable securities laws from time to time in open market or private transactions. The extent to which the Company repurchases shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, the Company’s capital position and amount of retained earnings, regulatory requirements and other considerations. No time limit was set for the completion of the share repurchase program, and the program may be suspended or discontinued at any time.
•On July 22, 2025, the Company's Board of Directors authorized the redemption of all of its outstanding 4.875% senior notes due November 2025.
Loans
Loan portfolio composition at the dates indicated follows (dollars in thousands):
June 30, 2025March 31, 2025December 31, 2024
Core C&I and CRE segments:
Non-owner occupied commercial real estate$5,829,835 24.4 %$5,602,711 23.4 %$5,652,203 23.3 %
Construction and land643,630 2.7 %603,385 2.5 %561,989 2.3 %
Owner occupied commercial real estate1,942,076 8.1 %1,967,984 8.2 %1,941,004 8.0 %
Commercial and industrial6,743,739 28.2 %6,916,996 28.8 %7,042,222 28.9 %
15,159,280 63.4 %15,091,076 62.9 %15,197,418 62.5 %
Franchise and equipment finance
149,022 0.6 %165,095 0.7 %213,477 0.9 %
Pinnacle - municipal finance694,639 2.9 %688,986 2.9 %720,661 3.0 %
Mortgage warehouse lending ("MWL")626,589 2.6 %580,248 2.4 %585,610 2.4 %
Residential7,303,997 30.5 %7,464,494 31.1 %7,580,814 31.2 %
$23,933,527 100.0 %$23,989,899 100.0 %$24,297,980 100.0 %
For the quarter ended June 30, 2025, the core C&I and CRE portfolio segments grew by a net $68 million. The CRE portfolio grew by $267 million while the C&I portfolio declined by $199 million. A continued high level of unscheduled payoffs and strategic exits contributed to this decline. MWL grew by $46 million. Consistent with our balance sheet strategy, residential loans declined by $160 million.
Our commercial real estate exposure totaled 27% of loans and 185% of the Bank's total risk based capital at June 30, 2025. By comparison, based on call report data as of March 31, 2025 for banks with between $10 billion and $100 billion in assets, the median level of CRE to total loans was 35% and the median level of CRE to total risk based capital was 217%.
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Asset Quality and the ACL
The following table presents information about the ACL at the dates indicated as well as net charge-off rates for the periods ended June 30, 2025, March 31, 2025 and December 31, 2024 (dollars in thousands):
ACLACL to Total Loans
Commercial ACL to Commercial Loans(2)
ACL to Non-Performing Loans
Net Charge-offs to Average Loans (1)
December 31, 2024$223,153 0.92 %1.37 %89.01 %0.16 %
March 31, 2025$219,747 0.92 %1.34 %84.58 %0.33 %
June 30, 2025$222,730 0.93 %1.36 %59.18 %0.27 %
(1)    Annualized for the three months ended March 31, 2025 and the six months ended June 30, 2025; ratio for December 31, 2024 represents annual net charge-off rate.
(2)    For purposes of this ratio, commercial loans includes the core C&I and CRE sub-segments as presented in the table above as well as franchise and equipment finance. Due to their unique risk profiles, MWL and municipal finance are excluded from this ratio.
The ACL at June 30, 2025 represents management's estimate of lifetime expected credit losses, or the amount of amortized cost not expected to be collected, given an assessment of historical data, current conditions, and a reasonable and supportable economic forecast as of the balance sheet date. For the quarter ended June 30, 2025, the provision for credit losses, including portions related to both funded and unfunded loan commitments, was $15.7 million, compared to $15.1 million for the immediately preceding quarter ended March 31, 2025 and $19.5 million for the quarter ended June 30, 2024. Factors impacting the provision for credit losses and increase in the ACL for the quarter included increases in specific reserves and deterioration in the economic forecast, substantially offset by the impact of upgrades and payoffs of criticized and classified commercial loans, some reduction in certain qualitative factors and net charge-offs. The quarter-over-quarter decline in the ratio of the ACL to non-performing loans is related to non-performing loans that have no or relatively low related ACL due to the adequacy of estimated collateral value to cover the remaining outstanding balance, which is in some cases net of partial charge-offs recognized.
The following table summarizes the activity in the ACL for the periods indicated (in thousands):
Three Months Ended
Six Months Ended
 June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Beginning balance$219,747 $223,153 $217,556 $223,153 $202,689 
Provision15,694 15,963 21,823 31,657 37,628 
Net charge-offs(12,711)(19,369)(13,681)(32,080)(14,619)
Ending balance$222,730 $219,747 $225,698 $222,730 $225,698 
As detailed in the following table, criticized and classified commercial loans declined during the quarter ended June 30, 2025 (in thousands):
June 30, 2025March 31, 2025December 31, 2024
CRE
Total Commercial
CRE
Total Commercial
CRE
Total Commercial
Special mention$88,959 $130,879 $70,579 $193,206 $58,771 $262,387 
Substandard - accruing520,955 745,811 649,867 962,342 633,614 894,754 
Substandard - non-accruing152,634 317,958 92,648 227,567 95,378 219,758 
Doubtful— 34,639 — 2,026 — 6,856 
Total $762,548 $1,229,287 $813,094 $1,385,141 $787,763 $1,383,755 
Total criticized and classified loans declined by $156 million for the quarter ended June 30, 2025, although total non-accrual loans increased by $117 million. Of the net increase, $86 million was office related exposure. At June 30, 2025, 75% of non-accrual loans were current.
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Net Interest Income
Net interest income for the quarter ended June 30, 2025 was $246.1 million, compared to $233.1 million for the immediately preceding quarter ended March 31, 2025, a 5.6% increase. Net interest income increased by 8.9% compared to $226.0 million for the quarter ended June 30, 2024. Interest income increased by $10.1 million for the quarter ended June 30, 2025 while interest expense decreased by $2.9 million. The quarter-over-quarter increase in interest income was primarily related to higher yields on loans. The decline in interest expense related to both a lower average cost of funds and lower average balance of interest bearing liabilities.
The Company’s net interest margin, calculated on a tax-equivalent basis, increased by 0.12% to 2.93% for the quarter ended June 30, 2025, from 2.81% for the immediately preceding quarter ended March 31, 2025. Factors impacting the net interest margin for the quarter ended June 30, 2025 were:
•The net interest margin was positively impacted by the increase in average NIDDA as a percentage of both total deposits and total funding. Average NIDDA grew by $581 million for the quarter ended June 30, 2025, while average interest bearing deposits declined by $290 million.
•The average rate paid on interest bearing deposits declined to 3.48% for the quarter ended June 30, 2025, from 3.54% for the quarter ended March 31, 2025. This decline reflected the maturity of higher-rate term deposits, a reduction in higher priced brokered deposits and continued pricing discipline.
•The tax-equivalent yield on loans increased to 5.55% for the quarter ended June 30, 2025, from 5.48% for the quarter ended March 31, 2025. This increase reflects the origination of new loans at higher rates, paydowns and maturities of lower rate loans and balance sheet repositioning.
•The average rate paid on FHLB advances increased to 3.79% for the quarter ended June 30, 2025 from 3.69% for the quarter ended March 31, 2025, primarily due to the expiration of cash flow hedges, partially offset by maturities of higher rate advances.
Earnings Conference Call and Presentation
A conference call to discuss quarterly results will be held at 9:00 a.m. ET on Wednesday, July 23, 2025 with Chairman, President and Chief Executive Officer Rajinder P. Singh, Chief Financial Officer Leslie N. Lunak and Chief Operating Officer Thomas M. Cornish.
The earnings release and slides with supplemental information relating to the release will be available on the Investor Relations page under About Us on www.bankunited.com prior to the call. Due to recent demand for conference call services, participants are encouraged to listen to the call via a live Internet webcast at https://ir.bankunited.com. To participate by telephone, participants will receive dial-in information and a unique PIN number upon completion of registration at https://register-conf.media-server.com/register/BI81e8f26b6a09415db30bca2bdb4ac949. For those unable to join the live event, an archived webcast will be available on the Investor Relations page at https://ir.bankunited.com approximately two hours following the live webcast.
About BankUnited, Inc.
BankUnited, Inc., with total assets of $35.5 billion at June 30, 2025, is the bank holding company of BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida, with operations in Florida, New York, Dallas, Atlanta, Morristown, New Jersey, and Charlotte, North Carolina. BankUnited provides a full range of consumer and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions, and offers certain commercial lending and deposit products through national platforms. For additional information, call (877) 779-2265 or visit www.BankUnited.com. BankUnited can be found on Facebook at facebook.com/BankUnited.official, LinkedIn @BankUnited and on X @BankUnited.

