BANKUNITED, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED March 31, 2024 BANKUNITED, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED March 31, 2024 Credit quality indicators for residential loans BANKUNITED, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED March 31, 2024 | --- | --- | |-------------------------|-------| | | | | LTV Less than 61% | | | | | | 61% - 70% | | | 71% - 80% More than 80% | | | | | | | | | LTV | ...

Shares of BankUnited, Inc. (BKU) gained 2.9% in response to better-than-expected first-quarter 2024 results. Quarterly earnings of 64 cents per share surpassed the Zacks Consensus Estimate of 62 cents. In the prior-year quarter, the company had reported earnings of 70 cents. The just-reported quarter’s earnings included expenses related to FDIC special assessment.Results were aided by an increase in non-interest income and deposits and a decline in provisions. However, lower net interest income (NII) and lo ...

BankUnited, Inc. (NYSE:BKU) Q1 2024 Earnings Call Transcript April 17, 2024 9:00 AM ET Company Participants Susan Greenfield - Corporate Secretary Raj Singh - Chairman, President, and CEO Tom Cornish - COO Leslie Lunak - CFO Conference Call Participants Benjamin Gerlinger - Citi Stephen Scouten - Piper Sandler Jared Shaw - Barclays Woody Lay - KBW Steven Alexopoulos - J.P. Morgan David Bishop - Hovde Group Operator Good day and thank you for standing by. Welcome to BankUnited First Quarter 2024 Earnings Con ...

C&I | --- | --- | --- | --- | --- | |----------------------|---------------------------|-----------------|-----------------|------------------------------| | Property Type | Florida \nWtd. Avg. DSCR | \nWtd. Avg. LTV | Wtd. Avg. DSCR | NY Tri State \nWtd. Avg. LTV | | Office | | 1.68 64.5 % | | 1.61 61.6 % | | Warehouse/Industrial | | 2.13 50.0 % | | 1.83 37.2 % | | Multifamily | | 2.46 45.3 % | | 1.35 50.8 % | | Retail | | 1.82 58.6 % | | 1.38 61.0 % | | Hotel | | 2.22 44.7 % | | 2.37 21.4 % | | Other 1.94 ...

For the quarter ended March 2024, BankUnited, Inc. (BKU) reported revenue of $241.73 million, down 1.1% over the same period last year. EPS came in at $0.64, compared to $0.70 in the year-ago quarter.The reported revenue represents a surprise of +0.79% over the Zacks Consensus Estimate of $239.84 million. With the consensus EPS estimate being $0.62, the EPS surprise was +3.23%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Str ...

BankUnited, Inc. (BKU) came out with quarterly earnings of $0.64 per share, beating the Zacks Consensus Estimate of $0.62 per share. This compares to earnings of $0.70 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.23%. A quarter ago, it was expected that this company would post earnings of $0.72 per share when it actually produced earnings of $0.72, delivering no surprise.Over the last four quarters, the company has surpas ...

