BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced
financial results for the quarter and year ended December 31,
2023.
"We finished the year with continued improvement on both sides
of our balance sheet, expanding margin and strong credit
performance. We are benefiting from a strong economy in our primary
market and are looking forward to 2024 with great optimism," said
Rajinder Singh, Chairman, President and Chief Executive
Officer.
For the quarter ended December 31, 2023, the Company reported
net income of $20.8 million, or $0.27 per diluted share, compared
to $47.0 million, or $0.63 per diluted share, for the immediately
preceding quarter ended September 30, 2023 and $64.2 million, or
$0.82 per diluted share, for the quarter ended December 31, 2022.
For the year ended December 31, 2023, the Company reported net
income of $178.7 million, or $2.38 per diluted share, compared to
$285.0 million, or $3.54 per diluted share, for the year ended
December 31, 2022. Results for the quarter ended December 31, 2023
were negatively impacted by $41.8 million of notable items
impacting income before taxes, related to the FDIC special
assessment and a loss on sale of operating lease equipment as
detailed below.
Quarterly Highlights
- Two notable items totaling $41.8 million impacted income before
income taxes for the quarter ended December 31, 2023 (in
thousands):
FDIC special assessment
$
35,356
Loss on sale of operating lease
equipment
6,479
$
41,835
The loss on sale of operating lease equipment
of $6.5 million compares to a gain of $4.2 million on sale of
operating lease equipment in the immediately preceding quarter, for
a variance of $10.7 million.
- We continued to execute on near-term strategic priorities this
quarter:
- The net interest margin, calculated on a tax-equivalent basis,
expanded this quarter to 2.60% from 2.56% for the immediately
preceding quarter.
- Non-brokered deposits grew by $604 million for the quarter
ended December 31, 2023. Total deposits grew by $426 million.
- Non-interest bearing deposits declined by $521 million for the
quarter, to 26% of total deposits at December 31, 2023, from 28% at
September 30, 2023. On an average basis, non-interest bearing
deposits were relatively flat to the prior quarter, declining by
only $28.5 million. Most of the period-end decline was attributable
to quarter-end outflows related to seasonality in the residential
real estate sector, impacting our title solutions vertical and
other mortgage related deposits.
- Residential loans declined by $172 million for the quarter,
while our core C&I and commercial real estate portfolios grew
by a total of $476 million. Since December 31, 2022, residential
loans have declined by $692 million.
- The amortized cost of the investment securities portfolio
declined by $106 million during the quarter ended December 31, 2023
and has declined by $959 million since December 31, 2022.
- Wholesale funding, including FHLB advances and brokered
deposits, declined by $228 million for the quarter. We have paid
down FHLB advances by $2.4 billion since March 31, 2023.
- Liquidity remains ample. Total same day available liquidity was
$13.6 billion, the available liquidity to uninsured,
uncollateralized deposits ratio was 152% and an estimated 66% of
our deposits were insured or collateralized at December 31,
2023.
- Our capital position is robust. At December 31, 2023, CET1 was
11.4% at a consolidated level. Pro-forma CET1, including
accumulated other comprehensive income, was 10.0% at December 31,
2023. The ratio of tangible common equity/tangible assets increased
to 7.0% at December 31, 2023.
- For the quarter ended December 31, 2023, the provision for
credit losses was $19.3 million compared to $33.0 million for the
immediately preceding quarter. The ratio of the ACL to total loans
increased to 0.82% at December 31, 2023, from 0.80% at September
30, 2023.
- The net charge-off ratio for the year ended December 31, 2023
was 0.09%. NPAs remained low, totaling $130.6 million at December
31, 2023, down from $140.5 million at September 30, 2023. The NPA
ratio at December 31, 2023 declined to 0.37%, including 0.12%
related to the guaranteed portion of non-performing SBA loans, from
0.40%, including 0.11% related to the guaranteed portion of
non-performing SBA loans at September 30, 2023.
