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BankUnited, Inc. Reports First Quarter 2024 Results

BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter ended March 31, 2024.

"This quarter was a good start to 2024, with continued improvement in the funding mix, a stable margin and strong credit performance," said Rajinder Singh, Chairman, President and Chief Executive Officer.

For the quarter ended March 31, 2024, the Company reported net income of $48.0 million, or $0.64 per diluted share, compared to $20.8 million, or $0.27 per diluted share, for the immediately preceding quarter ended December 31, 2023 and $52.9 million, or $0.70 per diluted share, for the quarter ended March 31, 2023.

Quarterly Highlights

  • This quarter embodied strong execution on key strategic priorities:
    • The funding mix continued to improve as non-interest bearing demand deposits grew by $404 million for the quarter ended March 31, 2024. Non-brokered deposits grew by $644 million and total deposits grew by $489 million. Non-interest bearing demand deposits represented 27% of total deposits at March 31, 2024, up from 26% at December 31, 2023.
    • Wholesale funding, including FHLB advances and brokered deposits, declined by $1.4 billion for the quarter.
    • Compared to one year ago, we have grown total deposits by $1.3 billion and paid down FHLB advances by $3.6 billion.
    • Total loans declined by $407 million for the quarter ended March 31, 2024. Strategically, the residential loan portfolio declined by $152 million. The core C&I and commercial real estate portfolios declined by $226 million. This decline was related to expected seasonality as well as some notable unexpected paydowns and the decision to exit some non-relationship shared national credits.
    • The net interest margin, calculated on a tax-equivalent basis, was relatively stable at 2.57% compared to 2.60% for the immediately preceding quarter.
    • Credit is favorable. The annualized net charge-off ratio for the quarter ended March 31, 2024 was 0.02%. The NPA ratio at March 31, 2024 declined to 0.34%, including 0.11% related to the guaranteed portion of non-accrual SBA loans, from 0.37%, including 0.12% related to the guaranteed portion of non-accrual SBA loans at December 31, 2023.
    • Liquidity remains ample. Total same day available liquidity was $14.8 billion, the available liquidity to uninsured, uncollateralized deposits ratio was 156% and an estimated 65% of our deposits were insured or collateralized at March 31, 2024.
    • Our capital position is robust. At March 31, 2024, CET1 was 11.6% at a consolidated level. Pro-forma CET1, including accumulated other comprehensive income, was 10.3% at March 31, 2024. The ratio of tangible common equity to tangible assets increased to 7.3% at March 31, 2024.
  • The average cost of total deposits increased by 0.22% to 3.18% for the quarter ended March 31, 2024 from 2.96% for the immediately preceding quarter. The cost of deposits is showing signs of stabilizing; on a spot basis, the cost of total deposits was 3.17% at March 31, 2024 compared to 3.18% at December 31, 2023.
  • Our commercial real estate exposure is modest. Commercial real estate loans totaled 24% of loans at March 31, 2024, representing 166% of the Bank's total risk based capital. By comparison, based on call report data as of December 31, 2023 (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 225%.
  • At March 31, 2024, the weighted average LTV of the CRE portfolio was 56.5%, the weighted average DSCR was 1.83, 57% of the portfolio was collateralized by properties located in Florida and 26% was collateralized by properties located in the New York tri-state area. For the office sub-segment, the weighted average LTV was 65.3%, the weighted average DSCR was 1.66, 59% was collateralized by properties in Florida, substantially all of which was suburban, and 24% was collateralized by properties located in the New York tri-state area.
  • At March 31, 2024, the ratio of the ACL to loans was 0.90% compared to 0.82% at December 31, 2023. The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, franchise finance and equipment finance was 1.42% at March 31, 2024 and the ACL to loans ratio for CRE office loans was 2.26%.
  • Non-interest expense for the quarter ended March 31, 2024 included an additional $5.2 million related to the FDIC special assessment announced in the fourth quarter of 2023.
  • The net unrealized pre-tax loss on the available for sale ("AFS") securities portfolio continued to improve, declining by $36 million for the quarter ended March 31, 2024, now representing 5% of amortized cost. The duration of our AFS securities portfolio remained short, at 1.85 as of March 31, 2024. Held to maturity securities were not significant.
  • Book value and tangible book value per common share continued to grow, to $35.31 and $34.27, respectively, at March 31, 2024, compared to $34.66 and $33.62, respectively, at December 31, 2023, and $33.34 and $32.30, respectively, one year ago.
  • The Company announced an increase of $0.02 per share in its common stock dividend for the quarter ended March 31, 2024, to $0.29 per common share, a 7% increase from the previous level of $0.27 per share.

