EX-99.1 2 earningsdocex99120240930.htm EX-99.1 Document

Exhibit 99.1
BANKUNITED, INC. REPORTS THIRD QUARTER 2024 RESULTS

Miami Lakes, Fla. — October 22, 2024 — BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter ended September 30, 2024.
"We're happy with third quarter results as our balance sheet transformation story continues. Margin expanded again this quarter and credit remains well managed. Looking forward, we are optimistic about the environment, our markets and opportunities to grow core customer relationships. Our thoughts are with those who were impacted by the recent storms and we are here to support our employees, clients and communities," said Rajinder Singh, Chairman, President and Chief Executive Officer.
For the quarter ended September 30, 2024, the Company reported net income of $61.5 million, or $0.81 per diluted share, compared to $53.7 million, or $0.72 per diluted share, for the immediately preceding quarter ended June 30, 2024 and $47.0 million, or $0.63 per diluted share, for the quarter ended September 30, 2023. For the nine months ended September 30, 2024, the Company reported net income of $163.2 million, or $2.17 per diluted share compared to $157.9 million, or $2.11 per diluted share for the nine months ended September 30, 2023.
Quarterly Highlights
To date, we have made notable progress executing near-term strategic priorities focused on improving core profitability.
•The net interest margin, calculated on a tax-equivalent basis, expanded by 0.06%, to 2.78% for the quarter ended September 30, 2024 from 2.72% for the immediately preceding quarter. The net interest margin was 2.56% for the quarter ended September 30, 2023. For the nine months ended September 30, 2024 the net interest margin improved to 2.69% from 2.55% for the nine months ended September 30, 2023.
•The average cost of total deposits declined by 0.03% to 3.06% for the quarter ended September 30, 2024 from 3.09% for the immediately preceding quarter ended June 30, 2024. The spot APY of total deposits declined to 2.93% at September 30, 2024 from 3.09% at June 30, 2024. The average cost of interest bearing deposits declined by 0.06% to 4.20% for the quarter ended September 30, 2024 from 4.26% for the immediately preceding quarter ended June 30, 2024 while the spot APY of interest bearing deposits declined to 4.01% at September 30, 2024 from 4.29% at June 30, 2024.
•The Company's funding profile has improved significantly over the course of 2024. For the nine months ended September 30, 2024, wholesale funding, including FHLB advances and brokered deposits, declined by $1.9 billion while non-brokered deposits grew by $1.7 billion, including an increase of $800 million in non-interest bearing demand deposits ("NIDDA").
•Average NIDDA remained relatively stable, declining by $64 million for the quarter, consistent with the prior quarter at 27% of average total deposits. Total deposits grew by $93 million for the quarter ended September 30, 2024. In part due to expected seasonal trends, for the quarter ended September 30, 2024, NIDDA declined by $430 million, and represented 27% of total deposits at September 30, 2024.
•FHLB advances increased by $295 million for the quarter ended September 30, 2024; this increase was related to intraday cash management and transactional deposit flows on the last day of the quarter and is also reflected in temporarily elevated cash balances. Brokered deposits grew by $303 million for the quarter; we took advantage of favorable pricing in the brokered deposit market during a period of market dislocation.
•For the nine months ended September 30, 2024, our core CRE and C&I loan portfolios grew by $286 million while residential loans declined by $422 million and franchise, equipment and municipal finance declined by a combined $238 million.
•Total loans declined by $230 million for the quarter ended September 30, 2024. The commercial real estate segment grew by $34 million while the C&I segment declined by $112 million. Mortgage warehouse grew by $33 million. Consistent with our balance sheet strategy, the residential, franchise, equipment and municipal finance portfolios declined by a combined $185 million.
1