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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company’s current views with respect to, among other things, future events and financial performance. The Company generally identifies forward-looking statements by terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” "forecasts" or the negative version of those words or other comparable words. Any forward-looking statements contained in this press release are based on the historical performance of the Company and its subsidiaries or on the Company’s current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by the Company that the future plans, estimates or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions, including (without limitation) those relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity, including as impacted by external circumstances outside the Company's direct control, such as but not limited to adverse events or conditions impacting the financial services industry. If one or more of these or other risks or uncertainties materialize, or if the Company’s underlying assumptions prove to be incorrect, the Company’s actual results may vary materially from those indicated in these statements. These factors should not be construed as exhaustive. The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. Information on these factors can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are available at the SEC’s website (www.sec.gov).
Contact
BankUnited, Inc.
Investor Relations:
Leslie N. Lunak, 786-313-1698
Source: BankUnited, Inc.
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BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share and per share data) 
June 30,
2025		March 31,
2025		December 31,
2024
ASSETS  
Cash and due from banks:  
Non-interest bearing$15,595 $12,727 $12,078 
Interest bearing785,699 431,018 479,038 
Cash and cash equivalents 801,294 443,745 491,116 
Investment securities9,401,071 9,099,809 9,130,244 
Non-marketable equity securities174,234 181,359 206,297 
Loans23,933,527 23,989,899 24,297,980 
Allowance for credit losses (222,730)(219,747)(223,153)
Loans, net23,710,797 23,770,152 24,074,827 
Bank owned life insurance 294,855 293,886 284,570 
Operating lease equipment, net214,455 218,621 223,844 
Goodwill77,637 77,637 77,637 
Other assets785,364 746,788 753,207 
Total assets$35,459,707 $34,831,997 $35,241,742 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Demand deposits:  
Non-interest bearing$9,112,888 $8,069,275 $7,616,182 
Interest bearing5,583,663 4,776,223 4,892,814 
Savings and money market10,171,156 10,788,919 11,055,418 
Time3,778,234 4,423,408 4,301,289 
Total deposits28,645,941 28,057,825 27,865,703 
FHLB advances2,255,000 2,405,000 2,930,000 
Notes and other borrowings708,937 709,091 708,553 
Other liabilities896,812 762,499 923,168 
Total liabilities 32,506,690 31,934,415 32,427,424 
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 75,218,911, 75,242,048 and 74,748,370 shares issued and outstanding
752 752 747 
Paid-in capital306,271 301,321 301,672 
Retained earnings2,877,237 2,831,743 2,796,440 
Accumulated other comprehensive loss(231,243)(236,234)(284,541)
Total stockholders' equity 2,953,017 2,897,582 2,814,318 
Total liabilities and stockholders' equity $35,459,707 $34,831,997 $35,241,742 

