8-K
BankUnited, Inc. (BKU)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 23, 2025 (July 22, 2025)
BankUnited, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-35039 | 27-0162450 | |||||
|---|---|---|---|---|---|---|---|
| (State of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | 14817 Oak Lane, | Miami Lakes, | FL | 33016 | |
| --- | --- | --- | --- | ||||
| (Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code): (305) 569-2000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Class | Trading Symbol | Name of Exchange on Which Registered |
|---|---|---|
| Common Stock, $0.01 Par Value | BKU | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Item 2.02 Results of Operations and Financial Condition.
On July 23, 2025, BankUnited, Inc. (the “Company”) reported its results for the quarter ended June 30, 2025. A copy of the Company’s press release containing this information and slides containing supplemental information related to this release are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
Item 8.01 Other Events.
On July 22, 2025, the Company's Board of Directors authorized the repurchase of up to $100 million in shares of its outstanding common stock. Any repurchases under the program will be made in accordance with applicable securities laws from time to time in open market or private transactions. The extent to which the Company repurchases shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, the Company’s capital position and amount of retained earnings, regulatory requirements and other considerations. No time limit was set for the completion of the share repurchase program, and the program may be suspended or discontinued without prior notice at any time.
On July 22, 2025, the Company provided notice under that certain Indenture, dated as of November 17, 2015 (as supplemented by the First Supplemental Indenture dated November 17, 2015, the “Indenture”) by and between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) as trustee (the “Trustee”) that the Company has elected to redeem on August 22, 2025 (the “Redemption Date”) all $400,000,000 aggregate principal amount of the Company’s outstanding 4.875% Senior Notes due 2025 (the “Notes”) at a redemption price equal to 100% of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to but excluding the Redemption Date.
The information contained in this Current Report on Form 8-K does not constitute a notice of redemption of the Notes. Holders of the Notes should refer to the notice of redemption delivered by the Trustee to the registered holders of the Notes.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit<br>Number | Description | |
|---|---|---|
| 99.1 | Press release dated | July 23, 2025 |
| 99.2 | Supplemental information relating to the press release dated | July 23, 2025 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: | July 23, 2025 | BANKUNITED, INC. | |
|---|---|---|---|
| /s/ Leslie N. Lunak | |||
| Name: | Leslie N. Lunak | ||
| Title: | Chief Financial Officer |
EXHIBIT INDEX
| Exhibit<br>Number | Description | |
|---|---|---|
| 99.1 | Press release dated | July 23, 2025 |
| 99.2 | Supplemental information relating to the press release dated | July 23, 2025 |
4
Document
Exhibit 99.1
BANKUNITED, INC. REPORTS SECOND QUARTER 2025 RESULTS
Miami Lakes, Fla. — July 23, 2025 — BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter ended June 30, 2025.
"This was an outstanding quarter - we continued to deliver on key priorities with strong NIDDA growth and continued margin expansion" said Rajinder Singh, Chairman, President and Chief Executive Officer.
For the quarter ended June 30, 2025, the Company reported net income of $68.8 million, or $0.91 per diluted share, an 18% increase over $58.5 million, or $0.78 per diluted share for the immediately preceding quarter ended March 31, 2025. For the quarter ended June 30, 2024, net income was $53.7 million, or $0.72 per diluted share. For the six months ended June 30, 2025, net income was $127.2 million, or $1.68 per diluted share compared to $101.7 million, or $1.36 per diluted share for the six months ended June 30, 2024, an increase of 25%.
Quarterly Highlights
•As expected, the net interest margin, calculated on a tax-equivalent basis, expanded by 0.12%, to 2.93% for the quarter ended June 30, 2025 from 2.81% for the immediately preceding quarter. Net interest income grew by $13.0 million, or 5.6% compared to the prior quarter.
•The Company's funding profile continued to improve this quarter. Non-interest bearing demand deposits ("NIDDA") grew by $1.0 billion, or 13%, to 32% of total deposits, up from 29% at March 31, 2025. NIDDA was also up $1.0 billion compared to June 30, 2024, one year ago. Average NIDDA grew $581 million for the quarter ended June 30, 2025.
•Non-brokered deposits grew by $1.2 billion, or 5.1%, for the quarter ended June 30, 2025 while total deposits grew by $588 million.
•The average cost of total deposits declined by 0.11% to 2.47% for the quarter ended June 30, 2025 from 2.58% for the immediately preceding quarter ended March 31, 2025. The spot APY of total deposits declined by 0.15% to 2.37% at June 30, 2025 from 2.52% at March 31, 2025. The spot APY of total deposits was 3.09% at June 30, 2024, one year ago.
•Wholesale funding, including FHLB advances and brokered deposits, declined by $749 million for the quarter ended June 30, 2025.
•For the quarter ended June 30, 2025, CRE loans grew by $267 million, largely in line with our expectations. C&I loans declined by $199 million; a continued high level of unscheduled payoffs and some strategic exits impacted C&I growth. Consistent with our balance sheet strategy, the residential, franchise, equipment and municipal finance portfolios declined by a combined $171 million. Total loans declined by $56 million for the quarter ended June 30, 2025.
•The loan to deposit ratio declined to 83.6% at June 30, 2025, from 85.5% at March 31, 2025.
•With respect to credit, total criticized and classified loans declined by $156 million for the quarter ended June 30, 2025. We experienced net migration of $117 million of loans to non-accrual for the quarter, the majority of which, not unexpectedly, was attributable to office exposure. The NPA ratio at June 30, 2025 was 1.08%, including 0.10% related to the guaranteed portion of non-accrual SBA loans, compared to 0.76%, including 0.09% related to the guaranteed portion of non-accrual SBA loans, at March 31, 2025. The annualized net charge-off ratio for the six months ended June 30, 2025 was 0.27%; the net charge-off ratio for the trailing twelve months was 0.23%.
•The ratio of the ACL to total loans was 0.93% at June 30, 2025, compared to 0.92% at the prior quarter-end. The ratio of the ACL to non-performing loans was 59.18%. The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, franchise finance and equipment finance was 1.36% at June 30, 2025 and the ACL to loans ratio for CRE office loans was 1.92%. The provision for credit losses was $15.7 million for the quarter ended June 30, 2025 compared to $15.1 million for the preceding quarter.
•At June 30, 2025, the weighted average LTV of the CRE portfolio was 54.2%, the weighted average DSCR was 1.76, 51% of the portfolio was collateralized by properties located in Florida and 24% was collateralized by properties located in the New York tri-state area. For the office sub-segment, the weighted average LTV was 63.3%, the weighted average DSCR was 1.52, 59% was collateralized by properties in Florida, substantially all of which was suburban, and 22% was collateralized by properties located in the New York tri-state area.
•Our capital position is robust. At June 30, 2025, CET1 was 12.2% at a consolidated level. Pro-forma CET1 including accumulated other comprehensive income was 11.3% at June 30, 2025. The ratio of tangible common equity to tangible assets increased to 8.1% at June 30, 2025.
•Book value and tangible book value per common share continued to accrete, to $39.26 and $38.23, respectively, at June 30, 2025 compared to $38.51 and $37.48, respectively, at March 31, 2025 and $36.11 and $35.07, respectively, at June 30, 2024. This represents a 9% year-over-year increase in tangible book value per share.
•As previously announced, we are excited about the launch of new wholesale banking offices in Morristown, NJ and Charlotte, NC.
