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UNITED STATES

証券取引委員会

ワシントンDC20549

フォーム10-Q

☒			証券取引法第13条または15(d)条に基づく四半期報告書

OR

☐			移行期間：             から             まで

                

四半期間 2024年6月30日

報告書番号：001-35039 

バンクユナイテッド、インク。

（会社設立時の指定名）

デラウェア						27-0162450
（設立または組織の州または管轄区域）						（国税庁雇用者識別番号）

14817 Oak Lane			Miami Lakes			FL			33016
(主要執行オフィスの住所)									（郵便番号）

 

取引所の電話番号、市外局番を含む： (305) 569-2000 

法第12条（b）に基づく登録証券

クラス

取引シンボル

登録取引所の名称

普通株式、0.01ドルの割当価値

BKUは取引所で取引されるシンボルです。

ニューヨーク証券取引所

註記：事業者（1）は、過去12か月間（またはそのような短い期間において、事業者がそのような報告を提出する必要があった場合）に、証券取引法第13条または第15（d）条で必要なすべての報告書を提出したか、および（2）そのような提出要件に90日間以上適用されていたかどうかをチェックマークで示してください。はい  ýいいえo 

12か月間以内に（または要求されたより短い期間に）規制S-t（この章の§232.405）に基づいて提出が必要なすべてのインタラクティブデータファイルが電子的に提出されているかをチェックマークで示してください。はい  ýいいえo 

登録申請者が大幅加速ファイラー、加速ファイラー、非加速ファイラー、より小規模な報告会社、または新興成長企業であるかどうかをチェックマークで示してください。取引所法のRule 2の「大幅加速ファイラー」、「加速ファイラー」、「より小規模な報告会社」、および「新興成長企業」の定義をご覧ください。

大型加速ファイラー

☒

加速ファイラー

☐

新興成長企業

☐

非加速ファイラー

☐

レポート義務のある中小企業

☐

新興成長企業である場合、証券登録者が、証券取引所法第13条（a）に基づくいかなる新しいまたは改正された財務会計基準の遵守のための拡張移行期間を使用しないことを選択したことをチェックマークで示す。 o

註冊者が「shell company」であるかどうかを示すチェックマークをつけます（「shell company」については、Exchange ActのRule 12b-2で定義されています）。Yes　　oNo ☒

最新の実際の日付を基準に、発行体の各普通株式の発行済株式数を示してください。

発行会社普通株式の発行済み株式数は、2024年7月31日時点で0.01ドルの議決権付株式数は 74,753,896.

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バンクユナイテッド、インク。

フォーム10-Q

2024年6月30日までの四半期

目次

						ページ
			定義済みの用語集			ii
第一部。			財務情報
アイテム 1.			財務諸表 (未監査)
			連結貸借対照表			1
			連結損益計算書			2
			連結包括利益計算書			3
			連結キャッシュフロー計算書			4
			連結株主資本計算書			6
			連結財務諸表に関する注記			7
アイテム 2.			経営陣による財政状態と経営成績に関する議論と分析			35
アイテム 3.			市場リスクに関する定量的・質的開示			67
アイテム 4.			統制と手続き			67
第二部			その他の情報
アイテム 1.			法的手続き			67
アイテム 1A.			リスク要因			67
アイテム 2.			持分証券の未登録売却および収益の使用			67
アイテム 5.			その他の情報			67
アイテム 6.			展示品			68
署名						69

i

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定義集

このフォーム10-Q全体で、財務諸表および関連ノートを含む、以下の頭字語や用語が使用される場合があります。

ACL						貸倒引当金の積み増し
AFS						売却可能
ALCO						資産 pass責任委員会
ALM						資産負債管理
AOCI						累積その他の包括利益
APY						年間実質利回り
ARM						変動金利住宅ローン
ASU						会計基準の改定
BKUは取引所で取引されるシンボルです。						バンクユナイテッド、インク。
銀行保険商品						銀行所有寿命保険
バンクユナイテッド						バンクユナイテッド、ナショナル協会
銀行						バンクユナイテッド、ナショナル協会
橋						Bridge Funding Group, Inc.
Buyoutローン						FHAおよびVAが保証する抵当権を持つ第三者サービサーから、これらのローンをGNMA証券化から購入する権利を行使したもの
CD						定期預金証明書
CECL						現行予想信用損失
CET1						第1カテゴリの普通株式資本
消費関連および保険業						自営業者向け商業ローン、所有者所有の商業不動産を含む
CLO						担保付きローン債務
CMBS						商業用ローン担保証券
						担保抵当証券
CRE						不動産業ローン、非所有者占有商業不動産業および建設および土地を含む
DSCR						債務サービスカバレッジ比率
EVE						株式の経済的価値
FDIA						連邦預金保険法
すべてのエンティティは、モルガン・スタンレーの独立した関連会社です。						連邦預金保険公社
FHA						連邦住宅管理局
FHLB						連邦住宅貯蓄銀行
FICO						フェアアイザック・コーポレーション（クレジットスコア）
FRB						連邦準備銀行
米国会計原則						米国一般会計原則
GDP						国内総生産
政府所有住宅ローン協会						政府所有住宅ローン協会
HTM						満期保有
ISDA						International Swaps and Derivatives Association
LGD						Loss Given Default
LIHTC						Low Income Housing Tax Credits
LTV						Loan-to-value
住宅ローン担保証券						抵当担保証券
MSA						Metropolitan Statistical Area
MWL						住宅ローン倉庫融資
NRSRO						全国的に認識された統計格付機関
OREO						その他の不動産業所有物件

ii

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PCD						クレジット悪化分の購入
PD						デフォルトの確率
ピナクル						ピナクル・パブリック・ファイナンス社
REIT						不動産投資信託
RPA						リスク参加協定
SBA						米国小企業管理局
SEC						証券取引委員会
「SOFR」						保証付きオーバーナイト金利
トライステート						ニューヨーク、ニュージャージー、コネチカット
未決済原則残高						残高未払い元金
VAローン						米国退役軍人省に保証されたローン

iii

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第I部分

項目 1. 財務諸表および付属資料

バンクユナイテッド社および子会社

連結貸借対照表 - 未検査

（千ドル、株および株当たりデータを除く）

			6月30日 2024						12月31日 2023
資産
銀行からの現金及び準備金:
非利子負債			$	12,631					$	14,945
利子負債			420,821						573,338
現金及び現金同等物			433,452						588,283
投資証券（公正価値で報告された証券を含む$8,936,449と $8,867,354)			8,946,449						8,877,354
市場非公開の株式投資			223,159						310,084
固定収益証券は、発行体が元本および利息の支払いをタイムリーに行う能力（クレジットリスク）に影響を受けます。			24,628,484						24,633,684
貸倒れ引当金			(225,698)						(202,689)
ローン、純資産			24,402,786						24,430,995
銀行所有の人身保険			297,827						318,459
運転リース機器、純額			266,815						371,909
のれん			77,637						77,637
その他の資産			779,781						786,886
総資産			$	35,427,906					$	35,761,607
負債及び純資産
負債:
当座預金：
非利子負債			$	8,065,209					$	6,835,236
利子負債			3,771,793						3,403,539
貯金・マネーマーケット			11,463,211						11,135,708
時間			4,463,394						5,163,995
預金総計			27,763,607						26,538,478
FHLB（米国連邦住宅金融局）の借入			3,285,000						5,115,000
ノートおよびその他の借入金			708,835						708,973
その他の負債			971,116						821,235
負債合計			32,728,558						33,183,686
コミットメント及び事態に関する注記
株主資本：
普通株式、割当資本金 1株の額 $0.01株当たり400,000,000株式を承認済み; 74,758,609 と 74,372,505発行済み株式数			748						744
資本金			290,719						283,642
留保利益			2,709,503						2,650,956
その他の総合損失			(301,622)						(357,421)
株主資本計			2,699,348						2,577,921
負債及び株主資本の合計			$	35,427,906					$	35,761,607

 

1

添付ノートは当連結財務諸表の一部である

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バンクユナイテッド社および子会社

利益及び損失の損益計算書 - 未監査

（千単位、1株当たりのデータを除く）

			6月30日までの3ヶ月間終了												6月30日までの6か月間
			2024						2023						2024						2023
利息収入：
固定収益証券は、発行体が元本および利息の支払いをタイムリーに行う能力（クレジットリスク）に影響を受けます。			$	350,604					$	326,153					$	697,861					$	634,948
投資証券			123,708						120,604						247,887						239,362
他			8,986						16,664						19,024						29,527
総利息収入			483,298						463,421						964,772						903,837
利子費用：
預金			208,091						156,868						418,089						290,498
借入金			49,185						92,675						105,804						171,587
支払利息の合計			257,276						249,543						523,893						462,085
当期純金利収入を信用損失引当金前			226,022						213,878						440,879						441,752
貸倒費用引当金			19,538						15,517						34,823						35,305
当期純金利収入を信用損失引当金後			206,484						198,361						406,056						406,447
非利息収入：
入金サービス料と手数料			4,909						5,182						10,222						10,515
投資証券に関する利益（損失）			421						993						1,196						(11,556)
リースファイナンス			5,640						12,519						17,080						25,628
その他の利息外収益			13,215						6,793						22,564						17,435
総手数料収益			24,185						25,487						51,062						42,022
非利息費用:
従業員の報酬および福利厚生			75,588						67,414						151,508						138,465
居住と設備			10,973						11,043						21,542						21,845
預金保険費用			8,530						7,597						22,060						15,504
専門料			4,497						3,518						7,007						6,436
テクノロジー			20,567						20,437						40,882						42,163
運転リース機器の減価償却			7,896						11,232						17,109						22,753
その他の非金利費用			29,655						23,977						56,838						50,832
非利子費用合計			157,706						145,218						316,946						297,998
税引前当期純利益			72,963						78,630						140,172						150,471
所得税引当金			19,230						20,634						38,459						39,593
当期純利益			$	53,733					$	57,996					$	101,713					$	110,878
1株当たりの普通株式利益、基本的な			$	0.72					$	0.78					$	1.36					$	1.49
1株当たり利益 (希薄化後)			$	0.72					$	0.78					$	1.36					$	1.48

2

添付ノートは当連結財務諸表の一部である

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バンクユナイテッド社および子会社

総合利益の連結財務諸表 - 未監査

営業活動によるキャッシュフロー：

			6月30日までの3ヶ月間終了												6月30日までの6か月間
			2024						2023						2024						2023
当期純利益			$	53,733					$	57,996					$	101,713					$	110,878
その他の包括的利益（税引き後）：
売買可能証券に対する評価の未収（損失）:
当期に発生した未収益			26,780						(18,365)						53,716						56,571
収益として実現した純証券利得の再分類調整			(259)						(627)						(238)						(1,183)
売買可能証券に対する評価の未収（損失）の純変動			26,521						(18,992)						53,478						55,388
デリバティブ取引に係る未実現利益（損失）:
期間中に生じた未実現保有利益			7,545						32,353						28,749						30,188
所得に実現した純利益の再分類調整			(11,760)						(11,239)						(26,428)						(20,233)
デリバティブ取引に係る未実現利益（損失）の純変動			(4,215)						21,114						2,321						9,955
その他の包括利益：			22,306						2,122						55,799						65,343
包括的利益			$	76,039					$	60,118					$	157,512					$	176,221

3

添付ノートは当連結財務諸表の一部である

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バンクユナイテッド社及びその関連会社

キャッシュ・フローの連結財務諸表 - 未監査

営業活動によるキャッシュフロー：

			6月30日までの6か月間
			2024						2023
（千円単位）
当期純利益			$	101,713					$	110,878
当期純利益に調整するための項目:
償却費および課価の償還額、当期純利益			(7,266)						(5,114)
貸倒費用引当金			34,823						35,305
投資有価証券の利益（損失）、当期純利益			(1,196)						11,556
株式ベースの報酬			10,582						10,150
減価償却費および償却費			28,814						38,240
繰延税金資産			(25,150)						2,143
売却された保有ローンからの収益、純額			75,460						196,256
その他:
その他資産の増加(減少)			4,582						(23,130)
その他負債の減少（増加）			(20,182)						47,290
営業活動による純現金			202,180						423,574
投資活動によるキャッシュフロー：
投資証券の購入			(624,636)						(113,800)
投資証券の償還と買戻からの収益			640,468						551,928
関係会社債務の借入			115,249						233,143
非流動性株式の購入			(203,775)						(284,750)
非公開の株式証券の償還からの収益			290,700						261,163
ローンの購入			(126,983)						(340,694)
ローンの発生と償還、純額			14,944						363,132
ローンの売却からの収益、純額			37,630						32,500
BOLIの解約に伴う収益			32,144						—
運用リース機器の処分			98,357						2,362
その他の投資活動			(13,072)						(14,435)
投資活動によるキャッシュフローの純増			261,026						690,549

4

添付ノートは当連結財務諸表の一部である

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バンクユナイテッド社及びその関連会社

未監査のキャッシュ・フロー計算書 - 続き

営業活動によるキャッシュフロー：

			6月30日までの6か月間
			2024						2023
財務活動からのキャッシュフロー:
預金の純増減			1,225,129						(1,670,682)
連邦資金購入の純減少			—						(190,000)
FHLbからの借入増加			485,000						2,015,000
FHLbからの借入金返済			(2,315,000)						(1,460,000)
累積その他の変更			(42,239)						(38,983)
普通株式の自己取得			—						(55,154)
その他の融資活動			29,073						14,218
財務活動による正味現金流出額			(618,037)						(1,385,601)
現金及び現金同等物の純減少			(154,831)						(271,478)
657,145			588,283						572,647
当期末時の現金及び現金同等物			$	433,452					$	301,169
キャッシュフロー情報の補足開示:
支払利息			$	534,276					$	418,168
支払法人税等			$	46,831					$	8,827
非現金の投資及び資金調達活動の補足スケジュール:
貸付金から売却用に保有されるローンへの振替			$	113,536					$	228,695
営業リース機器から売却用機器への振替			$	21,842					$	—
支払われていない配当			$	21,633					$	20,051
未決済の有価証券取引、純			$	133,922					$	—

5

添付ノートは当連結財務諸表の一部である

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バンクユナイテッド社及びその関連会社

株主資本の総合計算書 - 未監査

（千ドル単位、株式データを除く）

			共通 株式 流通中の						共通 ストック						出資 2002年に設立されたKingSett Capitalは、機関投資家と超高純資産のクライアントとの共同投資で、持続可能でプレミアムなリスク加重リターンを提供する、カナダをリードするプライベートエクイティ不動産会社です。KingSettは、グローバル不動産サステナビリティベンチマーク（GRESB）調査において、リストに掲載されていない同業種の純財産部門で第1位、北アメリカの多様化したオフィス/リストに掲載されていない純財産部門で第2位にランクインし、持続可能性への取り組みが評価されました。業界のリーダーとして、KingSettは不動産セクターを前進させ、様々な不動産物件、開発、共同事業、住宅ローンの新しい投資機会を探し続けることに専念しています。						保有 決算						他 包括的 損失						総計 株主の 株式
2024年3月31日の残高			74,772,706						$	748					$	286,169					$	2,677,403					$	(323,928)					$	2,640,392
包括的利益			—						—						—						53,733						22,306						76,039
配当($0.291株当たり普通株式に対する			—						—						—						(21,633)						—						(21,633)
株式報酬（放棄および譲渡済株式の合計額を控除した額）			(14,097)						—						4,550						—						—						4,550
2024年6月30日の残高			74,758,609						$	748					$	290,719					$	2,709,503					$	(301,622)					$	2,699,348
2023年3月31日の残高			74,423,365						$	744					$	269,353					$	2,585,981					$	(374,684)					$	2,481,394
包括的利益			—						—						—						57,996						2,122						60,118
配当($0.271株当たり普通株式に対する			—						—						—						(20,051)						—						(20,051)
シェア放棄および譲渡を差し引いた株式報酬			6,583						—						4,849						—						—						4,849
2023年6月30日の残高			74,429,948						$	744					$	274,202					$	2,623,926					$	(372,562)					$	2,526,310

			共通 株式 流通中の						共通 ストック						出資 2002年に設立されたKingSett Capitalは、機関投資家と超高純資産のクライアントとの共同投資で、持続可能でプレミアムなリスク加重リターンを提供する、カナダをリードするプライベートエクイティ不動産会社です。KingSettは、グローバル不動産サステナビリティベンチマーク（GRESB）調査において、リストに掲載されていない同業種の純財産部門で第1位、北アメリカの多様化したオフィス/リストに掲載されていない純財産部門で第2位にランクインし、持続可能性への取り組みが評価されました。業界のリーダーとして、KingSettは不動産セクターを前進させ、様々な不動産物件、開発、共同事業、住宅ローンの新しい投資機会を探し続けることに専念しています。						保有 決算						他 包括的 損失						総計 株主の 株式
2023年12月31日の残高			74,372,505						$	744					$	283,642					$	2,650,956					$	(357,421)					$	2,577,921
包括的利益			—						—						—						101,713						55,799						157,512
配当($0.581株当たり普通株式に対する			—						—						—						(43,166)						—						(43,166)
発行済株式の喪失および降伏の合計から株式報酬手当を差し引いた額			386,104						4						7,077						—						—						7,081
2024年6月30日の残高			74,758,609						$	748					$	290,719					$	2,709,503					$	(301,622)					$	2,699,348
2022年12月31日の残高			75,674,587						$	757					$	321,729					$	2,551,400					$	(437,905)					$	2,435,981
ASU 2022-02の採用の影響			—						—						—						1,336						—						1,336
2023年1月1日の残高			75,674,587						757						321,729						2,552,736						(437,905)						2,437,317
包括的利益			—						—						—						110,878						65,343						176,221
配当($0.541株当たり普通株式に対する			—						—						—						(39,688)						—						(39,688)
譲渡及び失効分を差し引いた株式報酬			389,606						3						7,611						—						—						7,614
2023年1月28日の残高			(1,634,245)						(16)						(55,138)						—						—						(55,154)
2023年6月30日の残高			74,429,948						$	744					$	274,202					$	2,623,926					$	(372,562)					$	2,526,310

6

添付ノートは当連結財務諸表の一部である

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目次

バンクユナイテッド社及びその関連会社

連結財務諸表注記 - 未監査

2024年6月30日

注1 会計の基礎及び主要な会計方針の概要

バンクユナイテッドは、バンクユナイテッドを含む全額出資子会社を有するナショナルバンクホールディングスです。バンクユナイテッドは、フロリダ州マイアミレイクスに本部を置くナショナル銀行協会であり、フロリダ州、ニューヨーク都市圏、テキサス州ダラスにある銀行センターを通じて個人および法人顧客に幅広い銀行サービスを提供しています。また、銀行は地域の卸売銀行事務所およびナショナルプラットフォームを通じて特定の商業融資および預金商品も提供しています。

付属の未監査の連結財務諸表は、中間財務情報に関する一般的に受け入れられている会計原則およびSECのForm 10-Qの指示書およびRegulation S-Xの第10条に従って作成されました。したがって、これらの財務諸表には、GAAPに準拠した財務状況、業績、およびキャッシュフローの公正な提示に必要なすべての情報や脚注が含まれていないため、BKUの年次報告書である12月31日に終了した2023年のForm 10-Kに掲載された会社の連結財務諸表およびその注記と併せて読む必要があります。マネジメントの意見では、公正な提示に必要な通常の繰り返しの調整を含むすべての調整が含まれていると考えられています。2024年6月30日に終了した3か月および6か月の業績は、将来の期間で予想される結果を必ずしも示すものではありません。

会社は単一の稼働部門を持ち、したがって報告セグメントも単一です。経営陣はさまざまな事業部門の売上高を監視していますが、事業部門は主に商業クライアント向けに類似の製品やサービスの範囲を提供し、類似のプロセスとプラットフォームを通じて運営されています。会社の最高稼働意思決定者は、企業全体のリソース配分の決定および事業のパフォーマンスの評価を、会社の運営の総合評価に基づいて行っています。

金融資産の公正価値 - 同社の長期債務以外の金融資産の持ち分は、それらの金融資産の短期的な特性および各当事者との低い信用リスクにより、記録された時点での所持分と公正価値がほぼ同等です。

連結財務諸表の作成にあたり、管理部門は資産、負債、収益、費用の報告額、および潜在的資産と負債の開示に影響を与える見積もりと仮定を行う必要があります。実際の結果は、これらの見積もりと大きく異なる可能性があります。

会社の連結財務諸表に影響を与える最も重要な見積もりはACLです。

2024年6月30日までの6か月間に採択された新しい会計基準

ASU No. 2023-02—Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures using the Proportional Amortization Method (A Consensus of the Emerging Issues Task Force). このASUは、LIHTCプログラム以外の税額控除プログラムにおける株式投資の割合摂取法による会計処理の利用拡大を目的として発行されました。ASUは、企業が条件に適合する税額控除プログラムの全ての株式投資に対して、税額控除プログラムごとに割合摂取法を選択することを可能とします。当社はこのASUを2024年第1四半期に採用しました。採用による影響はありませんでした。現在、当社の税額控除プログラムへの全ての株式投資は、すでに割合摂取法を使用して会計処理されているLIHTCプログラムにあります。

FASBは、2023-07号「セグメント報告（280号トピック）：報告可能なセグメント・ディスクロージャの改善」を2023年11月に公表しました。このASUは、公開企業に対して、中間期および年度の両方の報告可能なセグメントの結果における重要な費用に関する情報の開示を要求します。公開企業は、それぞれの報告可能なセグメントに対して、重要な費用カテゴリと金額を開示する必要があります。重要な費用カテゴリは、CODM（最高執行責任者）に定期的に報告され、セグメントの利益または損失の報告対象の指標に含まれる費用から派生しています。公開企業は、CODMのタイトルと役職、およびCODMが利益または損失の報告対象の指標を使用してセグメントの業績を評価する方法を説明する必要があります。この基準は、2023年12月15日以降の決算年度に適用され、2024年12月15日以降の決算年度の中間期間に有効であり、前期間すべてについての追溯適用が必要である。 当社は、連結財務諸表および関連する開示に与える影響を現在評価しています。

ASU第2023-07号—セグメント報告（280号トピック）：報告セグメント開示の改善。 このASUは、特に重要なセグメント費用に関する開示を強化することを通じて報告セグメントの開示要件を拡充します。さらに、修正は中間開示要件を強化し、企業が利益または損失の複数のセグメント対応策を開示できる状況を明確にし、単一の報告セグメントを持つ企業向けの新しいセグメント開示要件を提供し、その他の開示要件も含まれています。このASUは2023年12月15日以降に開始する会社の会計年度に適用され、2024年12月15日以降に始まる会計年度の中間期間にも適用されます。このASUは、会社の財務諸表の連結財務状態、業績、キャッシュ・フローに影響を与えることは予想されていません。採用により、2024年の10-K形式の年次報告を含む会社の財務諸表に追加および修正された開示がなされる可能性があります。

