BankUnited, Inc. Reports 2023 Results

MIAMI LAKES, Fla.–(BUSINESS WIRE)–BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter and year ended December 31, 2023.


“We finished the year with continued improvement on both sides of our balance sheet, expanding margin and strong credit performance. We are benefiting from a strong economy in our primary market and are looking forward to 2024 with great optimism,” said Rajinder Singh, Chairman, President and Chief Executive Officer.

For the quarter ended December 31, 2023, the Company reported net income of $20.8 million, or $0.27 per diluted share, compared to $47.0 million, or $0.63 per diluted share, for the immediately preceding quarter ended September 30, 2023 and $64.2 million, or $0.82 per diluted share, for the quarter ended December 31, 2022. For the year ended December 31, 2023, the Company reported net income of $178.7 million, or $2.38 per diluted share, compared to $285.0 million, or $3.54 per diluted share, for the year ended December 31, 2022. Results for the quarter ended December 31, 2023 were negatively impacted by $41.8 million of notable items impacting income before taxes, related to the FDIC special assessment and a loss on sale of operating lease equipment as detailed below.

Quarterly Highlights

  • Two notable items totaling $41.8 million impacted income before income taxes for the quarter ended December 31, 2023 (in thousands):

FDIC special assessment

$

35,356

Loss on sale of operating lease equipment

 

6,479

 

$

41,835

The loss on sale of operating lease equipment of $6.5 million compares to a gain of $4.2 million on sale of operating lease equipment in the immediately preceding quarter, for a variance of $10.7 million.

  • We continued to execute on near-term strategic priorities this quarter:

    • The net interest margin, calculated on a tax-equivalent basis, expanded this quarter to 2.60% from 2.56% for the immediately preceding quarter.
    • Non-brokered deposits grew by $604 million for the quarter ended December 31, 2023. Total deposits grew by $426 million.
    • Non-interest bearing deposits declined by $521 million for the quarter, to 26% of total deposits at December 31, 2023, from 28% at September 30, 2023. On an average basis, non-interest bearing deposits were relatively flat to the prior quarter, declining by only $28.5 million. Most of the period-end decline was attributable to quarter-end outflows related to seasonality in the residential real estate sector, impacting our title solutions vertical and other mortgage related deposits.
    • Residential loans declined by $172 million for the quarter, while our core C&I and commercial real estate portfolios grew by a total of $476 million. Since December 31, 2022, residential loans have declined by $692 million.
    • The amortized cost of the investment securities portfolio declined by $106 million during the quarter ended December 31, 2023 and has declined by $959 million since December 31, 2022.
    • Wholesale funding, including FHLB advances and brokered deposits, declined by $228 million for the quarter. We have paid down FHLB advances by $2.4 billion since March 31, 2023.
    • Liquidity remains ample. Total same day available liquidity was $13.6 billion, the available liquidity to uninsured, uncollateralized deposits ratio was 152% and an estimated 66% of our deposits were insured or collateralized at December 31, 2023.
    • Our capital position is robust. At December 31, 2023, CET1 was 11.4% at a consolidated level. Pro-forma CET1, including accumulated other comprehensive income, was 10.0% at December 31, 2023. The ratio of tangible common equity/tangible assets increased to 7.0% at December 31, 2023.
  • For the quarter ended December 31, 2023, the provision for credit losses was $19.3 million compared to $33.0 million for the immediately preceding quarter. The ratio of the ACL to total loans increased to 0.82% at December 31, 2023, from 0.80% at September 30, 2023.
  • The net charge-off ratio for the year ended December 31, 2023 was 0.09%. NPAs remained low, totaling $130.6 million at December 31, 2023, down from $140.5 million at September 30, 2023. The NPA ratio at December 31, 2023 declined to 0.37%, including 0.12% related to the guaranteed portion of non-performing SBA loans, from 0.40%, including 0.11% related to the guaranteed portion of non-performing SBA loans at September 30, 2023.
  • As expected in the current macro-environment, the average cost of total deposits increased to 2.96% for the quarter ended December 31, 2023 from 2.74% for the immediately preceding quarter. This increase of 0.22% was smaller than the 0.28% increase in the cost of deposits for the quarter ended September 30, 2023, continuing the trend of a declining rate of increase in deposit costs. The yield on average interest earning assets increased to 5.70% for the quarter ended December 31, 2023 from 5.52% for the immediately preceding quarter.
  • Our commercial real estate exposure is modest. Commercial real estate loans totaled 23.6% of loans at December 31, 2023, representing 169% of the Bank’s total risk based capital. At December 31, 2023, the weighted average LTV of the CRE portfolio was 56.0% and the weighted average DSCR was 1.80. 58% of the portfolio was secured by collateral properties located in Florida and 25% was secured by properties in the New York tri-state area.
  • We remain committed to keeping the duration of our securities portfolio short; the duration of the available for sale securities portfolio was 1.96 at December 31, 2023. Held to maturity securities were not significant.
  • The net unrealized pre-tax loss on the securities portfolio improved by $109 million for the quarter ended December 31, 2023, now representing 6% of amortized cost. AOCI improved by $50 million.
  • Book value and tangible book value per common share continued to grow, to $34.66 and $33.62, respectively, at December 31, 2023, compared to $33.92 and $32.88, respectively, at September 30, 2023 and $32.19 and $31.16, respectively, at December 31, 2022.

