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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 FORM 8-K
                     
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): January 26, 2024 (January 26, 2024)

BankUnited, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-35039 27-0162450
(State of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
14817 Oak Lane,Miami Lakes,FL                                                33016
(Address of principal executive offices)(Zip Code)
 
(Registrant’s telephone number, including area code): (305) 569-2000
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
                  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
                  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
                  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
                  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
ClassTrading SymbolName of Exchange on Which Registered
Common Stock, $0.01 Par ValueBKUNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act





Item 2.02    Results of Operations and Financial Condition.

On January 26, 2024, BankUnited, Inc. (the “Company”) reported its results for the quarter ended December 31, 2023. A copy of the Company’s press release containing this information and slides containing supplemental information related to this release are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.
Exhibit
Number
 Description
 January 26, 2024
January 26, 2024
2




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:January 26, 2024BANKUNITED, INC.
 /s/ Leslie N. Lunak
 Name:Leslie N. Lunak
 Title:Chief Financial Officer


3





EXHIBIT INDEX
 
Exhibit
Number
 Description
 January 26, 2024
January 26, 2024




4
Document

Exhibit 99.1
BANKUNITED, INC. REPORTS 2023 RESULTS

Miami Lakes, Fla. — January 26, 2024 — BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter and year ended December 31, 2023.
"We finished the year with continued improvement on both sides of our balance sheet, expanding margin and strong credit performance. We are benefiting from a strong economy in our primary market and are looking forward to 2024 with great optimism" said Rajinder Singh, Chairman, President and Chief Executive Officer.
For the quarter ended December 31, 2023, the Company reported net income of $20.8 million, or $0.27 per diluted share, compared to $47.0 million, or $0.63 per diluted share, for the immediately preceding quarter ended September 30, 2023 and $64.2 million, or $0.82 per diluted share, for the quarter ended December 31, 2022. For the year ended December 31, 2023, the Company reported net income of $178.7 million, or $2.38 per diluted share, compared to $285.0 million, or $3.54 per diluted share, for the year ended December 31, 2022. Results for the quarter ended December 31, 2023 were negatively impacted by $41.8 million of notable items impacting income before taxes, related to the FDIC special assessment and a loss on sale of operating lease equipment as detailed below.
Quarterly Highlights
Two notable items totaling $41.8 million impacted income before income taxes for the quarter ended December 31, 2023 (in thousands):
FDIC special assessment
$35,356 
Loss on sale of operating lease equipment
6,479 
$41,835 
The loss on sale of operating lease equipment of $6.5 million compares to a gain of $4.2 million on sale of operating lease equipment in the immediately preceding quarter, for a variance of $10.7 million.
We continued to execute on near-term strategic priorities this quarter:
The net interest margin, calculated on a tax-equivalent basis, expanded this quarter to 2.60% from 2.56% for the immediately preceding quarter.
Non-brokered deposits grew by $604 million for the quarter ended December 31, 2023. Total deposits grew by $426 million.
Non-interest bearing deposits declined by $521 million for the quarter, to 26% of total deposits at December 31, 2023, from 28% at September 30, 2023. On an average basis, non-interest bearing deposits were relatively flat to the prior quarter, declining by only $28.5 million. Most of the period-end decline was attributable to quarter-end outflows related to seasonality in the residential real estate sector, impacting our title solutions vertical and other mortgage related deposits.
Residential loans declined by $172 million for the quarter, while our core C&I and commercial real estate portfolios grew by a total of $476 million. Since December 31, 2022, residential loans have declined by $692 million.
The amortized cost of the investment securities portfolio declined by $106 million during the quarter ended December 31, 2023 and has declined by $959 million since December 31, 2022.
Wholesale funding, including FHLB advances and brokered deposits, declined by $228 million for the quarter. We have paid down FHLB advances by $2.4 billion since March 31, 2023.
Liquidity remains ample. Total same day available liquidity was $13.6 billion, the available liquidity to uninsured, uncollateralized deposits ratio was 152% and an estimated 66% of our deposits were insured or collateralized at December 31, 2023.
1


Our capital position is robust. At December 31, 2023, CET1 was 11.4% at a consolidated level. Pro-forma CET1, including accumulated other comprehensive income, was 10.0% at December 31, 2023. The ratio of tangible common equity/tangible assets increased to 7.0% at December 31, 2023.
For the quarter ended December 31, 2023, the provision for credit losses was $19.3 million compared to $33.0 million for the immediately preceding quarter. The ratio of the ACL to total loans increased to 0.82% at December 31, 2023, from 0.80% at September 30, 2023.
The net charge-off ratio for the year ended December 31, 2023 was 0.09%. NPAs remained low, totaling $130.6 million at December 31, 2023, down from $140.5 million at September 30, 2023. The NPA ratio at December 31, 2023 declined to 0.37%, including 0.12% related to the guaranteed portion of non-performing SBA loans, from 0.40%, including 0.11% related to the guaranteed portion of non-performing SBA loans at September 30, 2023.
As expected in the current macro-environment, the average cost of total deposits increased to 2.96% for the quarter ended December 31, 2023 from 2.74% for the immediately preceding quarter. This increase of 0.22% was smaller than the 0.28% increase in the cost of deposits for the quarter ended September 30, 2023, continuing the trend of a declining rate of increase in deposit costs. The yield on average interest earning assets increased to 5.70% for the quarter ended December 31, 2023 from 5.52% for the immediately preceding quarter.
Our commercial real estate exposure is modest. Commercial real estate loans totaled 23.6% of loans at December 31, 2023, representing 169% of the Bank's total risk based capital. At December 31, 2023, the weighted average LTV of the CRE portfolio was 56.0% and the weighted average DSCR was 1.80. 58% of the portfolio was secured by collateral properties located in Florida and 25% was secured by properties in the New York tri-state area.
We remain committed to keeping the duration of our securities portfolio short; the duration of the available for sale securities portfolio was 1.96 at December 31, 2023. Held to maturity securities were not significant.
The net unrealized pre-tax loss on the securities portfolio improved by $109 million for the quarter ended December 31, 2023, now representing 6% of amortized cost. AOCI improved by $50 million.
Book value and tangible book value per common share continued to grow, to $34.66 and $33.62, respectively, at December 31, 2023, compared to $33.92 and $32.88, respectively, at September 30, 2023 and $32.19 and $31.16, respectively, at December 31, 2022.
Loans
A comparison of loan portfolio composition at the dates indicated follows (dollars in thousands):
December 31, 2023September 30, 2023December 31, 2022
Residential$8,209,027 33.3 %$8,380,568 34.4 %$8,900,714 35.7 %
Non-owner occupied commercial real estate5,323,241 21.6 %5,296,784 21.7 %5,405,597 21.7 %
Construction and land495,992 2.0 %445,273 1.8 %294,360 1.2 %
Owner occupied commercial real estate1,935,743 7.9 %1,851,246 7.6 %1,890,813 7.6 %
Commercial and industrial6,971,981 28.3 %6,658,010 27.4 %6,417,721 25.9 %
Pinnacle - municipal finance884,690 3.6 %900,199 3.7 %912,122 3.7 %
Franchise finance182,408 0.7 %196,745 0.8 %253,774 1.0 %
Equipment finance197,939 0.8 %219,874 0.9 %286,147 1.1 %
Mortgage warehouse lending ("MWL")432,663 1.8 %407,577 1.7 %524,740 2.1 %
$24,633,684 100.0 %$24,356,276 100.0 %$24,885,988 100.0 %

