Document
Exhibit 99.1
BankUnited, Inc. Reports 4Q 2025 Net Income of $69 million, $0.90 Diluted EPS, Reflecting 6 Basis Point NIM Expansion, $485 million Non-Interest Bearing Deposit Growth and $769 million Core Loan Growth.
Full Year 2025 Net Income of $268 million, $3.53 Diluted EPS, Up 15% from Prior Year.
Expands Share Repurchase Program by Additional $200 Million and Quarterly Dividend Increase of $0.02.
Miami Lakes, Fla. — January 21, 2026 — BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter and year ended December 31, 2025.
"We are pleased to report strong fourth quarter earnings, concluding an outstanding year for BankUnited. We continue to execute our organic growth strategy which has resulted in strong performance in NIM, ROA, ROE and EPS. In recognition of this strong performance, we are announcing an additional stock buyback authorization of $200 million and an increase to our next quarterly dividend of $0.02 per share" said Rajinder Singh, Chairman, President and Chief Executive Officer.
Fourth Quarter and Full Year 2025 Highlights
Earnings
Net income was up meaningfully in 2025, increasing 15% compared to 2024.
•4Q 2025 Net Income: $69.3 million, impacted by a $3.8 million software write-down;
◦$0.90 EPS, and annualized ROA of 0.78%.
◦$115.4 million PPNR, up 5% from prior quarter, and up 11% from 4Q 2024.
•Adjusted 4Q 2025 Net Income (excluding one-time item): $72.0 million;
◦$0.94 EPS, and annualized ROA of 0.81%.
•Full Year Net Income: $268.4 million, up 15% from 2024;
◦$3.53 EPS versus $3.08 in 2024.
◦0.77% ROA versus 0.66% in 2024.
◦$429.7 million PPNR, up 16% from 2024.
Net Interest Income & Margin
We continue to expand NIM; this expansion coupled with solid core loan growth, resulted in strong NII growth.
•Net Interest Margin (tax-equivalent):
◦3.06% for the quarter, up 0.06% from prior quarter and 0.22% from 4Q 2024.
◦2.95% for the full year, up 0.22% from 2024.
•Net Interest Income;
◦Increased $8.1 million from prior quarter and $19.0 million, or 8% from 4Q 2024.
◦Increased $73.3 million, or 8% from 2024.
1
Deposits & Funding
Despite 4Q typically being a seasonally slow quarter for BankUnited, we achieved strong Non-Interest Bearing Deposits ("NIDDA") growth.
•NIDDA: up $485 million from prior quarter and $1.5 billion for the year, or 20%.
◦Represents 31% of total deposits at December 31, 2025.
•Total Deposits: Grew $735 million in Q4 and $1.5 billion for the year.
•Non-Brokered Deposits: Up $376 million in Q4 and $1.8 billion for the year.
•Average Cost of Deposits: Declined 0.20% to 2.18%; spot APY fell to 2.10% from 2.31% for the prior quarter.
•Wholesale Funding: Reduced by $166 million in Q4 and $1.7 billion for the year.
Loan Growth & Portfolio Mix
Strong production across all core businesses lines contributed to robust loan growth in the quarter.
•Total Loans: Increased $571 million in Q4;
◦Core loans (CRE, C&I and MWL): Up $769 million.
◦Residential and other loans: Down $198 million (consistent with balance sheet strategy).
•Loan-to-Deposit Ratio: Stable at 82.7%.
Credit Quality
While non-performing loans and criticized / capitalized loans declined; net charge offs were elevated, attributable to four loans in unrelated industries and geographies.
•Criticized and Classified Loans: Declined $27 million in Q4 and $185 million from Q4 2024,
•Non-Performing Loans: Down $7 million from prior quarter, up $122 million from Q4 2024,
•NPA Ratio: 1.08%, including 0.11% related to guaranteed portion of SBA loans, down from 1.10%, including 0.11% related to SBA, in prior quarter.
•Net Charge-offs: 0.30% for full year 2025, from 0.26% from the prior quarter.
Allowance & Provision
•Provision for Credit Losses: $25.6 million for Q4; driven by increased specific reserves related to two C&I loans.
•ACL Coverage:
◦0.91% of total loans
◦1.30% for commercial portfolio
◦2.03% for CRE office
◦58.99% of non-performing loans
2
Capital & Shareholder Returns
Strong capital levels have created an ability to increase capital returns to shareholders
•CET1: 12.3%, down 20 bps from prior quarter but up 30 bps from a year ago.
•AOCI improved by $15.6 million from prior quarter and $94.9 million from a year ago.
•Tangible Common Equity Ratio: 8.5%, up from Q3 and year-end 2024.