Loans

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

 

December 31, 2023

 

September 30, 2023

 

December 31, 2022

Residential

$

8,209,027

 

33.3

%

 

$

8,380,568

 

34.4

%

 

$

8,900,714

 

35.7

%

Non-owner occupied commercial real estate

 

5,323,241

 

21.6

%

 

 

5,296,784

 

21.7

%

 

 

5,405,597

 

21.7

%

Construction and land

 

495,992

 

2.0

%

 

 

445,273

 

1.8

%

 

 

294,360

 

1.2

%

Owner occupied commercial real estate

 

1,935,743

 

7.9

%

 

 

1,851,246

 

7.6

%

 

 

1,890,813

 

7.6

%

Commercial and industrial

 

6,971,981

 

28.3

%

 

 

6,658,010

 

27.4

%

 

 

6,417,721

 

25.9

%

Pinnacle – municipal finance

 

884,690

 

3.6

%

 

 

900,199

 

3.7

%

 

 

912,122

 

3.7

%

Franchise finance

 

182,408

 

0.7

%

 

 

196,745

 

0.8

%

 

 

253,774

 

1.0

%

Equipment finance

 

197,939

 

0.8

%

 

 

219,874

 

0.9

%

 

 

286,147

 

1.1

%

Mortgage warehouse lending (“MWL”)

 

432,663

 

1.8

%

 

 

407,577

 

1.7

%

 

 

524,740

 

2.1

%

 

$

24,633,684

 

100.0

%

 

$

24,356,276

 

100.0

%

 

$

24,885,988

 

100.0

%

Consistent with our balance sheet strategy, for the quarter ended December 31, 2023, residential loans declined by $172 million, while C&I grew by $399 million, CRE grew by $77 million and MWL grew by $25 million. Franchise, equipment and municipal finance declined by $52 million in aggregate.

Asset Quality and the Allowance for Credit Losses (“ACL”)

The following table presents the ACL and related ACL coverage ratios at the dates indicated and net charge-off rates for the periods ended December 31, 2023, September 30, 2023 and December 31, 2022 (dollars in thousands):

 

ACL

 

ACL to Total

Loans

 

ACL to Non-

Performing Loans

 

Net Charge-offs to

Average Loans (1)

December 31, 2022

$

147,946

 

0.59

%

 

140.88

%

 

0.22

%

September 30, 2023

$

196,063

 

0.80

%

 

143.22

%

 

0.07

%

December 31, 2023

$

202,689

 

0.82

%

 

159.54

%

 

0.09

%

____________

(1) Annualized for the nine months ended September 30, 2023.

The ACL at December 31, 2023 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 December 31, 2023, the provision for credit losses was $19.3 million, including $16.3 million related to funded loans. Factors impacting the provision for credit losses and increase in the ACL for the quarter ended December 31, 2023 included the shift in balance sheet composition toward commercial loan categories that typically carry higher reserves and risk rating migration.

