BankUnited - 10-Q quarterly report FY

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

Commission File Number: 001-35039

BankUnited, Inc.

(Exact name of registrant as specified in its charter)


Delaware						27-0162450
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


14817 Oak Lane	Miami Lakes	FL	33016
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (305) 569-2000

Securities registered pursuant to Section 12(b) of the Act:

Class

Trading Symbol

Name of Exchange on Which Registered

Common Stock, $0.01 Par Value

BKU

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Emerging growth company

☐

Non-accelerated filer

☐

Smaller reporting company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

The number of outstanding shares of the registrant common stock, $0.01 par value, as of May 5, 2026 was 72,681,714.

BANKUNITED, INC.

Form 10-Q

For the Quarter Ended March 31, 2026

TABLE OF CONTENTS

GLOSSARY OF DEFINED TERMS

The following acronyms and terms may be used throughout this Form 10-Q, including the consolidated financial statements and related notes.


ACL						Allowance for credit losses
AFS						Available for sale
ALCO						Asset Liability Committee
ALM						Asset Liability Management

AOCI						Accumulated other comprehensive income
APY						Annual Percentage Yield
ARM						Adjustable rate mortgage


ASU						Accounting Standards Update





B2B						Business-to-Business
B2C						Business-to-Consumer
BKU						BankUnited, Inc.

BOLI						Bank Owned Life Insurance
BankUnited						BankUnited, National Association
The Bank						BankUnited, National Association
Bridge						Bridge Funding Group, Inc.

Buyout Loans						FHA and VA insured mortgages from third party servicers who have exercised their right to purchase these loans out of GNMA securitizations





CECL						Current expected credit losses
CEO						Chief Executive Officer
CET1						Common Equity Tier 1 capital




CLO						Collateralized loan obligations


CMOs						Collateralized mortgage obligations
CODM						Chief Operating Decision Maker
Core loans						Core loans including CRE, C&I and mortgage warehouse lending loans
CPR						Constant prepayment rate

CRE						Commercial real estate loans, including non-owner occupied commercial real estate and construction and land




C&I						Commercial and Industrial loans, including owner-occupied commercial real estate


DSCR						Debt Service Coverage Ratio


EVE						Economic value of equity

FDIA						Federal Deposit Insurance Act
FDIC						Federal Deposit Insurance Corporation
Fed Fund						Federal Funds Rate
FHA						Federal Housing Administration

FHLB						Federal Home Loan Bank
FICO						Fair Isaac Corporation (credit score)

FRB						Federal Reserve Bank
GAAP						U.S. generally accepted accounting principles
GDP						Gross Domestic Product

GNMA						Government National Mortgage Association
HOA						Homeowner Association




ISDA						International Swaps and Derivatives Association



LTV						Loan-to-value

MBS						Mortgage-backed securities
MSA						Metropolitan Statistical Area

MWL						Mortgage warehouse lending


NDFI						Non-depository financial institutions
NIDDA						Non-interest bearing demand deposits
NPA						Non-performing asset
NRSRO						Nationally recognized statistical rating organization







OREO						Other real estate owned

PCD						Purchased credit-deteriorated
Pinnacle						Pinnacle Public Finance, Inc.
PPNR						Pre-tax, pre-provision net revenue
PSL						Purchased seasoned loans



R/E						Real Estate
REIT						Real Estate Investment Trust

ROAA						Return on Average Assets
ROAE						Return on Average Equity

RPA						Risk Participation Agreement




SBA						U.S. Small Business Administration

SEC						Securities and Exchange Commission
SOFR						Secured Overnight Financing Rate



Tri-State						New York, New Jersey and Connecticut


VA loan						Loan guaranteed by the U.S. Department of Veterans Affairs

iii

PART I

Item 1. Financial Statements and Supplementary Data

BANKUNITED, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - UNAUDITED

(In thousands, except share and per share data)


	March 31, 2026		December 31, 2025
ASSETS
Cash and due from banks:
Non-interest bearing	$	13,336	$	11,511
Interest bearing	371,605		206,273
Cash and cash equivalents	384,941		217,784
Investment securities	9,505,168		9,263,651
Non-marketable equity securities	149,590		140,684

Loans	24,134,929		24,273,707
Allowance for credit losses	(208,790)		(219,825)
Loans, net	23,926,139		24,053,882
Bank owned life insurance	314,165		305,313
Operating lease equipment, net	150,214		171,371

Goodwill	77,637		77,637
Other assets	850,759		809,129
Total assets	$	35,358,613	$	35,039,451

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Demand deposits:
Non-interest bearing	$	8,943,844	$	9,109,984
Interest bearing	6,449,405		6,189,534
Savings and money market	9,939,985		10,164,703
Time	4,026,866		3,888,684
Total deposits	29,360,100		29,352,905

FHLB advances	1,755,000		1,555,000
Notes and other borrowings	319,340		319,740
Other liabilities	908,636		757,977
Total liabilities	32,343,076		31,985,622

Commitments and contingencies

Stockholders' equity:
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 73,354,206 and 74,138,066 shares issued and outstanding	734		741
Paid-in capital	209,270		271,695
Retained earnings	3,008,613		2,970,988
Accumulated other comprehensive loss	(203,080)		(189,595)
Total stockholders' equity	3,015,537		3,053,829
Total liabilities and stockholders' equity	$	35,358,613	$	35,039,451

BANKUNITED, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

(In thousands, except per share data)


	Three Months Ended March 31,
		2026		2025
Interest income:
Loans		$	310,162	$	321,384
Investment securities		106,230		113,869
Other		5,794		8,436
Total interest income		422,186		443,689
Interest expense:
Deposits		148,694		174,210
Borrowings		24,505		36,340
Total interest expense		173,199		210,550
Net interest income before provision for credit losses		248,987		233,139
Provision for credit losses		24,586		15,111
Net interest income after provision for credit losses		224,401		218,028
Non-interest income:
Deposit service charges and fees		6,219		5,235

Gain on investment securities, net		3,290		944
Lease financing		3,347		4,313
Capital markets income		3,684		4,795
Other non-interest income		8,160		6,983
Total non-interest income		24,700		22,270
Non-interest expense:
Employee compensation and benefits		96,689		82,746
Occupancy and equipment		11,002		11,343
Deposit insurance expense		(1,026)		7,227

Technology		22,415		22,780
Depreciation of operating lease equipment		3,366		4,009
Other non-interest expense		34,917		32,121
Total non-interest expense		167,363		160,226
Income before income taxes		81,738		80,072
Provision for income taxes		19,863		21,596
Net income		$	61,875	$	58,476
Earnings per common share, basic		$	0.83	$	0.78
Earnings per common share, diluted		$	0.83	$	0.78

The accompanying notes are an integral part of these consolidated financial statements

BANKUNITED, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED

(In thousands)


	Three Months Ended March 31,
		2026		2025
Net income		$	61,875	$	58,476
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on investment securities available for sale:
Net unrealized holding gains (losses) arising during the period		(2,618)		50,667
Reclassification adjustment for net gains realized in income		(2,515)		(611)
Net change in unrealized gains (losses) on securities available for sale		(5,133)		50,056
Unrealized gains (losses) on derivative instruments:
Net unrealized holding gains (losses) arising during the period		(7,225)		2,751
Reclassification adjustment for net gains realized in income		(1,127)		(4,500)

Net change in unrealized gains (losses) on derivative instruments		(8,352)		(1,749)
Other comprehensive income (loss)		(13,485)		48,307
Comprehensive income		$	48,390	$	106,783

The accompanying notes are an integral part of these consolidated financial statements

BANKUNITED, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED

(In thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	61,875	$	58,476
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and accretion, net	(4,057)		(5,133)
Provision for credit losses	24,586		15,111




Share based compensation	5,671		5,175
Depreciation and amortization	8,720		14,072
Deferred income taxes	18,410		13,330

Proceeds from sale of loans held for sale, net	11,997		23,437


Daily cash settlement of derivative instruments, net	(272)		(9,417)
Other:
Increase in other assets	(29,476)		(38,618)
Decrease in other liabilities	(79,124)		(60,035)
Net cash provided by operating activities	18,330		16,398

Cash flows from investing activities:

Purchases of investment securities	(1,526,800)		(826,791)
Proceeds from repayments and calls of investment securities	517,330		625,243
Proceeds from sale of investment securities	982,883		206,400
Purchases of non-marketable equity securities	(164,588)		(21,375)
Proceeds from redemption of non-marketable equity securities	155,682		46,313
Purchases of loans	(82,202)		(95,639)
Loan originations and repayments, net	111,854		363,863
Proceeds from sale of loans	29,000		—




Disposition of operating lease equipment	6,366		1,476
Other investing activities	(19,134)		(27,614)
Net cash provided by investing activities	10,391		271,876

The accompanying notes are an integral part of these consolidated financial statements

BANKUNITED, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED (Continued)