Loans

A comparison of loan portfolio composition at the dates indicated follows (dollars in thousands):

 

March 31, 2024

 

December 31, 2023

Core C&I and CRE sub-segments:

 

 

 

 

 

 

 

Non-owner occupied commercial real estate

$

5,309,126

 

21.9

%

 

$

5,323,241

 

21.6

%

Construction and land

 

529,645

 

2.2

%

 

 

495,992

 

2.0

%

Owner occupied commercial real estate

 

1,916,651

 

7.9

%

 

 

1,935,743

 

7.9

%

Commercial and industrial

 

6,745,622

 

27.9

%

 

 

6,971,981

 

28.3

%

 

 

14,501,044

 

59.9

%

 

 

14,726,957

 

59.8

%

Franchise and equipment finance

 

347,103

 

1.4

%

 

 

380,347

 

1.5

%

Pinnacle - municipal finance

 

864,796

 

3.6

%

 

 

884,690

 

3.6

%

Mortgage warehouse lending ("MWL")

 

456,385

 

1.9

%

 

 

432,663

 

1.8

%

Residential

 

8,056,972

 

33.2

%

 

 

8,209,027

 

33.3

%

 

$

24,226,300

 

100.0

%

 

$

24,633,684

 

100.0

%

For the quarter ended March 31, 2024, total loans declined by $407 million. Consistent with our balance sheet strategy, residential loans declined by $152 million; franchise, equipment, and municipal finance, declined by an aggregate $53 million. The core C&I and CRE portfolios declined by $226 million; while production was in line with expectations, seasonality, some unexpected paydowns and exits of some shared national credits contributed to the decline.

Asset Quality and the ACL

The following table presents the ACL and related ACL coverage ratios at the dates indicated as well as net charge-off rates for the periods ended March 31, 2024 and December 31, 2023 (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, 2023

$

202,689

 

0.82 %

 

1.29 %

 

159.54 %

 

0.09 %

March 31, 2024

$

217,556

 

0.90 %

 

1.42 %

 

187.92 %

 

0.02 %

___________

(1)

Annualized for the three months ended March 31, 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 March 31, 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 March 31, 2024, the provision for credit losses, including both funded and unfunded loan commitments, was $15.3 million, compared to $19.3 million for the immediately preceding quarter ended December 31, 2023. The more significant factors impacting the provision for credit losses and increase in the ACL for the quarter ended March 31, 2024 were an increase in qualitative loss factors and risk rating migration, partially offset by an improved economic forecast.

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

 

Three Months Ended

 

March 31, 2024

 

December 31, 2023

 

March 31, 2023

Beginning balance

$

202,689

 

 

$

196,063

 

 

$

147,946

 

Impact of adoption of new accounting pronouncement (ASU 2022-02)

 

N/A

 

 

 

N/A

 

 

 

(1,794

)

Balance after impact of adoption of ASU 2022-02

 

202,689

 

 

 

196,063

 

 

 

146,152

 

Provision

 

15,805

 

 

 

16,257

 

 

 

17,595

 

Net charge-offs

 

(938

)

 

 

(9,631

)

 

 

(4,955

)

Ending balance

$

217,556

 

 

$

202,689

 

 

$

158,792

 

NPAs remained low, totaling $118.9 million at March 31, 2024, down from $130.6 million at December 31, 2023. Non-performing loans totaled $115.8 million or 0.48% of total loans at March 31, 2024, compared to $127.0 million or 0.52% of total loans at December 31, 2023. Non-performing loans included $40.0 million and $41.8 million of the guaranteed portion of SBA loans on non-accrual status, representing 0.16% and 0.17% of total loans at March 31, 2024 and December 31, 2023, respectively.

The following table presents criticized and classified commercial loans at the dates indicated (in thousands):

 

March 31, 2024

 

December 31, 2023

 

CRE

 

Total

Commercial

 

CRE

 

Total

Commercial

Special mention

$

139,980

 

$

357,800

 

$

97,552

 

$

319,905

Substandard - accruing

 

577,418

 

 

966,129

 

 

390,724

 

 

711,266

Substandard - non-accruing

 

12,258

 

 

83,511

 

 

13,727

 

 

86,903

Doubtful

 

 

 

13,822

 

 

 

 

19,035

Total

$

729,656

 

$

1,421,262

 

$

502,003

 

$

1,137,109

The $255 million increase in the substandard accruing category for the quarter ended March 31, 2024 included $187 million of CRE, $115 million of which was office. All of these loans continue to perform. Factors contributing to risk rating migration in the office portfolio included rent abatement periods, delays in completing build-out of leased space and in some cases what we expect to be temporarily lower occupancy levels.

