BankUnited, Inc. (the "Company") (NYSE:BKU) today announced financial results for the quarter ended March 31, 2025.

"We're happy to start the year on a strong note, and remain fairly optimistic about our prospects for the year in spite of the uncertainty in the macro-environment," said Rajinder Singh, Chairman, President and Chief Executive Officer.

For the quarter ended March 31, 2025, the Company reported net income of $58.5 million, or $0.78 per diluted share, compared to $69.3 million, or $0.91 per diluted share, for the immediately preceding quarter ended December 31, 2024 and $48.0 million, or $0.64 per diluted share, for the quarter ended March 31, 2024.

Quarterly Highlights

The Company's funding profile continued to improve this quarter. Non-interest bearing demand deposits ("NIDDA") grew by $453 million, or 5.9%, for the quarter ended March 31, 2025, to 29% of total deposits, up from 27% at December 31, 2024. NIDDA grew by $830 million compared to March 31, 2024, one year ago.
Non-brokered deposits grew by $719 million, or 3.2%, for the quarter ended March 31, 2025 while total deposits grew by $192 million.
Wholesale funding, including FHLB advances and brokered deposits, declined by $1.1 billion for the quarter ended March 31, 2025.
Total loans declined by $308 million for the quarter ended March 31, 2025. The core CRE and C&I segments declined by $106 million. Commercial loan growth is typically seasonally lower in the first quarter, and continued to be impacted by a high level of payoffs. Consistent with our balance sheet strategy, the residential, franchise, equipment and municipal finance portfolios declined by a combined $196 million.
The loan to deposit ratio declined to 85.5% at March 31, 2025, from 87.2% at December 31, 2024.
The net interest margin, calculated on a tax-equivalent basis, was 2.81% for the quarter ended March 31, 2025 compared to 2.84% for the immediately preceding quarter, reflecting the impact of declining rates on a modestly asset sensitive balance sheet and the expiration of certain cash flow hedges. Net interest income declined by $6.1 million compared to the prior quarter.
The average cost of total deposits declined by 0.14% to 2.58% for the quarter ended March 31, 2025 from 2.72% for the immediately preceding quarter ended December 31, 2024. The spot APY of total deposits declined to 2.52% at March 31, 2025 from 2.63% at December 31, 2024.
The annualized net charge-off ratio for the quarter ended March 31, 2025 was 0.33%. The net charge-off ratio for the trailing twelve months was 0.24%. The NPA ratio was 0.76%, including 0.09% related to the guaranteed portion of non-accrual SBA loans at March 31, 2025 compared to 0.73% including 0.10% related to the guaranteed portion of non-accrual SBA loans at December 31, 2024.
The ratio of the ACL to total loans was 0.92% at March 31, 2025, consistent with the prior quarter-end. The ratio of the ACL to non-performing loans was 84.58%. The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, franchise finance and equipment finance was 1.34% at March 31, 2025 and the ACL to loans ratio for CRE office loans was 1.99%. The provision for credit losses was $15.1 million for the quarter ended March 31, 2025 compared to $11.0 million for the preceding quarter.
Our commercial real estate exposure totaled 26% of loans and 173% of the Bank's total risk based capital at March 31, 2025. By comparison, based on call report data as of December 31, 2024 for banks with between $10 billion and $100 billion in assets, the median level of CRE to total loans was 34% and the median level of CRE to total risk based capital was 218%.
At March 31, 2025, the weighted average LTV of the CRE portfolio was 54.9%, the weighted average DSCR was 1.78, 53% of the portfolio was collateralized by properties located in Florida and 25% was collateralized by properties located in the New York tri-state area. For the office sub-segment, the weighted average LTV was 64.5%, the weighted average DSCR was 1.58, 57% was collateralized by properties in Florida, substantially all of which was suburban, and 23% was collateralized by properties located in the New York tri-state area.
Our capital position is robust. At March 31, 2025, CET1 was 12.2% at a consolidated level. Pro-forma CET1, including accumulated other comprehensive income, was 11.2% at March 31, 2025. The ratio of tangible common equity to tangible assets increased to 8.11% at March 31, 2025.
Book value and tangible book value per common share continued to accrete, to $38.51 and $37.48, respectively, at March 31, 2025, compared to $37.65 and $36.61, respectively, at December 31, 2024, and $35.31 and $34.27, respectively, at March 31, 2024.
The Company announced an increase of $0.02 per share in its common stock dividend for the quarter ended March 31, 2025, to $0.31 per common share, a 7% increase from the previous level of $0.29 per share.

