Open the filing on EDGARBankUnited, Inc. Reports 2Q 2026 Net Income of $71 million, $0.97 Diluted EPS
Strong Franchise Momentum Driven by Record Non-Interest-Bearing Deposits, Improved Credit Quality and Solid Fee Income Performance
Miami Lakes, Fla. - July 22, 2026 - BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter ended June 30, 2026.
Chairman, President and Chief Executive Officer Rajinder Singh commented, "Our second quarter performance reflects continued progress in strengthening the franchise and enhancing the quality of our balance sheet. Record non-interest-bearing deposits, solid fee income performance, and improved credit quality highlight the meaningful progress we have made over the past year. We remain focused on disciplined execution, deepening customer relationships, and building a stronger, more resilient franchise that supports long-term shareholder value creation."
Second Quarter Financial Highlights
| Quarter Ended | Change From |
|---|
| ($ in millions except per share data) | 2Q26 | 1Q26 | 2Q25 | 1Q26 | 2Q25 |
| Net income | $70.7 | $61.9 | $68.8 | $8.8 | $1.9 |
| Diluted EPS | $0.97 | $0.83 | $0.91 | $0.14 | $0.06 |
| PPNR | $109.9 | $106.3 | $109.6 | $3.6 | $0.3 |
| ROA | 0.81% | 0.72% | 0.78% | 0.09% | 0.03% |
| ROE | 9.3% | 8.1% | 9.4% | 1.2% | (0.1)% |
| Net interest margin | 3.06% | 2.99% | 2.93% | 0.07% | 0.13% |
Deposits
- Average Total Deposits (excluding brokered): Up $811 million from prior quarter and up $1.5 billion from a year ago.
- Non-Interest Demand Deposits (NIDDA):
- Ending NIDDA up $991 million, or 11%, from prior quarter and $822 million, or 9%, from a year ago.
- Average NIDDA up $564 million, or 7%, from prior quarter and $1 billion, or 13% from a year ago.
- Represents 34.4% of total deposits, up from 31.8% a year ago. This represents the highest NIDDA balance and highest percentage of total deposits in the Company's history.
- Wholesale funding declined by $1.4 billion for both the prior quarter and from a year ago, reflecting continued balance-sheet repositioning. Brokered deposits represents 10.5% of total deposits.
Loans
- Average Core Loans increased $195 million, or 1%, from prior quarter and increased $643 million, or 4%, from a year ago.
- Total Average Loans were essentially flat vs both prior quarter and prior year, due to continued purposeful runoff in non-core loans.
Credit
- NPLs down $51 million, or 19%, from the prior quarter and $152 million, or 40%, from a year ago.
- ACL to NPLs coverage ratio increased to 97.14% from 75.90% in the prior quarter.
- Criticized and classified loans modestly increased $7 million, or 1%, and were down $170 million, or 14%, from a year ago.
Share Repurchases
- Approximately 1.1 million shares repurchased in Q2 for an aggregate of $50.1 million.
Represents a non-GAAP measure. See "Non-GAAP Financial Measures" section for a reconciliation of non-GAAP financial measures to GAAP financial measures.
Annualized for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025.
Notable items that impacted results:
The following table presents notable items, on a pre-tax basis, that impacted results for the periods presented (in thousands):
| Quarter Ended |
|---|
| 2Q26 | 1Q26 | 2Q25 |
|---|
| Compensation-related items | $ - | $(5,358) | $ - |
| Release of FDIC Special Assessment accrual | - | 6,669 | - |
| $ - | $1,311 | $ - |
Net Interest Income & Margin
| Net Interest Income | Net Interest Margin (NIM) |
| p$6.3 million or 3% from prior quarter | p $9.2 million or 4% from 2Q 2025 | p 7 bps from prior quarter | p 13 bps from 2Q 2025 |
Net interest income and margin increased from the prior quarter due to the following factors:
- Impact of the growth in NIDDA balances and reduced use of brokered deposits. Deposit pricing continued to improve, contributing to lower funding costs; average cost of deposits declined to 2.05% from 2.12% from the prior quarter.