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BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
Three Months EndedSix Months Ended
 June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Interest income:  
Loans$328,090 $321,384 $350,604 $649,474 $697,861 
Investment securities117,346 113,869 123,708 231,215 247,887 
Other8,343 8,436 8,986 16,779 19,024 
Total interest income 453,779 443,689 483,298 897,468 964,772 
Interest expense:
Deposits170,695 174,210 208,091 344,905 418,089 
Borrowings36,965 36,340 49,185 73,305 105,804 
Total interest expense 207,660 210,550 257,276 418,210 523,893 
Net interest income before provision for credit losses 246,119 233,139 226,022 479,258 440,879 
Provision for credit losses 15,698 15,111 19,538 30,809 34,823 
Net interest income after provision for credit losses 230,421 218,028 206,484 448,449 406,056 
Non-interest income:
Deposit service charges and fees5,323 5,235 4,909 10,558 10,222 
Lease financing4,612 4,313 5,640 8,925 17,080 
Other non-interest income17,875 12,722 13,636 30,597 23,760 
Total non-interest income 27,810 22,270 24,185 50,080 51,062 
Non-interest expense:
Employee compensation and benefits83,153 82,746 75,588 165,899 151,508 
Occupancy and equipment 10,945 11,343 10,973 22,288 21,542 
Deposit insurance expense6,976 7,227 8,530 14,203 22,060 
Technology23,492 22,780 20,567 46,272 40,882 
Depreciation of operating lease equipment3,869 4,009 7,896 7,878 17,109 
Other non-interest expense35,892 32,121 34,152 68,013 63,845 
Total non-interest expense 164,327 160,226 157,706 324,553 316,946 
Income before income taxes
93,904 80,072 72,963 173,976 140,172 
Provision for income taxes25,138 21,596 19,230 46,734 38,459 
Net income
$68,766 $58,476 $53,733 $127,242 $101,713 
Earnings per common share, basic$0.91 $0.78 $0.72 $1.70 $1.36 
Earnings per common share, diluted$0.91 $0.78 $0.72 $1.68 $1.36 