•On July 22, 2025, the Company's Board of Directors authorized the repurchase of up to $100 million in shares of its outstanding common stock. Any repurchases will be made in accordance with applicable securities laws from time to time in open market or private transactions. The extent to which the Company repurchases shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, the Company’s capital position and amount of retained earnings, regulatory requirements and other considerations. No time limit was set for the completion of the share repurchase program, and the program may be suspended or discontinued at any time.
•On July 22, 2025, the Company's Board of Directors authorized the redemption of all of its outstanding 4.875% senior notes due November 2025.
Loans
Loan portfolio composition at the dates indicated follows (dollars in thousands):
| June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Core C&I and CRE segments: | |||||||||||||
| Non-owner occupied commercial real estate | $ | 5,829,835 | 24.4 | % | $ | 5,602,711 | 23.4 | % | $ | 5,652,203 | 23.3 | % | |
| Construction and land | 643,630 | 2.7 | % | 603,385 | 2.5 | % | 561,989 | 2.3 | % | ||||
| Owner occupied commercial real estate | 1,942,076 | 8.1 | % | 1,967,984 | 8.2 | % | 1,941,004 | 8.0 | % | ||||
| Commercial and industrial | 6,743,739 | 28.2 | % | 6,916,996 | 28.8 | % | 7,042,222 | 28.9 | % | ||||
| 15,159,280 | 63.4 | % | 15,091,076 | 62.9 | % | 15,197,418 | 62.5 | % | |||||
| Franchise and equipment finance | 149,022 | 0.6 | % | 165,095 | 0.7 | % | 213,477 | 0.9 | % | ||||
| Pinnacle - municipal finance | 694,639 | 2.9 | % | 688,986 | 2.9 | % | 720,661 | 3.0 | % | ||||
| Mortgage warehouse lending ("MWL") | 626,589 | 2.6 | % | 580,248 | 2.4 | % | 585,610 | 2.4 | % | ||||
| Residential | 7,303,997 | 30.5 | % | 7,464,494 | 31.1 | % | 7,580,814 | 31.2 | % | ||||
| $ | 23,933,527 | 100.0 | % | $ | 23,989,899 | 100.0 | % | $ | 24,297,980 | 100.0 | % |
For the quarter ended June 30, 2025, the core C&I and CRE portfolio segments grew by a net $68 million. The CRE portfolio grew by $267 million while the C&I portfolio declined by $199 million. A continued high level of unscheduled payoffs and strategic exits contributed to this decline. MWL grew by $46 million. Consistent with our balance sheet strategy, residential loans declined by $160 million.
Our commercial real estate exposure totaled 27% of loans and 185% of the Bank's total risk based capital at June 30, 2025. By comparison, based on call report data as of March 31, 2025 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 217%.
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 June 30, 2025, March 31, 2025 and December 31, 2024 (dollars in thousands):
| ACL | ACL to Total Loans | Commercial ACL to Commercial Loans(2) | ACL to Non-Performing Loans | Net Charge-offs to Average Loans (1) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2024 | $ | 223,153 | 0.92 | % | 1.37 | % | 89.01 | % | 0.16 | % |
| March 31, 2025 | $ | 219,747 | 0.92 | % | 1.34 | % | 84.58 | % | 0.33 | % |
| June 30, 2025 | $ | 222,730 | 0.93 | % | 1.36 | % | 59.18 | % | 0.27 | % |
(1) Annualized for the three months ended March 31, 2025 and the six months ended June 30, 2025; ratio for December 31, 2024 represents annual net charge-off rate.
(2) For purposes of this ratio, commercial loans includes the core C&I and CRE sub-segments as presented in the table above as well as franchise and equipment finance. Due to their unique risk profiles, MWL and municipal finance are excluded from this ratio.
The ACL at June 30, 2025 represents management's estimate of lifetime expected credit losses, or the amount of amortized cost not expected to be collected, given an assessment of historical data, current conditions, and a reasonable and supportable economic forecast as of the balance sheet date. For the quarter ended June 30, 2025, the provision for credit losses, including portions related to both funded and unfunded loan commitments, was $15.7 million, compared to $15.1 million for the immediately preceding quarter ended March 31, 2025 and $19.5 million for the quarter ended June 30, 2024. Factors impacting the provision for credit losses and increase in the ACL for the quarter included increases in specific reserves and deterioration in the economic forecast, substantially offset by the impact of upgrades and payoffs of criticized and classified commercial loans, some reduction in certain qualitative factors and net charge-offs. The quarter-over-quarter decline in the ratio of the ACL to non-performing loans is related to non-performing loans that have no or relatively low related ACL due to the adequacy of estimated collateral value to cover the remaining outstanding balance, which is in some cases net of partial charge-offs recognized.
The following table summarizes the activity in the ACL for the periods indicated (in thousands):
| Three Months Ended | Six Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||
| Beginning balance | $ | 219,747 | $ | 223,153 | $ | 217,556 | $ | 223,153 | $ | 202,689 |
| Provision | 15,694 | 15,963 | 21,823 | 31,657 | 37,628 | |||||
| Net charge-offs | (12,711) | (19,369) | (13,681) | (32,080) | (14,619) | |||||
| Ending balance | $ | 222,730 | $ | 219,747 | $ | 225,698 | $ | 222,730 | $ | 225,698 |
As detailed in the following table, criticized and classified commercial loans declined during the quarter ended June 30, 2025 (in thousands):
| June 30, 2025 | March 31, 2025 | December 31, 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CRE | Total Commercial | CRE | Total Commercial | CRE | Total Commercial | |||||||
| Special mention | $ | 88,959 | $ | 130,879 | $ | 70,579 | $ | 193,206 | $ | 58,771 | $ | 262,387 |
| Substandard - accruing | 520,955 | 745,811 | 649,867 | 962,342 | 633,614 | 894,754 | ||||||
| Substandard - non-accruing | 152,634 | 317,958 | 92,648 | 227,567 | 95,378 | 219,758 | ||||||
| Doubtful | — | 34,639 | — | 2,026 | — | 6,856 | ||||||
| Total | $ | 762,548 | $ | 1,229,287 | $ | 813,094 | $ | 1,385,141 | $ | 787,763 | $ | 1,383,755 |
Total criticized and classified loans declined by $156 million for the quarter ended June 30, 2025, although total non-accrual loans increased by $117 million. Of the net increase, $86 million was office related exposure. At June 30, 2025, 75% of non-accrual loans were current.
Net Interest Income
Net interest income for the quarter ended June 30, 2025 was $246.1 million, compared to $233.1 million for the immediately preceding quarter ended March 31, 2025, a 5.6% increase. Net interest income increased by 8.9% compared to $226.0 million for the quarter ended June 30, 2024. Interest income increased by $10.1 million for the quarter ended June 30, 2025 while interest expense decreased by $2.9 million. The quarter-over-quarter increase in interest income was primarily related to higher yields on loans. The decline in interest expense related to both a lower average cost of funds and lower average balance of interest bearing liabilities.
The Company’s net interest margin, calculated on a tax-equivalent basis, increased by 0.12% to 2.93% for the quarter ended June 30, 2025, from 2.81% for the immediately preceding quarter ended March 31, 2025. Factors impacting the net interest margin for the quarter ended June 30, 2025 were:
•The net interest margin was positively impacted by the increase in average NIDDA as a percentage of both total deposits and total funding. Average NIDDA grew by $581 million for the quarter ended June 30, 2025, while average interest bearing deposits declined by $290 million.