- The tax equivalent yield on investment securities increased reflecting the benefit of securities purchased during the first quarter as periods of market volatility and spread widening created attractive investment opportunities.
Net interest income and margin also increased from the same quarter of the prior year due to the following factors:
- Average NIDDA grew by $1 billion while average interest bearing liabilities declined by $1.1 billion.
- Partially offset by the decrease of tax equivalent yields on investment securities and loans as variable rate assets repriced faster than continued improvement in funding cost and funding mix dynamics due to lower SOFR/Fed funds basis.
Non-Interest Income and Non-Interest Expense
The following table summarizes non-interest income and non-interest expense for the periods presented (in millions):
| Three Months Ended |
|---|
| 2Q26 | 1Q26 | 2Q25 |
|---|
| Non-interest income | $29.2 | $24.7 | $27.8 |
| Non-interest expense | $174.6 | $167.4 | $164.3 |
- Non-interest income increased from prior quarter, primarily reflecting higher capital markets revenue.
- Non-interest income increased compared to a year ago, primarily as a result of increase in deposit service charges and fees.
- Non-interest expense increased from prior quarter, after adjusting for the notable items summarized above, due to higher deposit-related costs, a loss associated with a single real estate owned asset disposition of $1.1 million, and elevated operational losses of $1.3 million.
- Non-interest expense increased compared to a year ago, primarily due to higher employee compensation and benefits.
Loans
- Average CRE loans increased by $147 million, or 2%, from prior quarter and increased by $630 million, or 10%, from a year ago.
- Average C&I loans were essentially flat from the prior quarter and from a year ago, largely due to strategic exits.
- Average MWL (Mortgage Warehouse Lending) loans up $82 million, or 13% from prior quarter and $115 million, or 19% from a year ago.
- Average Residential loan balances declined $174 million, or 3% from the prior quarter and $627 million, or 8% from a year ago; consistent with our balance sheet repositioning strategy.
Loan portfolio composition at the periods indicated are as follows (dollars in thousands):
| 2Q26 | 1Q26 | | 2Q25 | |
|---|
| Amortized Cost | Average Balance | Amortized Cost | Average Balance | | Amortized Cost | Average Balance |
|---|
| Core loan segments: | | | | | | | |
| CRE | $7,006,901 | $6,938,213 | $6,886,411 | $6,790,769 | | $6,473,465 | $6,308,051 |
| C&I | 8,681,166 | 8,706,525 | 8,885,932 | 8,752,335 | | 8,685,815 | 8,744,513 |
| MWL | 876,771 | 730,841 | 805,037 | 649,160 | | 626,589 | 616,129 |
| Municipal Finance | 636,945 | 630,329 | 616,486 | 618,192 | | 694,639 | 694,657 |
| Total core loans | 17,201,783 | 17,005,908 | 17,193,866 | 16,810,456 | | 16,480,508 | 16,363,350 |
| Other | 71,740 | 78,929 | 84,709 | 95,725 | | 149,022 | 156,663 |
| Residential | 6,655,550 | 6,754,430 | 6,856,354 | 6,928,828 | | 7,303,997 | 7,380,985 |
| Total loans | $23,929,073 | $23,839,267 | $24,134,929 | $23,835,009 | | $23,933,527 | $23,900,998 |
Deposits
Deposit portfolio composition at the periods indicated are as follows (dollars in thousands):
| 2Q26 | 1Q26 | | 2Q25 | |
|---|
| Ending Balance | Average Balance | Ending Balance | Average Balance | | Ending Balance | Average Balance |
|---|
| Non-Interest Bearing Demand | $9,934,638 | $9,027,557 | $8,943,844 | $8,463,491 | | $9,112,888 | $7,993,915 |
| Interest Bearing Demand | 6,619,044 | 6,365,179 | 6,449,405 | 6,033,099 | | 5,583,663 | 5,407,538 |
| Savings and Money Market | 9,958,785 | 10,083,767 | 9,939,985 | 10,245,692 | | 10,171,156 | 10,355,700 |
| Time | 2,368,781 | 3,251,965 | 4,026,866 | 3,751,256 | | 3,778,234 | 3,919,526 |
| Total deposits | $28,881,248 | $28,728,468 | $29,360,100 | $28,493,538 | | $28,645,941 | $27,676,679 |
Commercial real estate loans, including non-owner occupied commercial real estate and construction and land.
