BankUnited, Inc. Reports Third Quarter 2025 Results

BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter ended September 30, 2025.

"We continued to deliver on improved profitability this quarter, with gains in EPS, ROA and ROE. We achieved our near-term target of a 3% margin as well." said Rajinder Singh, Chairman, President and Chief Executive Officer.

For the quarter ended September 30, 2025, the Company reported net income of $71.9 million, or $0.95 per diluted share, for an annualized return on average assets of 0.82%. For the immediately preceding quarter ended June 30, 2025, net income was $68.8 million, or $0.91 per diluted share and for the quarter ended September 30, 2024, net income was $61.5 million, or $0.81 per diluted share. For the nine months ended September 30, 2025, net income was $199.1 million, or $2.63 per diluted share compared to $163.2 million, or $2.17 per diluted share for the nine months ended September 30, 2024, an increase of 21% in diluted earnings per share.

Quarterly Highlights

• The net interest margin, calculated on a tax-equivalent basis, expanded by 0.07% to 3.00% for the quarter ended September 30, 2025 from 2.93% for the immediately preceding quarter. Net interest income grew by $4.0 million compared to the prior quarter and by $16.0 million or 7% compared to the comparable quarter of the prior year.
• As expected, non-interest bearing demand deposits ("NIDDA") declined by $488 million for the quarter, in part due to expected seasonality in the title solutions vertical, and represented 30% of total deposits at September 30, 2025. NIDDA was up $990 million compared to September 30, 2024, one year ago. Average NIDDA grew by $210 million for the quarter ended September 30, 2025 compared to the immediately preceding quarter and by $741 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.
• Total deposits was essentially flat quarter-over-quarter, declining by $28 million. Non-brokered deposits grew by $1.2 billion compared to one year ago but, as expected, declined by $439 million for the quarter ended September 30, 2025 largely due to normal seasonality in the title solutions and government banking verticals.
• The average cost of total deposits declined by 0.09% to 2.38% for the quarter ended September 30, 2025 from 2.47% for the immediately preceding quarter ended June 30, 2025. The spot APY of total deposits declined by 0.06% to 2.31% at September 30, 2025 from 2.37% at June 30, 2025. The spot APY of total deposits was 2.93% at September 30, 2024, one year ago.
• For the quarter ended September 30, 2025, total loans declined by $231 million. In the aggregate, consistent with our balance sheet strategy, the residential, franchise, equipment and municipal finance portfolios declined by $245 million while the core commercial portfolio segments and mortgage warehouse grew by a combined $14 million.
• The loan to deposit ratio was 82.8% at September 30, 2025, compared to 83.6% at June 30, 2025.
• Total criticized and classified loans declined by $3 million for the quarter ended September 30, 2025 while total non-accrual loans increased by $3 million. The annualized net charge-off ratio for the nine months ended September 30, 2025 was 0.26%; the net charge-off ratio for the trailing twelve months was 0.27%. The NPA ratio at September 30, 2025 was 1.10%, including 0.11% related to the guaranteed portion of non-accrual SBA loans, compared to 1.08%, including 0.10% related to the guaranteed portion of non-accrual SBA loans, at June 30, 2025.
• The ratio of the ACL to total loans was 0.93% at September 30, 2025, consistent with the prior quarter-end. The ratio of the ACL to non-performing loans was 57.95%. The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, franchise finance and equipment finance was 1.35% at September 30, 2025 and the ACL to loans ratio for CRE office loans was 2.21%. The provision for credit losses was $11.6 million for the quarter ended September 30, 2025 compared to $15.7 million for the preceding quarter.
• At September 30, 2025, the weighted average LTV of the CRE portfolio was 54.6%, the weighted average DSCR was 1.77, 49% of the portfolio was collateralized by properties located in Florida and 22% was collateralized by properties located in the New York tri-state area. For the office sub-segment, the weighted average LTV was 65.0%, the weighted average DSCR was 1.57, 61% was collateralized by properties in Florida and was predominantly suburban; 18% was collateralized by properties located in the New York tri-state area.
• Our capital position is robust. At September 30, 2025, CET1 was 12.5% at a consolidated level. Pro-forma CET1 including accumulated other comprehensive income was 11.7% at September 30, 2025. The ratio of tangible common equity to tangible assets increased to 8.4% at September 30, 2025.
• Book value and tangible book value per common share continued to accrete, to $40.30 and $39.27, respectively, at September 30, 2025 compared to $39.26 and $38.23, respectively, at June 30, 2025 and $37.56 and $36.52, respectively, at September 30, 2024. This represents an 8% year-over-year increase in tangible book value per share.
• As previously reported, in August 2025, the Company redeemed all of its outstanding senior notes due November 2025 at par value plus accrued interest. 