•The average rate paid on interest bearing deposits declined to 3.48% for the quarter ended June 30, 2025, from 3.54% for the quarter ended March 31, 2025. This decline reflected the maturity of higher-rate term deposits, a reduction in higher priced brokered deposits and continued pricing discipline.
•The tax-equivalent yield on loans increased to 5.55% for the quarter ended June 30, 2025, from 5.48% for the quarter ended March 31, 2025. This increase reflects the origination of new loans at higher rates, paydowns and maturities of lower rate loans and balance sheet repositioning.
•The average rate paid on FHLB advances increased to 3.79% for the quarter ended June 30, 2025 from 3.69% for the quarter ended March 31, 2025, primarily due to the expiration of cash flow hedges, partially offset by maturities of higher rate advances.
Earnings Conference Call and Presentation
A conference call to discuss quarterly results will be held at 9:00 a.m. ET on Wednesday, July 23, 2025 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-conf.media-server.com/register/BI81e8f26b6a09415db30bca2bdb4ac949. 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 $35.5 billion at June 30, 2025, is the bank holding company of BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida, with operations in Florida, New York, Dallas, Atlanta, Morristown, New Jersey, and Charlotte, North Carolina. BankUnited provides a full range of consumer and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions, and offers certain commercial lending and deposit products through national platforms. For additional information, call (877) 779-2265 or visit www.BankUnited.com. BankUnited can be found on Facebook at facebook.com/BankUnited.official, LinkedIn @BankUnited and on X @BankUnited.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company’s current views with respect to, among other things, future events and financial performance. The Company generally identifies forward-looking statements by terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” "forecasts" or the negative version of those words or other comparable words. Any forward-looking statements contained in this press release are based on the historical performance of the Company and its subsidiaries or on the Company’s current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by the Company that the future plans, estimates or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions, including (without limitation) those relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity, including as impacted by external circumstances outside the Company's direct control, such as but not limited to adverse events or conditions impacting the financial services industry. If one or more of these or other risks or uncertainties materialize, or if the Company’s underlying assumptions prove to be incorrect, the Company’s actual results may vary materially from those indicated in these statements. These factors should not be construed as exhaustive. The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. Information on these factors can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are available at the SEC’s website (www.sec.gov).
Contact
BankUnited, Inc.
Investor Relations:
Leslie N. Lunak, 786-313-1698
Source: BankUnited, Inc.
BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share and per share data)
| June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | ||||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash and due from banks: | ||||||
| Non-interest bearing | $ | 15,595 | $ | 12,727 | $ | 12,078 |
| Interest bearing | 785,699 | 431,018 | 479,038 | |||
| Cash and cash equivalents | 801,294 | 443,745 | 491,116 | |||
| Investment securities | 9,401,071 | 9,099,809 | 9,130,244 | |||
| Non-marketable equity securities | 174,234 | 181,359 | 206,297 | |||
| Loans | 23,933,527 | 23,989,899 | 24,297,980 | |||
| Allowance for credit losses | (222,730) | (219,747) | (223,153) | |||
| Loans, net | 23,710,797 | 23,770,152 | 24,074,827 | |||
| Bank owned life insurance | 294,855 | 293,886 | 284,570 | |||
| Operating lease equipment, net | 214,455 | 218,621 | 223,844 | |||
| Goodwill | 77,637 | 77,637 | 77,637 | |||
| Other assets | 785,364 | 746,788 | 753,207 | |||
| Total assets | $ | 35,459,707 | $ | 34,831,997 | $ | 35,241,742 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
| Liabilities: | ||||||
| Demand deposits: | ||||||
| Non-interest bearing | $ | 9,112,888 | $ | 8,069,275 | $ | 7,616,182 |
| Interest bearing | 5,583,663 | 4,776,223 | 4,892,814 | |||
| Savings and money market | 10,171,156 | 10,788,919 | 11,055,418 | |||
| Time | 3,778,234 | 4,423,408 | 4,301,289 | |||
| Total deposits | 28,645,941 | 28,057,825 | 27,865,703 | |||
| FHLB advances | 2,255,000 | 2,405,000 | 2,930,000 | |||
| Notes and other borrowings | 708,937 | 709,091 | 708,553 | |||
| Other liabilities | 896,812 | 762,499 | 923,168 | |||
| Total liabilities | 32,506,690 | 31,934,415 | 32,427,424 | |||
| Commitments and contingencies | ||||||
| Stockholders' equity: | ||||||
| Common stock, par value $0.01 per share, 400,000,000 shares authorized; 75,218,911, 75,242,048 and 74,748,370 shares issued and outstanding | 752 | 752 | 747 | |||
| Paid-in capital | 306,271 | 301,321 | 301,672 | |||
| Retained earnings | 2,877,237 | 2,831,743 | 2,796,440 | |||
| Accumulated other comprehensive loss | (231,243) | (236,234) | (284,541) | |||
| Total stockholders' equity | 2,953,017 | 2,897,582 | 2,814,318 | |||
| Total liabilities and stockholders' equity | $ | 35,459,707 | $ | 34,831,997 | $ | 35,241,742 |
BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
| Three Months Ended | Six Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||
| Interest income: | ||||||||||
| Loans | $ | 328,090 | $ | 321,384 | $ | 350,604 | $ | 649,474 | $ | 697,861 |
| Investment securities | 117,346 | 113,869 | 123,708 | 231,215 | 247,887 | |||||
| Other | 8,343 | 8,436 | 8,986 | 16,779 | 19,024 | |||||
| Total interest income | 453,779 | 443,689 | 483,298 | 897,468 | 964,772 | |||||
| Interest expense: | ||||||||||