[BankUnited, Inc. First Quarter 2024 Earnings Release](index=1&type=section&id=BANKUNITED,%20INC.%20REPORTS%20FIRST%20QUARTER%202024%20RESULTS) [Q1 2024 Financial and Strategic Highlights](index=1&type=section&id=Quarterly%20Highlights) BankUnited reported **$48.0 million** net income and **$0.64** diluted EPS, reflecting improved funding mix, strengthened capital, and favorable credit quality Quarterly Financial Performance | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Income | $48.0 million | $20.8 million | $52.9 million | | Diluted EPS | $0.64 | $0.27 | $0.70 | - The company demonstrated strong execution on key strategic priorities, including improving its funding mix, managing its loan portfolio, maintaining favorable credit, and building a robust capital position[5](index=5&type=chunk) - Wholesale funding, including FHLB advances and brokered deposits, was reduced by **$1.4 billion** during the quarter[5](index=5&type=chunk) - Non-interest bearing demand deposits grew by **$404 million**, increasing their share of total deposits to **27%** from **26%** in the prior quarter[19](index=19&type=chunk) - The quarterly common stock dividend was increased by **$0.02** to **$0.29** per share, a **7%** increase[26](index=26&type=chunk) [Financial Performance Details](index=4&type=section&id=Net%20Interest%20Income) Net interest income slightly decreased to **$214.9 million**, while non-interest income increased and non-interest expense declined due to a one-time FDIC assessment - Net interest income was **$214.9 million** for Q1 2024, compared to **$217.2 million** for Q4 2023[30](index=30&type=chunk) - The tax-equivalent net interest margin was **2.57%**, a minor decrease of **3 basis points** from **2.60%** in the previous quarter[31](index=31&type=chunk) - Non-interest income increased to **$26.9 million** from **$17.1 million** in Q4 2023, largely driven by a **$2.7 million** gain on disposition of operating lease equipment compared to a **$6.5 million** loss in the prior quarter[33](index=33&type=chunk) - Non-interest expense was **$159.2 million**, significantly lower than the **$190.9 million** in Q4 2023, which included the initial **$35.4 million** for the FDIC special assessment[52](index=52&type=chunk)[25](index=25&type=chunk) [Loan and Deposit Portfolio](index=1&type=section&id=Loans) Total loans decreased to **$24.2 billion** due to strategic reductions, while total deposits grew by **$489 million**, improving the funding mix - Total loans declined by **$407 million** during the quarter, with a strategic reduction of **$152 million** in residential loans and a **$226 million** decline in core C&I and CRE portfolios[6](index=6&type=chunk)[13](index=13&type=chunk) Loan Portfolio Composition (in thousands) | Loan Category | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Commercial & Industrial (C&I) | $6,745,622 | $6,971,981 | | Commercial Real Estate (CRE) | $5,838,771 | $5,819,233 | | Residential | $8,056,972 | $8,209,027 | | Other | $3,585,935 | $3,633,443 | | **Total Loans** | **$24,226,300** | **$24,633,684** | - Total deposits grew by **$489 million**, while FHLB advances were paid down by **$3.6 billion** compared to one year ago, improving the funding mix[19](index=19&type=chunk)[20](index=20&type=chunk) - The average cost of total deposits increased by **22 basis points** to **3.18%** for the quarter, but the spot cost of total deposits stabilized, ending the quarter at **3.17%**[23](index=23&type=chunk) [Asset Quality and Capital Position](index=1&type=section&id=Asset%20Quality%20and%20the%20ACL) Asset quality remained strong with declining NPA and low net charge-offs, while capital ratios, including CET1 at **11.6%**, demonstrated a robust position Key Asset Quality Ratios | Ratio | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | NPA to Total Assets | 0.34% | 0.37% | | Annualized Net Charge-off Ratio | 0.02% | 0.09% | | ACL to Total Loans | 0.90% | 0.82% | - Non-performing assets (NPAs) decreased to **$118.9 million** from **$130.6 million** at the end of the prior quarter[15](index=15&type=chunk) - Commercial real estate (CRE) loans represent **24%** of total loans and **166%** of total risk-based capital, which is below the peer median of **35%** and **225%**, respectively[9](index=9&type=chunk) Key Capital Ratios | Ratio | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | CET1 Risk-based Capital | 11.6% | 11.4% | | Total Risk-based Capital | 13.7% | 13.4% | | Tangible Common Equity / Tangible Assets | 7.3% | 7.0% | [Consolidated Financial Statements and Reconciliations](index=7&type=section&id=Financial%20Statements) This section provides detailed unaudited consolidated financial statements, including balance sheets, income statements, and non-GAAP reconciliations [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Total assets were **$35.1 billion**, with deposits increasing to **$27.0 billion** and FHLB advances significantly decreasing to **$3.9 billion** Consolidated Balance Sheets (in thousands) | (in thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$35,105,654** | **$35,761,607** | | Loans, net | $24,008,744 | $24,430,995 | | Total Deposits | $27,027,364 | $26,538,478 | | FHLB Advances | $3,905,000 | $5,115,000 | | **Total Liabilities** | **$32,465,262** | **$33,183,686** | | **Total Stockholders' Equity** | **$2,640,392** | **$2,577,921** | [Consolidated Statements of Income](index=8&type=section&id=Consolidated%20Statements%20of%20Income) The company reported net interest income of **$214.9 million**, with a **$15.3 million** provision for credit losses, resulting in **$48.0 million** net income Consolidated Statements of Income (in thousands) | (in thousands) | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income | $214,857 | $217,210 | $227,874 | | Provision for Credit Losses | $15,285 | $19,253 | $19,788 | | Total Non-interest Income | $26,877 | $17,092 | $16,535 | | Total Non-interest Expense | $159,240 | $190,863 | $152,780 | | **Net Income** | **$47,980** | **$20,812** | **$52,882** | [Earnings Per Share (EPS) Calculation](index=10&type=section&id=Earnings%20Per%20Share) Basic and diluted earnings per common share were **$0.64** for Q1 2024, compared to **$0.27** in the prior quarter Earnings Per Common Share | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Basic EPS | $0.64 | $0.27 | $0.71 | | Diluted EPS | $0.64 | $0.27 | $0.70 | [Non-GAAP Financial Measures](index=12&type=section&id=Non-GAAP%20Financial%20Measures) This section reconciles non-GAAP tangible book value per common share, which increased to **$34.27** as of March 31, 2024 Reconciliation of Book Value to Tangible Book Value per Share | Metric | March 31, 2024 | December 31, 2023 | March 31, 2023 | | :--- | :--- | :--- | :--- | | Book Value per Common Share | $35.31 | $34.66 | $33.34 | | Tangible Book Value per Common Share | $34.27 | $33.62 | $32.30 |

BankUnited Inc. (BKU) remains well-poised for growth on the back of high rates, decent loans and deposit balances, and solid fee income sources. However, rising expenses and weak asset quality are headwinds.BankUnited’s organic growth is primarily driven by strong loans and deposit balances. Though the company’s revenues fell in 2020 and 2023, the metric witnessed a compound annual growth rate (CAGR) of 2.8% over the three years ending in 2023. Net loans experienced a 3.8% CAGR over the five years ended 202 ...

MicroStockHub This week, I have six new dividend increases to share with you—the increases average 6.6% and median 7.5%. Read on for the complete lists! As an investor who follows a dividend-growth strategy, I eagerly await dividend payouts, especially when they increase. I have observed that companies that regularly raise their dividends perform significantly better than those that don't. I consistently monitor these companies and can confidently share my insights on upcoming dividend increases. I have ...

BankUnited, Inc (BKU) has increased its quarterly dividend. The company announced a quarterly cash dividend of 29 cents per share, marking an increase of 7.4% from the prior payout. This dividend will be paid out on Apr 30, 2024, to shareholders of record as of Apr 12.Prior to this, BKU hiked its dividend by 8% to 27 cents per share on Feb 23, 2023. The company has increased its dividend payout four times in the past five years. Also, the company has five-year annualized dividend growth of 5.67%. Currently, ...