•The loan to deposit ratio declined to 87.6% at September 30, 2024, from 88.7% at June 30, 2024 and 92.8% at December 31, 2023.
•Net charge-offs remained low and were $6.5 million for the quarter. The annualized net charge-off ratio for the nine months ended September 30, 2024 was 0.12%. The NPA ratio at September 30, 2024 was 0.64%, including 0.10% related to the guaranteed portion of non-accrual SBA loans, compared to 0.50%, including 0.11% related to the guaranteed portion of non-accrual SBA loans at June 30, 2024. The quarter-over-quarter increase was primarily related to two C&I loans.
•The ratio of the ACL to total loans increased to 0.94% at September 30, 2024; the ratio of the ACL to non-performing loans was 101.68%. The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, franchise finance and equipment finance was 1.41% at September 30, 2024 and the ACL to loans ratio for CRE office loans was 2.20%.
•Our commercial real estate exposure is modest, totaling 25% of loans and 164% of the Bank's total risk based capital at September 30, 2024. By comparison, based on call report data as of June 30, 2024 (the most recent date available) 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 220%.
•At September 30, 2024, the weighted average LTV of the CRE portfolio was 55.3%, the weighted average DSCR was 1.77, 56% 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 65.4%, the weighted average DSCR was 1.56, 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.
•Liquidity remains ample. Total same day available liquidity was $15.0 billion, the available liquidity to uninsured, uncollateralized deposits ratio was 147% and an estimated 63% of our deposits were insured or collateralized at September 30, 2024.
•Our capital position is robust. At September 30, 2024, CET1 was 11.8% at a consolidated level. Pro-forma CET1, including accumulated other comprehensive income, was 10.9% at September 30, 2024. The ratio of tangible common equity to tangible assets increased to 7.6% at September 30, 2024.
•The net unrealized pre-tax loss on the available for sale ("AFS") securities portfolio continued to improve, declining by $125 million, to 4% of amortized cost, for the quarter ended September 30, 2024. The duration of our AFS securities portfolio remained short, at 1.73 as of September 30, 2024. Held to maturity securities were not significant.
•Book value and tangible book value per common share continued to grow, to $37.56 and $36.52, respectively, at September 30, 2024, compared to $36.11 and $35.07, respectively, at June 30, 2024, and $34.66 and $33.62, respectively at December 31, 2023.
•Beth Hosen, an industry veteran and proven leader, joined BankUnited in September as executive vice president and head of treasury management, overseeing treasury management sales, service and product as well as the commercial card business.
Hurricane Helene made landfall along Florida's "Big Bend" coast in September, 2024, ultimately impacting parts of the Southeastern United States. The impact of Hurricane Helene on BankUnited's operations was not significant, and is not expected to be significant to our financial condition or results of operations. Hurricane Milton made landfall near Siesta Key, Florida in October, bringing heavy rain, hurricane or tropical storm force winds, storm surge and power outages to portions of the Florida peninsula, All of our branches and office locations have re-opened for business, and damage from the storm was negligible. There were no significant impacts to banking operations. We are still in the process of finalizing our assessment of the potential impact of Hurricane Milton on our customers and credit portfolio.
2