| Deposits | 170,695 | 174,210 | 208,091 | 344,905 | 418,089 | |||||
| Borrowings | 36,965 | 36,340 | 49,185 | 73,305 | 105,804 | |||||
| Total interest expense | 207,660 | 210,550 | 257,276 | 418,210 | 523,893 | |||||
| Net interest income before provision for credit losses | 246,119 | 233,139 | 226,022 | 479,258 | 440,879 | |||||
| Provision for credit losses | 15,698 | 15,111 | 19,538 | 30,809 | 34,823 | |||||
| Net interest income after provision for credit losses | 230,421 | 218,028 | 206,484 | 448,449 | 406,056 | |||||
| Non-interest income: | ||||||||||
| Deposit service charges and fees | 5,323 | 5,235 | 4,909 | 10,558 | 10,222 | |||||
| Lease financing | 4,612 | 4,313 | 5,640 | 8,925 | 17,080 | |||||
| Other non-interest income | 17,875 | 12,722 | 13,636 | 30,597 | 23,760 | |||||
| Total non-interest income | 27,810 | 22,270 | 24,185 | 50,080 | 51,062 | |||||
| Non-interest expense: | ||||||||||
| Employee compensation and benefits | 83,153 | 82,746 | 75,588 | 165,899 | 151,508 | |||||
| Occupancy and equipment | 10,945 | 11,343 | 10,973 | 22,288 | 21,542 | |||||
| Deposit insurance expense | 6,976 | 7,227 | 8,530 | 14,203 | 22,060 | |||||
| Technology | 23,492 | 22,780 | 20,567 | 46,272 | 40,882 | |||||
| Depreciation of operating lease equipment | 3,869 | 4,009 | 7,896 | 7,878 | 17,109 | |||||
| Other non-interest expense | 35,892 | 32,121 | 34,152 | 68,013 | 63,845 | |||||
| Total non-interest expense | 164,327 | 160,226 | 157,706 | 324,553 | 316,946 | |||||
| Income before income taxes | 93,904 | 80,072 | 72,963 | 173,976 | 140,172 | |||||
| Provision for income taxes | 25,138 | 21,596 | 19,230 | 46,734 | 38,459 | |||||
| Net income | $ | 68,766 | $ | 58,476 | $ | 53,733 | $ | 127,242 | $ | 101,713 |
| Earnings per common share, basic | $ | 0.91 | $ | 0.78 | $ | 0.72 | $ | 1.70 | $ | 1.36 |
| Earnings per common share, diluted | $ | 0.91 | $ | 0.78 | $ | 0.72 | $ | 1.68 | $ | 1.36 |
BANKUNITED, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(Dollars in thousands)
| Three Months Ended June 30, | Three Months Ended March 31, | Three Months Ended June 30, | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | ||||||||||||||||
| Average<br>Balance | Interest (1) | Yield/<br><br>Rate (1)(2) | Average<br>Balance | Interest (1) | Yield/<br><br>Rate (1)(2) | Average<br>Balance | Interest (1) | Yield/<br><br>Rate (1)(2) | ||||||||||
| Assets: | ||||||||||||||||||
| Interest earning assets: | ||||||||||||||||||
| Loans | $ | 23,901,218 | $ | 330,805 | 5.55 | % | $ | 23,933,938 | $ | 324,113 | 5.48 | % | $ | 24,290,169 | $ | 353,707 | 5.85 | % |
| Investment securities (3) | 9,352,504 | 118,046 | 5.06 | % | 9,104,228 | 114,590 | 5.07 | % | 8,894,517 | 124,572 | 5.60 | % | ||||||
| Other interest earning assets | 807,721 | 8,343 | 4.14 | % | 788,547 | 8,436 | 4.33 | % | 711,586 | 8,986 | 5.08 | % | ||||||
| Total interest earning assets | 34,061,443 | 457,194 | 5.38 | % | 33,826,713 | 447,139 | 5.34 | % | 33,896,272 | 487,265 | 5.77 | % | ||||||
| Allowance for credit losses | (227,191) | (228,158) | (225,161) | |||||||||||||||
| Non-interest earning assets | 1,370,990 | 1,376,904 | 1,571,649 | |||||||||||||||
| Total assets | $ | 35,205,242 | $ | 34,975,459 | $ | 35,242,760 | ||||||||||||
| Liabilities and Stockholders' Equity: | ||||||||||||||||||
| Interest bearing liabilities: | ||||||||||||||||||
| Interest bearing demand deposits | $ | 5,407,538 | $ | 45,689 | 3.39 | % | $ | 4,811,826 | $ | 39,893 | 3.36 | % | $ | 3,742,071 | $ | 35,249 | 3.79 | % |
| Savings and money market deposits | 10,355,700 | 88,023 | 3.41 | % | 10,833,734 | 91,779 | 3.44 | % | 11,176,000 | 118,945 | 4.28 | % | ||||||
| Time deposits | 3,919,526 | 36,983 | 3.79 | % | 4,326,750 | 42,538 | 3.99 | % | 4,750,640 | 53,897 | 4.56 | % | ||||||
| Total interest bearing deposits | 19,682,764 | 170,695 | 3.48 | % | 19,972,310 | 174,210 | 3.54 | % | 19,668,711 | 208,091 | 4.26 | % | ||||||
| FHLB advances | 2,941,264 | 27,828 | 3.79 | % | 2,991,389 | 27,206 | 3.69 | % | 3,764,286 | 40,032 | 4.28 | % | ||||||
| Notes and other borrowings | 709,081 | 9,137 | 5.16 | % | 709,037 | 9,134 | 5.15 | % | 711,167 | 9,153 | 5.15 | % | ||||||
| Total interest bearing liabilities | 23,333,109 | 207,660 | 3.57 | % | 23,672,736 | 210,550 | 3.61 | % | 24,144,164 | 257,276 | 4.28 | % | ||||||
| Non-interest bearing demand deposits | 7,993,915 | 7,413,117 | 7,448,633 | |||||||||||||||
| Other non-interest bearing liabilities | 931,879 | 1,004,917 | 960,691 | |||||||||||||||
| Total liabilities | 32,258,903 | 32,090,770 | 32,553,488 | |||||||||||||||
| Stockholders' equity | 2,946,339 | 2,884,689 | 2,689,272 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 35,205,242 | $ | 34,975,459 | $ | 35,242,760 | ||||||||||||
| Net interest income | $ | 249,534 | $ | 236,589 | $ | 229,989 | ||||||||||||
| Interest rate spread | 1.81 | % | 1.73 | % | 1.49 | % | ||||||||||||
| Net interest margin | 2.93 | % | 2.81 | % | 2.72 | % |
(1) On a tax-equivalent basis where applicable
(2) Annualized
(3) At fair value
BANKUNITED, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(Dollars in thousands)
| Six Months Ended June 30, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||||||||
| Average<br>Balance | Interest (1) | Yield/<br><br>Rate (1)(2) | Average<br>Balance | Interest (1) | Yield/<br><br>Rate (1)(2) | ||||||||
| Assets: | |||||||||||||
| Interest earning assets: | |||||||||||||
| Loans | $ | 23,917,488 | $ | 654,918 | 5.51 | % | $ | 24,313,806 | $ | 704,149 | 5.82 | % | |
| Investment securities (3) | 9,229,050 | 232,636 | 5.06 | % | 8,923,485 | 249,596 | 5.59 | % | |||||
| Other interest earning assets | 801,797 | 16,779 | 4.22 | % | 737,523 | 19,024 | 5.19 | % | |||||
| Total interest earning assets | 33,948,335 | 904,333 | 5.36 | % | 33,974,814 | 972,769 | 5.74 | % | |||||
| Allowance for credit losses | (227,672) | (215,954) | |||||||||||
| Non-interest earning assets | 1,370,321 | 1,580,491 | |||||||||||
| Total assets | $ | 35,090,984 | $ | 35,339,351 | |||||||||
| Liabilities and Stockholders' Equity: | |||||||||||||
| Interest bearing liabilities: | |||||||||||||
