BankUnited(BKU)2025-04-28 10:49Financial Performance - For the quarter ended March 31, 2025, BankUnited reported net income of $58.5 million, or $0.78 per diluted share, a decrease from $69.3 million, or $0.91 per diluted share in the previous quarter[3]. - Net income for the three months ended March 31, 2025, was $58,476 thousand, a decrease of 15.6% compared to $69,302 thousand for the previous quarter[21]. - Earnings per common share, basic, decreased to $0.78 in Q1 2025 from $0.92 in Q4 2024, a decline of 15.2%[21]. - For the three months ended March 31, 2025, net income was $58,476,000, a decrease of 15.5% from $69,302,000 in the previous quarter[26]. Loan and Deposit Trends - Total loans declined by $308 million for the quarter, with core C&I and CRE segments down by $106 million, attributed to seasonality and high levels of payoffs[4]. - Non-interest bearing demand deposits grew by $453 million, or 5.9%, to 29% of total deposits, up from 27% at December 31, 2024[4]. - Total deposits increased to $28,057,825 thousand as of March 31, 2025, compared to $27,865,703 thousand at December 31, 2024, marking an increase of approximately 0.69%[19]. Interest Income and Margin - Total interest income for Q1 2025 was $443,689 thousand, down from $467,988 thousand in Q4 2024, reflecting a decrease of about 5.2%[21]. - The net interest margin decreased to 2.81% for the quarter, down from 2.84% in the previous quarter, reflecting a declining rate environment[12]. - Net interest income for Q1 2025 was $236,589,000, down from $242,944,000 in Q4 2024, reflecting a decrease of 2.0%[26]. Credit Quality - The provision for credit losses was $15.1 million for the quarter, compared to $11.0 million in the preceding quarter[9]. - Non-performing loans totaled $259.8 million, or 1.08% of total loans, compared to $250.7 million, or 1.03% of total loans at December 31, 2024[10]. - The allowance for credit losses was $219,747 thousand as of March 31, 2025, slightly down from $223,153 thousand at December 31, 2024[19]. - The ratio of the allowance for credit losses (ACL) to total loans remained stable at 0.92% at March 31, 2025[7]. - Non-performing loans to total loans ratio was 1.08% for Q1 2025, slightly up from 1.03% in the previous quarter[28]. Equity and Book Value - Book value per common share increased to $38.51, up from $37.65 at December 31, 2024, reflecting continued growth[6]. - Total stockholders' equity increased to $2,897,582,000 as of March 31, 2025, up from $2,814,318,000 at December 31, 2024, representing a growth of 2.4%[32]. - Tangible book value per common share increased to $37.48 as of March 31, 2025, compared to $36.61 at December 31, 2024, showing a rise of 2.4%[32]. - Common shares issued and outstanding grew to 75,242,048 as of March 31, 2025, from 74,748,370 at December 31, 2024, marking an increase of 0.7%[32]. Other Financial Metrics - The average cost of total deposits declined by 0.14% to 2.58% for the quarter ended March 31, 2025[4]. - Total assets decreased to $34,831,997 thousand as of March 31, 2025, down from $35,241,742 thousand at December 31, 2024, representing a decline of approximately 1.16%[19]. - Total liabilities decreased to $31,934,415 thousand as of March 31, 2025, from $32,427,424 thousand at December 31, 2024, a decline of approximately 1.53%[19]. - Return on average assets for Q1 2025 was 0.68%, compared to 0.78% in the previous quarter, indicating a decline of 12.8%[28]. - Return on average stockholders' equity for Q1 2025 was 8.2%, down from 9.7% in Q4 2024[28].