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

 

Three Months Ended December 31,

 

Years Ended December 31,

 

2023

 

2022

 

2023

 

2022

Beginning balance

$

196,063

 

 

$

130,671

 

 

$

147,946

 

 

$

126,457

 

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

 

N/A

 

 

 

N/A

 

 

 

(1,794

)

 

 

N/A

 

Balance after impact of adoption of new accounting pronouncement (ASU 2022-02)

 

196,063

 

 

 

130,671

 

 

 

146,152

 

 

 

126,457

 

Provision

 

16,257

 

 

 

40,408

 

 

 

78,924

 

 

 

73,814

 

Net charge-offs

 

(9,631

)

 

 

(23,133

)

 

 

(22,387

)

 

 

(52,325

)

Ending balance

$

202,689

 

 

$

147,946

 

 

$

202,689

 

 

$

147,946

 

Non-performing loans totaled $127.0 million or 0.52% of total loans at December 31, 2023, compared to $136.9 million or 0.56% of total loans at September 30, 2023. Non-performing loans included $41.8 million and $37.8 million of the guaranteed portion of SBA loans on non-accrual status, representing 0.17% and 0.16% of total loans at December 31, 2023 and September 30, 2023, respectively.

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

 

December 31, 2023

 

September 30, 2023

 

December 31, 2022

Special mention

$

319,905

 

$

341,999

 

$

51,433

Substandard – accruing

 

711,266

 

 

534,336

 

 

605,965

Substandard – non-accruing

 

86,903

 

 

96,248

 

 

75,125

Doubtful

 

19,035

 

 

19,344

 

 

7,990

Total

$

1,137,109

 

$

991,927

 

$

740,513

The increase in the substandard accruing category for the quarter ended December 31, 2023 included $74 million of C&I and $118 million of CRE. All of these loans are performing. The substantial majority of the increase was attributable to a small number of loans. Increasing operating costs, including insurance and interest costs, and higher vacancy rates for some office properties were contributing factors.

Net Interest Income

Net interest income for the quarter ended December 31, 2023 was $217.2 million, compared to $214.8 million for the immediately preceding quarter ended September 30, 2023 and $243.1 million for the quarter ended December 31, 2022. Interest income increased by $12.7 million for the quarter ended December 31, 2023 compared to the immediately preceding quarter, while interest expense increased by $10.3 million.

The Company’s net interest margin, calculated on a tax-equivalent basis, increased by 0.04% to 2.60% for the quarter ended December 31, 2023, from 2.56% for the immediately preceding quarter ended September 30, 2023. Factors impacting the net interest margin for the quarter ended December 31, 2023 were:

  • The tax-equivalent yield on loans increased to 5.69% for the quarter ended December 31, 2023, from 5.54% for the quarter ended September 30, 2023. This increase reflects the origination of new loans at higher rates, re-positioning of the portfolio and to a lesser extent, the resetting of variable rate loans to higher coupon rates.
  • The tax-equivalent yield on investment securities increased to 5.73% for the quarter ended December 31, 2023, from 5.48% for the quarter ended September 30, 2023. Factors leading to this increase included the reset of coupon rates on variable rate securities and retrospective accounting adjustments related to prepayment speeds on certain securities.
  • The average cost of interest bearing deposits increased to 4.04% for the quarter ended December 31, 2023 from 3.76% for the quarter ended September 30, 2023, a continuing response to the higher interest rate environment.
  • The reduction in the proportion of total funding comprised of more expensive wholesale funding also contributed to the increase in the net interest margin.

Non-interest income and Non-interest expense

Non-interest income totaled $17.1 million for the quarter ended December 31, 2023, compared to $27.7 million for the quarter ended September 30, 2023. The decrease compared to the quarter ended September 30, 2023 was primarily attributable to a $6.5 million loss on sale of lease equipment during the quarter ended December 31, 2023 compared to a $4.2 million gain on sale of lease equipment during the prior quarter.

Non-interest expense totaled $190.9 million for the quarter ended December 31, 2023, compared to $147.1 million for the immediately preceding quarter ended September 30, 2023. The increase over the prior quarter was primarily attributable to a $35.4 million FDIC special assessment recorded during the quarter ended December 31, 2023. The increase in compensation and benefits for the quarter ended December 31, 2023 compared to the immediately preceding quarter primarily resulted from an increase in the Company’s stock price, impacting the value of liability-classified share based compensation awards.