Consistent with our balance sheet strategy, for the quarter ended December 31, 2023, residential loans declined by $172 million, while C&I grew by $399 million, CRE grew by $77 million and MWL grew by $25 million. Franchise, equipment and municipal finance declined by $52 million in aggregate.
2


Asset Quality and the Allowance for Credit Losses ("ACL")
The following table presents the ACL and related ACL coverage ratios at the dates indicated and net charge-off rates for the periods ended December 31, 2023, September 30, 2023 and December 31, 2022 (dollars in thousands):
ACLACL to Total LoansACL to Non-Performing Loans
Net Charge-offs to Average Loans (1)
December 31, 2022$147,946 0.59 %140.88 %0.22 %
September 30, 2023$196,063 0.80 %143.22 %0.07 %
December 31, 2023$202,689 0.82 %159.54 %0.09 %
(1)    Annualized for the nine months ended September 30, 2023.
The ACL at December 31, 2023 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 December 31, 2023, the provision for credit losses was $19.3 million, including $16.3 million related to funded loans. Factors impacting the provision for credit losses and increase in the ACL for the quarter ended December 31, 2023 included the shift in balance sheet composition toward commercial loan categories that typically carry higher reserves and risk rating migration.
The following table summarizes the activity in the ACL for the periods indicated (in thousands):
Three Months Ended December 31,
Years Ended December 31,
 2023202220232022
Beginning balance$196,063 $130,671 $147,946 $126,457 
Impact of adoption of new accounting pronouncement (ASU 2022-02)N/AN/A(1,794)N/A
Balance after impact of adoption of new accounting pronouncement (ASU 2022-02)196,063 130,671 146,152 126,457 
Provision16,257 40,408 78,924 73,814 
Net charge-offs(9,631)(23,133)(22,387)(52,325)
Ending balance$202,689 $147,946 $202,689 $147,946 
Non-performing loans totaled $127.0 million or 0.52% of total loans at December 31, 2023, compared to $136.9 million or 0.56% of total loans at September 30, 2023. Non-performing loans included $41.8 million and $37.8 million of the guaranteed portion of SBA loans on non-accrual status, representing 0.17% and 0.16% of total loans at December 31, 2023 and September 30, 2023, respectively.
The following table presents criticized and classified commercial loans at the dates indicated (in thousands):
December 31, 2023September 30, 2023December 31, 2022
Special mention$319,905 $341,999 $51,433 
Substandard - accruing711,266 534,336 605,965 
Substandard - non-accruing86,903 96,248 75,125 
Doubtful19,035 19,344 7,990 
Total $1,137,109 $991,927 $740,513 
The increase in the substandard accruing category for the quarter ended December 31, 2023 included $74 million of C&I and $118 million of CRE. All of these loans are performing. The substantial majority of the increase was attributable to a small number of loans. Increasing operating costs, including insurance and interest costs, and higher vacancy rates for some office properties were contributing factors.
Net Interest Income
Net interest income for the quarter ended December 31, 2023 was $217.2 million, compared to $214.8 million for the immediately preceding quarter ended September 30, 2023 and $243.1 million for the quarter ended December 31, 2022. Interest income increased by $12.7 million for the quarter ended December 31, 2023 compared to the immediately preceding quarter, while interest expense increased by $10.3 million.
3


The Company’s net interest margin, calculated on a tax-equivalent basis, increased by 0.04% to 2.60% for the quarter ended December 31, 2023, from 2.56% for the immediately preceding quarter ended September 30, 2023. Factors impacting the net interest margin for the quarter ended December 31, 2023 were:
The tax-equivalent yield on loans increased to 5.69% for the quarter ended December 31, 2023, from 5.54% for the quarter ended September 30, 2023. This increase reflects the origination of new loans at higher rates, re-positioning of the portfolio and to a lesser extent, the resetting of variable rate loans to higher coupon rates.
The tax-equivalent yield on investment securities increased to 5.73% for the quarter ended December 31, 2023, from 5.48% for the quarter ended September 30, 2023. Factors leading to this increase included the reset of coupon rates on variable rate securities and retrospective accounting adjustments related to prepayment speeds on certain securities.
The average cost of interest bearing deposits increased to 4.04% for the quarter ended December 31, 2023 from 3.76% for the quarter ended September 30, 2023, a continuing response to the higher interest rate environment.
The reduction in the proportion of total funding comprised of more expensive wholesale funding also contributed to the increase in the net interest margin.
Non-interest income and Non-interest expense
Non-interest income totaled $17.1 million for the quarter ended December 31, 2023, compared to $27.7 million for the quarter ended September 30, 2023. The decrease compared to the quarter ended September 30, 2023 was primarily attributable to a $6.5 million loss on sale of lease equipment during the quarter ended December 31, 2023 compared to a $4.2 million gain on sale of lease equipment during the prior quarter.
Non-interest expense totaled $190.9 million for the quarter ended December 31, 2023, compared to $147.1 million for the immediately preceding quarter ended September 30, 2023. The increase over the prior quarter was primarily attributable to a $35.4 million FDIC special assessment recorded during the quarter ended December 31, 2023. The increase in compensation and benefits for the quarter ended December 31, 2023 compared to the immediately preceding quarter primarily resulted from an increase in the Company's stock price, impacting the value of liability-classified share based compensation awards.
Earnings Conference Call and Presentation
A conference call to discuss quarterly results will be held at 9:00 a.m. ET on Friday, January 26, 2024 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.vevent.com/register/BI50a5352f746b4dc890465ca3d32e6db9. For those unable to join the live event, an archived webcast will be available in 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 $35.8 billion at December 31, 2023, 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.
4