Net Interest Income

Net interest income for the quarter ended March 31, 2024 was $214.9 million, compared to $217.2 million for the immediately preceding quarter ended December 31, 2023. Interest income decreased by $1.7 million for the quarter ended March 31, 2024 compared to the immediately preceding quarter, while interest expense increased by $0.6 million.

The Company’s net interest margin, calculated on a tax-equivalent basis, decreased by 0.03% to 2.57% for the quarter ended March 31, 2024, from 2.60% for the immediately preceding quarter ended December 31, 2023. Factors impacting the net interest margin for the quarter ended March 31, 2024 were:

  • The tax-equivalent yield on loans increased to 5.78% for the quarter ended March 31, 2024, from 5.69% for the quarter ended December 31, 2023. This increase reflects the origination of new loans at higher rates, paydowns of lower rate loans and balance sheet repositioning.
  • The tax-equivalent yield on investment securities decreased to 5.59% for the quarter ended March 31, 2024, from 5.73% for the quarter ended December 31, 2023. The primary driver of this decrease was routine accounting adjustments recorded in the quarter ended December 31, 2023 related to prepayment speeds on certain securities; these adjustments positively impacted the yield for the quarter ended December 31, 2023.
  • The average cost of interest bearing deposits increased to 4.21% for the quarter ended March 31, 2024 from 4.04% for the quarter ended December 31, 2023. An increase in municipal money market deposits late in the fourth quarter of 2023 and CD repricing were contributing factors.
  • The average rate paid on FHLB advances decreased to 4.18% for the quarter ended March 31, 2024 from 4.58% for the quarter ended December 31, 2023, primarily due to repayment of higher rate advances.

Non-interest income and Non-interest expense

Non-interest income totaled $26.9 million for the quarter ended March 31, 2024, compared to $17.1 million for the quarter ended December 31, 2023. The quarter ended March 31, 2024 included a $2.7 million of residual gains on the disposition of operating lease equipment compared to a $6.5 million loss for the prior quarter.

Non-interest expense totaled $159.2 million for the quarter ended March 31, 2024, compared to $190.9 million for the immediately preceding quarter ended December 31, 2023. Non-interest expense for the quarter ended December 31, 2023 included $35.4 million related to an FDIC special assessment; the quarter ended March 31, 2024 included an additional $5.2 million related to this assessment.

Earnings Conference Call and Presentation

A conference call to discuss quarterly results will be held at 9:00 a.m. ET on Wednesday, April 17, 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/BId4ce6e266b5a4aacba55f3d701af063a. 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 March 31, 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. 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).

BANKUNITED, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - UNAUDITED

(In thousands, except share and per share data)

 

 

March 31,

2024

 

December 31,

2023

ASSETS

 

 

 

Cash and due from banks:

 

 

 

Non-interest bearing

$

13,773

 

 

$

14,945

 

Interest bearing

 

407,443

 

 

 

573,338

 

Cash and cash equivalents

 

421,216

 

 

 

588,283

 

Investment securities (including securities reported at fair value of $8,914,959 and $8,867,354)

 

8,924,959

 

 

 

8,877,354

 

Non-marketable equity securities

 

252,609

 

 

 

310,084

 

Loans

 

24,226,300

 

 

 

24,633,684

 

Allowance for credit losses

 

(217,556

)

 

 

(202,689

)

Loans, net

 

24,008,744

 

 

 

24,430,995

 

Bank owned life insurance

 

295,970

 

 

 

318,459

 

Operating lease equipment, net

 

329,025

 

 

 

371,909

 

Goodwill

 

77,637

 

 

 

77,637

 

Other assets

 

795,494

 

 

 

786,886

 

Total assets

$

35,105,654

 

 

$

35,761,607

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Liabilities:

 

 

 

Demand deposits:

 

 

 

Non-interest bearing

$

7,239,604

 

 

$

6,835,236

 

Interest bearing

 

3,549,141

 

 

 

3,403,539

 

Savings and money market

 

11,122,916

 

 

 

11,135,708

 

Time

 

