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    BankUnited, Inc. Reports First Quarter 2025 Results

    4/28/25 6:45:00 AM ET
    $BKU
    Savings Institutions
    Finance
    Get the next $BKU alert in real time by email

    BankUnited, Inc. (the "Company") (NYSE:BKU) today announced financial results for the quarter ended March 31, 2025.

    "We're happy to start the year on a strong note, and remain fairly optimistic about our prospects for the year in spite of the uncertainty in the macro-environment," said Rajinder Singh, Chairman, President and Chief Executive Officer.

    For the quarter ended March 31, 2025, the Company reported net income of $58.5 million, or $0.78 per diluted share, compared to $69.3 million, or $0.91 per diluted share, for the immediately preceding quarter ended December 31, 2024 and $48.0 million, or $0.64 per diluted share, for the quarter ended March 31, 2024.

    Quarterly Highlights

    • The Company's funding profile continued to improve this quarter. Non-interest bearing demand deposits ("NIDDA") grew by $453 million, or 5.9%, for the quarter ended March 31, 2025, to 29% of total deposits, up from 27% at December 31, 2024. NIDDA grew by $830 million compared to March 31, 2024, one year ago.



    • Non-brokered deposits grew by $719 million, or 3.2%, for the quarter ended March 31, 2025 while total deposits grew by $192 million.



    • Wholesale funding, including FHLB advances and brokered deposits, declined by $1.1 billion for the quarter ended March 31, 2025.



    • Total loans declined by $308 million for the quarter ended March 31, 2025. The core CRE and C&I segments declined by $106 million. Commercial loan growth is typically seasonally lower in the first quarter, and continued to be impacted by a high level of payoffs. Consistent with our balance sheet strategy, the residential, franchise, equipment and municipal finance portfolios declined by a combined $196 million.



    • The loan to deposit ratio declined to 85.5% at March 31, 2025, from 87.2% at December 31, 2024.



    • The net interest margin, calculated on a tax-equivalent basis, was 2.81% for the quarter ended March 31, 2025 compared to 2.84% for the immediately preceding quarter, reflecting the impact of declining rates on a modestly asset sensitive balance sheet and the expiration of certain cash flow hedges. Net interest income declined by $6.1 million compared to the prior quarter.



    • The average cost of total deposits declined by 0.14% to 2.58% for the quarter ended March 31, 2025 from 2.72% for the immediately preceding quarter ended December 31, 2024. The spot APY of total deposits declined to 2.52% at March 31, 2025 from 2.63% at December 31, 2024.



    • The annualized net charge-off ratio for the quarter ended March 31, 2025 was 0.33%. The net charge-off ratio for the trailing twelve months was 0.24%. The NPA ratio was 0.76%, including 0.09% related to the guaranteed portion of non-accrual SBA loans at March 31, 2025 compared to 0.73% including 0.10% related to the guaranteed portion of non-accrual SBA loans at December 31, 2024.



    • The ratio of the ACL to total loans was 0.92% at March 31, 2025, consistent with the prior quarter-end. The ratio of the ACL to non-performing loans was 84.58%. The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, franchise finance and equipment finance was 1.34% at March 31, 2025 and the ACL to loans ratio for CRE office loans was 1.99%. The provision for credit losses was $15.1 million for the quarter ended March 31, 2025 compared to $11.0 million for the preceding quarter.



    • Our commercial real estate exposure totaled 26% of loans and 173% of the Bank's total risk based capital at March 31, 2025. By comparison, based on call report data as of December 31, 2024 for banks with between $10 billion and $100 billion in assets, the median level of CRE to total loans was 34% and the median level of CRE to total risk based capital was 218%.



    • At March 31, 2025, the weighted average LTV of the CRE portfolio was 54.9%, the weighted average DSCR was 1.78, 53% of the portfolio was collateralized by properties located in Florida and 25% was collateralized by properties located in the New York tri-state area. For the office sub-segment, the weighted average LTV was 64.5%, the weighted average DSCR was 1.58, 57% was collateralized by properties in Florida, substantially all of which was suburban, and 23% was collateralized by properties located in the New York tri-state area.