•Tangible Book Value per Share: $40.14, representing 10% year-over-year growth.
•Share Repurchases: Approximately 1.1 million shares repurchased in Q4 for $44.8 million, at an average price of $41.08.
•The Company's Board of Directors authorized the following capital actions:
◦An increase of $0.02 per share in the Company's common stock dividend for future quarterly dividends, to $0.33 per common share, a 6% increase from the Company's previous level of $0.31 per share.
◦Authorized the repurchase of up to an additional $200 million in shares of the Company's outstanding common stock.
Loans
Loan portfolio composition at the dates indicated follows (dollars in thousands):
| December 31, 2025 | September 30, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||
Core loan segments: | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-owner occupied commercial real estate | $ | 6,105,207 | 25.2 | % | $ | 5,820,343 | 24.6 | % | $ | 5,652,203 | 23.3 | % | |||||||||||||||||||||||||||||||||||
| Construction and land | 705,664 | 2.9 | % | 714,272 | 3.0 | % | 561,989 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||
| Owner occupied commercial real estate | 2,020,572 | 8.3 | % | 1,943,331 | 8.2 | % | 1,941,004 | 8.0 | % | ||||||||||||||||||||||||||||||||||||||
| Commercial and industrial | 7,008,903 | 28.8 | % | 6,612,538 | 27.8 | % | 7,042,222 | 28.9 | % | ||||||||||||||||||||||||||||||||||||||
| Mortgage warehouse lending ("MWL") | 728,241 | 3.0 | % | 709,185 | 3.0 | % | 585,610 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||
| 16,568,587 | 68.2 | % | 15,799,669 | 66.6 | % | 15,783,028 | 64.9 | % | |||||||||||||||||||||||||||||||||||||||
Franchise and equipment finance | 102,746 | 0.4 | % | 134,635 | 0.6 | % | 213,477 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||
| Pinnacle - municipal finance | 619,374 | 2.6 | % | 637,198 | 2.7 | % | 720,661 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||
| Residential | 6,983,000 | 28.8 | % | 7,130,992 | 30.1 | % | 7,580,814 | 31.2 | % | ||||||||||||||||||||||||||||||||||||||
| $ | 24,273,707 | 100.0 | % | $ | 23,702,494 | 100.0 | % | $ | 24,297,980 | 100.0 | % | ||||||||||||||||||||||||||||||||||||
For the quarter ended December 31, 2025, total loans grew by $571 million. The CRE and C&I portfolio segments grew by $276 million and $474 million, respectively while MWL grew by $19 million. Consistent with our balance sheet strategy, residential loans declined by $148 million; the franchise, equipment, and municipal finance portfolios declined by an aggregate $50 million.
3
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 December 31, 2025, September 30, 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, 2025 | $ | 219,825 | 0.91 | % | 1.30 | % | 58.99 | % | 0.30 | % | |||||||||||||||||||
| September 30, 2025 | $ | 219,884 | 0.93 | % | 1.35 | % | 57.95 | % | 0.26 | % | |||||||||||||||||||
| December 31, 2024 | $ | 223,153 | 0.92 | % | 1.37 | % | 89.01 | % | 0.16 | % | |||||||||||||||||||
(1) Annualized for the nine months ended September 30, 2025; ratios for December 31, 2025 and 2024 represent 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 December 31, 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 December 31, 2025, the provision for credit losses, including portions related to both funded and unfunded loan commitments, was $25.6 million, compared to $11.6 million for the immediately preceding quarter ended September 30, 2025 and $11.0 million for the quarter ended December 31, 2024. The most significant factor impacting the provision for credit losses for the quarter ended December 31, 2025 was an increase in specific reserves, primarily related to two C&I loans in unrelated industries. Net charge-offs also impacted the ACL.