Loans

Loan portfolio composition at the dates indicated follows (dollars in thousands):

	March 31, 2025				December 31, 2024
Core C&I and CRE sub-segments:
Non-owner occupied commercial real estate	$	5,602,711	23.4	%	$	5,652,203	23.3	%
Construction and land		603,385	2.5	%		561,989	2.3	%
Owner occupied commercial real estate		1,967,984	8.2	%		1,941,004	8.0	%
Commercial and industrial		6,916,996	28.8	%		7,042,222	28.9	%
		15,091,076	62.9	%		15,197,418	62.5	%
Franchise and equipment finance		165,095	0.7	%		213,477	0.9	%
Pinnacle - municipal finance		688,986	2.9	%		720,661	3.0	%
Mortgage warehouse lending ("MWL")		580,248	2.4	%		585,610	2.4	%
Residential		7,464,494	31.1	%		7,580,814	31.2	%
	$	23,989,899	100.0	%	$	24,297,980	100.0	%

For the quarter ended March 31, 2025, total loans declined by $308 million. The core C&I and CRE sub-segments declined by $106 million; while production was in line with expectations, seasonality and a continued high level of unscheduled payoffs and strategic exits contributed to the decline. Consistent with our balance sheet strategy, residential loans declined by $116 million, and the franchise, equipment, and municipal finance portfolios declined by an aggregate $80 million.

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 March 31, 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, 2024	$	223,153	0.92	%	1.37	%	89.01	%	0.16	%
March 31, 2025	$	219,747	0.92	%	1.34	%	84.58	%	0.33	%

___________________________
(1)	Annualized for the three months ended March 31, 2025; ratio for December 31, 2024 represents 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 March 31, 2025 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 March 31, 2025, the provision for credit losses, including both funded and unfunded loan commitments, was $15.1 million, compared to $11.0 million for the immediately preceding quarter ended December 31, 2024 and $15.3 million for the quarter ended March 31, 2024. The most significant factor leading to the decrease in ACL for the quarter was net charge offs, the impact of which was partially offset by increases in specific reserves, risk rating migration and an increase in qualitative overlays, particularly related to economic uncertainty.

The following table summarizes the activity in the ACL for the periods indicated (in thousands):

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Beginning balance	$	223,153		$	228,249		$	202,689
Provision		15,963			12,267			15,805
Net charge-offs		(19,369	)		(17,363	)		(938	)
Ending balance	$	219,747		$	223,153		$	217,556

Total criticized and classified commercial loans were essentially flat quarter-over-quarter, as shown in the following table (in thousands):

	March 31, 2025				December 31, 2024
	CRE		Total Commercial		CRE		Total Commercial
Special mention	$	70,579	$	193,206	$	58,771	$	262,387
Substandard - accruing		649,867		962,342		633,614		894,754
Substandard - non-accruing		92,648		227,567		95,378		219,758
Doubtful		—		2,026		—		6,856
Total	$	813,094	$	1,385,141	$	787,763	$	1,383,755

Non-performing loans totaled $259.8 million or 1.08% of total loans at March 31, 2025, compared to $250.7 million or 1.03% of total loans at December 31, 2024. Non-performing loans included $33.0 million and $34.3 million of the guaranteed portion of SBA loans on non-accrual status, representing 0.14% of total loans at both March 31, 2025 and December 31, 2024.