    • Our capital position is robust. At March 31, 2025, CET1 was 12.2% at a consolidated level. Pro-forma CET1, including accumulated other comprehensive income, was 11.2% at March 31, 2025. The ratio of tangible common equity to tangible assets increased to 8.11% at March 31, 2025.



    • Book value and tangible book value per common share continued to accrete, to $38.51 and $37.48, respectively, at March 31, 2025, compared to $37.65 and $36.61, respectively, at December 31, 2024, and $35.31 and $34.27, respectively, at March 31, 2024.



    • The Company announced an increase of $0.02 per share in its common stock dividend for the quarter ended March 31, 2025, to $0.31 per common share, a 7% increase from the previous level of $0.29 per share.

    Loans

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

     

    March 31, 2025

     

    December 31, 2024

    Core C&I and CRE sub-segments:

     

     

     

     

     

     

     

    Non-owner occupied commercial real estate

    $

    5,602,711

     

    23.4

    %

     

    $

    5,652,203

     

    23.3

    %

    Construction and land

     

    603,385

     

    2.5

    %

     

     

    561,989

     

    2.3

    %

    Owner occupied commercial real estate

     

    1,967,984

     

    8.2

    %

     

     

    1,941,004

     

    8.0

    %

    Commercial and industrial

     

    6,916,996

     

    28.8

    %

     

     

    7,042,222

     

    28.9

    %

     

     

    15,091,076

     

    62.9

    %

     

     

    15,197,418

     

    62.5

    %

    Franchise and equipment finance

     

    165,095

     

    0.7

    %

     

     

    213,477

     

    0.9

    %

    Pinnacle - municipal finance

     

    688,986

     

    2.9

    %

     

     

    720,661

     

    3.0

    %

    Mortgage warehouse lending ("MWL")

     

    580,248

     

    2.4

    %

     

     

    585,610

     

    2.4

    %

    Residential

     

    7,464,494

     

    31.1

    %

     

     

    7,580,814

     

    31.2

    %

     

    $

    23,989,899

     

    100.0

    %

     

    $

    24,297,980

     

    100.0

    %

    For the quarter ended March 31, 2025, total loans declined by $308 million. The core C&I and CRE sub-segments declined by $106 million; while production was in line with expectations, seasonality and a continued high level of unscheduled payoffs and strategic exits contributed to the decline. Consistent with our balance sheet strategy, residential loans declined by $116 million, and the franchise, equipment, and municipal finance portfolios declined by an aggregate $80 million.

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

     

    ACL

     

    ACL to Total Loans

     

    Commercial ACL to Commercial Loans(2)

     

    ACL to Non-Performing Loans

     

    Net Charge-offs to Average Loans(1)

    December 31, 2024

    $

    223,153

     

    0.92

    %

     

    1.37

    %

     

    89.01

    %

     

    0.16

    %

    March 31, 2025

    $

    219,747

     

    0.92

    %

     

    1.34

    %

     

    84.58

    %

     

    0.33

    %

    ___________________________

    (1)

    Annualized for the three months ended March 31, 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 March 31, 2025 represents management's estimate of lifetime expected credit losses 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 March 31, 2025, the provision for credit losses, including both funded and unfunded loan commitments, was $15.1 million, compared to $11.0 million for the immediately preceding quarter ended December 31, 2024 and $15.3 million for the quarter ended March 31, 2024. The most significant factor leading to the decrease in ACL for the quarter was net charge offs, the impact of which was partially offset by increases in specific reserves, risk rating migration and an increase in qualitative overlays, particularly related to economic uncertainty.