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, 2022 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).
Contact
BankUnited, Inc.
Investor Relations:
Leslie N. Lunak, 786-313-1698
llunak@bankunited.com
Source: BankUnited, Inc.
5


BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share and per share data) 
December 31,
2023
September 30,
2023
December 31,
2022
ASSETS  
Cash and due from banks:  
Non-interest bearing$14,945 $12,391 $16,068 
Interest bearing573,338 379,494 556,579 
Cash and cash equivalents 588,283 391,885 572,647 
Investment securities (including securities reported at fair value of $8,867,354, $8,876,484 and $9,745,327)
8,877,354 8,886,484 9,755,327 
Non-marketable equity securities310,084 312,159 294,172 
Loans24,633,684 24,356,276 24,885,988 
Allowance for credit losses (202,689)(196,063)(147,946)
Loans, net24,430,995 24,160,213 24,738,042 
Bank owned life insurance 318,459 319,808 308,212 
Operating lease equipment, net371,909 460,146 539,799 
Goodwill77,637 77,637 77,637 
Other assets786,886 781,332 740,876 
Total assets$35,761,607 $35,389,664 $37,026,712 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Demand deposits:  
Non-interest bearing$6,835,236 $7,356,523 $8,037,848 
Interest bearing3,403,539 3,290,391 2,142,067 
Savings and money market11,135,708 10,276,071 13,061,341 
Time5,163,995 5,189,681 4,268,078 
Total deposits26,538,478 26,112,666 27,509,334 
Federal funds purchased— — 190,000 
FHLB advances5,115,000 5,165,000 5,420,000 
Notes and other borrowings708,973 715,197 720,923 
Other liabilities821,235 872,731 750,474 
Total liabilities 33,183,686 32,865,594 34,590,731 
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 74,372,505, 74,413,059 and 75,674,587 shares issued and outstanding
744 744 757 
Paid-in capital283,642 279,672 321,729 
Retained earnings2,650,956 2,650,850 2,551,400 
Accumulated other comprehensive loss(357,421)(407,196)(437,905)
Total stockholders' equity 2,577,921 2,524,070 2,435,981 
Total liabilities and stockholders' equity $35,761,607 $35,389,664 $37,026,712 

6


BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
Three Months EndedYears Ended
 December 31,September 30,December 31,December 31,December 31,
 20232023202220232022
Interest income:  
Loans$346,255 $337,014 $288,973 $1,318,217 $934,642 
Investment securities125,993 122,857 105,172 488,212 280,100 
Other10,957 10,668 7,345 51,152 15,709 
Total interest income 483,205 470,539 401,490 1,857,581 1,230,451 
Interest expense:
Deposits192,833 176,974 94,403 660,305 179,972 
Borrowings73,162 78,723 64,021 323,472 137,519 
Total interest expense 265,995 255,697 158,424 983,777 317,491 
Net interest income before provision for credit losses 217,210 214,842 243,066 873,804 912,960 
Provision for credit losses 19,253 33,049 39,608 87,607 75,154 
Net interest income after provision for credit losses 197,957 181,793 203,458 786,197 837,806 
Non-interest income:
Deposit service charges and fees5,386 5,402 5,482 21,682 23,402 
Gain (loss) on investment securities, net617 887 320 (10,052)(15,805)
Lease financing3,723 16,531 14,153 45,882 54,111 
Other non-interest income7,366 4,904 6,858 29,326 15,928 
Total non-interest income 17,092 27,724 26,813 86,838 77,636 
Non-interest expense:
Employee compensation and benefits73,454 68,825 69,902 280,744 265,548 
Occupancy and equipment 10,610 10,890 10,770 43,345 45,400 
Deposit insurance expense43,453 7,790 6,205 66,747 17,999 
Professional fees 5,052 2,696 3,028 14,184 11,730 
Technology18,628 19,193 22,388 79,984 77,103 
Depreciation of operating lease equipment10,476 11,217 12,547 44,446 50,388 
Other non-interest expense29,190 26,479 23,639 106,501 72,142 
Total non-interest expense 190,863 147,090 148,479 635,951 540,310 
Income before income taxes24,186 62,427 81,792 237,084 375,132 
Provision for income taxes3,374 15,446 17,585 58,413 90,161 
Net income$20,812 $46,981 $64,207 $178,671 $284,971 
Earnings per common share, basic$0.27 $0.63 $0.83 $2.39 $3.55 
Earnings per common share, diluted$0.27 $0.63 $0.82 $2.38 $3.54 