Commercial and industrial loans, including owner-occupied commercial real estate.
Credit
Credit Quality
Credit quality metrics remained strong during Q2, as non-performing loans declined and criticized and classified loans modestly increased from the prior quarter.
- Non-Performing Loans: Down $51 million, or 19%, from prior quarter and down $152 million, or 40%, from a year ago.
- NPA Ratio: 0.66%, including 0.09% related to guaranteed portion of SBA loans, down from 0.79%, including 0.10% related to SBA, in prior quarter.
- Criticized and Classified Loans: Increased $7 million from prior quarter, reflecting continued portfolio monitoring, and down $170 million from a year ago.
- Net Charge-offs: Net Charge-offs for the quarter (annualized) was 0.11%, down 0.50% from prior quarter and 0.10% from a year ago.
The following table provides a breakdown of criticized and classified loans for the periods indicated (in thousands):
| 2Q26 | 1Q26 | 2Q25 |
|---|
| CRE | Total Commercial | CRE | Total Commercial | CRE | Total Commercial |
|---|
| Special mention | $33,868 | $175,198 | $67,396 | $177,859 | $88,959 | $130,879 |
| Substandard - accruing | 411,167 | 686,274 | 418,033 | 622,436 | 520,955 | 745,811 |
| Substandard - non-accruing | 36,255 | 156,208 | 74,584 | 211,293 | 152,634 | 317,958 |
| Doubtful | - | 41,682 | 903 | 40,758 | - | 34,639 |
| Total | $481,290 | $1,059,362 | $560,916 | $1,052,346 | $762,548 | $1,229,287 |
Allowance & Provision
Allowance levels and coverage remained appropriate during the periods presented, with changes reflecting lower net charge-offs, higher specific reserves, and improved asset quality. The following tables summarize the ACL, key coverage metrics, and changes across the periods presented (dollars in thousands):
| ACL | ACL to Total Loans | Commercial ACL to Commercial Loans | ACL to Non-Performing Loans | Net Charge-offs to Average Loans |
|---|
| 2Q26 | $217,516 | 0.91% | 1.30% | 97.14% | 0.11% |
| 1Q26 | $208,790 | 0.87% | 1.25% | 75.90% | 0.61% |
| 2Q25 | $222,730 | 0.93% | 1.36% | 59.18% | 0.21% |
| Three Months Ended |
|---|
| 2Q26 | 1Q26 | 2Q25 |
|---|
| Beginning balance | $208,790 | $219,825 | $219,747 |
| Provision | 15,098 | 25,103 | 15,694 |
| Net charge-offs | (6,372) | (36,138) | (12,711) |
| Ending balance | $217,516 | $208,790 | $222,730 |
- The ACL to total loans ratio increased to 0.91% from 0.87% in the prior quarter, while the ACL to non-performing loans coverage ratio increased to 97.14%, primarily reflecting lower non-performing loan balances.
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.
Annualized for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025.
Capital, Liquidity & shareholder returns
Strong capital levels provide ability to execute on growth initiatives while also returning capital to shareholders.
- CET1: 12.3%, up 10 bps from prior quarter and a year ago.
- Tangible Common Equity Ratio: 8.4%, up 10 bps from prior quarter and 30 bps from a year ago.
- Tangible Book Value per Share: $40.48, representing 6% year-over-year growth.
- AOCI declined by $13.9 million from prior quarter primarily due to an increase in unrealized losses on investment securities available for sale. Compared to a year ago, AOCI improved by $14.3 million, reflecting lower unrealized losses on investment securities available for sale.