Net Interest Income

Net interest income for the quarter ended March 31, 2025 was $233.1 million, compared to $239.3 million for the immediately preceding quarter ended December 31, 2024, and $214.9 million for the quarter ended March 31, 2024. Interest income decreased by $24.3 million for the quarter ended March 31, 2025 compared to the immediately preceding quarter, while interest expense decreased by $18.2 million. The quarter-over-quarter decline in interest income related to lower yields on interest earning assets as coupon rates on floating rate instruments reset down and to a lesser extent, the lower average balance of interest earning assets. 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, decreased by 0.03% to 2.81% for the quarter ended March 31, 2025, from 2.84% for the immediately preceding quarter ended December 31, 2024. The decline in margin reflects the impact of a declining rate environment on a modestly asset sensitive balance sheet and expiration of certain cash flow hedges. Factors impacting the net interest margin for the quarter ended March 31, 2025 were:

The average rate paid on interest bearing deposits declined to 3.54% for the quarter ended March 31, 2025, from 3.75% for the quarter ended December 31, 2024. This decline reflected continued initiatives taken to lower rates paid on deposits as short-term market rates declined, including the re-pricing of time deposits.

The average rate paid on FHLB advances declined to 3.69% for the quarter ended March 31, 2025 from 3.82% for the quarter ended December 31, 2024, primarily due to repayment of higher rate short-term advances partially offset by expiration of cash flow hedges.

The tax-equivalent yield on loans declined to 5.48% for the quarter ended March 31, 2025, from 5.60% for the quarter ended December 31, 2024. The primary driver of this decrease was coupon rate resets on variable rate loans.

The tax-equivalent yield on investments declined to 5.07% for the quarter ended March 31, 2025, from 5.31% for the quarter ended December 31, 2024. This decrease resulted primarily from coupon rate resets on variable rate securities.

Earnings Conference Call and Presentation

A conference call to discuss quarterly results will be held at 9:00 a.m. ET on Monday, April 28, 2025 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-conf.media-server.com/register/BI6d362bb51b864c1bae498c18ea9aa2f9. 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 $34.8 billion at March 31, 2025, 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. 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. 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).

BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share and per share data)

	March 31, 2025			December 31, 2024
ASSETS
Cash and due from banks:
Non-interest bearing	$	12,727		$	12,078
Interest bearing		431,018			479,038
Cash and cash equivalents		443,745			491,116
Investment securities		9,099,809			9,130,244
Non-marketable equity securities		181,359			206,297
Loans		23,989,899			24,297,980
Allowance for credit losses		(219,747	)		(223,153	)
Loans, net		23,770,152			24,074,827
Bank owned life insurance		293,886			284,570
Operating lease equipment, net		218,621			223,844
Goodwill		77,637			77,637
Other assets		746,788			753,207
Total assets	$	34,831,997		$	35,241,742

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Demand deposits:
Non-interest bearing	$	8,069,275		$	7,616,182
Interest bearing		4,776,223			4,892,814
Savings and money market		10,788,919			11,055,418
Time		4,423,408			4,301,289
Total deposits		28,057,825			27,865,703
FHLB advances		2,405,000			2,930,000
Notes and other borrowings		709,091			708,553
Other liabilities		762,499			923,168
Total liabilities		31,934,415			32,427,424

Commitments and contingencies

Stockholders' equity:
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 75,242,048 and 74,748,370 shares issued and outstanding		752			747
Paid-in capital		301,321			301,672
Retained earnings		2,831,743			2,796,440
Accumulated other comprehensive loss		(236,234	)		(284,541	)
Total stockholders' equity		2,897,582			2,814,318
Total liabilities and stockholders' equity	$	34,831,997		$	35,241,742

BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Interest income:
Loans	$	321,384	$	336,816	$	347,257
Investment securities		113,869		121,872		124,179
Other		8,436		9,300		10,038
Total interest income		443,689		467,988		481,474
Interest expense:
Deposits		174,210		188,853		209,998
Borrowings		36,340		39,876		56,619
Total interest expense		210,550		228,729		266,617
Net interest income before provision for credit losses		233,139		239,259		214,857
Provision for credit losses		15,111		11,001		15,285
Net interest income after provision for credit losses		218,028		228,258		199,572
Non-interest income:
Deposit service charges and fees		5,235		4,988		5,313
Gain on investment securities, net		944		804		775
Lease financing		4,313		7,162		11,440
Other non-interest income		11,778		12,251		9,349
Total non-interest income		22,270		25,205		26,877
Non-interest expense:
Employee compensation and benefits		82,746		82,315		75,920
Occupancy and equipment		11,343		11,776		10,569
Deposit insurance expense		7,227		6,662		13,530
Technology		22,780		21,002		20,315
Depreciation of operating lease equipment		4,009		4,352		9,213
Other non-interest expense		32,121		34,365		29,693
Total non-interest expense		160,226		160,472		159,240
Income before income taxes		80,072		92,991		67,209
Provision for income taxes		21,596		23,689		19,229
Net income	$	58,476	$	69,302	$	47,980
Earnings per common share, basic	$	0.78	$	0.92	$	0.64
Earnings per common share, diluted	$	0.78	$	0.91	$	0.64

BANKUNITED, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(Dollars in thousands)

	Three Months Ended March 31,							Three Months Ended December 31,							Three Months Ended March 31,
	2025							2024							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	$	23,933,938		$	324,113	5.48	%	$	24,152,602		$	339,725	5.60	%	$	24,337,440		$	350,441	5.78	%
Investment securities ⁽³⁾		9,104,228			114,590	5.07	%		9,236,863			122,648	5.31	%		8,952,453			125,025	5.59	%
Other interest earning assets		788,547			8,436	4.33	%		785,947			9,300	4.71	%		763,460			10,038	5.29	%
Total interest earning assets		33,826,713			447,139	5.34	%		34,175,412			471,673	5.50	%		34,053,353			485,504	5.72	%
Allowance for credit losses		(228,158	)						(235,211	)						(206,747	)
Non-interest earning assets		1,376,904							1,405,129							1,589,333
Total assets	$	34,975,459						$	35,345,330						$	35,435,939
Liabilities and Stockholders' Equity:
Interest bearing liabilities:
Interest bearing demand deposits	$	4,811,826		$	39,893	3.36	%	$	5,045,860		$	46,759	3.69	%	$	3,584,363		$	33,507	3.76	%
Savings and money market deposits		10,833,734			91,779	3.44	%		10,462,295			93,912	3.57	%		11,234,259			118,639	4.25	%
Time deposits		4,326,750			42,538	3.99	%		4,529,737			48,182	4.23	%		5,231,178			57,852	4.45	%
Total interest bearing deposits		19,972,310			174,210	3.54	%		20,037,892			188,853	3.75	%		20,049,800			209,998	4.21	%
FHLB advances		2,991,389			27,206	3.69	%		3,200,652			30,750	3.82	%		4,570,220			47,496	4.18	%
Notes and other borrowings		709,037			9,134	5.15	%		708,689			9,126	5.15	%		709,017			9,123	5.15	%
Total interest bearing liabilities		23,672,736			210,550	3.61	%		23,947,233			228,729	3.80	%		25,329,037			266,617	4.23	%
Non-interest bearing demand deposits		7,413,117							7,557,267							6,560,926
Other non-interest bearing liabilities		1,004,917							995,789							906,266
Total liabilities		32,090,770							32,500,289							32,796,229
Stockholders' equity		2,884,689							2,845,041							2,639,710
Total liabilities and stockholders' equity	$	34,975,459						$	35,345,330						$	35,435,939
Net interest income				$	236,589						$	242,944						$	218,887
Interest rate spread						1.73	%						1.70	%						1.49	%
Net interest margin						2.81	%						2.84	%						2.57	%