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

     

    Three Months Ended

     

    March 31, 2025

     

    December 31, 2024

     

    March 31, 2024

    Beginning balance

    $

    223,153

     

     

    $

    228,249

     

     

    $

    202,689

     

    Provision

     

    15,963

     

     

     

    12,267

     

     

     

    15,805

     

    Net charge-offs

     

    (19,369

    )

     

     

    (17,363

    )

     

     

    (938

    )

    Ending balance

    $

    219,747

     

     

    $

    223,153

     

     

    $

    217,556

     

    Total criticized and classified commercial loans were essentially flat quarter-over-quarter, as shown in the following table (in thousands):

     

    March 31, 2025

     

    December 31, 2024

     

    CRE

     

    Total Commercial

     

    CRE

     

    Total Commercial

    Special mention

    $

    70,579

     

    $

    193,206

     

    $

    58,771

     

    $

    262,387

    Substandard - accruing

     

    649,867

     

     

    962,342

     

     

    633,614

     

     

    894,754

    Substandard - non-accruing

     

    92,648

     

     

    227,567

     

     

    95,378

     

     

    219,758

    Doubtful

     

    —

     

     

    2,026

     

     

    —

     

     

    6,856

    Total

    $

    813,094

     

    $

    1,385,141

     

    $

    787,763

     

    $

    1,383,755

    Non-performing loans totaled $259.8 million or 1.08% of total loans at March 31, 2025, compared to $250.7 million or 1.03% of total loans at December 31, 2024. Non-performing loans included $33.0 million and $34.3 million of the guaranteed portion of SBA loans on non-accrual status, representing 0.14% of total loans at both March 31, 2025 and December 31, 2024.

    Net Interest Income

    Net interest income for the quarter ended March 31, 2025 was $233.1 million, compared to $239.3 million for the immediately preceding quarter ended December 31, 2024, and $214.9 million for the quarter ended March 31, 2024. Interest income decreased by $24.3 million for the quarter ended March 31, 2025 compared to the immediately preceding quarter, while interest expense decreased by $18.2 million. The quarter-over-quarter decline in interest income related to lower yields on interest earning assets as coupon rates on floating rate instruments reset down and to a lesser extent, the lower average balance of interest earning assets. 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, decreased by 0.03% to 2.81% for the quarter ended March 31, 2025, from 2.84% for the immediately preceding quarter ended December 31, 2024. The decline in margin reflects the impact of a declining rate environment on a modestly asset sensitive balance sheet and expiration of certain cash flow hedges. Factors impacting the net interest margin for the quarter ended March 31, 2025 were:

    • The average rate paid on interest bearing deposits declined to 3.54% for the quarter ended March 31, 2025, from 3.75% for the quarter ended December 31, 2024. This decline reflected continued initiatives taken to lower rates paid on deposits as short-term market rates declined, including the re-pricing of time deposits.
    • The average rate paid on FHLB advances declined to 3.69% for the quarter ended March 31, 2025 from 3.82% for the quarter ended December 31, 2024, primarily due to repayment of higher rate short-term advances partially offset by expiration of cash flow hedges.
    • The tax-equivalent yield on loans declined to 5.48% for the quarter ended March 31, 2025, from 5.60% for the quarter ended December 31, 2024. The primary driver of this decrease was coupon rate resets on variable rate loans.
    • The tax-equivalent yield on investments declined to 5.07% for the quarter ended March 31, 2025, from 5.31% for the quarter ended December 31, 2024. This decrease resulted primarily from coupon rate resets on variable rate securities.

    Earnings Conference Call and Presentation

    A conference call to discuss quarterly results will be held at 9:00 a.m. ET on Monday, April 28, 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/BI6d362bb51b864c1bae498c18ea9aa2f9. 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 $34.8 billion at March 31, 2025, is the bank holding company of BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida that provides a full range of banking and related services to individual and corporate customers through banking centers located in the state of Florida, the New York metropolitan area and Dallas, Texas, and a comprehensive suite of wholesale products to customers through an Atlanta office focused on the Southeast region. BankUnited also offers certain commercial lending and deposit products through national platforms. For additional information, call (877) 779-2265 or visit www.BankUnited.com. BankUnited can be found on Facebook at facebook.com/BankUnited.official, LinkedIn @BankUnited and on X @BankUnited.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company's current views with respect to, among other things, future events and financial performance. The Company generally identifies forward-looking statements by terminology such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "could," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," "forecasts" or the negative version of those words or other comparable words. Any forward-looking statements contained in this press release are based on the historical performance of the Company and its subsidiaries or on the Company's current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by the Company that the future plans, estimates or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions, including (without limitation) those relating to the Company's operations, financial results, financial condition, business prospects, growth strategy and liquidity, including as impacted by external circumstances outside the Company's direct control, such as but not limited to adverse events or conditions impacting the financial services industry. If one or more of these or other risks or uncertainties materialize, or if the Company's underlying assumptions prove to be incorrect, the Company's actual results may vary materially from those indicated in these statements. These factors should not be construed as exhaustive. The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. Information on these factors can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are available at the SEC's website (www.sec.gov).