Earnings Conference Call and Presentation
A conference call to discuss quarterly results will be held at 9:00 a.m. ET on Wednesday, July 22, 2026 with Chairman, President and Chief Executive Officer Rajinder P. Singh, Chief Financial Officer James G. Mackey 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://dpregister.com/sreg/10209248/10404062ea0. 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 $34.9 billion at June 30, 2026, is the bank holding company of BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida, with operations in Florida, New York, Dallas, Atlanta, Morristown, New Jersey, and Charlotte, North Carolina. BankUnited provides a full range of consumer and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions, and 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.
Represents a non-GAAP measure. See "Non-GAAP Financial Measures" section for a reconciliation of non-GAAP financial measures to GAAP financial measures.
Forward-Looking Statements
Forward-looking statements notice
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, dividend payments and stock repurchases. 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 (1) an inability to successfully execute our core business strategy; (2) adverse events or conditions impacting the financial services industry, (3) our ability to access capital, including the impact of our credit rating; (4) credit risk inherent in the business of making loans and embedded in our securities portfolio, including inadequate allowance for credit losses and real estate market conditions and valuations; (5) interest rate risk, (6) liquidity risks, (7) risks related to the regulation of our industry, (8) operational risk, including dependence on information technology and third party service providers and the risk of systems failures, interruptions or breaches of security or inability to keep pace with technological change; (9) reputational risk, (10) the impact of conditions in the financial markets and economic conditions generally; (11) ineffective risk management or internal controls; and (12) the selection and application of accounting policies and methods and related assumptions and estimates. 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, 2025, 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)
| June 30, 2026 | March 31, 2026 | June 30, 2025 |
|---|
| ASSETS | | | |
| Cash and due from banks: | | | |
| Non-interest bearing | $11,998 | $13,336 | $15,595 |
| Interest bearing | 355,875 | 371,605 | 785,699 |
| Cash and cash equivalents | 367,873 | 384,941 | 801,294 |
| Investment securities | 9,317,614 | 9,505,168 | 9,401,071 |
| Non-marketable equity securities | 144,652 | 149,590 | 174,234 |
| Loans | 23,929,073 | 24,134,929 | 23,933,527 |
| Allowance for credit losses | (217,516) | (208,790) | (222,730) |
| Loans, net | 23,711,557 | 23,926,139 | 23,710,797 |
| Bank owned life insurance | 315,848 | 314,165 | 294,855 |
| Operating lease equipment, net | 157,272 | 150,214 | 214,455 |
| Goodwill | 77,637 | 77,637 | 77,637 |
| Other assets | 789,789 | 850,759 | 785,364 |
| Total assets | $34,882,242 | $35,358,613 | $35,459,707 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
| Liabilities: | | | |
| Demand deposits: | | | |
| Non-interest bearing | $9,934,638 | $8,943,844 | $9,112,888 |
| Interest bearing | 6,619,044 | 6,449,405 | 5,583,663 |
| Savings and money market | 9,958,785 | 9,939,985 | 10,171,156 |
| Time | 2,368,781 | 4,026,866 | 3,778,234 |