(In thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from financing activities:
Net increase in deposits	7,635		192,122

Additions to FHLB borrowings	295,000		80,000
Repayments of FHLB borrowings	(95,000)		(605,000)



Dividends paid	(24,078)		(22,176)

Repurchase of common stock	(59,953)		—
Other financing activities	14,832		19,409
Net cash provided by (used in) financing activities	138,436		(335,645)
Net increase (decrease) in cash and cash equivalents	167,157		(47,371)
Cash and cash equivalents, beginning of period	217,784		491,116
Cash and cash equivalents, end of period	$	384,941	$	443,745

Supplemental disclosure of cash flow information:
Interest paid	$	166,505	$	204,691
Income taxes paid, net	$	25,336	$	29,057

Supplemental schedule of non-cash investing and financing activities:


Transfers from loans to loans held for sale	$	77,536	$	23,797

Transfers from operating lease equipment to equipment held for sale	$	11,517	$	—
Dividends declared, not paid	$	24,250	$	23,173
Unsettled securities trades, net	$	219,411	$	—

The accompanying notes are an integral part of these consolidated financial statements

BANKUNITED, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - UNAUDITED

(In thousands, except share data)


	Common Shares Outstanding	Common Stock		Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
Balance at December 31, 2025	74,138,066	$	741	$	271,695	$	2,970,988	$	(189,595)	$	3,053,829
Comprehensive income	—	—		—		61,875		(13,485)		48,390
Dividends ($0.33 per common share)	—	—		—		(24,250)		—		(24,250)
Equity based compensation, net of shares forfeited and surrendered	506,464	5		(2,484)		—		—		(2,479)

Repurchase of common stock	(1,290,324)	(12)		(59,941)		—		—		(59,953)
Balance at March 31, 2026	73,354,206	$	734	$	209,270	$	3,008,613	$	(203,080)	$	3,015,537

Balance at December 31, 2024	74,748,370	$	747	$	301,672	$	2,796,440	$	(284,541)	$	2,814,318
Comprehensive income	—	—		—		58,476		48,307		106,783
Dividends ($0.31 per common share)	—	—		—		(23,173)		—		(23,173)
Equity based compensation, net of shares forfeited and surrendered	493,678	5		(351)		—		—		(346)


Balance at March 31, 2025	75,242,048	$	752	$	301,321	$	2,831,743	$	(236,234)	$	2,897,582

The accompanying notes are an integral part of these consolidated financial statements

Table of Contents

BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

Note 1 Basis of Presentation and Summary of Significant Accounting Policies

BankUnited, Inc. is a bank holding company with one wholly-owned subsidiary, BankUnited, collectively, the Company. BankUnited, a national banking association headquartered in Miami Lakes, Florida, provides a full range of commercial lending and both commercial and consumer deposit services through banking centers located in the state of Florida, the New York metropolitan area and Dallas. The Bank offers a full suite of commercial lending and deposit products through regional commercial banking offices in Atlanta, Charlotte and Morristown, New Jersey, and certain commercial lending and deposit products through national platforms.

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, these financial statements do not include all of the information and footnotes required for a fair presentation of financial position, results of operations and cash flows in conformity with GAAP and should be read in conjunction with the Company’s consolidated financial statements and the notes thereto appearing in BKU’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected in future periods.

The Company has a single operating segment and thus a single reportable segment. The Company’s CEO is the CODM. While the CODM monitors the revenue streams and deposit and loan balances of its lines of business, the business lines serve a similar base of primarily commercial clients and provide a comparable range of products and services, all managed through similar processes and platforms. The CODM regularly assesses the performance of its single operating and reporting segment and decides how to allocate resources based on net income as reported in the Company’s consolidated statements of income. The CODM reviews expense information at the same level of detail as that disclosed in the Company's consolidated financial statements.

Accounting Estimates

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses and disclosures of contingent assets and liabilities. Actual results could differ significantly from these estimates.

The most significant estimate impacting the Company's consolidated financial statements is the ACL.

Accounting Pronouncements Not Yet Adopted

ASU No. 2024-03—Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires additional disclosure in interim and annual periods about specific expense categories in the notes to the financial statements. This ASU is effective for the Company for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The adoption of this ASU is not expected to have an impact on the Company's consolidated financial position, results of operations or cash flows but may lead to additional disclosures about expenses in the Notes to the Consolidated Financial Statements.

ASU No. 2025-06—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU eliminates the prior stage-based model for capitalization of internal-use software costs and replaces it with a principles-based approach that requires capitalization once management has approved and committed funding for a project and it is probable the project will be completed and the software will function as intended. The ASU is effective for the Company for interim and annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements.

Table of Contents

BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

ASU 2025‑08 – Financial Instruments—Credit Losses (Topic 326): Purchased Loans. The ASU amends the accounting for certain acquired loans by expanding the CECL gross‑up approach—previously applicable only to PCD loans—to a newly defined class of purchased seasoned loans ("PSL"). PSLs generally include non‑PCD loans acquired in a business combination or those meeting defined seasoning criteria. Under the amended guidance, the Company will recognize the initial allowance for credit losses on PSLs as an adjustment to the loan's amortized cost basis rather than recording a Day 1 provision expense. The ASU is effective for the Company for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, and will be applied prospectively; early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Note 2 Earnings Per Common Share

The computation of basic and diluted earnings per common share is presented below for the periods indicated (in thousands, except share and per share data):


	Three Months Ended March 31,
c		2026		2025
Basic earnings per common share:
Numerator:
Net income		$	61,875	$	58,476
Distributed and undistributed earnings allocated to participating securities		(911)		(821)
Income allocated to common stockholders for basic earnings per common share		$	60,964	$	57,655
Denominator:
Weighted average common shares outstanding		74,518,354		74,918,750
Less average unvested stock awards		(1,138,483)		(1,101,408)
Weighted average shares for basic earnings per common share		73,379,871		73,817,342
Basic earnings per common share		$	0.83	$	0.78
Diluted earnings per common share:
Numerator:
Income allocated to common stockholders for basic earnings per common share		$	60,964	$	57,655
Adjustment for earnings reallocated from participating securities		4		4
Income used in calculating diluted earnings per common share		$	60,968	$	57,659
Denominator:
Weighted average shares for basic earnings per common share		73,379,871		73,817,342
Dilutive effect of certain share-based awards		511,677		562,488
Weighted average shares for diluted earnings per common share		73,891,548		74,379,830
Diluted earnings per common share		$	0.83	$	0.78

Potentially dilutive unvested shares totaling 1,194,407 and 1,156,257 were outstanding at March 31, 2026 and 2025, respectively, but excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive.

Table of Contents

BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

Note 3 Investment Securities

Investment securities include investment securities available for sale and marketable equity securities. The investment securities portfolio consisted of the following at the dates indicated (in thousands):



	March 31, 2026
	Amortized Cost		Gross Unrealized				Carrying Value
			Gains		Losses
Investment securities available for sale:
U.S. Treasury securities	$	269,096	$	318	$	(9,416)	$	259,998
U.S. Government agency and sponsored enterprise residential MBS	2,460,359		16,501		(12,196)		2,464,664
U.S. Government agency and sponsored enterprise commercial MBS	720,406		803		(45,484)		675,725
Private label residential MBS and CMOs	2,711,818		1,755		(197,248)		2,516,325
Private label commercial MBS	2,419,501		3,353		(20,392)		2,402,462
Single family real estate-backed securities	187,701		—		(2,100)		185,601
Collateralized loan obligations	773,102		53		(1,330)		771,825
Non-mortgage asset-backed securities	58,717		—		(1,061)		57,656
State and municipal obligations	114,766		239		(6,288)		108,717
SBA securities	58,142		32		(1,604)		56,570

	$	9,773,608	$	23,054	$	(297,119)	$	9,499,543


Marketable equity securities							5,625
							$	9,505,168



	December 31, 2025
	Amortized Cost		Gross Unrealized				Carrying Value
			Gains		Losses
Investment securities available for sale:
U.S. Treasury securities	$	275,966	$	530	$	(7,843)	$	268,653
U.S. Government agency and sponsored enterprise residential MBS	2,562,702		16,003		(15,678)		2,563,027
U.S. Government agency and sponsored enterprise commercial MBS	576,295		975		(42,907)		534,363
Private label residential MBS and CMOs	2,683,881		2,505		(195,558)		2,490,828
Private label commercial MBS	2,182,983		5,018		(19,891)		2,168,110
Single family real estate-backed securities	227,711		158		(1,977)		225,892
Collateralized loan obligations	780,847		1,315		(1,218)		780,944
Non-mortgage asset-backed securities	59,942		—		(1,177)		58,765
State and municipal obligations	115,193		192		(5,865)		109,520
SBA securities	59,526		26		(1,737)		57,815

	$	9,525,046	$	26,722	$	(293,851)	$	9,257,917


Marketable equity securities							5,734
							$	9,263,651

Accrued interest receivable on investments totaled $27 million and $30 million at March 31, 2026 and December 31, 2025, respectively, and is included in other assets in the accompanying consolidated balance sheets.