The following table summarizes the activity in the ACL for the periods indicated (in thousands):
Three Months Ended | Years Ended | ||||||||||||||||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||
| Beginning balance | $ | 219,884 | $ | 222,730 | $ | 228,249 | $ | 223,153 | $ | 202,689 | |||||||||||||||||||||||||||||||
| Provision | 24,843 | 11,851 | 12,267 | 68,351 | 58,986 | ||||||||||||||||||||||||||||||||||||
| Net charge-offs | (24,902) | (14,697) | (17,363) | (71,679) | (38,522) | ||||||||||||||||||||||||||||||||||||
| Ending balance | $ | 219,825 | $ | 219,884 | $ | 223,153 | $ | 219,825 | $ | 223,153 | |||||||||||||||||||||||||||||||
Charge-offs for the quarter ended December 31, 2025 related primarily to four C&I loans. As detailed in the following table, total criticized and classified commercial loans declined by $27 million for the quarter (in thousands):
| December 31, 2025 | September 30, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||
CRE | Total Commercial | CRE | Total Commercial | CRE | Total Commercial | ||||||||||||||||||||||||||||||
| Special mention | $ | 82,147 | $ | 175,009 | $ | 54,562 | $ | 136,640 | $ | 58,771 | $ | 262,387 | |||||||||||||||||||||||
| Substandard - accruing | 474,592 | 674,368 | 521,284 | 733,615 | 633,614 | 894,754 | |||||||||||||||||||||||||||||
| Substandard - non-accruing | 108,959 | 300,903 | 149,993 | 306,953 | 95,378 | 219,758 | |||||||||||||||||||||||||||||
| Doubtful | — | 48,247 | — | 48,635 | — | 6,856 | |||||||||||||||||||||||||||||
| Total | $ | 665,698 | $ | 1,198,527 | $ | 725,839 | $ | 1,225,843 | $ | 787,763 | $ | 1,383,755 | |||||||||||||||||||||||
4
Net Interest Income
Net interest income for the quarter ended December 31, 2025 was $258.2 million, compared to $250.1 million for the immediately preceding quarter ended September 30, 2025. Interest income decreased by $10.5 million for the quarter ended December 31, 2025 while interest expense decreased by $18.6 million. 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 0.06% to 3.06% for the quarter ended December 31, 2025, from 3.00% for the immediately preceding quarter ended September 30, 2025. Factors impacting the net interest margin for the quarter ended December 31, 2025 were:
•The average rate paid on interest bearing deposits declined to 3.15% for the quarter ended December 31, 2025, from 3.40% for the quarter ended September 30, 2025. This decline reflected actions taken to proactively reduce deposit pricing in response to a lower Federal funds rate and re-pricing of term deposits.
•The average rate paid on FHLB advances decreased to 3.84% for the quarter ended December 31, 2025 from 3.94% for the quarter ended September 30, 2025, primarily due to repayment of higher rate short-term advances.
•The average cost of interest bearing liabilities declined to 3.26% for the quarter ended December 31, 2025 from 3.52% for the prior quarter. The redemption of higher cost senior debt in the third quarter positively impacted the cost of funds.
•The tax-equivalent yield on loans declined to 5.37% for the quarter ended December 31, 2025, from 5.53% for the quarter ended September 30, 2025, reflecting the impact of declining market rates on the predominantly floating rate commercial portfolio.
•The tax-equivalent yield on investment securities decreased to 4.93% for the quarter ended December 31, 2025, from 5.13% for the quarter ended September 30, 2025. This decrease resulted primarily from the rest of coupon on variable rate securities.
Overall, the reduction in cost of interest bearing liabilities outpaced the decline in yield on interest earning assets.
Non-interest income and Non-interest expense
Non-interest income totaled $30.0 million for the quarter ended December 31, 2025, compared to $25.6 million for the immediately preceding quarter ended September 30, 2025, and $25.2 million for the quarter ended December 31, 2024. For the year ended December 31, 2025 non-interest income totaled $105.6 million compared to $99.2 million for the year ended December 31, 2024. The increase in non-interest income for the quarter and year ended December 31, 2025 was primarily a result of increases in capital markets revenue, consisting of customer derivative revenue, foreign exchange fees and syndication fees.
Non-interest expense totaled $172.8 million for the quarter ended December 31, 2025, compared to $166.2 million for the immediately preceding quarter ended September 30, 2025, and $160.5 million for the quarter ended December 31, 2024. For the year ended December 31, 2025, non-interest expense totaled $663.5 million compared to $642.0 million for the year ended December 31, 2024. Non-interest expense for the quarter and year ended December 31, 2025 included $3.8 million of write downs of previously capitalized software. Increases in employee compensation and benefits expense for the quarter and year ended December 31, 2025 compared to the comparable periods of the prior year relate to investments we are making in people to support future growth of the commercial business, regular merit increases, and increased variable compensation cost, related in part to an increase in the Company's stock price.
5
Earnings Conference Call and Presentation
A conference call to discuss quarterly results will be held at 9:00 a.m. ET on Wednesday, January 21, 2026 with Chairman, President and Chief Executive Officer Rajinder P. Singh, Chief Financial Officer James G. Mackey 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://dpregister.com/sreg/10204934/1007fa66926. 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 $35.0 billion at December 31, 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, dividend payments and stock repurchases. 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:
James G. Mackey, 305-231-6793
Source: BankUnited, Inc.