| Total deposits | 28,881,248 | 29,360,100 | 28,645,941 |
| Federal funds purchased | 265,000 | - | - |
| FHLB advances | 1,630,000 | 1,755,000 | 2,255,000 |
| Notes and other borrowings | 318,936 | 319,340 | 708,937 |
| Other liabilities | 783,653 | 908,636 | 896,812 |
| Total liabilities | 31,878,837 | 32,343,076 | 32,506,690 |
| Commitments and contingencies | | | |
| Stockholders' equity: | | | |
| Common stock, par value $0.01 per share, 400,000,000 shares authorized; 72,276,530, 73,354,206 and 75,218,911 shares issued and outstanding | 722 | 734 | 752 |
| Paid-in capital | 164,020 | 209,270 | 306,271 |
| Retained earnings | 3,055,604 | 3,008,613 | 2,877,237 |
| Accumulated other comprehensive loss | (216,941) | (203,080) | (231,243) |
| Total stockholders' equity | 3,003,405 | 3,015,537 | 2,953,017 |
| Total liabilities and stockholders' equity | $34,882,242 | $35,358,613 | $35,459,707 |
BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
| Three Months Ended | Six Months Ended |
|---|
| June 30, 2026 | March 31, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 |
|---|
| Interest income: | | | | | |
| Loans | $312,991 | $310,162 | $328,090 | $623,153 | $649,474 |
| Investment securities | 107,603 | 106,230 | 117,346 | 213,833 | 231,215 |
| Other | 5,916 | 5,794 | 8,343 | 11,710 | 16,779 |
| Total interest income | 426,510 | 422,186 | 453,779 | 848,696 | 897,468 |
| Interest expense: | | | | | |
| Deposits | 146,605 | 148,694 | 170,695 | 295,299 | 344,905 |
| Borrowings | 24,577 | 24,505 | 36,965 | 49,082 | 73,305 |
| Total interest expense | 171,182 | 173,199 | 207,660 | 344,381 | 418,210 |
| Net interest income before provision for credit losses | 255,328 | 248,987 | 246,119 | 504,315 | 479,258 |
| Provision for credit losses | 15,559 | 24,586 | 15,698 | 40,145 | 30,809 |
| Net interest income after provision for credit losses | 239,769 | 224,401 | 230,421 | 464,170 | 448,449 |
| Non-interest income: | | | | | |
| Deposit service charges and fees | 6,310 | 6,219 | 5,323 | 12,529 | 10,558 |
| Gain on investment securities, net | 941 | 3,290 | 347 | 4,231 | 1,291 |
| Lease financing | 3,885 | 3,347 | 4,612 | 7,232 | 8,925 |
| Capital markets income | 8,081 | 3,684 | 7,123 | 11,765 | 12,021 |
| Other non-interest income | 10,022 | 8,160 | 10,405 | 18,182 | 17,285 |
| Total non-interest income | 29,239 | 24,700 | 27,810 | 53,939 | 50,080 |
| Non-interest expense: | | | | | |
| Employee compensation and benefits | 89,432 | 96,689 | 83,153 | 186,121 | 165,899 |
| Occupancy and equipment | 11,192 | 11,002 | 10,945 | 22,194 | 22,288 |
| Deposit insurance expense | 5,334 | (1,026) | 6,976 | 4,308 | 14,203 |
| Technology | 22,910 | 22,415 | 23,492 | 45,325 | 46,272 |
| Depreciation of operating lease equipment | 3,169 | 3,366 | 3,869 | 6,535 | 7,878 |
| Other non-interest expense | 42,611 | 34,917 | 35,892 | 77,528 | 68,013 |
| Total non-interest expense | 174,648 | 167,363 | 164,327 | 342,011 | 324,553 |
| Income before income taxes | 94,360 | 81,738 | 93,904 | 176,098 | 173,976 |
| Provision for income taxes | 23,697 | 19,863 | 25,138 | 43,560 | 46,734 |
| Net income | $70,663 | $61,875 | $68,766 | $132,538 | $127,242 |
| Earnings per common share, basic | $0.97 | $0.83 | $0.91 | $1.80 | $1.70 |
| Earnings per common share, diluted | $0.97 | $0.83 | $0.91 | $1.79 | $1.68 |
BANKUNITED, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(Dollars in thousands)
| Three Months Ended June 30, | Three Months Ended March 31, | Three Months Ended June 30, |
|---|
| 2026 | 2026 | 2025 |