Earnings Conference Call and Presentation

A conference call to discuss quarterly results will be held at 9:00 a.m. ET on Friday, January 26, 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/BI50a5352f746b4dc890465ca3d32e6db9. For those unable to join the live event, an archived webcast will be available in the Investor Relations page at https://ir.bankunited.com approximately two hours following the live webcast.

About BankUnited, Inc.

BankUnited, Inc., with total assets of $35.8 billion at December 31, 2023, 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, 2022 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)

 

 

December 31,
2023

 

September 30,
2023

 

December 31,
2022

ASSETS

 

 

 

 

 

Cash and due from banks:

 

 

 

 

 

Non-interest bearing

$

14,945

 

 

$

12,391

 

 

$

16,068

 

Interest bearing

 

573,338

 

 

 

379,494

 

 

 

556,579

 

Cash and cash equivalents

 

588,283

 

 

 

391,885

 

 

 

572,647

 

Investment securities (including securities reported at fair value of $8,867,354, $8,876,484 and $9,745,327)

 

8,877,354

 

 

 

8,886,484

 

 

 

9,755,327

 

Non-marketable equity securities

 

310,084

 

 

 

312,159

 

 

 

294,172

 

Loans

 

24,633,684

 

 

 

24,356,276

 

 

 

24,885,988

 

Allowance for credit losses

 

(202,689

)

 

 

(196,063

)

 

 

(147,946

)

Loans, net

 

24,430,995

 

 

 

24,160,213

 

 

 

24,738,042

 

Bank owned life insurance

 

318,459

 

 

 

319,808

 

 

 

308,212

 

Operating lease equipment, net

 

371,909

 

 

 

460,146

 

 

 

539,799

 

Goodwill

 

77,637

 

 

 

77,637

 

 

 

77,637

 

Other assets

 

786,886

 

 

 

781,332

 

 

 

740,876

 

Total assets

$

35,761,607

 

 

$

35,389,664

 

 

$

37,026,712

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Liabilities:

 

 

 

 

 

Demand deposits:

 

 

 

 

 

Non-interest bearing

$

6,835,236

 

 

$

7,356,523

 

 

$

8,037,848

 

Interest bearing

 

3,403,539

 

 

 

3,290,391

 

 

 

2,142,067

 

Savings and money market

 

11,135,708

 

 

 

10,276,071

 

 

 

13,061,341

 

Time

 

5,163,995

 

 

 

5,189,681

 

 

 

4,268,078

 

Total deposits

 

26,538,478

 

 

 

26,112,666

 

 

 

27,509,334

 

Federal funds purchased

 

 

 

 

 

 

 

190,000

 

FHLB advances

 

5,115,000

 

 

 

5,165,000

 

 

 

5,420,000

 

Notes and other borrowings

 

708,973

 

 

 

715,197

 

 

 

720,923

 

Other liabilities

 

821,235

 

 

 

872,731

 

 

 

750,474

 

Total liabilities

 

33,183,686

 

 

 

32,865,594

 

 

 

34,590,731

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Common stock, par value $0.01 per share, 400,000,000 shares authorized; 74,372,505, 74,413,059 and 75,674,587 shares issued and outstanding

 

744

 

 

 

744

 

 

 

757

 

Paid-in capital

 

283,642

 

 

 

279,672

 

 

 

321,729

 

Retained earnings

 

2,650,956

 

 

 

2,650,850

 

 

 

2,551,400

 

Accumulated other comprehensive loss

 

(357,421

)

 

 

(407,196

)

 

 

(437,905

)

Total stockholders’ equity

 

2,577,921

 

 

 

2,524,070

 

 

 

2,435,981

 

Total liabilities and stockholders’ equity

$

35,761,607

 

 

$

35,389,664

 

 

$

37,026,712

 

BANKUNITED, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED

(In thousands, except per share data)

 

 

Three Months Ended

 

Years Ended

 

December 31,

 

September 30,

 

December 31,

 

December 31,

 

December 31,

 

2023

 

2023

 

2022

 

2023

 

2022

Interest income:

 

 

 

 

 

 

 

 

 

Loans

$

346,255

 

$

337,014

 

$

288,973

 