6
BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share and per share data)
| December 31, 2025 | September 30, 2025 | December 31, 2024 | |||||||||||||||
| ASSETS | |||||||||||||||||
| Cash and due from banks: | |||||||||||||||||
| Non-interest bearing | $ | 11,511 | $ | 13,589 | $ | 12,078 | |||||||||||
| Interest bearing | 206,273 | 545,916 | 479,038 | ||||||||||||||
| Cash and cash equivalents | 217,784 | 559,505 | 491,116 | ||||||||||||||
| Investment securities | 9,263,651 | 9,467,082 | 9,130,244 | ||||||||||||||
| Non-marketable equity securities | 140,684 | 165,922 | 206,297 | ||||||||||||||
| Loans | 24,273,707 | 23,702,494 | 24,297,980 | ||||||||||||||
| Allowance for credit losses | (219,825) | (219,884) | (223,153) | ||||||||||||||
| Loans, net | 24,053,882 | 23,482,610 | 24,074,827 | ||||||||||||||
| Bank owned life insurance | 305,313 | 303,368 | 284,570 | ||||||||||||||
| Operating lease equipment, net | 171,371 | 201,777 | 223,844 | ||||||||||||||
| Goodwill | 77,637 | 77,637 | 77,637 | ||||||||||||||
| Other assets | 809,129 | 817,872 | 753,207 | ||||||||||||||
| Total assets | $ | 35,039,451 | $ | 35,075,773 | $ | 35,241,742 | |||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
| Liabilities: | |||||||||||||||||
| Demand deposits: | |||||||||||||||||
| Non-interest bearing | $ | 9,109,984 | $ | 8,625,115 | $ | 7,616,182 | |||||||||||
| Interest bearing | 6,189,534 | 6,609,679 | 4,892,814 | ||||||||||||||
| Savings and money market | 10,164,703 | 9,936,797 | 11,055,418 | ||||||||||||||
| Time | 3,888,684 | 3,446,696 | 4,301,289 | ||||||||||||||
| Total deposits | 29,352,905 | 28,618,287 | 27,865,703 | ||||||||||||||
| FHLB advances | 1,555,000 | 2,080,000 | 2,930,000 | ||||||||||||||
| Notes and other borrowings | 319,740 | 320,431 | 708,553 | ||||||||||||||
| Other liabilities | 757,977 | 1,024,681 | 923,168 | ||||||||||||||
| Total liabilities | 31,985,622 | 32,043,399 | 32,427,424 | ||||||||||||||
| Commitments and contingencies | |||||||||||||||||
| Stockholders' equity: | |||||||||||||||||
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 74,138,066, 75,242,935 and 74,748,370 shares issued and outstanding | 741 | 752 | 747 | ||||||||||||||
| Paid-in capital | 271,695 | 310,974 | 301,672 | ||||||||||||||
| Retained earnings | 2,970,988 | 2,925,806 | 2,796,440 | ||||||||||||||
| Accumulated other comprehensive loss | (189,595) | (205,158) | (284,541) | ||||||||||||||
| Total stockholders' equity | 3,053,829 | 3,032,374 | 2,814,318 | ||||||||||||||
| Total liabilities and stockholders' equity | $ | 35,039,451 | $ | 35,075,773 | $ | 35,241,742 | |||||||||||
7
BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
| Three Months Ended | Years Ended | ||||||||||||||||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||
| Interest income: | |||||||||||||||||||||||||||||||||||||||||
| Loans | $ | 317,539 | $ | 324,390 | $ | 336,816 | $ | 1,291,403 | $ | 1,389,897 | |||||||||||||||||||||||||||||||
| Investment securities | 117,878 | 120,419 | 121,872 | 469,512 | 497,666 | ||||||||||||||||||||||||||||||||||||
| Other | 6,986 | 8,113 | 9,300 | 31,878 | 37,553 | ||||||||||||||||||||||||||||||||||||
| Total interest income | 442,403 | 452,922 | 467,988 | 1,792,793 | 1,925,116 | ||||||||||||||||||||||||||||||||||||
| Interest expense: | |||||||||||||||||||||||||||||||||||||||||
| Deposits | 155,875 | 163,555 | 188,853 | 664,335 | 815,572 | ||||||||||||||||||||||||||||||||||||
| Borrowings | 28,318 | 39,255 | 39,876 | 140,878 | 195,278 | ||||||||||||||||||||||||||||||||||||
| Total interest expense | 184,193 | 202,810 | 228,729 | 805,213 | 1,010,850 | ||||||||||||||||||||||||||||||||||||
| Net interest income before provision for credit losses | 258,210 | 250,112 | 239,259 | 987,580 | 914,266 | ||||||||||||||||||||||||||||||||||||
| Provision for credit losses | 25,554 | 11,577 | 11,001 | 67,940 | 55,072 | ||||||||||||||||||||||||||||||||||||
| Net interest income after provision for credit losses | 232,656 | 238,535 | 228,258 | 919,640 | 859,194 | ||||||||||||||||||||||||||||||||||||
| Non-interest income: | |||||||||||||||||||||||||||||||||||||||||