7


BANKUNITED, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(Dollars in thousands)
Three Months Ended December 31,
Three Months Ended September 30,
Three Months Ended December 31,
202320232022
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$24,416,013 $349,603 5.69 %$24,417,433 $340,357 5.54 %$24,624,062 $292,272 4.72 %
Investment securities (3)
8,850,397 126,870 5.73 %9,034,116 123,794 5.48 %9,788,969 106,034 4.33 %
Other interest earning assets801,833 10,957 5.42 %785,146 10,668 5.39 %710,315 7,345 4.10 %
Total interest earning assets34,068,243 487,430 5.70 %34,236,695 474,819 5.52 %35,123,346 405,651 4.60 %
Allowance for credit losses(198,984)(173,407)(137,300)
Non-interest earning assets1,715,795 1,747,310 1,837,156 
Total assets$35,585,054 $35,810,598 $36,823,202 
Liabilities and Stockholders' Equity:
Interest bearing liabilities:
Interest bearing demand deposits$3,433,216 $31,978 3.70 %$3,038,870 $25,491 3.33 %$2,183,854 $6,704 1.22 %
Savings and money market deposits10,287,945 104,188 4.02 %10,205,765 97,956 3.81 %12,054,892 68,001 2.24 %
Time deposits5,225,756 56,667 4.30 %5,420,522 53,527 3.92 %3,960,111 19,698 1.97 %
Total interest bearing deposits18,946,917 192,833 4.04 %18,665,157 176,974 3.76 %18,198,857 94,403 2.06 %
Federal funds purchased— — — %— — — %175,637 1,677 3.74 %
FHLB advances5,545,978 64,034 4.58 %6,040,870 69,525 4.57 %6,125,435 53,084 3.44 %
Notes and other borrowings711,073 9,128 5.13 %715,307 9,198 5.14 %721,044 9,260 5.14 %
Total interest bearing liabilities25,203,968 265,995 4.19 %25,421,334 255,697 3.99 %25,220,973 158,424 2.49 %
Non-interest bearing demand deposits6,909,027 6,937,537 8,237,885 
Other non-interest bearing liabilities903,099 868,178 879,207 
Total liabilities33,016,094 33,227,049 34,338,065 
Stockholders' equity2,568,960 2,583,549 2,485,137 
Total liabilities and stockholders' equity$35,585,054 $35,810,598 $36,823,202 
Net interest income$221,435 $219,122 $247,227 
Interest rate spread1.51 %1.53 %2.11 %
Net interest margin2.60 %2.56 %2.81 %
(1)    On a tax-equivalent basis where applicable
(2)    Annualized
(3)    At fair value except for securities held to maturity














8



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

Years Ended December 31,
 20232022
 Average
Balance
Interest (1)
Yield/
Rate (1)
Average
Balance
Interest (1)
Yield/
Rate (1)
Assets:
Interest earning assets:
Loans$24,558,430 $1,331,578 5.42 %$23,937,857 $947,386 3.96 %
Investment securities (2)
9,228,718 491,851 5.33 %10,081,701 283,081 2.81 %
Other interest earning assets986,186 51,152 5.19 %675,068 15,709 2.33 %
Total interest earning assets34,773,334 1,874,581 5.39 %34,694,626 1,246,176 3.59 %
Allowance for credit losses(171,618)(132,033)
Non-interest earning assets1,749,981 1,721,570 
Total assets$36,351,697 $36,284,163 
Liabilities and Stockholders' Equity:
Interest bearing liabilities:
Interest bearing demand deposits$2,905,968 $86,759 2.99 %$2,538,906 $13,919 0.55 %
Savings and money market deposits10,704,470 382,432 3.57 %12,874,240 130,705 1.02 %
Time deposits5,169,458 191,114 3.70 %3,338,671 35,348 1.06 %
Total interest bearing deposits18,779,896 660,305 3.52 %18,751,817 179,972 0.96 %
Federal funds purchased35,403 1,611 4.55 %157,979 2,723 1.72 %
FHLB advances6,331,685 285,026 4.50 %4,383,507 97,763 2.23 %
Notes and other borrowings716,633 36,835 5.14 %721,223 37,033 5.13 %
Total interest bearing liabilities25,863,617 983,777 3.80 %24,014,526 317,491 1.32 %
Non-interest bearing demand deposits7,091,029 8,861,111 
Other non-interest bearing liabilities848,023 708,473 
Total liabilities33,802,669 33,584,110 
Stockholders' equity2,549,028 2,700,053 
Total liabilities and stockholders' equity$36,351,697 $36,284,163 
Net interest income$890,804 $928,685 
Interest rate spread1.59 %2.27 %
Net interest margin2.56 %2.68 %
(1)    On a tax-equivalent basis where applicable
(2)    At fair value except for securities held to maturity

















9


BANKUNITED, INC. AND SUBSIDIARIES
EARNINGS PER COMMON SHARE
(In thousands except share and per share amounts)
Three Months Ended December 31,Years Ended December 31,
c2023202220232022
Basic earnings per common share: 
Numerator:
Net income$20,812 $64,207 $178,671 $284,971 
Distributed and undistributed earnings allocated to participating securities
(930)(1,519)(3,565)(5,075)
Income allocated to common stockholders for basic earnings per common share$19,882 $62,688 $175,106 $279,896 
Denominator:
Weighted average common shares outstanding74,384,185 77,043,587 74,493,898 80,032,356 
Less average unvested stock awards(1,130,715)(1,207,275)(1,168,004)(1,224,568)
Weighted average shares for basic earnings per common share73,253,470 75,836,312 73,325,894 78,807,788 
Basic earnings per common share$0.27 $0.83 $2.39 $3.55 
Diluted earnings per common share:
Numerator:
Income allocated to common stockholders for basic earnings per common share$19,882 $62,688 $175,106 $279,896 
Adjustment for earnings reallocated from participating securities
— (184)(275)(626)
Income used in calculating diluted earnings per common share$19,882 $62,504 $174,831 $279,270 
Denominator:
Weighted average shares for basic earnings per common share73,253,470 75,836,312 73,325,894 78,807,788 
Dilutive effect of certain share-based awards203,123 127 197,441 94 
Weighted average shares for diluted earnings per common share
73,456,593 75,836,439 73,523,335 78,807,882 
Diluted earnings per common share$0.27 $0.82 $2.38 $3.54 

10



BANKUNITED, INC. AND SUBSIDIARIES
SELECTED RATIOS
 At or for the Three Months EndedYears Ended December 31,
 December 31, 2023September 30, 2023December 31, 202220232022
Financial ratios (4)
    
Return on average assets0.23 %0.52 %0.69 %0.49 %0.79 %
Return on average stockholders’ equity3.2 %7.2 %10.3 %7.0 %10.6 %
Net interest margin (3)
2.60 %2.56 %2.81 %2.56 %2.68 %
Loans to deposits92.8 %93.3 %90.5 %
Tangible book value per common share$33.62 $32.88 $31.16 
 December 31, 2023September 30, 2023December 31, 2022
Asset quality ratios  
Non-performing loans to total loans (1)(5)
0.52 %0.56 %0.42 %
Non-performing assets to total assets (2)(5)
0.37 %0.40 %0.29 %
Allowance for credit losses to total loans0.82 %0.80 %0.59 %
Allowance for credit losses to non-performing loans (1)(5)
159.54 %143.22 %140.88 %
Net charge-offs to average loans
0.09 %0.07 %0.22 %
(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 month periods.
(5)    Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $41.8 million or 0.17% of total loans and 0.12% of total assets at December 31, 2023, $37.8 million or 0.16% of total loans and 0.11% of total assets at September 30, 2023 and $40.3 million or 0.16% of total loans and 0.11% of total assets at December 31, 2022.

