BankUnited, Inc. Reports Third Quarter 2024 Results
BankUnited, Inc. (NYSE: BKU) reported net income of $61.5 million, or $0.81 per diluted share, for Q3 2024, compared to $53.7 million in Q2 2024 and $47.0 million in Q3 2023. The net interest margin expanded to 2.78% from 2.72% in the previous quarter. Total deposits grew by $93 million for Q3 2024, while total loans declined by $230 million. The loan to deposit ratio decreased to 87.6% from 88.7% in Q2 2024. The CET1 ratio was 11.8% at the consolidated level. The company's liquidity remains strong with $15.0 billion in total same-day available liquidity. Book value per common share increased to $37.56 from $36.11 in Q2 2024.
BankUnited, Inc. (NYSE: BKU) ha riportato un utile netto di 61,5 milioni di dollari, ovvero 0,81 dollari per azione diluita, per il terzo trimestre del 2024, rispetto ai 53,7 milioni di dollari nel secondo trimestre del 2024 e ai 47,0 milioni di dollari nel terzo trimestre del 2023. Il margine di interesse netto è aumentato al 2,78% rispetto al 2,72% del trimestre precedente. Le depositi totali sono aumentati di 93 milioni di dollari per il terzo trimestre del 2024, mentre i prestiti totali sono diminuiti di 230 milioni di dollari. Il rapporto prestiti/depositi è sceso all'87,6%, rispetto all'88,7% del secondo trimestre del 2024. Il rapporto CET1 era dell'11,8% a livello consolidato. La liquidità dell'azienda rimane forte con 15,0 miliardi di dollari in liquidità disponibile per lo stesso giorno. Il valore contabile per azione ordinaria è aumentato a 37,56 dollari rispetto ai 36,11 dollari del secondo trimestre del 2024.
BankUnited, Inc. (NYSE: BKU) reportó un ingreso neto de 61,5 millones de dólares, o 0,81 dólares por acción diluida, para el tercer trimestre de 2024, en comparación con 53,7 millones de dólares en el segundo trimestre de 2024 y 47,0 millones de dólares en el tercer trimestre de 2023. El margen de interés neto se amplió al 2,78% desde el 2,72% en el trimestre anterior. Los depósitos totales crecieron en 93 millones de dólares para el tercer trimestre de 2024, mientras que los préstamos totales disminuyeron en 230 millones de dólares. La relación préstamo a depósito disminuyó al 87,6% desde el 88,7% en el segundo trimestre de 2024. La relación CET1 fue del 11,8% a nivel consolidado. La liquidez de la empresa sigue siendo fuerte con 15,0 mil millones de dólares en liquidez disponible el mismo día. El valor contable por acción ordinaria aumentó a 37,56 dólares desde los 36,11 dólares en el segundo trimestre de 2024.
BankUnited, Inc. (NYSE: BKU)는 2024년 3분기에 6150만 달러의 순이익, 또는 희석주당 0.81달러를 보고했습니다. 이는 2024년 2분기의 5370만 달러와 2023년 3분기의 4700만 달러와 비교됩니다. 순이자 마진은 2.78%로 확장되었습니다, 지난 분기의 2.72%에서 증가했습니다. 총 예금은 2024년 3분기에 9300만 달러 증가했습니다, 반면 총 대출은 2억 3000만 달러 감소했습니다. 대출 대비 예금 비율은 87.6%으로, 2024년 2분기의 88.7%에서 감소했습니다. CET1 비율은 11.8%로 집계되었습니다. 회사의 유동성은 여전히 강력합니다; 총 150억 달러의 당일 사용 가능한 유동성을 보유하고 있습니다. 보통주당 장부 가치는 36.11달러에서 37.56달러로 증가했습니다.