Loans

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

	September 30, 2025						June 30, 2025						December 31, 2024
Core C&I and CRE segments:
Non-owner occupied commercial real estate	$	5,820,343		24.6	%		$	5,829,835		24.4	%		$	5,652,203		23.3	%
Construction and land		714,272		3.0	%			643,630		2.7	%			561,989		2.3	%
Owner occupied commercial real estate		1,943,331		8.2	%			1,942,076		8.1	%			1,941,004		8.0	%
Commercial and industrial		6,612,538		27.8	%			6,743,739		28.2	%			7,042,222		28.9	%
		15,090,484		63.6	%			15,159,280		63.4	%			15,197,418		62.5	%
Franchise and equipment finance		134,635		0.6	%			149,022		0.6	%			213,477		0.9	%
Pinnacle - municipal finance		637,198		2.7	%			694,639		2.9	%			720,661		3.0	%
Mortgage warehouse lending ("MWL")		709,185		3.0	%			626,589		2.6	%			585,610		2.4	%
Residential		7,130,992		30.1	%			7,303,997		30.5	%			7,580,814		31.2	%
	$	23,702,494		100.0	%		$	23,933,527		100.0	%		$	24,297,980		100.0	%

For the quarter ended September 30, 2025, the core C&I and CRE portfolio segments declined by a net $69 million. The CRE portfolio segments grew by $61 million while the C&I portfolio segments declined by $130 million. MWL grew by $83 million. Consistent with our balance sheet strategy, residential loans declined by $173 million.

Our commercial real estate exposure totaled 28% of loans and 185% of the Bank's total risk based capital at September 30, 2025. By comparison, based on call report data as of June 30, 2025 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 225%.

Asset Quality and the ACL

The following table presents information about the ACL at the dates indicated as well as net charge-off rates for the periods ended September 30, 2025, June 30, 2025 and December 31, 2024 (dollars in thousands):

	ACL			ACL to Total Loans			Commercial ACL to Commercial Loans(2)			ACL to Non-Performing Loans			Net Charge-offs to Average Loans (1)
September 30, 2025	$	219,884		0.93	%		1.35	%		57.95	%		0.26	%
June 30, 2025	$	222,730		0.93	%		1.36	%		59.18	%		0.27	%
December 31, 2024	$	223,153		0.92	%		1.37	%		89.01	%		0.16	%

__________________
(1)	Annualized for the six months ended June 30, 2025 and the nine months ended September 30, 2025; ratio for December 31, 2024 represents annual net charge-off rate.
(2)	For purposes of this ratio, commercial loans includes the core C&I and CRE sub-segments as presented in the table above as well as franchise and equipment finance. Due to their unique risk profiles, MWL and municipal finance are excluded from this ratio.