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

At March 31, 2026, contractual maturities of investment securities available for sale, adjusted for anticipated prepayments when applicable, were as follows (in thousands):


	Amortized Cost		Fair Value
Due in one year or less	$	827,528	$	811,397
Due after one year through five years	5,602,573		5,517,370
Due after five years through ten years	2,224,070		2,129,488
Due after ten years	1,119,437		1,041,288
	$	9,773,608	$	9,499,543

The carrying value of securities pledged as collateral for FHLB advances, public deposits, interest rate swaps and to secure borrowing capacity at the FHLB and FRB totaled $7.4 billion and $8.0 billion at March 31, 2026 and December 31, 2025, respectively.

The following table provides information about gains (losses) on investment securities for the periods indicated (in thousands):


	Three Months Ended March 31,
		2026		2025

Gross realized gains on investment securities AFS		$	3,612	$	862
Gross realized losses on investment securities AFS		(213)		(37)
Net realized gain		3,399		825

Net gain (loss) on marketable equity securities recognized in earnings		(109)		119

Gain on investment securities, net		$	3,290	$	944

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

The following tables present the aggregate fair value and the aggregate amount by which amortized cost exceeded fair value for investment securities available for sale in unrealized loss positions aggregated by investment category and length of time that individual securities had been in continuous unrealized loss positions at the dates indicated (in thousands):


	March 31, 2026

	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	171,607	$	(2,378)	$	67,877	$	(7,038)	$	239,484	$	(9,416)
U.S. Government agency and sponsored enterprise residential MBS	240,021		(1,911)		487,582		(10,285)		727,603		(12,196)
U.S. Government agency and sponsored enterprise commercial MBS	203,850		(2,549)		349,179		(42,935)		553,029		(45,484)

Private label residential MBS and CMOs	257,361		(1,064)		1,831,631		(196,184)		2,088,992		(197,248)
Private label commercial MBS	307,219		(411)		405,851		(19,981)		713,070		(20,392)
Single family real estate-backed securities	19,965		(22)		140,691		(2,078)		160,656		(2,100)
Collateralized loan obligations	478,065		(685)		64,559		(645)		542,624		(1,330)
Non-mortgage asset-backed securities	44,155		(316)		13,500		(745)		57,655		(1,061)
State and municipal obligations	7,491		(318)		46,570		(5,970)		54,061		(6,288)
SBA securities	—		—		50,813		(1,604)		50,813		(1,604)

	$	1,729,734	$	(9,654)	$	3,458,253	$	(287,465)	$	5,187,987	$	(297,119)


	December 31, 2025
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities	$	125,467	$	(825)	$	97,812	$	(7,018)	$	223,279	$	(7,843)
U.S. Government agency and sponsored enterprise residential MBS	128,974		(471)		637,536		(15,207)		766,510		(15,678)
U.S. Government agency and sponsored enterprise commercial MBS	36,046		(140)		384,952		(42,767)		420,998		(42,907)

Private label residential MBS and CMOs	83,348		(101)		1,897,018		(195,457)		1,980,366		(195,558)
Private label commercial MBS	134,630		(134)		424,672		(19,757)		559,302		(19,891)
Single family real estate-backed securities	—		—		151,818		(1,977)		151,818		(1,977)
Collateralized loan obligations	37,511		(305)		60,791		(913)		98,302		(1,218)
Non-mortgage asset-backed securities	44,173		(298)		14,592		(879)		58,765		(1,177)
State and municipal obligations	12,125		(189)		47,255		(5,676)		59,380		(5,865)
SBA securities	—		—		54,222		(1,737)		54,222		(1,737)

	$	602,274	$	(2,463)	$	3,770,668	$	(291,388)	$	4,372,942	$	(293,851)

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

The Company monitors its investment securities available for sale for credit loss impairment on an individual security basis. No securities were determined to be credit loss impaired during the three months ended March 31, 2026 and 2025. At March 31, 2026, the Company did not have an intent to sell securities that were in significant unrealized loss positions, and it was not more likely than not that the Company would be required to sell these securities before recovery of the amortized cost basis, which may be at maturity. In making this determination, the Company considered its current and projected liquidity position including its ability to pledge securities to generate liquidity, its investment policy as to permissible holdings and concentration limits, regulatory requirements and other relevant factors.

At March 31, 2026, 362 securities available for sale were in unrealized loss positions. The amount of unrealized losses related to 109 of these securities was considered insignificant both individually and in the aggregate, totaling approximately $1.0 million and no further analysis with respect to these securities was considered necessary. The basis for concluding that AFS securities were not credit loss impaired and no ACL was considered necessary at March 31, 2026, is further discussed below.

Unrealized losses were primarily attributable to a sustained higher interest rate environment and in some cases, wider spreads compared to levels at which securities were purchased. The investment securities AFS portfolio was in a net unrealized loss position of $274.1 million at March 31, 2026, compared to $267.1 million at December 31, 2025, declining by $6.9 million during the three months ended March 31, 2026. While the majority of securities in the portfolio were floating rate at March 31, 2026, fixed rate securities accounted for the majority of unrealized losses.

U.S. Government, U.S. Government Agency and Government Sponsored Enterprise Securities

At March 31, 2026, 12 U.S. treasury, 40 U.S. Government agency and sponsored enterprise residential MBS, 28 U.S. Government agency and sponsored enterprise commercial MBS and 14 SBA securities were in unrealized loss positions. The timely payment of principal and interest on these securities is explicitly or implicitly guaranteed by the U.S. Government. As such, there is an assumption of zero credit loss and the Company expects to recover the amortized cost basis of these securities.

Private Label Securities

None of the impaired private label securities had missed principal or interest payments or had been downgraded by a NRSRO at March 31, 2026. The Company performed an analysis comparing the present value of cash flows expected to be collected to the amortized cost basis of impaired securities. This analysis was based on a scenario that we believe to be generally more conservative than our reasonable and supportable economic forecast at March 31, 2026, and incorporated assumptions about voluntary prepayment rates, collateral defaults, delinquencies, severity and other relevant factors as described further below. Our analysis also considered the structural characteristics of each security and the level of credit enhancement provided by that structure.

Private label residential MBS and CMOs

At March 31, 2026, 118 private label residential MBS and CMOs were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, voluntary prepayment rates, loss severity, delinquencies and recovery lag. In developing those assumptions, we took into account collateral quality measures such as FICO, LTV, documentation, loan type, property type, agency availability criteria and performing status. We also regularly monitor sector data including home price appreciation, forbearance, delinquency, special servicing and prepay trends as well as other economic data that could be indicative of stress in the sector. Underlying delinquencies in this sector remain low. Our March 31, 2026 analysis projected weighted average collateral losses for impaired securities in this category of 2.8% compared to weighted average credit support of 18.7%. As of March 31, 2026, 91% of impaired securities in this category, based on carrying value, were externally rated AAA, 3% were rated AA, 4% were rated A and one security was not externally rated.

Table of Contents

BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

Private label commercial MBS

At March 31, 2026, 20 private label commercial MBS were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, voluntary prepayment rates, loss severity, delinquencies and recovery lag. In developing those assumptions, we took into account collateral quality and type, loan size, loan purpose and other qualitative factors. We also regularly monitor collateral concentrations, collateral watch lists, bankruptcy data, defeasance data, special servicing trends, delinquency and other economic data that could be indicative of stress in the sector. We consider collateral, deal, sector and tranche level performance as well as maturity and refinance risk. While we have observed some deterioration in collateral performance in this segment, particularly in the office sector, the high credit quality of these securities and adequacy of subordination to cover projected collateral losses supports the conclusion that there is no credit loss impairment. Our March 31, 2026 analysis projected weighted average collateral losses for impaired securities in this category of 7.4% compared to weighted average credit support of 42.1%. As of March 31, 2026, 80% of impaired securities in this category, based on carrying value, were externally rated AAA, 10% were rated AA and 10% were rated A. There was no single-asset, single-borrower exposure.

Single family real estate-backed securities

At March 31, 2026, five single family real estate-backed securities were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, loss severity, delinquencies and recovery lag. We regularly monitor sector data including home price appreciation, forbearance, delinquency and prepay trends as well as other economic data that could be indicative of stress in the sector. We consider collateral, deal, sector and tranche level performance as well as maturity and refinance risk. Our March 31, 2026 analysis projected weighted average collateral losses for this category of 6.4% compared to weighted average credit support of 60.3%. As of March 31, 2026, 55% of impaired securities in this category, based on carrying value, were externally rated AAA and 45% were rated AA.