BankUnited, Inc. (NYSE: BKU) a rapporté un bénéfice net de 61,5 millions de dollars, soit 0,81 dollar par action diluée, pour le troisième trimestre 2024, contre 53,7 millions de dollars au deuxième trimestre 2024 et 47,0 millions de dollars au troisième trimestre 2023. La marge d'intérêt nette a augmenté à 2,78% contre 2,72% au trimestre précédent. Les dépôts totaux ont augmenté de 93 millions de dollars pour le troisième trimestre 2024, tandis que les prêts totaux ont diminué de 230 millions de dollars. Le ratio prêts/dépôts a baissé à 87,6% contre 88,7% au deuxième trimestre 2024. Le ratio CET1 était de 11,8% au niveau consolidé. La liquidité de l'entreprise reste forte avec 15,0 milliards de dollars de liquidités disponibles le même jour. La valeur comptable par action ordinaire a augmenté à 37,56 dollars contre 36,11 dollars au deuxième trimestre 2024.
BankUnited, Inc. (NYSE: BKU) berichtete über einen Nettogewinn von 61,5 Millionen Dollar, oder 0,81 Dollar pro verwässerter Aktie, für das dritte Quartal 2024, im Vergleich zu 53,7 Millionen Dollar im zweiten Quartal 2024 und 47,0 Millionen Dollar im dritten Quartal 2023. Die Nettzinsmarge expandierte auf 2,78% gegenüber 2,72% im vorherigen Quartal. Die Gesamteinlagen wuchsen um 93 Millionen Dollar im dritten Quartal 2024, während die Gesamtdarlehen um 230 Millionen Dollar zurückgingen. Das Verhältnis von Darlehen zu Einlagen sank auf 87,6% von 88,7% im zweiten Quartal 2024. Die CET1-Quote betrug 11,8% auf konsolidierter Ebene. Die Liquidität des Unternehmens bleibt stark mit 15,0 Milliarden Dollar an verfügbarer Liquidität am selben Tag. Der Buchwert pro Stammaktie stieg auf 37,56 Dollar von 36,11 Dollar im zweiten Quartal 2024.
- Net income increased to $61.5 million, up from $53.7 million in Q2 2024
- Net interest margin expanded to 2.78% from 2.72% in the previous quarter
- Total deposits grew by $93 million for Q3 2024
- CET1 ratio remained strong at 11.8%
- Book value per common share increased to $37.56 from $36.11 in Q2 2024
- Ample liquidity with $15.0 billion in total same-day available liquidity
- Total loans declined by $230 million in Q3 2024
- Non-performing loans increased to $224.5 million or 0.92% of total loans, up from $173.5 million or 0.70% in Q2 2024
- Non-interest bearing demand deposits declined by $430 million in Q3 2024
- C&I portfolio declined by $112 million in Q3 2024
Insights
BankUnited reported strong Q3 2024 results, with net income increasing to
- Net interest margin expanded to
2.78% , up from2.72% in Q2 - Average cost of total deposits declined to
3.06% from3.09% - Wholesale funding decreased by
$1.9 billion YTD, while non-brokered deposits grew by$1.7 billion - Loan-to-deposit ratio improved to
87.6% from88.7% in Q2
Credit quality remains solid with low net charge-offs and a slight increase in the allowance for credit losses (ACL) to total loans ratio to
BankUnited's risk profile appears well-managed, but there are some areas to watch:
- Non-performing loans increased to
0.92% of total loans, up from0.70% in Q2 - Criticized and classified commercial loans rose by
$90 million in Q3 - Commercial real estate (CRE) exposure is modest at
25% of loans and164% of total risk-based capital, below industry medians - Office sub-segment has a weighted average LTV of
65.4% and DSCR of 1.56, which are reasonable metrics
