Financial Performance - For Q4 2024, BankUnited reported net income of $69.3 million, or $0.91 per diluted share, up from $61.5 million, or $0.81 per diluted share in Q3 2024, and $20.8 million, or $0.27 per diluted share in Q4 2023[3]. - For the year ended December 31, 2024, net income was $232.5 million, or $3.08 per diluted share, compared to $178.7 million, or $2.38 per diluted share in 2023[3]. - Net income for the three months ended December 31, 2024, was $69,302 thousand, an increase of 12.0% from $61,452 thousand in the previous quarter[25]. - Basic earnings per common share increased to $3.10 in 2024 from $2.39 in 2023, with net income rising to $232.47 million from $178.67 million[34]. Interest Income and Margin - Net interest income for the quarter ended December 31, 2024, was $239.3 million, an increase of 2.5% from $234.1 million in the previous quarter and up 10.2% from $217.2 million in the same quarter last year[11]. - The net interest margin improved to 2.84% in Q4 2024, up from 2.78% in Q3 2024 and 2.60% in Q4 2023[5]. - The average rate paid on interest-bearing deposits declined to 3.75% for the quarter ended December 31, 2024, down from 4.20% in the previous quarter[17]. - Total interest income for the three months ended December 31, 2024, was $467,988 thousand, a decrease of 4.9% from $492,356 thousand in the previous quarter[25]. - Interest rate spread for the three months ended December 31, 2024, was 1.70%, compared to 1.55% in the previous quarter, indicating improved profitability on interest-earning assets[28]. - Net interest margin for the three months ended December 31, 2024, was 2.84%, up from 2.78% in the previous quarter, suggesting better efficiency in generating income from assets[28]. Loan and Deposit Trends - Total loans declined by $101 million in Q4 2024, with core commercial real estate (CRE) and commercial & industrial (C&I) segments growing by $185 million[5]. - Average non-interest bearing demand deposits (NIDDA) grew by $173 million in Q4 2024 compared to Q3 2024 and by $648 million compared to Q4 2023[5]. - Total deposits grew by $1.3 billion for the year ended December 31, 2024, with non-brokered deposits increasing by $1.4 billion[5]. - The loan to deposit ratio decreased to 87.2% at December 31, 2024, down from 87.6% at September 30, 2024[6]. - The company reported a loans to deposits ratio of 87.2% in 2024, consistent with the previous year, indicating stable lending practices[36]. Asset Quality and Credit Losses - The allowance for credit losses (ACL) to total loans ratio was 0.92% at December 31, 2024, with net charge-offs for the year at 0.16%[6][9]. - Non-performing loans totaled $250.7 million, representing 1.03% of total loans at December 31, 2024, up from $224.5 million or 0.92% at September 30, 2024[10]. - The provision for credit losses was $12.3 million for the quarter ended December 31, 2024, compared to $9.1 million in the previous quarter[10]. - Provision for credit losses decreased to $11,001 thousand for the three months ended December 31, 2024, down from $19,253 thousand in the same period last year, indicating improved credit quality[25]. - Criticized and classified commercial loans declined by $75.1 million for the quarter ended December 31, 2024[10]. Capital and Equity - The capital position remained strong, with a common equity tier 1 (CET1) ratio of 12.0% at December 31, 2024[6]. - Book value per common share increased to $37.65 at December 31, 2024, compared to $34.66 at December 31, 2023[6]. - Total stockholders' equity increased to $2,814,318,000 as of December 31, 2024, compared to $2,577,921,000 on December 31, 2023, reflecting a growth of approximately 9.2%[41]. - Tangible stockholders' equity reached $2,736,681,000 as of December 31, 2024, up from $2,500,284,000 a year earlier, indicating a year-over-year increase of about 9.5%[41]. - The tangible book value per common share increased to $36.61 in 2024 from $33.62 in 2023, reflecting growth in shareholder value[36]. Future Outlook - The company plans to hold a conference call on January 22, 2025, to discuss quarterly results[16].