December 31, 2023December 31, 2022Required to be Considered Well Capitalized
BankUnited, Inc.BankUnited, N.A.BankUnited, Inc.BankUnited, N.A.
Capital ratios
Tier 1 leverage7.9 %9.1 %7.5 %8.4 %5.0 %
Common Equity Tier 1 ("CET1") risk-based capital11.4 %13.1 %11.0 %12.4 %6.5 %
Total risk-based capital13.4 %13.9 %12.7 %12.9 %10.0 %
Tangible Common Equity/Tangible Assets7.0 %N/A6.4 %N/AN/A
11


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): 
December 31, 2023September 30, 2023December 31, 2022
Total stockholders’ equity$2,577,921 $2,524,070 $2,435,981 
Less: goodwill and other intangible assets77,637 77,637 77,637 
Tangible stockholders’ equity$2,500,284 $2,446,433 $2,358,344 
Common shares issued and outstanding74,372,505 74,413,059 75,674,587 
Book value per common share$34.66 $33.92 $32.19 
Tangible book value per common share$33.62 $32.88 $31.16 
12
exhibit99212312023
January 26, 2024 Q4 2023 – Supplemental Information 1 Exhibit 99.2


 
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,” “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 presentation 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, 2022 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). 2


 
Quarterly Highlights 3


 
Improve Asset Mix Improve Funding Profile 2 Maintain Robust Liquidity and Capital Improve Net Interest Margin Execution on Near-term Strategic Priorities Manage Expenses 5 4 3 4 1 • Wholesale funding down $228 million • Non-brokered deposits grew by $604 million • NIDDA at 26% of deposits • Period end decline in NIDDA of $521 million mostly due to seasonality in residential real estate sector • Paid down FHLB advances by $2.4 billion since since Q1 • Resi declined by $172 million • Amortized cost of securities down $106 million • Core C&I and CRE loans grew by $476 million • Net interest margin expanded to 2.60% from 2.56% • Same day available liquidity $13.6 billion • Available liquidity 152% of uninsured, uncollateralized deposits • CET 1 ratio of 11.4%; TCE/TA increased to 7.0% • AOCI improved by $50 million. • Q4 Includes $35.4 million FDIC special assessment, $6.5 million loss on railcar sales • Compensation impacted by value of share based awards Manage credit 6 • ACL/Loans increased to 0.82% • Net charge-offs 0.09% • NPA ratio down to 0.37% from 0.40%


 
Topics of Current Interest Capital • CET1 ratios of 11.4% at the holding company and 13.1% at the bank • Pro-forma holding company CET1 of 10.0% including AOCI • AOCI improved $50 million quarter-over-quarter • Book value and tangible book value per share of $34.66 and $33.62 Deposits and Funding • Total deposits grew by $426 million • Non-brokered deposits grew by $604 million • Non-interest bearing DDA 26% of total deposits; impacted by residential real estate sector seasonality • Wholesale funding down by $228 million Asset Quality • Low NPA ratio of 0.37% at December 31; 0.25% excluding guaranteed portion of non-accrual SBA loans • Net charge-off rate of 0.09% High Quality CRE Portfolio • High quality CRE portfolio; wtd average DSCR 1.80; wtd average LTV 56.0%; 58% Florida • CRE office wtd average DSCR 1.67; wtd average LTV 65.0%; 60% Florida • Substantially all CRE loans are performing • CRE to total loans 24% • CRE to total risk based capital 169% 1. Tangible book value per share is a non-GAAP financial measure. See section entitled “Non-GAAP Financial Measures” on page 33 5 Net Interest Margin • Net interest margin expanded to 2.60% from 2.56% • Cost of deposits up 22bps to 2.96%; rate of increase continues to decline • Yield on interest earning assets increased to 5.70%


 
Highlights from Fourth Quarter Earnings Change From ($ in millions, except per share data) Q4’23 Q3’23 Q4’22 Q3’23 Q4’22 Key Highlights Net Interest Income $217 $215 $243 $2 $(26) Provision for Credit Losses $19 $33 $40 $(14) $(21) Total Non-interest Income $17 $28 $27 $(11) $(10) Includes $6.5 million loss on sale of lease equipment Total Non-interest Expense $191 $147 $148 $44 $43 Includes $35.4 million FDIC special assessment Net Income $21 $47 $64 $(26) $(43) EPS $0.27 $0.63 $0.82 $(0.36) $(0.55) Period-end Core C&I and CRE loans $14,727 $14,251 $14,008 $476 $719 Period-end Loans $24,634 $24,356 $24,886 $277 $(252) Strategic runoff in residential and equipment/franchise lending Period-end Non-interest DDA $6,835 $7,357 $8,038 $(521) $(1,203) Seasonality in residential real estate sector related deposits Period-end Deposits $26,538 $26,113 $27,509 $426 $(971) Loans to Deposits 92.8% 93.3% 90.5% (0.5)% 2.3% CET1 11.4% 11.4% 11.0% —% 0.4% Total Capital 13.4% 13.4% 12.7% —% 0.7% Yield on Loans 5.69% 5.54% 4.72% 0.15% 0.97% Yield on Securities 5.73% 5.48% 4.33% 0.25% 1.40% Cost of Deposits 2.96% 2.74% 1.42% 0.22% 1.54% Declining rate of increase in cost of deposits Net Interest Margin 2.60% 2.56% 2.81% 0.04% (0.21)% Non-performing Assets to Total Assets(1) 0.37% 0.40% 0.29% (0.03)% 0.08% Allowance for Credit Losses to Total Loans 0.82% 0.80% 0.59% 0.02% 0.23% Net Charge-offs to Average Loans(2) 0.09% 0.07% 0.22% 0.02% (0.13)% 1. Includes guaranteed portion of non-accrual SBA loans. 2. Annualized for the period ended September 30, 2023. 6