    BANKUNITED, INC. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS - UNAUDITED

    (In thousands, except share and per share data)

       

     

    March 31,

    2025

     

    December 31,

    2024

    ASSETS

     

     

     

    Cash and due from banks:

     

     

     

    Non-interest bearing

    $

    12,727

     

     

    $

    12,078

     

    Interest bearing

     

    431,018

     

     

     

    479,038

     

    Cash and cash equivalents

     

    443,745

     

     

     

    491,116

     

    Investment securities

     

    9,099,809

     

     

     

    9,130,244

     

    Non-marketable equity securities

     

    181,359

     

     

     

    206,297

     

    Loans

     

    23,989,899

     

     

     

    24,297,980

     

    Allowance for credit losses

     

    (219,747

    )

     

     

    (223,153

    )

    Loans, net

     

    23,770,152

     

     

     

    24,074,827

     

    Bank owned life insurance

     

    293,886

     

     

     

    284,570

     

    Operating lease equipment, net

     

    218,621

     

     

     

    223,844

     

    Goodwill

     

    77,637

     

     

     

    77,637

     

    Other assets

     

    746,788

     

     

     

    753,207

     

    Total assets

    $

    34,831,997

     

     

    $

    35,241,742

     

      

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

    Liabilities:

     

     

     

    Demand deposits:

     

     

     

    Non-interest bearing

    $

    8,069,275

     

     

    $

    7,616,182

     

    Interest bearing

     

    4,776,223

     

     

     

    4,892,814

     

    Savings and money market

     

    10,788,919

     

     

     

    11,055,418

     

    Time

     

    4,423,408

     

     

     

    4,301,289

     

    Total deposits

     

    28,057,825

     

     

     

    27,865,703

     

    FHLB advances

     

    2,405,000

     

     

     

    2,930,000

     

    Notes and other borrowings

     

    709,091

     

     

     

    708,553

     

    Other liabilities

     

    762,499

     

     

     

    923,168

     

    Total liabilities

     

    31,934,415

     

     

     

    32,427,424

     

      

     

     

     

    Commitments and contingencies

     

     

     

      

     

     

     

    Stockholders' equity:

     

     

     

    Common stock, par value $0.01 per share, 400,000,000 shares authorized; 75,242,048 and 74,748,370 shares issued and outstanding

     

    752

     

     

     

    747

     

    Paid-in capital

     

    301,321

     

     

     

    301,672

     

    Retained earnings

     

    2,831,743

     

     

     

    2,796,440

     

    Accumulated other comprehensive loss

     

    (236,234

    )

     

     

    (284,541

    )

    Total stockholders' equity

     

    2,897,582

     

     

     

    2,814,318

     

    Total liabilities and stockholders' equity

    $

    34,831,997

     

     

    $

    35,241,742

     

    BANKUNITED, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

    (In thousands, except per share data)

        

     

    Three Months Ended

     

    March 31, 2025

     

    December 31, 2024

     

    March 31, 2024

    Interest income:

     

     

     

     

     

    Loans

    $

    321,384

     

    $

    336,816

     

    $

    347,257

    Investment securities

     

    113,869

     

     

    121,872

     

     

    124,179

    Other

     

    8,436

     

     

    9,300

     

     

    10,038

    Total interest income

     

    443,689

     

     

    467,988

     

     

    481,474

    Interest expense:

     

     

     

     

     

    Deposits

     

    174,210

     

     

    188,853

     

     

    209,998

    Borrowings

     

    36,340

     

     

    39,876

     

     