| Deposit service charges and fees | 5,787 | 5,387 | 4,988 | 21,732 | 20,226 | ||||||||||||||||||||||||||||||||||||
| Lease financing | 4,662 | 4,152 | 7,162 | 17,739 | 30,610 | ||||||||||||||||||||||||||||||||||||
Capital markets | 9,512 | 6,117 | 4,814 | 27,402 | 14,444 | ||||||||||||||||||||||||||||||||||||
| Other non-interest income | 10,032 | 9,910 | 8,241 | 38,766 | 33,875 | ||||||||||||||||||||||||||||||||||||
| Total non-interest income | 29,993 | 25,566 | 25,205 | 105,639 | 99,155 | ||||||||||||||||||||||||||||||||||||
| Non-interest expense: | |||||||||||||||||||||||||||||||||||||||||
| Employee compensation and benefits | 89,952 | 85,196 | 82,315 | 341,047 | 315,604 | ||||||||||||||||||||||||||||||||||||
| Occupancy and equipment | 10,749 | 10,929 | 11,776 | 43,966 | 45,560 | ||||||||||||||||||||||||||||||||||||
| Deposit insurance expense | 6,391 | 6,601 | 6,662 | 27,195 | 36,143 | ||||||||||||||||||||||||||||||||||||
| Technology | 20,430 | 21,630 | 21,002 | 88,332 | 82,978 | ||||||||||||||||||||||||||||||||||||
| Depreciation of operating lease equipment | 4,068 | 4,423 | 4,352 | 16,369 | 26,127 | ||||||||||||||||||||||||||||||||||||
| Other non-interest expense | 41,221 | 37,390 | 34,365 | 146,624 | 135,588 | ||||||||||||||||||||||||||||||||||||
| Total non-interest expense | 172,811 | 166,169 | 160,472 | 663,533 | 642,000 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | 89,838 | 97,932 | 92,991 | 361,746 | 316,349 | ||||||||||||||||||||||||||||||||||||
| Provision for income taxes | 20,578 | 26,081 | 23,689 | 93,393 | 83,882 | ||||||||||||||||||||||||||||||||||||
Net income | $ | 69,260 | $ | 71,851 | $ | 69,302 | $ | 268,353 | $ | 232,467 | |||||||||||||||||||||||||||||||
| Earnings per common share, basic | $ | 0.91 | $ | 0.96 | $ | 0.92 | $ | 3.55 | $ | 3.10 | |||||||||||||||||||||||||||||||
| Earnings per common share, diluted | $ | 0.90 | $ | 0.95 | $ | 0.91 | $ | 3.53 | $ | 3.08 | |||||||||||||||||||||||||||||||
8
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, | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2025 | 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | $ | 23,697,215 | $ | 320,252 | 5.37 | % | $ | 23,533,712 | $ | 327,266 | 5.53 | % | $ | 24,152,602 | $ | 339,725 | 5.60 | % | |||||||||||||||||||||||||||||||||||
Investment securities (3) | 9,583,958 | 118,573 | 4.93 | % | 9,404,188 | 121,124 | 5.13 | % | 9,236,863 | 122,648 | 5.31 | % | |||||||||||||||||||||||||||||||||||||||||
| Other interest earning assets | 737,306 | 6,986 | 3.76 | % | 793,366 | 8,113 | 4.06 | % | 785,947 | 9,300 | 4.71 | % | |||||||||||||||||||||||||||||||||||||||||
| Total interest earning assets | 34,018,479 | 445,811 | 5.21 | % | 33,731,266 | 456,503 | 5.38 | % | 34,175,412 | 471,673 | 5.50 | % | |||||||||||||||||||||||||||||||||||||||||
| Allowance for credit losses | (222,451) | (227,694) | (235,211) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-interest earning assets | 1,389,731 | 1,390,051 | 1,405,129 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 35,185,759 | $ | 34,893,623 | $ | 35,345,330 | |||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities and Stockholders' Equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest bearing demand deposits | $ | 6,072,259 | $ | 48,032 | 3.14 | % | $ | 5,586,547 | $ | 47,304 | 3.36 | % | $ | 5,045,860 | $ | 46,759 | 3.69 | % | |||||||||||||||||||||||||||||||||||
| Savings and money market deposits | 10,123,959 | 77,378 | 3.03 | % | 9,921,293 | 83,862 | 3.35 | % | 10,462,295 | 93,912 | 3.57 | % | |||||||||||||||||||||||||||||||||||||||||
| Time deposits | 3,449,304 | 30,465 | 3.50 | % | 3,535,051 | 32,389 | 3.63 | % | 4,529,737 | 48,182 | 4.23 | % | |||||||||||||||||||||||||||||||||||||||||
| Total interest bearing deposits | 19,645,522 | 155,875 | 3.15 | % | 19,042,891 | 163,555 | 3.40 | % | 20,037,892 | 188,853 | 3.75 | % | |||||||||||||||||||||||||||||||||||||||||
| FHLB advances | 2,486,250 | 24,065 | 3.84 | % | 3,221,577 | 32,027 | 3.94 | % | 3,200,652 | 30,750 | 3.82 | % | |||||||||||||||||||||||||||||||||||||||||
| Notes and other borrowings | 328,322 | 4,253 | 5.18 | % | 542,241 | 7,228 | 5.34 | % | 708,689 | 9,126 | 5.15 | % | |||||||||||||||||||||||||||||||||||||||||