5,115,703

 

 

 

5,163,995

 

Total deposits

 

27,027,364

 

 

 

26,538,478

 

FHLB advances

 

3,905,000

 

 

 

5,115,000

 

Notes and other borrowings

 

708,978

 

 

 

708,973

 

Other liabilities

 

823,920

 

 

 

821,235

 

Total liabilities

 

32,465,262

 

 

 

33,183,686

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

Common stock, par value $0.01 per share, 400,000,000 shares authorized; 74,772,706 and 74,372,505 shares issued and outstanding

 

748

 

 

 

744

 

Paid-in capital

 

286,169

 

 

 

283,642

 

Retained earnings

 

2,677,403

 

 

 

2,650,956

 

Accumulated other comprehensive loss

 

(323,928

)

 

 

(357,421

)

Total stockholders' equity

 

2,640,392

 

 

 

2,577,921

 

Total liabilities and stockholders' equity

$

35,105,654

 

 

$

35,761,607

 

BANKUNITED, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

(In thousands, except per share data)

 

 

Three Months Ended

 

March 31,

2024

 

December 31,

2023

 

March 31,

2023

Interest income:

 

 

 

 

 

Loans

$

347,257

 

$

346,255

 

$

308,795

 

Investment securities

 

124,179

 

 

 

125,993

 

 

 

118,758

 

Other

 

10,038

 

 

 

10,957

 

 

 

12,863

 

Total interest income

 

481,474

 

 

 

483,205

 

 

 

440,416

 

Interest expense:

 

 

 

 

 

Deposits

 

209,998

 

 

 

192,833

 

 

 

133,630

 

Borrowings

 

56,619

 

 

 

73,162

 

 

 

78,912

 

Total interest expense

 

266,617

 

 

 

265,995

 

 

 

212,542

 

Net interest income before provision for credit losses

 

214,857

 

 

 

217,210

 

 

 

227,874

 

Provision for credit losses

 

15,285

 

 

 

19,253

 

 

 

19,788

 

Net interest income after provision for credit losses

 

199,572

 

 

 

197,957

 

 

 

208,086

 

Non-interest income:

 

 

 

 

 

Deposit service charges and fees

 

5,499

 

 

 

5,386

 

 

 

5,545

 

Gain (loss) on investment securities, net

 

775

 

 

 

617

 

 

 

(12,549

)

Lease financing

 

11,440

 

 

 

3,723

 

 

 

13,109

 

Other non-interest income

 

9,163

 

 

 

7,366

 

 

 

10,430

 

Total non-interest income

 

26,877

 

 

 

17,092

 

 

 

16,535

 

Non-interest expense:

 

 

 

 

 

Employee compensation and benefits

 

75,920

 

 

 

73,454

 

 

 

71,051

 

Occupancy and equipment

 

10,569

 

 

 

10,610

 

 

 

10,802

 

Deposit insurance expense

 

13,530

 

 

 

43,453

 

 

 

7,907

 

Professional fees

 

2,510

 

 

 

5,052

 

 

 

2,918

 

Technology

 

20,315

 

 

 

18,628

 

 

 

21,726

 

Depreciation of operating lease equipment

 

9,213

 

 

 

10,476

 

 

 

11,521

 

Other non-interest expense

 

27,183

 

 

 

29,190

 

 

 

26,855

 

Total non-interest expense

 

159,240

 

 

 

190,863

 

 

 

152,780

 

Income before income taxes

 

67,209

 

 

 

24,186

 

 

 

71,841

 

Provision for income taxes

 

19,229

 

 

 

3,374

 

 

 

18,959

 

Net income

$

47,980

 

 

$

20,812

 

 

$

52,882

 

Earnings per common share, basic

$

0.64

 

 

$

0.27

 

 

$

0.71

 

Earnings per common share, diluted

$

0.64

 

 

$

0.27

 

 

$

0.70

 

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,

 

2024

 

2023

 

2023

 

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

$

24,337,440

$

350,441

5.78

%

$

24,416,013

 

 

$

349,603

5.69

%

 

$

24,724,296

$

312,125

5.10

%

Investment securities (3)

 

8,952,453

 

 

 

125,025

 

 

5.59

%

 

 

8,850,397

 

 

 

126,870

 

 

5.73

%

 

 

9,672,514

 

 

 

119,666

 

 

4.95

%

Other interest earning assets

 

763,460

 

 

 

10,038

 

 

5.29

%

 

 

801,833

 

 