The bank's liquidity position is strong, with
"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
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% , to2.78% for the quarter ended September 30, 2024 from2.72% for the immediately preceding quarter. The net interest margin was2.56% for the quarter ended September 30, 2023. For the nine months ended September 30, 2024 the net interest margin improved to2.69% from2.55% for the nine months ended September 30, 2023. -
The average cost of total deposits declined by
0.03% to3.06% for the quarter ended September 30, 2024 from3.09% for the immediately preceding quarter ended June 30, 2024. The spot APY of total deposits declined to2.93% at September 30, 2024 from3.09% at June 30, 2024. The average cost of interest bearing deposits declined by0.06% to4.20% for the quarter ended September 30, 2024 from4.26% for the immediately preceding quarter ended June 30, 2024 while the spot APY of interest bearing deposits declined to4.01% at September 30, 2024 from4.29% 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 $1.7 billion $800 million -
Average NIDDA remained relatively stable, declining by
$64 million 27% of average total deposits. Total deposits grew by$93 million $430 million 27% of total deposits at September 30, 2024. -
FHLB advances increased by
$295 million $303 million -
For the nine months ended September 30, 2024, our core CRE and C&I loan portfolios grew by
$286 million $422 million $238 million -
Total loans declined by
$230 million $34 million $112 million $33 million $185 million -
The loan to deposit ratio declined to
87.6% at September 30, 2024, from88.7% at June 30, 2024 and92.8% at December 31, 2023. -
Net charge-offs remained low and were
$6.5 million 0.12% . The NPA ratio at September 30, 2024 was0.64% , including0.10% related to the guaranteed portion of non-accrual SBA loans, compared to0.50% , including0.11% 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 was101.68% . The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, franchise finance and equipment finance was1.41% at September 30, 2024 and the ACL to loans ratio for CRE office loans was2.20% . -
Our commercial real estate exposure is modest, totaling
25% of loans and164% 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 $100 billion 35% and the median level of CRE to total risk based capital was220% . -
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 inFlorida and25% was collateralized by properties located in theNew York tri-state area. For the office sub-segment, the weighted average LTV was65.4% , the weighted average DSCR was 1.56,57% was collateralized by properties inFlorida , substantially all of which was suburban, and23% was collateralized by properties located in theNew York tri-state area. -
Liquidity remains ample. Total same day available liquidity was
$15.0 billion 147% and an estimated63% 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, was10.9% at September 30, 2024. The ratio of tangible common equity to tangible assets increased to7.6% 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 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 $36.52 $36.11 $35.07 $34.66 $33.62 - 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
Loans
Loan portfolio composition at the dates indicated follows (dollars in thousands):
|
September 30, 2024 |
|
June 30, 2024 |
|