| Total interest bearing liabilities | 22,460,094 | 184,193 | 3.26 | % | 22,806,709 | 202,810 | 3.52 | % | 23,947,233 | 228,729 | 3.80 | % | |||||||||||||||||||||||||||||||||||||||||
| Non-interest bearing demand deposits | 8,708,397 | 8,203,439 | 7,557,267 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Other non-interest bearing liabilities | 922,581 | 868,385 | 995,789 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities | 32,091,072 | 31,878,533 | 32,500,289 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' equity | 3,094,687 | 3,015,090 | 2,845,041 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 35,185,759 | $ | 34,893,623 | $ | 35,345,330 | |||||||||||||||||||||||||||||||||||||||||||||||
| Net interest income | $ | 261,618 | $ | 253,693 | $ | 242,944 | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest rate spread | 1.95 | % | 1.86 | % | 1.70 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Net interest margin | 3.06 | % | 3.00 | % | 2.84 | % | |||||||||||||||||||||||||||||||||||||||||||||||
(1) On a tax-equivalent basis where applicable
(2) Annualized
(3) At fair value
9
BANKUNITED, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(Dollars in thousands)
| Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average Balance | Interest (1) | Yield/ Rate (1) | Average Balance | Interest (1) | Yield/ Rate (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 23,765,232 | $ | 1,302,438 | 5.48 | % | $ | 24,269,787 | $ | 1,402,132 | 5.78 | % | |||||||||||||||||||||||||||||||||||||||||
Investment securities (2) | 9,362,652 | 472,331 | 5.04 | % | 9,064,521 | 501,006 | 5.53 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Other interest earning assets | 783,417 | 31,878 | 4.07 | % | 745,885 | 37,553 | 5.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total interest earning assets | 33,911,301 | 1,806,647 | 5.33 | % | 34,080,193 | 1,940,691 | 5.69 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Allowance for credit losses | (226,362) | (224,673) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-interest earning assets | 1,380,186 | 1,502,205 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 35,065,125 | $ | 35,357,725 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities and Stockholders' Equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest bearing demand deposits | $ | 5,473,316 | $ | 180,918 | 3.31 | % | $ | 4,077,852 | $ | 152,809 | 3.75 | % | |||||||||||||||||||||||||||||||||||||||||
| Savings and money market deposits | 10,305,664 | 341,042 | 3.31 | % | 11,043,510 | 451,352 | 4.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Time deposits | 3,804,507 | 142,375 | 3.74 | % | 4,757,675 | 211,411 | 4.44 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total interest bearing deposits | 19,583,487 | 664,335 | 3.39 | % | 19,879,037 | 815,572 | 4.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | 2,909,589 | 111,126 | 3.82 | % | 3,823,579 | 158,750 | 4.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Notes and other borrowings | 571,046 | 29,752 | 5.21 | % | 709,422 | 36,528 | 5.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total interest bearing liabilities | 23,064,122 | 805,213 | 3.49 | % | 24,412,038 | 1,010,850 | 4.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Non-interest bearing demand deposits | 8,083,605 | 7,239,161 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Other non-interest bearing liabilities | 931,540 | 968,163 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities | 32,079,267 | 32,619,362 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' equity | 2,985,858 | 2,738,363 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 35,065,125 | $ | 35,357,725 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest income | $ | 1,001,434 | $ | 929,841 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Interest rate spread | 1.84 | % | 1.55 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest margin | 2.95 | % | 2.73 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) On a tax-equivalent basis where applicable
(2) At fair value
10
BANKUNITED, INC. AND SUBSIDIARIES
EARNINGS PER COMMON SHARE