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BANKUNITED, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(Dollars in thousands)
Three Months Ended June 30,Three Months Ended March 31,Three Months Ended June 30,
202520252024
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 assets807,721 8,343 4.14 %788,547 8,436 4.33 %711,586 8,986 5.08 %
Total interest earning assets34,061,443 457,194 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 assets1,370,990 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 deposits10,355,700 88,023 3.41 %10,833,734 91,779 3.44 %11,176,000 118,945 4.28 %
Time deposits3,919,526 36,983 3.79 %4,326,750 42,538 3.99 %4,750,640 53,897 4.56 %
Total interest bearing deposits19,682,764 170,695 3.48 %19,972,310 174,210 3.54 %19,668,711 208,091 4.26 %
FHLB advances2,941,264 27,828 3.79 %2,991,389 27,206 3.69 %3,764,286 40,032 4.28 %
Notes and other borrowings709,081 9,137 5.16 %709,037 9,134 5.15 %711,167 9,153 5.15 %
Total interest bearing liabilities23,333,109 207,660 3.57 %23,672,736 210,550 3.61 %24,144,164 257,276 4.28 %
Non-interest bearing demand deposits7,993,915 7,413,117 7,448,633 
Other non-interest bearing liabilities931,879 1,004,917 960,691 
Total liabilities32,258,903 32,090,770 32,553,488 
Stockholders' equity2,946,339 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 spread1.81 %1.73 %1.49 %
Net interest margin2.93 %2.81 %2.72 %
(1)    On a tax-equivalent basis where applicable
(2)    Annualized
(3)    At fair value






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BANKUNITED, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(Dollars in thousands)
Six Months Ended June 30,
 
2025
2024
 Average
Balance
Interest (1)
Yield/
Rate (1)(2)
Average
Balance
Interest (1)
Yield/
Rate (1)(2)
Assets:
Interest earning assets:
Loans
$23,917,488 $654,918 5.51 %$24,313,806 $704,149 5.82 %
Investment securities (3)
9,229,050 232,636 5.06 %8,923,485 249,596 5.59 %
Other interest earning assets801,797 16,779 4.22 %737,523 19,024 5.19 %
Total interest earning assets33,948,335 904,333 5.36 %33,974,814 972,769 5.74 %
Allowance for credit losses(227,672)(215,954)
Non-interest earning assets1,370,321 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 deposits10,593,396 179,802 3.42 %11,205,130 237,584 4.26 %
Time deposits4,122,014 79,521 3.89 %4,990,909 111,749 4.50 %
Total interest bearing deposits19,826,738 344,905 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 borrowings709,059 18,271 5.16 %710,092 18,276 5.15 %
Total interest bearing liabilities23,501,985 418,210 3.58 %24,736,601 523,893 4.26 %
Non-interest bearing demand deposits7,705,120 7,004,780 
Other non-interest bearing liabilities968,195 933,479 
Total liabilities32,175,300 32,674,860 
Stockholders' equity2,915,684 2,664,491 
Total liabilities and stockholders' equity$35,090,984 $35,339,351 
Net interest income$486,123 $448,876 
Interest rate spread1.78 %1.48 %
Net interest margin2.87 %2.64 %
(1)    On a tax-equivalent basis where applicable
(2)    Annualized
(3)    At fair value