    56,619

    Total interest expense

     

    210,550

     

     

    228,729

     

     

    266,617

    Net interest income before provision for credit losses

     

    233,139

     

     

    239,259

     

     

    214,857

    Provision for credit losses

     

    15,111

     

     

    11,001

     

     

    15,285

    Net interest income after provision for credit losses

     

    218,028

     

     

    228,258

     

     

    199,572

    Non-interest income:

     

     

     

     

     

    Deposit service charges and fees

     

    5,235

     

     

    4,988

     

     

    5,313

    Gain on investment securities, net

     

    944

     

     

    804

     

     

    775

    Lease financing

     

    4,313

     

     

    7,162

     

     

    11,440

    Other non-interest income

     

    11,778

     

     

    12,251

     

     

    9,349

    Total non-interest income

     

    22,270

     

     

    25,205

     

     

    26,877

    Non-interest expense:

     

     

     

     

     

    Employee compensation and benefits

     

    82,746

     

     

    82,315

     

     

    75,920

    Occupancy and equipment

     

    11,343

     

     

    11,776

     

     

    10,569

    Deposit insurance expense

     

    7,227

     

     

    6,662

     

     

    13,530

    Technology

     

    22,780

     

     

    21,002

     

     

    20,315

    Depreciation of operating lease equipment

     

    4,009

     

     

    4,352

     

     

    9,213

    Other non-interest expense

     

    32,121

     

     

    34,365

     

     

    29,693

    Total non-interest expense

     

    160,226

     

     

    160,472

     

     

    159,240

    Income before income taxes

     

    80,072

     

     

    92,991

     

     

    67,209

    Provision for income taxes

     

    21,596

     

     

    23,689

     

     

    19,229

    Net income

    $

    58,476

     

    $

    69,302

     

    $

    47,980

    Earnings per common share, basic

    $

    0.78

     

    $

    0.92

     

    $

    0.64

    Earnings per common share, diluted

    $

    0.78

     

    $

    0.91

     

    $

    0.64

    BANKUNITED, INC. AND SUBSIDIARIES

    AVERAGE BALANCES AND YIELDS

    (Dollars in thousands)

       

     

    Three Months Ended March 31,

     

    Three Months Ended December 31,

     

    Three Months Ended March 31,

     

    2025

     

    2024

     

    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

    $

    23,933,938

     

     

    $

    324,113

     

    5.48

    %

     

    $

    24,152,602

     

     

    $

    339,725

     

    5.60

    %

     

    $

    24,337,440

     

     

    $

    350,441

     

    5.78

    %

    Investment securities (3)

     

    9,104,228

     

     

     

    114,590

     

    5.07

    %

     

     

    9,236,863

     

     

     

    122,648

     

    5.31

    %

     

     

    8,952,453

     

     

     

    125,025

     

    5.59

    %

    Other interest earning assets

     

    788,547

     

     

     

    8,436

     

    4.33

    %

     

     

    785,947

     

     

     

    9,300

     

    4.71

    %

     

     

    763,460

     

     

     

    10,038

     

    5.29

    %

    Total interest earning assets

     

    33,826,713

     

     

     

    447,139

     

    5.34

    %

     

     

    34,175,412

     

     

     

    471,673

     

    5.50

    %

     

     

    34,053,353

     

     

     

    485,504

     

    5.72

    %

    Allowance for credit losses

     

    (228,158

    )

     

     

     

     

     

     

    (235,211

    )

     

     

     

     

     

     

    (206,747

    )

     

     

     

     

    Non-interest earning assets

     

    1,376,904

     

     

     

     

     

     

     

    1,405,129

     

     

     

     

     

     

     

    1,589,333

     

     

     

     

     

    Total assets

    $

    34,975,459

     

     

     

     

     

     

    $

    35,345,330

     

     

     

     

     

     

    $

    35,435,939

     

     

     

     

     

    Liabilities and Stockholders' Equity:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest bearing liabilities:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest bearing demand deposits

    $

    4,811,826

     

     

    $

    39,893

     

    3.36

    %

     

    $

    5,045,860

     

     

    $

    46,759

     