- As expected in the current macro-environment, the average cost
of total deposits increased to 2.96% for the quarter ended December
31, 2023 from 2.74% for the immediately preceding quarter. This
increase of 0.22% was smaller than the 0.28% increase in the cost
of deposits for the quarter ended September 30, 2023, continuing
the trend of a declining rate of increase in deposit costs. The
yield on average interest earning assets increased to 5.70% for the
quarter ended December 31, 2023 from 5.52% for the immediately
preceding quarter.
- Our commercial real estate exposure is modest. Commercial real
estate loans totaled 23.6% of loans at December 31, 2023,
representing 169% of the Bank's total risk based capital. At
December 31, 2023, the weighted average LTV of the CRE portfolio
was 56.0% and the weighted average DSCR was 1.80. 58% of the
portfolio was secured by collateral properties located in Florida
and 25% was secured by properties in the New York tri-state
area.
- We remain committed to keeping the duration of our securities
portfolio short; the duration of the available for sale securities
portfolio was 1.96 at December 31, 2023. Held to maturity
securities were not significant.
- The net unrealized pre-tax loss on the securities portfolio
improved by $109 million for the quarter ended December 31, 2023,
now representing 6% of amortized cost. AOCI improved by $50
million.
- Book value and tangible book value per common share continued
to grow, to $34.66 and $33.62, respectively, at December 31, 2023,
compared to $33.92 and $32.88, respectively, at September 30, 2023
and $32.19 and $31.16, respectively, at December 31, 2022.
Loans
A comparison of loan portfolio composition at the dates
indicated follows (dollars in thousands):
December 31, 2023
September 30, 2023
December 31, 2022
Residential
$
8,209,027
33.3
%
$
8,380,568
34.4
%
$
8,900,714
35.7
%
Non-owner occupied commercial real
estate
5,323,241
21.6
%
5,296,784
21.7
%
5,405,597
21.7
%
Construction and land
495,992
2.0
%
445,273
1.8
%
294,360
1.2
%
Owner occupied commercial real estate
1,935,743
7.9
%
1,851,246
7.6
%
1,890,813
7.6
%
Commercial and industrial
6,971,981
28.3
%
6,658,010
27.4
%
6,417,721
25.9
%
Pinnacle - municipal finance
884,690
3.6
%
900,199
3.7
%
912,122
3.7
%
Franchise finance
182,408
0.7
%
196,745
0.8
%
253,774
1.0
%
Equipment finance
197,939
0.8
%
219,874
0.9
%
286,147
1.1
%
Mortgage warehouse lending ("MWL")
432,663
1.8
%
407,577
1.7
%
524,740
2.1
%
$
24,633,684
100.0
%
$
24,356,276
100.0
%
$
24,885,988
100.0
%
Consistent with our balance sheet strategy, for the quarter
ended December 31, 2023, residential loans declined by $172
million, while C&I grew by $399 million, CRE grew by $77
million and MWL grew by $25 million. Franchise, equipment and
municipal finance declined by $52 million in aggregate.
Asset Quality and the Allowance for
Credit Losses ("ACL")
The following table presents the ACL and related ACL coverage
ratios at the dates indicated and net charge-off rates for the
periods ended December 31, 2023, September 30, 2023 and December
31, 2022 (dollars in thousands):
ACL
ACL to Total
Loans
ACL to Non-
Performing Loans
Net Charge-offs to
Average Loans (1)
December 31, 2022
$
147,946
0.59
%
140.88
%
0.22
%
September 30, 2023
$
196,063
0.80
%
143.22
%
0.07
%
December 31, 2023
$
202,689
0.82
%
159.54
%
0.09
%
____________
(1) Annualized for the nine months ended September 30, 2023.