Loans
Loan portfolio composition at the dates indicated follows (dollars in thousands):
September 30, 2024June 30, 2024December 31, 2023
Core C&I and CRE sub-segments:
Non-owner occupied commercial real estate$5,488,884 22.5 %$5,367,663 21.8 %$5,323,241 21.6 %
Construction and land497,928 2.0 %584,833 2.4 %495,992 2.0 %
Owner occupied commercial real estate1,999,515 8.2 %1,966,809 8.0 %1,935,743 7.9 %
Commercial and industrial7,026,412 28.9 %7,170,622 29.1 %6,971,981 28.3 %
15,012,739 61.6 %15,089,927 61.3 %14,726,957 59.8 %
Franchise and equipment finance
277,704 1.1 %307,442 1.2 %380,347 1.5 %
Pinnacle - municipal finance749,035 3.1 %847,234 3.4 %884,690 3.6 %
Mortgage warehouse lending ("MWL")571,783 2.3 %539,159 2.2 %432,663 1.8 %
Residential7,787,442 31.9 %7,844,722 31.9 %8,209,027 33.3 %
$24,398,703 100.0 %$24,628,484 100.0 %$24,633,684 100.0 %
For the quarter ended September 30, 2024, total loans declined by $230 million. The CRE portfolio grew by $34 million and MWL grew by $33 million while the C&I portfolio declined by $112 million. Consistent with our balance sheet strategy, the franchise, equipment, and municipal finance portfolios declined by an aggregate $128 million and residential loans declined by $57 million. The decline in C&I for the quarter was impacted by the timing of some unanticipated payoffs and strategic exits.
Asset Quality and the ACL
The following table presents information about the ACL at the dates indicated as well as net charge-off rates for the periods ended September 30, 2024, June 30, 2024 and December 31, 2023 (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, 2023$202,689 0.82 %1.29 %159.54 %0.09 %
June 30, 2024$225,698 0.92 %1.42 %130.12 %0.12 %
September 30, 2024$228,249 0.94 %1.41 %101.68 %0.12 %
(1)    Annualized for the six months ended June 30, 2024 and the nine months ended September 30, 2024.
(2)    For purposes of this ratio, commercial loans includes the core C&I and CRE sub-segments as presented in the table above as well as franchise and equipment finance. Due to their unique risk profiles, MWL and municipal finance are excluded from this ratio.
The ACL at September 30, 2024 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 September 30, 2024, the provision for credit losses, including both funded and unfunded loan commitments, was $9.2 million, compared to $19.5 million for the immediately preceding quarter ended June 30, 2024. For the quarter ended September 30, 2024, an increase in qualitative overlays, changes in portfolio characteristics, and updates to certain assumptions had the effect of increasing the ACL, while the impact of improvements in the economic forecast partially offset that increase.
The following table summarizes the activity in the ACL for the periods indicated (in thousands):
Three Months Ended
Nine Months Ended
 September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Beginning balance$225,698 $217,556 $166,833 $202,689 $147,946 
Impact of adoption of new accounting pronouncement (ASU 2022-02)N/AN/AN/AN/A(1,794)
Balance after impact of adoption of ASU 2022-02
225,698 217,556 166,833 202,689 146,152 
Provision9,091 21,823 30,877 46,719 62,667 
Net charge-offs(6,540)(13,681)(1,647)(21,159)(12,756)
Ending balance$228,249 $225,698 $196,063 $228,249 $196,063 
3

The following table presents criticized and classified commercial loans at the dates indicated (in thousands):
September 30, 2024June 30, 2024December 31, 2023
CRE
Total Commercial
CRE
Total Commercial
CRE
Total Commercial
Special mention$145,338 $323,326 $138,403 $265,940 $97,552 $319,905 
Substandard - accruing587,097 932,746 597,888 946,832 390,724 711,266 
Substandard - non-accruing70,860 186,565 54,088 131,193 13,727 86,903 
Doubtful— 16,265 8,301 25,258 — 19,035 
Total $803,295 $1,458,902 $798,680 $1,369,223 $502,003 $1,137,109 
Total criticized and classified commercial loans increased by $90 million for the quarter ended September 30, 2024. The increase in the substandard non-accruing category for the quarter ended September 30, 2024 was primarily related to two C&I loans.
Non-performing loans totaled $224.5 million or 0.92% of total loans at September 30, 2024, compared to $173.5 million or 0.70% of total loans at June 30, 2024. Non-performing loans included $35.1 million and $39.0 million of the guaranteed portion of SBA loans on non-accrual status, representing 0.14% and 0.16% of total loans at September 30, 2024 and June 30, 2024, respectively.
Net Interest Income
Net interest income for the quarter ended September 30, 2024 was $234.1 million, compared to $226.0 million for the immediately preceding quarter ended June 30, 2024, an increase of 4%. Interest income increased by $9.1 million for the quarter ended September 30, 2024, compared to the immediately preceding quarter, while interest expense increased by $1.0 million.
The Company’s net interest margin, calculated on a tax-equivalent basis, increased by 0.06% to 2.78% for the quarter ended September 30, 2024, from 2.72% for the immediately preceding quarter ended June 30, 2024.
The average cost of total deposits declined to 3.06% from 3.09% for the quarter ended June 30, 2024 and the average cost of interest bearing liabilities declined to 4.24% from 4.28% for the quarter ended June 30, 2024. The yield on average interest earning assets increased to 5.79% for the quarter ended September 30, 2024 from 5.77% for the prior quarter.
Non-interest expense
Non-interest expense increased by $6.9 million for the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024. A $6.2 million increase in compensation and benefits for the quarter ended September 30, 2024 resulted primarily from an increase in the Company's stock price, impacting the value of liability-classified share based compensation awards and increases in certain other variable compensation accruals.
Earnings Conference Call and Presentation
A conference call to discuss quarterly results will be held at 9:00 a.m. ET on Tuesday, October 22, 2024 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.vevent.com/register/BIb2316bdeec79467e835d086e37e8b472. 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 $35.8 billion at September 30, 2024, 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.
4