|---|
| Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate | Average Balance | Interest | Yield/Rate |
|---|
| Assets: | | | | | | | | | |
| Interest earning assets: | | | | | | | | | |
| Loans | $23,839,310 | $315,747 | 5.31% | | $23,835,417 | $312,812 | 5.31% | | $23,901,218 | $330,805 | 5.55% | |
| Investment securities | 9,381,602 | 108,693 | 4.64% | | 9,471,480 | 106,953 | 4.55% | | 9,352,504 | 118,046 | 5.06% | |
| Other interest earning assets | 682,205 | 5,916 | 3.48% | | 672,001 | 5,794 | 3.49% | | 807,721 | 8,343 | 4.14% | |
| Total interest earning assets | 33,903,117 | 430,356 | 5.09% | | 33,978,898 | 425,559 | 5.06% | | 34,061,443 | 457,194 | 5.38% | |
| Allowance for credit losses | (213,533) | | | (218,808) | | | (227,191) | | |
| Non-interest earning assets | 1,356,431 | | | 1,328,791 | | | 1,370,990 | | |
| Total assets | $35,046,015 | | | $35,088,881 | | | $35,205,242 | | |
| Liabilities and Stockholders' Equity: | | | | | | | | | |
| Interest bearing liabilities: | | | | | | | | | |
| Interest bearing demand deposits | $6,365,179 | $45,432 | 2.87% | | $6,033,099 | $43,294 | 2.91% | | $5,407,538 | $45,689 | 3.39% | |
| Savings and money market deposits | 10,083,767 | 72,729 | 2.89% | | 10,245,692 | 73,278 | 2.90% | | 10,355,700 | 88,023 | 3.41% | |
| Time deposits | 3,251,965 | 28,444 | 3.51% | | 3,751,256 | 32,122 | 3.48% | | 3,919,526 | 36,983 | 3.79% | |
| Total interest bearing deposits | 19,700,911 | 146,605 | 2.99% | | 20,030,047 | 148,694 | 3.01% | | 19,682,764 | 170,695 | 3.48% | |
| FHLB advances | 2,028,901 | 18,991 | 3.75% | | 2,193,944 | 19,897 | 3.68% | | 2,941,264 | 27,828 | 3.79% | |
| Notes and other borrowings | 471,725 | 5,586 | 4.74% | | 366,487 | 4,608 | 5.03% | | 709,081 | 9,137 | 5.16% | |
| Total interest bearing liabilities | 22,201,537 | 171,182 | 3.10% | | 22,590,478 | 173,199 | 3.11% | | 23,333,109 | 207,660 | 3.57% | |
| Non-interest bearing demand deposits | 9,027,557 | | | 8,463,491 | | | 7,993,915 | | |
| Other non-interest bearing liabilities | 776,682 | | | 930,784 | | | 931,879 | | |
| Total liabilities | 32,005,776 | | | 31,984,753 | | | 32,258,903 | | |
| Stockholders' equity | 3,040,239 | | | 3,104,128 | | | 2,946,339 | | |
| Total liabilities and stockholders' equity | $35,046,015 | | | $35,088,881 | | | $35,205,242 | | |
| Net interest income | | $259,174 | | | $252,360 | | | $249,534 | |
| Interest rate spread | | | 1.99% | | | | 1.95% | | | | 1.81% | |
| Net interest margin | | | 3.06% | | | | 2.99% | | | | 2.93% | |
On a tax-equivalent basis where applicable
Annualized
At fair value
BANKUNITED, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(Dollars in thousands)
| Six Months Ended June 30, | |
|---|
| 2026 | 2025 | |
|---|
| Average Balance | Interest | Yield/Rate (1) (2) | Average Balance | Interest | Yield/Rate (1) (2) |
|---|
| Assets: | | | | | | |
| Interest earning assets: | | | | | | |
| Loans | $23,837,373 | $628,561 | 5.31% | | $23,917,488 | | $654,918 | 5.51% |
| Investment securities | 9,426,293 | 215,644 | 4.59% | | 9,229,050 | | 232,636 | 5.06% |
| Other interest earning assets | 677,425 | 11,710 | 3.49% | | 801,797 | | 16,779 | 4.22% |
| Total interest earning assets | 33,941,091 | 855,915 | 5.07% | | 33,948,335 | | 904,333 | 5.36% |
| Allowance for credit losses | (216,156) | | | (227,672) | | | |
| Non-interest earning assets | 1,342,393 | | | 1,370,321 | | | |
| Total assets | $35,067,328 | | | $35,090,984 | | | |
| Liabilities and Stockholders' Equity: | | | | | | |