The ACL at December 31, 2023 represents management's estimate of
lifetime expected credit losses given an assessment of historical
data, current conditions, and a reasonable and supportable economic
forecast as of the balance sheet date. For the quarter ended
December 31, 2023, the provision for credit losses was $19.3
million, including $16.3 million related to funded loans. Factors
impacting the provision for credit losses and increase in the ACL
for the quarter ended December 31, 2023 included the shift in
balance sheet composition toward commercial loan categories that
typically carry higher reserves and risk rating migration.
The following table summarizes the activity in the ACL for the
periods indicated (in thousands):
Three Months Ended December
31,
Years Ended December
31,
2023
2022
2023
2022
Beginning balance
$
196,063
$
130,671
$
147,946
$
126,457
Impact of adoption of new accounting
pronouncement (ASU 2022-02)
N/A
N/A
(1,794
)
N/A
Balance after impact of adoption of new
accounting pronouncement (ASU 2022-02)
196,063
130,671
146,152
126,457
Provision
16,257
40,408
78,924
73,814
Net charge-offs
(9,631
)
(23,133
)
(22,387
)
(52,325
)
Ending balance
$
202,689
$
147,946
$
202,689
$
147,946
Non-performing loans totaled $127.0 million or 0.52% of total
loans at December 31, 2023, compared to $136.9 million or 0.56% of
total loans at September 30, 2023. Non-performing loans included
$41.8 million and $37.8 million of the guaranteed portion of SBA
loans on non-accrual status, representing 0.17% and 0.16% of total
loans at December 31, 2023 and September 30, 2023,
respectively.
The following table presents criticized and classified
commercial loans at the dates indicated (in thousands):
December 31, 2023
September 30, 2023
December 31, 2022
Special mention
$
319,905
$
341,999
$
51,433
Substandard - accruing
711,266
534,336
605,965
Substandard - non-accruing
86,903
96,248
75,125
Doubtful
19,035
19,344
7,990
Total
$
1,137,109
$
991,927
$
740,513
The increase in the substandard accruing category for the
quarter ended December 31, 2023 included $74 million of C&I and
$118 million of CRE. All of these loans are performing. The
substantial majority of the increase was attributable to a small
number of loans. Increasing operating costs, including insurance
and interest costs, and higher vacancy rates for some office
properties were contributing factors.
Net Interest Income
Net interest income for the quarter ended December 31, 2023 was
$217.2 million, compared to $214.8 million for the immediately
preceding quarter ended September 30, 2023 and $243.1 million for
the quarter ended December 31, 2022. Interest income increased by
$12.7 million for the quarter ended December 31, 2023 compared to
the immediately preceding quarter, while interest expense increased
by $10.3 million.
The Company’s net interest margin, calculated on a
tax-equivalent basis, increased by 0.04% to 2.60% for the quarter
ended December 31, 2023, from 2.56% for the immediately preceding
quarter ended September 30, 2023. Factors impacting the net
interest margin for the quarter ended December 31, 2023 were:
- The tax-equivalent yield on loans increased to 5.69% for the
quarter ended December 31, 2023, from 5.54% for the quarter ended
September 30, 2023. This increase reflects the origination of new
loans at higher rates, re-positioning of the portfolio and to a
lesser extent, the resetting of variable rate loans to higher
coupon rates.
- The tax-equivalent yield on investment securities increased to
5.73% for the quarter ended December 31, 2023, from 5.48% for the
quarter ended September 30, 2023. Factors leading to this increase
included the reset of coupon rates on variable rate securities and
retrospective accounting adjustments related to prepayment speeds
on certain securities.
- The average cost of interest bearing deposits increased to
4.04% for the quarter ended December 31, 2023 from 3.76% for the
quarter ended September 30, 2023, a continuing response to the
higher interest rate environment.
- The reduction in the proportion of total funding comprised of
more expensive wholesale funding also contributed to the increase
in the net interest margin.