Collateralized loan obligations

At March 31, 2026, eight collateralized loan obligations were in unrealized loss positions. Unrealized losses totaled less than 1% of total amortized cost of this segment at March 31, 2026. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, loss severity, and delinquencies, calibrated to take into account idiosyncratic risks associated with the underlying collateral. In developing those assumptions, we took into account each sector’s performance pre-, during and post the 2008 financial crisis. 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. The high credit quality of these securities and adequacy of subordination to cover projected collateral losses supports the conclusion that there is no credit loss impairment. Our March 31, 2026 analysis projected weighted average collateral losses for impaired securities in this category of 15.1% compared to weighted average credit support of 41.4%. As of March 31, 2026, 87% of the impaired securities in this category, based on carrying value, were externally rated AAA, and 13% were rated AA.

Non-mortgage asset-backed securities

At March 31, 2026, three non-mortgage asset-backed securities were in unrealized loss positions. These securities are backed by student loan collateral. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, loss severity, delinquencies, voluntary prepayment rates and recovery lag. In developing assumptions, we took into account collateral type, delineated by whether collateral consisted of loans to borrowers in school, refinancing, or a mixture. Our March 31, 2026 analysis projected weighted average collateral losses for impaired securities in this category of 3.4% compared to weighted average credit support of 35.3%. As of March 31, 2026, 21% of the impaired securities in this category, based on carrying value, were externally rated AAA, and 79% were rated AA.

State and Municipal Obligations

At March 31, 2026, five state and municipal obligations were in unrealized loss positions. Our analysis of potential credit loss impairment for these securities incorporates a comprehensive analysis and quantitative score of the underlying obligor's credit worthiness provided by a third-party vendor as well as other relevant qualitative considerations. As of March 31, 2026, 8% of the impaired securities in this category, based on carrying value, were externally rated AAA, and 92% were rated AA.

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

Note 4 Loans and Allowance for Credit Losses

Loans consisted of the following at the dates indicated (dollars in thousands):


	March 31, 2026				December 31, 2025

	Amortized Cost		Percent of Total Loans		Amortized Cost		Percent of Total Loans
Commercial:
Non-owner occupied commercial real estate	$	6,146,307	25.5	%	$	6,105,207	25.2	%
Construction and land	740,104		3.1	%	705,664		2.9	%
Owner occupied commercial real estate	2,023,527		8.4	%	2,020,572		8.3	%
Commercial and industrial	6,862,405		28.3	%	7,008,903		28.8	%

Pinnacle - municipal finance	616,486		2.6	%	619,374		2.6	%
Franchise and equipment finance	84,709		0.4	%	102,746		0.4	%

Mortgage warehouse lending	805,037		3.3	%	728,241		3.0	%
	17,278,575		71.6	%	17,290,707		71.2	%
Residential:
1-4 single family residential	5,972,932		24.7	%	6,091,959		25.1	%
Government insured residential	883,422		3.7	%	891,041		3.7	%
	6,856,354		28.4	%	6,983,000		28.8	%
Total loans	24,134,929		100.0	%	24,273,707		100.0	%
Allowance for credit losses	(208,790)				(219,825)
Loans, net	$	23,926,139			$	24,053,882

Premiums, discounts and deferred fees and costs, excluding the non-credit related discount on PCD loans, totaled $23 million and $22 million at March 31, 2026 and December 31, 2025, respectively. The amortized cost of PCD loans totaled $31 million and $32 million at March 31, 2026 and December 31, 2025, respectively.

Included in loans, net are direct or sales type finance leases totaling $381 million at both March 31, 2026 and December 31, 2025. The amount of income recognized from direct or sales type finance leases for the three months ended March 31, 2026 and 2025 totaled $2.3 million and $2.9 million, respectively, and is included in interest income on loans in the consolidated statements of income.

During the three months ended March 31, 2026 and 2025 the Company purchased residential loans totaling $82 million and $96 million, respectively.

At March 31, 2026 and December 31, 2025, the Company had pledged loans with a carrying value of approximately $15.9 billion and $15.6 billion, respectively, as security for FHLB advances and FHLB and Federal Reserve discount window capacity.

Accrued interest receivable on loans totaled $115 million and $113 million at March 31, 2026 and December 31, 2025, respectively, and is included in other assets in the accompanying consolidated balance sheets. The amount of interest income reversed on non-accrual loans was not material for the three months ended March 31, 2026 and 2025.

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

Allowance for credit losses

Activity in the ACL is summarized below for the periods indicated (in thousands):


	Three Months Ended March 31,
	2026						2025
	Commercial		Residential		Total		Commercial		Residential		Total
Beginning balance	$	208,412	$	11,413	$	219,825	$	211,203	$	11,950	$	223,153


Provision (recovery)	26,185		(1,082)		25,103		12,346		3,617		15,963
Charge-offs	(36,796)		—		(36,796)		(22,757)		—		(22,757)
Recoveries	658		—		658		3,388		—		3,388
Ending balance	$	198,459	$	10,331	$	208,790	$	204,180	$	15,567	$	219,747

The ACL was determined utilizing a 2-year reasonable and supportable forecast period. The quantitative portion of the ACL was determined by weighting three third-party provided economic scenarios.

The ACL was 0.87% of total loans at March 31, 2026 compared to 0.91% at December 31, 2025. The two most significant factors impacting the ACL for the three months ended March 31, 2026 were net charge-offs, partially offset by increases in specific reserves. The ACL was also impacted, although to a lesser extent, by an increase in certain qualitative factors and decreases related to (i) improvement in the economic forecast, (ii) changes in portfolio composition and borrower financial performance and (iii) routine modeling and assumption updates.

The following table presents gross charge-offs during the three months ended March 31, 2026, by year of origination (in thousands):



	Gross Charge-offs By Loan Origination Year
	2026		2025		2024		2023		2022		Prior to 2022		Revolving Loans		Total
CRE	$	—	$	—	$	—	$	—	$	—	$	338	$	—	$	338
C&I	—		26		—		16,555		12,820		49		7,008		36,458



	$	—	$	26	$	—	$	16,555	$	12,820	$	387	$	7,008	$	36,796

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


	Three Months Ended March 31,
		2026		2025
Amount related to funded portion of loans		$	25,103	$	15,963
Amount related to off-balance sheet credit exposures		(517)		(852)


Total provision for credit losses		$	24,586	$	15,111

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

Credit quality information

Credit quality of loans held for investment is continuously monitored by dedicated commercial portfolio management and residential credit risk management functions. The Company also has a workout and recovery department that monitors the credit quality of criticized and classified loans and an independent internal credit review function.

Credit quality indicators for commercial loans

Factors that impact risk inherent in commercial portfolio segments include but are not limited to levels of economic activity or potential disruptions in economic activity, health of the national, regional and to a lesser extent global economies, interest rates, industry trends, demographic trends, inflationary trends, including particularly for commercial real estate loans the cost of insurance, patterns of and trends in customer behavior that influence demand for our borrowers' products and services, and commercial real estate values and related market dynamics. Particularly for the office sector, the evolving impact of hybrid and remote work on vacancies and valuations is a factor. Internal risk ratings are considered the most meaningful indicator of credit quality for commercial loans. Internal risk ratings are one indicator of the likelihood that a borrower will default, are a key factor influencing the level and nature of ongoing monitoring of loans and may impact the estimation of the ACL. Internal risk ratings are updated on a continuous basis. Generally, relationships with balances greater than $3 million are re-evaluated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. 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.

Table of Contents

BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

Commercial credit exposure based on internal risk rating (in thousands):


	March 31, 2026
	Amortized Cost By Origination Year												Revolving Loans
	2026		2025		2024		2023		2022		Prior				Total
CRE
Pass	$	277,373	$	1,917,330	$	860,826	$	764,402	$	811,037	$	1,569,642	$	124,885	$	6,325,495
Special mention	—		—		—		16,647		21,370		29,379		—		67,396
Substandard	—		—		—		—		87,190		405,333		94		492,617
Doubtful	—		—		—		—		—		903		—		903
Total CRE	$	277,373	$	1,917,330	$	860,826	$	781,049	$	919,597	$	2,005,257	$	124,979	$	6,886,411
C&I
Pass	$	306,398	$	1,577,262	$	1,108,925	$	675,343	$	662,043	$	1,268,177	$	2,800,776	$	8,398,924
Special mention	—		—		7,214		61,996		24,218		5,319		11,716		110,463
Substandard	—		7,569		45,097		41,515		78,633		116,055		47,821		336,690
Doubtful	—		—		3,293		8,580		1,790		15,564		10,628		39,855
Total C&I	$	306,398	$	1,584,831	$	1,164,529	$	787,434	$	766,684	$	1,405,115	$	2,870,941	$	8,885,932
Pinnacle - municipal finance
Pass	$	25,515	$	92,721	$	33,490	$	49,169	$	62,509	$	353,082	$	—	$	616,486

Total Pinnacle - municipal finance	$	25,515	$	92,721	$	33,490	$	49,169	$	62,509	$	353,082	$	—	$	616,486
Franchise and equipment finance
Pass	$	—	$	—	$	—	$	1,716	$	2,560	$	76,011	$	—	$	80,287