___________________________
(1)	On a tax-equivalent basis where applicable
(2)	Annualized
(3)	At fair value

BANKUNITED, INC. AND SUBSIDIARIES
EARNINGS PER COMMON SHARE
(In thousands except share and per share amounts)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Basic earnings per common share:
Numerator:
Net income	$	58,476		$	69,302		$	47,980
Distributed and undistributed earnings allocated to participating securities		(821	)		(1,598	)		(680	)
Income allocated to common stockholders for basic earnings per common share	$	57,655		$	67,704		$	47,300
Denominator:
Weighted average common shares outstanding		74,918,750			74,750,961			74,509,107
Less average unvested stock awards		(1,101,408	)		(1,075,384	)		(1,127,838	)
Weighted average shares for basic earnings per common share		73,817,342			73,675,577			73,381,269
Basic earnings per common share	$	0.78		$	0.92		$	0.64
Diluted earnings per common share:
Numerator:
Income allocated to common stockholders for basic earnings per common share	$	57,655		$	67,704		$	47,300
Adjustment for earnings reallocated from participating securities		4			(198	)		1
Income used in calculating diluted earnings per common share	$	57,659		$	67,506		$	47,301
Denominator:
Weighted average shares for basic earnings per common share		73,817,342			73,675,577			73,381,269
Dilutive effect of certain share-based awards		562,488			616,913			255,824
Weighted average shares for diluted earnings per common share		74,379,830			74,292,490			73,637,093
Diluted earnings per common share	$	0.78		$	0.91		$	0.64

BANKUNITED, INC. AND SUBSIDIARIES
SELECTED RATIOS

	At or for the Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Financial ratios⁽⁴⁾
Return on average assets		0.68	%		0.78	%		0.54	%
Return on average stockholders' equity		8.2	%		9.7	%		7.3	%
Net interest margin⁽³⁾		2.81	%		2.84	%		2.57	%
Loans to deposits		85.5	%		87.2	%		89.6	%
Tangible book value per common share	$	37.48		$	36.61		$	34.27

	March 31, 2025		December 31, 2024
Asset quality ratios
Non-performing loans to total loans⁽¹⁾⁽⁵⁾	1.08	%	1.03	%
Non-performing assets to total assets ⁽²⁾⁽⁵⁾	0.76	%	0.73	%
Allowance for credit losses to total loans	0.92	%	0.92	%
Allowance for credit losses to commercial loans ⁽⁶⁾	1.34	%	1.37	%
Allowance for credit losses to non-performing loans⁽¹⁾⁽⁵⁾	84.58	%	89.01	%
Net charge-offs to average loans⁽⁷⁾	0.33	%	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 months ended March 31, 2025, December 31, 2024 and March 31, 2024.
(5)	Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $33.0 million or 0.14% of total loans and 0.09% of total assets at March 31, 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 three months ended March 31, 2025; ratio for December 31, 2024 represents annual net charge-off rate.

	March 31, 2025				December 31, 2024				Required to be Considered Well Capitalized
	BankUnited, Inc.		BankUnited, N.A.		BankUnited, Inc.		BankUnited, N.A.		Required to be Considered Well Capitalized
Capital ratios
Tier 1 leverage	8.7	%	9.5	%	8.5	%	9.7	%	5.0	%
Common Equity Tier 1 ("CET1") risk-based capital	12.2	%	13.4	%	12.0	%	13.7	%	6.5	%
Total risk-based capital	14.3	%	14.3	%	14.1	%	14.6	%	10.0	%
Tangible Common Equity/Tangible Assets	8.1	%	N/A		7.8	%	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):

	March 31, 2025		December 31, 2024		March 31, 2024
Total stockholders' equity	$	2,897,582	$	2,814,318	$	2,640,392
Less: goodwill and other intangible assets		77,637		77,637		77,637
Tangible stockholders' equity	$	2,819,945	$	2,736,681	$	2,562,755

Common shares issued and outstanding		75,242,048		74,748,370		74,772,706

Book value per common share	$	38.51	$	37.65	$	35.31

Tangible book value per common share	$	37.48	$	36.61	$	34.27

View source version on businesswire.com: https://www.businesswire.com/news/home/20250428279570/en/

BankUnited, Inc.

Investor Relations:

Leslie N. Lunak, 786-313-1698

BankUnited, Inc. Reports First Quarter 2025 Results