Non-interest income and Non-interest
expense
Non-interest income totaled $17.1 million for the quarter ended
December 31, 2023, compared to $27.7 million for the quarter ended
September 30, 2023. The decrease compared to the quarter ended
September 30, 2023 was primarily attributable to a $6.5 million
loss on sale of lease equipment during the quarter ended December
31, 2023 compared to a $4.2 million gain on sale of lease equipment
during the prior quarter.
Non-interest expense totaled $190.9 million for the quarter
ended December 31, 2023, compared to $147.1 million for the
immediately preceding quarter ended September 30, 2023. The
increase over the prior quarter was primarily attributable to a
$35.4 million FDIC special assessment recorded during the quarter
ended December 31, 2023. The increase in compensation and benefits
for the quarter ended December 31, 2023 compared to the immediately
preceding quarter primarily resulted from an increase in the
Company's stock price, impacting the value of liability-classified
share based compensation awards.
Earnings Conference Call and
Presentation
A conference call to discuss quarterly results will be held at
9:00 a.m. ET on Friday, January 26, 2024 with Chairman, President
and Chief Executive Officer, Rajinder P. Singh, Chief Financial
Officer, Leslie N. Lunak and Chief Operating Officer, Thomas M.
Cornish.
The earnings release and slides with supplemental information
relating to the release will be available on the Investor Relations
page under About Us on www.bankunited.com prior to the call. Due to
recent demand for conference call services, participants are
encouraged to listen to the call via a live Internet webcast at
https://ir.bankunited.com. To participate by telephone,
participants will receive dial-in information and a unique PIN
number upon completion of registration at
https://register.vevent.com/register/BI50a5352f746b4dc890465ca3d32e6db9.
For those unable to join the live event, an archived webcast will
be available in the Investor Relations page at
https://ir.bankunited.com approximately two hours following the
live webcast.
About BankUnited, Inc.
BankUnited, Inc., with total assets of $35.8 billion at December
31, 2023, is the bank holding company of BankUnited, N.A., a
national bank headquartered in Miami Lakes, Florida that provides a
full range of banking and related services to individual and
corporate customers through banking centers located in the state of
Florida, the New York metropolitan area and Dallas, Texas, and a
comprehensive suite of wholesale products to customers through an
Atlanta office focused on the Southeast region. BankUnited also
offers certain commercial lending and deposit products through
national platforms. For additional information, call (877) 779-2265
or visit www.BankUnited.com.
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that reflect the Company’s current views with respect to, among
other things, future events and financial performance.
The Company generally identifies forward-looking statements by
terminology such as “outlook,” “believes,” “expects,” “potential,”
“continues,” “may,” “will,” “could,” “should,” “seeks,”
“approximately,” “predicts,” “intends,” “plans,” “estimates,”
“anticipates,” "forecasts" or the negative version of those words
or other comparable words. Any forward-looking statements contained
in this press release are based on the historical performance of
the Company and its subsidiaries or on the Company’s current plans,
estimates and expectations. The inclusion of this forward-looking
information should not be regarded as a representation by the
Company that the future plans, estimates or expectations
contemplated by the Company will be achieved. Such forward-looking
statements are subject to various risks and uncertainties and
assumptions, including (without limitation) those relating to the
Company’s operations, financial results, financial condition,
business prospects, growth strategy and liquidity, including as
impacted by external circumstances outside the Company's direct
control, such as but not limited to adverse events or conditions
impacting the financial services industry. If one or more of these
or other risks or uncertainties materialize, or if the Company’s
underlying assumptions prove to be incorrect, the Company’s actual
results may vary materially from those indicated in these
statements. These factors should not be construed as exhaustive.
The Company does not undertake any obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise. A number of
important factors could cause actual results to differ materially
from those indicated by the forward-looking statements. Information
on these factors can be found in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2022 and any subsequent
Quarterly Report on Form 10-Q or Current Report on Form 8-K, which
are available at the SEC’s website (www.sec.gov).