 
Deposits 7


 
Deposit Mix and Cost of Deposits Impacted by Current Rate Environment ($ in millions) $6,820 $7,347 $4,807 $3,384 $4,268 $5,190 $5,164 $11,262 $10,622 $12,660 $13,369 $13,061 $10,276 $11,136 $1,771 $2,131 $3,020 $3,709 $2,142 $3,290 $3,403 $3,621 $4,295 $7,009 $8,976 $8,038 $7,357 $6,835 $23,474 $24,395 $27,496 $29,438 $27,509 $26,113 $26,538 Non-interest Demand Interest Demand Money Market / Savings Time 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 09/30/23 12/31/23 Quarterly Cost of Deposits 1.52% 1.48% 0.43% 0.19% 1.42% 2.74% 2.96% Non-interest bearing as a % of Total Deposits 15.4% 17.6% 25.5% 30.5% 29.2% 28.2% 25.8% 8 • 61% of deposits commercial or municipal • Diverse deposit book by industry sector; largest commercial segment title solutions at $2.5 billion ◦ Approximately 77% of deposits in this segment are in operating accounts


 
Cost of Funds Trend 9 1.42% 0.36% 0.16% 1.92% 2.84% 3.18% 1.75% 0.25% 0.25% 4.50% 5.50% 5.50% Spot APY - Total Deposits Target Federal Funds Rate Upper Bound 12/31/19 12/31/20 12/31/21 12/31/22 09/30/23 12/31/23 (1.00)% —% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Spot Average Annual Percentage Yield (“APY”) At December 31, 2019 At December 31, 2020 At December 31, 2021 At December 31, 2022 At September 30, 2023 At December 31, 2023 Total non-maturity deposits 1.11% 0.29% 0.14% 1.83% 2.54% 2.87% Total interest-bearing deposits 1.71% 0.48% 0.23% 2.66% 3.87% 4.20% Total deposits 1.42% 0.36% 0.16% 1.92% 2.84% 3.18% Spread Between Fed Funds Upper Bound and Spot APY of Total Deposits


 
Loans and the Allowance for Credit Losses 10


 
11 Prudently Underwritten and Well-Diversified Loan Portfolio At December 31, 2023 ($ in millions) Loan Portfolio Over Time $5,661 $6,348 $8,368 $8,901 $8,381 $8,209 $7,493 $6,896 $5,702 $5,700 $5,742 $5,819 $6,718 $6,448 $6,735 $8,305 $8,508 $8,907 $768 $1,259 $1,092 $525 $408 $433 $2,515 $2,915 $1,868 $1,455 $1,317 $1,266$23,155 $23,866 $23,765 $24,886 $24,356 $24,634 Other (1) Mortgage Warehouse Lending C&I CRE Residential 12/31/19 12/31/20 12/31/21 12/31/22 09/30/23 12/31/23 1. Includes Pinnacle municipal finance, franchise and equipment finance, and PPP.


 
High Quality CRE Portfolio At December 31, 2023 ($ in millions) Property Type Balance % of Total CRE FL NY Tri State Other Wtd. Avg. DSCR Wtd. Avg. LTV Office $ 1,753 30 % 60 % 24 % 16 % 1.67 65.0 % Warehouse/Industrial 1,341 24 % 56 % 8 % 36 % 2.04 52.0 % Multifamily 839 14 % 50 % 50 % — % 1.98 45.5 % Retail 818 14 % 54 % 29 % 17 % 1.67 58.8 % Hotel 492 8 % 78 % 3 % 19 % 1.89 49.0 % Construction and Land 496 9 % 56 % 42 % 2 % NA NA Other 80 1 % 71 % 13 % 16 % 1.94 47.4 % $ 5,819 100 % 58 % 25 % 17 % 1.80 56.0 % 12 Insignificant amount of non-performing CRE loans (other than non-accrual SBA guaranteed loans of $13 million) Total office exposure declined by $78 million this quarter Florida NY Tri State Property Type Wtd. Avg. DSCR Wtd. Avg. LTV Wtd. Avg. DSCR Wtd. Avg. LTV Office 1.68 64.5 % 1.62 62.9 % Warehouse/Industrial 2.19 50.5 % 1.91 37.0 % Multifamily 2.68 42.1 % 1.36 48.5 % Retail 1.86 56.2 % 1.26 63.6 % Hotel 1.95 46.9 % 1.83 20.2 % Other 2.17 44.3 % 1.24 66.3 % 1.96 55.0 % 1.46 54.1 %


 
Manageable CRE Maturity Risk At December 31, 2023 ($ in millions) Property Type Maturing in the Next 12 Months % Maturing in the Next 12 Months Fixed Rate or Swapped Maturing in the Next 12 Months Fixed Rate to Borrower as a % of Total Portfolio Office $ 314 18 % $ 187 11 % Warehouse/Industrial 171 13 % 81 6 % Multifamily 111 13 % 64 8 % Retail 121 15 % 64 8 % Hotel 43 9 % 43 9 % Construction and Land 180 36 % 1 — % Other 13 16 % 13 16 % $ 953 16 % $ 453 8 % 13 Just 8% of total CRE portfolio fixed and maturing in the next 12 months Property Type 2024 2025 2026 2027 2028 Thereafter Total Office $ 314 $ 401 $ 359 $ 224 $ 145 $ 310 $ 1,753 Warehouse/Industrial 171 155 382 262 160 211 1,341 Multifamily 111 80 165 134 129 220 839 Retail 121 136 232 67 187 75 818 Hotel 43 44 218 30 55 102 492 Construction and Land 180 115 66 34 — 101 496 Other 13 7 27 10 1 22 80 $ 953 $ 938 $ 1,449 $ 761 $ 677 $ 1,041 $ 5,819 Maturity Distribution of CRE Loans


 
CRE Office Portfolio - Additional Information At December 31, 2023 14 • 18% of the total office portfolio is medical office • $88 million in office payoffs this quarter; total exposure declined by $78 million • Rent rollover in next 12 months approximately 11% of the total office portfolio; 14% for FL and 5% in NY Tri State • Manhattan portfolio has approximately 96% occupancy and rent rollover in the next 12 months of 3% • Substantially all of the Florida portfolio is suburban 42% 20% 21% 12% 4% 1% Manhattan NY Tri-State Other Long Island Queens Brooklyn Bronx 28% 23%21% 11% 7% 10% Tampa Orlando Boca/Palm Beach Broward Miami-Dade Other NY Tri-State by Sub-Market Florida by Sub-Market