Substandard	—		—		—		—		1,140		3,282		—		4,422

Total Franchise and equipment finance	$	—	$	—	$	—	$	1,716	$	3,700	$	79,293	$	—	$	84,709






Mortgage warehouse lending
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	805,037	$	805,037



Total Mortgage warehouse lending	$	—	$	—	$	—	$	—	$	—	$	—	$	805,037	$	805,037


	December 31, 2025
	Amortized Cost By Origination Year												Revolving Loans
	2025		2024		2023		2022		2021		Prior				Total
CRE
Pass	$	1,836,664	$	870,799	$	822,536	$	826,480	$	382,747	$	1,286,442	$	119,505	$	6,145,173
Special mention	—		—		16,422		21,436		12,154		32,135		—		82,147
Substandard	34,723		—		—		87,201		105,074		356,553		—		583,551

Total CRE	$	1,871,387	$	870,799	$	838,958	$	935,117	$	499,975	$	1,675,130	$	119,505	$	6,810,871
C&I
Pass	$	1,693,466	$	1,159,621	$	795,383	$	674,292	$	337,040	$	1,001,431	$	2,852,094	$	8,513,327
Special mention	—		13,739		17,160		36,538		5,255		—		20,170		92,862
Substandard	1,167		24,280		65,788		90,484		20,650		104,078		68,592		375,039
Doubtful	—		—		13,462		6,377		14,954		—		13,454		48,247
Total C&I	$	1,694,633	$	1,197,640	$	891,793	$	807,691	$	377,899	$	1,105,509	$	2,954,310	$	9,029,475
Pinnacle - municipal finance
Pass	$	94,045	$	37,328	$	55,340	$	63,653	$	36,700	$	332,308	$	—	$	619,374



Total Pinnacle - municipal finance	$	94,045	$	37,328	$	55,340	$	63,653	$	36,700	$	332,308	$	—	$	619,374
Franchise and equipment finance
Pass	$	—	$	—	$	1,778	$	3,125	$	22,423	$	58,739	$	—	$	86,065

Substandard	—		—		—		—		—		16,681		—		16,681

Total Franchise and equipment finance	$	—	$	—	$	1,778	$	3,125	$	22,423	$	75,420	$	—	$	102,746






Mortgage warehouse lending
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	728,241	$	728,241



Total Mortgage warehouse lending	$	—	$	—	$	—	$	—	$	—	$	—	$	728,241	$	728,241

Table of Contents

BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

At March 31, 2026 and December 31, 2025, the balance of revolving loans converted to term loans was immaterial.

The following table presents criticized and classified commercial loans in aggregate by risk rating category at the dates indicated (in thousands):


	March 31, 2026		December 31, 2025
Special mention	$	177,859	$	175,009
Substandard - accruing	622,436		674,368
Substandard - non-accruing	211,293		300,903
Doubtful	40,758		48,247
Total	$	1,052,346	$	1,198,527

Credit quality indicators for residential loans

Management considers delinquency status to be the most meaningful indicator of the credit quality of residential loans, other than government insured residential loans. Delinquency status is updated at least monthly. LTV and FICO scores are also important indicators of credit quality for 1-4 single family residential loans other than government insured loans. FICO scores are generally updated semi-annually, and were most recently updated in the first quarter of 2026. LTVs are typically at origination. Substantially all of the government insured residential loans are government insured Buyout Loans, which the Company buys out of GNMA securitizations upon default. For these loans, traditional measures of credit quality are not particularly relevant considering the guaranteed nature of the loans and the underlying business model. Factors that impact risk inherent in the residential portfolio segment include national and regional economic conditions such as levels of unemployment, wages and interest rates, as well as residential property values.

1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on delinquency status (in thousands):


	March 31, 2026
	Amortized Cost By Origination Year
Days Past Due	2026		2025		2024		2023		2022		Prior		Total
Current	$	29,465	$	253,442	$	172,056	$	207,983	$	899,504	$	4,334,418	$	5,896,868
30 - 59 Days Past Due	—		5,412		824		3,308		6,402		37,349		53,295
60 - 89 Days Past Due	—		—		—		—		—		5,177		5,177
90 Days or More Past Due	—		159		1,728		72		1,777		13,856		17,592
	$	29,465	$	259,013	$	174,608	$	211,363	$	907,683	$	4,390,800	$	5,972,932


	December 31, 2025
	Amortized Cost By Origination Year
Days Past Due	2025		2024		2023		2022		2021		Prior		Total
Current	$	245,592	$	197,279	$	232,600	$	920,112	$	2,543,128	$	1,883,061	$	6,021,772
30 - 59 Days Past Due	2,445		72		884		7,390		17,045		20,263		48,099
60 - 89 Days Past Due	395		—		—		—		1,471		2,602		4,468
90 Days or More Past Due	159		2,016		72		975		5,380		9,018		17,620
	$	248,591	$	199,367	$	233,556	$	928,477	$	2,567,024	$	1,914,944	$	6,091,959

Table of Contents

BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on LTV (in thousands):


	March 31, 2026
	Amortized Cost By Origination Year
LTV	2026		2025		2024		2023		2022		Prior		Total
Less than 61%	$	2,405	$	41,417	$	21,195	$	38,441	$	209,933	$	1,652,587	$	1,965,978
61% - 70%	11,687		45,403		21,614		24,231		233,493		1,143,927		1,480,355
71% - 80%	6,174		106,280		102,655		120,155		460,842		1,532,408		2,328,514
More than 80%	9,199		65,913		29,144		28,536		3,415		61,878		198,085
	$	29,465	$	259,013	$	174,608	$	211,363	$	907,683	$	4,390,800	$	5,972,932


	December 31, 2025
	Amortized Cost By Origination Year
LTV	2025		2024		2023		2022		2021		Prior		Total
Less than 61%	$	42,822	$	25,252	$	41,263	$	213,007	$	1,035,507	$	652,497	$	2,010,348
61% - 70%	43,662		24,753		28,681		241,588		715,135		454,229		1,508,048
71% - 80%	102,327		116,351		133,730		470,437		785,474		775,835		2,384,154
More than 80%	59,780		33,011		29,882		3,445		30,908		32,383		189,409
	$	248,591	$	199,367	$	233,556	$	928,477	$	2,567,024	$	1,914,944	$	6,091,959

1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on FICO score (in thousands):


	March 31, 2026
	Amortized Cost By Origination Year
FICO	2026		2025		2024		2023		2022		Prior		Total
760 or greater	$	20,819	$	186,848	$	133,637	$	149,216	$	643,530	$	3,378,969	$	4,513,019
720 - 759	8,646		45,407		25,981		29,304		142,683		591,555		843,576
719 or less or not available	—		26,758		14,990		32,843		121,470		420,276		616,337
	$	29,465	$	259,013	$	174,608	$	211,363	$	907,683	$	4,390,800	$	5,972,932


	December 31, 2025
	Amortized Cost By Origination Year
FICO	2025		2024		2023		2022		2021		Prior		Total
760 or greater	$	178,910	$	145,699	$	167,837	$	671,820	$	2,058,226	$	1,395,521	$	4,618,013
720 - 759	54,894		35,812		37,624		144,931		324,779		287,334		885,374
719 or less or not available	14,787		17,856		28,095		111,726		184,019		232,089		588,572
	$	248,591	$	199,367	$	233,556	$	928,477	$	2,567,024	$	1,914,944	$	6,091,959

Table of Contents

BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

Past Due and Non-Accrual Loans

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


	March 31, 2026										December 31, 2025

	Current		30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total Amortized Cost		Current		30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or More Past Due		Total Amortized Cost
CRE	$	6,832,422	$	23,421	$	—	$	30,568	$	6,886,411	$	6,768,897	$	751	$	14,867	$	26,356	$	6,810,871
C&I	8,746,304		32,694		8,809		98,125		8,885,932		8,893,254		6,136		48,711		81,374		9,029,475
Pinnacle - municipal finance	616,486		—		—		—		616,486		619,374		—		—		—		619,374
Franchise and equipment finance	84,709		—		—		—		84,709		102,746		—		—		—		102,746
Mortgage warehouse lending	805,037		—		—		—		805,037		728,241		—		—		—		728,241
1-4 single family residential	5,896,868		53,295		5,177		17,592		5,972,932		6,021,772		48,099		4,468		17,620		6,091,959
Government insured residential	575,598		83,140		28,098		196,586		883,422		604,334		101,672		25,926		159,109		891,041
	$	23,557,424	$	192,550	$	42,084	$	342,871	$	24,134,929	$	23,738,618	$	156,658	$	93,972	$	284,459	$	24,273,707

Included in the table above is the guaranteed portion of SBA loans past due by 90 days or more totaling $30 million ($24 million of C&I and $6 million of CRE) and $34 million at March 31, 2026 and December 31, 2025, respectively.