Core Viewpoint - BankUnited, Inc. (BKU) is expected to report quarterly earnings of $0.71 per share, a decline of 1.4% year-over-year, with revenues projected at $259.7 million, reflecting a 10.8% increase compared to the previous year [1] Earnings Estimates - There has been no revision in the consensus EPS estimate for the quarter over the last 30 days, indicating stability in analysts' forecasts [2] - Revisions to earnings estimates are crucial as they serve as indicators for predicting investor actions regarding the stock [3] Key Financial Metrics - Analysts project 'Average Interest-Earning Assets' to reach $34.41 billion, up from $34.07 billion year-over-year [5] - 'Total non-performing assets' are expected to be $228.82 million, significantly higher than the previous year's $130.58 million [5] - 'Total non-performing loans' are estimated at $225.96 million, compared to $127.04 million in the same quarter last year [6] - 'Net interest income before provision for credit losses' is projected at $237.17 million, up from $217.21 million year-over-year [6] - 'Total Non-Interest Income' is expected to reach $22.54 million, compared to $17.09 million last year [7] - 'Other non-interest income' is projected at $11.91 million, an increase from $7.37 million year-over-year [7] - 'Lease financing' is expected to be $5.41 million, up from $3.72 million in the same quarter last year [8] - 'Net Interest Income (FTE basis)' is projected at $239.39 million, compared to $221.44 million in the same quarter last year [8] - 'Deposit service charges and fees' are expected to be $5.13 million, slightly down from $5.39 million year-over-year [9] Market Performance - BankUnited shares have returned +5.2% over the past month, outperforming the Zacks S&P 500 composite, which declined by -2.1% [10] - The company holds a Zacks Rank 3 (Hold), indicating it is expected to mirror overall market performance in the near future [10]

Core Viewpoint - BankUnited, Inc. reported strong Q3 earnings, surpassing expectations, but faces challenges with declining non-interest income and rising expenses [2][4][7]. Financial Performance - Q3 2024 earnings per share were 81 cents, exceeding the Zacks Consensus Estimate of 73 cents and up from 63 cents in the prior year [2]. - Net income reached $61.5 million, a 30.8% increase year over year, compared to an estimate of $54.4 million [3]. - Quarterly net revenues were $257 million, a 6% increase year over year, but fell short of the Zacks Consensus Estimate of $258.7 million [4]. Key Revenue Components - Net Interest Income (NII) was $234.1 million, growing 9% year over year, slightly above the expected $230.9 million [5]. - Net Interest Margin (NIM) expanded by 22 basis points to 2.78% [6]. - Non-interest income decreased by 17.4% to $22.9 million, attributed to a decline in lease financing [6]. Expense Analysis - Non-interest expenses rose 11.9% to $164.6 million, exceeding the estimate of $161.3 million [7]. - Total loans decreased by 1% to $24.4 billion, while total deposits increased marginally to $27.9 billion [7]. Credit Quality - Provisions for credit losses were $9.2 million, down 72% year over year, significantly lower than the expected $17.6 million [8]. - The ratio of net charge-offs to average loans was 0.12%, up 5 basis points year over year, and the non-performing assets ratio increased to 0.64%, up 24 basis points [8]. Capital and Profitability - Common Equity Tier 1 risk-based capital ratio improved to 11.8%, up from 11.4% [9]. - Return on average assets rose to 0.69%, compared to 0.52% in the previous year, and return on average stockholders' equity increased to 8.8% from 7.2% [9]. Future Outlook - Management anticipates a mid-single-digit increase in NII for 2024 and expects loan growth in the mid-single digits [11][12]. - Non-interest expenses are projected to grow in the upper mid-single digits for 2024, excluding a special assessment charge [13]. - The effective tax rate is expected to be 26.5% for 2024, excluding discrete items [14]. Market Position - Estimates for BankUnited have trended downward recently, with a consensus estimate shift of -8.06% [15][16]. - The stock currently holds a Zacks Rank 3 (Hold), indicating an expectation of in-line returns in the coming months [18].