    3.69

    %

     

    $

    3,584,363

     

     

    $

    33,507

     

    3.76

    %

    Savings and money market deposits

     

    10,833,734

     

     

     

    91,779

     

    3.44

    %

     

     

    10,462,295

     

     

     

    93,912

     

    3.57

    %

     

     

    11,234,259

     

     

     

    118,639

     

    4.25

    %

    Time deposits

     

    4,326,750

     

     

     

    42,538

     

    3.99

    %

     

     

    4,529,737

     

     

     

    48,182

     

    4.23

    %

     

     

    5,231,178

     

     

     

    57,852

     

    4.45

    %

    Total interest bearing deposits

     

    19,972,310

     

     

     

    174,210

     

    3.54

    %

     

     

    20,037,892

     

     

     

    188,853

     

    3.75

    %

     

     

    20,049,800

     

     

     

    209,998

     

    4.21

    %

    FHLB advances

     

    2,991,389

     

     

     

    27,206

     

    3.69

    %

     

     

    3,200,652

     

     

     

    30,750

     

    3.82

    %

     

     

    4,570,220

     

     

     

    47,496

     

    4.18

    %

    Notes and other borrowings

     

    709,037

     

     

     

    9,134

     

    5.15

    %

     

     

    708,689

     

     

     

    9,126

     

    5.15

    %

     

     

    709,017

     

     

     

    9,123

     

    5.15

    %

    Total interest bearing liabilities

     

    23,672,736

     

     

     

    210,550

     

    3.61

    %

     

     

    23,947,233

     

     

     

    228,729

     

    3.80

    %

     

     

    25,329,037

     

     

     

    266,617

     

    4.23

    %

    Non-interest bearing demand deposits

     

    7,413,117

     

     

     

     

     

     

     

    7,557,267

     

     

     

     

     

     

     

    6,560,926

     

     

     

     

     

    Other non-interest bearing liabilities

     

    1,004,917

     

     

     

     

     

     

     

    995,789

     

     

     

     

     

     

     

    906,266

     

     

     

     

     

    Total liabilities

     

    32,090,770

     

     

     

     

     

     

     

    32,500,289

     

     

     

     

     

     

     

    32,796,229

     

     

     

     

     

    Stockholders' equity

     

    2,884,689

     

     

     

     

     

     

     

    2,845,041

     

     

     

     

     

     

     

    2,639,710

     

     

     

     

     

    Total liabilities and stockholders' equity

    $

    34,975,459

     

     

     

     

     

     

    $

    35,345,330

     

     

     

     

     

     

    $

    35,435,939

     

     

     

     

     

    Net interest income

     

     

    $

    236,589

     

     

     

     

     

    $

    242,944

     

     

     

     

     

    $

    218,887

     

     

    Interest rate spread

     

     

     

     

    1.73

    %

     

     

     

     

     

    1.70

    %

     

     

     

     

     

    1.49

    %

    Net interest margin

     

     

     

     

    2.81

    %

     

     

     

     

     

    2.84

    %

     

     

     

     

     

    2.57

    %

    ___________________________

    (1)

    On a tax-equivalent basis where applicable

    (2)

    Annualized

    (3)

    At fair value

    BANKUNITED, INC. AND SUBSIDIARIES

    EARNINGS PER COMMON SHARE

    (In thousands except share and per share amounts)

       

     

    Three Months Ended

    March 31, 2025

     

    December 31, 2024

     

    March 31, 2024

    Basic earnings per common share:

     

     

     

     

     

    Numerator:

     

     

     

     

     

    Net income

    $

    58,476

     

     

    $

    69,302

     

     

    $

    47,980

     

    Distributed and undistributed earnings allocated to participating securities

     

    (821

    )

     

     

    (1,598

    )

     

     

    (680

    )

    Income allocated to common stockholders for basic earnings per common share

    $

    57,655

     

     

    $

    67,704

     

     

    $

    47,300

     

    Denominator:

     

     

     

     

     

    Weighted average common shares outstanding

     

    74,918,750

     

     

     

    74,750,961

     

     

     

    74,509,107

     