| Interest bearing liabilities: | | | | | | |
| Interest bearing demand deposits | $6,200,056 | $88,726 | 2.89% | | $5,111,328 | | $85,582 | 3.37% |
| Savings and money market deposits | 10,164,282 | 146,007 | 2.89% | | 10,593,396 | | 179,802 | 3.42% |
| Time deposits | 3,500,231 | 60,566 | 3.49% | | 4,122,014 | | 79,521 | 3.89% |
| Total interest bearing deposits | 19,864,569 | 295,299 | 3.00% | | 19,826,738 | | 344,905 | 3.50% |
| FHLB advances | 2,110,967 | 38,889 | 3.72% | | 2,966,188 | | 55,034 | 3.74% |
| Notes and other borrowings | 419,396 | 10,193 | 4.86% | | 709,059 | | 18,271 | 5.16% |
| Total interest bearing liabilities | 22,394,932 | 344,381 | 3.10% | | 23,501,985 | | 418,210 | 3.58% |
| Non-interest bearing demand deposits | 8,747,082 | | | 7,705,120 | | | |
| Other non-interest bearing liabilities | 853,307 | | | 968,195 | | | |
| Total liabilities | 31,995,321 | | | 32,175,300 | | | |
| Stockholders' equity | 3,072,007 | | | 2,915,684 | | | |
| Total liabilities and stockholders' equity | $35,067,328 | | | $35,090,984 | | | |
| Net interest income | | $511,534 | | | $486,123 | |
| Interest rate spread | | | 1.97% | | | | 1.78% |
| Net interest margin | | | 3.03% | | | | 2.87% |
(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 | Six Months Ended |
|---|
| c | June 30, 2026 | March 31, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 |
| Basic earnings per common share: | | | | | |
| Numerator: | | | | | |
| Net income | $70,663 | $61,875 | $68,766 | $132,538 | $127,242 |
| Distributed and undistributed earnings allocated to participating securities | (1,094) | (911) | (979) | (2,000) | (1,799) |
| Income allocated to common stockholders for basic earnings per common share | $69,569 | $60,964 | $67,787 | $130,538 | $125,443 |
| Denominator: | | | | | |
| Weighted average common shares outstanding | 72,630,405 | 74,518,354 | 75,222,756 | 73,569,419 | 75,071,593 |
| Less average unvested stock awards | (1,180,777) | (1,138,483) | (1,124,872) | (1,159,749) | (1,113,205) |
| Weighted average shares for basic earnings per common share | 71,449,628 | 73,379,871 | 74,097,884 | 72,409,670 | 73,958,388 |
| Basic earnings per common share | $0.97 | $0.83 | $0.91 | $1.80 | $1.70 |
| Diluted earnings per common share: | | | | | |
| Numerator: | | | | | |
| Income allocated to common stockholders for basic earnings per common share | $69,569 | $60,964 | $67,787 | $130,538 | $125,443 |
| Adjustment for earnings reallocated from participating securities | 4 | 4 | 5 | 8 | 9 |
| Income used in calculating diluted earnings per common share | $69,573 | $60,968 | $67,792 | $130,546 | $125,452 |
| Denominator: | | | | | |
| Weighted average shares for basic earnings per common share | 71,449,628 | 73,379,871 | 74,097,884 | 72,409,670 | 73,958,388 |
| Dilutive effect of certain share-based awards | 342,179 | 511,677 | 523,812 | 426,460 | 543,043 |
| Weighted average shares for diluted earnings per common share | 71,791,807 | 73,891,548 | 74,621,696 | 72,836,130 | 74,501,431 |
| Diluted earnings per common share | $0.97 | $0.83 | $0.91 | $1.79 | $1.68 |
BANKUNITED, INC. AND SUBSIDIARIES
SELECTED RATIOS
| At or for the Three Months Ended | At or for the Years Ended | |
|---|
| June 30, 2026 | March 31, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 |
|---|
| Financial ratios | | | | | |
| Return on average assets | 0.81% | 0.72% | 0.78% | 0.76% | 0.73% |
| Return on average stockholders’ equity | 9.3% | 8.1% | 9.4% | 8.7% | 8.8% |