The ACL at September 30, 2025 represents management's estimate of lifetime expected credit losses, or the amount of amortized cost not expected to be collected, given an assessment of historical data, current conditions, and a reasonable and supportable economic forecast as of the balance sheet date. For the quarter ended September 30, 2025, the provision for credit losses, including portions related to both funded and unfunded loan commitments, was $11.6 million, compared to $15.7 million for the immediately preceding quarter ended June 30, 2025 and $9.2 million for the quarter ended September 30, 2024. The most significant factors impacting the provision for credit losses for the quarter ended September 30, 2025 were an improvement in our economic forecast, largely offset by increases in certain qualitative factors and in specific reserves. The majority of the increase in specific reserves related to one C&I loan and one CRE office loan. Net charge-offs also impacted the ACL.

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

	Three Months Ended												Nine Months Ended
	September 30, 2025				June 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Beginning balance	$	222,730			$	219,747			$	225,698			$	223,153			$	202,689
Provision		11,851				15,694				9,091				43,508				46,719
Net charge-offs		(14,697	)			(12,711	)			(6,540	)			(46,777	)			(21,159	)
Ending balance	$	219,884			$	222,730			$	228,249			$	219,884			$	228,249

Charge-offs for the quarter ended September 30, 2025 related primarily to one C&I loan and one CRE office loan. As detailed in the following table, total criticized and classified commercial loans was stable quarter-over-quarter, declining by $3 million (in thousands):

	September 30, 2025						June 30, 2025						December 31, 2024
	CRE			Total Commercial			CRE			Total Commercial			CRE			Total Commercial
Special mention	$	54,562		$	136,640		$	88,959		$	130,879		$	58,771		$	262,387
Substandard - accruing		521,284			733,615			520,955			745,811			633,614			894,754
Substandard - non-accruing		149,993			306,953			152,634			317,958			95,378			219,758
Doubtful		—			48,635			—			34,639			—			6,856
Total	$	725,839		$	1,225,843		$	762,548		$	1,229,287		$	787,763		$	1,383,755

Net Interest Income

Net interest income for the quarter ended September 30, 2025 was $250.1 million, compared to $246.1 million for the immediately preceding quarter ended June 30, 2025. Interest income decreased by $0.9 million for the quarter ended September 30, 2025 while interest expense decreased by $4.9 million. 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 0.07% to 3.00% for the quarter ended September 30, 2025, from 2.93% for the immediately preceding quarter ended June 30, 2025. Factors impacting the net interest margin for the quarter ended September 30, 2025 were:

• The net interest margin was positively impacted by a more favorable funding mix. Average NIDDA increased as a percentage of both total deposits and total funding, growing by $210 million for the quarter ended September 30, 2025, while average interest bearing liabilities declined by $526 million.
• The average cost of interest bearing liabilities declined to 3.52% for the quarter ended September 30, 2025 from 3.57% for the prior quarter.
• The average rate paid on interest bearing deposits declined to 3.40% for the quarter ended September 30, 2025, from 3.48% for the quarter ended June 30, 2025. This decline reflected the maturity of higher-rate term deposits, actions taken to proactively reduce deposit pricing in response to a lower Federal funds rate and higher priced brokered deposits, on average, declining for the quarter. The redemption of higher cost senior debt also positively impacted the cost of funds.
• The average rate paid on FHLB advances increased to 3.94% for the quarter ended September 30, 2025 from 3.79% for the quarter ended June 30, 2025, primarily due to the expiration of cash flow hedges.
• The yield on interest earning assets held flat quarter-over-quarter at 5.38%. While the tax equivalent yield on loans declined marginally, the tax equivalent yield on investment securities increased to 5.13% for the quarter ended September 30, 2025, from 5.06% for the quarter ended June 30, 2025. This increase related to coupon resets during periods of rate volatility and to changes in portfolio composition. 

Earnings Conference Call and Presentation

A conference call to discuss quarterly results will be held at 9:00 a.m. ET on Wednesday, October 22, 2025 with Chairman, President and Chief Executive Officer Rajinder P. Singh, Chief Financial Officer Leslie N. Lunak, Chief Operating Officer Thomas M. Cornish and incoming Chief Financial Officer, James G. Mackey.

