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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240417998013/en/
BankUnited, Inc. Investor Relations: Leslie N. Lunak,
786-313-1698; llunak@bankunited.com
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