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バンクユナイテッド社及びその関連会社

連結財務諸表注記 - 未監査

2024年6月30日

ASU第2023-09号—所得税（トピック740）：所得税開示の改善このASUでは、主に所得税率調整と支払済所得税に関連する追加の開示を行うことが求められます。また、不確実な税務上の立場に関連する既存の一部の開示要件を廃止します。このASUは、2024年12月15日以降の会社の決算年度および2025年12月15日以降の決算年度内の四半期に対して発効します。このASUの適用は、会社の連結財務状況、経営成績およびキャッシュフローに影響を与えることは予想されていません。適用により、会社の財務諸表における所得税に関する開示が見直されます。

ノート2 一般株主1株当たり利益

希薄化後の１株当たりの基本および希薄化後の純利益を共有ごとに以下に示します（千単位、株および１株当たりのデータを除く）:

			6月30日までの3ヶ月間終了												6月30日までの6か月間
c			2024						2023						2024						2023
一般株式1株当たりの基本利益:
分子:
当期純利益			$	53,733					$	57,996					$	101,713					$	110,878
希薄化後発行証券に配当される利益及び未配当利益			(748)						(881)						(1,429)						(1,679)
1普通株主に割り当てられた収益（1普通株主1株当たりの基本利益）			$	52,985					$	57,115					$	100,284					$	109,199
分母:
平均発行株数			74,762,498						74,424,631						74,635,803						74,588,904
平均未ベストされた株式インセンティブが少ない			(1,110,233)						(1,183,039)						(1,119,035)						(1,188,430)
基本1株当たりの利益の加重平均株数			73,652,265						73,241,592						73,516,768						73,400,474
一般株式の基本的な1株当たりの利益			$	0.72					$	0.78					$	1.36					$	1.49
希薄化後の一般株式1株当たりの利益：
分子:
1株当たりの基本利益に割り当てられた収入			$	52,985					$	57,115					$	100,284					$	109,199
参加証券から再割り当てされた利益の調整			2						1						4						5
希薄化後1株当たり利益の計算に使用される収入			$	52,987					$	57,116					$	100,288					$	109,204
分母:
基本1株当たり利益に対する加重平均株数			73,652,265						73,241,592						73,516,768						73,400,474
特定の株式報酬がもたらす希薄化効果			365,988						179,318						310,906						312,708
希薄化後1株当たり利益に対する加重平均株数			74,018,253						73,420,910						73,827,674						73,713,182
希薄化後の一般株式の1株当たりの利益			$	0.72					$	0.78					$	1.36					$	1.48

2024年6月30日と2023年に発行された、希薄化後1株当たり利益の計算から除外された、希薄化の可能性のある未発行株式が総計で 1,084,899 と 1,179,216 株式数でしたが、その取り込みは希薄化効果が無かったため

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バンクユナイテッド社及びその関連会社

連結財務諸表注記 - 未監査

2024年6月30日

ノート 3 投資証券

投資証券には売却可能な投資証券、流動性のある株式投資、満期まで保有する投資証券が含まれます。次の日付で示された投資証券ポートフォリオは、次のように構成されていました（千万円単位で）：

			2024年6月30日
			償却原価						未実現の総損益												持ち運び価値 (1)
									利益						損失
一時的に売却可能な投資証券:
米国財務省証券			$	114,652					$	60					$	(9,412)					$	105,300
米国政府機関および協賛企業の住宅ローン担保証券			2,333,364						4,817						(24,798)						2,313,383
米国政府機関および協賛企業の商業用ローン担保証券			560,083						123						(64,868)						495,338
プライベート・レーベルの住宅ローン担保証券およびCMO			2,507,956						434						(285,297)						2,223,093
プライベート・レーベルの商業用ローン担保証券			2,051,193						1,143						(60,858)						1,991,478
シングルファミリーの不動産担保証券			347,613						—						(14,372)						333,241
担保付きローン債務			1,155,523						3,525						(157)						1,158,891
住宅ローン以外の資産担保証券			101,123						180						(3,794)						97,509
州および地方自治体の債務			111,636						1						(6,629)						105,008
SBA証券			87,182						36						(2,662)						84,556
			9,370,325						$	10,319					$	(472,847)					8,907,797
償還まで保有される投資証券			10,000																		10,000
			$	9,380,325																	8,917,797
流動性の高い株式証券																					28,652
																					$	8,946,449

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バンクユナイテッド社及びその関連会社

連結財務諸表注記 - 未監査

2024年6月30日

			2023年12月31日
			償却原価						未実現の総損益												評価額 (1)
									利益						損失
一時的に売却可能な投資証券:
米国財務省証券			$	139,858					$	532					$	(9,798)					$	130,592
米国政府機関およびスポンサー企業の住宅ローン担保証券			1,962,658						1,810						(40,261)						1,924,207
米国政府機関およびスポンサー企業の商業用ローン担保証券			561,557						107						(63,805)						497,859
プライベート・レーベルの住宅ローン担保証券とCMO			2,596,231						268						(300,769)						2,295,730
プライベート・レーベルの商業用ローン担保証券			2,282,833						678						(84,768)						2,198,743
単独家族の不動産業担保証券			383,984						—						(17,729)						366,255
担保付きローン債務			1,122,799						735						(10,710)						1,112,824
住宅ローン以外の資産担保証券			106,095						156						(3,471)						102,780
州および地方自治体の債務			107,176						715						(5,273)						102,618
SBA証券			106,237						41						(3,254)						103,024
			9,369,428						$	5,042					$	(539,838)					8,834,632
償還まで保有される投資証券			10,000																		10,000
			$	9,379,428																	8,844,632
流動性の高い株式証券																					32,722
																					$	8,877,354

(1)有価証券のほかは債権投資は妥当な価格で評価します。

2024年6月30日と2023年12月31日時点の満期まで保有される投資証券は、 oneworldアライアンスのメンバーと追加のグローバルパートナーとともに、お客様はalaskaair.comで30以上の航空会社と世界中の1,000以上の目的地で購入、獲得、または交換する選択肢が今まで以上にあります。 2024年10月満期のイスラエル国債を含んでいます。投資による未収利息は、2024年6月30日および2023年12月31日時点で合計$35百万ドルと$37 発行元の連結貸借対照表において、その他の資産に計上されています。

2024年6月30日、償還期間は予定通りの前受け金を調整後の売出可能有価証券は、次の通りでした（千万円単位）：

			償却原価						公正価値
1年以内に満期			$	1,110,280					$	1,077,068
4,932			4,967,632						4,840,441
5年から10年以内に満期			2,045,825						1,876,702
10年より後に満期			1,246,588						1,113,586
			$	9,370,325					$	8,907,797

FHLbの前進、公共預金、金利スワップの担保とFRbでの借入能力を担保する証券の簿価合計は、$7.6十億ドルと$7.7

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バンクユナイテッド社及びその関連会社

連結財務諸表注記 - 未監査

2024年6月30日

以下の表は、期間別（千単位で表示）の投資有価証券の利益（損失）に関する情報を提供しています。

			6月30日までの3ヶ月間終了												6月30日までの6か月間
			2024						2023						2024						2023
AFSの投資証券における実現利益			$	398					$	847					$	425					$	1,619
AFSの投資証券における実現損失			(48)						—						(103)						(20)
実現利益純額			350						847						322						1,599
収益に認識された売買可能な株式証券の純利益（損失）			71						146						874						(13,155)
投資証券に関する利益（損失）			$	421					$	993					$	1,196					$	(11,556)

次の表は、時価評価額の総額と投資証券の償却原価が時価評価額を上回った総額を示し、未実現損失ポジションであり、投資カテゴリと、個々の証券が未実現損失ポジションにあった期間の長さによって集計され、各日時点（千単位で）でいます。

			2024年6月30日
			12ヶ月未満												12ヶ月以上												総計
			公正価値						未実現損失						公正価値						未実現損失						公正価値						未実現損失
米国財務省証券			$	24,749					$	(29)					$	60,174					$	(9,383)					$	84,923					$	(9,412)
米国政府機関およびスポンサー企業による住宅用MBS			215,119						(830)						1,107,048						(23,968)						1,322,167						(24,798)
米国政府機関およびスポンサー企業による商業用MBS			4,898						(59)						459,549						(64,809)						464,447						(64,868)
プライベートラベルの住宅用MBSとCMOs			—						—						2,171,369						(285,297)						2,171,369						(285,297)
プライベートラベルの商業用MBS			25,586						(71)						1,795,397						(60,787)						1,820,983						(60,858)
一戸建て住宅を担保とした証券			—						—						333,241						(14,372)						333,241						(14,372)
担保付きローン債務			10,329						(1)						162,820						(156)						173,149						(157)
不動産ローン以外の資産担保証券			—						—						74,807						(3,794)						74,807						(3,794)
州および地方自治体の債務			50,300						(338)						54,383						(6,291)						104,683						(6,629)
SBA証券			3,361						(31)						76,254						(2,631)						79,615						(2,662)
			$	334,342					$	(1,359)					$	6,295,042					$	(471,488)					$	6,629,384					$	(472,847)

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バンクユナイテッド社及びその関連会社

連結財務諸表注記 - 未監査

2024年6月30日

			2023年12月31日
			12ヶ月未満												12ヶ月以上												総計
			公正価値						未実現損失						公正価値						未実現損失						公正価値						未実現損失
米国財務省証券			$	9,941					$	(27)					$	99,769					$	(9,771)					$	109,710					$	(9,798)
アメリカ合衆国政府機関および支援企業による住宅MBS			82,382						(430)						1,646,081						(39,831)						1,728,463						(40,261)
アメリカ合衆国政府機関および支援企業による商業用MBS			3,332						(6)						481,651						(63,799)						484,983						(63,805)
プライベートレーベルの住宅MBSおよびCMO			—						—						2,255,461						(300,769)						2,255,461						(300,769)
プライベートレーベルの商業用MBS			51,434						(323)						2,054,378						(84,445)						2,105,812						(84,768)
シングルファミリーの不動産担保証券			—						—						366,255						(17,729)						366,255						(17,729)
担保付きローン債務			184,652						(348)						880,609						(10,362)						1,065,261						(10,710)
不動産業担保証券			—						—						79,697						(3,471)						79,697						(3,471)
州および地方自治体の債務			24,765						(1,049)						32,380						(4,224)						57,145						(5,273)
SBA証券			8,194						(46)						89,763						(3,208)						97,957						(3,254)
			$	364,700					$	(2,229)					$	7,986,044					$	(537,609)					$	8,350,744					$	(539,838)

会社は、売却可能な投資証券の信用損失損害を個々の証券単位で監視しています。2024年6月30日および2023年終了時点の3か月および6か月間において、信用損失の損害を受けた証券は特定されませんでした。2024年6月30日時点で、会社は大幅な未実現損失の立場にある証券を売却する意図がなく、費用の償還が回収されるまでこれらの証券を売却する必要性が高いとは考えられませんでした。この決定を下す際、会社は、流動性ポジション、証券を担保にして流動性を生み出す能力、許容される保有物と濃縮の制限に関する投資方針、規制要件およびその他の関連要因を考慮しました。弊社は、未実現損失にある証券を流動性を生み出すために売却したり、売却する必要があると予想していません。

2024年6月30日時点で、485 売れる有価証券は未実現損失の立場にありました。これらの証券に関連する損失額は、 135 これらのうちのいくつかは、個別にも総合的にも無視できるほど小さく、合計約$1.2 百万ドルであり、これらの証券に関しては、さらなる分析は必要ありませんでした。

2024年6月30日時点でAFS証券が信用損失損害を被っておらず、ACLの検討は必要とされていないことを結論付ける根拠は、以下でさらに詳しく議論されています。

未実現損失は、主に持続的な高金利環境によるもので、場合によっては 有価証券が購入されたレベルと比較してスプレッドが広い。 投資証券（AFS）ポートフォリオの未実現損失の純ポジションは$でした462.5 2024年6月30日の時点で百万、ドルの比較534.8 2023年12月31日時点で百万、ドル増加しています72.3 2024年6月30日までの6か月間で100万件になりました。2024年6月30日の時点で、ポートフォリオの有価証券の大部分は変動金利でしたが、固定金利証券が未実現損失の大部分を占めていました。

米国政府、米国政府機関および政府が後援する企業証券

2024年6月30日時点で、カテゴリー6の6つの記録を破るウォータースライダーや、海から154フィート上空にあるクラウンズエッジ体験など、昼も夜も楽しめる8つの目的地には、それぞれ楽しめるアドレナリンがドクドクわくわくするような初めてのものや次のレベルのお気に入りがあります。そして、1週間のうちの1日用の7つのプールがあり、海上初の吊り下げ式無限プールなど、くつろぎの方法は比類ありません。 米国財務省、 73 米国政府機関およびスポンサー企業住宅MBS、 26 米国政府機関およびスポンサー企業商業MBS、および 20 SBA証券は未実現の損失ポジションにありました。これらの証券への元本と利息の適時支払いは、米国政府によって明示的または暗黙的に保証されています。そのため、信用損失はゼロであるという仮定があり、企業はこれらの証券の償却原価ベースを回収することを期待しています。

12

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目次

バンクユナイテッド社及びその関連会社

連結財務諸表注記 - 未監査

2024年6月30日

プライベートラベル証券:

2024年6月30日時点で、障害を受けた民間発行セキュリティのいずれも元本や利払いが滞納していなかったり、NRSROによって格付けが引き下げられたことがありませんでした。当社は、予想される現金流入の現在価値を、障害を受けた証券の総償還原価格と比較する分析を実施しました。この分析は、2024年6月30日時点の合理的でサポート可能な経済予測よりも概して保守的と考えているシナリオに基づいており、任意の前払い率、担保のデフォルト、債務不履行、深刻度、その他関連要因についての前提を取り入れています。また、当社の分析では、各セキュリティの構造的特徴とその構造によって提供される信用強化レベルも考慮されています。

プライベート・レーベルの住宅ローン担保証券とCMO

2024年6月30日の時点で、 114 プライベートラベルの住宅用MBSとCMOは、含み損のポジションにありました。これらの証券から回収されると予想されるキャッシュフローの分析には、担保デフォルト率、任意前払い率、損失の深刻度、延滞、回収遅延に関する仮定が組み込まれています。これらの仮定を立てる際に、FICO、LTV、書類、ローンの種類、物件の種類、代理店の空き基準、業績状況などの担保の質指標を考慮しました。また、住宅価格の上昇、耐久、延滞、特別サービス、前払いの傾向などのセクターデータや、セクターのストレスを示す可能性のあるその他の経済データも定期的に監視しています。このセクターの基礎となる延滞率は低いままです。2024年6月30日の分析では、このカテゴリの減損証券の加重平均担保損失が予測されています 2加重平均のクレジットサポートと比較した％ 18%。2024年6月30日の時点で、 95帳簿価額に基づくこのカテゴリの減損有価証券の割合は、外部からAAA格付けを受けており、 5% はAAと評価されました。

プライベート・レーベルの商業用ローン担保証券

2024年6月30日の時点で、 81 プライベートラベルの商業用MBSは、含み損のポジションにありました。これらの証券から回収されると予想されるキャッシュフローの分析には、担保デフォルト率、任意前払い率、損失の深刻度、延滞、回収遅延に関する仮定が組み込まれています。これらの仮定を立てる際に、担保の質と種類、ローンの規模、ローンの目的、その他の質的要因を考慮しました。また、担保の集中、担保監視リスト、破産データ、破産データ、特別サービスの傾向、延滞、およびセクターのストレスを示す可能性のあるその他の経済データを定期的に監視しています。担保、取引、セクター、トランシェレベルのパフォーマンスだけでなく、満期や借り換えのリスクも考慮しています。このセグメント、特にオフィス部門では、担保パフォーマンスの低下が見られますが、これらの証券の信用の質の高さと、予想される担保損失をカバーするための劣後の妥当性は、信用損失の減損はないという結論を裏付けています。2024年6月30日の分析では、このカテゴリの減損証券の加重平均担保損失が予測されています 7加重平均のクレジットサポートと比較した％ 45%。2024年6月30日の時点で、 84帳簿価額に基づくこのカテゴリの減損有価証券のうち、外部からAAA格付けされた証券の割合は 12% はAAと評価され 4％はAと格付けされました。単一資産、単一借り手のエクスポージャーはありません。

単独家族の不動産業担保証券

2024年6月30日時点で、11 シングルファミリーレンタル不動産担保証券は未実現の損失ポジションにありました。 これらの証券に対する回収予定の現金フローの分析には、担保のデフォルト率、損失の深刻さ、延滞、回収の遅れに関する仮定が組み込まれました。 住宅価格の上昇、猶予、債務不履行および前払いの傾向、その他セクター内のストレスの可能性を示す経済データを定期的にモニタリングしています。 担保、ディール、セクター、トランチのパフォーマンス、満期とリファイナンスリスクを考慮しています。 2024年6月30日時点の分析では、このカテゴリーの加重平均担保損失予想が 7%であり、加重平均信用サポートは 53%です。 2024年6月30日時点で、このカテゴリーの被損証券の 54%は、持分ベースでAAAに格付されており、 19%がAAに格付けされており、 oneworldアライアンスのメンバーと追加のグローバルパートナーとともに、お客様はalaskaair.comで30以上の航空会社と世界中の1,000以上の目的地で購入、獲得、または交換する選択肢が今まで以上にあります。 証券は外部格付けされていません。

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目次

バンクユナイテッド社及びその関連会社

連結財務諸表注記 - 未監査

2024年6月30日

担保付きローン債務

2024年6月30日の時点で、 三 担保付ローン債務は含み損のポジションにありました。2024年6月30日の時点で、未実現損失の合計は、このセグメントの総償却費の1％未満でした。これらの証券から回収されると予想されるキャッシュフローの分析には、担保のデフォルト率、損失の深刻さ、延滞に関する仮定が組み込まれており、基礎となる担保に関連する特有のリスクを考慮して調整されています。これらの仮定を立てる際に、2008年の金融危機の前、最中、後の各セクターのパフォーマンスを考慮しました。私たちは定期的に債券マネージャーと連絡を取り、潜在的な格下げやそれに続くキャッシュフローの転用、流動性、格付けの移行、その他の関連する動向など、基礎となる担保の傾向を監視しています。主にコストの上昇により、基礎となる担保のパフォーマンスがいくらか悪化していることがわかりましたが、これらの有価証券の高い信用の質と、予想される担保損失をカバーするための従属の妥当性は、信用損失の減損はないという結論を裏付けています。2024年6月30日の分析では、このカテゴリの減損証券の加重平均担保損失が予測されています 12加重平均のクレジットサポートと比較した％ 41%。2024年6月30日の時点で、 28帳簿価額に基づくこのカテゴリの減損有価証券の割合は、外部からAAA格付けを受けており、 72% はAAと評価されました。

住宅ローン以外の資産担保証券

2024年6月30日時点で、カテゴリー6の6つの記録を破るウォータースライダーや、海から154フィート上空にあるクラウンズエッジ体験など、昼も夜も楽しめる8つの目的地には、それぞれ楽しめるアドレナリンがドクドクわくわくするような初めてのものや次のレベルのお気に入りがあります。そして、1週間のうちの1日用の7つのプールがあり、海上初の吊り下げ式無限プールなど、くつろぎの方法は比類ありません。 ノン・モーゲージ資産担保証券は未実現損失ポジションにありました。これらの証券は学生ローンの担保で裏付けられています。これらの証券から回収されると見込まれるキャッシュフローの分析には、担保のデフォルト率、損失程度、延滞、自主前払い率、回収の遅れに関する仮定が組み込まれています。仮定を策定する際には、担保の種類も考慮し、担保が学生、リファイナンス、または混合のどれかであるかによって区別されました。2024年6月30日の分析によると、このカテゴリーの損傷証券の加重平均担保損失は、 4%であり、加重平均信用サポートは 27%です。2024年6月30日時点で、このカテゴリーの損傷証券のうち、帳簿価額に基づく評価の 34%が外部格付けでAAAと評価され、 66%がAAと評価されていました。

州や地方の義務

2024年6月30日の時点で、 十 州および地方自治体の債務は含み損でした。これらの証券の潜在的な信用損失減損の分析には、第三者ベンダーから提供された原債務者の信用力の定量的尺度と、その他の関連する質的考慮事項が組み込まれています。2024年6月30日の時点で、 54帳簿価額に基づくこのカテゴリの減損有価証券のうち、外部からAAA格付けされた証券の割合は 13% はAAと評価され 33% はAと評価されました。

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目次

バンクユナイテッド社及びその関連会社

連結財務諸表注記 - 未監査

2024年6月30日

ノート4　融資と貸倒引当金

貸出残高は、指定された日付に次の通りでした（千ドル単位）：

			2024年6月30日												2023年12月31日
			総計						合計の割合						総計						合計の割合
商業：
非所有者居住商業不動産			$	5,367,663					21.8		%				$	5,323,241					21.6		%
建設と土地			584,833						2.4		%				495,992						2.0		%
自己所有の商業用不動産			1,966,809						8.0		%				1,935,743						7.9		%
商業および産業			7,170,622						29.1		%				6,971,981						28.3		%
ピーク - 地方自治体の財政			847,234						3.4		%				884,690						3.6		%
フランチャイズと設備金融			307,442						1.2		%				380,347						1.5		%
住宅ウェアハウス融資			539,159						2.2		%				432,663						1.8		%
			16,783,762						68.1		%				16,424,657						66.7		%
住宅:
1-4戸単独家屋			6,672,529						27.1		%				6,903,013						28.0		%
政府が保険をかけた住宅			1,172,193						4.8		%				1,306,014						5.3		%
			7,844,722						31.9		%				8,209,027						33.3		%
総融資額			24,628,484						100.0		%				24,633,684						100.0		%
貸倒引当金の積み増し			(225,698)												(202,689)
ローン、純資産			$	24,402,786											$	24,430,995

プレミアム、割引、先延ばし手数料および費用は、PCDローンに関する信用非関連割引を除くと、合計$39百万ドルと$45 6月30日および2023年12月には、未償還の貸付手数料が各々$ミリオン含まれています。

以下の表は、住宅 PCD ローンの摘本コスト基盤と、関連する非貸倒引当金額（関連ACLを差し引いた額）、指定された日付におけるものを示しています（千単位）:

			2024年6月30日						2023年12月31日
未決済原則残高			$	71,914					$	80,123
ノンクレジットディスカウント			(30,855)						(35,249)
PCDローンの総償却コスト			41,059						44,874
PCDローンに関連するACL			(129)						(161)
PCDローン純額			$	40,930					$	44,713

ローン残高には、直接または販売型ファイナンスリースが合計で$の額が含まれています。582百万ドルと$602 所定の期間における直接または販売型ファイナンスリースから認識された収入額は、それぞれ2024年6月30日と2023年12月31日に$百万ドルであり、各期間にわたり合計$百万ドルとして貸借対照表における貸出金利収益に含まれています。3.8百万ドル7.9百万ドル4.4百万ドルと$8.7 また、2024年6月30日と2023年6月30日に終了した3か月および6か月間における直接または販売型ファイナンスリースから認識された収益額はそれぞれ$百万ドルであり、連結損益計算書においてローンの利息収入に含まれています。