The earnings release and slides with supplemental information relating to the release will be available on the Investor Relations page under About Us on www.bankunited.com prior to the call. Due to recent demand for conference call services, participants are encouraged to listen to the call via a live Internet webcast at https://ir.bankunited.com. To participate by telephone, participants will receive dial-in information and a unique PIN number upon completion of registration at https://register-conf.media-server.com/register/BIfa1eb10c2cce4ebcba9bc778ae3f56ae. For those unable to join the live event, an archived webcast will be available on the Investor Relations page at https://ir.bankunited.com approximately two hours following the live webcast.

About BankUnited, Inc.

BankUnited, Inc., with total assets of $35.1 billion at September 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.

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)
	September 30, 2025				June 30, 2025				December 31, 2024
ASSETS
Cash and due from banks:
Non-interest bearing	$	13,589			$	15,595			$	12,078
Interest bearing		545,916				785,699				479,038
Cash and cash equivalents		559,505				801,294				491,116
Investment securities		9,467,082				9,401,071				9,130,244
Non-marketable equity securities		165,922				174,234				206,297
Loans		23,702,494				23,933,527				24,297,980
Allowance for credit losses		(219,884	)			(222,730	)			(223,153	)
Loans, net		23,482,610				23,710,797				24,074,827
Bank owned life insurance		303,368				294,855				284,570
Operating lease equipment, net		201,777				214,455				223,844
Goodwill		77,637				77,637				77,637
Other assets		817,872				785,364				753,207
Total assets	$	35,075,773			$	35,459,707			$	35,241,742
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Demand deposits:
Non-interest bearing	$	8,625,115			$	9,112,888			$	7,616,182
Interest bearing		6,609,679				5,583,663				4,892,814
Savings and money market		9,936,797				10,171,156				11,055,418
Time		3,446,696				3,778,234				4,301,289
Total deposits		28,618,287				28,645,941				27,865,703
FHLB advances		2,080,000				2,255,000				2,930,000
Notes and other borrowings		320,431				708,937				708,553
Other liabilities		1,024,681				896,812				923,168
Total liabilities		32,043,399				32,506,690				32,427,424
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 75,242,935, 75,218,911 and 74,748,370 shares issued and outstanding		752				752				747
Paid-in capital		310,974				306,271				301,672
Retained earnings		2,925,806				2,877,237				2,796,440
Accumulated other comprehensive loss		(205,158	)			(231,243	)			(284,541	)
Total stockholders' equity		3,032,374				2,953,017				2,814,318
Total liabilities and stockholders' equity	$	35,075,773			$	35,459,707			$	35,241,742

BANKUNITED, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED (In thousands, except per share data)
	Three Months Ended									Nine Months Ended
	September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Interest income:
Loans	$	324,390		$	328,090		$	355,220		$	973,864		$	1,053,081
Investment securities		120,419			117,346			127,907			351,634			375,794
Other		8,113			8,343			9,229			24,892			28,253
Total interest income		452,922			453,779			492,356			1,350,390			1,457,128
Interest expense:
Deposits		163,555			170,695			208,630			508,460			626,719
Borrowings		39,255			36,965			49,598			112,560			155,402
Total interest expense		202,810			207,660			258,228			621,020			782,121
Net interest income before provision for credit losses		250,112			246,119			234,128			729,370			675,007
Provision for credit losses		11,577			15,698			9,248			42,386			44,071
Net interest income after provision for credit losses		238,535			230,421			224,880			686,984			630,936
Non-interest income:
Deposit service charges and fees		5,387			5,323			5,016			15,945			15,238
Lease financing		4,152			4,612			6,368			13,077			23,448
Other non-interest income		16,027			17,875			11,504			46,624			35,264
Total non-interest income		25,566			27,810			22,888			75,646			73,950
Non-interest expense:
Employee compensation and benefits		85,196			83,153			81,781			251,095			233,289
Occupancy and equipment		10,929			10,945			12,242			33,217			33,784
Deposit insurance expense		6,601			6,976			7,421			20,804			29,481
Technology		21,630			23,492			21,094			67,902			61,976
Depreciation of operating lease equipment		4,423			3,869			4,666			12,301			21,775
Other non-interest expense		37,390			35,892			37,378			105,403			101,223
Total non-interest expense		166,169			164,327			164,582			490,722			481,528
Income before income taxes		97,932			93,904			83,186			271,908			223,358
Provision for income taxes		26,081			25,138			21,734			72,815			60,193
Net income	$	71,851		$	68,766		$	61,452		$	199,093		$	163,165
Earnings per common share, basic	$	0.96		$	0.91		$	0.82		$	2.65		$	2.19
Earnings per common share, diluted	$	0.95		$	0.91		$	0.81		$	2.63		$	2.17