$

1,318,217

 

 

$

934,642

 

Investment securities

 

125,993

 

 

122,857

 

 

105,172

 

 

488,212

 

 

 

280,100

 

Other

 

10,957

 

 

10,668

 

 

7,345

 

 

51,152

 

 

 

15,709

 

Total interest income

 

483,205

 

 

470,539

 

 

401,490

 

 

1,857,581

 

 

 

1,230,451

 

Interest expense:

 

 

 

 

 

 

 

 

 

Deposits

 

192,833

 

 

176,974

 

 

94,403

 

 

660,305

 

 

 

179,972

 

Borrowings

 

73,162

 

 

78,723

 

 

64,021

 

 

323,472

 

 

 

137,519

 

Total interest expense

 

265,995

 

 

255,697

 

 

158,424

 

 

983,777

 

 

 

317,491

 

Net interest income before provision for credit losses

 

217,210

 

 

214,842

 

 

243,066

 

 

873,804

 

 

 

912,960

 

Provision for credit losses

 

19,253

 

 

33,049

 

 

39,608

 

 

87,607

 

 

 

75,154

 

Net interest income after provision for credit losses

 

197,957

 

 

181,793

 

 

203,458

 

 

786,197

 

 

 

837,806

 

Non-interest income:

 

 

 

 

 

 

 

 

 

Deposit service charges and fees

 

5,386

 

 

5,402

 

 

5,482

 

 

21,682

 

 

 

23,402

 

Gain (loss) on investment securities, net

 

617

 

 

887

 

 

320

 

 

(10,052

)

 

 

(15,805

)

Lease financing

 

3,723

 

 

16,531

 

 

14,153

 

 

45,882

 

 

 

54,111

 

Other non-interest income

 

7,366

 

 

4,904

 

 

6,858

 

 

29,326

 

 

 

15,928

 

Total non-interest income

 

17,092

 

 

27,724

 

 

26,813

 

 

86,838

 

 

 

77,636

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

73,454

 

 

68,825

 

 

69,902

 

 

280,744

 

 

 

265,548

 

Occupancy and equipment

 

10,610

 

 

10,890

 

 

10,770

 

 

43,345

 

 

 

45,400

 

Deposit insurance expense

 

43,453

 

 

7,790

 

 

6,205

 

 

66,747

 

 

 

17,999

 

Professional fees

 

5,052

 

 

2,696

 

 

3,028

 

 

14,184

 

 

 

11,730

 

Technology

 

18,628

 

 

19,193

 

 

22,388

 

 

79,984

 

 

 

77,103

 

Depreciation of operating lease equipment

 

10,476

 

 

11,217

 

 

12,547

 

 

44,446

 

 

 

50,388

 

Other non-interest expense

 

29,190

 

 

26,479

 

 

23,639

 

 

106,501

 

 

 

72,142

 

Total non-interest expense

 

190,863

 

 

147,090

 

 

148,479

 

 

635,951

 

 

 

540,310

 

Income before income taxes

 

24,186

 

 

62,427

 

 

81,792

 

 

237,084

 

 

 

375,132

 

Provision for income taxes

 

3,374

 

 

15,446

 

 

17,585

 

 

58,413

 

 

 

90,161

 

Net income

$

20,812

 

$

46,981

 

$

64,207

 

$

178,671

 

 

$

284,971

 

Earnings per common share, basic

$

0.27

 

$

0.63

 

$

0.83

 

$

2.39

 

 

$

3.55

 

Earnings per common share, diluted

$

0.27

 

$

0.63

 

$

0.82

 

$

2.38

 

 

$

3.54

 

BANKUNITED, INC. AND SUBSIDIARIES

AVERAGE BALANCES AND YIELDS

(Dollars in thousands)

 

 

Three Months Ended December 31,

 

Three Months Ended September 30,

 

Three Months Ended December 31,

 

2023

 

2023

 

2022

 

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

$

24,416,013

 

 

$

349,603

 

5.69

%

 

$

24,417,433

 

 

$

340,357

 

5.54

%

 

$

24,624,062

 

 

$

292,272

 

4.72

%

Investment securities (3)

 

8,850,397

 

 

 

126,870

 

5.73

%

 

 

9,034,116

 

 