2024年6月30日および2023年6月30日を含む3か月および6か月間にわたり、当社は合計$を購入しました60百万ドル127百万ドル1544,500.0万ドル、および500.0」.0万ドルのキャッシュアウト。341百万株、それぞれ。

2024年6月30日および2023年12月31日、当社は、FHLbアドバンスおよび連邦準備銀行ディスカウントウィンドウ能力の担保として、約$の帳簿価額の融資を行っていました。15.6私たちの入力によると、この文書には数字がありません。16.5億ドルそれぞれ

融資の未収利息は2024年6月30日および2023年12月31日にそれぞれ$に達し、添付の連結財務諸表のその他資産に含まれています。2024年6月30日および2023年の四半期および半期終了時点での非償却融資における利息収入の額は無視できる程度でした。135百万ドルと$138融資の未収利息は2024年6月30日および2023年12月31日にそれぞれ$に達し、添付の連結財務諸表のその他資産に含まれています。2024年6月30日および2023年の四半期および半期終了時点での非償却融資における利息収入の額は無視できる程度でした。

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目次

バンクユナイテッド社及びその関連会社

連結財務諸表注記 - 未監査

2024年6月30日

貸倒引当金の積み増し

ACLのアクティビティは、示された期間に要約されています（千単位で）:

			6月30日までの3ヶ月間終了
			2024																		2023
			商業						住宅用不動産						総計						商業						住宅用不動産						総計
前日残高			$	210,929					$	6,627					$	217,556					$	146,995					$	11,797					$	158,792
プロビジョニング（再生）			22,224						(401)						21,823						17,107						(2,912)						14,195
貸し倒れ			(16,100)						—						(16,100)						(9,136)						—						(9,136)
回収			2,419						—						2,419						2,980						2						2,982
終了残高			$	219,472					$	6,226					$	225,698					$	157,946					$	8,887					$	166,833

			6月30日までの6か月間
			2024																		2023
			商業						住宅用不動産						総計						商業						住宅用不動産						総計
前日残高			$	195,058					$	7,631					$	202,689					$	136,205					$	11,741					$	147,946
ASU 2022-02の採用の影響			該当なし						該当なし						該当なし						(1,677)						(117)						(1,794)
ASU 2022-02の採用後の残高			195,058						7,631						202,689						134,528						11,624						146,152
引当金（回収）			39,003						(1,375)						37,628						34,532						(2,742)						31,790
貸し倒れ			(21,452)						(34)						(21,486)						(17,035)						—						(17,035)
回収			6,863						4						6,867						5,921						5						5,926
終了残高			$	219,472					$	6,226					$	225,698					$	157,946					$	8,887					$	166,833

ACLは、2年間の合理的かつ支持可能な予測期間を利用して決定されました。ACLの数量的部分は、3つの加重された第三者提供の経済シナリオを使用して決定されました。

ACLは$増加しました23.0 百万ドル、2024年6月30日時点の総貸付高に対する割合が 0.922024年6月30日時点の総貸付高の 0.822023年12月31日時点の総貸付高の%から%まで増加しました。6月30日時点での信用損失に対する設備およびACL増加に影響を与えたより重要な要因は、新規ローン発行やポートフォリオ特性の変更によるものであり、リスク格付けの移行や特定の損失積み増しの増加、クオリティティの補足的な損失の増加、特にオフィスCREに関連するものであり、経済予測の改善と手形引受料の増加によって部分的に相殺されました。

次の表は、2024年6月30日までの6か月間における発生年別の総債権回収を示しています（千ドル単位）:

			2024						2023						2022						2021						2020						2020年以前						リボルビングローン						総計
CRE			$	—					$	—					$	4,369					$	—					$	—					$	486					$	—					$	4,855
消費関連および保険業			—						202						12,000						29						—						1,091						114						13,436
フランチャイズと設備ファイナンス			—						—						—						765						—						2,396						—						3,161
住宅用不動産			—						—						—						—						—						34						—						34
			$	—					$	202					$	16,369					$	794					$	—					$	4,007					$	114					$	21,486

次の表は、示された期間の信用損失引当金の部品を示しています（千単位で）：

			6月30日までの3ヶ月間終了												6月30日までの6か月間
			2024						2023						2024						2023
融資部分に関連する金額			$	21,823					$	14,195					$	37,628					$	31,790
貸出債務の非表示部分に関連する金額			(2,285)						1,322						(2,805)						3,515
信用損失総額の積立額			$	19,538					$	15,517					$	34,823					$	35,305

16

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目次

バンクユナイテッド社及びその関連会社

連結財務諸表注記 - 未監査

2024年6月30日

クレジット品質情報

住宅ローン信用リスク管理および商業ポートフォリオ管理機能が専任で継続的に信用の質を監視しています。会社には、批判されたおよび分類されたローンの信用の質を監視するワークアウト＆リカバリ部門と独立した内部信用レビュー機能もあります。

商業ローンの信用格付け指標

商業ポートフォリオセグメントに内在するリスクに影響を与える要因には、経済活動のレベルや経済活動の潜在的な中断、国内外の健康状態、地域別およびそれほどではないがグローバル経済、interest rates、業種のトレンド、人口動向、インフレ動向などが含まれます。特に商業用不動産ローンに関しては、保険費用や借り手の製品およびサービスへの需要に影響を与える顧客行動のパターンやトレンド、商業用不動産の価値および関連市場のダイナミクスが重要です。オフィスセクターにおいては、ハイブリッドおよびテレワークの進化する影響が、空室率や評価額に対する要因です。商業ローンの信用品質を示す最も意味のある指標として、内部リスクレーティングが考慮されます。内部リスクレーティングは、借り手の債務不履行の可能性を示す指標の1つであり、ローンの継続的な監視のレベルや性質に影響を与える主要な要因であり、ACLの見積もりに影響を与える可能性があります。内部リスクレーティングは継続的に更新されます。通常、一定のしきい値を超える残高との関係は、少なくとも年次で再評価され、状況がリスクレーティングの変更を正当化する可能性を示す場合には、より頻繁に再評価されます。特別メンションのレーティングは、将来のいずれかの日付において返済見通しが悪化する可能性のあるクレジット弱点を示すローンに対する過渡的なレーティングとみなされ、その弱点が阻止または修正されない限り、または指導されない限り、経営陣の密な関心を必要とします。これらの借り手は、キャッシュフローや収益の減少、レバレッジの増加を示す場合があります。明確に定義されたクレジットの弱点を持つローンは、欠陥が修正されない場合に損失をもたらす可能性があるため、サブスタンダードのリスクレーティングが割り当てられます。これらの借り手は、支払いのデフォルト、現在の運用からの不十分なキャッシュフロー、運用損失、負債比率の増加、プロジェクトコストの超過、合理でない建設の遅延、消耗した利息準備、危機的な担保価値、頻繁な直接その他の不動産税滞納を示す可能性があります。回収が完全に不確実または不可能なほど重大な弱点を持つローンは、準備金（ACL）に計上されていないものの、一定のかなり具体的な未解決の要因により、内部リスクレーティングが“疑問”とされます。1百万で、認識されていない税制上の利益の予想される変化は、追加税金の支払い、特定の繰延税金の調整および/または税金の利益の認識につながる可能性があります。3 テーマ・1つの百万ドルの定義されたしきい値を超える残高との関係が、少なくとも年次で再評価され、状況がリスクレーティングの変更を正当化する可能性を示す場合には、より頻繁に再評価されます。特別メンションのレーティングは、将来のいずれかの日付において返済見通しが悪化する可能性のあるクレジット弱点を示すローンに対する過渡的なレーティングとみなされ、その弱点が阻止されない限り、または指導されない限り、管理者の注目を集める価値があります。これらの借り手は、キャッシュフローの減少、収入の減少、レバレッジの増加を示す可能性があります。明確なクレジット弱点を持つローンは、欠陥の存在が修正されない場合に損失をもたらす可能性があるため、サブスタンダードのリスクレーティングが割り当てられます。これらの借り手は、支払いのデフォルト、運用活動の不十分なキャッシュフロー、運用損失、バランスシートのレバレッジの増加、プロジェクトコストの超過、不合理な建設の遅延、使い果した利息準備金、担保価値の低下、頻繁なオーバードラフト、過去の不動産税滞納を示す可能性があります。回収の可能性が極めて疑問ないしほぼない状態で債権処理される可能性のある重大な弱点があるローンは、準備金（ACL）の見積もりに影響を及ぼしたり、決済されない場合に借入者が返済を行う可能性​​の内部的リスクを“疑惑”との内部リスクレーティングを与えられます。

17

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目次

バンクユナイテッド社及びその関連会社

連結財務諸表注記 - 未監査

2024年6月30日

内部リスク評価に基づいた商業信用露出（千単位で）：

			2024年6月30日
			発生年別の償却コスト																																				リボルビングローン
			2024						2023						2022						2021						2020						前回												総計
CRE
合格する			$	351,956					$	694,281					$	1,168,057					$	630,888					$	454,738					$	1,641,017					$	212,879					$	5,153,816
特別検査			—						—						—						6,467						32,992						98,944						—						138,403
不良債権-騰落(Substandard)			—						45,894						127,949						93,421						28,808						330,904						25,000						651,976
疑わしい			—						—						—						—						—						8,301						—						8,301
総合不動産			$	351,956					$	740,175					$	1,296,006					$	730,776					$	516,538					$	2,079,166					$	237,879					$	5,952,496
消費関連および保険業
合格する			$	895,606					$	1,357,478					$	1,249,270					$	582,116					$	329,109					$	1,265,087					$	2,936,883					$	8,615,549
特別検査			46,443						—						10,951						2,830						—						1,343						65,970						127,537
不良債権-騰落(Substandard)			—						7,793						139,888						45,670						20,191						114,333						52,666						380,541
疑わしい			—						—						13,804						—						—						—						—						13,804
トータルC＆I			$	942,049					$	1,365,271					$	1,413,913					$	630,616					$	349,300					$	1,380,763					$	3,055,519					$	9,137,431
ピーク - 地方自治体の財政
合格する			$	53,345					$	147,776					$	120,001					$	69,318					$	28,408					$	428,386					$	—					$	847,234
トータル・ピナクル - 地方財政			$	53,345					$	147,776					$	120,001					$	69,318					$	28,408					$	428,386					$	—					$	847,234
フランチャイズと設備金融
合格する			$	—					$	2,126					$	43,601					$	65,058					$	39,429					$	107,738					$	829					$	258,781
不良債権-騰落(Substandard)			—						—						—						1,849						2,894						40,765						—						45,508
疑わしい			—						—						—						—						—						3,153						—						3,153
総フランチャイズおよび設備ファイナンス			$	—					$	2,126					$	43,601					$	66,907					$	42,323					$	151,656					$	829					$	307,442
住宅ローン倉庫融資
合格する			$	—					$	—					$	—					$	—					$	—					$	—					$	539,159					$	539,159
総資産担保ローンファイナンス			$	—					$	—					$	—					$	—					$	—					$	—					$	539,159					$	539,159

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目次

バンクユナイテッド社及びその関連会社

連結財務諸表注記 - 未監査

2024年6月30日

			2023年12月31日
			発生年ごとの償却費用																																				リボルビングローン
			2023						2022						2021						2020						2019						前回												総計
CRE
合格する			$	668,669					$	1,268,313					$	662,340					$	493,675					$	878,048					$	1,064,601					$	281,584					$	5,317,230
特別検査			19,127						13,377						—						—						57,984						4,912						2,152						97,552
不良債権-騰落(Substandard)			—						42,997						2,103						29,180						186,368						142,049						1,754						404,451
総合不動産			$	687,796					$	1,324,687					$	664,443					$	522,855					$	1,122,400					$	1,211,562					$	285,490					$	5,819,233
消費関連および保険業
合格する			$	1,382,939					$	1,423,581					$	653,730					$	337,322					$	431,257					$	1,040,101					$	3,069,295					$	8,338,225
特別検査			—						85,306						1,215						13,949						49,526						22,398						47,680						220,074
不良債権-騰落(Substandard)			3,841						70,731						86,747						16,063						20,757						91,844						44,633						334,616
疑わしい			—						10,580						—						—						4,229						—						—						14,809
トータル C＆I			$	1,386,780					$	1,590,198					$	741,692					$	367,334					$	505,769					$	1,154,343					$	3,161,608					$	8,907,724
ピーク - 地方自治体の財政
合格する			$	170,919					$	133,988					$	74,895					$	31,771					$	55,338					$	417,779					$	—					$	884,690
トータル・ピナクル - 地方財政			$	170,919					$	133,988					$	74,895					$	31,771					$	55,338					$	417,779					$	—					$	884,690
フランチャイズと設備金融
合格する			$	6,569					$	32,656					$	74,170					$	44,698					$	76,144					$	80,302					$	201					$	314,740
特別検査			—						—						—						2,279						—						—						—						2,279
不良債権-騰落(Substandard)			—						14,959						3,019						1,003						23,574						16,547						—						59,102
疑わしい			—						—						—						—						4,226						—						—						4,226
トータルフランチャイズファイナンス			$	6,569					$	47,615					$	77,189					$	47,980					$	103,944					$	96,849					$	201					$	380,347
住宅ローン倉庫融資
合格する			$	—					$	—					$	—					$	—					$	—					$	—					$	432,663					$	432,663
トータルモーゲージウェアハウスローン			$	—					$	—					$	—					$	—					$	—					$	—					$	432,663					$	432,663

2024年6月30日および2023年12月31日について、循環ローン残高が期限付きローンに換金された金額は無視できるほど少額でした。

以下の表は、指定された日付において、リスク評価カテゴリ別に批判され分類された商業ローンを合計して示しています（千単位で）:

			2024年6月30日												2023年12月31日
特別検査			$	265,940											$	319,905
未達基準-発生中			946,832												711,266
未達基準-未発生			131,193												86,903
疑わしい			25,258												19,035
総額			$	1,369,223											$	1,137,109

住宅ローンの信用品質指標

管理部門は、政府保証住宅ローンを除く住宅ローンの信用品質の最も意味のある指標として、滞納状況を考慮しています。滞納状況は少なくとも月に1回更新されます。LTVおよびFICOスコアも、政府保証ローンを除く1-4世帯用単独住宅ローンの信用品質の重要な指標です。FICOスコアは一般的に半期ごとに更新され、最新の更新は2024年第1四半期です。LTVは通常、開始時に設定されます。住宅評価を定期的に更新しないためです。ほぼすべての政府保証住宅ローンは、デフォルト時にGNMAの証券化から会社が買い戻す政府保証買い戻しローンです。これらのローンに関しては、ローンの保証性質と基盤となるビジネスモデルを考慮すると、信用品質の伝統的な測定基準は特に関連性がありません。住宅ポートフォリオセグメントに内在するリスクに影響を与える要因には、失業率、賃金、interest rates、住宅の相場などの国内および地域経済状況が含まれます。

19

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目次

バンクユナイテッド社及びその関連会社

連結財務諸表注記 - 未監査

2024年6月30日

1-4の単独住宅ローン残高、政府保証の住宅ローンを除く、滞納状況に基づく（千単位）：

			2024年6月30日
			原点年による償却費用
			2024						2023						2022						2021						2020						前回						総計
現在			$	94,435					$	338,608					$	1,062,939					$	2,865,654					$	826,847					$	1,451,944					$	6,640,427
30 - 59 日間延滞			—						208						4,402						5,182						939						4,816						15,547
60 - 89 日間延滞			—						—						626						—						—						132						758
90 日以上の延滞			—						—						2,592						1,781						—						11,424						15,797
			$	94,435					$	338,816					$	1,070,559					$	2,872,617					$	827,786					$	1,468,316					$	6,672,529

			2023年12月31日
			発生年度別の償却費用
			2023						2022						2021						2020						2019						前回						総計
現在			$	363,123					$	1,117,039					$	2,965,840					$	854,376					$	296,146					$	1,255,688					$	6,852,212
30 - 59日遅延			2,200						1,785						7,201						5,745						—						14,527						31,458
60 - 89日遅延			—						2,116						1,465						—						143						2,728						6,452
90日以上の遅延			—						5,872						—						—						1,439						5,580						12,891
			$	365,323					$	1,126,812					$	2,974,506					$	860,121					$	297,728					$	1,278,523					$	6,903,013

1-4単独居住用不動産信用リスク（政府保証住宅ローンを除く）、LTVに基づく（千）：

			2024年6月30日
			発生年別の償却コスト
LTV			2024						2023						2022						2021						2020						前回						総計
61%未満			$	10,874					$	61,201					$	248,056					$	1,166,464					$	316,219					$	461,585					$	2,264,399
61% - 70%			13,699						61,046						271,529						787,903						210,764						336,510						1,681,451
71% - 80%			68,926						216,569						548,916						884,073						300,733						630,391						2,649,608
80%を超える			936						—						2,058						34,177						70						39,830						77,071
			$	94,435					$	338,816					$	1,070,559					$	2,872,617					$	827,786					$	1,468,316					$	6,672,529

			2023年12月31日
			原点年別の償却コスト
LTV			2023						2022						2021						2020						2019						前回						総計
61%未満			$	63,117					$	260,403					$	1,211,101					$	326,771					$	72,219					$	428,451					$	2,362,062
61% - 70%			67,146						280,602						813,682						221,091						71,652						293,784						1,747,957
71% - 80%			235,060						583,724						915,166						312,188						148,483						519,699						2,714,320
80%を超える			—						2,083						34,557						71						5,374						36,589						78,674
			$	365,323					$	1,126,812					$	2,974,506					$	860,121					$	297,728					$	1,278,523					$	6,903,013

FICOスコアに基づく、政府保証付き住宅ローンを除く1-4単独住宅信用リスク（千単位）：

			2024年6月30日
			発生年別の償却コスト
FICO			2024						2023						2022						2021						2020						前回						総計
760以上			$	65,507					$	249,632					$	775,108					$	2,292,131					$	661,449					$	1,030,230					$	5,074,057
720 - 759			22,997						61,148						183,175						369,881						102,449						199,391						939,041
719以下または利用不可			5,931						28,036						112,276						210,605						63,888						238,695						659,431
			$	94,435					$	338,816					$	1,070,559					$	2,872,617					$	827,786					$	1,468,316					$	6,672,529

20

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目次

バンクユナイテッド社及びその関連会社

連結財務諸表注記 - 未監査

2024年6月30日

			December 31, 2023
			Amortized Cost By Origination Year
FICO			2023						2022						2021						2020						2019						Prior						Total
760 or greater			$	253,774					$	810,150					$	2,378,572					$	696,363					$	203,966					$	893,290					$	5,236,115
720 - 759			78,882						194,135						392,179						99,412						50,984						210,663						1,026,255
719 or less or not available			32,667						122,527						203,755						64,346						42,778						174,570						640,643
			$	365,323					$	1,126,812					$	2,974,506					$	860,121					$	297,728					$	1,278,523					$	6,903,013

Past Due and Non-Accrual Loans:

The following table presents an aging of loans at the dates indicated (in thousands):

			June 30, 2024																														December 31, 2023
			Current						30 - 59 Days Past Due						60 - 89 Days Past Due						90 Days or More Past Due						Total						Current						30 - 59 Days Past Due						60 - 89 Days Past Due						90 Days or More Past Due						Total
CRE			$	5,916,440					$	25,536					$	1,832					$	8,688					$	5,952,496					$	5,779,309					$	27,918					$	1,947					$	10,059					$	5,819,233
C&I			9,100,510						2,826						761						33,334						9,137,431						8,851,585						16,228						5,536						34,375						8,907,724
Pinnacle - municipal finance			847,234						—						—						—						847,234						884,690						—						—						—						884,690
Franchise and equipment finance			307,442						—						—						—						307,442						380,347						—						—						—						380,347
Mortgage warehouse lending			539,159						—						—						—						539,159						432,663						—						—						—						432,663
1-4 single family residential			6,640,427						15,547						758						15,797						6,672,529						6,852,212						31,458						6,452						12,891						6,903,013
Government insured residential			788,005						110,787						48,849						224,552						1,172,193						835,282						131,652						61,942						277,138						1,306,014
			$	24,139,217					$	154,696					$	52,200					$	282,371					$	24,628,484					$	24,016,088					$	207,256					$	75,877					$	334,463					$	24,633,684

Included in the table above is the guaranteed portion of SBA loans past due by 90 days or more totaling $35.7 million ($27.5 million of C&I and $8.2 million of CRE) and $39.7 million at June 30, 2024 and December 31, 2023, respectively.

Loans contractually delinquent by 90 days or more and still accruing totaled $225 million and $278 million at June 30, 2024 and December 31, 2023, respectively, substantially all of which were government insured residential loans. These loans are government insured pool buyout loans, which the Company buys out of GNMA securitizations upon default.

The following table presents information about loans on non-accrual status at the dates indicated (in thousands):

			June 30, 2024												December 31, 2023
			Amortized Cost						Amortized Cost With No Related Allowance						Amortized Cost						Amortized Cost With No Related Allowance
CRE			$	62,389					$	20,885					$	13,727					$	1,947
C&I			75,079						33,099						68,533						14,078
Franchise and equipment finance			18,983						4,866						23,678						7,796
1-4 single family residential			16,411						—						20,513						—
			$	172,862					$	58,850					$	126,451					$	23,821

Included in the table above is the guaranteed portion of non-accrual SBA loans totaling $39.0 million and $41.8 million at June 30, 2024 and December 31, 2023, respectively. The amount of interest income recognized on non-accrual loans was insignificant for the three and six months ended June 30, 2024 and 2023. The amount of additional interest income that would have been recognized on non-accrual loans had they performed in accordance with their contractual terms was approximately $3.4 million and $4.9 million for the three and six months ended June 30, 2024, respectively and $1.7 million and $3.4 million for the three and six months ended June 30, 2023, respectively.

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

June 30, 2024

Collateral dependent loans:

The following table presents the amortized cost basis of collateral dependent loans at the dates indicated (in thousands):

			June 30, 2024												December 31, 2023
			Amortized Cost						Extent to Which Secured by Collateral						Amortized Cost						Extent to Which Secured by Collateral
CRE			$	61,183					$	52,882					$	11,574					$	11,574
C&I			58,078						44,484						36,401						25,821
Franchise and equipment finance			18,983						15,830						23,488						18,678
			$	138,244					$	113,196					$	71,463					$	56,073

Collateral for the CRE loan class generally consists of commercial real estate, or for certain construction loans, residential real estate. Collateral for C&I loans generally consists of equipment, accounts receivable, inventory and other business assets and for owner-occupied commercial real estate loans, may also include commercial real estate. Franchise and equipment finance loans may be collateralized by franchise value or by equipment. Residential loans are collateralized by residential real estate. There were no significant changes to the extent to which collateral secured collateral dependent loans during the six months ended June 30, 2024.

Foreclosure of residential real estate

The recorded investment in residential loans in the process of foreclosure was $201 million, of which $189 million was government insured at June 30, 2024, and $262 million, of which $250 million was government insured at December 31, 2023. The carrying amount of foreclosed residential real estate included in other assets in the accompanying consolidated balance sheet was insignificant at June 30, 2024 and December 31, 2023.