 
Granular, Diversified Commercial & Industrial Portfolio At December 31, 2023 ($ in millions) Industry Balance(1) % of Portfolio Finance and Insurance $ 1,695 19.0 % Manufacturing 875 9.8 % Educational Services 753 8.5 % Wholesale Trade 694 7.8 % Utilities 654 7.3 % Health Care and Social Assistance 605 6.8 % Information 590 6.6 % Real Estate and Rental and Leasing 539 6.0 % Transportation and Warehousing 420 4.7 % Construction 382 4.3 % Retail Trade 320 3.6 % Professional, Scientific, and Technical Services 300 3.4 % Public Administration 245 2.8 % Other Services (except Public Administration) 231 2.6 % Administrative and Support and Waste Management 194 2.2 % Arts, Entertainment, and Recreation 188 2.1 % Accommodation and Food Services 155 1.7 % Other 68 0.8 % $ 8,908 100.0 % 151. Includes $1.9 billion of owner-occupied real estate Geographic Distribution Florida 35% New York Tri-State 32% Other 33%


 
Drivers of Change in the ACL - Current Quarter ($ in millions) $196.1 $13.4 $(1.6) $(9.6) $3.6 $0.8 $202.7 Risk Rating Migration and Specific Reserves Economic Forecast Net Charge- Offs ACL 12/31/23 ACL 09/30/23 0.82%0.80%% of Total Loans 16 • Current market adjustment • Changes to forward path of economic forecast Other • Portfolio and assumption changes • Qualitative overlay New Loans net of Paydowns


 
Drivers of Change in the ACL - Year to Date ($ in millions) $147.9 $58.5 $16.2 $(20.7) $33.6 $(22.4) $(8.6) $(1.8) $202.7 Risk Rating Migration and Specific Reserves Economic Forecast Net Charge- Offs Change in Qualitative Overlay ACL 12/31/23 ACL 12/31/22 0.82%0.59%% of Total Loans 17 • Current market adjustment • Changes to forward path of economic forecast • Changes in scenario weighting Other New Loans net of Paydowns Updates to Assumptions


 
Allocation of the ACL ($ in millions) December 31, 2022 September 30, 2023 December 31, 2023 Balance % of Loans Balance % of Loans Balance % of Loans Residential $ 11.7 0.13 % $ 8.0 0.10 % $ 7.6 0.09 % Commerical: Commercial real estate 24.8 0.43 % 34.8 0.61 % 41.3 0.71 % Commercial and industrial 97.2 1.10 % 140.5 1.58 % 142.7 1.53 % Pinnacle - municipal finance 0.2 0.02 % 0.2 0.03 % 0.2 0.03 % Franchise finance 11.7 4.63 % 9.0 4.56 % 7.9 4.31 % Equipment finance 2.3 0.82 % 3.6 1.63 % 3.0 1.52 % Total commercial 136.2 0.85 % 188.1 1.18 % 195.1 1.19 % Allowance for credit losses $ 147.9 0.59 % $ 196.1 0.80 % $ 202.7 0.82 % Asset Quality Ratios December 31, 2022 September 30, 2023 December 31, 2023 Non-performing loans to total loans(1) 0.42 % 0.56 % 0.52 % Non-performing assets to total assets(1) 0.29 % 0.40 % 0.37 % Allowance for credit losses to non-performing loans(1) 140.88 % 143.22 % 159.54 % Net charge-offs to average loans(2) 0.22 % 0.07 % 0.09 % 18 1. Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $41.8 million, $37.8 million and $40.3 million or 0.17%, 0.16% and 0.16% of total loans and 0.12%, 0.11% and 0.11% of total assets at December 31, 2023, September 30, 2023 and December 31, 2022, respectively. 2. Annualized for the period ended September 30, 2023. Office Portfolio ACL: 1.10% at December 31, 2023 compared to 0.99% at September 30, 2023 and 0.45% at December 31, 2022


 
Asset Quality Metrics 19 Non-Performing Loans to Total Loans Non-Performing Assets to Total Assets Net Charge-offs to Average Loans 0.88% 1.02% 0.87% 0.42% 0.56% 0.52% 0.68% 0.80% 0.68% 0.26% 0.40% 0.35% Incl. guaranteed portion of non-accrual SBA loans Excl. guaranteed portion of non-accrual SBA loans 12/31/19 12/31/20 12/31/21 12/31/22 09/30/23 12/31/23 —% 0.25% 0.50% 0.75% 1.00% 1.25% 0.63% 0.71% 0.58% 0.29% 0.40% 0.37% 0.49% 0.56% 0.45% 0.18% 0.29% 0.25% Incl. guaranteed portion of non-accrual SBA loans Excl. guaranteed portion of non-accrual SBA loans 12/31/19 12/31/20 12/31/21 12/31/22 09/30/23 12/31/23 —% 0.25% 0.50% 0.75% 1.00% 1.25% 0.05% 0.26% 0.29% 0.22% 0.09% 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 —% 0.20% 0.40% 0.60%


 
Non-Performing Loans by Portfolio Segment ($ in millions) 20 $205 $244 $206 $105 $137 $127 $19 $29 $29 $21 $21 $21 $24 $60 $30 $3 $65 $43 $58 $22 $48 $34 $21 $7 $14 $45 $33 $13 $18 $17 $46 $51 $46 $40 $38 $42 $16 $16 $10 $9 $9 $6 Non-Guaranteed Portion of SBA Guaranteed Portion of SBA Franchise Equipment C&I CRE Residential and Other Consumer 12/31/19 12/31/20 12/31/21 12/31/22 09/30/23 12/31/23 NPLs Declined This Quarter - Remain Below Pre-Pandemic Levels


 
Criticized and Classified Loans ($ in millions) 21 Commercial Real Estate(1) Commercial(1)(2) Special Mention Substandard Accruing Substandard Non-accruing and Doubtful 12/31/19 12/31/20 12/31/21 12/31/22 09/30/23 12/31/23 $— $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 12/31/19 12/31/20 12/31/21 12/31/22 09/30/23 12/31/23 $— $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 1. Excludes SBA 2. Includes Pinnacle, franchise finance and equipment finance