 

123,794

 

5.48

%

 

 

9,788,969

 

 

 

106,034

 

4.33

%

Other interest earning assets

 

801,833

 

 

 

10,957

 

5.42

%

 

 

785,146

 

 

 

10,668

 

5.39

%

 

 

710,315

 

 

 

7,345

 

4.10

%

Total interest earning assets

 

34,068,243

 

 

 

487,430

 

5.70

%

 

 

34,236,695

 

 

 

474,819

 

5.52

%

 

 

35,123,346

 

 

 

405,651

 

4.60

%

Allowance for credit losses

 

(198,984

)

 

 

 

 

 

 

(173,407

)

 

 

 

 

 

 

(137,300

)

 

 

 

 

Non-interest earning assets

 

1,715,795

 

 

 

 

 

 

 

1,747,310

 

 

 

 

 

 

 

1,837,156

 

 

 

 

 

Total assets

$

35,585,054

 

 

 

 

 

 

$

35,810,598

 

 

 

 

 

 

$

36,823,202

 

 

 

 

 

Liabilities and Stockholders’ Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest bearing demand deposits

$

3,433,216

 

 

$

31,978

 

3.70

%

 

$

3,038,870

 

 

$

25,491

 

3.33

%

 

$

2,183,854

 

 

$

6,704

 

1.22

%

Savings and money market deposits

 

10,287,945

 

 

 

104,188

 

4.02

%

 

 

10,205,765

 

 

 

97,956

 

3.81

%

 

 

12,054,892

 

 

 

68,001

 

2.24

%

Time deposits

 

5,225,756

 

 

 

56,667

 

4.30

%

 

 

5,420,522

 

 

 

53,527

 

3.92

%

 

 

3,960,111

 

 

 

19,698

 

1.97

%

Total interest bearing deposits

 

18,946,917

 

 

 

192,833

 

4.04

%

 

 

18,665,157

 

 

 

176,974

 

3.76

%

 

 

18,198,857

 

 

 

94,403

 

2.06

%

Federal funds purchased

 

 

 

 

 

%

 

 

 

 

 

 

%

 

 

175,637

 

 

 

1,677

 

3.74

%

FHLB advances

 

5,545,978

 

 

 

64,034

 

4.58

%

 

 

6,040,870

 

 

 

69,525

 

4.57

%

 

 

6,125,435

 

 

 

53,084

 

3.44

%

Notes and other borrowings

 

711,073

 

 

 

9,128

 

5.13

%

 

 

715,307

 

 

 

9,198

 

5.14

%

 

 

721,044

 

 

 

9,260

 

5.14

%

Total interest bearing liabilities

 

25,203,968

 

 

 

265,995

 

4.19

%

 

 

25,421,334

 

 

 

255,697

 

3.99

%

 

 

25,220,973

 

 

 

158,424

 

2.49

%

Non-interest bearing demand deposits

 

6,909,027

 

 

 

 

 

 

 

6,937,537

 

 

 

 

 

 

 

8,237,885

 

 

 

 

 

Other non-interest bearing liabilities

 

903,099

 

 

 

 

 

 

 

868,178

 

 

 

 

 

 

 

879,207

 

 

 

 

 

Total liabilities

 

33,016,094

 

 

 

 

 

 

 

33,227,049

 

 

 

 

 

 

 

34,338,065

 

 

 

 

 

Stockholders’ equity

 

2,568,960

 

 

 

 

 

 

 

2,583,549

 

 

 

 

 

 

 

2,485,137

 

 

 

 

 

Total liabilities and stockholders’ equity

$

35,585,054

 

 

 

 

 

 

$

35,810,598

 

 

 

 

 

 

$

36,823,202

 

 

 

 

 

Net interest income

 

 

$

221,435

 

 

 

 

 

$

219,122

 

 

 

 

 

$

247,227

 

 

Interest rate spread

 

 

 

 

1.51

%

 

 

 

 

 

1.53

%

 

 

 

 

 

2.11

%

Net interest margin

 

 

 

 

2.60

%

 

 

 

 

 

2.56

%

 

 

 

 

 

2.81

%

Contacts

BankUnited, Inc.

Investor Relations:

Leslie N. Lunak, 786-313-1698

[email protected]

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