BANKUNITED, INC. AND SUBSIDIARIES AVERAGE BALANCES AND YIELDS (Dollars in thousands)
	Three Months Ended September 30,										Three Months Ended June 30,										Three Months Ended September 30,
	2025										2025										2024
	Average Balance				Interest (1)			Yield/ Rate (1)(2)			Average Balance				Interest (1)			Yield/ Rate (1)(2)			Average Balance				Interest (1)			Yield/ Rate (1)(2)
Assets:
Interest earning assets:
Loans	$	23,533,712			$	327,266		5.53	%		$	23,901,218			$	330,805		5.55	%		$	24,299,898			$	358,259		5.87	%
Investment securities (3)		9,404,188				121,124		5.13	%			9,352,504				118,046		5.06	%			9,171,185				128,762		5.62	%
Other interest earning assets		793,366				8,113		4.06	%			807,721				8,343		4.14	%			722,366				9,229		5.08	%
Total interest earning assets		33,731,266				456,503		5.38	%			34,061,443				457,194		5.38	%			34,193,449				496,250		5.79	%
Allowance for credit losses		(227,694	)									(227,191	)									(231,383	)
Non-interest earning assets		1,390,051										1,370,990										1,444,410
Total assets	$	34,893,623									$	35,205,242									$	35,406,476
Liabilities and Stockholders' Equity:
Interest bearing liabilities:
Interest bearing demand deposits	$	5,586,547			$	47,304		3.36	%		$	5,407,538			$	45,689		3.39	%		$	3,930,101			$	37,294		3.78	%
Savings and money market deposits		9,921,293				83,862		3.35	%			10,355,700				88,023		3.41	%			11,304,999				119,856		4.22	%
Time deposits		3,535,051				32,389		3.63	%			3,919,526				36,983		3.79	%			4,524,215				51,480		4.53	%
Total interest bearing deposits		19,042,891				163,555		3.40	%			19,682,764				170,695		3.48	%			19,759,315				208,630		4.20	%
FHLB advances		3,221,577				32,027		3.94	%			2,941,264				27,828		3.79	%			3,766,630				40,471		4.27	%
Notes and other borrowings		542,241				7,228		5.34	%			709,081				9,137		5.16	%			708,829				9,127		5.15	%
Total interest bearing liabilities		22,806,709				202,810		3.52	%			23,333,109				207,660		3.57	%			24,234,774				258,228		4.24	%
Non-interest bearing demand deposits		8,203,439										7,993,915										7,384,721
Other non-interest bearing liabilities		868,385										931,879										1,009,157
Total liabilities		31,878,533										32,258,903										32,628,652
Stockholders' equity		3,015,090										2,946,339										2,777,824
Total liabilities and stockholders' equity	$	34,893,623									$	35,205,242									$	35,406,476
Net interest income					$	253,693									$	249,534									$	238,022
Interest rate spread								1.86	%									1.81	%									1.55	%
Net interest margin								3.00	%									2.93	%									2.78	%