BankUnited also offers certain commercial lending and deposit products through national platforms. For additional information, call (877) 779-2265 or visit www.BankUnited.com.
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, 2023, 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; llunak@bankunited.com
Source: BankUnited, Inc.
5

BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share and per share data) 
September 30,
2024		June 30,
2024		December 31,
2023
ASSETS  
Cash and due from banks:  
Non-interest bearing$14,746 $12,631 $14,945 
Interest bearing875,122 420,821 573,338 
Cash and cash equivalents 889,868 433,452 588,283 
Investment securities (including securities reported at fair value of $9,109,860, $8,936,449 and $8,867,354)
9,119,860 8,946,449 8,877,354 
Non-marketable equity securities237,172 223,159 310,084 
Loans24,398,703 24,628,484 24,633,684 
Allowance for credit losses (228,249)(225,698)(202,689)
Loans, net24,170,454 24,402,786 24,430,995 
Bank owned life insurance 306,313 297,827 318,459 
Operating lease equipment, net241,625 266,815 371,909 
Goodwill77,637 77,637 77,637 
Other assets741,816 779,781 786,886 
Total assets$35,784,745 $35,427,906 $35,761,607 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Demand deposits:  
Non-interest bearing$7,635,427 $8,065,209 $6,835,236 
Interest bearing5,171,865 3,771,793 3,403,539 
Savings and money market10,324,697 11,463,211 11,135,708 
Time4,724,236 4,463,394 5,163,995 
Total deposits27,856,225 27,763,607 26,538,478 
FHLB advances3,580,000 3,285,000 5,115,000 
Notes and other borrowings708,694 708,835 708,973 
Other liabilities832,022 971,116 821,235 
Total liabilities 32,976,941 32,728,558 33,183,686 
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 74,749,012, 74,758,609 and 74,372,505 shares issued and outstanding
747 748 744 
Paid-in capital296,107 290,719 283,642 
Retained earnings2,749,314 2,709,503 2,650,956 
Accumulated other comprehensive loss(238,364)(301,622)(357,421)
Total stockholders' equity 2,807,804 2,699,348 2,577,921 
Total liabilities and stockholders' equity $35,784,745 $35,427,906 $35,761,607 