    Less average unvested stock awards

     

    (1,101,408

    )

     

     

    (1,075,384

    )

     

     

    (1,127,838

    )

    Weighted average shares for basic earnings per common share

     

    73,817,342

     

     

     

    73,675,577

     

     

     

    73,381,269

     

    Basic earnings per common share

    $

    0.78

     

     

    $

    0.92

     

     

    $

    0.64

     

    Diluted earnings per common share:

     

     

     

     

     

    Numerator:

     

     

     

     

     

    Income allocated to common stockholders for basic earnings per common share

    $

    57,655

     

     

    $

    67,704

     

     

    $

    47,300

     

    Adjustment for earnings reallocated from participating securities

     

    4

     

     

     

    (198

    )

     

     

    1

     

    Income used in calculating diluted earnings per common share

    $

    57,659

     

     

    $

    67,506

     

     

    $

    47,301

     

    Denominator:

     

     

     

     

     

    Weighted average shares for basic earnings per common share

     

    73,817,342

     

     

     

    73,675,577

     

     

     

    73,381,269

     

    Dilutive effect of certain share-based awards

     

    562,488

     

     

     

    616,913

     

     

     

    255,824

     

    Weighted average shares for diluted earnings per common share

     

    74,379,830

     

     

     

    74,292,490

     

     

     

    73,637,093

     

    Diluted earnings per common share

    $

    0.78

     

     

    $

    0.91

     

     

    $

    0.64

     

    BANKUNITED, INC. AND SUBSIDIARIES

    SELECTED RATIOS

       

     

    At or for the Three Months Ended

     

    March 31, 2025

     

    December 31, 2024

     

    March 31, 2024

    Financial ratios (4)

     

     

     

     

     

    Return on average assets

     

    0.68

    %

     

     

    0.78

    %

     

     

    0.54

    %

    Return on average stockholders' equity

     

    8.2

    %

     

     

    9.7

    %

     

     

    7.3

    %

    Net interest margin (3)

     

    2.81

    %

     

     

    2.84

    %

     

     

    2.57

    %

    Loans to deposits

     

    85.5

    %

     

     

    87.2

    %

     

     

    89.6

    %

    Tangible book value per common share

    $

    37.48

     

     

    $

    36.61

     

     

    $

    34.27

     

     

    March 31, 2025

     

    December 31, 2024

    Asset quality ratios

     

     

     

    Non-performing loans to total loans (1)(5)

    1.08

    %

     

    1.03

    %

    Non-performing assets to total assets (2)(5)

    0.76

    %

     

    0.73

    %

    Allowance for credit losses to total loans

    0.92

    %

     

    0.92

    %

    Allowance for credit losses to commercial loans (6)

    1.34

    %

     

    1.37

    %

    Allowance for credit losses to non-performing loans (1)(5)

    84.58

    %

     

    89.01

    %

    Net charge-offs to average loans(7)

    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 months ended March 31, 2025, December 31, 2024 and March 31, 2024.

    (5)

    Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $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; ratio for December 31, 2024 represents annual net charge-off rate.

     

    March 31, 2025

     

    December 31, 2024

     

    Required to be Considered Well Capitalized

     

    BankUnited,

    Inc.

     

    BankUnited,

    N.A.

     

    BankUnited,

    Inc.

     

    BankUnited,

    N.A.

     

    Capital ratios

     

     

     

     

     

     

     

     

     

    Tier 1 leverage

    8.7

    %

     

    9.5

    %

     

    8.5

    %

     

    9.7

    %

     

    5.0

    %

    Common Equity Tier 1 ("CET1") risk-based capital

    12.2

    %

     

    13.4

    %

     

    12.0

    %

     

    13.7

    %

     

    6.5

    %

    Total risk-based capital

    14.3

    %

     

    14.3

    %

     

    14.1

    %

     

    14.6

    %

     

    10.0

    %

    Tangible Common Equity/Tangible Assets

    8.1

    %

     

    N/A

     

    7.8

    %

     

    N/A

     