| Interest bearing demand deposits | $ | 5,111,328 | $ | 85,582 | 3.37 | % | $ | 3,663,217 | $ | 68,756 | 3.77 | % | |
| Savings and money market deposits | 10,593,396 | 179,802 | 3.42 | % | 11,205,130 | 237,584 | 4.26 | % | |||||
| Time deposits | 4,122,014 | 79,521 | 3.89 | % | 4,990,909 | 111,749 | 4.50 | % | |||||
| Total interest bearing deposits | 19,826,738 | 344,905 | 3.50 | % | 19,859,256 | 418,089 | 4.23 | % | |||||
| FHLB advances | 2,966,188 | 55,034 | 3.74 | % | 4,167,253 | 87,528 | 4.22 | % | |||||
| Notes and other borrowings | 709,059 | 18,271 | 5.16 | % | 710,092 | 18,276 | 5.15 | % | |||||
| Total interest bearing liabilities | 23,501,985 | 418,210 | 3.58 | % | 24,736,601 | 523,893 | 4.26 | % | |||||
| Non-interest bearing demand deposits | 7,705,120 | 7,004,780 | |||||||||||
| Other non-interest bearing liabilities | 968,195 | 933,479 | |||||||||||
| Total liabilities | 32,175,300 | 32,674,860 | |||||||||||
| Stockholders' equity | 2,915,684 | 2,664,491 | |||||||||||
| Total liabilities and stockholders' equity | $ | 35,090,984 | $ | 35,339,351 | |||||||||
| Net interest income | $ | 486,123 | $ | 448,876 | |||||||||
| Interest rate spread | 1.78 | % | 1.48 | % | |||||||||
| Net interest margin | 2.87 | % | 2.64 | % |
(1) On a tax-equivalent basis where applicable
(2) Annualized
(3) At fair value
BANKUNITED, INC. AND SUBSIDIARIES
EARNINGS PER COMMON SHARE
(In thousands except share and per share amounts)
| Three Months Ended | Six Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| c | June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||
| Basic earnings per common share: | ||||||||||
| Numerator: | ||||||||||
| Net income | $ | 68,766 | $ | 58,476 | $ | 53,733 | $ | 127,242 | $ | 101,713 |
| Distributed and undistributed earnings allocated to participating securities | (979) | (821) | (748) | (1,799) | (1,429) | |||||
| Income allocated to common stockholders for basic earnings per common share | $ | 67,787 | $ | 57,655 | $ | 52,985 | $ | 125,443 | $ | 100,284 |
| Denominator: | ||||||||||
| Weighted average common shares outstanding | 75,222,756 | 74,918,750 | 74,762,498 | 75,071,593 | 74,635,803 | |||||
| Less average unvested stock awards | (1,124,872) | (1,101,408) | (1,110,233) | (1,113,205) | (1,119,035) | |||||
| Weighted average shares for basic earnings per common share | 74,097,884 | 73,817,342 | 73,652,265 | 73,958,388 | 73,516,768 | |||||
| Basic earnings per common share | $ | 0.91 | $ | 0.78 | $ | 0.72 | $ | 1.70 | $ | 1.36 |
| Diluted earnings per common share: | ||||||||||
| Numerator: | ||||||||||
| Income allocated to common stockholders for basic earnings per common share | $ | 67,787 | $ | 57,655 | $ | 52,985 | $ | 125,443 | $ | 100,284 |
| Adjustment for earnings reallocated from participating securities | 5 | 4 | 2 | 9 | 4 | |||||
| Income used in calculating diluted earnings per common share | $ | 67,792 | $ | 57,659 | $ | 52,987 | $ | 125,452 | $ | 100,288 |
| Denominator: | ||||||||||
| Weighted average shares for basic earnings per common share | 74,097,884 | 73,817,342 | 73,652,265 | 73,958,388 | 73,516,768 | |||||
| Dilutive effect of certain share-based awards | 523,812 | 562,488 | 365,988 | 543,043 | 310,906 | |||||
| Weighted average shares for diluted earnings per common share | 74,621,696 | 74,379,830 | 74,018,253 | 74,501,431 | 73,827,674 | |||||
| Diluted earnings per common share | $ | 0.91 | $ | 0.78 | $ | 0.72 | $ | 1.68 | $ | 1.36 |
BANKUNITED, INC. AND SUBSIDIARIES
SELECTED RATIOS
| At or for the Three Months Ended | At or for the Six Months Ended | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||||||||||||||||
| Financial ratios (4) | ||||||||||||||||||||||||
| Return on average assets | 0.78 | % | 0.68 | % | 0.61 | % | 0.73 | % | 0.58 | % | ||||||||||||||
| Return on average stockholders’ equity | 9.4 | % | 8.2 | % | 8.0 | % | 8.8 | % | 7.7 | % | ||||||||||||||
| Net interest margin (3) | 2.93 | % | 2.81 | % | 2.72 | % | 2.87 | % | 2.64 | % | ||||||||||||||
| Loans to deposits | 83.6 | % | 85.5 | % | 88.7 | % | 83.6 | % | 88.7 | % | ||||||||||||||
| Tangible book value per common share | $ | 38.23 | $ | 37.48 | $ | 35.07 | $ | 38.23 | $ | 35.07 | June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||||||||||||||||
| Asset quality ratios | ||||||||||||||||||||||||
| Non-performing loans to total loans (1)(5) | 1.57 | % | 1.08 | % | 1.03 | % | ||||||||||||||||||
| Non-performing assets to total assets (2)(5) | 1.08 | % | 0.76 | % | 0.73 | % | ||||||||||||||||||
| ACL to total loans | 0.93 | % | 0.92 | % | 0.92 | % | ||||||||||||||||||
| Commercial ACL to commercial loans (6) | 1.36 | % | 1.34 | % | 1.37 | % | ||||||||||||||||||
| ACL to non-performing loans (1)(5) | 59.18 | % | 84.58 | % | 89.01 | % | ||||||||||||||||||
| Net charge-offs to average loans(7) | 0.27 | % | 0.33 | % | 0.16 | % |
(1) We define non-performing loans to include non-accrual loans and loans other than purchased credit deteriorated and government insured residential loans that are past due 90 days or more and still accruing. Contractually delinquent purchased credit deteriorated and government insured residential loans on which interest continues to be accrued are excluded from non-performing loans.
(2) Non-performing assets include non-performing loans, OREO and other repossessed assets.
(3) On a tax-equivalent basis.
(4) Annualized for the three and six month periods as applicable.
(5) Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $35.9 million or 0.15% of total loans and 0.10% of total assets at June 30, 2025, $33.0 million or 0.14% of total loans and 0.09% of total assets at March 31, 2025, and $34.3 million or 0.14% of total loans and 0.10% of total assets at December 31, 2024.
(6) For purposes of this ratio, commercial loans includes the C&I and CRE sub-segments, as well as franchise and equipment finance. Due to their unique risk profiles, MWL and municipal finance are excluded from this ratio.
(7) Annualized for the three months ended March 31, 2025 and the six months ended June 30, 2025; ratio for December 31, 2024 represents annual net charge-off rate.