9

BANKUNITED, INC. AND SUBSIDIARIES
EARNINGS PER COMMON SHARE
(In thousands except share and per share amounts)
Three Months Ended
Six Months Ended
cJune 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Basic earnings per common share: 
Numerator:
Net income
$68,766 $58,476 $53,733 $127,242 $101,713 
Distributed and undistributed earnings allocated to participating securities
(979)(821)(748)(1,799)(1,429)
Income allocated to common stockholders for basic earnings per common share$67,787 $57,655 $52,985 $125,443 $100,284 
Denominator:
Weighted average common shares outstanding75,222,756 74,918,750 74,762,498 75,071,593 74,635,803 
Less average unvested stock awards(1,124,872)(1,101,408)(1,110,233)(1,113,205)(1,119,035)
Weighted average shares for basic earnings per common share74,097,884 73,817,342 73,652,265 73,958,388 73,516,768 
Basic earnings per common share$0.91 $0.78 $0.72 $1.70 $1.36 
Diluted earnings per common share:
Numerator:
Income allocated to common stockholders for basic earnings per common share$67,787 $57,655 $52,985 $125,443 $100,284 
Adjustment for earnings reallocated from participating securities
5 4 2 9 4 
Income used in calculating diluted earnings per common share$67,792 $57,659 $52,987 $125,452 $100,288 
Denominator:
Weighted average shares for basic earnings per common share74,097,884 73,817,342 73,652,265 73,958,388 73,516,768 
Dilutive effect of certain share-based awards523,812 562,488 365,988 543,043 310,906 
Weighted average shares for diluted earnings per common share
74,621,696 74,379,830 74,018,253 74,501,431 73,827,674 
Diluted earnings per common share$0.91 $0.78 $0.72 $1.68 $1.36 

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BANKUNITED, INC. AND SUBSIDIARIES
SELECTED RATIOS
 At or for the Three Months Ended
At or for the Six Months Ended
 June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Financial ratios (4)
    
Return on average assets0.78 %0.68 %0.61 %0.73 %0.58 %
Return on average stockholders’ equity9.4 %8.2 %8.0 %8.8 %7.7 %
Net interest margin (3)
2.93 %2.81 %2.72 %2.87 %2.64 %
Loans to deposits83.6 %85.5 %88.7 %83.6 %88.7 %
Tangible book value per common share$38.23 $37.48 $35.07 $38.23 $35.07 
 June 30, 2025March 31, 2025December 31, 2024
Asset quality ratios  
Non-performing loans to total loans (1)(5)
1.57 %1.08 %1.03 %
Non-performing assets to total assets (2)(5)
1.08 %0.76 %0.73 %
ACL to total loans
0.93 %0.92 %0.92 %
Commercial ACL to commercial loans (6)
1.36 %1.34 %1.37 %
ACL to non-performing loans (1)(5)
59.18 %84.58 %89.01 %
Net charge-offs to average loans(7)
0.27 %0.33 %0.16 %
(1)    We define non-performing loans to include non-accrual loans and loans other than purchased credit deteriorated and government insured residential loans that are past due 90 days or more and still accruing. Contractually delinquent purchased credit deteriorated and government insured residential loans on which interest continues to be accrued are excluded from non-performing loans.
(2)    Non-performing assets include non-performing loans, OREO and other repossessed assets.
(3)    On a tax-equivalent basis.
(4)    Annualized for the three and six month periods as applicable.
(5)    Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $35.9 million or 0.15% of total loans and 0.10% of total assets at June 30, 2025, $33.0 million or 0.14% of total loans and 0.09% of total assets at March 31, 2025, and $34.3 million or 0.14% of total loans and 0.10% of total assets at December 31, 2024.
(6)    For purposes of this ratio, commercial loans includes the C&I and CRE sub-segments, as well as franchise and equipment finance. Due to their unique risk profiles, MWL and municipal finance are excluded from this ratio.
(7)    Annualized for the three months ended March 31, 2025 and the six months ended June 30, 2025; ratio for December 31, 2024 represents annual net charge-off rate.

June 30, 2025March 31, 2025December 31, 2024Required to be Considered Well Capitalized
BankUnited, Inc.BankUnited, N.A.BankUnited, Inc.BankUnited, N.A.BankUnited, Inc.BankUnited, N.A.
Capital ratios
Tier 1 leverage8.8 %9.3 %8.7 %9.5 %8.5 %9.7 %5.0 %
Common Equity Tier 1 ("CET1") risk-based capital12.2 %13.0 %12.2 %13.4 %12.0 %13.7 %6.5 %
Total risk-based capital14.3 %13.9 %14.3 %14.3 %14.1 %14.6 %10.0 %
Tangible Common Equity/Tangible Assets8.1 %N/A8.1 %N/A7.8 %N/AN/A
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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, 2025March 31, 2025June 30, 2024
Total stockholders’ equity$2,953,017 $2,897,582 $2,699,348 
Less: goodwill and other intangible assets77,637 77,637 77,637 
Tangible stockholders’ equity$2,875,380 $2,819,945 $2,621,711 
Common shares issued and outstanding75,218,911 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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