Loans contractually delinquent by 90 days or more and still accruing totaled $197 million and $159 million at March 31, 2026 and December 31, 2025, respectively, substantially all of which were government insured residential loans. These loans are 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):


	March 31, 2026				December 31, 2025

	Amortized Cost		Amortized Cost With No Related Allowance		Amortized Cost		Amortized Cost With No Related Allowance
CRE	$	75,487	$	25,166	$	108,959	$	74,976
C&I	175,424		53,208		238,267		88,112

Franchise and equipment finance	1,140		1,140		2,516		2,516
1-4 single family residential	22,639		—		22,876		—
	$	274,690	$	79,514	$	372,618	$	165,604

Included in the table above is the guaranteed portion of non-accrual SBA loans totaling $33.8 million and $37.9 million at March 31, 2026 and December 31, 2025, respectively. The amount of interest income recognized on non-accrual loans was insignificant for the three months ended March 31, 2026 and 2025. 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 not material for the three months ended March 31, 2026 and 2025.

Table of Contents

BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

Collateral dependent loans

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


	March 31, 2026				December 31, 2025
	Amortized Cost		Extent to Which Secured by Collateral		Amortized Cost		Extent to Which Secured by Collateral

CRE	$	75,471	$	74,144	$	112,494	$	112,071
C&I	160,006		120,152		170,222		142,356

Franchise and equipment finance	1,140		1,140		2,516		2,516


	$	236,617	$	195,436	$	285,232	$	256,943

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. There were no significant changes to the extent to which collateral secured collateral dependent loans during the three months ended March 31, 2026.

Foreclosure of residential real estate

The recorded investment in residential loans in the process of foreclosure was $115 million, of which $105 million was government insured at March 31, 2026, and $104 million, of which $96 million was government insured at December 31, 2025. The carrying amount of foreclosed residential real estate included in other assets in the accompanying consolidated balance sheet was insignificant at March 31, 2026 and December 31, 2025.

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 March 31, 2026
							Combination
	Interest Rate Reduction		Term Extension		Other than Insignificant Payment Delays		Interest Rate Reduction and Term Extension		Interest Rate Reduction and Other than Insignificant Payment Delays		Term Extension and Other than Insignificant Payment Delays		Other (1)		Total		% Modified in Portfolio Segment
CRE	$	—	$	7,491	$	—	$	—	$	—	$	—	$	—	$	7,491	—	%
C&I	120		1,866		—		—		—		—		23,217		25,203		—	%

1-4 single family residential	767		—		—		—		—		—		—		767		—	%
Government insured residential	—		3,539		—		996		—		—		—		4,535		1	%
	$	887	$	12,896	$	—	$	996	$	—	$	—	$	23,217	$	37,996	—	%

(1)Other modifications includes loans that experienced a combination of Interest Rate Reduction, Term Extension and Other than Insignificant Payment Delays.

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026


	Three months ended March 31, 2025
							Combination
	Interest Rate Reduction		Term Extension		Other than Insignificant Payment Delays		Interest Rate Reduction and Term Extension		Interest Rate Reduction and Other than Insignificant Payment Delays		Term Extension and Other than Insignificant Payment Delays		Other (1)		Total		% Modified in Portfolio Segment
CRE	$	—	$	—	$	—	$	—	$	9,006	$	—	$	—	$	9,006	—	%
C&I	—		8,551		20,673		—		—		6,949		—		36,173		—	%


Government insured residential	—		6,299		—		1,953		—		—		—		8,252		1	%
	$	—	$	14,850	$	20,673	$	1,953	$	9,006	$	6,949	$	—	$	53,431	—	%

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


						Three months ended March 31, 2026
						Financial Effect
Interest Rate Reduction:
C&I						Reduced weighted average contractual interest rate from 11.3% to 9.8%.
1-4 single family residential						Reduced weighted average contractual interest rate from 6.5% to 6.1%.
Term Extension:
CRE						Added a weighted average 0.2 year to the term of the modified loans.
C&I						Added a weighted average 0.3 year to the term of the modified loans.


Government insured residential						Added a weighted average 13.2 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 6.9% to 6.3% and added a weighted average 3.9 years to the term of the modified loans.




Other:
C&I						Reduced weighted average contractual interest rate from 11.7% to 8.2%, added a weighted average 1.9 years to the term of the modified loans, and provided 3.8 years of payment deferral.

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026


						Three months ended March 31, 2025
						Financial Effect







Term Extension:

C&I						Added a weighted average 0.3 year to the term of the modified loans.


Government insured residential						Added a weighted average 11.3 years to the term of the modified loans.
Other than Insignificant Payment Delays:
C&I						Provided 0.8 year of payment deferral.
Combination - Interest Rate Reduction and Term Extension:


Government insured residential						Reduced weighted average contractual interest rate from 7.4% to 7.3% and added a weighted average 1.2 years to the term of the modified loans.
Combination - Interest Rate Reduction and Other than Insignificant Payment Delays:
CRE						Reduced weighted average contractual interest rate from 4.3% to 3.5% and provided 0.7 year of payment deferral.
Combination - Term Extension and Other than Insignificant Payment Delays:
C&I						Added a weighted average 0.6 year to the term of the modified loans and provided 1.3 years of payment deferral.

The following tables present the aging at the dates indicated, of loans that were modified within the previous 12 months (in thousands):


	March 31, 2026
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total


CRE	$	102,017	$	—	$	—	$	—	$	102,017
C&I	28,903		—		3,089		—		31,992

1-4 single family residential	886		—		—		—		886
Government insured residential	8,131		3,917		3,737		22,605		38,390
	$	139,937	$	3,917	$	6,826	$	22,605	$	173,285


	March 31, 2025
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total
CRE	$	76,644	$	—	$	—	$	16,450	$	93,094
C&I	180,333		10,338		—		1,500		192,171
Franchise and equipment finance	1,560		—		—		—		1,560
1-4 single family residential	169		—		—		—		169
Government insured residential	9,018		4,684		3,275		13,202		30,179
	$	267,724	$	15,022	$	3,275	$	31,152	$	317,173

Table of Contents

BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

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


	Three Months Ended March 31,
	2026				2025
			Combination							Combination
	Term Extension		Interest Rate Reduction and Term Extension			Total		Term Extension			Interest Rate Reduction and Term Extension		Total




Government insured residential	6,136		2,968			9,104		5,060			1,333		6,393
	$	6,136	$	2,968		$	9,104	$	5,060		$	1,333	$	6,393

Note 5 Income Taxes

The Company’s effective income tax rate was 24.3% and 27.0% for the three months ended March 31, 2026 and 2025, respectively. The effective income tax rates differed from the statutory federal income tax rate of 21% for the three months ended March 31, 2026 and 2025 primarily due to the impact of state income taxes.

Note 6 Derivative Financial Instruments

Derivatives designated as hedging instruments

The Company has entered into interest rate derivatives designated as cash flow hedges with the objective of limiting the variability of interest payment cash flows. Changes in fair value of derivative instruments designated as cash flow hedges are reported in accumulated other comprehensive income.

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


	March 31, 2026						December 31, 2025

	Notional Amount		Fair Value(1)				Notional Amount		Fair Value(1)
			Asset		Liability				Asset		Liability
Derivatives designated as cash flow hedges:
Interest rate swaps	$	3,805,000	$	2,356	$	(8,127)	$	4,555,000	$	7,104	$	(1,955)

Interest rate collar	125,000		—		—		125,000		1		—


	$	3,930,000	$	2,356	$	(8,127)	$	4,680,000	$	7,105	$	(1,955)

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

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 March 31,
		2026		2025
Location of gain (loss) reclassified from AOCI into income:
Interest expense on deposits		$	—	$	1,345
Interest expense on borrowings		949		6,041
Interest income on loans		574		(1,304)
		$	1,523	$	6,082

During the three months ended March 31, 2026 and 2025, 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.

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

As of March 31, 2026, the amount of net loss expected to be reclassified from AOCI into earnings during the next 12 months was $1.1 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 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. In addition, 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 in earnings. Fees recognized related to these derivative instruments were $2.7 million and $3.2 million for the three months ended March 31, 2026 and 2025, respectively, and are included in "capital markets income" in the accompanying consolidated statements of income.

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 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 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 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):


	March 31, 2026						December 31, 2025

	Notional Amount		Fair Value(1)				Notional Amount		Fair Value(1)
			Asset		Liability				Asset		Liability

Pay-fixed interest rate swaps	$	4,278,588	$	28,743	$	(33,771)	$	4,136,758	$	26,526	$	(50,883)
Pay-variable interest rate swaps	4,278,588		33,894		(28,743)		4,136,758		51,012		(26,526)
Interest rate caps and collars purchased	230,846		510		(21)		280,537		198		(42)
Interest rate caps and collars sold	230,846		21		(510)		280,537		42		(198)
RPAs purchased	246,276		271		—		245,198		273		—
RPAs sold	365,143		—		(187)		357,889		—		(212)


	$	9,630,287	$	63,439	$	(63,232)	$	9,437,677	$	78,051	$	(77,861)

(1)Fair values of these derivatives are included in other assets and other liabilities in the consolidated balance sheets. The notional amount and fair value of the foreign currency forward derivative contracts not designated as hedging instruments were not significant at March 31, 2026 and December 31, 2025.