6

BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
Three Months EndedNine Months Ended
 September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Interest income:  
Loans$355,220 $350,604 $337,014 $1,053,081 $971,962 
Investment securities127,907 123,708 122,857 375,794 362,219 
Other9,229 8,986 10,668 28,253 40,195 
Total interest income 492,356 483,298 470,539 1,457,128 1,374,376 
Interest expense:
Deposits208,630 208,091 176,974 626,719 467,472 
Borrowings49,598 49,185 78,723 155,402 250,310 
Total interest expense 258,228 257,276 255,697 782,121 717,782 
Net interest income before provision for credit losses 234,128 226,022 214,842 675,007 656,594 
Provision for credit losses 9,248 19,538 33,049 44,071 68,354 
Net interest income after provision for credit losses 224,880 206,484 181,793 630,936 588,240 
Non-interest income:
Deposit service charges and fees5,016 4,909 5,189 15,238 15,705 
Gain (loss) on investment securities, net127 421 887 1,323 (10,669)
Lease financing6,368 5,640 16,531 23,448 42,159 
Other non-interest income11,377 13,215 5,117 33,941 22,551 
Total non-interest income 22,888 24,185 27,724 73,950 69,746 
Non-interest expense:
Employee compensation and benefits81,781 75,588 68,825 233,289 207,290 
Occupancy and equipment 12,242 10,973 10,890 33,784 32,735 
Deposit insurance expense7,421 8,530 7,790 29,481 23,294 
Professional fees 4,953 4,497 2,696 11,960 9,132 
Technology21,094 20,567 19,193 61,976 61,356 
Depreciation of operating lease equipment4,666 7,896 11,217 21,775 33,970 
Other non-interest expense32,425 29,655 26,479 89,263 77,311 
Total non-interest expense 164,582 157,706 147,090 481,528 445,088 
Income before income taxes83,186 72,963 62,427 223,358 212,898 
Provision for income taxes21,734 19,230 15,446 60,193 55,039 
Net income$61,452 $53,733 $46,981 $163,165 $157,859 
Earnings per common share, basic$0.82 $0.72 $0.63 $2.19 $2.12 
Earnings per common share, diluted$0.81 $0.72 $0.63 $2.17 $2.11 

7

BANKUNITED, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(Dollars in thousands)
Three Months Ended September 30,Three Months Ended June 30,Three Months Ended September 30,
202420242023
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$24,299,898 $358,259 5.87 %$24,290,169 $353,707 5.85 %$24,417,433 $340,357 5.54 %
Investment securities (3)
9,171,185 128,762 5.62 %8,894,517 124,572 5.60 %9,034,116 123,794 5.48 %
Other interest earning assets722,366 9,229 5.08 %711,586 8,986 5.08 %785,146 10,668 5.39 %
Total interest earning assets34,193,449 496,250 5.79 %33,896,272 487,265 5.77 %34,236,695 474,819 5.52 %
Allowance for credit losses(231,383)(225,161)(173,407)
Non-interest earning assets1,444,410 1,571,649 1,747,310 
Total assets$35,406,476 $35,242,760 $35,810,598 
Liabilities and Stockholders' Equity:
Interest bearing liabilities:
Interest bearing demand deposits$3,930,101 $37,294 3.78 %$3,742,071 $35,249 3.79 %$3,038,870 $25,491 3.33 %
Savings and money market deposits11,304,999 119,856 4.22 %11,176,000 118,945 4.28 %10,205,765 97,956 3.81 %
Time deposits4,524,215 51,480 4.53 %4,750,640 53,897 4.56 %5,420,522 53,527 3.92 %
Total interest bearing deposits19,759,315 208,630 4.20 %19,668,711 208,091 4.26 %18,665,157 176,974 3.76 %
FHLB advances3,766,630 40,471 4.27 %3,764,286 40,032 4.28 %6,040,870 69,525 4.57 %
Notes and other borrowings708,829 9,127 5.15 %711,167 9,153 5.15 %715,307 9,198 5.14 %
Total interest bearing liabilities24,234,774 258,228 4.24 %24,144,164 257,276 4.28 %25,421,334 255,697 3.99 %
Non-interest bearing demand deposits7,384,721 7,448,633 6,937,537 
Other non-interest bearing liabilities1,009,157 960,691 868,178 
Total liabilities32,628,652 32,553,488 33,227,049 
Stockholders' equity2,777,824 2,689,272 2,583,549 
Total liabilities and stockholders' equity$35,406,476 $35,242,760 $35,810,598 
Net interest income$238,022 $229,989 $219,122 
Interest rate spread1.55 %1.49 %1.53 %
Net interest margin2.78 %2.72 %2.56 %
(1)    On a tax-equivalent basis where applicable
(2)    Annualized
(3)    At fair value except for securities held to maturity