 

10,957

 

 

5.42

%

 

 

1,039,563

 

 

 

12,863

 

 

5.02

%

Total interest earning assets

 

34,053,353

 

 

 

485,504

 

 

5.72

%

 

 

34,068,243

 

 

 

487,430

 

 

5.70

%

 

 

35,436,373

 

 

 

444,654

 

 

5.05

%

Allowance for credit losses

 

(206,747

)

 

 

 

 

 

 

(198,984

)

 

 

 

 

 

 

(151,071

)

 

 

 

 

Non-interest earning assets

 

1,589,333

 

 

 

 

 

 

 

1,715,795

 

 

 

 

 

 

 

1,793,000

 

 

 

 

 

Total assets

$

35,435,939

$

35,585,054

$

37,078,302

 

 

 

 

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing demand deposits

$

3,584,363

 

 

$

33,507

 

 

3.76

%

 

$

3,433,216

 

 

$

31,978

 

 

3.70

%

 

$

2,283,505

 

 

$

10,545

 

 

1.87

%

Savings and money market deposits

 

11,234,259

 

 

 

118,639

 

 

4.25

%

 

 

10,287,945

 

 

 

104,188

 

 

4.02

%

 

 

12,145,922

 

 

 

91,724

 

 

3.06

%

Time deposits

 

5,231,178

 

 

 

57,852

 

 

4.45

%

 

 

5,225,756

 

 

 

56,667

 

 

4.30

%

 

 

4,526,480

 

 

 

31,361

 

 

2.81

%

Total interest bearing deposits

 

20,049,800

 

 

 

209,998

 

 

4.21

%

 

 

18,946,917

 

 

 

192,833

 

 

4.04

%

 

 

18,955,907

 

 

 

133,630

 

 

2.86

%

Federal funds purchased

 

 

 

 

 

 

%

 

 

 

 

 

 

 

%

 

 

143,580

 

 

 

1,611

 

 

4.49

%

FHLB advances

 

4,570,220

 

 

 

47,496

 

 

4.18

%

 

 

5,545,978

 

 

 

64,034

 

 

4.58

%

 

 

6,465,000

 

 

 

68,039

 

 

4.27

%

Notes and other borrowings

 

709,017

 

 

 

9,123

 

 

5.15

%

 

 

711,073

 

 

 

9,128

 

 

5.13

%

 

 

720,906

 

 

 

9,262

 

 

5.14

%

Total interest bearing liabilities

 

25,329,037

 

 

 

266,617

 

 

4.23

%

 

 

25,203,968

 

 

 

265,995

 

 

4.19

%

 

 

26,285,393

 

 

 

212,542

 

 

3.28

%

Non-interest bearing demand deposits

 

6,560,926

 

 

 

 

 

 

 

6,909,027

 

 

 

 

 

 

 

7,458,221

 

 

 

 

 

Other non-interest bearing liabilities

 

906,266

 

 

 

 

 

 

 

903,099

 

 

 

 

 

 

 

821,419

 

 

 

 

 

Total liabilities

 

32,796,229

 

 

 

 

 

 

 

33,016,094

 

 

 

 

 

 

 

34,565,033

 

 

 

 

 

Stockholders' equity

 

2,639,710

 

 

 

 

 

 

 

2,568,960

 

 

 

 

 

 

 

2,513,269

 

 

 

 

 

Total liabilities and stockholders' equity

$

35,435,939

 

 

 

 

 

 

$

35,585,054

 

 

 

 

 

 

$

37,078,302

 

 

 

 

 

Net interest income

 

 

$

218,887

 

 

 

 

 

 

$

221,435

 

 

 

 

 

 

$

232,112

 

 

 

Interest rate spread

 

 

 

 

1.49

%

 

 

 

 

 

1.51

%

 

 

 

 

 

1.77

%

Net interest margin

 

 

 

 

2.57

%

 

 

 

 

 

2.60

%

 

 

 

 

 

2.62

%

___________

(1)

On a tax-equivalent basis where applicable

(2)

Annualized

(3)

At fair value except for securities held to maturity

BANKUNITED, INC. AND SUBSIDIARIES

EARNINGS PER COMMON SHARE

(In thousands except share and per share amounts)

 

 

Three Months Ended

March 31, 2024

 

December 31, 2023

 

March 31, 2023

Basic earnings per common share:

 

 

 

 

 

Numerator:

 

 

 

 

 

Net income

$

47,980

 

 

$

20,812

 