 
Criticized and Classified CRE Loans by Property Type ($ in millions) 22 December 31, 2023 $116 $55 $89 $146 $77 $3 $16 Multifamily Hotel Retail Office Construction & Land Other SBA $146 $14 $73 $91 $2 $30 $98 $40 $63 $90 $42 $16 $15 December 31, 2022September 30, 2023


 
Asset Quality - Delinquencies ($ in millions) 23 Commercial(1) CRE(3) 12/31/19 12/31/20 12/31/21 12/31/22 09/30/23 12/31/23 $— $20 $40 $60 $80 $100 Residential(2) 12/31/19 12/31/20 12/31/21 12/31/22 09/30/23 12/31/23 $— $20 $40 $60 $80 $100 30-59 Days PD 60-89 Days PD 90 Days+ PD 12/31/19 12/31/20 12/31/21 12/31/22 09/30/23 12/31/23 $— $20 $40 $60 $80 $100 1. Includes Pinnacle, franchise finance and equipment finance 2. Excludes government insured residential loans 3. Q4 increase in 30-59 Days PD relates to one maturing loan with a renewal processed in January 2024. The loan is now current.


 
Residential Portfolio Overview At December 31, 2023 24 Residential Loan Product Type FICO Distribution(1) Breakdown by LTV 1. Excludes government insured residential loans. FICOs are refreshed routinely. LTVs are typically based on valuation at origination Prior 19% 2019 4% 2020 13%2021 43% 2022 16% 2023 5% >759 76% 720-759 15% <720 or NA 9% Breakdown by Vintage(1) 60% or less 34% 61% - 70% 26% 71% - 80% 39% More than 80% 1% 30 Yr Fixed 32% 15 & 20 Year Fixed 13% 10/1 ARM 12% 5/1 & 7/1 ARM 26% Formerly Covered 1% Govt Insured 16% High quality residential portfolio consists primarily of high FICO, low LTV, prime jumbo mortgages with de-minimis charge-offs since inception as well as government insured loans


 
Investment Portfolio 25


 
High Quality, Short-Duration Securities Portfolio ($ in millions) December 31, 2022 September 30, 2023 December 31, 2023 Portfolio Net Unrealized Loss Fair Value Net Unrealized Loss Fair Value Net Unrealized Loss Fair Value US Government and Agency $ (146) $ 2,780 $ (144) $ 2,642 $ (115) $ 2,656 Private label RMBS and CMOs (334) 2,531 (353) 2,290 (301) 2,296 Private label CMBS (121) 2,524 (95) 2,256 (84) 2,199 Single family real estate-backed securities (32) 470 (25) 393 (18) 366 CLOs (30) 1,136 (12) 1,048 (10) 1,113 Other (11) 213 (15) 202 (7) 205 $ (674) $ 9,654 $ (644) $ 8,831 $ (535) $ 8,835 Portfolio Composition US Government and Agency 30% Private label RMBS and CMOs 26% Private label CMBS 25% Single family real estate- backed securities 4% CLOs 13% Other 2% Rating Distribution GOV 30% AAA 60% AA 7% A 2% NR 1% • Unrealized losses continue to decline • No expected credit losses on AFS securities • AFS portfolio duration of 1.96; approximately 68% of the portfolio floating rate • HTM securities totaling $10 million with unrealized loss of $0.1 million 26


 
High Quality, Short-Duration Securities Portfolio At December 31, 2023 Strong credit enhancement levels Private Label RMBS Subordination Wtd. Avg. Stress Scenario LossRating Min Max Avg. AAA 3.0 92.0 17.7 2.2 AA 20.2 34.2 24.8 5.3 A 27.3 28.2 27.7 5.7 Wtd. Avg. 4.2 88.4 18.2 2.4 Private Label CMBS Subordination Wtd. Avg. Stress Scenario LossRating Min Max Avg. AAA 30.2 99.9 43.9 7.1 AA 29.5 74.4 37.0 7.7 A 25.1 51.5 37.3 9.1 Wtd. Avg. 29.9 95.5 43.0 7.2 CLOs Subordination Wtd. Avg. Stress Scenario LossRating Min Max Avg. AAA 40.2 74.2 47.1 15.7 AA 30.8 47.0 37.3 13.0 A 31.5 33.2 32.2 14.4 Wtd. Avg. 38.4 68.3 45.0 15.2 AAA 94% AA 4% A 2% AAA 86% AA 11% A 3% AAA 80% AA 16% A 4% 27


 
Appendix - Additional Information 28


 
Strong Capital Position 29 6.5% 6.5% 13.1% 11.4%11.7% 10.0% 12.4% 11.4%11.8% Required to be Considered Well Capitalized CET1 CET1 including AOCI CET1 Peer Median(1)(2) CCAR Stress Test Trough BankUnited, N.A BankUnited, Inc —% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 1. Peer information based on September 30 Call Report data for banks with total assets between $20 billion and $100 billion 2. Peer information for comparison to BankUnited, Inc. is based on September 30 data for publicly traded companies between $20 billion and $100 billion. At December 31, 2023


 
Liquidity 30


 
Ample Liquidity Coverage of Uninsured Deposits ($ in millions) 31 Insured Deposits Total Deposits $ 26,538 Estimated Uninsured Deposits $ 12,360 Less: Collateralized deposits (3,048) Less: Affiliate deposits (318) Adjusted Uninsured Deposits $ 8,994 Estimated Insured and Collateralized Deposits $ 17,544 Insured and Collateralized Deposits to Total Deposits 66 % Available Liquidity(1) $ 13,644 Available Liquidity to Uninsured, Uncollateralized Deposits Ratio 152 % 1. Cash + Capacity at FHLB + Capacity at FRB + Unencumbered securities At December 31, 2023


 
Non-GAAP Financial Measures 32


 
Non-GAAP Financial Measures 33 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 December 31, 2023 (in thousands except share and per share data): December 31, 2023 Total stockholders’ equity (GAAP) $ 2,577,921 Less: goodwill 77,637 Tangible stockholders’ equity (non-GAAP) $ 2,500,284 Common shares issued and outstanding 74,372,505 Book value per common share (GAAP) $ 34.66 Tangible book value per common share (non-GAAP) $ 33.62