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.

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BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

Master netting agreements

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


	March 31, 2026

			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	$	31,609	$	—	$	31,609	$	(18,294)	$	(13,261)	$	54
Derivative liabilities	(41,919)		—		(41,919)		18,294		22,151		(1,474)
	$	(10,310)	$	—	$	(10,310)	$	—	$	8,890	$	(1,420)


	December 31, 2025

			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	$	33,829	$	—	$	33,829	$	(23,382)	$	(9,258)	$	1,189
Derivative liabilities	(52,880)		—		(52,880)		23,382		29,498		—
	$	(19,051)	$	—	$	(19,051)	$	—	$	20,240	$	1,189

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.

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 March 31,
	2026						2025
	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	$	(3,538)	$	920	$	(2,618)	$	68,469	$	(17,802)	$	50,667
Amounts reclassified to gain on investment securities available for sale, net	(3,399)		884		(2,515)		(825)		214		(611)
Net change in unrealized gains (losses) on investment securities available for sale	(6,937)		1,804		(5,133)		67,644		(17,588)		50,056
Unrealized gains (losses) on derivative instruments:
Net unrealized holding losses arising during the period	(9,764)		2,539		(7,225)		3,718		(967)		2,751
Amounts reclassified to interest expense on deposits	—		—		—		(1,345)		350		(995)
Amounts reclassified to interest expense on borrowings	(949)		247		(702)		(6,041)		1,571		(4,470)
Amounts reclassified to interest income on loans	(574)		149		(425)		1,304		(339)		965

Net change in unrealized gains (losses) on derivative instruments	(11,287)		2,935		(8,352)		(2,364)		615		(1,749)
Other comprehensive income	$	(18,224)	$	4,739	$	(13,485)	$	65,280	$	(16,973)	$	48,307

Table of Contents

BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

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



	Unrealized Gain (Loss) on Investment Securities Available for Sale		Unrealized Gain (Loss) on Derivative Instruments		Total





Balance at December 31, 2025	$	(197,673)	$	8,078	$	(189,595)
Other comprehensive loss	(5,133)		(8,352)		(13,485)
Balance at March 31, 2026	$	(202,806)	$	(274)	$	(203,080)

Balance at December 31, 2024	$	(300,161)	$	15,620	$	(284,541)
Other comprehensive income (loss)	50,056		(1,749)		48,307
Balance at March 31, 2025	$	(250,105)	$	13,871	$	(236,234)

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 typically include all categories of investment securities not classified within level 1 of the hierarchy. 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 significant unexpected quarter-over-quarter fluctuations or deviations from expectations is challenged. The Company has also established a quarterly process whereby prices provided by its primary pricing service are validated by obtaining a price from a second external source for most securities in the portfolio. 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 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.

Table of Contents

BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

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


	March 31, 2026
	Level 1		Level 2		Total
Investment securities available for sale:
U.S. Treasury securities	$	259,998	$	—	$	259,998
U.S. Government agency and sponsored enterprise residential MBS	—		2,464,664		2,464,664
U.S. Government agency and sponsored enterprise commercial MBS	—		675,725		675,725
Private label residential MBS and CMOs	—		2,516,325		2,516,325
Private label commercial MBS	—		2,402,462		2,402,462
Single family real estate-backed securities	—		185,601		185,601
Collateralized loan obligations	—		771,825		771,825
Non-mortgage asset-backed securities	—		57,656		57,656
State and municipal obligations	—		108,717		108,717
SBA securities	—		56,570		56,570

Marketable equity securities	5,625		—		5,625
Derivative assets	—		65,795		65,795
Total assets at fair value	$	265,623	$	9,305,340	$	9,570,963
Derivative liabilities	$	—	$	(71,359)	$	(71,359)
Total liabilities at fair value	$	—	$	(71,359)	$	(71,359)


	December 31, 2025

	Level 1		Level 2		Total
Investment securities available for sale:
U.S. Treasury securities	$	268,653	$	—	$	268,653
U.S. Government agency and sponsored enterprise residential MBS	—		2,563,027		2,563,027
U.S. Government agency and sponsored enterprise commercial MBS	—		534,363		534,363
Private label residential MBS and CMOs	—		2,490,828		2,490,828
Private label commercial MBS	—		2,168,110		2,168,110
Single family real estate-backed securities	—		225,892		225,892
Collateralized loan obligations	—		780,944		780,944
Non-mortgage asset-backed securities	—		58,765		58,765
State and municipal obligations	—		109,520		109,520
SBA securities	—		57,815		57,815

Marketable equity securities	5,734		—		5,734
Derivative assets	—		85,156		85,156
Total assets at fair value	$	274,387	$	9,074,420	$	9,348,807
Derivative liabilities	$	—	$	(79,816)	$	(79,816)
Total liabilities at fair value	$	—	$	(79,816)	$	(79,816)

Table of Contents

BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

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

The 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):


	March 31, 2026		December 31, 2025

Collateral dependent loans	$	122,274	$	183,259

OREO	963		512

	$	123,237	$	183,771

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):


		March 31, 2026				December 31, 2025

	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Cash and cash equivalents	1	$	384,941	$	384,941	$	217,784	$	217,784
Investment securities	1/2	$	9,505,168	$	9,505,168	$	9,263,651	$	9,263,651
Non-marketable equity securities	2	$	149,590	$	149,590	$	140,684	$	140,684

Loans, net	3	$	23,926,139	$	23,562,053	$	24,053,882	$	23,707,267
Derivative assets	2	$	65,795	$	65,795	$	85,156	$	85,156
Liabilities:
Demand, savings and money market deposits	2	$	25,333,234	$	25,333,234	$	25,464,221	$	25,464,221
Time deposits	2	$	4,026,866	$	4,021,434	$	3,888,684	$	3,887,392

FHLB advances	2	$	1,755,000	$	1,755,003	$	1,555,000	$	1,555,021
Notes and other borrowings	2	$	319,340	$	315,660	$	319,740	$	318,456
Derivative liabilities	2	$	71,359	$	71,359	$	79,816	$	79,816

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.

Table of Contents

BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

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, some 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.

Total lending related commitments outstanding at March 31, 2026 were as follows (in thousands):


Commitments to fund loans	$	308,692

Unfunded commitments under lines of credit	4,962,740
Commercial and standby letters of credit	224,220
	$	5,495,652

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 March 31,
		2026	2025
			Average Balance		Average Rate Paid		Average Balance		Average Rate Paid
Demand deposits:
Non-interest bearing			$	8,463,491	—	%	$	7,413,117	—	%
Interest bearing			6,033,099		2.91	%	4,811,826		3.36	%
Savings and money market			10,245,692		2.90	%	10,833,734		3.44	%
Time			3,751,256		3.48	%	4,326,750		3.99	%
			$	28,493,538	2.12	%	$	27,385,427	2.58	%

Time deposit accounts with balances greater than $250,000 totaled $764 million and $774 million at March 31, 2026 and December 31, 2025, respectively.

Table of Contents

BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

The following table presents maturities of time deposits as of March 31, 2026 (in thousands):


Maturing in:
2026	$	3,863,417
2027	133,743
2028	27,455
2029	912
2030	817
Thereafter	522
	$	4,026,866

Included in deposits are public funds deposits of $3.1 billion and $3.2 billion, at March 31, 2026 and December 31, 2025, respectively, and brokered deposits of $4.6 billion and $4.9 billion at March 31, 2026 and December 31, 2025, respectively.

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


	Three Months Ended March 31,
		2026		2025
Interest bearing demand		$	43,294	$	39,893
Savings and money market		73,278		91,779
Time		32,122		42,538
		$	148,694	$	174,210

We incur costs related to certain deposit rebate and commission programs. During the three months ended March 31, 2026 and 2025, costs related to those programs that were correlated with the balance in the related deposit accounts totaled $13.2 million in each period. These expenses are included in "other non-interest expense" in the accompanying consolidated statements of income.

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 three months ended March 31, 2026 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 2025 Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 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", "could", 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 2025 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

Quarterly Highlights

In evaluating our financial performance, we consider (i) the funding mix and the composition of interest earning assets; (ii) the level of and trends in net interest income and the net interest margin; (iii) the cost of deposits, trends in non-interest income and non-interest expense; (iv) performance ratios such as the return on average equity and return on average assets and trends in those metrics; and (v) asset quality metrics, including the level of criticized and classified assets, the ratios of non-performing loans to total loans and non-performing assets to total assets, delinquency and net charge-off rates, as well as trends in those metrics. 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.