Loan Modifications

The following tables summarize loans that were modified for borrowers experiencing financial difficulty, by type of modification, during the periods indicated (dollars in thousands):

			Three Months Ended June 30, 2024
			Interest Rate Reduction												Term Extension																		Combination - Interest Rate Reduction and Term Extension
			Total						% (1)						Total						% (1)																		Total						% (1)																														Total
CRE			$	—					—		%				$	1,293					—		%																$	—					—		%																												$	1,293
C&I			—						—		%				95,694						1		%																—						—		%																												95,694
Government insured residential			—						—		%				13,248						1		%																866						—		%																												14,114
			$	—											$	110,235																							$	866																																			$	111,101
			Six Months Ended June 30, 2024
			Interest Rate Reduction												Term Extension																		Combination - Interest Rate Reduction and Term Extension
			Total						% (1)						Total						% (1)																		Total						% (1)																														Total
CRE			$	—					—		%				$	1,293					—		%																$	—					—		%																												$	1,293
C&I			—						—		%				95,694						1		%																29						—		%																												95,723
Government insured residential			—						—		%				21,434						2		%																2,353						—		%																												23,787
			$	—											$	118,421																							$	2,382																																			$	120,803

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

June 30, 2024

			Three Months Ended June 30, 2023
			Interest Rate Reduction												Term Extension																		Combination - Interest Rate Reduction and Term Extension
			Total						% (1)						Total						% (1)																		Total						% (1)																														Total
C&I			$	—					—		%				$	1,620					—		%																$	—					—		%																												$	1,620
Franchise and equipment finance			—						—		%				3,558						1		%																—						—		%																												3,558
Government insured residential			—						—		%				23,325						2		%																482						—		%																												23,807
			$	—											$	28,503																							$	482																																			$	28,985
			Six Months Ended June 30, 2023
			Interest Rate Reduction												Term Extension																		Combination - Interest Rate Reduction and Term Extension
			Total						% (1)						Total						% (1)																		Total						% (1)																														Total
C&I			$	—					—		%				$	6,298					—		%																$	—					—		%																												$	6,298
Franchise and equipment finance			—						—		%				3,558						1		%																—						—		%																												3,558
1-4 single family residential			761						—		%				—						—		%																—						—		%																												761
Government insured residential			109						—		%				47,452						3		%																2,698						—		%																												50,259
			$	870											$	57,308																							$	2,698																																			$	60,876

(1)Represents percentage of loans receivable in each category.

The following tables summarize the financial effect of the modifications made to borrowers experiencing difficulty, during the periods indicated:

Three Months Ended June 30, 2024

Financial Effect

Term Extension:

CRE

Added a weighted average 1.0 year to the term of the modified loans.

C&I

Added a weighted average 1.6 years to the term of the modified loans.

Government insured residential

Added a weighted average 9.5 years to the term of the modified loans.

Combination - Interest Rate Reduction and Term Extension:

Government insured residential

Reduced weighted average contractual interest rate from 7.4% to 7.2% and added a weighted average 2.1 years to the term of the modified loans.

						Six Months Ended June 30, 2024
						Financial Effect
Term Extension:
CRE						Added a weighted average 1.0 year to the term of the modified loans.
C&I						Added a weighted average 1.6 years to the term of the modified loans.
Government insured residential						Added a weighted average 9.8 years to the term of the modified loans.
Combination - Interest Rate Reduction and Term Extension:
C&I						Reduced weighted average contractual interest rate from 21.2% to 5.0% and added a weighted average 2.2 years to the term of the modified loans.
Government insured residential						Reduced weighted average contractual interest rate from 6.8% to 6.3% and added a weighted average 4.6 years to the term of the modified loans.

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

June 30, 2024

						Three Months Ended June 30, 2023
						Financial Effect
Term Extension:
C&I						Added a weighted average 0.6 years to the term of the modified loans.
Franchise and equipment finance						Added a weighted average 0.3 years to the term of the modified loans.
Government insured residential						Added a weighted average 7.2 years to the term of the modified loans.
Combination - Interest Rate Reduction and Term Extension:
Government insured residential						Reduced weighted average contractual interest rate from 6.8% to 6.2% and added a weighted average 19.2 years to the term of the modified loans.

						Six Months Ended June 30, 2023
						Financial Effect
Interest Rate Reduction:
1-4 single family residential						Reduced weighted average contractual interest rate from 3.8% to 3.1%.
Government insured residential						Reduced weighted average contractual interest rate from 4.8% to 3.8%.
Term Extension:
C&I						Added a weighted average 0.6 years to the term of the modified loans.
Franchise and equipment finance						Added a weighted average 0.3 years to the term of the modified loans.
Government insured residential						Added a weighted average 8.0 years to the term of the modified loans.
Combination - Interest Rate Reduction and Term Extension:
Government insured residential						Reduced weighted average contractual interest rate from 6.0% to 5.3% and added a weighted average 7.6 years to the term of the modified loans.

The following tables present the aging at June 30, 2024, of loans that were modified within the previous 12 months, and at June 30, 2023, of loans that were modified since January 1, 2023, the date of adoption of ASU 2022-02 (in thousands):

			June 30, 2024
			Current						30-59 Days Past Due						60-89 Days Past Due						90 Days or More Past Due						Total
CRE			$	1,293					$	—					$	—					$	—					$	1,293
C&I			97,558						1,504						—						—						99,062
Franchise and equipment finance			9,402						—						—						—						9,402
1-4 single family residential			73						—						—						—						73
Government insured residential			14,577						7,047						6,712						17,126						45,462
			$	122,903					$	8,551					$	6,712					$	17,126					$	155,292

			June 30, 2023
			Current						30-59 Days Past Due						60-89 Days Past Due						90 Days or More Past Due						Total
C&I			$	6,298					$	—					$	—					$	—					$	6,298
Franchise and equipment finance			3,558						—						—						—						3,558
1-4 single family residential			—						761						—						—						761
Government insured residential			19,996						14,058						6,374						9,831						50,259
			$	29,852					$	14,819					$	6,374					$	9,831					$	60,876

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

June 30, 2024

The following tables summarize loans that were modified within the previous 12 months and defaulted during the periods indicated (in thousands):

			Three Months Ended June 30,
			2024																								2023
			Interest Rate Reduction						Term Extension												Combination - Interest Rate Reduction and Term Extension																		Total						Interest Rate Reduction						Term Extension												Combination - Interest Rate Reduction and Term Extension									Total
Government insured residential			$	—					$	8,060											$	1,084																	$	9,144					$	—					$	12,460											$	183								$	12,643
			Six Months Ended June 30,
			2024																								2023
			Interest Rate Reduction						Term Extension												Combination - Interest Rate Reduction and Term Extension																		Total						Interest Rate Reduction						Term Extension												Combination - Interest Rate Reduction and Term Extension									Total
Government insured residential			$	—					$	16,231											$	1,956																	$	18,187					$	109					$	15,782											$	314								$	16,205

Note 5    Income Taxes

The Company’s effective income tax rate was 26.4% and 27.4% for the three and six months ended June 30, 2024 and 26.2% and 26.3% for the three and six months ended June 30, 2023, respectively. The effective income tax rates differed from the statutory federal income tax rate of 21% for the three and six months ended June 30, 2024 and 2023 primarily due to the impact of state income taxes, partially offset by the benefit of income not subject to federal tax.

Note 6    Derivative Financial Instruments

Derivatives designated as hedging instruments

The Company has entered into interest rate derivatives designated as (i) cash flow hedges with the objective of limiting the variability of interest payment cash flows and (ii) fair value hedges designed to hedge changes in the fair value of outstanding fixed rate instruments caused by fluctuations in the benchmark interest rate. Changes in fair value of derivative instruments designated as cash flow hedges are reported in accumulated other comprehensive income. Changes in the fair value of derivative instruments designated as fair value hedges are recognized in earnings, as is the offsetting gain or loss on the hedged item.

The following table summarizes the Company's derivatives designated as hedging instruments as of the dates indicated (in thousands):

			June 30, 2024																		December 31, 2023
			Notional Amount						Fair Value(1)												Notional Amount						Fair Value(1)
									Asset						Liability												Asset						Liability
Derivatives designated as cash flow hedges:
Interest rate swaps			$	2,635,000					$	—					$	(3,120)					$	3,215,000					$	—					$	(1,048)
Interest rate caps purchased			200,000						7,962						—						200,000						10,157						—
Interest rate collar			125,000						—						(140)						125,000						84						—
Derivatives designated as fair value hedges:
Interest rate swaps			50,000						—						—						100,000						—						—
			$	3,010,000					$	7,962					$	(3,260)					$	3,640,000					$	10,241					$	(1,048)

(1)The fair values of derivatives are included in other assets or other liabilities in the consolidated balance sheets.

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

June 30, 2024

Derivatives designated as cash flow hedges

The following table provides information about the amount of gain (loss) related to derivatives designated as cash flow hedges reclassified from AOCI into interest income or expense for the periods indicated (in thousands):

						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Location of gain (loss) reclassified from AOCI into income:
Interest expense on borrowings						$	12,018					$	9,996					$	27,730					$	17,493
Interest expense on deposits						4,683						5,813						9,609						10,862
Interest income on loans						(810)						(622)						(1,626)						(1,014)
						$	15,891					$	15,187					$	35,713					$	27,341

During the three and six months ended June 30, 2024 and 2023, no derivative positions designated as cash flow hedges were discontinued and none of the gains and losses reported in AOCI were reclassified into earnings as a result of the discontinuance of cash flow hedges or because of the early extinguishment of debt.

As of June 30, 2024, the amount of net gain expected to be reclassified from AOCI into earnings during the next twelve months was $34.8 million, based on the forward curve. See Note 7 to the consolidated financial statements for additional information about the reclassification adjustments from AOCI into earnings.

Derivatives designated as fair value hedges

No gain (loss) related to derivatives designated as fair value hedges were recognized in earnings for any of the applicable periods. The following table provides information about the hedged items related to derivatives designated as fair value hedges at the date indicated (in thousands):

			June 30, 2024						December 31, 2023						Location in Consolidated Balance Sheets
Contractual balance outstanding of hedged item (1)			$	50,000					$	100,000					Loans
Cumulative fair value hedging adjustments			$	(674)					$	(1,656)					Loans

(1)This amount is included in the amortized cost basis of a closed portfolio of loans used to designate hedging relationships in a portfolio layer method hedge in which the hedged item is anticipated to be outstanding for the designated hedge period. The amortized cost basis of the closed portfolio used in this hedging relationship was $962 million and $992 million, respectively, at June 30, 2024 and December 31, 2023.

Derivatives not designated as hedging instruments

The Company enters into interest rate derivative contracts with certain of its commercial borrowers to enable those borrowers to manage their exposure to interest rate fluctuations. To mitigate interest rate risk associated with these derivative contracts, the Company enters into offsetting derivative contract positions with primary dealers. The Company purchases and sells credit protection under RPAs with the objective of sharing with financial institution counterparties some of the credit exposure related to interest rate derivative contracts entered into with commercial borrowers related to participations purchased or sold. The Company will make or receive payments under these agreements if a customer defaults on an obligation to perform under certain interest rate derivative contracts. The Company also enters into foreign currency forward derivative contracts with commercial borrowers to enable borrowers to manage their exposure to foreign currency fluctuations. The Company enters into offsetting forward contracts with primary dealers to mitigate the foreign currency risk associated with these contracts. These derivative contracts are not designated as hedging instruments; therefore, changes in the fair value of these derivatives are recognized immediately in earnings. The impact on earnings related to changes in fair value of these derivatives was not material for the three and six months ended June 30, 2024 and 2023.

The Company may be exposed to credit risk in the event of non-performance by the counterparties to its commercial customer derivative agreements. The Company assesses the credit risk of its financial institution counterparties by monitoring publicly available credit rating and financial information. The Company manages dealer credit risk by entering into interest rate derivatives only with primary and highly rated counterparties, the use of ISDA master agreements, central clearing mechanisms and counterparty limits. The agreements contain bilateral collateral arrangements with the amount of collateral to be posted generally governed by the settlement value of outstanding swaps. The Company manages the risk of default by its commercial

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

June 30, 2024

borrower counterparties through its normal loan underwriting and credit monitoring policies and procedures. The Company does not currently anticipate any significant losses from failure of interest rate derivative counterparties to honor their obligations.

The following table summarizes the Company's derivatives not designated as hedging instruments as of the dates indicated (in thousands):

			June 30, 2024																		December 31, 2023
			Notional Amount						Fair Value(1)												Notional Amount						Fair Value(1)
									Asset						Liability												Asset						Liability
Pay-fixed interest rate swaps			$	2,361,676					$	89,223					$	(8,671)					$	2,166,813					$	76,793					$	(16,702)
Pay-variable interest rate swaps			2,361,676						8,671						(89,223)						2,166,813						16,702						(77,257)
Interest rate caps purchased			94,072						2,091						—						65,610						1,922						—
Interest rate caps sold			94,072						—						(2,091)						65,610						—						(1,922)
RPAs purchased			104,744						159						—						77,846						20						—
RPAs sold			391,266						—						(302)						284,910												(237)
			$	5,407,506					$	100,144					$	(100,287)					$	4,827,602					$	95,437					$	(96,118)

(1)Fair values of these derivatives are included in other assets and other liabilities in the consolidated balance sheets.

Some of the Company’s ISDA master agreements with financial institution counterparties contain provisions that permit either counterparty to terminate the agreements and require settlement in the event that regulatory capital ratios fall below certain designated thresholds, upon the initiation of other defined regulatory actions or upon suspension or withdrawal of the Bank’s credit rating. Currently, there are no circumstances that would trigger these provisions of the agreements.

Master netting agreements

The Company does not offset assets and liabilities under master netting agreements for financial reporting purposes. Information on interest rate swaps and caps subject to these agreements is as follows at the dates indicated (in thousands):

			June 30, 2024
									Gross Amounts Offset in Balance Sheet						Net Amounts Presented in Balance Sheet						Gross Amounts Not Offset in Balance Sheet
			Gross Amounts Recognized																		Derivative Instruments						Collateral Pledged						Net Amount
Derivative assets			$	99,276					$	—					$	99,276					$	(8,123)					$	(90,949)					$	204
Derivative liabilities			(11,931)						—						(11,931)						8,123						3,808						—
			$	87,345					$	—					$	87,345					$	—					$	(87,141)					$	204

			December 31, 2023
									Gross Amounts Offset in Balance Sheet						Net Amounts Presented in Balance Sheet						Gross Amounts Not Offset in Balance Sheet
			Gross Amounts Recognized																		Derivative Instruments						Collateral Pledged						Net Amount
Derivative assets			$	88,956					$	—					$	88,956					$	(15,154)					$	(73,730)					$	72
Derivative liabilities			(17,750)						—						(17,750)						15,154						2,596						—
			$	71,206					$	—					$	71,206					$	—					$	(71,134)					$	72

The difference between the amounts reported for interest rate swaps subject to master netting agreements and the total fair value of interest rate contract derivative financial instruments reported in the consolidated balance sheets is related to interest rate derivative contracts not subject to master netting agreements.

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

June 30, 2024

Note 7    Stockholders’ Equity

Accumulated Other Comprehensive Income

Changes in other comprehensive income are summarized as follows for the periods indicated (in thousands):

			Three Months Ended June 30,
			2024																		2023
			Before Tax						Tax Effect						Net of Tax						Before Tax						Tax Effect						Net of Tax
Unrealized gains (losses) on investment securities available for sale:
Net unrealized holding gains (losses) arising during the period			$	36,189					$	(9,409)					$	26,780					$	(24,818)					$	6,453					$	(18,365)
Amounts reclassified to gain on investment securities available for sale, net			(350)						91						(259)						(847)						220						(627)
Net change in unrealized gains (losses) on investment securities available for sale			35,839						(9,318)						26,521						(25,665)						6,673						(18,992)
Unrealized gains (losses) on derivative instruments:
Net unrealized holding gains arising during the period			10,196						(2,651)						7,545						43,720						(11,367)						32,353
Amounts reclassified to interest expense on deposits			(4,683)						1,217						(3,466)						(5,813)						1,511						(4,302)
Amounts reclassified to interest expense on borrowings			(12,018)						3,125						(8,893)						(9,996)						2,599						(7,397)
Amounts reclassified to interest income on loans			810						(211)						599						622						(162)						460
Net change in unrealized gains (losses) on derivative instruments			(5,695)						1,480						(4,215)						28,533						(7,419)						21,114
Other comprehensive income			$	30,144					$	(7,838)					$	22,306					$	2,868					$	(746)					$	2,122

			Six Months Ended June 30,
			2024																		2023
			Before Tax						Tax Effect						Net of Tax						Before Tax						Tax Effect						Net of Tax
Unrealized gains (losses) on investment securities available for sale:
Net unrealized holding gains arising during the period			$	72,589					$	(18,873)					$	53,716					$	76,447					$	(19,876)					$	56,571
Amounts reclassified to gain on investment securities available for sale, net			(322)						84						(238)						(1,599)						416						(1,183)
Net change in unrealized gains (losses) on investment securities available for sale			72,267						(18,789)						53,478						74,848						(19,460)						55,388
Unrealized gains (losses) on derivative instruments:
Net unrealized holding gains arising during the period			38,850						(10,101)						28,749						40,794						(10,606)						30,188
Amounts reclassified to interest expense on deposits			(9,609)						2,498						(7,111)						(10,862)						2,824						(8,038)
Amounts reclassified to interest expense on borrowings			(27,730)						7,210						(20,520)						(17,493)						4,548						(12,945)
Amounts reclassified to interest income on loans			1,626						(423)						1,203						1,014						(264)						750
Net change in unrealized gains (losses) on derivative instruments			3,137						(816)						2,321						13,453						(3,498)						9,955
Other comprehensive income			$	75,404					$	(19,605)					$	55,799					$	88,301					$	(22,958)					$	65,343

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June 30, 2024

The categories of AOCI and changes therein are presented below for the periods indicated (in thousands):

			Unrealized Loss on Investment Securities Available for Sale						Unrealized Gain on Derivative Instruments						Total
Balance at March 31, 2024			$	(368,789)					$	44,861					$	(323,928)
Other comprehensive income (loss)			26,521						(4,215)						22,306
Balance at June 30, 2024			$	(342,268)					$	40,646					$	(301,622)
Balance at March 31, 2023			$	(424,531)					$	49,847					$	(374,684)
Other comprehensive income (loss)			(18,992)						21,114						2,122
Balance at June 30, 2023			$	(443,523)					$	70,961					$	(372,562)

			Unrealized Loss on Investment Securities Available for Sale						Unrealized Gain on Derivative Instruments						Total
Balance at December 31, 2023			$	(395,746)					$	38,325					$	(357,421)
Other comprehensive income			53,478						2,321						55,799
Balance at June 30, 2024			$	(342,268)					$	40,646					$	(301,622)
Balance at December 31, 2022			$	(498,911)					$	61,006					$	(437,905)
Other comprehensive income			55,388						9,955						65,343
Balance at June 30, 2023			$	(443,523)					$	70,961					$	(372,562)

Note 8    Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis

The following is a description of the methodologies used to estimate the fair values of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which those measurements are typically classified.

Investment securities available for sale and marketable equity securities—Fair value measurements are based on quoted prices in active markets when available; these measurements are classified within level 1 of the fair value hierarchy. These securities typically include U.S. Treasury securities and certain preferred stocks. If quoted prices in active markets are not available, fair values are estimated using quoted prices of securities with similar characteristics, quoted prices of identical securities in less active markets, discounted cash flow techniques, or matrix pricing models. These securities are generally classified within level 2 of the fair value hierarchy and include U.S. Government agency securities, U.S. Government agency and sponsored enterprise MBS, preferred stock investments for which level 1 valuations are not available, non-mortgage asset-backed securities, single family real estate-backed securities, private label residential MBS and CMOs, private label commercial MBS, collateralized loan obligations and state and municipal obligations. Pricing of these securities is generally primarily spread driven. Observable inputs that may impact the valuation of these securities include benchmark yield curves, credit spreads, reported trades, dealer quotes, bids, issuer spreads, current rating, historical constant prepayment rates, historical voluntary prepayment rates, structural and waterfall features of individual securities, published collateral data, and for certain securities, historical constant default rates and default severities.

The Company uses third-party pricing services in determining fair value measurements for investment securities. To obtain an understanding of the methodologies and assumptions used, management reviews written documentation provided by the pricing services, conducts interviews with valuation desk personnel and reviews model results and detailed assumptions used to value selected securities as considered necessary. Management has established a robust price challenge process that includes a review by the treasury front office of all prices provided on a quarterly basis. Any price evidencing unexpected quarter over quarter fluctuations or deviations from expectations is challenged. If considered necessary to resolve any discrepancies, a price will be obtained from an additional independent valuation source. The Company does not typically adjust the prices provided, other than through this established challenge process. The results of price challenges are subject to review by executive

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June 30, 2024

management. Any price discrepancies are resolved based on careful consideration of the assumptions and inputs employed by each of the pricing sources.

Derivative financial instruments—Fair values of interest rate derivatives are determined using widely accepted discounted cash flow modeling techniques. These discounted cash flow models use projections of future cash payments and receipts that are discounted at mid-market rates. Observable inputs that may impact the valuation of these instruments include benchmark swap rates and benchmark forward yield curves. These fair value measurements are generally classified within level 2 of the fair value hierarchy.

The following tables present assets and liabilities measured at fair value on a recurring basis at the dates indicated (in thousands):

			June 30, 2024
			Level 1						Level 2						Total
Investment securities available for sale:
U.S. Treasury securities			$	105,300					$	—					$	105,300
U.S. Government agency and sponsored enterprise residential MBS			—						2,313,383						2,313,383
U.S. Government agency and sponsored enterprise commercial MBS			—						495,338						495,338
Private label residential MBS and CMOs			—						2,223,093						2,223,093
Private label commercial MBS			—						1,991,478						1,991,478
Single family real estate-backed securities			—						333,241						333,241
Collateralized loan obligations			—						1,158,891						1,158,891
Non-mortgage asset-backed securities			—						97,509						97,509
State and municipal obligations			—						105,008						105,008
SBA securities			—						84,556						84,556
Marketable equity securities			28,652						—						28,652
Derivative assets			—						108,106						108,106
Total assets at fair value			$	133,952					$	8,910,603					$	9,044,555
Derivative liabilities			$	—					$	(103,547)					$	(103,547)
Total liabilities at fair value			$	—					$	(103,547)					$	(103,547)

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

June 30, 2024

			December 31, 2023
			Level 1						Level 2						Total
Investment securities available for sale:
U.S. Treasury securities			$	130,592					$	—					$	130,592
U.S. Government agency and sponsored enterprise residential MBS			—						1,924,207						1,924,207
U.S. Government agency and sponsored enterprise commercial MBS			—						497,859						497,859
Private label residential MBS and CMOs			—						2,295,730						2,295,730
Private label commercial MBS			—						2,198,743						2,198,743
Single family real estate-backed securities			—						366,255						366,255
Collateralized loan obligations			—						1,112,824						1,112,824
Non-mortgage asset-backed securities			—						102,780						102,780
State and municipal obligations			—						102,618						102,618
SBA securities			—						103,024						103,024
Marketable equity securities			32,722						—						32,722
Derivative assets			—						105,678						105,678
Total assets at fair value			$	163,314					$	8,809,718					$	8,973,032
Derivative liabilities			$	—					$	(97,166)					$	(97,166)
Total liabilities at fair value			$	—					$	(97,166)					$	(97,166)

Assets and liabilities measured at fair value on a non-recurring basis

Following is a description of the methodologies used to estimate the fair values of assets and liabilities that may be measured at fair value on a non-recurring basis, and the level within the fair value hierarchy in which those measurements are typically classified:

Collateral dependent loans and OREO—The carrying amount of collateral dependent loans is typically based on the fair value of the underlying collateral, which may be real estate, enterprise value or other business assets, less estimated costs to sell when repayment is expected to come from the sale of the collateral. The carrying value of OREO is initially measured based on the fair value of the real estate acquired in foreclosure and subsequently adjusted to the lower of cost or estimated fair value, less estimated cost to sell. Fair values of real estate collateral and OREO are typically based on third-party real estate appraisals which utilize market and income approaches to valuation incorporating both observable and unobservable inputs.