BANKUNITED, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS -
UNAUDITED
(In thousands, except share
and per share data)
December 31,
2023
September 30,
2023
December 31,
2022
ASSETS
Cash and due from banks:
Non-interest bearing
$
14,945
$
12,391
$
16,068
Interest bearing
573,338
379,494
556,579
Cash and cash equivalents
588,283
391,885
572,647
Investment securities (including
securities reported at fair value of $8,867,354, $8,876,484 and
$9,745,327)
8,877,354
8,886,484
9,755,327
Non-marketable equity securities
310,084
312,159
294,172
Loans
24,633,684
24,356,276
24,885,988
Allowance for credit losses
(202,689
)
(196,063
)
(147,946
)
Loans, net
24,430,995
24,160,213
24,738,042
Bank owned life insurance
318,459
319,808
308,212
Operating lease equipment, net
371,909
460,146
539,799
Goodwill
77,637
77,637
77,637
Other assets
786,886
781,332
740,876
Total assets
$
35,761,607
$
35,389,664
$
37,026,712
LIABILITIES AND STOCKHOLDERS’
EQUITY
Liabilities:
Demand deposits:
Non-interest bearing
$
6,835,236
$
7,356,523
$
8,037,848
Interest bearing
3,403,539
3,290,391
2,142,067
Savings and money market
11,135,708
10,276,071
13,061,341
Time
5,163,995
5,189,681
4,268,078
Total deposits
26,538,478
26,112,666
27,509,334
Federal funds purchased
—
—
190,000
FHLB advances
5,115,000
5,165,000
5,420,000
Notes and other borrowings
708,973
715,197
720,923
Other liabilities
821,235
872,731
750,474
Total liabilities
33,183,686
32,865,594
34,590,731
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01 per share,
400,000,000 shares authorized; 74,372,505, 74,413,059 and
75,674,587 shares issued and outstanding
744
744
757
Paid-in capital
283,642
279,672
321,729
Retained earnings
2,650,956
2,650,850
2,551,400
Accumulated other comprehensive loss
(357,421
)
(407,196
)
(437,905
)
Total stockholders' equity
2,577,921
2,524,070
2,435,981
Total liabilities and stockholders'
equity
$
35,761,607
$
35,389,664
$
37,026,712
BANKUNITED, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME - UNAUDITED
(In thousands, except per
share data)
Three Months Ended
Years Ended
December 31,
September 30,
December 31,
December 31,
December 31,
2023
2023
2022
2023
2022
Interest income:
Loans
$
346,255
$
337,014
$
288,973
$
1,318,217
$
934,642
Investment securities
125,993
122,857
105,172
488,212
280,100
Other
10,957
10,668
7,345
51,152
15,709
Total interest income
483,205
470,539
401,490
1,857,581
1,230,451
Interest expense:
Deposits
192,833
176,974
94,403
660,305
179,972
Borrowings
73,162
78,723
64,021
323,472
137,519
Total interest expense
265,995
255,697
158,424
983,777
317,491
Net interest income before provision for
credit losses
217,210
214,842
243,066
873,804
912,960
Provision for credit losses
19,253
33,049
39,608
87,607
75,154
Net interest income after provision for
credit losses
197,957
181,793
203,458
786,197
837,806
Non-interest income:
Deposit service charges and fees
5,386
5,402
5,482
21,682
23,402
Gain (loss) on investment securities,
net
617
887
320
(10,052
)
(15,805
)
Lease financing
3,723
16,531
14,153
45,882
54,111
Other non-interest income
7,366
4,904
6,858
29,326
15,928
Total non-interest income
17,092
27,724
26,813
86,838
77,636
Non-interest expense:
Employee compensation and benefits
73,454
68,825
69,902
280,744
265,548
Occupancy and equipment
10,610
10,890
10,770
43,345
45,400
Deposit insurance expense
43,453
7,790
6,205
66,747
17,999
Professional fees
5,052
2,696
3,028
14,184
11,730
Technology
18,628
19,193
22,388
79,984
77,103
Depreciation of operating lease
equipment
10,476
11,217
12,547
44,446
50,388
Other non-interest expense
29,190
26,479
23,639
106,501
72,142
Total non-interest expense
190,863
147,090
148,479
635,951
540,310
Income before income taxes
24,186
62,427
81,792
237,084
375,132
Provision for income taxes
3,374
15,446
17,585
58,413
90,161
Net income
$
20,812
$
46,981
$
64,207
$
178,671
$
284,971
Earnings per common share, basic
$
0.27
$
0.63
$
0.83
$
2.39
$
3.55
Earnings per common share, diluted
$
0.27
$
0.63
$
0.82
$
2.38
$
3.54
BANKUNITED, INC. AND
SUBSIDIARIES
AVERAGE BALANCES AND
YIELDS
(Dollars in thousands)
Three Months Ended December
31,
Three Months Ended September
30,
Three Months Ended December
31,
2023
2023
2022
Average
Balance
Interest (1)
Yield/
Rate
(1)(2)
Average
Balance
Interest (1)
Yield/
Rate
(1)(2)
Average
Balance
Interest (1)
Yield/
Rate
(1)(2)
Assets:
Interest earning assets:
Loans
$
24,416,013
$
349,603
5.69
%
$
24,417,433
$
340,357
5.54
%
$
24,624,062
$
292,272
4.72
%
Investment securities (3)
8,850,397
126,870
5.73
%
9,034,116
123,794
5.48
%
9,788,969
106,034
4.33
%
Other interest earning assets
801,833
10,957
5.42
%
785,146
10,668
5.39
%
710,315
7,345
4.10
%
Total interest earning assets
34,068,243
487,430
5.70
%
34,236,695
474,819
5.52
%
35,123,346
405,651
4.60
%
Allowance for credit losses
(198,984
)
(173,407
)
(137,300
)
Non-interest earning assets
1,715,795
1,747,310
1,837,156
Total assets
$
35,585,054
$
35,810,598
$
36,823,202
Liabilities and Stockholders'
Equity:
Interest bearing liabilities:
Interest bearing demand deposits
$
3,433,216
$
31,978
3.70
%
$
3,038,870
$
25,491
3.33
%
$
2,183,854
$
6,704
1.22
%
Savings and money market deposits
10,287,945
104,188
4.02
%
10,205,765
97,956
3.81
%
12,054,892
68,001
2.24
%
Time deposits
5,225,756
56,667
4.30
%
5,420,522
53,527
3.92
%
3,960,111
19,698
1.97
%
Total interest bearing deposits
18,946,917
192,833
4.04
%
18,665,157
176,974
3.76
%
18,198,857
94,403
2.06
%
Federal funds purchased
—
—
—
%
—
—
—
%
175,637
1,677
3.74
%
FHLB advances
5,545,978
64,034
4.58
%
6,040,870
69,525
4.57
%
6,125,435
53,084
3.44
%
Notes and other borrowings
711,073
9,128
5.13
%
715,307
9,198
5.14
%
721,044
9,260
5.14
%
Total interest bearing liabilities
25,203,968
265,995
4.19
%
25,421,334
255,697
3.99
%
25,220,973
158,424
2.49
%
Non-interest bearing demand deposits
6,909,027
6,937,537
8,237,885
Other non-interest bearing liabilities
903,099
868,178
879,207
Total liabilities
33,016,094
33,227,049
34,338,065
Stockholders' equity
2,568,960
2,583,549
2,485,137
Total liabilities and stockholders'
equity
$
35,585,054
$
35,810,598
$
36,823,202
Net interest income
$
221,435
$
219,122
$
247,227
Interest rate spread
1.51
%
1.53
%
2.11
%
Net interest margin
2.60
%
2.56
%
2.81
%
____________
(1)
On a tax-equivalent basis where
applicable
(2)
Annualized
(3)
At fair value except for securities held
to maturity
BANKUNITED, INC. AND
SUBSIDIARIES