December 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 land |
|
497,928 |
|
2.0 |
% |
|
|
584,833 |
|
2.4 |
% |
|
|
495,992 |
|
2.0 |
% |
Owner occupied commercial real estate |
|
1,999,515 |
|
8.2 |
% |
|
|
1,966,809 |
|
8.0 |
% |
|
|
1,935,743 |
|
7.9 |
% |
Commercial and industrial |
|
7,026,412 |
|
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 finance |
|
749,035 |
|
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 |
% |
Residential |
|
7,787,442 |
|
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
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):
|
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 |
% |
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
The following table summarizes the activity in the ACL for the periods indicated (in thousands):
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||||
Beginning balance |
$ |
225,698 |
|
|
$ |
217,556 |
|
|
$ |
166,833 |
|
|
$ |
202,689 |
|
|
$ |
147,946 |
|
Impact of adoption of new accounting pronouncement (ASU 2022-02) |
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
(1,794 |
) |
Balance after impact of adoption of ASU 2022-02 |
|
225,698 |
|
|
|
217,556 |
|
|
|
166,833 |
|
|
|
202,689 |
|
|
|
146,152 |
|
Provision |
|
9,091 |
|
|
|
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 |
|
The following table presents criticized and classified commercial loans at the dates indicated (in thousands):
|
September 30, 2024 |
|
June 30, 2024 |
|
December 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 - accruing |
|
587,097 |
|
|
932,746 |
|
|
597,888 |
|
|
946,832 |
|
|
390,724 |
|
|
711,266 |
Substandard - non-accruing |
|
70,860 |
|
|
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
Non-performing loans totaled
Net Interest Income
Net interest income for the quarter ended September 30, 2024 was
The Company’s net interest margin, calculated on a tax-equivalent basis, increased by
The average cost of total deposits declined to
Non-interest expense
Non-interest expense increased by
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
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) |
|||||||||||
|
September 30,
|
|
June 30,
|
|
December 31,
|
||||||
ASSETS |
|
|
|
|
|
||||||
Cash and due from banks: |
|
|
|
|
|
||||||
Non-interest bearing |
$ |
14,746 |
|
|
$ |
12,631 |
|
|
$ |
14,945 |
|
Interest bearing |
|
875,122 |
|
|
|
420,821 |
|
|
|
573,338 |
|
Cash and cash equivalents |
|
889,868 |
|
|
|
433,452 |
|
|
|
588,283 |
|
Investment securities (including securities reported at fair value of |
|
9,119,860 |
|
|
|
8,946,449 |
|
|
|
8,877,354 |
|
Non-marketable equity securities |
|
237,172 |
|
|
|
223,159 |
|
|
|
310,084 |
|
Loans |
|
24,398,703 |
|
|
|
24,628,484 |
|
|
|
24,633,684 |
|
Allowance for credit losses |
|
(228,249 |
) |
|
|
(225,698 |
) |
|
|
(202,689 |
) |
Loans, net |
|
24,170,454 |
|
|
|
24,402,786 |
|
|
|
24,430,995 |
|
Bank owned life insurance |
|
306,313 |
|
|
|
297,827 |
|
|
|
318,459 |
|
Operating lease equipment, net |
|
241,625 |
|
|
|
266,815 |
|
|
|
371,909 |
|
Goodwill |
|
77,637 |
|
|
|
77,637 |
|
|
|
77,637 |
|
Other assets |
|
741,816 |
|
|
|
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 bearing |
|
5,171,865 |
|
|
|
3,771,793 |
|
|
|
3,403,539 |
|
Savings and money market |
|
10,324,697 |
|
|
|
11,463,211 |
|
|
|
11,135,708 |
|
Time |
|
4,724,236 |
|
|