Financial Performance - Net income for Q3 2024 was $61.5 million, or $0.81 per diluted share, compared to $47.0 million, or $0.63 per diluted share in Q3 2023, reflecting a 30.6% increase in net income year-over-year [126]. - For the nine months ended September 30, 2024, net income was $163.2 million, or $2.17 per diluted share, compared to $157.9 million, or $2.11 per diluted share for the same period in 2023, indicating a 3.3% increase [126]. - Net interest income for the three months ended September 30, 2024, was $238.0 million, an increase of $8.0 million from $230.0 million for the three months ended June 30, 2024 [153]. - Net interest income for the three months ended September 30, 2024 was $238.0 million, an increase of $18.9 million compared to $219.1 million for the same period in 2023 [154]. Interest Margin and Deposits - The net interest margin expanded by 0.06% to 2.78% for Q3 2024 from 2.72% in Q2 2024, and improved from 2.56% in Q3 2023 [129]. - The average cost of total deposits declined by 0.03% to 3.06% for Q3 2024, down from 3.09% in Q2 2024 [130]. - Total deposits grew by $1.3 billion during the nine months ended September 30, 2024, with non-brokered deposits increasing by $1.7 billion [175]. Loan Portfolio - Total loans decreased by $230 million for Q3 2024, with commercial real estate loans growing by $34 million, while residential loans declined by $422 million [135]. - As of September 30, 2024, the total loan portfolio amounted to $24.4 billion, a slight decrease from $24.6 billion on December 31, 2023 [191]. - The commercial loan segment represented 68.1% of total loans, increasing from 66.7% in the previous period, with a total of $16.6 billion [191]. - The residential loan segment decreased to $7.8 billion, representing 31.9% of total loans, down from 33.3% [191]. Credit Quality and Losses - Net charge-offs for Q3 2024 were $6.5 million, with an annualized net charge-off ratio of 0.12% for the nine months ended September 30, 2024 [137]. - The ratio of the allowance for credit losses (ACL) to total loans increased to 0.94% at September 30, 2024, with the ACL to non-performing loans ratio at 101.68% [138]. - Total non-performing loans increased to $224,484 thousand as of September 30, 2024, up from $173,455 thousand in June 30, 2024, and $127,044 thousand in December 31, 2023, representing a growth of 29.4% and 76.7% respectively [239]. - The allowance for credit losses (ACL) to total loans ratio was 0.94% as of September 30, 2024, slightly up from 0.92% in June 30, 2024, and 0.82% in December 31, 2023 [239]. Liquidity and Capital - Total same day available liquidity was $15.0 billion, with an available liquidity to uninsured, uncollateralized deposits ratio of 147% at September 30, 2024 [140]. - The Tier 1 leverage ratio for BankUnited, Inc. is 8.31% as of September 30, 2024, exceeding the required 4.00% [283]. - Total risk-based capital for BankUnited, Inc. stands at $3,502,509, with a ratio of 13.93%, well above the required 10.00% [283]. - The estimated amount of uninsured deposits at September 30, 2024, was $13.59 billion, an increase from $12.4 billion at December 31, 2023 [266]. Investment Securities - As of September 30, 2024, the investment securities portfolio had a net unrealized loss of $338.0 million, an improvement of $196.8 million from a loss of $534.8 million at December 31, 2023 [179]. - The total amortized cost of investment securities was $9.43 billion, with a carrying value of $9.09 billion as of September 30, 2024, compared to an amortized cost of $9.38 billion and a carrying value of $8.84 billion at December 31, 2023 [178]. - The estimated effective duration of the investment portfolio was 1.74 years, and the estimated weighted average life was 5.4 years as of September 30, 2024 [178]. Employee Compensation - Employee compensation and benefits increased to $81.781 million for the three months ended September 30, 2024, up from $68.825 million for the same period in 2023 [171].

BankUnited, Inc.’s (BKU) third-quarter 2024 earnings of 81 cents per share surpassed the Zacks Consensus Estimate of 73 cents. The bottom line compares favorably with 63 cents in the prior-year quarter.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Results were aided by growth in net interest income (NII), lower provisions and a slight improvement in deposit balance. However, lower non-interest income, a fall in loan balance and a jump in expenses were the undermining factors.Net i ...