| June 30, 2025 | March 31, 2025 | December 31, 2024 | Required to be Considered Well Capitalized | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BankUnited, Inc. | BankUnited, N.A. | BankUnited, Inc. | BankUnited, N.A. | BankUnited, Inc. | BankUnited, N.A. | |||||||||
| Capital ratios | ||||||||||||||
| Tier 1 leverage | 8.8 | % | 9.3 | % | 8.7 | % | 9.5 | % | 8.5 | % | 9.7 | % | 5.0 | % |
| Common Equity Tier 1 ("CET1") risk-based capital | 12.2 | % | 13.0 | % | 12.2 | % | 13.4 | % | 12.0 | % | 13.7 | % | 6.5 | % |
| Total risk-based capital | 14.3 | % | 13.9 | % | 14.3 | % | 14.3 | % | 14.1 | % | 14.6 | % | 10.0 | % |
| Tangible Common Equity/Tangible Assets | 8.1 | % | N/A | 8.1 | % | N/A | 7.8 | % | N/A | N/A |
Non-GAAP Financial Measures
Tangible book value per common share is a non-GAAP financial measure. Management believes this measure is relevant to understanding the capital position and performance of the Company. Disclosure of this non-GAAP financial measure also provides a meaningful basis for comparison to other financial institutions as it is a metric commonly used in the banking industry. The following table reconciles the non-GAAP financial measurement of tangible book value per common share to the comparable GAAP financial measurement of book value per common share at the dates indicated (in thousands except share and per share data):
| June 30, 2025 | March 31, 2025 | June 30, 2024 | ||||
|---|---|---|---|---|---|---|
| Total stockholders’ equity | $ | 2,953,017 | $ | 2,897,582 | $ | 2,699,348 |
| Less: goodwill and other intangible assets | 77,637 | 77,637 | 77,637 | |||
| Tangible stockholders’ equity | $ | 2,875,380 | $ | 2,819,945 | $ | 2,621,711 |
| Common shares issued and outstanding | 75,218,911 | 75,242,048 | 74,758,609 | |||
| Book value per common share | $ | 39.26 | $ | 38.51 | $ | 36.11 |
| Tangible book value per common share | $ | 38.23 | $ | 37.48 | $ | 35.07 |
12
exhibit99206302025
July 23, 2025 Q2 2025 – Supplemental Information 1 Exhibit 99.2
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current views of BankUnited, Inc. (“BankUnited,” “BKU” or the “Company”) 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 presentation are based on the historical performance of the Company and its subsidiaries or on the Company’s current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by the Company that the future plans, estimates or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions, including (without limitation) those relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity, including as impacted by external circumstances outside the Company's direct control, such as but not limited to adverse events or conditions impacting the financial services industry. If one or more of these or other risks or uncertainties materialize, or if the Company’s underlying assumptions prove to be incorrect, the Company’s actual results may vary materially from those indicated in these statements. These factors should not be construed as exhaustive. The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. Information on these factors can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are available at the SEC’s website (www.sec.gov). 2
Quarterly Highlights 3
Improved Asset Mix Improved Funding Profile Robust Capital Driving Earnings Growth Delivering on Organic Transformation Strategy 4 • NIDDA grew 13% or $1.0 billion to 32% of total deposits • Average NIDDA up $581 million • Non-brokered deposits up $1.2 billion • Wholesale funding down $749 million • Cost of deposits down 0.11% to 2.47% from 2.58%; spot APY 2.37% at June 30 • Yield on loans increased to 5.55% from 5.48% • Core C&I and CRE loans grew by a net $68 million • Lower yielding and non-core resi, franchise, equipment and municipal finance declined an aggregate $171 million • Net income $68.8 million, 18% quarter-over-quarter increase • NIM expanded by 0.12% to 2.93% from 2.81% • ROE improved to 9.4% • CET 1 ratio 12.2%; 11.3% pro-forma CET1 including AOCI • TCE/TA 8.1% • Tangible book value per share now $38.23, 9% year-over-year growth • $100 million new share repurchase authorization Expansion Opportunities • Wholesale banking offices launched in Morristown NJ and Charlotte NC
Highlights from Second Quarter Earnings Change From ($ in millions, except per share data) Q2’25 Q1’25 Q2’24 Q1’25 Q2’24 Net Interest Income $246 $233 $226 $13 $20 6% quarter-over-quarter growth Provision for Credit Losses $16 $15 $20 $1 ($4) Total Non-interest Income $28 $22 $24 $6 $4 Fee businesses gaining traction Total Non-interest Expense $164 $160 $158 $4 $6 Net Income $69 $58 $54 $11 $15 18% quarter-over-quarter growth EPS $0.91 $0.78 $0.72 $0.13 $0.19 Period-end Core C&I and CRE loans $15,159 $15,091 $15,090 $68 $69 Impacted by strategic exits and unscheduled payoffs Period-end Loans $23,934 $23,990 $24,628 ($56) ($694) Strategic resi runoff NIDDA to total deposits 32% 29% 29% 3% 3% Non-interest DDA $9,113 $8,069 $8,065 $1,044 $1,048 Period-end Deposits $28,646 $28,058 $27,764 $588 $882 Loans to Deposits 83.6% 85.5% 88.7% (1.9%) (5.1%) CET1 12.2% 12.2% 11.6% —% 0.6% Total Capital 14.3% 14.3% 13.6% —% 0.7% Yield on Loans 5.55% 5.48% 5.85% 0.07% (0.30%) Yield on Securities 5.06% 5.07% 5.60% (0.01%) (0.54%) Cost of Deposits 2.47% 2.58% 3.09% (0.11%) (0.62%) Net Interest Margin 2.93% 2.81% 2.72% 0.12% 0.21% Organic transformation strategy leading to margin expansion Non-performing Assets to Total Assets(1) 1.08% 0.76% 0.50% 0.32% 0.58% Increase mainly attributable to office exposure ACL to Total Loans 0.93% 0.92% 0.92% 0.01% 0.01% Commercial ACL to Total Commercial Loans(3) 1.36% 1.34% 1.42% 0.02% (0.06)% Net Charge-offs to Average Loans(2) 0.27% 0.33% 0.12% (0.06)% 0.15% 1. Includes guaranteed portion of non-accrual SBA loans. 2. Annualized for the six months ended June 30, 2025 and the three months ended March 31, 2025 3. For purposes of this ratio, commercial loans includes the core C&I and CRE sub-segments as well as franchise and equipment finance. Due to their unique risk profiles, MWL and municipal finance are excluded from this ratio. 5
Deposits 6
Deposit Trends ($ in millions) $3,384 $4,268 $5,164 $4,463 $4,301 $4,424 $3,778 $13,369 $13,061 $11,136 $11,463 $11,056 $10,789 $10,171 $3,709 $2,142 $3,403 $3,773 $4,893 $4,776 $5,584 $8,976 $8,038 $6,835 $8,065 $7,616 $8,069 $9,113 $29,438 $27,509 $26,538 $27,764 $27,866 $28,058 $28,646 Non-interest Demand Interest Demand Money Market / Savings Time 12/31/21 12/31/22 12/31/23 06/30/24 12/31/24 03/31/25 06/30/25 Quarterly Cost of Deposits 0.19% 1.42% 2.96% 3.09% 2.72% 2.58% 2.47% Non-interest bearing as a % of Total Deposits 30.5% 29.2% 25.8% 29.1% 27.3% 28.8% 31.8% 7
Cost of Funds Trend 8 0.16% 1.92% 3.18% 3.09% 2.63% 2.52% 2.37% 0.25% 4.50% 5.50% 5.50% 4.50% 4.50% 4.50% Spot APY - Total Deposits Target Federal Funds Rate Upper Bound 12/31/21 12/31/22 12/31/23 06/30/24 12/31/24 03/31/25 06/30/25 (1.00)% —% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Spot Average Annual Percentage Yield (“APY”) At December 31, 2021 At December 31, 2022 At December 31, 2023 At June 30, 2024 At December 31, 2024 At March 31, 2025 At June 30, 2025 Total non-maturity deposits 0.14% 1.83% 2.87% 2.80% 2.37% 2.25% 2.16% Total interest-bearing deposits 0.23% 2.66% 4.20% 4.29% 3.58% 3.47% 3.41% Total deposits 0.16% 1.92% 3.18% 3.09% 2.63% 2.52% 2.37% Spread Between Fed Funds Upper Bound and Spot APY of Total Deposits
Loans and the Allowance for Credit Losses 9