|
4,463,394 |
|
|
|
5,163,995 |
|
Total deposits |
|
27,856,225 |
|
|
|
27,763,607 |
|
|
|
26,538,478 |
|
FHLB advances |
|
3,580,000 |
|
|
|
3,285,000 |
|
|
|
5,115,000 |
|
Notes and other borrowings |
|
708,694 |
|
|
|
708,835 |
|
|
|
708,973 |
|
Other liabilities |
|
832,022 |
|
|
|
971,116 |
|
|
|
821,235 |
|
Total liabilities |
|
32,976,941 |
|
|
|
32,728,558 |
|
|
|
33,183,686 |
|
|
|
|
|
|
|
||||||
Commitments and contingencies |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Stockholders' equity: |
|
|
|
|
|
||||||
Common stock, par value |
|
747 |
|
|
|
748 |
|
|
|
744 |
|
Paid-in capital |
|
296,107 |
|
|
|
290,719 |
|
|
|
283,642 |
|
Retained earnings |
|
2,749,314 |
|
|
|
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 |
|
BANKUNITED, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED (In thousands, except per share data) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||
Interest income: |
|
|
|
|
|
|
|
|
|
||||||
Loans |
$ |
355,220 |
|
$ |
350,604 |
|
$ |
337,014 |
|
$ |
1,053,081 |
|
$ |
971,962 |
|
Investment securities |
|
127,907 |
|
|
123,708 |
|
|
122,857 |
|
|
375,794 |
|
|
362,219 |
|
Other |
|
9,229 |
|
|
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: |
|
|
|
|
|
|
|
|
|
||||||
Deposits |
|
208,630 |
|
|
208,091 |
|
|
176,974 |
|
|
626,719 |
|
|
467,472 |
|
Borrowings |
|
49,598 |
|
|
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 fees |
|
5,016 |
|
|
4,909 |
|
|
5,189 |
|
|
15,238 |
|
|
15,705 |
|
Gain (loss) on investment securities, net |
|
127 |
|
|
421 |
|
|
887 |
|
|
1,323 |
|
|
(10,669 |
) |
Lease financing |
|
6,368 |
|
|
5,640 |
|
|
16,531 |
|
|
23,448 |
|
|
42,159 |
|
Other non-interest income |
|
11,377 |
|
|
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 benefits |
|
81,781 |
|
|
75,588 |
|
|
68,825 |
|
|
233,289 |
|
|
207,290 |
|
Occupancy and equipment |
|
12,242 |
|
|
10,973 |
|
|
10,890 |
|
|
33,784 |
|
|
32,735 |
|
Deposit insurance expense |
|
7,421 |
|
|
8,530 |
|
|
7,790 |
|
|
29,481 |
|
|
23,294 |
|
Professional fees |
|
4,953 |
|
|
4,497 |
|
|
2,696 |
|
|
11,960 |
|
|
9,132 |
|
Technology |
|
21,094 |
|
|
20,567 |
|
|
19,193 |
|
|
61,976 |
|
|
61,356 |
|
Depreciation of operating lease equipment |
|
4,666 |
|
|
7,896 |
|
|
11,217 |
|
|
21,775 |
|
|
33,970 |
|
Other non-interest expense |
|
32,425 |
|
|
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 taxes |
|
83,186 |
|
|
72,963 |
|
|
62,427 |
|
|
223,358 |
|
|
212,898 |
|
Provision for income taxes |
|
21,734 |
|
|
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 |
|
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, |
||||||||||||||||||||||||
|
2024 |
|
2024 |
|
2023 |
||||||||||||||||||||||||
|
Average Balance |
|
Interest(1) |
|
Yield/
Rate
|
|
Average Balance |
|
Interest(1) |
|
Yield/
Rate
|
|
Average Balance |
|
Interest(1) |
|
Yield/
Rate
|
||||||||||||
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 assets |
|
722,366 |
|
|
|
9,229 |
|
5.08 |
% |
|
|
711,586 |
|
|
|
8,986 |
|
5.08 |
% |
|
|
785,146 |
|
|
|
10,668 |
|
5.39 |
% |
Total interest earning assets |
|
34,193,449 |
|
|
|
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 assets |
|
1,444,410 |
|
|
|
|
|
|
|
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 deposits |
|
11,304,999 |
|
|
|
119,856 |
|
4.22 |
% |
|
|
11,176,000 |
|
|
|
118,945 |
|
4.28 |
% |
|
|
10,205,765 |
|
|
|