Fair value measurements related to collateral dependent loans and OREO are generally classified within level 3 of the fair value hierarchy.

The following table presents the net carrying value of assets classified within level 3 of the fair value hierarchy at the dates indicated, for which non-recurring changes in fair value were recorded during the period then ended (in thousands):

			June 30, 2024						December 31, 2023
Collateral dependent loans			$	36,016					$	50,885
OREO			2,370						29
			$	38,386					$	50,914

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June 30, 2024

The following table presents the carrying value and fair value of financial instruments and the level within the fair value hierarchy in which those measurements are classified at the dates indicated (dollars in thousands):

									June 30, 2024												December 31, 2023
			Level						Carrying Value						Fair Value						Carrying Value						Fair Value
Assets:
Cash and cash equivalents			1						$	433,452					$	433,452					$	588,283					$	588,283
Investment securities			1/2						$	8,946,449					$	8,946,420					$	8,877,354					$	8,877,281
Non-marketable equity securities			2						$	223,159					$	223,159					$	310,084					$	310,084
Loans, net			3						$	24,402,786					$	22,991,951					$	24,430,995					$	23,075,192
Derivative assets			2						$	108,106					$	108,106					$	105,678					$	105,678
Liabilities:
Demand, savings and money market deposits			2						$	23,300,213					$	23,300,213					$	21,374,483					$	21,374,483
Time deposits			2						$	4,463,394					$	4,425,169					$	5,163,995					$	5,133,119
FHLB advances			2						$	3,285,000					$	3,284,943					$	5,115,000					$	5,115,637
Notes and other borrowings			2						$	708,835					$	670,782					$	708,973					$	676,077
Derivative liabilities			2						$	103,547					$	103,547					$	97,166					$	97,166

Note 9    Commitments and Contingencies 

The Company issues off-balance sheet financial instruments to meet the financing needs of its customers. These financial instruments include commitments to fund loans, unfunded commitments under existing lines of credit, and commercial and standby letters of credit. These commitments expose the Company to varying degrees of credit and market risk which are essentially the same as those involved in extending loans to customers, and are subject to the same credit policies used in underwriting loans. Collateral may be obtained based on the Company’s credit evaluation of the counterparty. The Company’s maximum exposure to credit loss is represented by the contractual amount of these commitments.

Commitments to fund loans

These are agreements to lend funds to customers as long as there is no violation of any condition established in the contract. Commitments to fund loans generally have fixed expiration dates or other termination clauses and may require payment of a fee. Many of these commitments are expected to expire without being funded and, therefore, the total commitment amounts do not necessarily represent future liquidity requirements. 

Unfunded commitments under lines of credit

Unfunded commitments under lines of credit include commercial and commercial real estate lines of credit to existing customers, for many of which additional extensions of credit are subject to borrowing base requirements. Some of these commitments may mature without being fully funded, so may not necessarily represent future liquidity requirements. 

Commercial and standby letters of credit

Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These letters of credit are primarily issued to support trade transactions or guarantee arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. 

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June 30, 2024

Total lending related commitments outstanding at June 30, 2024 were as follows (in thousands):

Commitments to fund loans			$	324,729
Unfunded commitments under lines of credit			4,598,578
Commercial and standby letters of credit			156,900
			$	5,080,207

Legal Proceedings

The Company is involved in various legal actions arising in the normal course of business. In the opinion of management, based upon advice of legal counsel, the likelihood is remote that the adverse impact of these proceedings, either individually or in the aggregate, would be material to the Company’s consolidated financial position, results of operations or cash flows.

Note 10    Deposits

The following table presents average balances and weighted average rates paid on deposits for the periods indicated (dollars in thousands):

			Three Months Ended June 30,																								Six Months Ended June 30,
			2024												2023												2024												2023
			Average Balance						Average Rate Paid(1)						Average Balance						Average Rate Paid(1)						Average Balance						Average Rate Paid(1)						Average Balance						Average Rate Paid(1)
Demand deposits:
Non-interest bearing			$	7,448,633					—		%				$	7,067,053					—		%				$	7,004,780					—		%				$	7,261,557					—		%
Interest bearing			3,742,071						3.79		%				2,772,839						2.66		%				3,663,217						3.77		%				2,570,422						2.30		%
Savings and money market			11,176,000						4.28		%				10,285,494						3.47		%				11,205,130						4.26		%				11,169,671						3.25		%
Time			4,750,640						4.56		%				5,494,631						3.62		%				4,990,909						4.50		%				5,013,230						3.26		%
			$	27,117,344					3.09		%				$	25,620,017					2.46		%				$	26,864,036					3.13		%				$	26,014,880					2.25		%

(1)Annualized.

The following table presents maturities of time deposits as of June 30, 2024 (in thousands):

Maturing in:
2024			$	3,409,156
2025			730,071
2026			323,100
2027			737
2028			292
Thereafter			38
			$	4,463,394

Included in deposits at June 30, 2024, are public funds deposits of $3.0 billion and brokered deposits of $4.6 billion.

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June 30, 2024

Interest expense on deposits for the periods indicated was as follows (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Interest bearing demand			$	35,249					$	18,417					$	68,756					$	29,291
Savings and money market			118,945						88,892						237,584						180,287
Time			53,897						49,559						111,749						80,920
			$	208,091					$	156,868					$	418,089					$	290,498

Certain of our depositors participate in various customer rebate programs. During the three and six months ended June 30, 2024 and 2023, costs related to those programs totaled $15.8 million, $29.8 million, $9.4 million, and $17.9 million, respectively. These expenses are included in "other non-interest expense" in the accompanying consolidated statements of income.

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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations 

The following discussion and analysis is intended to focus on significant matters impacting and changes in the financial condition and results of operations of the Company during the six months ended June 30, 2024 and should be read in conjunction with the consolidated financial statements and notes hereto included in this Quarterly Report on Form 10-Q and BKU's 2023 Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report on Form 10-K").

Forward-Looking Statements

This Quarterly Report on Form 10-Q 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. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” "future" and similar expressions identify forward-looking statements. These forward-looking statements are based on the historical performance of the Company 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 so contemplated will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions 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 adverse events 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. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements, including, but not limited to, the risk factors described in Part I, Item 1A of the 2023 Annual Report on Form 10-K and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K. 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.

Overview

Net income for the three months ended June 30, 2024, was $53.7 million, or $0.72 per diluted share, compared to $58.0 million, or $0.78 per diluted share, for the three months ended June 30, 2023. Net income for the six months ended June 30, 2024, was $101.7 million, or $1.36 per diluted share, compared to $110.9 million, or $1.48 per diluted share for the six months ended June 30, 2023. For the six months ended June 30, 2024, the annualized return on average stockholders' equity was 7.68% and the annualized return on average assets was 0.58%.

In evaluating our financial performance, we consider the level of and trends in net interest income, the net interest margin, the cost of deposits, trends in non-interest income and non-interest expense, performance ratios such as the return on average equity and return on average assets and asset quality ratios, including the ratio of non-performing loans to total loans, non-performing assets to total assets, trends in criticized and classified assets and portfolio delinquency and charge-off trends. We consider the composition of earning assets and the funding mix, the composition and level of available liquidity and our interest rate risk profile. We analyze these ratios and trends against our own historical performance, our expected performance, our risk appetite and the financial condition and performance of comparable financial institutions.

In response to evolving macro-environmental factors, we have established the following near-term strategic priorities for our Company:

•Improve the Bank's funding profile by growing core deposits and paying down higher cost wholesale funding;

•Improve the asset mix by re-positioning the balance sheet away from typically lower yielding transactional business such as residential mortgages and organically growing core commercial loans;

•Improve the net interest margin, largely a function of more profitable balance sheet composition;

•Maintain robust liquidity and capital;

•Continue to manage credit;

•Manage the rate of growth in operating expenses.

The three months ended June 30, 2024 embodied strong execution on these key strategic priorities:

◦The net interest margin, calculated on a tax-equivalent basis, expanded by 0.15%, to 2.72% for the quarter ended June 30, 2024 from 2.57% for the immediately preceding quarter.

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◦The average cost of total deposits declined by 0.09% to 3.09% for the three months ended June 30, 2024, from 3.18% for the immediately preceding three months ended March 31, 2024. The spot APY of total deposits declined to 3.09% at June 30, 2024 from 3.17% at March 31, 2024. The spot APY of interest bearing deposits was stable at 4.29% at both June 30, 2024 and March 31, 2024.

◦The funding mix continued to improve as non-interest bearing demand deposits grew by $826 million for the three months ended June 30, 2024 to 29% of total deposits, up from 27% at March 31, 2024. Non-brokered deposits grew by $1.3 billion and total deposits grew by $736 million. Average non-interest bearing demand deposits grew by $888 million for the quarter ended June 30, 2024.

◦Wholesale funding, including FHLB advances and brokered deposits, declined by $1.2 billion for the three months ended June 30, 2024.

◦Total loans grew by $402 million for the three months ended June 30, 2024. The C&I and CRE portfolios grew by $589 million and mortgage warehouse grew by $83 million. Strategically, the residential loan portfolio declined by $212 million; franchise, equipment and municipal finance declined by a total of $57 million.

◦The loan to deposit ratio declined to 88.7% at June 30, 2024, from 89.6% at March 31, 2024.

◦Credit trends remain largely favorable although we are seeing some expected normalization. The annualized net charge-off ratio for the six months ended June 30, 2024, was 0.12%. The NPA ratio at June 30, 2024 was 0.50%, including 0.11% related to the guaranteed portion of non-performing SBA loans, compared to 0.34%, including 0.11% related to the guaranteed portion of non-performing SBA loans at March 31, 2024. The NPA ratio remains below pre-pandemic levels.

◦The ratio of the ACL to total loans increased to 0.92% at June 30, 2024; the ratio of the ACL to non-performing loans was 130.12%. The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, franchise finance and equipment finance was 1.42% at June 30, 2024 and the ACL to loans ratio for CRE office loans was 2.47%.

◦Commercial real estate exposure is modest totaling 24% of loans and 165% of the Bank's total risk-based capital at June 30, 2024. By comparison, based on call report data as of March 31, 2024 for banks with between $10 billion and $100 billion in assets, the median level of CRE to total loans was 35% and the median level of CRE to total risk based capital was 222%.

◦Total same day available liquidity was $14.9 billion, the available liquidity to uninsured, uncollateralized deposits ratio was 139% and an estimated 61% of our deposits were insured or collateralized at June 30, 2024.

◦At June 30, 2024, CET1 was 11.6% and pro-forma CET1, including accumulated other comprehensive income, was 10.4%. The ratio of tangible common equity/tangible assets increased to 7.4%.

◦The net unrealized pre-tax loss on the AFS securities portfolio continued to improve, declining by $36 million for the three months ended June 30, 2024, representing 5% of amortized cost. The duration of our AFS securities portfolio remained short at 1.82 at June 30, 2024. HTM securities were not significant.

◦Book value and tangible book value per common share grew to $36.11 and $35.07, respectively, at June 30, 2024, from $35.31 and $34.27, respectively, at March 31, 2024.

Results of Operations

Net Interest Income

Net interest income is the difference between interest earned on interest earning assets and interest incurred on interest bearing liabilities and is the primary driver of core earnings. Net interest income is impacted by the mix of interest earning assets and interest bearing liabilities, the ratio of interest earning assets to total assets and of interest bearing liabilities to total funding sources, movements in market interest rates and monetary policy, the shape of the yield curve, levels of non-performing assets and pricing pressure from competitors.

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The mix of interest earning assets is influenced by loan demand, market and competitive conditions in our primary lending markets, by management's continual assessment of the rate of return and relative risk associated with various classes of earning assets and liquidity considerations. The mix of funding sources is influenced by the Company's liquidity profile, management's assessment of the desire for lower cost funding sources weighed against relationships with customers, our ability to attract and retain core deposit relationships, competition for deposits in the Company's markets and the availability and pricing of other sources of funds.

The following table presents, for the periods indicated, information about (i) average balances, the total dollar amount of taxable equivalent interest income from earning assets and the resultant average yields; (ii) average balances, the total dollar amount of interest expense on interest bearing liabilities and the resultant average rates; (iii) net interest income; (iv) the interest rate spread; and (v) the net interest margin. Non-accrual loans are included in the average balances presented in this table; however, interest income foregone on non-accrual loans is not included. Interest income, yields, spread and margin have been calculated on a tax-equivalent basis for loans and investment securities that are exempt from federal income taxes, at a federal tax rate of 21% (dollars in thousands):

			Three Months Ended June 30,																		Three Months Ended March 31,																		Three Months Ended June 30,
			2024																		2024																		2023
			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			$	24,290,169					$	353,707					5.85		%				$	24,337,440					$	350,441					5.78		%				$	24,680,919					$	329,494					5.35		%
Investment securities (3)			8,894,517						124,572						5.60		%				8,952,453						125,025						5.59		%				9,369,019						121,520						5.19		%
Other interest earning assets			711,586						8,986						5.08		%				763,460						10,038						5.29		%				1,323,025						16,664						5.05		%
Total interest earning assets			33,896,272						487,265						5.77		%				34,053,353						485,504						5.72		%				35,372,963						467,678						5.30		%
Allowance for credit losses			(225,161)																		(206,747)																		(162,463)
Non-interest earning assets			1,571,649																		1,589,333																		1,744,693
Total assets			$	35,242,760																	$	35,435,939																	$	36,955,193
Liabilities and Stockholders' Equity:
Interest bearing liabilities:
Interest bearing demand deposits			$	3,742,071					$	35,249					3.79		%				$	3,584,363					$	33,507					3.76		%				$	2,772,839					$	18,417					2.66		%
Savings and money market deposits			11,176,000						118,945						4.28		%				11,234,259						118,639						4.25		%				10,285,494						88,892						3.47		%
Time deposits			4,750,640						53,897						4.56		%				5,231,178						57,852						4.45		%				5,494,631						49,559						3.62		%
Total interest bearing deposits			19,668,711						208,091						4.26		%				20,049,800						209,998						4.21		%				18,552,964						156,868						3.39		%
FHLB advances			3,764,286						40,032						4.28		%				4,570,220						47,496						4.18		%				7,288,187						83,429						4.59		%
Notes and other borrowings			711,167						9,153						5.15		%				709,017						9,123						5.15		%				719,368						9,246						5.14		%
Total interest bearing liabilities			24,144,164						257,276						4.28		%				25,329,037						266,617						4.23		%				26,560,519						249,543						3.77		%
Non-interest bearing demand deposits			7,448,633																		6,560,926																		7,067,053
Other non-interest bearing liabilities			960,691																		906,266																		798,279
Total liabilities			32,553,488																		32,796,229																		34,425,851
Stockholders' equity			2,689,272																		2,639,710																		2,529,342
Total liabilities and stockholders' equity			$	35,242,760																	$	35,435,939																	$	36,955,193
Net interest income									$	229,989																	$	218,887																	$	218,135
Interest rate spread															1.49		%																1.49		%																1.53		%
Net interest margin															2.72		%																2.57		%																2.47		%

(1)On a tax-equivalent basis where applicable. The tax-equivalent adjustment for tax-exempt loans was $3.1 million for the three months ended June 30, 2024, $3.2 million for the three months ended March 31, 2024, and $3.3 million for the three months ended June 30, 2023. The tax-equivalent adjustment for tax-exempt investment securities was $0.9 million for the three months ended June 30, 2024, $0.8 million for the three months ended March 31, 2024 and $0.9 million for the three months ended June 30, 2023.

(2)Annualized.

(3)At fair value except for securities held to maturity.

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			Six Months Ended June 30,
			2024																								2023
			Average Balance						Interest (1)						Yield/ Rate (1)(2)																								Average Balance						Interest (1)						Yield/ Rate (1)(2)
Assets:
Interest earning assets:
Total loans:			$	24,313,806					$	704,149					5.82		%																						$	24,702,487					$	641,617					5.22		%
Investment securities (3)			8,923,485						249,596						5.59		%																						9,519,928						241,187						5.07		%
Other interest earning assets			737,523						19,024						5.19		%																						1,182,077						29,527						5.04		%
Total interest earning assets			33,974,814						972,769						5.74		%																						35,404,492						912,331						5.18		%
Allowance for credit losses			(215,954)																																				(156,798)
Non-interest earning assets			1,580,491																																				1,768,714
Total assets			$	35,339,351																																			$	37,016,408
Liabilities and Stockholders' Equity:
Interest bearing liabilities:
Interest bearing demand deposits			$	3,663,217					$	68,756					3.77		%																						$	2,570,422					$	29,291					2.30		%
Savings and money market deposits			11,205,130						237,584						4.26		%																						11,169,671						180,287						3.25		%
Time deposits			4,990,909						111,749						4.50		%																						5,013,230						80,920						3.26		%
Total interest bearing deposits			19,859,256						418,089						4.23		%																						18,753,323						290,498						3.12		%
Federal funds purchased			—						—						—		%																						70,150						1,582						4.51		%
FHLB advances			4,167,253						87,528						4.22		%																						6,878,867						151,467						4.44		%
Notes and other borrowings			710,092						18,276						5.15		%																						721,376						18,538						5.14		%
Total interest bearing liabilities			24,736,601						523,893						4.26		%																						26,423,716						462,085						3.53		%
Non-interest bearing demand deposits			7,004,780																																				7,261,557
Other non-interest bearing liabilities			933,479																																				809,785
Total liabilities			32,674,860																																				34,495,058
Stockholders' equity			2,664,491																																				2,521,350
Total liabilities and stockholders' equity			$	35,339,351																																			$	37,016,408
Net interest income									$	448,876																																			$	450,246
Interest rate spread															1.48		%																																		1.65		%
Net interest margin															2.64		%																																		2.55		%

(1)On a tax-equivalent basis where applicable. The tax-equivalent adjustment for tax-exempt loans was $6.3 million and $6.7 million for the six months ended June 30, 2024 and 2023, respectively. The tax-equivalent adjustment for tax-exempt investment securities was $1.7 million and $1.8 million for the six months ended June 30, 2024 and 2023, respectively.

(2)Annualized

(3)     At fair value except for securities held to maturity.

Three months ended June 30, 2024, compared to the immediately preceding three months ended March 31, 2024

Net interest income, calculated on a tax-equivalent basis, was $230.0 million for the three months ended June 30, 2024, compared to $218.9 million for the three months ended March 31, 2024, an increase of $11.1 million. The increase in net interest income was comprised of an increase in tax-equivalent interest income of $1.8 million and a decrease in interest expense of $9.3 million for the three months ended June 30, 2024, compared to the three months ended March 31, 2024. The net interest margin, calculated on a tax-equivalent basis, was 2.72% for the three months ended June 30, 2024, compared to 2.57% for the three months ended March 31, 2024.

Factors impacting the net interest margin for the three months ended June 30, 2024, compared to the three months ended March 31, 2024, included:

•Average non-interest bearing demand deposits increased by $888 million, to 27.5% of average total deposits for the three months ended June 30, 2024 from 24.7% for the three months ended March 31, 2024, positively impacting the margin.

•The tax-equivalent yield on loans increased to 5.85% for the three months ended June 30, 2024, from 5.78% for the three months ended March 31, 2024. This increase reflects the origination of new loans at higher rates, paydowns of lower rate loans and balance sheet repositioning.

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•The average rate paid on interest bearing deposits increased this quarter, but at a declining rate, to 4.26% for the three months ended June 30, 2024, from 4.21% for the three months ended March 31, 2024.

•The average rate paid on FHLB advances increased to 4.28% for the three months ended June 30, 2024 from 4.18% for the three months ended March 31, 2024, reflecting maturities of cash flow hedges.

Three and six months ended June 30, 2024, compared to the three and six months ended June 30, 2023

Net interest income, calculated on a tax-equivalent basis, was $230.0 million for the three months ended June 30, 2024, compared to $218.1 million for the three months ended June 30, 2023, an increase of $11.9 million. The increase was comprised of increases in tax-equivalent interest income and interest expense of $19.6 million and $7.7 million, respectively.

Net interest income, calculated on a tax-equivalent basis, was $448.9 million for the six months ended June 30, 2024, compared to $450.2 million for the six months ended June 30, 2023, a decrease of $1.4 million. The decrease was comprised of increases in tax-equivalent interest income and interest expense of $60.4 million and $61.8 million, respectively.

Increases in interest income for the three and six months ended June 30, 2024 compared to the three and six months ended June 30, 2023, reflected rising yields on interest earning assets that more than offset the decline in average interest earning assets. Similarly, increases in interest expense for the three and six months ended June 30, 2024 compared to the three and six months ended June 30, 2023, resulted from increases in the cost of interest bearing liabilities that more than offset the decline in average interest bearing liabilities.

The net interest margin, calculated on a tax-equivalent basis, increased to 2.72% and 2.64% for the three and six months ended June 30, 2024, respectively, from 2.47% and 2.55% for the three and six months ended June 30, 2023, respectively. The increase in the net interest margin for the three and six months ended June 30, 2024 compared to the three and six months ended June 30, 2023 was primarily a result of balance sheet repositioning and an improved funding mix. Increased yields on average interest earning assets as well as increases in the cost of deposits reflected the ongoing impact of higher prevailing market interest rates.

Further discussion of factors impacting the net interest margin for the three and six months ended June 30, 2024 compared to the three and six months ended June 30, 2023 follows:

•The tax-equivalent yield on loans increased to 5.85% and 5.82% for the three and six months ended June 30, 2024, from 5.35% and 5.22% for the three and six months ended June 30, 2023. These increases reflected the origination of new loans at higher rates, coupon resets, paydowns of lower-rate loans and balance sheet repositioning.

•The tax-equivalent yield on investment securities increased to 5.60% and 5.59% for the three and six months ended June 30, 2024, from 5.19% and 5.07% for the three and six months ended June 30, 2023. These increases resulted primarily from the reset of coupon rates on variable rate securities, purchases of higher-yielding securities and paydowns and sales of lower-yielding securities.