__________________
(1)	On a tax-equivalent basis where applicable
(2)	Annualized
(3)	At fair value

BANKUNITED, INC. AND SUBSIDIARIES AVERAGE BALANCES AND YIELDS (Dollars in thousands)
	Nine Months Ended September 30,
	2025										2024
	Average Balance				Interest (1)			Yield/ Rate (1)(2)			Average Balance				Interest (1)			Yield/ Rate (1)(2)
Assets:
Interest earning assets:
Loans	$	23,788,158			$	982,184		5.52	%		$	24,309,134			$	1,062,407		5.84	%
Investment securities (3)		9,288,070				353,760		5.08	%			9,006,654				378,358		5.60	%
Other interest earning assets		798,956				24,892		4.17	%			732,435				28,253		5.15	%
Total interest earning assets		33,875,184				1,360,836		5.37	%			34,048,223				1,469,018		5.76	%
Allowance for credit losses		(227,680	)									(221,135	)
Non-interest earning assets		1,376,969										1,534,800
Total assets	$	35,024,473									$	35,361,888
Liabilities and Stockholders' Equity:
Interest bearing liabilities:
Interest bearing demand deposits	$	5,271,474			$	132,886		3.37	%		$	3,752,828			$	106,050		3.77	%
Savings and money market deposits		10,366,899				263,664		3.40	%			11,238,662				357,440		4.25	%
Time deposits		3,924,209				111,910		3.82	%			4,834,209				163,229		4.51	%
Total interest bearing deposits		19,562,582				508,460		3.48	%			19,825,699				626,719		4.22	%
FHLB advances		3,052,253				87,060		3.81	%			4,032,737				128,000		4.24	%
Notes and other borrowings		652,843				25,500		5.21	%			709,668				27,402		5.15	%
Total interest bearing liabilities		23,267,678				621,020		3.57	%			24,568,104				782,121		4.25	%
Non-interest bearing demand deposits		7,873,052										7,132,351
Other non-interest bearing liabilities		934,559										958,888
Total liabilities		32,075,289										32,659,343
Stockholders' equity		2,949,184										2,702,545
Total liabilities and stockholders' equity	$	35,024,473									$	35,361,888
Net interest income					$	739,816									$	686,897
Interest rate spread								1.80	%									1.51	%
Net interest margin								2.92	%									2.69	%

__________________
(1)	On a tax-equivalent basis where applicable
(2)	Annualized
(3)	At fair value

BANKUNITED, INC. AND SUBSIDIARIES EARNINGS PER COMMON SHARE (In thousands except share and per share amounts)
	Three Months Ended												Nine Months Ended
	September 30, 2025				June 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Basic earnings per common share:
Numerator:
Net income	$	71,851			$	68,766			$	61,452			$	199,093			$	163,165
Distributed and undistributed earnings allocated to participating securities		(1,030	)			(979	)			(850	)			(2,829	)			(2,282	)
Income allocated to common stockholders for basic earnings per common share	$	70,821			$	67,787			$	60,602			$	196,264			$	160,883
Denominator:
Weighted average common shares outstanding		75,227,314				75,222,756				74,753,372				75,124,070				74,675,279
Less average unvested stock awards		(1,116,965	)			(1,124,872	)			(1,079,182	)			(1,114,472	)			(1,105,654	)
Weighted average shares for basic earnings per common share		74,110,349				74,097,884				73,674,190				74,009,598				73,569,625
Basic earnings per common share	$	0.96			$	0.91			$	0.82			$	2.65			$	2.19
Diluted earnings per common share:
Numerator:
Income allocated to common stockholders for basic earnings per common share	$	70,821			$	67,787			$	60,602			$	196,264			$	160,883
Adjustment for earnings reallocated from participating securities		7				5				6				15				9
Income used in calculating diluted earnings per common share	$	70,828			$	67,792			$	60,608			$	196,279			$	160,892
Denominator:
Weighted average shares for basic earnings per common share		74,110,349				74,097,884				73,674,190				74,009,598				73,569,625
Dilutive effect of certain share-based awards		715,117				523,812				817,866				601,031				481,126
Weighted average shares for diluted earnings per common share		74,825,466				74,621,696				74,492,056				74,610,629				74,050,751
Diluted earnings per common share	$	0.95			$	0.91			$	0.81			$	2.63			$	2.17