97,956 |
|
3.81 |
% |
Time deposits |
|
4,524,215 |
|
|
|
51,480 |
|
4.53 |
% |
|
|
4,750,640 |
|
|
|
53,897 |
|
4.56 |
% |
|
|
5,420,522 |
|
|
|
53,527 |
|
3.92 |
% |
Total interest bearing deposits |
|
19,759,315 |
|
|
|
208,630 |
|
4.20 |
% |
|
|
19,668,711 |
|
|
|
208,091 |
|
4.26 |
% |
|
|
18,665,157 |
|
|
|
176,974 |
|
3.76 |
% |
FHLB advances |
|
3,766,630 |
|
|
|
40,471 |
|
4.27 |
% |
|
|
3,764,286 |
|
|
|
40,032 |
|
4.28 |
% |
|
|
6,040,870 |
|
|
|
69,525 |
|
4.57 |
% |
Notes and other borrowings |
|
708,829 |
|
|
|
9,127 |
|
5.15 |
% |
|
|
711,167 |
|
|
|
9,153 |
|
5.15 |
% |
|
|
715,307 |
|
|
|
9,198 |
|
5.14 |
% |
Total interest bearing liabilities |
|
24,234,774 |
|
|
|
258,228 |
|
4.24 |
% |
|
|
24,144,164 |
|
|
|
257,276 |
|
4.28 |
% |
|
|
25,421,334 |
|
|
|
255,697 |
|
3.99 |
% |
Non-interest bearing demand deposits |
|
7,384,721 |
|
|
|
|
|
|
|
7,448,633 |
|
|
|
|
|
|
|
6,937,537 |
|
|
|
|
|
||||||
Other non-interest bearing liabilities |
|
1,009,157 |
|
|
|
|
|
|
|
960,691 |
|
|
|
|
|
|
|
868,178 |
|
|
|
|
|
||||||
Total liabilities |
|
32,628,652 |
|
|
|
|
|
|
|
32,553,488 |
|
|
|
|
|
|
|
33,227,049 |
|
|
|
|
|
||||||
Stockholders' equity |
|
2,777,824 |
|
|
|
|
|
|
|
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 spread |
|
|
|
|
1.55 |
% |
|
|
|
|
|
1.49 |
% |
|
|
|
|
|
1.53 |
% |
|||||||||
Net interest margin |
|
|
|
|
2.78 |
% |
|
|
|
|
|
2.72 |
% |
|
|
|
|
|
2.56 |
% |
|||||||||
| _________________________ | ||
(1) |
On a tax-equivalent basis where applicable |
|
(2) |
Annualized |
|
(3) |
At fair value except for securities held to maturity |
|
BANKUNITED, INC. AND SUBSIDIARIES AVERAGE BALANCES AND YIELDS (Dollars in thousands) |
|||||||||||||||||||
|
Nine Months Ended September 30, |
||||||||||||||||||
|
2024 |
|
2023 |
||||||||||||||||
|
Average Balance |
|
Interest(1) |
|
Yield/
Rate
|
|
Average Balance |
|
Interest(1) |
|
Yield/
Rate
|
||||||||
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 assets |
|
732,435 |
|
|
|
28,253 |
|
5.15 |
% |
|
|
1,048,313 |
|
|
|
40,195 |
|
5.13 |
% |
Total interest earning assets |
|
34,048,223 |
|
|
|
1,469,018 |
|
5.76 |
% |
|
|
35,010,949 |
|
|
|
1,387,151 |
|
5.29 |
% |
Allowance for credit losses |
|
(221,135 |
) |
|
|
|
|
|
|
(162,395 |
) |
|
|
|
|
||||
Non-interest earning assets |
|
1,534,800 |
|
|
|
|
|
|
|
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 deposits |
|
11,238,662 |
|
|
|
357,440 |
|
4.25 |
% |
|
|
10,844,838 |
|
|
|
278,243 |
|
3.43 |
% |
Time deposits |
|
4,834,209 |
|
|
|
163,229 |
|
4.51 |
% |
|
|
5,150,486 |
|
|
|
134,448 |
|
3.49 |
% |
Total interest bearing deposits |
|
19,825,699 |
|
|
|
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 borrowings |
|
709,668 |
|
|
|
27,402 |
|
5.15 |
% |
|
|
719,331 |
|
|
|
27,735 |
|
5.14 |
% |
Total interest bearing liabilities |
|
24,568,104 |
|
|
|
782,121 |
|
4.25 |
% |
|
|
26,085,917 |
|
|
|
717,782 |
|
3.68 |
% |
Non-interest bearing demand deposits |
|
7,132,351 |
|
|
|
|
|
|
|
7,152,362 |
|
|
|
|
|
||||
Other non-interest bearing liabilities |
|
958,888 |
|
|
|
|
|
|
|
829,464 |
|
|
|
|
|
||||
Total liabilities |
|
32,659,343 |
|
|
|
|
|
|
|
34,067,743 |
|
|
|
|
|
||||
Stockholders' equity |
|
2,702,545 |
|
|
|
|
|
|
|
2,542,311 |
|
|
|
|
|
||||
Total liabilities and stockholders' equity |
$ |
35,361,888 |
|
|
|
|
|
|
$ |
36,610,054 |
|
|
|
|
|
||||