| Net interest margin | 3.06% | 2.99% | 2.93% | 3.03% | 2.87% |
| Loans to deposits | 82.9% | 82.3% | 83.6% | 82.9% | 83.6% |
| Tangible book value per common share | $40.48 | $40.05 | $38.23 | $40.48 | $38.23 |
| June 30, 2026 | March 31, 2026 | June 30, 2025 |
|---|
| Asset quality ratios | | | |
| Non-performing loans to total loans | 0.94% | 1.14% | 1.57% |
| Non-performing assets to total assets | 0.66% | 0.79% | 1.08% |
| ACL to total loans | 0.91% | 0.87% | 0.93% |
| Commercial ACL to commercial loans | 1.30% | 1.25% | 1.36% |
| ACL to non-performing loans | 97.14% | 75.90% | 59.18% |
| Net charge-offs to average loans | 0.11% | 0.61% | 0.21% |
| June 30, 2026 | March 31, 2026 | June 30, 2025 | Required to be Considered Well Capitalized |
|---|
| BankUnited, Inc. | BankUnited, N.A. | BankUnited, Inc. | BankUnited, N.A. | BankUnited, Inc. | BankUnited, N.A. | |
|---|
| Capital ratios | | | | | | | |
| Tier 1 leverage | 8.9% | 9.4% | | 8.9% | 9.4% | | 8.8% | 9.3% | | 5.0% | |
| Common Equity Tier 1 ("CET1") risk-based capital | 12.3% | 13.0% | | 12.2% | 12.9% | | 12.2% | 13.0% | | 6.5% | |
| Total risk-based capital | 13.9% | 13.9% | | 14.0% | 13.7% | | 14.3% | 13.9% | | 10.0% | |
| Tangible Common Equity/Tangible Assets | 8.4% | | N/A | 8.3% | | N/A | 8.1% | | N/A | | N/A |
Annualized for the three month periods as applicable.
On a tax-equivalent basis.
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.
Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $31.8 million or 0.13% of total loans and 0.09% of total assets at June 30, 2026, $33.8 million or 0.14% of total loans and 0.10% of total assets at March 31, 2026, and $35.9 million or 0.15% of total loans and 0.10% of total assets at June 30, 2025.
Non-performing assets include non-performing loans, OREO and other repossessed assets.
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.
Annualized for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025.
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.
PPNR is a non-GAAP financial measure. Management believes this measure is relevant to understanding the performance of the Company attributable to elements other than the provision for credit losses and the ability of the Company to generate earnings sufficient to cover estimated credit losses. This measure also provides a meaningful basis for comparison to other financial institutions since it is commonly employed and is a measure frequently cited by investors and analysts.
The following tables reconciles these non-GAAP financial measurements to the comparable GAAP financial measurements at the dates and for the periods indicated (in thousands except share and per share data):
| June 30, 2026 | March 31, 2026 | June 30, 2025 |
|---|
| Total stockholders’ equity | $3,003,405 | $3,015,537 | $2,953,017 |
| Less: goodwill and other intangible assets | 77,637 | 77,637 | 77,637 |
| Tangible stockholders’ equity | $2,925,768 | $2,937,900 | $2,875,380 |
| Common shares issued and outstanding | 72,276,530 | 73,354,206 | 75,218,911 |
| Book value per common share | $41.55 | $41.11 | $39.26 |
| Tangible book value per common share | $40.48 | $40.05 | $38.23 |
| Quarter Ended |
|---|
| June 30, 2026 | March 31, 2026 | June 30, 2025 |
|---|
| Pre-Provision Net Revenue ("PPNR") | | | |
| Income before income taxes | $94,360 | $81,738 | $93,904 |
| Provision for credit losses | 15,559 | 24,586 | 15,698 |
| PPNR | $109,919 | $106,324 | $109,602 |
Contacts
BankUnited, Inc.
James G. Mackey, 305-231-6793
Source: BankUnited, Inc.