•Non-interest bearing demand deposits increased as a percentage of total funding, to 23.6% for the three months ended June 30, 2024 from 21.0% for the three months ended June 30, 2023 and to 22.1% for the six months ended June 30, 2024 from 21.6% for the six months ended June 30, 2023. Higher-cost wholesale funding was paid down over this period; average FHLB advances declined by $3.5 billion for the quarter ended June 30, 2024 compared to the quarter ended June 30, 2023 and by $2.7 billion for the six months ended June 30, 2024 compared to the six months ended June 30, 2023.

•The average cost of interest bearing deposits increased to 4.26% and 4.23% for the three and six months ended June 30, 2024, from 3.39% and 3.12% for the three and six months ended June 30, 2023. These increases primarily reflected the ongoing impact of higher prevailing market interest rates.

•The average rate paid on FHLB advances decreased to 4.28% and 4.22% for the three and six months ended June 30, 2024, from 4.59% and 4.44% for the three and six months ended June 30, 2023, primarily due to repayment of higher rate advances, partially offset by maturities of cash flow hedges in the second quarter of 2024.

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Provision for Credit Losses

The provision for credit losses is a charge or credit to earnings required to maintain the ACL at a level consistent with management’s estimate of expected credit losses on financial assets carried at amortized cost at the balance sheet date. The amount of the provision is impacted by changes in current economic conditions as well as in management's reasonable and supportable economic forecast, loan originations and runoff, changes in portfolio mix, risk rating migration and portfolio seasoning, changes in specific reserves, changes in expected prepayment speeds and other assumptions. The provision for credit losses also includes amounts related to off-balance sheet credit exposures and may include amounts related to accrued interest receivable and AFS debt securities.

The following table presents the components of the provision for (recovery of) credit losses for the periods indicated (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Amount related to funded portion of loans			$	21,823					$	14,195					$	37,628					$	31,790
Amount related to off-balance sheet credit exposures			(2,285)						1,322						(2,805)						3,515
Total provision for credit losses			$	19,538					$	15,517					$	34,823					$	35,305

The most significant factors impacting the provision for credit losses for the three and six months ended June 30, 2024, were new loan production and changes in portfolio characteristics; risk rating migration and an increase in specific reserves; for the six month period, an increase in qualitative reserves, particularly related to office CRE; all partially offset by an improved economic forecast.

The provision for credit losses may be volatile and the level of the ACL may change materially from current levels. Future levels of the ACL could be significantly impacted, in either direction, by changes in factors such as, but not limited to, economic conditions or the economic outlook, the composition of the loan portfolio, the financial condition of our borrowers and collateral values.

The determination of the amount of the ACL is complex and involves a high degree of judgment and subjectivity. See “Analysis of the Allowance for Credit Losses” below for more information about how we determine the appropriate level of the ACL and about factors that impacted the ACL and provision for credit losses.

Non-Interest Income

The following table presents a comparison of the categories of non-interest income for the periods indicated (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Deposit service charges and fees			$	4,909					$	5,182					$	10,222					$	10,515
Gain (loss) on investment securities:
Net realized gain on sale of securities AFS			350						847						322						1,599
Net gain (loss) on marketable equity securities recognized in earnings			71						146						874						(13,155)
Gain (loss) on investment securities, net			421						993						1,196						(11,556)
Lease financing			5,640						12,519						17,080						25,628
Other non-interest income			13,215						6,793						22,564						17,435
			$	24,185					$	25,487					$	51,062					$	42,022

The losses on marketable equity securities during the six months ended June 30, 2023, were attributable to losses related to certain preferred equity investments.

The decrease in lease financing revenue for the three and six months ended June 30, 2024, compared to the three and six months ended June 30, 2023, was primarily attributable to a lower level of rental income as we have opportunistically sold some operating lease equipment in a strategic effort to reduce the size of the operating lease equipment portfolio. Expense related to the depreciation of operating lease equipment reflected a corresponding decrease over these comparative periods.

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The increase in other non-interest income for the three and six months ended June 30, 2024, compared to the three and six months ended June 30, 2023, reflected increases in revenue from our customer derivative business and higher loan related and syndication fees.

Non-Interest Expense

The following table presents the components of non-interest expense for the periods indicated (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Employee compensation and benefits			$	75,588					$	67,414					$	151,508					$	138,465
Occupancy and equipment			10,973						11,043						21,542						21,845
Deposit insurance expense			8,530						7,597						22,060						15,504
Professional fees			4,497						3,518						7,007						6,436
Technology			20,567						20,437						40,882						42,163
Depreciation of operating lease equipment			7,896						11,232						17,109						22,753
Other non-interest expense			29,655						23,977						56,838						50,832
Total non-interest expense			$	157,706					$	145,218					$	316,946					$	297,998

The most significant factor impacting the increases in employee compensation and benefits was the fluctuation in variable compensation expense. An increase in expense related to liability-classified share-based awards was driven by volatility in the Company's stock price and reversal of expenses in the prior year for awards that did not vest. Accruals for estimated bonus and incentive awards also increased in 2024.

The year-over-year increase in deposit insurance expense was primarily attributable to an additional $5.2 million related to an FDIC special assessment during the six months ended June 30, 2024.

The decline in depreciation of operating lease equipment for the three and six months ended June 30, 2024, compared to the three and six months ended June 30, 2023, is primarily attributed to a smaller operating lease equipment portfolio, corresponding to the decline in lease financing revenue.

Included in other non-interest expense are costs related to certain deposit customer rebate and commissions programs, which increased by $6.4 million and $11.9 million for the three and six months ended June 30, 2024, respectively, compared to the three and six months ended June 30, 2023. Other non-interest expense for the six months ended June 30, 2023 included $4.4 million related to certain operational losses.

Income Taxes

See Note 5 to the consolidated financial statements for information about income taxes.

Analysis of Financial Condition

Over the course of the six months ended June 30, 2024, we continued to execute on our balance sheet transformation strategy. At June 30, 2024 compared to December 31, 2023, both non-interest bearing demand deposits and total deposits grew by $1.2 billion while FHLB advances declined by $1.8 billion. Within the loan portfolio, C&I and CRE loans grew by $363 million while residential loans declined by $364 million.

During the quarter ended June 30, 2024, non-brokered deposits grew by $1.3 billion, including $826 million of growth in non-interest bearing demand deposits. Total deposits grew by $736 million and average non-interest bearing demand deposits grew by $888 million. Higher cost wholesale funding was paid down by $1.2 billion for the quarter ended June 30, 2024, with FHLB advances declining by $620 million and brokered deposits declining by $544 million. Total loans grew by $402 million during the quarter ended June 30, 2024; the C&I and CRE portfolios grew by a combined $589 million, while the residential portfolio declined by $212 million. We expect seasonally slower growth in non-interest bearing deposits over the second half of 2024.

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Investment Securities

The following table shows the amortized cost and carrying value, which, with the exception of investment securities held to maturity, is fair value, of investment securities at the dates indicated (in thousands):

			June 30, 2024												December 31, 2023
			Amortized Cost						Carrying Value						Amortized Cost						Carrying Value
U.S. Treasury securities			$	114,652					$	105,300					$	139,858					$	130,592
U.S. Government agency and sponsored enterprise residential MBS			2,333,364						2,313,383						1,962,658						1,924,207
U.S. Government agency and sponsored enterprise commercial MBS			560,083						495,338						561,557						497,859
Private label residential MBS and CMOs			2,507,956						2,223,093						2,596,231						2,295,730
Private label commercial MBS			2,051,193						1,991,478						2,282,833						2,198,743
Single family real estate-backed securities			347,613						333,241						383,984						366,255
Collateralized loan obligations			1,155,523						1,158,891						1,122,799						1,112,824
Non-mortgage asset-backed securities			101,123						97,509						106,095						102,780
State and municipal obligations			111,636						105,008						107,176						102,618
SBA securities			87,182						84,556						106,237						103,024
Investment securities held to maturity			10,000						10,000						10,000						10,000
			$	9,380,325					8,917,797						$	9,379,428					8,844,632
Marketable equity securities									28,652												32,722
									$	8,946,449											$	8,877,354

Our investment strategy is focused on ensuring adequate liquidity, maintaining a suitable balance of high credit quality, diverse assets, managing interest rate risk, and generating acceptable returns given our established risk parameters. We have sought to maintain liquidity by investing a significant portion of the portfolio in high quality liquid securities including U.S. Treasury and U.S. Government Agency and sponsored enterprise securities. We have also invested in highly-rated structured products, including private-label commercial and residential MBS, collateralized loan obligations, single family real estate-backed securities and non-mortgage asset-backed securities that, while somewhat less liquid, are generally pledgeable at either the FHLB or the FRB and provide us with attractive yields. Investment grade municipal securities provide liquidity and attractive tax-equivalent yields. We remain committed to keeping the duration of our securities portfolio short; relatively short effective portfolio duration helps mitigate interest rate risk. Based on the Company’s assumptions, the effective duration of the investment portfolio was 1.83 years and the estimated weighted average life of the portfolio was 5.4 years as of June 30, 2024.

The investment securities AFS portfolio was in a net unrealized loss position of $462.5 million at June 30, 2024, compared to a net unrealized loss position of $534.8 million at December 31, 2023, improving by $72.3 million during the six months ended June 30, 2024. Net unrealized losses at June 30, 2024 included $10.3 million of gross unrealized gains and $472.8 million of gross unrealized losses. Investment securities available for sale in unrealized loss positions at June 30, 2024 had an aggregate fair value of $6.6 billion. The unrealized losses resulted primarily from a sustained period of higher interest rates, and in some cases, wider spreads compared to the levels at which securities were purchased. None of the unrealized losses were attributable to credit loss impairments.

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The ratings distribution of our AFS securities portfolio at the dates indicated is depicted in the charts below:

June 30, 2024						December 31, 2023

We evaluate the credit quality of individual securities in the portfolio quarterly to determine whether we expect to recover the amortized cost basis of the investments in unrealized loss positions. This evaluation considers, but is not necessarily limited to, the following factors, the relative significance of which varies depending on the circumstances pertinent to each individual security:

•Whether we intend to sell the security prior to recovery of its amortized cost basis;

•Whether it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis;

•The extent to which fair value is less than amortized cost;

•Adverse conditions specifically related to the security, a sector, an industry or geographic area;

•Changes in the financial condition of the issuer or underlying loan obligors;

•The payment structure and remaining payment terms of the security, including levels of subordination or over-collateralization;

•Failure of the issuer to make scheduled payments;

•Changes in external credit ratings;

•Relevant market data; and

•Estimated prepayments, defaults, and the value and performance of underlying collateral at the individual security level.

We regularly engage with bond managers to monitor trends in underlying collateral, including potential downgrades and subsequent cash flow diversions, liquidity, ratings migration, and any other relevant developments.

We do not intend to sell securities in significant unrealized loss positions at June 30, 2024. Based on an assessment of our liquidity position and internal and regulatory guidelines for permissible investments and concentrations, it is not more likely than not that we will be required to sell securities in significant unrealized loss positions prior to recovery of amortized cost basis, which may be at maturity. The substantial majority of our investment securities are able to be pledged at either the FHLB or FRB. We have not sold, and do not anticipate the need to sell, securities in unrealized loss positions to generate liquidity.

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We have implemented a robust credit stress testing framework with respect to our non-agency securities. The following table presents subordination levels and average internal stress scenario losses for select non-agency portfolio segments at June 30, 2024:

															Subordination																		Weighted Average Stress Scenario Loss
			Rating						Percent of Total						Minimum						Maximum						Average
Private label CMBS			AAA						84.6		%				30.5						87.6						46.0						7.2
			AA						11.7		%				31.5						74.1						39.4						7.7
			A						3.7		%				25.1						51.6						38.6						9.1
Weighted average									100.0		%				30.4						84.7						44.9						7.4
CLOs			AAA						87.0		%				41.3						92.8						47.6						15.0
			AA						11.7		%				30.8						38.2						33.4						13.1
			A						1.3		%				35.0						35.0						35.0						22.1
Weighted average									100.0		%				40.0						85.7						45.8						14.9
Private label residential MBS and CMOs			AAA						94.2		%				1.3						92.0						17.8						2.2
			AA						4.8		%				20.7						35.0						27.0						5.3
			A						1.0		%				32.9						32.9						32.9						5.4
Weighted average									100.0		%				2.3						89.1						18.3						2.4

While for some securities, we have seen an increase in stress scenario losses over the last year, the level of subordination continues to provide more than sufficient coverage of stress scenario collateral losses, further supporting our determination that none of our securities are credit loss impaired. The scenario used to project stress scenario losses is generally calibrated to the level of stress experienced in the Great Financial Crisis. For further discussion of our analysis of impaired investment securities AFS for credit loss impairment, see Note 3 to the consolidated financial statements.

We use third-party pricing services to assist us in estimating the fair value of investment securities. We perform a variety of procedures to ensure that we have a thorough understanding of the methodologies and assumptions used by the pricing services including obtaining and reviewing written documentation of the methods and assumptions employed, conducting interviews with valuation desk personnel, and reviewing model results and detailed assumptions used to value selected securities as considered necessary. Our classification of prices within the fair value hierarchy is based on an evaluation of the nature of the significant assumptions impacting the valuation of each type of security in the portfolio. We have established a robust price challenge process that includes a review by our treasury front office of all prices provided on a quarterly basis. Any price evidencing unexpected quarter over quarter fluctuations or deviations from our expectations based on recent observed trading activity and other information available in the marketplace that would impact the value of the security is challenged. Responses to the price challenges, which generally include specific information about inputs and assumptions incorporated in the valuation and their sources, are reviewed in detail. If considered necessary to resolve any discrepancies, a price will be obtained from additional independent valuation sources. We do not typically adjust the prices provided, other than through this established challenge process. Our primary pricing services utilize observable inputs when available, and employ unobservable inputs and proprietary models only when observable inputs are not available. As a matter of course, the services validate prices by comparison to recent trading activity whenever such activity exists. Quotes obtained from the pricing services are typically non-binding.

The majority of our investment securities are classified within level 2 of the fair value hierarchy. U.S. Treasury securities and marketable equity securities are classified within level 1 of the hierarchy.

For additional disclosure related to the fair values of investment securities, see Note 8 to the consolidated financial statements.

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The following table shows the weighted average prospective yields, categorized by scheduled maturity, for AFS investment securities as of June 30, 2024. Scheduled maturities have been adjusted for anticipated prepayments when applicable. Yields on tax-exempt securities have been calculated on a tax-equivalent basis, based on a federal income tax rate of 21%:

									Within One Year												After One Year Through Five Years												After Five Years Through Ten Years												After Ten Years												Total
U.S. Treasury securities									2.98		%										4.39		%										0.89		%										—		%										2.79		%
U.S. Government agency and sponsored enterprise residential MBS									5.72		%										5.98		%										6.06		%										6.02		%										5.96		%
U.S. Government agency and sponsored enterprise commercial MBS									3.44		%										6.02		%										3.32		%										2.86		%										3.86		%
Private label residential MBS and CMOs									4.01		%										3.92		%										3.78		%										4.01		%										3.93		%
Private label commercial MBS									6.46		%										7.04		%										1.89		%										3.30		%										6.66		%
Single family real estate-backed securities									4.44		%										3.24		%										—		%										—		%										3.84		%
Collateralized loan obligations									7.24		%										7.50		%										7.36		%										—		%										7.46		%
Non-mortgage asset-backed securities									3.06		%										6.14		%										2.70		%										—		%										5.81		%
State and municipal obligations									0.76		%										4.20		%										4.29		%										—		%										4.23		%
SBA securities									6.21		%										6.19		%										6.13		%										5.93		%										6.18		%
									5.40		%										6.21		%										4.48		%										4.23		%										5.55		%

Loans

The loan portfolio comprises the Company’s primary interest-earning asset. The following table shows the composition of the loan portfolio at the dates indicated (dollars in thousands):

			June 30, 2024												December 31, 2023
			Total						Percent of Segment						Total						Percent of Segment
Non-owner occupied commercial real estate			$	5,367,663					32.0		%				$	5,323,241					32.4		%
Construction and land			584,833						3.5		%				495,992						3.0		%
Owner occupied commercial real estate			1,966,809						11.7		%				1,935,743						11.8		%
Commercial and industrial			7,170,622						42.8		%				6,971,981						42.5		%
Total C&I and CRE			15,089,927						90.0		%				14,726,957						89.7		%
Pinnacle - municipal finance			847,234						5.0		%				884,690						5.4		%
Franchise and equipment finance			307,442						1.8		%				380,347						2.3		%
Mortgage warehouse lending			539,159						3.2		%				432,663						2.6		%
Total commercial			16,783,762						100.0		%				16,424,657						100.0		%
1-4 single family residential			6,672,529						85.1		%				6,903,013						84.1		%
Government insured residential			1,172,193						14.9		%				1,306,014						15.9		%
Total residential			7,844,722						100.0		%				8,209,027						100.0		%
Total loans			24,628,484												24,633,684
Allowance for credit losses			(225,698)												(202,689)
Loans, net			$	24,402,786											$	24,430,995

Commercial loans and leases

Commercial loans include a diverse portfolio of commercial and industrial loans and lines of credit, loans secured by owner-occupied commercial real-estate, income-producing non-owner occupied commercial real estate, a smaller amount of construction loans, SBA loans, mortgage warehouse lines of credit, municipal loans and leases originated by Pinnacle and franchise and equipment finance loans and leases originated by Bridge.

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Commercial Real Estate:

Commercial real estate loans include term loans secured by non-owner occupied income producing properties including rental apartments, industrial properties, retail shopping centers, free-standing single-tenant buildings, medical and other office buildings, warehouse facilities, hotels, and real estate secured lines of credit. The Company’s commercial real estate underwriting standards most often provide for loan terms of five to seven years, with amortization schedules of no more than thirty years.

The following tables present the distribution of commercial real estate loans by property type, along with weighted average DSCRs and LTVs at June 30, 2024 (dollars in thousands):

			Amortized Cost						Percent of Total CRE						FL						New York Tri-State						Other						Weighted Average DSCR						Weighted Average LTV
Office			$	1,791,641					30		%				58		%				24		%				18		%				1.59						65.8		%
Warehouse/Industrial			1,295,401						22		%				58		%				9		%				33		%				2.02						50.4		%
Multifamily			824,749						14		%				48		%				52		%				—		%				1.93						48.2		%
Retail			856,927						14		%				49		%				32		%				19		%				1.63						59.0		%
Hotel			514,043						9		%				74		%				9		%				17		%				1.73						44.1		%
Construction and Land			584,833						10		%				44		%				50		%				6		%				N/A						N/A
Other			84,902						1		%				70		%				15		%				15		%				1.85						49.5		%
			$	5,952,496					100		%				56		%				27		%				17		%				1.77						56.0		%

			Florida												NY Tri-State
			Weighted Average DSCR						Weighted Average LTV						Weighted Average DSCR						Weighted Average LTV
Office			1.58						64.8		%				1.63						61.2		%
Warehouse/Industrial			2.17						48.4		%				1.81						36.6		%
Multifamily			2.46						45.4		%				1.44						50.8		%
Retail			1.80						58.4		%				1.38						59.9		%
Hotel			1.77						41.9		%				1.88						32.5		%
Other			2.05						47.8		%				1.38						65.4		%
			1.91						54.1		%				1.54						54.6		%

Geographic distribution in the tables above is based on location of the underlying collateral property. LTVs and DSCRs are based on the most recent available information; if current appraisals are not available, LTVs are adjusted by our models based on current and forecasted sub-market dynamics. DSCRs are calculated based on current contractually required payments, which in some cases may be interest only and on current levels of operating cash flows. DSCR calculations do not include pro-forma rental payments on in-place leases that are currently in initial rent abatement periods.

Included in New York tri-state multifamily loans in the tables above is approximately $119 million of rent regulated exposure as of June 30, 2024.

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The following table presents the maturity profile of the CRE portfolio over the next 12 months by property type at June 30, 2024 (dollars in thousands):

			Maturing in the Next 12 Months						% Maturing in the Next 12 Months						Fixed Rate or Swapped Maturing Next 12 Months												Fixed Rate to Borrower Maturing in Next 12 Months as a % of Total Portfolio
Office			$	402,057					22		%				$	190,847											11		%
Warehouse/Industrial			80,260						6		%				55,792												4		%
Multifamily			90,077						11		%				28,569												3		%
Retail			99,951						12		%				54,006												6		%
Hotel			41,520						8		%				17,107												3		%
Construction and Land			278,631						48		%				114												—		%
Other			19,300						23		%				19,300												23		%
			$	1,011,796					17		%				$	365,735											6		%

The following table presents scheduled maturities of the CRE portfolio by property type at June 30, 2024 (in thousands):

			2024						2025						2026						2027						2028						Thereafter						Total
Office			$	220,533					$	442,724					$	423,790					$	226,145					$	146,109					$	332,340					$	1,791,641
Warehouse/Industrial			53,074						178,922						404,114						284,720						144,426						230,145						1,295,401
Multifamily			14,893						157,890						163,366						158,393						107,233						222,974						824,749
Retail			68,122						149,899						230,219						100,543						185,562						122,582						856,927
Hotel			41,520						43,613						243,044						31,044						55,986						98,836						514,043
Construction and Land			131,713						218,731						100,161						60,823						—						73,405						584,833
Other			12,434						6,865						26,871						9,489						4,083						25,160						84,902
			$	542,289					$	1,198,644					$	1,591,565					$	871,157					$	643,399					$	1,105,442					$	5,952,496

The office segment totaled $1.8 billion at June 30, 2024. Medical office comprised $309 million or 17% of the total office portfolio. The following charts present the sub-market geographic distribution of the Florida and NY tri-state office portfolios at June 30, 2024:

NY Tri-State by Sub-Market						Florida by Sub-Market

The New York tri-state market encompasses approximately 24% of the office segment, with $180 million of exposure in Manhattan. As of June 30, 2024, the Manhattan office portfolio was approximately 96% occupied with 6% rent rollover expected in the next twelve months. The Florida office portfolio is predominantly suburban.

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Office loans not secured by properties in Florida or the New York tri-state area comprised 18%, or $319 million of the segment, and exhibited no particular geographic concentration. Estimated rent rollover of the total office portfolio in the next 12 months is approximately 9%.

The construction portfolio includes an additional $87 million in office related exposure, $84 million of which is in Manhattan.

Non-performing loans included $51 million of office exposure, $34 million including office exposure in the construction portfolio, at June 30, 2024. Also see the section entitled "Asset Quality" below.

Commercial and Industrial

Commercial and industrial loans are typically made to small, middle market and larger corporate businesses and not-for-profit entities and include equipment loans, secured and unsecured working capital facilities, formula-based loans, subscription finance lines of credit, trade finance, SBA product offerings, business acquisition finance credit facilities, credit facilities to institutional real estate entities such as REITs and commercial real estate investment funds, and a small amount of commercial credit cards. These loans may be structured as term loans, typically with maturities of five to seven years, or revolving lines of credit which may have multi-year maturities. In addition to financing provided by Pinnacle, the Bank provides financing to state and local governmental entities generally within our primary geographic markets. The Bank makes loans secured by owner-occupied commercial real estate that typically have risk profiles more closely aligned with that of commercial and industrial loans than with other types of commercial real estate loans.