Net interest income |
|
|
$ |
686,897 |
|
|
|
|
|
$ |
669,369 |
|
|
||||||
Interest rate spread |
|
|
|
|
1.51 |
% |
|
|
|
|
|
1.61 |
% |
||||||
Net interest margin |
|
|
|
|
2.69 |
% |
|
|
|
|
|
2.55 |
% |
||||||
| _________________________ | ||
(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 |
|
Nine Months Ended |
||||||||||||||||
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|||||||||||
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 outstanding |
|
74,753,372 |
|
|
|
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 share |
|
73,674,190 |
|
|
|
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 share |
|
73,674,190 |
|
|
|
73,652,265 |
|
|
|
73,251,593 |
|
|
|
73,569,625 |
|
|
|
73,350,301 |
|
Dilutive effect of certain share-based awards |
|
817,866 |
|
|
|
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 |
|
BANKUNITED, INC. AND SUBSIDIARIES SELECTED RATIOS |
|||||||||||||||||||
|
At or for the Three Months Ended |
|
At or for the Nine Months Ended |
||||||||||||||||
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||||
Financial ratios (4) |
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets |
|
0.69 |
% |
|
|
0.61 |
% |
|
|
0.52 |
% |
|
|
0.62 |
% |
|
|
0.58 |
% |
Return on average stockholders’ equity |
|
8.8 |
% |
|
|
8.0 |
% |
|
|
7.2 |
% |
|
|
8.1 |
% |
|
|
8.3 |
% |
Net interest margin (3) |
|
2.78 |
% |
|
|
2.72 |
% |
|
|
2.56 |
% |
|
|
2.69 |
% |
|
|
2.55 |
% |
Loans to deposits |
|
87.6 |
% |
|
|
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,
|
|
June 30,
|
|
December 31,
|
|||
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 loans |
0.94 |
% |
|
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 |
|
(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, 2024 |
|
June 30, 2024 |
|
December 31, 2023 |
|
Required to be
|
||||||
|
BankUnited,
|
|
BankUnited,
|
|
BankUnited,
|
|
BankUnited,
|
|
BankUnited,
|
|
BankUnited,
|
|
|
Capital ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage |
8.3 % |
|
9.6 % |
|
8.2 % |
|
9.6 % |
|
7.9 % |
|
9.1 % |
|
5.0 % |
Common Equity Tier 1 ("CET1") risk-based capital |
11.8 % |
|
13.6 % |
|
11.6 % |
|
13.5 % |
|
11.4 % |
|
13.1 % |
|
6.5 % |
Total risk-based capital |
13.9 % |
|
14.6 % |
|
13.6 % |
|
14.4 % |
|
13.4 % |
|
13.9 % |
|
10.0 % |
Tangible Common Equity/Tangible Assets |
7.6 % |
|
N/A |
|
7.4 % |
|
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):
|
September 30, 2024 |
|
June 30, 2024 |
|
December 31, 2023 |
|||
Total stockholders’ equity |
$ |
2,807,804 |
|
$ |
2,699,348 |
|
$ |
2,577,921 |
Less: goodwill and other intangible assets |
|
77,637 |
|
|
77,637 |
|
|
77,637 |
Tangible stockholders’ equity |
$ |
2,730,167 |
|
$ |
2,621,711 |
|
$ |
2,500,284 |
|
|
|
|
|
|
|||
Common shares issued and outstanding |
|
74,749,012 |
|
|
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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241022437911/en/
BankUnited, Inc.
Investor Relations:
Leslie N. Lunak, 786-313-1698; llunak@bankunited.com
Source: BankUnited, Inc.
FAQ
What was BankUnited's (BKU) net income for Q3 2024?
How did BankUnited's (BKU) net interest margin change in Q3 2024?
What was the change in BankUnited's (BKU) total deposits and loans in Q3 2024?
What was BankUnited's (BKU) CET1 ratio at the end of Q3 2024?
How did BankUnited's (BKU) book value per common share change in Q3 2024?