AVERAGE BALANCES AND
YIELDS
(Dollars in thousands)
Years Ended December
31,
2023
2022
Average
Balance
Interest (1)
Yield/
Rate (1)
Average
Balance
Interest (1)
Yield/
Rate (1)
Assets:
Interest earning assets:
Loans
$
24,558,430
$
1,331,578
5.42
%
$
23,937,857
$
947,386
3.96
%
Investment securities (2)
9,228,718
491,851
5.33
%
10,081,701
283,081
2.81
%
Other interest earning assets
986,186
51,152
5.19
%
675,068
15,709
2.33
%
Total interest earning assets
34,773,334
1,874,581
5.39
%
34,694,626
1,246,176
3.59
%
Allowance for credit losses
(171,618
)
(132,033
)
Non-interest earning assets
1,749,981
1,721,570
Total assets
$
36,351,697
$
36,284,163
Liabilities and Stockholders'
Equity:
Interest bearing liabilities:
Interest bearing demand deposits
$
2,905,968
$
86,759
2.99
%
$
2,538,906
$
13,919
0.55
%
Savings and money market deposits
10,704,470
382,432
3.57
%
12,874,240
130,705
1.02
%
Time deposits
5,169,458
191,114
3.70
%
3,338,671
35,348
1.06
%
Total interest bearing deposits
18,779,896
660,305
3.52
%
18,751,817
179,972
0.96
%
Federal funds purchased
35,403
1,611
4.55
%
157,979
2,723
1.72
%
FHLB advances
6,331,685
285,026
4.50
%
4,383,507
97,763
2.23
%
Notes and other borrowings
716,633
36,835
5.14
%
721,223
37,033
5.13
%
Total interest bearing liabilities
25,863,617
983,777
3.80
%
24,014,526
317,491
1.32
%
Non-interest bearing demand deposits
7,091,029
8,861,111
Other non-interest bearing liabilities
848,023
708,473
Total liabilities
33,802,669
33,584,110
Stockholders' equity
2,549,028
2,700,053
Total liabilities and stockholders'
equity
$
36,351,697
$
36,284,163
Net interest income
$
890,804
$
928,685
Interest rate spread
1.59
%
2.27
%
Net interest margin
2.56
%
2.68
%
____________
(1)
On a tax-equivalent basis where
applicable
(2)
At fair value except for securities held
to maturity
BANKUNITED, INC. AND
SUBSIDIARIES
EARNINGS PER COMMON
SHARE
(In thousands except share and
per share amounts)
Three Months Ended December
31,
Years Ended December
31,
2023
2022
2023
2022
Basic earnings per common
share:
Numerator:
Net income
$
20,812
$
64,207
$
178,671
$
284,971
Distributed and undistributed earnings
allocated to participating securities
(930
)
(1,519
)
(3,565
)
(5,075
)
Income allocated to common stockholders
for basic earnings per common share
$
19,882
$
62,688
$
175,106
$
279,896
Denominator:
Weighted average common shares
outstanding
74,384,185
77,043,587
74,493,898
80,032,356
Less average unvested stock awards
(1,130,715
)
(1,207,275
)
(1,168,004
)
(1,224,568
)
Weighted average shares for basic earnings
per common share
73,253,470
75,836,312
73,325,894
78,807,788
Basic earnings per common share
$
0.27
$
0.83
$
2.39
$
3.55
Diluted earnings per common
share:
Numerator:
Income allocated to common stockholders
for basic earnings per common share
$
19,882
$
62,688
$
175,106
$
279,896
Adjustment for earnings reallocated from
participating securities
—
(184
)
(275
)
(626
)
Income used in calculating diluted
earnings per common share
$
19,882
$
62,504
$
174,831
$
279,270
Denominator:
Weighted average shares for basic earnings
per common share
73,253,470
75,836,312
73,325,894
78,807,788
Dilutive effect of certain share-based
awards
203,123
127