Financial Data and Key Metrics Changes - Net income for Q3 2024 was $61.5 million, or $0.81 per share, compared to $0.72 in the previous quarter and $0.63 a year ago, exceeding consensus estimates of $0.74 [4][31] - Net interest margin (NIM) increased to 2.78% from 2.72% in the previous quarter, marking a 9% increase year-over-year [4][31] - Cost of deposits declined to 3.06% from 3.09% in the previous quarter, while the cost of interest-bearing deposits decreased from 4.26% to 4.20% [5][31] - Average tangible common equity to total assets (TCE/TA) rose to 7.6%, and tangible book value increased to $36.52 [10] Business Line Data and Key Metrics Changes - Total loans decreased by $230 million, with notable declines in residential and franchise leasing, while commercial real estate (CRE) grew by $34 million [21] - Year-to-date, C&I and CRE portfolios increased by a combined $286 million, while residential loans decreased by $422 million [21] - Average non-interest-bearing deposits (NIDDA) were down $64 million, but margins still increased by 6 basis points [8][31] Market Data and Key Metrics Changes - The commercial portfolio was 68% floating, and the securities portfolio was 70% floating, indicating a sensitivity to interest rate changes [32] - The weighted average loan-to-value (LTV) of the CRE portfolio was 55%, with a debt service coverage ratio of 1.77 [27] Company Strategy and Development Direction - The company is focused on balance sheet transformation to improve profitability, with a goal to increase NIDDA above 30% and achieve ROA over 1% and ROE in the 10-12% range [62] - The strategy includes being proactive in managing deposit costs and maintaining a disciplined approach to loan growth [5][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the fourth quarter, expecting strong production numbers in C&I and CRE, despite a higher level of payoffs in Q3 [25][59] - The company anticipates NIDDA to be flat in Q4 but expects growth in the first half of next year [40][45] Other Important Information - The company has made significant hires to strengthen its team, including a new leader for the small business and commercial segment [10] - There were no significant impacts from recent hurricanes on the loan portfolio or physical premises [11][12] Q&A Session All Questions and Answers Question: Guidance on margin and non-interest-bearing deposits - Management indicated that margin is expected to be roughly flat next quarter, with non-interest-bearing deposits likely to be slightly down due to seasonality [42][50] Question: Capital deployment and buyback plans - The company is in discussions regarding capital planning and may consider share buybacks if growth does not materialize as expected [48][49] Question: Credit quality and office segment expectations - Management confirmed that past due loans in the CRE segment were primarily administrative issues and expect upgrades once lease concessions expire [50][51]

BankUnited Go for more™ Q3 2024 – Supplemental Information October 22, 2024 1 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," "exp ...

BankUnited, Inc. (BKU) reported $257.02 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 6%. EPS of $0.81 for the same period compares to $0.63 a year ago.The reported revenue represents a surprise of -0.63% over the Zacks Consensus Estimate of $258.65 million. With the consensus EPS estimate being $0.73, the EPS surprise was +10.96%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to d ...

Group 1: Earnings Performance - BankUnited, Inc. reported quarterly earnings of $0.81 per share, exceeding the Zacks Consensus Estimate of $0.73 per share, and up from $0.63 per share a year ago, representing an earnings surprise of 10.96% [1] - The company posted revenues of $257.02 million for the quarter ended September 2024, which was 0.63% below the Zacks Consensus Estimate, compared to $242.57 million in the same quarter last year [1] - Over the last four quarters, BankUnited has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [1] Group 2: Stock Performance and Outlook - BankUnited shares have increased by approximately 8.3% since the beginning of the year, while the S&P 500 has gained 22.7% [2] - The future performance of BankUnited's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.78 on revenues of $261.47 million, and for the current fiscal year, it is $2.86 on revenues of $1.01 billion [4] Group 3: Industry Context - The Banks - Major Regional industry, to which BankUnited belongs, is currently ranked in the top 17% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [5] - Northern Trust Corporation, another company in the same industry, is expected to report quarterly earnings of $1.73 per share, reflecting a year-over-year increase of 16.1% [5]