BANKUNITED, INC. AND SUBSIDIARIES SELECTED RATIOS
	At or for the Three Months Ended												At or for the Nine Months Ended
	September 30, 2025				June 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Financial ratios (4)
Return on average assets		0.82	%			0.78	%			0.69	%			0.76	%			0.62	%
Return on average stockholders’ equity		9.5	%			9.4	%			8.8	%			9.0	%			8.1	%
Net interest margin (3)		3.00	%			2.93	%			2.78	%			2.92	%			2.69	%
Loans to deposits		82.8	%			83.6	%			87.6	%			82.8	%			87.6	%
Tangible book value per common share	$	39.27			$	38.23			$	36.52			$	39.27			$	36.52

	September 30, 2025			June 30, 2025			December 31, 2024
Asset quality ratios
Non-performing loans to total loans (1)(5)	1.60	%		1.57	%		1.03	%
Non-performing assets to total assets (2)(5)	1.10	%		1.08	%		0.73	%
ACL to total loans	0.93	%		0.93	%		0.92	%
Commercial ACL to commercial loans (6)	1.35	%		1.36	%		1.37	%
ACL to non-performing loans (1)(5)	57.95	%		59.18	%		89.01	%
Net charge-offs to average loans(7)	0.26	%		0.27	%		0.16	%

__________________
(1)	We define non-performing loans to include non-accrual loans and loans other than purchased credit deteriorated and government insured residential loans that are past due 90 days or more and still accruing. Contractually delinquent purchased credit deteriorated and government insured residential loans on which interest continues to be accrued are excluded from non-performing loans.
(2)	Non-performing assets include non-performing loans, OREO and other repossessed assets.
(3)	On a tax-equivalent basis.
(4)	Annualized for the three and nine month periods as applicable.
(5)	Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $40.0 million or 0.17% of total loans and 0.11% of total assets at September 30, 2025, $35.9 million or 0.15% of total loans and 0.10% of total assets at June 30, 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 six months ended June 30, 2025 and the nine months ended September 30, 2025; ratio for December 31, 2024 represents annual net charge-off rate.

	September 30, 2025						June 30, 2025						December 31, 2024						Required to be Considered Well Capitalized
	BankUnited, Inc.			BankUnited, N.A.			BankUnited, Inc.			BankUnited, N.A.			BankUnited, Inc.			BankUnited, N.A.
Capital ratios
Tier 1 leverage	9.0	%		9.5	%		8.8	%		9.3	%		8.5	%		9.7	%		5.0	%
Common Equity Tier 1 ("CET1") risk-based capital	12.5	%		13.2	%		12.2	%		13.0	%		12.0	%		13.7	%		6.5	%
Total risk-based capital	14.4	%		14.1	%		14.3	%		13.9	%		14.1	%		14.6	%		10.0	%
Tangible Common Equity/Tangible Assets	8.4	%		N/A			8.1	%		N/A			7.8	%		N/A			N/A

Non-GAAP Financial Measures

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

	September 30, 2025			June 30, 2025			September 30, 2024
Total stockholders’ equity	$	3,032,374		$	2,953,017		$	2,807,804
Less: goodwill and other intangible assets		77,637			77,637			77,637
Tangible stockholders’ equity	$	2,954,737		$	2,875,380		$	2,730,167
Common shares issued and outstanding		75,242,935			75,218,911			74,749,012
Book value per common share	$	40.30		$	39.26		$	37.56
Tangible book value per common share	$	39.27		$	38.23		$	36.52

 

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