(In thousands except share and per share amounts)
Three Months Ended | Years Ended | ||||||||||||||||||||||||||||||||||||||||
| c | December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||||
| Basic earnings per common share: | |||||||||||||||||||||||||||||||||||||||||
| Numerator: | |||||||||||||||||||||||||||||||||||||||||
Net income | $ | 69,260 | $ | 71,851 | $ | 69,302 | $ | 268,353 | $ | 232,467 | |||||||||||||||||||||||||||||||
Distributed and undistributed earnings allocated to participating securities | (2,311) | (1,030) | (1,598) | (5,697) | (4,113) | ||||||||||||||||||||||||||||||||||||
| Income allocated to common stockholders for basic earnings per common share | $ | 66,949 | $ | 70,821 | $ | 67,704 | $ | 262,656 | $ | 228,354 | |||||||||||||||||||||||||||||||
| Denominator: | |||||||||||||||||||||||||||||||||||||||||
| Weighted average common shares outstanding | 74,789,191 | 75,227,314 | 74,750,961 | 75,039,662 | 74,694,303 | ||||||||||||||||||||||||||||||||||||
| Less average unvested stock awards | (1,119,854) | (1,116,965) | (1,075,384) | (1,115,829) | (1,098,045) | ||||||||||||||||||||||||||||||||||||
| Weighted average shares for basic earnings per common share | 73,669,337 | 74,110,349 | 73,675,577 | 73,923,833 | 73,596,258 | ||||||||||||||||||||||||||||||||||||
| Basic earnings per common share | $ | 0.91 | $ | 0.96 | $ | 0.92 | $ | 3.55 | $ | 3.10 | |||||||||||||||||||||||||||||||
| Diluted earnings per common share: | |||||||||||||||||||||||||||||||||||||||||
| Numerator: | |||||||||||||||||||||||||||||||||||||||||
| Income allocated to common stockholders for basic earnings per common share | $ | 66,949 | $ | 70,821 | $ | 67,704 | $ | 262,656 | $ | 228,354 | |||||||||||||||||||||||||||||||
Adjustment for earnings reallocated from participating securities | (229) | 7 | (198) | (648) | (402) | ||||||||||||||||||||||||||||||||||||
| Income used in calculating diluted earnings per common share | $ | 66,720 | $ | 70,828 | $ | 67,506 | $ | 262,008 | $ | 227,952 | |||||||||||||||||||||||||||||||
| Denominator: | |||||||||||||||||||||||||||||||||||||||||
| Weighted average shares for basic earnings per common share | 73,669,337 | 74,110,349 | 73,675,577 | 73,923,833 | 73,596,258 | ||||||||||||||||||||||||||||||||||||
| Dilutive effect of certain share-based awards | 436,863 | 715,117 | 616,913 | 380,640 | 382,043 | ||||||||||||||||||||||||||||||||||||
Weighted average shares for diluted earnings per common share | 74,106,200 | 74,825,466 | 74,292,490 | 74,304,473 | 73,978,301 | ||||||||||||||||||||||||||||||||||||
| Diluted earnings per common share | $ | 0.90 | $ | 0.95 | $ | 0.91 | $ | 3.53 | $ | 3.08 | |||||||||||||||||||||||||||||||
11
BANKUNITED, INC. AND SUBSIDIARIES
SELECTED RATIOS
| At or for the Three Months Ended | At or for the Years Ended | ||||||||||||||||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||
Financial ratios (4) | |||||||||||||||||||||||||||||||||||||||||
| Return on average assets | 0.78 | % | 0.82 | % | 0.78 | % | 0.77 | % | 0.66 | % | |||||||||||||||||||||||||||||||
| Return on average stockholders’ equity | 8.9 | % | 9.5 | % | 9.7 | % | 9.0 | % | 8.5 | % | |||||||||||||||||||||||||||||||
Net interest margin (3) | 3.06 | % | 3.00 | % | 2.84 | % | 2.95 | % | 2.73 | % | |||||||||||||||||||||||||||||||
| Loans to deposits | 82.7 | % | 82.8 | % | 87.2 | % | 82.7 | % | 87.2 | % | |||||||||||||||||||||||||||||||
| Tangible book value per common share | $ | 40.14 | $ | 39.27 | $ | 36.61 | $ | 40.14 | $ | 36.61 | |||||||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | |||||||||||||||
| Asset quality ratios | |||||||||||||||||
Non-performing loans to total loans (1)(5) | 1.54 | % | 1.60 | % | 1.03 | % | |||||||||||
Non-performing assets to total assets (2)(5) | 1.08 | % | 1.10 | % | 0.73 | % | |||||||||||
ACL to total loans | 0.91 | % | 0.93 | % | 0.92 | % | |||||||||||
Commercial ACL to commercial loans (6) | 1.30 | % | 1.35 | % | 1.37 | % | |||||||||||
ACL to non-performing loans (1)(5) | 58.99 | % | 57.95 | % | 89.01 | % | |||||||||||
Net charge-offs to average loans(7) | 0.30 | % | 0.26 | % | 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 nine month periods as applicable.