The following table presents the exposure in the C&I portfolio by industry, at June 30, 2024 (dollars in thousands):

			Amortized Cost(1)						Percent of Total
Finance and Insurance			$	1,678,194					18.4		%
Manufacturing			764,925						8.4		%
Educational Services			735,702						8.1		%
Health Care and Social Assistance			716,374						7.8		%
Utilities			688,191						7.5		%
Information			664,999						7.3		%
Wholesale Trade			648,273						7.1		%
Transportation and Warehousing			508,562						5.6		%
Real Estate and Rental and Leasing			501,425						5.5		%
Construction			468,448						5.1		%
Retail Trade			325,139						3.6		%
Public Administration			301,346						3.3		%
Professional, Scientific, and Technical Services			293,414						3.2		%
Other Services (except Public Administration)			266,400						2.9		%
Arts, Entertainment, and Recreation			199,375						2.2		%
Administrative and Support and Waste Management			182,957						2.0		%
Accommodation and Food Services			157,997						1.7		%
Other			35,710						0.3		%
			$	9,137,431					100.0		%

(1)    Includes $2.0 billion of owner occupied real estate.

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Through its commercial lending subsidiaries, Pinnacle and Bridge, the Bank provides franchise and equipment financing on a national basis using both loan and lease structures. Pinnacle provides essential-use equipment financing to state and local governmental entities directly and through vendor programs and alliances. Pinnacle offers a full array of financing structures including equipment lease purchase agreements and direct (private placement) bond re-fundings and loan agreements. Bridge has two divisions. The franchise finance division portfolio includes franchise acquisition, expansion and equipment financing facilities, typically extended to experienced operators in well-established concepts. The franchise finance portfolio is made up primarily of quick service restaurant and fitness concepts comprising 44% and 50% of the portfolio, respectively, at June 30, 2024. The equipment finance division portfolio includes primarily transportation equipment finance facilities utilizing a variety of loan and lease structures. Franchise and equipment finance have been strategically de-emphasized due to their current risk/return profile, including the lack of significant deposit business with these customers. We do not currently expect significant new loan originations in these segments.

Residential mortgages

The following table shows the composition of residential loans at the dates indicated (in thousands):

			June 30, 2024						December 31, 2023
1-4 single family residential			$	6,672,529					$	6,903,013
Government insured residential			1,172,193						1,306,014
			$	7,844,722					$	8,209,027

The 1-4 single family residential loan portfolio, excluding government insured residential loans, is primarily comprised of prime jumbo loans purchased through established correspondent channels. 1-4 single family residential mortgage loans are primarily closed-end, first lien jumbo mortgages for the purchase or re-finance of owner occupied property. The loans have terms ranging from 10 to 30 years, with either fixed or adjustable interest rates. At June 30, 2024, $1.0 billion or 15% were secured by investor-owned properties.

The Company acquires non-performing FHA and VA insured mortgages from third party servicers who have exercised their right to purchase these loans out of GNMA securitizations upon default (collectively, "government insured pool buyout loans" or "buyout loans"). Buyout loans that re-perform, either through modification or self-cure, may be eligible for re-securitization. The Company and the servicer share in the economics of the sale of these loans into new securitizations. The balance of buyout loans totaled $1.1 billion at June 30, 2024. The Company is not the servicer of these loans.

The following charts present the distribution of the 1-4 single family residential mortgage portfolio by product type at the dates indicated:

June 30, 2024						December 31, 2023

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The following table presents the five states with the largest geographic concentrations of 1-4 single family residential loans, excluding government insured residential loans, at the dates indicated (dollars in thousands):

			June 30, 2024												December 31, 2023
			Total						Percent of Total						Total						Percent of Total
California			$	2,079,140					31.2		%				$	2,171,802					31.5		%
New York			1,317,507						19.7		%				1,344,205						19.5		%
Florida			481,654						7.2		%				501,744						7.3		%
Illinois			346,258						5.2		%				358,512						5.2		%
Virginia			308,860						4.6		%				312,384						4.5		%
Others			2,139,110						32.1		%				2,214,366						32.0		%
			$	6,672,529					100.0		%				$	6,903,013					100.0		%

Operating lease equipment, net

Operating lease equipment, net declined by $105 million during the six months ended June 30, 2024 to $267 million as a result of disposals. We expect the balance of operating lease equipment to continue to decline as this product offering is no longer considered core to our business strategy.

The charts below present operating lease equipment by type at the dates indicated:

June 30, 2024						December 31, 2023

Bridge had exposure to the energy industry of $120 million at June 30, 2024. The majority of the energy exposure was in the operating lease equipment portfolio where energy exposure totaled $113 million, consisting primarily of railcars serving the petroleum industry.

Asset Quality

Commercial Loans

We have a robust credit risk management framework, an experienced team to lead the workout and recovery process for the commercial and commercial real estate portfolios and a dedicated internal credit review function. Loan performance is monitored by our credit administration, portfolio management and workout and recovery departments. Risk ratings are updated continuously; generally, commercial relationships with balances in excess of defined thresholds are re-evaluated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. The defined thresholds range from $1 million to $3 million. Homogenous groups of smaller balance commercial loans may be monitored collectively.

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The credit quality and risk rating of commercial loans as well as our underwriting and portfolio management practices are regularly reviewed by our internal independent credit review department.

We believe internal risk rating is the best indicator of the credit quality of commercial loans. The Company utilizes a 16-grade internal asset risk classification system as part of its efforts to monitor and maintain commercial asset quality. The special mention rating is considered a transitional rating for loans exhibiting potential credit weaknesses that could result in deterioration of repayment prospects at some future date if not checked or corrected and that deserve management’s close attention. These borrowers may exhibit declining cash flows or revenues or increasing leverage. Loans with well-defined credit weaknesses that may result in a loss if the deficiencies are not corrected are assigned a risk rating of substandard. These borrowers may exhibit payment defaults, inadequate cash flows from current operations, operating losses, increasing balance sheet leverage, project cost overruns, unreasonable construction delays, exhausted interest reserves, declining collateral values, frequent overdrafts or past due real estate taxes. Loans with weaknesses so severe that collection in full is highly questionable or improbable, but because of certain reasonably specific pending factors have not been charged off, are assigned an internal risk rating of doubtful.

The following table summarizes the Company's commercial credit exposure, based on internal risk rating, at the dates indicated (dollars in thousands):

			June 30, 2024																		March 31, 2024																		December 31, 2023
			CRE												Total Commercial						Percent of Commercial Loans						CRE						Total Commercial						Percent of Commercial Loans						CRE												Total Commercial						Percent of Commercial Loans
Pass			$	5,153,816											$	15,414,539					91.8		%				$	5,109,115					$	14,748,066					91.2		%				$	5,317,230											$	15,287,548					93.2		%
Special mention			138,403												265,940						1.6		%				139,980						357,800						2.2		%				97,552												319,905						1.9		%
Substandard accruing			597,888												946,832						5.6		%				577,418						966,129						6.0		%				390,724												711,266						4.3		%
Substandard non-accruing			54,088												131,193						0.8		%				12,258						83,511						0.5		%				13,727												86,903						0.5		%
Doubtful			8,301												25,258						0.2		%				—						13,822						0.1		%				—												19,035						0.1		%
			$	5,952,496											$	16,783,762					100.0		%				$	5,838,771					$	16,169,328					100.0		%				$	5,819,233											$	16,424,657					100.0		%

Total criticized and classified commercial loans increased by $232 million for the six months ended June 30, 2024, but declined by $52 million for the quarter ended June 30, 2024. Criticized and classified CRE loans increased by $297 million for the six months ended June 30, 2024, $278 million of which was office exposure (including office related construction loans), offset by declines of $65 million in other commercial categories. As expected in the current environment, there has been some further risk rating migration within the criticized and classified population, primarily within the CRE office category. Rent abatement periods, delays in completing build-out of leased space and in some cases lower occupancy levels contributed to risk rating migration in the office portfolio. When office space is leased to new tenants, landlords frequently provide initial rent abatement periods. During these rent abatement periods, we do not include pro-forma rental payments to be made in the future under the terms of new leases in operating cash flows for the purposes of determining risk ratings.

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The following table provides additional information about special mention and substandard accruing loans at the dates indicated (dollars in thousands). All of these loans are performing. Non-performing loans are discussed further in the section entitled "Non-performing Assets" below.

			June 30, 2024												March 31, 2024												December 31, 2023
			Amortized Cost						% of Loan Segment						Amortized Cost						% of Loan Segment						Amortized Cost						% of Loan Segment
Special mention:
CRE
Hotel			$	394					0.1		%				$	18,809					3.9		%				$	15,712					3.2		%
Retail			4,476						0.5		%				—						—		%				36,000						4.4		%
Office			127,066						7.1		%				95,595						5.3		%				45,840						2.6		%
Construction and land			—						—		%				25,576						4.8		%				—						—		%
Other			6,467						7.6		%				—						—		%				—						—		%
			138,403												139,980												97,552
Owner occupied commercial real estate			2,388						0.1		%				6,691						0.3		%				22,150						1.1		%
Commercial and industrial			125,149						1.7		%				206,831						3.1		%				197,924						2.8		%
Franchise and equipment finance			—						—		%				—						—		%				2,279						1.2		%
Mortgage warehouse lending			—						—		%				4,298						0.9		%				—						—		%
			$	265,940											$	357,800											$	319,905
Substandard accruing:
CRE
Hotel			$	58,626					11.4		%				$	40,529					8.3		%				$	41,805					8.5		%
Retail			88,549						10.3		%				95,717						11.7		%				53,205						6.5		%
Multi-family			98,784						12.0		%				123,681						14.7		%				115,755						13.8		%
Office			230,020						12.8		%				196,317						11.0		%				100,307						5.7		%
Industrial			733						0.1		%				—						—		%				—						—		%
Construction and land			118,452						20.3		%				118,434						22.4		%				76,883						15.5		%
Other			2,724						3.2		%				2,740						3.3		%				2,769						3.4		%
			597,888												577,418												390,724
Owner occupied commercial real estate			90,833						4.6		%				97,072						5.1		%				71,908						3.7		%
Commercial and industrial			228,433						3.2		%				244,323						3.6		%				208,984						3.0		%
Franchise and equipment finance			29,678						9.7		%				47,316						13.6		%				39,650						10.4		%
			$	946,832											$	966,129											$	711,266

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The following graphs present trends in criticized and classified loans by segment over the periods indicated (in millions):

Commercial Real Estate(1)						Commercial(1)(2)

(1)Excludes SBA

(2)Includes Pinnacle and franchise and equipment finance

The following charts present criticized and classified CRE loans by property type at the dates indicated (in millions):

June 30, 2024						December 31, 2023

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The following graphs present delinquency trends by segment over the periods indicated (in millions):

Commercial Real Estate						Commercial(1)

(1)Includes Pinnacle and franchise and equipment finance

Residential Loans

Excluding government insured loans, our residential portfolio consists largely of performing jumbo mortgage loans with FICO scores above 700, full documentation, current LTVs of 80% or less and are primarily owner-occupied. Loans with LTVs higher than 80% may be extended to selected credit-worthy borrowers. We perform due diligence on the purchased loans for credit, compliance, counterparty, payment history and property valuation.

We have a dedicated residential credit risk management function, and the residential portfolio is monitored by our internal credit review function. Residential mortgage loans are not individually risk rated. Delinquency status is the primary measure we use to monitor the credit quality of these loans. We also consider original LTV and most recently available FICO score to be significant indicators of credit quality for the 1-4 single family residential portfolio, excluding government insured residential loans.

The following charts present information about the 1-4 single family residential portfolio, excluding government insured loans, by FICO distribution, LTV distribution and vintage at June 30, 2024:

FICO Distribution

LTV Distribution

Vintage

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The following graph presents delinquency trends for residential loans, excluding government insured residential loans, over the periods indicated (in millions):

Residential

FICO scores are generally updated semi-annually and were most recently updated in the first quarter of 2024. LTVs are typically based on valuation at origination since we do not routinely update residential appraisals.

At June 30, 2024, the majority of the 1-4 single family residential loan portfolio, excluding government insured residential loans, was owner-occupied, with 80% primary residence, 5% second homes and 15% investment properties.

Note 4 to the consolidated financial statements presents additional information about key credit quality indicators and delinquency status of the loan portfolio.

Operating Lease Equipment, net

Operating leases with a carrying value of assets under lease totaling $16 million were internally risk rated substandard at June 30, 2024. On a quarterly basis, management performs an impairment analysis on assets with indicators of potential impairment. Potential impairment indicators include evidence of changes in residual value, macro-economic conditions, an extended period of time off-lease, criticized or classified status, or management's intention to sell the asset at an amount potentially below its carrying value. There were no impairment charges recognized during the three and six months ended June 30, 2024 and 2023.

Non-Performing Assets

Non-performing assets generally consist of (i) non-accrual loans, (ii) accruing loans that are more than 90 days contractually past due as to interest or principal, excluding PCD loans for which management has a reasonable basis for an expectation about future cash flows and government insured residential loans, and (iii) OREO and other non-performing assets.

The following table presents information about the Company's non-performing loans and non-performing assets at the dates indicated (dollars in thousands):

			June 30, 2024						March 31, 2024						December 31, 2023
Non-accrual loans:
Commercial:
Non-owner occupied commercial real estate			$	28,548					$	12,258					$	13,727
Construction and land			33,841						—						—
Owner occupied commercial real estate			10,797						12,519						13,626
Commercial and industrial			64,282						49,926						54,907
Franchise and equipment finance			18,983						22,630						23,678
Total commercial loans			156,451						97,333						105,938
Residential			16,411						17,847						20,513
Total non-accrual loans			172,862						115,180						126,451
Loans past due 90 days and still accruing			593						593						593
Total non-performing loans			173,455						115,773						127,044
OREO and other non-performing assets			2,513						3,168						3,536
Total non-performing assets			$	175,968					$	118,941					$	130,580
Non-performing loans to total loans (1)			0.70		%				0.48		%				0.52		%
Non-performing assets to total assets (1)			0.50		%				0.34		%				0.37		%
ACL to total loans			0.92		%				0.90		%				0.82		%
Commercial ACL to commercial loans (2)			1.42		%				1.42		%				1.29		%
ACL to non-performing loans			130.12		%				187.92		%				159.54		%
Net charge-offs to average loans (3)			0.12		%				0.02		%				0.09		%

(1)    Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $39.0 million or 0.16% of total loans and 0.11% of total assets, at June 30, 2024, $40.0 million or 0.16% of total loans and 0.11% of total assets at March 31, 2024, and $41.8 million or 0.17% of total loans and 0.12% of total assets, at December 31, 2023.

(2)    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.

(3)    Annualized for the six months ended June 30, 2024 and the three months ended March 31, 2024.

Contractually delinquent government insured residential loans are typically GNMA early buyout loans and are excluded from non-performing loans as defined in the table above due to their government guarantee. The carrying value of such loans contractually delinquent by 90 days or more was $225 million, $255 million, and $277 million at June 30, 2024, March 31, 2024, and December 31, 2023, respectively.

The following graphs present trends in non-performing loans to total loans and non-performing assets to total assets over the periods indicated, as well as trends in net charge-offs. Levels of non-performing loans to total loans and non-performing assets to total assets remain below pre-pandemic levels.

Non-Performing Loans to Total Loans						Non-Performing Assets to Total Assets

Net Charges-Offs to Average Loans (1)

(1)    Annualized for the six months ended June 30, 2024 and the three months ended March 31, 2024.

The following graph presents the trend in non-performing loans by portfolio segment over the periods indicated (in millions):

Commercial loans are placed on non-accrual status when (i) management has determined that full repayment of all contractual principal and interest is in doubt, or (ii) the loan is past due 90 days or more as to principal or interest unless the loan is well secured and in the process of collection. Residential loans, other than government insured pool buyout loans, are generally placed on non-accrual status when they are 60 days past due. Additionally, certain residential loans not contractually delinquent but in forbearance may be placed on non-accrual status at management's discretion. When a loan is placed on non-accrual status, uncollected interest accrued is reversed and charged to interest income. Commercial loans are returned to accrual status only after all past due principal and interest has been collected and full repayment of remaining contractual principal and interest is reasonably assured. Residential loans are generally returned to accrual status when less than 60 days past due. Past due status of loans is determined based on the contractual next payment due date. Loans less than 30 days past due are reported as current.

Loss Mitigation Strategies

Criticized or classified commercial loans in excess of certain thresholds are reviewed quarterly by the Criticized Asset Committee, which evaluates the appropriate strategy for collection to mitigate the amount of credit losses and considers the appropriate risk rating for these loans. Criticized asset reports for each relationship are presented by the assigned relationship manager and credit officer to the Criticized Asset Committee until such time as the relationships are returned to a satisfactory credit risk rating or otherwise resolved. The Criticized Asset Committee may require the transfer of a loan to our workout and recovery department, which is tasked to effectively manage the loan with the goal of minimizing losses and expenses associated with restructure, collection and/or liquidation of collateral. Commercial loans with a risk rating of substandard, loans on non-accrual status, and assets classified as OREO or repossessed assets are usually transferred to workout and recovery. Oversight of the workout and recovery department is provided by the Criticized Asset Committee.

Our servicers evaluate each residential loan in default to determine the most effective loss mitigation strategy, which may be modification, short sale, or foreclosure, and pursue the alternative most suitable to the consumer and to mitigate losses to the Bank.

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Analysis of the Allowance for Credit Losses

The ACL is management's estimate of the amount of expected credit losses over the life of the loan portfolio, or the amount of amortized cost basis not expected to be collected, at the balance sheet date. This estimate encompasses information about historical events, current conditions and reasonable and supportable economic forecasts. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Given a level of continued uncertainty about the general economy, evolving dynamics in some segments of the commercial real estate market, particularly the office sector, the complexity of the ACL estimate and level of management judgment required, we believe it is possible that the ACL estimate could change, potentially materially, in future periods. If commercial real estate market dynamics in our primary markets worsen beyond our current expectations, the ACL and the provision for credit losses will increase in the future. Changes in the ACL may result from changes in current economic conditions including but not limited to unanticipated changes in interest rates or inflationary pressures, changes in our economic forecast, loan portfolio composition, commercial and residential real estate market dynamics and other circumstances not currently known to us that may impact the financial condition and operations of our borrowers, among other factors.

Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. For loans that do not share similar risk characteristics with other loans such as collateral dependent loans, expected credit losses are estimated on an individual basis. Expected credit losses are estimated over the contractual terms of the loans, adjusted for expected prepayments, generally excluding expected extensions, renewals, and modifications.

For the substantial majority of portfolio segments and subsegments, including residential loans other than government insured loans, and most commercial and commercial real estate loans, expected losses are estimated using econometric models. The models employ a factor based methodology, leveraging data sets containing extensive historical loss and recovery information by industry, geography, product type, collateral type and obligor characteristics, to estimate PD and LGD. Measures of PD for commercial loans incorporate current conditions through market cycle or credit cycle adjustments. For residential loans, the models consider FICO and adjusted LTVs. PDs and LGDs are then conditioned on the reasonable and supportable economic forecast. Projected PDs and LGDs, determined based on pool level characteristics, are applied to estimated exposure at default, considering the contractual term and payment structure of loans, adjusted for expected prepayments, to generate estimates of expected loss. For criticized or classified loans, PDs are adjusted to benchmark PDs established for each risk rating. The ACL estimate incorporates a reasonable and supportable economic forecast through the use of externally developed macroeconomic scenarios applied in the models.

A single economic scenario or a probability weighted blend of economic scenarios may be used. The models ingest numerous national, regional and MSA level variables and data points. At June 30, 2024 and December 31, 2023, we used a combination of weighted third-party provided economic scenarios in calculating the quantitative portion of the ACL. Each of these externally provided scenarios in fact represents the result of a probability weighting of thousands of individual scenario paths.

See Note 1 to the consolidated financial statements of the Company's 2023 Annual Report on Form 10-K for more detailed information about our ACL methodology and related accounting policies.

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The following table provides an analysis of the ACL, provision for (recovery of) credit losses related to the funded portion of loans and net charge-offs by loan segment for the periods indicated (dollars in thousands):

									CRE												C&I(2)												Pinnacle - Municipal Finance						Franchise and Equipment Finance						Residential												Total
Balance at December 31, 2022									$	24,751											$	97,190											$	173					$	14,091					$	11,741											$	147,946
Impact of adoption of ASU 2022-02									—												(1,671)												—						(6)						(117)												(1,794)
Balance at January 1, 2023									24,751												95,519												173						14,085						11,624												146,152
Provision for (recovery of) credit losses									5,706												28,611												24						191						(2,742)												31,790
Charge-offs									(813)												(8,975)												—						(7,247)						—												(17,035)
Recoveries									53												5,835												—						33						5												5,926
Balance at June 30, 2023									$	29,697											$	120,990											$	197					$	7,062					$	8,887											$	166,833
Balance at December 31, 2023									$	41,338											$	142,622											$	243					$	10,855					$	7,631											$	202,689
Provision for (recovery of) credit losses									33,368												7,418												(20)						(1,763)						(1,375)												37,628
Charge-offs									(4,855)												(13,436)												—						(3,161)						(34)												(21,486)
Recoveries									50												6,813												—						—						4												6,867
Balance at June 30, 2024									$	69,901											$	143,417											$	223					$	5,931					$	6,226											$	225,698
Net Charge-offs to Average Loans (1)
Six Months Ended June 30, 2023									0.03		%										0.07		%										—		%				3.22		%				—		%										0.09		%
Six Months Ended June 30, 2024									0.17		%										0.14		%										—		%				1.86		%				—		%										0.12		%

(1)Annualized.

(2)Includes mortgage warehouse lending.

The following table shows the distribution of the ACL at the dates indicated (dollars in thousands):

			June 30, 2024												March 31, 2024																		December 31, 2023
			Total						%(1)						Total						%(1)																		Total						%(1)
Non-owner occupied commercial real estate			$	45,561					21.8		%				$	48,551					21.9		%																$	32,810					21.6		%
Construction and land			24,340						2.4		%				12,527						2.2		%																8,528						2.0		%
CRE			69,901												61,078																								41,338
Owner occupied commercial real estate			16,416						8.0		%				17,369						7.9		%																17,642						7.9		%
Commercial and industrial(2)			127,001						31.3		%				122,846						29.8		%																124,980						30.1		%
Pinnacle - municipal finance			223						3.4		%				220						3.6		%																243						3.6		%
Franchise and equipment finance			5,931						1.2		%				9,416						1.4		%																10,855						1.5		%
			149,571												149,851																								153,720
Residential			6,226						31.9		%				6,627						33.2		%																7,631						33.3		%
			$	225,698					100.0		%				$	217,556					100.0		%																$	202,689					100.0		%

(1)Represents percentage of loans receivable in each category to total loans receivable.