[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) This section provides an overview of the company's strong financial results and strategic progress for the period [Third Quarter 2024 Financial Results](index=1&type=section&id=Third%20Quarter%202024%20Financial%20Results) BankUnited, Inc. reported strong financial results for the third quarter of 2024, with significant year-over-year and sequential growth in net income and diluted earnings per share - The Chairman, President, and CEO, Rajinder Singh, expressed satisfaction with the Q3 results, highlighting the continued balance sheet transformation, margin expansion, and well-managed credit[1](index=1&type=chunk) Quarterly and YTD Earnings Summary | Metric | Q3 2024 ($M) | Q2 2024 ($M) | Q3 2023 ($M) | Nine Months 2024 ($M) | Nine Months 2023 ($M) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $61.5M | $53.7M | $47.0M | $163.2M | $157.9M | | **Diluted EPS** | $0.81 | $0.72 | $0.63 | $2.17 | $2.11 | [Quarterly Highlights & Strategic Progress](index=1&type=section&id=Quarterly%20Highlights%20%26%20Strategic%20Progress) The company demonstrated notable progress on its strategic priorities, focusing on improving core profitability, expanding net interest margin, and enhancing its funding profile Net Interest Margin (Tax-Equivalent Basis) | Period | Net Interest Margin (%) | | :--- | :--- | | **Q3 2024** | 2.78% | | **Q2 2024** | 2.72% | | **Q3 2023** | 2.56% | - The average cost of total deposits declined by **3 basis points** to **3.06%** in Q3 2024 from **3.09%** in Q2 2024, with the spot APY on total deposits seeing a more significant drop to **2.93%** at the end of Q3[4](index=4&type=chunk) - For the first nine months of 2024, the company improved its funding mix by reducing wholesale funding (FHLB advances and brokered deposits) by **$1.9 billion** while increasing non-brokered deposits by **$1.7 billion**, including an **$800 million** rise in non-interest bearing demand deposits[4](index=4&type=chunk) - The loan-to-deposit ratio improved, declining to **87.6%** at September 30, 2024, from **88.7%** at June 30, 2024, and **92.8%** at year-end 2023[6](index=6&type=chunk) [Financial Condition](index=2&type=section&id=Financial%20Condition) This section analyzes the company's balance sheet, including loan portfolio, asset quality, capital, and liquidity positions [Loan Portfolio Analysis](index=2&type=section&id=Loan%20Portfolio%20Analysis) Total loans decreased by **$230 million** during the third quarter to **$24.4 billion**, driven by strategic runoff in certain portfolios offset by growth in CRE and mortgage warehouse lending Loan Portfolio Composition (in thousands) | Loan Category | Sep 30, 2024 | Jun 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | **Core C&I and CRE** | $15,012,739 | $15,089,927 | $14,726,957 | | **Franchise & Equipment** | $277,704 | $307,442 | $380,347 | | **Municipal Finance** | $749,035 | $847,234 | $884,690 | | **Mortgage Warehouse** | $571,783 | $539,159 | $432,663 | | **Residential** | $7,787,442 | $7,844,722 | $8,209,027 | | **Total Loans** | **$24,398,703** | **$24,628,484** | **$24,633,684** | - The company's balance sheet strategy involves reducing exposure to residential, franchise, equipment, and municipal finance loans, which collectively declined by **$185 million** in Q3 2024[6](index=6&type=chunk) [Asset Quality](index=2&type=section&id=Asset%20Quality) Asset quality metrics showed some deterioration due to an increase in non-performing and criticized loans, primarily from two C&I loans, yet net charge-offs remained low and ACL strengthened to **0.94%** Key Asset Quality Ratios | Metric | Sep 30, 2024 | Jun 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | **ACL to Total Loans (%)** | 0.94% | 0.92% | 0.82% | | **ACL to Non-Performing Loans (%)** | 101.68% | 130.12% | 159.54% | | **Annualized Net Charge-offs (%)** | 0.12% (YTD) | 0.12% (6mo) | 0.09% (Year) | - The provision for credit losses was **$9.2 million** for Q3 2024, a decrease from **$19.5 million** in Q2 2024, influenced by qualitative overlays and portfolio changes, partially offset by an improved economic forecast[12](index=12&type=chunk) - Non-performing loans increased to **$224.5 million** (**0.92%** of total loans) at the end of Q3, up from **$173.5 million** (**0.70%** of total loans) at the end of Q2[16](index=16&type=chunk) - Total criticized and classified commercial loans rose by **$90 million** during the quarter, primarily due to two C&I loans moving to the substandard non-accruing category[15](index=15&type=chunk) [Capital and Liquidity Position](index=2&type=section&id=Capital%20and%20Liquidity%20Position) The company maintained a robust capital position and ample liquidity, with all regulatory capital ratios significantly above 'well capitalized' requirements and continued growth in tangible common equity and book value per share - Total same-day available liquidity was strong at **$15.0 billion**, with the available liquidity to uninsured, uncollateralized deposits ratio at **147%**[9](index=9&type=chunk) Key Capital Ratios (BankUnited, Inc.) | Ratio | Sep 30, 2024 | Jun 30, 2024 | Well Capitalized