197,441
94
Weighted average shares for diluted
earnings per common share
73,456,593
75,836,439
73,523,335
78,807,882
Diluted earnings per common
share
$
0.27
$
0.82
$
2.38
$
3.54
BANKUNITED, INC. AND
SUBSIDIARIES
SELECTED RATIOS
At or for the Three Months
Ended
Years Ended December
31,
December 31,
2023
September 30,
2023
December 31,
2022
2023
2022
Financial ratios (4)
Return on average assets
0.23
%
0.52
%
0.69
%
0.49
%
0.79
%
Return on average stockholders’ equity
3.2
%
7.2
%
10.3
%
7.0
%
10.6
%
Net interest margin (3)
2.60
%
2.56
%
2.81
%
2.56
%
2.68
%
Loans to deposits
92.8
%
93.3
%
90.5
%
Tangible book value per common share
$
33.62
$
32.88
$
31.16
December 31, 2023
September 30, 2023
December 31, 2022
Asset quality ratios
Non-performing loans to total loans
(1)(5)
0.52
%
0.56
%
0.42
%
Non-performing assets to total assets
(2)(5)
0.37
%
0.40
%
0.29
%
Allowance for credit losses to total
loans
0.82
%
0.80
%
0.59
%
Allowance for credit losses to
non-performing loans (1)(5)
159.54
%
143.22
%
140.88
%
Net charge-offs to average loans
0.09
%
0.07
%
0.22
%
____________
(1)
We define non-performing loans to include
non-accrual loans and loans other than purchased credit
deteriorated and government insured residential loans that are past
due 90 days or more and still accruing. Contractually delinquent
purchased credit deteriorated and government insured residential
loans on which interest continues to be accrued are excluded from
non-performing loans.
(2)
Non-performing assets include
non-performing loans, OREO and other repossessed assets.
(3)
On a tax-equivalent basis.
(4)
Annualized for the three month
periods.
(5)
Non-performing loans and assets include
the guaranteed portion of non-accrual SBA loans totaling $41.8
million or 0.17% of total loans and 0.12% of total assets at
December 31, 2023, $37.8 million or 0.16% of total loans and 0.11%
of total assets at September 30, 2023 and $40.3 million or 0.16% of
total loans and 0.11% of total assets at December 31, 2022.
December 31, 2023
December 31, 2022
Required to be
Considered
Well
Capitalized
BankUnited,
Inc.
BankUnited,
N.A.
BankUnited,
Inc.
BankUnited,
N.A.
Capital ratios
Tier 1 leverage
7.9
%
9.1
%
7.5
%
8.4
%
5.0
%
Common Equity Tier 1 ("CET1") risk-based
capital
11.4
%
13.1
%
11.0
%
12.4
%
6.5
%
Total risk-based capital
13.4
%
13.9
%
12.7
%
12.9
%
10.0
%
Tangible Common Equity/Tangible Assets
7.0
%
N/A
6.4
%
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):
December 31, 2023
September 30, 2023
December 31, 2022
Total stockholders’ equity
$
2,577,921
$
2,524,070
$
2,435,981
Less: goodwill and other intangible
assets
77,637
77,637
77,637
Tangible stockholders’ equity
$
2,500,284
$
2,446,433
$
2,358,344
Common shares issued and outstanding
74,372,505
74,413,059
75,674,587
Book value per common share
$
34.66
$
33.92
$
32.19
Tangible book value per common share
$
33.62
$
32.88
$
31.16
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240126405177/en/
BankUnited, Inc. Investor Relations: Leslie N. Lunak,
786-313-1698 llunak@bankunited.com
BankUnited (NYSE:BKU)
Gráfica de Acción Histórica
De Ene 2025 a Feb 2025
BankUnited (NYSE:BKU)
Gráfica de Acción Histórica
De Feb 2024 a Feb 2025