    N/A

    Non-GAAP Financial Measures

    Tangible book value per common share is a non-GAAP financial measure. Management believes this measure is relevant to understanding the capital position and performance of the Company. Disclosure of this non-GAAP financial measure also provides a meaningful basis for comparison to other financial institutions as it is a metric commonly used in the banking industry. The following table reconciles the non-GAAP financial measurement of tangible book value per common share to the comparable GAAP financial measurement of book value per common share at the dates indicated (in thousands except share and per share data):

     

    March 31, 2025

     

    December 31, 2024

     

    March 31, 2024

    Total stockholders' equity

    $

    2,897,582

     

    $

    2,814,318

     

    $

    2,640,392

    Less: goodwill and other intangible assets

     

    77,637

     

     

    77,637

     

     

    77,637

    Tangible stockholders' equity

    $

    2,819,945

     

    $

    2,736,681

     

    $

    2,562,755

     

     

     

     

     

     

    Common shares issued and outstanding

     

    75,242,048

     

     

    74,748,370

     

     

    74,772,706

     

     

     

     

     

     

    Book value per common share

    $

    38.51

     

    $

    37.65

     

    $

    35.31

     

     

     

     

     

     

    Tangible book value per common share

    $

    37.48

     

    $

    36.61

     

    $

    34.27

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250428279570/en/

    BankUnited, Inc.

    Investor Relations:

    Leslie N. Lunak, 786-313-1698

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      4 - BankUnited, Inc. (0001504008) (Issuer)

      5/8/25 5:08:45 PM ET
      $BKU
      Savings Institutions
      Finance
    • SEC Form 4 filed by President and CEO Singh Rajinder P

      4 - BankUnited, Inc. (0001504008) (Issuer)

      4/25/25 5:20:11 PM ET
      $BKU
      Savings Institutions
      Finance
    • SEC Form 4 filed by Chief Financial Officer Lunak Leslie

      4 - BankUnited, Inc. (0001504008) (Issuer)

      4/25/25 5:16:03 PM ET
      $BKU
      Savings Institutions
      Finance

    $BKU
    Leadership Updates

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    • BankUnited Names New Head of Treasury Management

      BankUnited Inc. (NYSE:BKU) announced it has named bank industry veteran Beth Hosen as executive vice president and head of treasury management, based in New York City. In this position, she will oversee the company's treasury management sales, service and product, as well as its commercial card business. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240924331404/en/Beth Hosen, BankUnited executive vice president, head of treasury management (Photo: Business Wire) "Beth has an exceptional background and standard of achievement in our industry over many years and we are thrilled about her decision to join us," said Lisa Shim, Bank

      9/24/24 5:00:00 PM ET
      $BKU
      Savings Institutions
      Finance
    • BankUnited Names New Executive Vice President and Director of Credit Review

      MIAMI LAKES, Fla.--(BUSINESS WIRE)--BankUnited announced today the retirement of executive vice president and director of credit review Walter Shields, and simultaneously announced the hiring of Kelly Taub to serve in that role. Shields has served as EVP and director of credit review since joining BankUnited in 2016. In announcing the retirement, BankUnited Chairman, President and CEO Rajinder P. Singh noted, “As someone who is highly regarded in the industry and an expert in credit risk management, Walter has made invaluable contributions to our bank in a critically important area. We are appreciative of all he has accomplished on behalf of BankUnited, and we wish him the best i

      1/12/21 5:30:00 PM ET
      $BKU
      Savings Institutions
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    • BankUnited, Inc. Announces Quarterly Dividend

      MIAMI LAKES, Fla.--(BUSINESS WIRE)--BankUnited, Inc. (NYSE:BKU) today announced that its Board of Directors has declared a quarterly cash dividend of $0.23 per common share. The dividend will be payable on January 29, 2021 to stockholders of record at the close of business on January 14, 2021. About BankUnited, Inc. BankUnited, Inc. (NYSE: BKU), with total assets of $35.0 billion at September 30, 2020, is the bank holding company of BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida that provides a full range of banking and related services to individual and corporate customers through banking centers located in the state of Florida and in the New York metropo

      12/29/20 5:43:00 PM ET
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      Finance