Req. | | :--- | :--- | :--- | :--- | | **CET1 Risk-based Capital (%)** | 11.8% | 11.6% | 6.5% | | **Total Risk-based Capital (%)** | 13.9% | 13.6% | 10.0% | | **Tier 1 Leverage (%)** | 8.3% | 8.2% | 5.0% | | **Tangible Common Equity / Tangible Assets (%)** | 7.6% | 7.4% | N/A | - Book value per common share increased to **$37.56** and tangible book value per common share grew to **$36.52** at September 30, 2024[10](index=10&type=chunk) [Detailed Financial Analysis](index=5&type=section&id=Detailed%20Financial%20Analysis) This section offers an in-depth analysis of net interest income, non-interest expenses, and key financial performance ratios [Net Interest Income and Margin](index=5&type=section&id=Net%20Interest%20Income%20and%20Margin) Net interest income increased by **4%** sequentially to **$234.1 million** in Q3 2024, with the net interest margin expanding by **6 basis points** to **2.78%** due to improved asset yields and lower deposit costs Net Interest Income and Margin Performance | Metric | Q3 2024 | Q2 2024 | | :--- | :--- | :--- | | **Net Interest Income ($M)** | $234.1M | $226.0M | | **Net Interest Margin (Tax-equivalent) (%)** | 2.78% | 2.72% | | **Yield on Avg. Interest Earning Assets (%)** | 5.79% | 5.77% | | **Avg. Cost of Total Deposits (%)** | 3.06% | 3.09% | [Non-interest Expense](index=5&type=section&id=Non-interest%20Expense) Non-interest expense for Q3 2024 was **$164.6 million**, an increase of **$6.9 million** from the previous quarter, primarily driven by higher employee compensation and benefits due to stock price appreciation - The primary driver for the quarterly increase in non-interest expense was a **$6.2 million** rise in compensation and benefits[18](index=18&type=chunk) - This increase in compensation was mainly due to the impact of a higher company stock price on certain share-based compensation awards and other variable compensation accruals[18](index=18&type=chunk) [Key Financial Ratios](index=12&type=section&id=Key%20Financial%20Ratios) The company's key performance ratios, including Return on Average Assets (ROA) and Return on Average Stockholders' Equity (ROE), showed improvement in Q3 2024, reflecting enhanced profitability Selected Performance Ratios (Annualized) | Ratio | Q3 2024 | Q2 2024 | Q3 2023 | | :--- | :--- | :--- | :--- | | **Return on average assets (%)** | 0.69% | 0.61% | 0.52% | | **Return on average stockholders' equity (%)** | 8.8% | 8.0% | 7.2% | | **Loans to deposits (%)** | 87.6% | 88.7% | 93.3% | [Appendix: Financial Statements and Reconciliations](index=6&type=section&id=Appendix%3A%20Financial%20Statements%20and%20Reconciliations) This section provides comprehensive financial statements and reconciliations of non-GAAP financial measures [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) This section presents the detailed unaudited Consolidated Balance Sheets as of September 30, 2024, June 30, 2024, and December 31, 2023, and the Consolidated Statements of Income for the three and nine-month periods ended September 30, 2024 and 2023 [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) This section presents the company's detailed unaudited consolidated balance sheets for key reporting periods - Total assets stood at **$35.8 billion** as of September 30, 2024, a slight increase from **$35.4 billion** at June 30, 2024[23](index=23&type=chunk) - Total deposits increased to **$27.9 billion** from **$27.8 billion** in the prior quarter, while FHLB advances also rose to **$3.6 billion**[23](index=23&type=chunk) [Consolidated Statements of Income](index=8&type=section&id=Consolidated%20Statements%20of%20Income) This section details the company's consolidated statements of income, outlining revenues and expenses for the reporting periods - The Consolidated Statements of Income provide a detailed breakdown of revenues and expenses, showing a net income of **$61.5 million** for the quarter ended September 30, 2024[24](index=24&type=chunk) [Average Balances and Yields/Rates Analysis](index=9&type=section&id=Average%20Balances%20and%20Yields%2FRates%20Analysis) This section provides detailed tables analyzing average balances for assets and liabilities, and their corresponding yields and rates [Earnings Per Share Calculation](index=11&type=section&id=Earnings%20Per%20Share%20Calculation) This section details the computation of basic and diluted earnings per common share, reconciling net income to common stockholders' income [Non-GAAP Financial Measures Reconciliation](index=13&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) The report includes a reconciliation for the non-GAAP measure of tangible book value per common share, presented for comparison with other financial institutions Tangible Book Value Reconciliation | Metric | Sep 30, 2024 | Jun 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | **Book value per common share (GAAP) ($)** | $37.56 | $36.11 | $34.66 | | **Tangible book value per common share (Non-GAAP) ($)** | $36.52 | $35.07 | $33.62 |