 

$

52,882

 

Distributed and undistributed earnings allocated to participating securities

 

(680

)

 

 

(930

)

 

 

(798

)

Income allocated to common stockholders for basic earnings per common share

$

47,300

 

 

$

19,882

 

 

$

52,084

 

Denominator:

 

 

 

 

 

Weighted average common shares outstanding

 

74,509,107

 

 

 

74,384,185

 

 

 

74,755,002

 

Less average unvested stock awards

 

(1,127,838

)

 

 

(1,130,715

)

 

 

(1,193,881

)

Weighted average shares for basic earnings per common share

 

73,381,269

 

 

 

73,253,470

 

 

 

73,561,121

 

Basic earnings per common share

$

0.64

 

 

$

0.27

 

 

$

0.71

 

Diluted earnings per common share:

 

 

 

 

 

Numerator:

 

 

 

 

 

Income allocated to common stockholders for basic earnings per common share

$

47,300

 

 

$

19,882

 

 

$

52,084

 

Adjustment for earnings reallocated from participating securities

 

1

 

 

 

 

 

 

3

 

Income used in calculating diluted earnings per common share

$

47,301

 

 

$

19,882

 

 

$

52,087

 

Denominator:

 

 

 

 

 

Weighted average shares for basic earnings per common share

 

73,381,269

 

 

 

73,253,470

 

 

 

73,561,121

 

Dilutive effect of certain share-based awards

 

255,824

 

 

 

203,123

 

 

 

447,581

 

Weighted average shares for diluted earnings per common share

 

73,637,093

 

 

 

73,456,593

 

 

 

74,008,702

 

Diluted earnings per common share

$

0.64

 

 

$

0.27

 

 

$

0.70

 

BANKUNITED, INC. AND SUBSIDIARIES

SELECTED RATIOS

 

 

At or for the Three Months Ended

 

March 31, 2024

 

December 31, 2023

 

March 31, 2023

Financial ratios (4)

 

 

 

 

 

Return on average assets

 

0.54

%

 

 

0.23

%

 

 

0.58

%

Return on average stockholders’ equity

 

7.3

%

 

 

3.2

%

 

 

8.5

%

Net interest margin (3)

 

2.57

%

 

 

2.60

%

 

 

2.62

%

Loans to deposits

 

89.6

%

 

 

92.8

%

 

 

96.8

%

Tangible book value per common share

$

34.27

 

 

$

33.62

 

 

$

32.30

 

 

March 31, 2024

 

December 31, 2023

Asset quality ratios

 

 

 

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

0.48 %

 

0.52 %

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

0.34 %

 

0.37 %

Allowance for credit losses to total loans

0.90 %

 

0.82 %

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

187.92 %

 

159.54 %

Net charge-offs to average loans(4)

0.02 %

 

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 three month periods.

(5)

Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $40.0 million or 0.16% of total loans and 0.11% of total assets at March 31, 2024, and $41.8 million or 0.17% of total loans and 0.12% of total assets at December 31, 2023.

 

March 31, 2024

 

December 31, 2023

 

Required to be

Considered

Well

Capitalized

 

BankUnited, Inc.

 

BankUnited, N.A.

 

BankUnited, Inc.

 

BankUnited, N.A.

 

Capital ratios

 

 

 

 

 

 

 

 

 

Tier 1 leverage

8.1 %

 

9.3 %

 

7.9 %

 

9.1 %

 

5.0 %

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

11.6 %

 

13.4 %

 

11.4 %

 

13.1 %

 

6.5 %

Total risk-based capital

13.7 %

 

14.3 %

 

13.4 %

 

13.9 %

 

10.0 %

Tangible Common Equity/Tangible Assets

7.3 %

 

N/A

 

7.0 %

 

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, 2024

 

December 31, 2023

 

March 31, 2023

Total stockholders’ equity

$

2,640,392

 

$

2,577,921

 

$

2,481,394

Less: goodwill and other intangible assets

 

77,637

 

 

77,637

 

 

77,637

Tangible stockholders’ equity

$

2,562,755

 

$

2,500,284

 

$

2,403,757

 

 

 

 

 

 

Common shares issued and outstanding

 

74,772,706

 

 

74,372,505

 

 

74,423,365

 

 

 

 

 

 

Book value per common share

$

35.31

 

$

34.66

 

$

33.34

 

 

 

 

 

 

Tangible book value per common share

$

34.27

 

$

33.62

 

$

32.30

 

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