10 Prudently Underwritten and Well-Diversified Loan Portfolio At June 30, 2025 ($ in millions) Loan Portfolio Over Time $8,368 $8,901 $8,209 $7,581 $7,465 $7,304 $5,702 $5,700 $5,819 $6,214 $6,206 $6,473 $6,735 $8,305 $8,907 $8,982 $8,885 $8,686 $1,092 $525 $433 $586 $580 $627$1,868 $1,455 $1,266 $935 $854 $844 $23,765 $24,886 $24,634 $24,298 $23,990 $23,934 Other Mortgage Warehouse Lending C&I CRE Residential 12/31/21 12/31/22 12/31/23 12/31/24 03/31/25 06/30/25
High Quality CRE Portfolio At June 30, 2025 ($ in millions) Property Type Balance % of Total CRE FL NY Tri State Other Wtd. Avg. DSCR Wtd. Avg. LTV Office $ 1,647 26 % 59 % 22 % 19 % 1.52 63.3 % Warehouse/Industrial 1,368 21 % 49 % 8 % 43 % 1.88 47.4 % Multifamily 887 14 % 53 % 45 % 2 % 1.94 49.5 % Retail 1,294 20 % 46 % 26 % 28 % 1.80 57.3 % Hotel 484 7 % 78 % 10 % 12 % 1.66 44.0 % Construction and Land 644 10 % 27 % 45 % 28 % NA NA Other 149 2 % 49 % 6 % 45 % 2.60 47.3 % $ 6,473 100 % 51 % 24 % 25 % 1.76 54.2 % 11 Florida NY Tri State Property Type Wtd. Avg. DSCR Wtd. Avg. LTV Wtd. Avg. DSCR Wtd. Avg. LTV Office 1.51 62.3 % 1.56 58.9 % Warehouse/Industrial 2.06 44.9 % 1.86 33.3 % Multifamily 2.46 44.4 % 1.32 55.6 % Retail 1.93 54.2 % 1.47 58.9 % Hotel 1.66 44.6 % 1.80 30.8 % Other 3.26 39.8 % 1.20 63.8 % 1.90 51.7 % 1.48 55.2 % Construction and land includes $88 million of office exposure, $84 million in NY New York rent regulated multi-family exposure $110 million
Manageable CRE Maturity Risk At June 30, 2025 ($ in millions) Property Type Maturing in the Next 12 Months % Maturing in the Next 12 Months Fixed Rate or Swapped Maturing in the Next 12 Months Fixed Rate to Borrower Maturing in Next 12 mos. as a % of Total Portfolio Office $ 636 39 % $ 369 22 % Warehouse/Industrial 246 18 % 158 12 % Multifamily 266 30 % 118 13 % Retail 247 19 % 202 16 % Hotel 97 20 % 90 19 % Construction and Land 181 28 % 42 7 % Other 32 22 % 32 22 % $ 1,705 26 % $ 1,011 16 % 12 16% of total CRE portfolio fixed and maturing in the next 12 months Property Type 2025 2026 2027 2028 2029 Thereafter Total Office $ 365 $ 481 $ 297 $ 196 $ 247 $ 61 $ 1,647 Warehouse/Industrial 150 401 335 163 164 155 1,368 Multifamily 196 149 145 167 138 92 887 Retail 165 280 199 292 125 233 1,294 Hotel 43 237 30 62 59 53 484 Construction and Land 86 215 256 7 25 55 644 Other 6 27 19 29 15 53 149 $ 1,011 $ 1,790 $ 1,281 $ 916 $ 773 $ 702 $ 6,473 Maturity Distribution of CRE Loans
CRE Peer Benchmarking 13 35% 33% 27% Peer Median Peer Mean BankUnited, N.A —% 5% 10% 15% 20% 25% 30% 35% 40% 217% 205% 185% —% 50% 100% 150% 200% 250% 1. BKU information as of June 30, 2025 2. CRE peer median information based on March 31, 2025 Call Report data (most recent date available) for banks with total assets between $10 billion and $100 billion CRE / Total Loans(1)(2) CRE / Total Risk Based Capital(1)(2)
CRE Office Portfolio - Additional Information At June 30, 2025 14 • 20% or $337 million of the total office portfolio is medical office • Rent rollover in next 12 months approximately 9% of the total office portfolio; 10% for FL and 7% in NY Tri State • Manhattan stabilized portfolio has approximately 96% occupancy and rent rollover in the next 12 months of 6% • The Florida portfolio is predominantly suburban 36% 23% 21% 14% 5% 1% Manhattan Long Island NY Tri-State Other Queens Brooklyn Bronx 30% 21%22% 11% 9% 7% Tampa Orlando Boca/Palm Beach Miami-Dade Other Broward NY Tri-State by Sub-Market Florida by Sub-Market
Granular, Diversified Commercial & Industrial Portfolio At June 30, 2025 ($ in millions) Industry Balance(1) % of Portfolio Finance and Insurance $ 1,466 16.9 % Health Care and Social Assistance 824 9.5 % Manufacturing 733 8.4 % Utilities 704 8.1 % Educational Services 645 7.4 % Wholesale Trade 629 7.2 % Information 575 6.6 % Real Estate and Rental and Leasing 489 5.6 % Transportation and Warehousing 488 5.6 % Construction 467 5.4 % Retail Trade 347 4.0 % Professional, Scientific, and Technical Services 331 3.8 % Other Services (except Public Administration) 261 3.0 % Public Administration 234 2.7 % Accommodation and Food Services 144 1.7 % Arts, Entertainment, and Recreation 139 1.6 % Administrative and Support and Waste Management 92 1.1 % Other 118 1.4 % $ 8,686 100.0 % 151. Includes $1.9 billion of owner-occupied real estate Geographic Distribution Florida 32% New York Tri-State 34% Other 34%
$219.7 $27.6 $6.8 $(3.3) $(15.4) $(12.7) $222.7 Drivers of Change in the ACL - Current Quarter ($ in millions) Increase in Specific Reserves Net of Positive Risk Rating Migration Economic Forecast Net Charge- Offs ACL 06/30/25 ACL 03/31/25 0.93%0.92%% of Total Loans 16 Change in Qualitative Overlay Portfolio Changes and Other • Current market adjustment • Scenario weighting • Changes to forward path of forecast • Portfolio composition changes • Repayment of criticized/ classified assets with higher reserves • Improved borrower financials • Assumption and modeling updates • Some elements related to economic uncertainty now being captured in quantitative modeling
Allocation of the ACL ($ in millions) December 31, 2024 March 31, 2025 June 30, 2025 Balance % of Loans Balance % of Loans Balance % of Loans Commercial: Commercial real estate $ 70.5 1.13 % $ 65.6 1.06 % $ 58.4 0.90 % Commercial and industrial 138.0 1.54 % 136.6 1.54 % 149.0 1.72 % Franchise and equipment finance 2.3 1.12 % 1.6 0.96 % 1.1 0.73 % Total commercial 210.8 1.37 % 203.8 1.34 % 208.5 1.36 % Pinnacle - municipal finance 0.1 0.02 % 0.1 0.02 % 0.1 0.01 % Residential and mortgage warehouse lending 12.3 0.15 % 15.8 0.20 % 14.1 0.18 % Allowance for credit losses $ 223.2 0.92 % $ 219.7 0.92 % $ 222.7 0.93 % Asset Quality Ratios December 31, 2024 March 31, 2025 June 30, 2025 Non-performing loans to total loans(1) 1.03 % 1.08 % 1.57 % Non-performing loans, excluding the guaranteed portion of non- accrual SBA loans, to total loans 0.89 % 0.94 % 1.42 % Non-performing assets to total assets(1) 0.73 % 0.76 % 1.08 % Non-performing assets, excluding the guaranteed portion of non- accrual SBA loans, to total assets 0.63 % 0.67 % 0.98 % Allowance for credit losses to non-performing loans(1) 89.01 % 84.58 % 59.18 % Net charge-offs to average loans(2) 0.16 % 0.33 % 0.27 % 17 1. Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $35.9 million, $33.0 million and $34.3 million at June 30, 2025, March 31, 2025 and December 31, 2024, respectively. 2. Annualized for the three months ended March 31, 2025 and the six months ended June 30, 2025. For the trailing 12 months, the net charge-off ratio was 0.23%. Office Portfolio ACL: 1.92% at June 30, 2025, 1.99% at March 31, 2025
Asset Quality Metrics 18 Non-Performing Loans to Total Loans Non-Performing Assets to Total Assets Net Charge-offs to Average Loans(1) 0.87% 0.42% 0.52% 1.03% 1.08% 1.57% 0.68% 0.26% 0.35% 0.89% 0.94% 1.42% Incl. guaranteed portion of non-accrual SBA loans Excl. guaranteed portion of non-accrual SBA loans 12/31/21 12/31/22 12/31/23 12/31/24 03/31/25 06/30/25 —% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 0.58% 0.29% 0.37% 0.73% 0.76% 1.08% 0.45% 0.18% 0.25% 0.63% 0.67% 0.98% Incl. guaranteed portion of non-accrual SBA loans Excl. guaranteed portion of non-accrual SBA loans 12/31/21 12/31/22 12/31/23 12/31/24 03/31/25 06/30/25 —% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 0.29% 0.22% 0.09% 0.16% 0.33% 0.27% 12/31/21 12/31/22 12/31/23 12/31/24 03/31/25 06/30/25 —% 0.20% 0.40% 0.60% 1. Annualized for the three months ended March 31, 2025 and the six months ended June 30, 2025.