8

BANKUNITED, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(Dollars in thousands)
Nine Months Ended September 30,
 20242023
 Average
Balance
Interest (1)
Yield/
Rate (1)(2)
Average
Balance
Interest (1)
Yield/
Rate (1)(2)
Assets:
Interest earning assets:
Loans
$24,309,134 $1,062,407 5.84 %$24,606,425 $981,976 5.33 %
Investment securities (3)
9,006,654 378,358 5.60 %9,356,211 364,980 5.20 %
Other interest earning assets732,435 28,253 5.15 %1,048,313 40,195 5.13 %
Total interest earning assets34,048,223 1,469,018 5.76 %35,010,949 1,387,151 5.29 %
Allowance for credit losses(221,135)(162,395)
Non-interest earning assets1,534,800 1,761,500 
Total assets$35,361,888 $36,610,054 
Liabilities and Stockholders' Equity:
Interest bearing liabilities:
Interest bearing demand deposits$3,752,828 $106,050 3.77 %$2,728,287 $54,781 2.68 %
Savings and money market deposits11,238,662 357,440 4.25 %10,844,838 278,243 3.43 %
Time deposits4,834,209 163,229 4.51 %5,150,486 134,448 3.49 %
Total interest bearing deposits19,825,699 626,719 4.22 %18,723,611 467,472 3.34 %
Federal funds purchased— — — %46,510 1,582 4.54 %
FHLB advances
4,032,737 128,000 4.24 %6,596,465 220,993 4.48 %
Notes and other borrowings709,668 27,402 5.15 %719,331 27,735 5.14 %
Total interest bearing liabilities24,568,104 782,121 4.25 %26,085,917 717,782 3.68 %
Non-interest bearing demand deposits7,132,351 7,152,362 
Other non-interest bearing liabilities958,888 829,464 
Total liabilities32,659,343 34,067,743 
Stockholders' equity2,702,545 2,542,311 
Total liabilities and stockholders' equity$35,361,888 $36,610,054 
Net interest income$686,897 $669,369 
Interest rate spread1.51 %1.61 %
Net interest margin2.69 %2.55 %
(1)    On a tax-equivalent basis where applicable
(2)    Annualized
(3)    At fair value except for securities held to maturity




9

BANKUNITED, INC. AND SUBSIDIARIES
EARNINGS PER COMMON SHARE
(In thousands except share and per share amounts)
Three Months Ended
Nine Months Ended
cSeptember 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Basic earnings per common share: 
Numerator:
Net income$61,452 $53,733 $46,981 $163,165 $157,859 
Distributed and undistributed earnings allocated to participating securities
(850)(748)(700)(2,282)(2,378)
Income allocated to common stockholders for basic earnings per common share$60,602 $52,985 $46,281 $160,883 $155,481 
Denominator:
Weighted average common shares outstanding74,753,372 74,762,498 74,416,698 74,675,279 74,530,871 
Less average unvested stock awards(1,079,182)(1,110,233)(1,165,105)(1,105,654)(1,180,570)
Weighted average shares for basic earnings per common share73,674,190 73,652,265 73,251,593 73,569,625 73,350,301 
Basic earnings per common share$0.82 $0.72 $0.63 $2.19 $2.12 
Diluted earnings per common share:
Numerator:
Income allocated to common stockholders for basic earnings per common share$60,602 $52,985 $46,281 $160,883 $155,481 
Adjustment for earnings reallocated from participating securities
6 2 3 9 8 
Income used in calculating diluted earnings per common share$60,608 $52,987 $46,284 $160,892 $155,489 
Denominator:
Weighted average shares for basic earnings per common share73,674,190 73,652,265 73,251,593 73,569,625 73,350,301 
Dilutive effect of certain share-based awards817,866 365,988 537,230 481,126 388,372 
Weighted average shares for diluted earnings per common share
74,492,056 74,018,253 73,788,823 74,050,751 73,738,673 
Diluted earnings per common share$0.81 $0.72 $0.63 $2.17 $2.11 