(5) Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $37.9 million or 0.16% of total loans and 0.11% of total assets at December 31, 2025, $40.0 million or 0.17% of total loans and 0.11% of total assets at September 30, 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 nine months ended September 30, 2025; ratios for December 31, 2025 and December 31, 2024 represents annual net charge-off rate.
| December 31, 2025 | September 30, 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 | 8.9 | % | 9.3 | % | 9.0 | % | 9.5 | % | 8.5 | % | 9.7 | % | 5.0 | % | |||||||||||||||||||||||||||
| Common Equity Tier 1 ("CET1") risk-based capital | 12.3 | % | 12.7 | % | 12.5 | % | 13.2 | % | 12.0 | % | 13.7 | % | 6.5 | % | |||||||||||||||||||||||||||
| Total risk-based capital | 14.1 | % | 13.6 | % | 14.4 | % | 14.1 | % | 14.1 | % | 14.6 | % | 10.0 | % | |||||||||||||||||||||||||||
| Tangible Common Equity/Tangible Assets | 8.5 | % | N/A | 8.4 | % | N/A | 7.8 | % | N/A | N/A | |||||||||||||||||||||||||||||||
12
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.
Adjusted net income, EPS and ROA excluding the one-time item are non-GAAP financial measures. Disclosure of these measures enhances the reader's ability to compare the Company's performance for 4Q 2025 to other periods presented.
PPNR is a non-GAAP financial measure. Management believes this measure is relevant to understanding the performance of the Company attributable to elements other than the provision for credit losses and the ability of the Company to generate earnings sufficient to cover estimated credit losses. This measure also provides a meaningful basis for comparison to other financial institutions since it is commonly employed and is a measure frequently cited by investors and analysts.
The following tables reconciles these non-GAAP financial measurement to the comparable GAAP financial measurements at the dates and for the periods indicated (in thousands except share and per share data):
| December 31, 2025 | December 31, 2024 | ||||||||||||||||
| Total stockholders’ equity | $ | 3,053,829 | $ | 2,814,318 | |||||||||||||
| Less: goodwill and other intangible assets | 77,637 | 77,637 | |||||||||||||||
| Tangible stockholders’ equity | $ | 2,976,192 | $ | 2,736,681 | |||||||||||||
| Common shares issued and outstanding | 74,138,066 | 74,748,370 | |||||||||||||||
| Book value per common share | $ | 41.19 | $ | 37.65 | |||||||||||||
| Tangible book value per common share | $ | 40.14 | $ | 36.61 | |||||||||||||
| Three Months Ended December 31, 2025 | |||||
Adjusted Net Income | |||||
Net Income | $ | 69,260 | |||
Write down on capitalized software | 3,770 | ||||
Tax effect of adjustment(1) | (980) | ||||
| Adjusted net income | $ | 72,050 | |||
Adjusted annualized ROA | |||||
Average assets | $ | 35,185,759 | |||
Return on average assets | 0.78 | % | |||
Adjusted return on average assets | 0.81 | % | |||
Adjusted diluted earnings per share | |||||
Income used in calculating diluted earnings per share | $ | 66,720 | |||
Write down on capitalized software | 3,770 | ||||
Tax effect of adjustment(1) | (980) | ||||
Adjusted income used in calculating diluted earnings per share | $ | 69,510 | |||
| Weighted average shares for diluted earnings per common share | 74,106,200 | ||||
Diluted EPS | $ | 0.90 | |||
Adjusted diluted EPS | $ | 0.94 | |||
13
| Three Months Ended | Years Ended | ||||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||
| Pre-Provision Net Revenue ("PPNR") | |||||||||||||||||||||||||||||
Income before income taxes | $ | 89,838 | $ | 97,932 | $ | 92,991 | $ | 361,746 | $ | 316,349 | |||||||||||||||||||
Provision for credit losses | 25,554 | 11,577 | 11,001 | 67,940 | 55,072 | ||||||||||||||||||||||||
| PPNR | $ | 115,392 | $ | 109,509 | $ | 103,992 | $ | 429,686 | $ | 371,421 | |||||||||||||||||||
(1) A tax rate of 26.00% was applied
14