(2)Includes mortgage warehouse lending.

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The following table presents the ACL as a percentage of loans at the dates indicated, by portfolio sub-segment:

			June 30, 2024												March 31, 2024						December 31, 2023
Commercial:
CRE			1.17		%										1.05		%				0.71		%
C&I			1.57		%										1.62		%				1.60		%
Franchise and equipment finance			1.93		%										2.71		%				2.85		%
Total commercial (1)			1.42		%										1.42		%				1.29		%
Pinnacle - municipal finance			0.03		%										0.03		%				0.03		%
Residential and MWL			0.08		%										0.08		%				0.09		%
			0.92		%										0.90		%				0.82		%
ACL to non-performing loans			130.12		%										187.92		%				159.54		%

(1)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.

Factors contributing to the change in the ACL during the three months ended June 30, 2024, are depicted in the chart below (dollars in millions):

Changes in the ACL during the three months ended June 30, 2024

As depicted in the chart above, the most significant drivers of the increase in the ACL from March 31, 2024, to June 30, 2024, were (i) risk rating migration and increases in specific reserves; (ii) new loan production and changes in portfolio characteristics, partially offset by (iii) net charge-offs and (iv) improvement in the economic forecast. There was a shift during the quarter from the qualitative portion to the quantitative portion of the reserve, most of which related to the CRE office portfolio. At June 30, 2024, the ratio of the ACL to loans was 0.92% compared to 0.90% at March 31, 2024 and 0.82% at December 31, 2023. The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, and franchise and equipment finance was 1.42% at both June 30, 2024 and March 31, 2024, up from 1.29% at December 31, 2023. The ACL to loans ratio for CRE office loans was 2.47% at June 30, 2024 compared to 2.26% and 1.18% at March 31, 2024 and December

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31, 2023, respectively, reflecting evolving office market dynamics. Further discussion of changes in the ACL for select portfolio sub-segments follows:

•The ACL for the CRE portfolio sub-segment increased by $8.8 million during the three months ended June 30, 2024, from 1.05% to 1.17% of loans. The most significant reasons for the increase in the ACL for this segment was risk rating migration and an increase in specific reserves.

•The ACL for the commercial and industrial sub-segment, including owner-occupied commercial real estate, increased by $3.2 million during three months ended June 30, 2024, while the ACL coverage ratio decreased from 1.62% to 1.57% of loans. The increase in the ACL reflected portfolio growth, while the decrease in the ACL coverage ratio was primarily driven by risk rating upgrades, an improved economic forecast, new loans brought on at lower reserve levels, and net charge-offs.

•The ACL for the franchise and equipment finance sub-segment decreased by $3.5 million during the three months ended June 30, 2024, from 2.71% to 1.93% of loans primarily due to net charge offs and a decline in portfolio balances.

•The decrease in the ACL for the residential segment corresponds to lower balances; the coverage ratio was consistent quarter-over-quarter.

The estimate of the ACL at June 30, 2024, was informed by forecasted economic scenarios published in June 2024, a wide variety of additional economic data, information about borrower financial condition and collateral values, and other relevant information. The quantitative portion of the ACL at June 30, 2024, was modeled using a weighting of baseline, downside and upside third-party economic scenarios, with the highest weighting ascribed to the baseline scenario and lower weightings ascribed equally to the downside and upside scenarios. The economic variables that impacted the ACL for the three months ended June 30, 2024 included assumptions about interest rates and spreads, commercial property forecasts, the forecasted trajectory of regional unemployment and performance of the stock market.

Some of the high level data points informing the baseline scenario, which was the scenario most heavily weighted, used in estimating the quantitative portion of the ACL at June 30, 2024, included:

•Labor market assumptions, which reflected national unemployment peaking at 4.1% and

•Annualized growth in national GDP troughing at 1.6% in the baseline.

The above unemployment and GDP growth assumptions are provided to give a high level overview of the nature and severity of the baseline economic forecast scenario used in estimating the ACL. Numerous additional variables and assumptions not explicitly stated, including but not limited to detailed commercial property forecasts, projected stock market volatility indices and a variety of assumptions about market interest rates and spreads also contributed to the overall impact economic conditions and the economic forecast had on the ACL estimate. Furthermore, while the variables presented above are at the national level, most of the economic variables are regionalized at the market and submarket level in the models.

For additional information about the ACL, see Note 4 to the consolidated financial statements.

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Deposits

The Company has a diverse deposit book by industry sector. Approximately 65% of our total deposits were commercial or municipal deposits at June 30, 2024.

The following table presents information about the Company's insured and collateralized deposits as of June 30, 2024 (dollars in thousands):

Total deposits						$	27,763,607
Estimated amount of uninsured deposits						$	14,009,600
Less: collateralized deposits						(3,047,517)
Less: affiliate deposits						(267,157)
Adjusted uninsured deposits						$	10,694,926
Estimated insured and collateralized deposits						$	17,068,681
Insured and collateralized deposits to total deposits						61		%

The estimated amount of uninsured deposits at June 30, 2024 and December 31, 2023, was $14.0 billion and $12.4 billion, respectively. Collateralized and affiliate deposits are included in these amounts. Time deposit accounts with balances of $250,000 or more totaled $916 million and $941 million at June 30, 2024 and December 31, 2023, respectively. The following table shows scheduled maturities of uninsured time deposits as of June 30, 2024 (in thousands):

Three months or less			$	230,666
Over three through six months			506,885
Over six through twelve months			83,025
Over twelve months			1,530
			$	822,106

For additional information about Deposits, see Note 10 to the consolidated financial statements.

Borrowings

In addition to deposits, we utilize FHLB advances as a funding source; the advances provide us with additional flexibility in managing both term and cost of funding and in managing interest rate risk. FHLB advances are secured by qualifying residential first mortgage and commercial real estate loans and MBS. The following table presents information about the contractual balance of outstanding FHLB advances, as of June 30, 2024 (dollars in thousands):

			Amount						Weighted Average Rate
Maturing in:
2024 - One month or less			$	2,800,000					5.46		%
2024 - Over one month			485,000						5.49		%
Total contractual balance outstanding			$	3,285,000

The table above reflects contractual maturities of outstanding advances and does not incorporate the impact that interest rate swaps designated as cash flow hedges have on the duration or cost of borrowings.

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The table below presents information about outstanding interest rate swaps hedging the variability of interest cash flows on the FHLB advances included in the table above, as of June 30, 2024 (dollars in thousands):

			Notional Amount						Weighted Average Rate
Cash flow hedges maturing in:
2024			$	105,000					2.65		%
2025			625,000						2.74		%
2026			1,430,000						3.50		%
Thereafter			25,000						2.50		%
			$	2,185,000					3.23		%

See Note 6 to the consolidated financial statements and "Interest Rate Risk" below for more information about derivative instruments.

Outstanding notes payable and other borrowings consisted of the following at the dates indicated (in thousands):

			June 30, 2024						December 31, 2023
Senior notes:
Principal amount of 4.875% senior notes maturing on November 17, 2025			$	388,479					$	388,479
Unamortized discount and debt issuance costs			(1,245)						(1,676)
			387,234						386,803
Subordinated notes:
Principal amount of 5.125% subordinated notes maturing on June 11, 2030			300,000						300,000
Unamortized discount and debt issuance costs			(4,046)						(4,331)
			295,954						295,669
Total notes			683,188						682,472
Finance leases			25,647						26,501
Notes and other borrowings			$	708,835					$	708,973

Liquidity and Capital Resources

Liquidity

Liquidity involves our ability to generate adequate funds to support planned interest earning asset growth, meet deposit withdrawal and credit line usage requests in both normal operating and stressed environments, maintain reserve requirements, conduct routine operations, pay dividends, service outstanding debt and meet other contractual obligations.

BankUnited's ongoing liquidity needs have historically been met primarily by cash flows from operations, deposit growth, the investment portfolio, its amortizing loan portfolio and FHLB advances. FRB discount window capacity, repurchase agreement capacity and a letter of credit with the FHLB provide additional sources of contingent liquidity. For the six months ended June 30, 2024 and 2023, net cash provided by operating activities was $202 million and $424 million, respectively.

Same day available liquidity includes cash, secured funding such as borrowing capacity at the Federal Home Loan Bank of Atlanta and the Federal Reserve, and unencumbered securities. Additional sources of liquidity include cash flows from operations, wholesale deposits, cash flow from the Bank's amortizing securities and loan portfolios, and the sale of investment securities. Management also has the ability to exert substantial control over the rate and timing of loan production, and resultant requirements for liquidity to fund new loans.

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The following chart presents the components of same day available liquidity at June 30, 2024 and December 31, 2023 (in millions):

Same Day Available Liquidity

At June 30, 2024, the Bank had total same day available liquidity of approximately $14.9 billion, consisting of cash of $421 million, borrowing capacity at the FHLB of $6.3 billion, borrowing capacity at the FRB of $7.0 billion and unencumbered securities of $1.1 billion. The increase in same day available liquidity as compared to December 31, 2023 reflected the decline in outstanding FHLB advances, increasing FHLB capacity. At June 30, 2024, the ratio of estimated insured and collateralized deposits to total deposits was 61%, compared to 66% at December 31, 2023, and the ratio of available liquidity to estimated uninsured, uncollateralized deposits was 139% compared to 152% at December 31, 2023. The decline in brokered deposits, which are generally insured, as a portion of total deposits contributed to the decline in these ratios. As a commercially focused bank, due to the inherent nature of commercial deposits, a significant portion of our deposits are uninsured. We continue to market and educate our customers about products that enable them to obtain FDIC insurance on certain deposits exceeding the standard single depositor insurance limit, have implemented single depositor concentration limits and reduced or eliminated exposure to sectors or depositors that evidenced higher volatility following the events of early 2023.

Our ALM policy establishes limits or operating risk thresholds for a number of measures of liquidity which are monitored at least monthly by the ALCO and quarterly by the Board of Directors. Some of the measures currently used to dimension liquidity risk and manage liquidity are the ratio of available liquidity to uninsured/non-collateralized deposits, the ratio of wholesale funding to total assets, the ratio of available operational liquidity (which excludes availability at the FRB) to volatile liabilities, a liquidity stress test coverage ratio, the loan to deposit ratio, a one-year liquidity ratio, a measure of available on-balance sheet liquidity, the ratio of FHLB advances to total assets, large depositor concentrations and the ratio of non-interest bearing deposits to total deposits, which is reflective of the quality and cost, rather than the quantity, of available liquidity. We also have single depositor relationship limits.

The following tables present some of the Company's liquidity measures, where applicable, their related policy limits and operating risk thresholds at the dates indicated:

June 30, 2024

Policy Limit

Available liquidity to uninsured/non-collateralized deposits

139%

<100%

Wholesale funding/total assets

24.8%

<37.5%

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June 30, 2024

Operating Threshold

Available operational liquidity/volatile liabilities

2.43x

≥1.30x

Liquidity stress test coverage ratio

1.92x

≥1.50x

FHLB advances/total assets

11.8%

≤20%

One year liquidity ratio

2.43x

≥1.00x

Loan to deposit ratio

88.7%

≤100%

Top 20 uninsured depositors to total deposits (excluding brokered & municipal deposits)

14.5%

≤15%

Non interest-bearing demand deposits/total deposits

29.1%

≥20%

Available on-balance sheet liquidity

7.3%

≥5%

As a holding company, BankUnited, Inc. is a corporation separate and apart from its banking subsidiary, and therefore, provides for its own liquidity. BankUnited, Inc.’s main sources of funds include management fees and dividends from the Bank, access to capital markets and, to a lesser extent, its own securities portfolio. There are regulatory limitations that may affect the ability of the Bank to pay dividends to BankUnited, Inc. Management believes that such limitations will not impact our ability to meet our ongoing near-term cash obligations.

Capital

Pursuant to the FDIA, the federal banking agencies have adopted regulations setting forth a five-tier system for measuring the capital adequacy of the financial institutions they supervise. At June 30, 2024 and December 31, 2023, the Company and the Bank had capital levels that exceeded both the regulatory well-capitalized guidelines and all internal capital ratio targets. Upon adoption of ASU 2016-13 on January 1, 2020, the Company elected the option to temporarily delay the effects of CECL on regulatory capital for two years, followed by a three-year transition period.

We have an active shelf registration statement on file with the SEC that allows the Company to periodically offer and sell in one or more offerings, individually or in any combination, our common stock, preferred stock and other non-equity securities. The shelf registration provides us with flexibility in issuing capital instruments and enables us to more readily access the capital markets as needed to pursue future growth opportunities and to ensure continued compliance with regulatory capital requirements. Our ability to issue securities pursuant to the shelf registration is subject to market conditions.

The following table provides information regarding regulatory capital for the Company and the Bank as of June 30, 2024 (dollars in thousands):

			June 30, 2024
			Actual												Required to be Considered Well Capitalized												Required to be Considered Adequately Capitalized												Required to be Considered Adequately Capitalized Including Capital Conservation Buffer
			Amount						Ratio						Amount						Ratio						Amount						Ratio						Amount						Ratio
BankUnited, Inc.:
Tier 1 leverage			$	2,926,450					8.20		%				N/A (1)						N/A (1)						$	1,427,590					4.00		%				N/A (1)						N/A (1)
CET1 risk-based capital			$	2,926,450					11.55		%				$	1,646,273					6.50		%				$	1,139,727					4.50		%				$	1,772,909					7.00		%
Tier 1 risk-based capital			$	2,926,450					11.55		%				$	2,026,182					8.00		%				$	1,519,636					6.00		%				$	2,152,818					8.50		%
Total risk-based capital			$	3,454,605					13.64		%				$	2,532,727					10.00		%				$	2,026,182					8.00		%				$	2,659,363					10.50		%
BankUnited:
Tier 1 leverage			$	3,404,990					9.55		%				$	1,781,979					5.00		%				$	1,425,583					4.00		%				N/A						N/A
CET1 risk-based capital			$	3,404,990					13.46		%				$	1,644,307					6.50		%				$	1,138,366					4.50		%				$	1,770,792					7.00		%
Tier 1 risk-based capital			$	3,404,990					13.46		%				$	2,023,762					8.00		%				$	1,517,822					6.00		%				$	2,150,247					8.50		%
Total risk-based capital			$	3,633,145					14.36		%				$	2,529,703					10.00		%				$	2,023,762					8.00		%				$	2,656,188					10.50		%

(1)There is no Tier 1 leverage ratio component in the definition of a well-capitalized bank holding company.

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Interest Rate Risk

A principal component of the Company’s risk of loss arising from adverse changes in the fair value of financial instruments, or market risk, is interest rate risk, including the risk that assets and liabilities with similar re-pricing characteristics may not reprice at the same time or to the same degree. A primary objective of the Company’s asset/liability management activities is to maximize net interest income, while maintaining acceptable levels of interest rate risk. The ALCO is responsible for establishing policies to manage exposure to interest rate risk, and to ensure procedures are established to monitor compliance with these policies. The policies established by the ALCO are approved at least annually by the Board of Directors or its Risk Committee.

Management believes that the simulation of net interest income in different interest rate environments provides the most meaningful measure of interest rate risk. Income simulation analysis is designed to capture not only the potential of all assets and liabilities to mature or reprice, but also the probability that they will do so. Income simulation also attends to the relative interest rate sensitivities of these items, and projects their behavior over an extended period of time. Finally, income simulation permits management to assess the probable effects on the balance sheet not only of changes in interest rates, but also of proposed strategies for responding to them. Simulation of changes in EVE in various interest rate environments is also a meaningful measure of interest rate risk.

The income simulation model analyzes interest rate sensitivity by projecting net interest income over twelve and twenty-four month periods in a most likely rate scenario based on a consensus forward curve versus net interest income in alternative rate scenarios. Management continually reviews and refines its interest rate risk management process in response to changes in the interest rate environment, the economic climate and observed customer behavior. Currently, our interest rate risk management policy framework is based on modeling instantaneous rate shocks to a static balance sheet, assuming that maturing instruments are replaced with like instruments at forward rates, of plus and minus 100, 200, 300 and 400 basis point parallel shifts. In lower interest rate environments, we may not model more extreme declining rate scenarios and in certain macro-environments, we may model shocks of more than 400 basis points. Our ALM policy has established limits for the plus and minus 100 and 200 basis points shock scenarios. We also model a variety of dynamic balance sheet scenarios, various yield curve slopes, non-parallel shifts and alternative depositor behavior, beta and decay assumptions. We continually evaluate the scenarios being modeled with a view toward adapting them to changing economic conditions, expectations and trends.

The following table presents the impact on forecasted net interest income compared to a "most likely" scenario, based on the consensus forward curve, in static balance sheet, parallel rate shock scenarios of plus and minus 100 and 200 basis points at June 30, 2024 and December 31, 2023:

									Down 200						Down 100						Plus 100						Plus 200
Policy Limits:
In year 1									(12)		%				(8)		%				(8)		%				(12)		%
In year 2									(15)		%				(11)		%				(11)		%				(15)		%
Model Results at June 30, 2024 - increase (decrease)
In year 1									(6.9)		%				(2.7)		%				2.5		%				4.8		%
In year 2									(7.1)		%				(3.1)		%				1.8		%				3.6		%
Model Results at December 31, 2023 - increase (decrease)
In year 1									(4.7)		%				(1.6)		%				1.0		%				2.1		%
In year 2									(6.0)		%				(2.3)		%				1.5		%				2.0		%

The following table illustrates the modeled change in EVE in the indicated scenarios at June 30, 2024 and December 31, 2023:

									Down 200						Down 100						Plus 100						Plus 200
Policy Limits									(20.0)		%				(10.0)		%				(10.0)		%				(20.0)		%
Model Results at June 30, 2024 - increase (decrease):									16.6		%				10.1		%				(7.2)		%				(14.7)		%
Model Results at December 31, 2023 - increase (decrease):									15.2		%				9.5		%				(8.8)		%				(17.4)		%

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All of the modeled results at June 30, 2024, are within ALM policy limits. Many assumptions were used by the Company to calculate the impact of changes in interest rates on forecasted net interest income and EVE, including the change in rates. Actual results may not be similar to the Company’s projections due to several factors including the timing and frequency of rate changes, market conditions, unanticipated changes in depositor behavior and loan prepayment speeds and the shape of the yield curve. Actual results may also differ due to the Company’s actions, if any, in response to changing rates and conditions or changes in balance sheet composition.

Derivative Financial Instruments and Hedging Activities

Management continually evaluates a variety of hedging strategies that are available to manage interest rate risk. In the current environment, we continue to evaluate potential hedging strategies to mitigate risk from a period of rapid or extreme declines in rates.

Interest rate derivatives designated as cash flow or fair value hedging instruments are tools we use to manage interest rate risk. These derivative instruments are used to mitigate exposure to changes in interest cash flows on variable rate liabilities and to changes in the fair value of fixed rate financial instruments, in each case caused by fluctuations in benchmark interest rates, as well as to manage duration of liabilities.

The following table provides information about the Company's derivatives designated as hedging instruments as of June 30, 2024 (dollars in thousands):

															Weighted Average Pay Rate / Strike Price						Weighted Average Receive Rate / Strike Price						Weighted Average Remaining Life in Years
									Notional Amount
			Hedged Item
Derivatives designated as cash flow hedges:
Pay-fixed interest rate swaps			Variability of interest cash flows on variable rate borrowings						$	2,185,000					3.23%						Daily SOFR						1.7
Pay-fixed interest rate swaps			Variability of interest cash flows on variable rate liabilities						250,000						1.38%						Fed Funds Effective Rate						0.6
Pay-variable interest rate swaps			Variability of interest cash flows on variable rate loans						200,000						Term SOFR						3.72%						1.8
Interest rate caps purchased, indexed to Fed Funds effective rate			Variability of interest cash flows on variable rate liabilities						200,000						0.88%												1.0
Interest rate collar, indexed to 1-month SOFR(1)			Variability of interest cash flows on variable rate loans						125,000						5.58%						1.50%						2.2
Derivatives designated as fair value hedges:
Pay-fixed interest rate swaps			Variability of fair value of fixed rate loans						50,000						1.98%						Daily SOFR						0.4
									$	3,010,000

(1) The interest rate collar consists of a combination of zero-premium interest rate options. The Company sold a pay-variable cap with a strike price of 5.58%; sold a 0% floor; and purchased a receive-variable floor with a strike price of 1.50%.

In addition to derivative instruments, the Company has issued callable CDs to hedge interest rate risk in a falling rate environment; the amount of such instruments outstanding at June 30, 2024, was $495 million. The short duration of our AFS investment portfolio (1.82 at June 30, 2024) also provides a natural offset from an interest rate risk perspective to the longer duration of the residential mortgage portfolio.

See Note 6 to the consolidated financial statements for additional information about derivative financial instruments.

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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): 

			June 30, 2024						March 31, 2024
Total stockholders’ equity			$	2,699,348					$	2,640,392
Less: goodwill and other intangible assets			77,637						77,637
Tangible stockholders’ equity			$	2,621,711					$	2,562,755
Common shares issued and outstanding			74,758,609						74,772,706
Book value per common share			$	36.11					$	35.31
Tangible book value per common share			$	35.07					$	34.27

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Item 3.  Quantitative and Qualitative Disclosures About Market Risk

See the section entitled “Interest Rate Risk” included in Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Form 10-Q, we carried out an evaluation under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and 15d-15(e). Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that our disclosure controls and procedures were effective.

During the quarter ended June 30, 2024, there were no changes in the Company's internal control over financial reporting that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II.  OTHER INFORMATION

Item 1.   Legal Proceedings

 The Company is involved as plaintiff or defendant in various legal actions arising in the normal course of business. In the opinion of management, based upon currently available information and the advice of legal counsel, the likelihood is remote that any adverse impact of these proceedings, either individually or in the aggregate, would be material to the Company’s consolidated financial position, results of operations or cash flows.

Item 1A.   Risk Factors

There have been no material changes in the risk factors disclosed by the Company in its 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 20, 2024.

Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 5.   Other Information

During the three months ended June 30, 2024, no director or officer (as defined in Exchange Act Rule 16a-1(f)) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

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Item 6. 

Exhibits

Exhibit Number

Description

Location

31.1

Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

31.2

Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Filed herewith

32.1

Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Filed herewith

32.2

Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Filed herewith

101.INS

The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document

Filed herewith

101.SCH

XBRL Taxonomy Extension Schema

Filed herewith

101.CAL

XBRL Taxonomy Extension Calculation Linkbase

Filed herewith

101.DEF

XBRL Taxonomy Extension Definition Linkbase

Filed herewith

101.LAB

XBRL Taxonomy Extension Label Linkbase

Filed herewith

101.PRE

XBRL Taxonomy Extension Presentation Linkbase

Filed herewith

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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 thereunto duly authorized this 5th day of August 2024.

			/s/ Rajinder P. Singh
			Rajinder P. Singh
			Chairman, President and Chief Executive Officer
			/s/ Leslie N. Lunak
			Leslie N. Lunak
			Chief Financial Officer

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