10


BANKUNITED, INC. AND SUBSIDIARIES
SELECTED RATIOS
 At or for the Three Months Ended
At or for the Nine Months Ended
 September 30, 2024June 30, 2024September 30, 2023September 30, 2024September 30, 2023
Financial ratios (4)
    
Return on average assets0.69 %0.61 %0.52 %0.62 %0.58 %
Return on average stockholders’ equity8.8 %8.0 %7.2 %8.1 %8.3 %
Net interest margin (3)
2.78 %2.72 %2.56 %2.69 %2.55 %
Loans to deposits87.6 %88.7 %93.3 %87.6 %93.3 %
Tangible book value per common share$36.52 $35.07 $32.88 $36.52 $32.88 
 September 30, 2024June 30, 2024December 31, 2023
Asset quality ratios  
Non-performing loans to total loans (1)(5)
0.92 %0.70 %0.52 %
Non-performing assets to total assets (2)(5)
0.64 %0.50 %0.37 %
Allowance for credit losses to total loans0.94 %0.92 %0.82 %
Allowance for credit losses to total commercial(6)
1.41 %1.42 %1.29 %
Allowance for credit losses to non-performing loans (1)(5)
101.68 %130.12 %159.54 %
Net charge-offs to average loans(4)
0.12 %0.12 %0.09 %
(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 six and nine month periods as applicable.
(5)    Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $35.1 million or 0.14% of total loans and 0.10% of total assets at September 30, 2024, $39.0 million or 0.16% of total loans and 0.11% of total assets at June 30, 2024, and $41.8 million or 0.17% of total loans and 0.12% of total assets at December 31, 2023.
(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.

September 30, 2024June 30, 2024December 31, 2023Required to be Considered Well Capitalized
BankUnited, Inc.BankUnited, N.A.BankUnited, Inc.BankUnited, N.A.BankUnited, Inc.BankUnited, N.A.
Capital ratios
Tier 1 leverage8.3 %9.6 %8.2 %9.6 %7.9 %9.1 %5.0 %
Common Equity Tier 1 ("CET1") risk-based capital11.8 %13.6 %11.6 %13.5 %11.4 %13.1 %6.5 %
Total risk-based capital13.9 %14.6 %13.6 %14.4 %13.4 %13.9 %10.0 %
Tangible Common Equity/Tangible Assets7.6 %N/A7.4 %N/A7.0 %N/AN/A
11

Non-GAAP Financial Measures
Tangible book value per common share is a non-GAAP financial measure. Management believes this measure is relevant to understanding the capital position and performance of the Company. Disclosure of this non-GAAP financial measure also provides a meaningful basis for comparison to other financial institutions as it is a metric commonly used in the banking industry. The following table reconciles the non-GAAP financial measurement of tangible book value per common share to the comparable GAAP financial measurement of book value per common share at the dates indicated (in thousands except share and per share data): 
September 30, 2024June 30, 2024December 31, 2023
Total stockholders’ equity$2,807,804 $2,699,348 $2,577,921 
Less: goodwill and other intangible assets77,637 77,637 77,637 
Tangible stockholders’ equity$2,730,167 $2,621,711 $2,500,284 
Common shares issued and outstanding74,749,012 74,758,609 74,372,505 
Book value per common share$37.56 $36.11 $34.66 
Tangible book value per common share$36.52 $35.07 $33.62 
12