Non-Accrual Loans by Portfolio Segment ($ in millions) 19 $206 $105 $127 $251 $260 $376 $29 $21 $21 $24 $30 $23 $30 $86 $83 $142$58 $22 $34 $97 $105 $167 $33 $13 $24 $6 $6 $4 $46 $40 $42 $34 $33 $36 $10 $9 $6 $4 $3 $4 Non-Guaranteed Portion of SBA Guaranteed Portion of SBA Franchise and Equipment C&I CRE Residential and Other Consumer 12/31/21 12/31/22 12/31/23 12/31/24 03/31/25 06/30/25 $93$18 $31 Office Multifamily - NY Rent Regulated Construction and Land - Office Non-performing CRE loans by Property Type at June 30, 2025 Non-performing loans by Portfolio Segment
Criticized and Classified Loans ($ in millions) 20 Commercial Real Estate(1) Commercial(1)(2) Special Mention Substandard Accruing Substandard Non-accruing and Doubtful 12/31/21 12/31/2022 12/31/23 12/31/24 03/31/25 06/30/25 $— $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 12/31/21 12/31/2022 12/31/23 12/31/24 03/31/25 06/30/25 $— $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 1. Excludes SBA 2. Includes C&I and franchise and equipment finance
Criticized and Classified CRE Loans by Property Type ($ in millions) 21 December 31, 2024 $138 $17 $47 $101 $340 $128 $3 $14 $160 $62 $47 $95 $323 $60 $16 Multifamily Hotel Industrial/ Warehouse Retail Office Construction & Land (1) Other SBA June 30, 2025 (1) office exposure at 6/30/2025 March 31, 2025 $176 $17 $47 $94$354 $107 $3 $15
Asset Quality - Delinquencies ($ in millions) 22 Commercial(1) CRE 12/31/21 12/31/22 12/31/23 12/31/24 03/31/25 06/30/25 $— $20 $40 $60 $80 $100 Residential(2) 12/31/21 12/31/22 12/31/23 12/31/24 03/31/25 06/30/25 $— $20 $40 $60 $80 $100 30-59 Days PD 60-89 Days PD 90 Days+ PD 12/31/21 12/31/22 12/31/23 12/31/24 03/31/25 06/30/25 $— $20 $40 $60 $80 $100 1. Includes C&I, franchise finance and equipment finance 2. Excludes government insured residential loans
Residential Portfolio Overview At June 30, 2025 23 Residential Loan Product Type FICO Distribution(1) Breakdown by LTV(1) 1. Excludes government insured residential loans. FICOs are refreshed routinely. LTVs are typically at origination Prior 32% 2021 42% 2022 16% 2023 4% 2024 4% 2025 2% >759 75% 720-759 15% <720 or NA 10% Breakdown by Vintage(1) 30 Yr Fixed 34% 15 & 20 Year Fixed 12% 10/1 ARM 13% 5/1 & 7/1 ARM 27% Govt Insured 14% High quality residential portfolio consists primarily of high FICO, low LTV, prime jumbo mortgages with de-minimis charge-offs since inception as well as government insured loans 60% or less 33% 61% - 70% 25% 71% - 80% 39% More than 80% 3%
Investment Portfolio 24
High Quality, Short-Duration Securities Portfolio ($ in millions) December 31, 2024 March 31, 2025 June 30, 2025 Portfolio Net Unrealized Loss Fair Value Net Unrealized Gain/(Loss) Fair Value Net Unrealized Loss Fair Value US Government and Agency $ (99) $ 3,421 $ (74) $ 3,503 $ (66) $ 3,420 Private label RMBS and CMOs (253) 2,238 (224) 2,286 (225) 2,361 Private label CMBS (39) 1,784 (29) 1,770 (25) 2,095 CLOs 2 1,133 2 1,058 — 1,119 Other (17) 525 (13) 474 (14) 397 $ (406) $ 9,101 $ (338) $ 9,091 $ (330) $ 9,392 Portfolio Composition US Government and Agency 37% Private label RMBS and CMOs 25% Private label CMBS 22% CLOs 12% Other 4% Rating Distribution GOV 37% AAA 54% AA 6% A 2% NR 1% • No expected credit losses on AFS securities • Unrealized losses just 4% of amortized cost • AFS portfolio duration of 1.66; approximately 71% of the portfolio floating rate 25
High Quality, Short-Duration Securities Portfolio At June 30, 2025 Strong credit enhancement levels - no SASB(1) exposure Private Label RMBS Subordination Wtd. Avg. Stress Scenario LossRating Min Max Avg. AAA 2.8 82.0 18.1 2.1 AA 21.7 45.4 28.4 6.8 A 21.3 25.4 22.9 15.5 NR 19.7 20.0 19.9 12.9 Wtd. Avg. 4.6 76.6 18.6 3.1 Private Label CMBS Subordination Wtd. Avg. Stress Scenario LossRating Min Max Avg. AAA 23.1 98.9 46.3 8.2 AA 34.9 84.9 48.3 7.4 A 29.0 79.6 37.9 10.7 Wtd. Avg. 24.4 96.9 46.1 8.2 CLOs Subordination Wtd. Avg. Stress Scenario LossRating Min Max Avg. AAA 39.2 76.5 43.7 15.2 AA 30.8 34.3 32.3 14.9 Wtd. Avg. 38.0 70.7 42.2 15.2 AAA 90% AA 3% A 2% NR 5% AAA 87% AA 9% A 4% AAA 86% AA 14% 261. Single-asset, single-borrower