Quarterly Highlights include:

•Net income for the three months ended March 31, 2026 was $61.9 million, or $0.83 per diluted share, compared to $69.3 million, or $0.90, per diluted share for the immediately preceding three months ended December 31, 2025 and $58.5 million, or $0.78 per diluted share for the three months ended March 31, 2025. PPNR increased by 12%, to $106.3 million for the three months ended March 31, 2026, from $95.2 million for the three months ended March 31, 2025.

•For the three months ended March 31, 2026, the annualized ROAA was 0.72% and annualized ROAE was 8.1%.

•The net interest margin, calculated on a tax-equivalent basis, declined to 2.99% for the three months ended March 31, 2026 from 3.06% for the immediately preceding quarter, reflecting seasonal trends; however the net interest margin increased 18 bps from 2.81% for the three months ended March 31, 2025. The decrease in the net interest margin from the immediately preceding quarter was primarily a result of variable rate assets repricing faster than continued improvement in funding cost and funding mix dynamics.

•The average cost of total deposits declined to 2.12% for the three months ended March 31, 2026, from 2.18% for the immediately preceding quarter, and 2.58% for the three months ended March 31, 2025. The spot APY of total deposits declined to 2.09% at March 31, 2026 from 2.10% at December 31, 2025.

•Total deposits, excluding brokered deposits, grew by $277 million for the three months ended March 31, 2026. NIDDA declined by $166 million during the three months ended March 31, 2026, primarily due to seasonality, and represented 30% of total deposits at March 31, 2026. NIDDA grew by $875 million compared to March 31, 2025, one year ago.

•Wholesale funding, including FHLB advances and brokered deposits, declined by $70 million for the three months ended March 31, 2026.

•Total loans declined by $139 million for the three months ended March 31, 2026. Core loans increased by $9 million, impacted by seasonally low commercial volume in the first quarter. Residential, franchise, equipment and municipal finance portfolios declined by a combined $148 million reflective of our balance sheet repositioning strategy.

•The loan to deposit ratio declined to 82.3% at March 31, 2026, from 82.7% at December 31, 2025.

•Total criticized and classified loans declined by $146 million, or 12%, while non-performing loans declined by $98 million, or 26%, for the three months ended March 31, 2026. The NPA ratio at March 31, 2026 was 0.79%, including 0.10% related to the guaranteed portion of non-performing SBA loans, compared to 1.08% including 0.11% related to the guaranteed portion of non-performing SBA loans at December 31, 2025. The annualized net charge-off ratio for the three months ended March 31, 2026, was 0.61%; the net charge-off for the trailing twelve months was 0.37%.

•The ratio of the ACL to total loans declined to 0.87% at March 31, 2026, from 0.91% at December 31, 2025. The ratio of the ACL to non-performing loans increased to 75.90% at March 31, 2026 from 58.99% at December 31, 2025, reflecting the decline in non-performing loans. The provision for credit losses was $24.6 million for the three months ended March 31, 2026, compared to $15.1 million for the three months ended March 31, 2025.

•At March 31, 2026, CET1 was 12.2%. The ratio of tangible common equity to tangible assets was 8.3%.

•Book value and tangible book value per common share were, $41.11 and $40.05, respectively, at March 31, 2026, compared to $41.19 and $40.14, respectively, at December 31, 2025.

•During the three months ended March 31, 2026, the Company repurchased approximately 1.3 million shares of its common stock for an aggregate purchase price of $60.0 million. In January 2026, the Company's Board of Directors authorized the repurchase of up to an additional $200 million in shares of its outstanding common stock.

•The Company announced an increase of $0.02 per share in its common stock dividends for the three months ended March 31, 2026, to $0.33 per common share, a 6% increase from the previous level of $0.31 per share.

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.

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 March 31,						Three Months Ended December 31,						Three Months Ended March 31,
	2026						2025						2025
	Average Balance		Interest (1)		Yield/ Rate (1)(2)		Average Balance		Interest (1)		Yield/ Rate (1)(2)		Average Balance		Interest (1)		Yield/ Rate (1)(2)
Assets:
Interest earning assets:
Loans	$	23,835,417	$	312,812	5.31	%	$	23,697,215	$	320,252	5.37	%	$	23,933,938	$	324,113	5.48	%
Investment securities (3)	9,471,480		106,953		4.55	%	9,583,958		118,573		4.93	%	9,104,228		114,590		5.07	%
Other interest earning assets	672,001		5,794		3.49	%	737,306		6,986		3.76	%	788,547		8,436		4.33	%
Total interest earning assets	33,978,898		425,559		5.06	%	34,018,479		445,811		5.21	%	33,826,713		447,139		5.34	%
Allowance for credit losses	(218,808)						(222,451)						(228,158)
Non-interest earning assets	1,328,791						1,389,731						1,376,904
Total assets	$	35,088,881					$	35,185,759					$	34,975,459
Liabilities and Stockholders' Equity:
Interest bearing liabilities:
Interest bearing demand deposits	$	6,033,099	$	43,294	2.91	%	$	6,072,259	$	48,032	3.14	%	$	4,811,826	$	39,893	3.36	%
Savings and money market deposits	10,245,692		73,278		2.90	%	10,123,959		77,378		3.03	%	10,833,734		91,779		3.44	%
Time deposits	3,751,256		32,122		3.48	%	3,449,304		30,465		3.50	%	4,326,750		42,538		3.99	%
Total interest bearing deposits	20,030,047		148,694		3.01	%	19,645,522		155,875		3.15	%	19,972,310		174,210		3.54	%

FHLB advances	2,193,944		19,897		3.68	%	2,486,250		24,065		3.84	%	2,991,389		27,206		3.69	%
Notes and other borrowings	366,487		4,608		5.03	%	328,322		4,253		5.18	%	709,037		9,134		5.15	%
Total interest bearing liabilities	22,590,478		173,199		3.11	%	22,460,094		184,193		3.26	%	23,672,736		210,550		3.61	%
Non-interest bearing demand deposits	8,463,491						8,708,397						7,413,117
Other non-interest bearing liabilities	930,784						922,581						1,004,917
Total liabilities	31,984,753						32,091,072						32,090,770
Stockholders' equity	3,104,128						3,094,687						2,884,689
Total liabilities and stockholders' equity	$	35,088,881					$	35,185,759					$	34,975,459
Net interest income			$	252,360					$	261,618					$	236,589
Interest rate spread					1.95	%					1.95	%					1.73	%
Net interest margin					2.99	%					3.06	%					2.81	%

(1)On a tax-equivalent basis where applicable. The tax-equivalent adjustment for tax-exempt loans was $2.7 million for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025. The tax-equivalent adjustment for tax-exempt investment securities was $0.7 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025.

(2)Annualized.

(3)At fair value.

Three months ended March 31, 2026 compared to the three months ended December 31, 2025

Net interest income, calculated on a tax-equivalent basis, was $252.4 million for the three months ended March 31, 2026, compared to $261.6 million for the three months ended December 31, 2025, a decrease of $9.3 million. The decrease was comprised of decreases in tax-equivalent interest income and interest expense of $20.3 million and $11.0 million, respectively. The quarter-over-quarter decline in interest income was primarily due to lower yields on earning assets as coupon rates on floating rate instruments reset down, and was further impacted by lower SOFR/Fed fund basis. The decline in interest expense primarily related to a lower average cost of funds.

The net interest margin, calculated on a tax-equivalent basis, was 2.99% for the three months ended March 31, 2026, compared to 3.06% for the three months ended December 31, 2025. The decline reflected variable rate assets repricing faster than the continued improvement in funding cost and funding mix dynamics. Factors impacting the net interest margin for the three months ended March 31, 2026 compared to the three months ended December 31, 2025 included:

•The tax-equivalent yield on investment securities decreased to 4.55% for the three months ended March 31, 2026, from 4.93% for the three months ended December 31, 2025 primarily impacted by resets on variable rate securities.

•The tax-equivalent yield on loans decreased to 5.31% for the three months ended March 31, 2026, from 5.37% for the three months ended December 31, 2025, reflecting the impact of declining market rates on the predominantly floating-rate commercial loan portfolio.

•The average cost of interest bearing deposits decreased to 3.01% for the three months ended March 31, 2026, from 3.15% for the three months ended December 31, 2025 as we continued to reduce deposit pricing in response to a lower federal fund rate. The average cost of interest bearing deposits was impacted by seasonal declines in average NIDDA, which resulted in increased reliance on higher-cost wholesale funding, including brokered deposits.

•The average rate paid on FHLB advances decreased to 3.68% for the three months ended March 31, 2026, from 3.84% for the three months ended December 31, 2025, driven by repayment of higher rate short-term advances, partially offset by the maturities of some cash flow hedges.

Three months ended March 31, 2026 compared to the three months ended March 31, 2025

Net interest income, calculated on a tax-equivalent basis, was $252.4 million for the three months ended March 31, 2026 compared to $236.6 million for the three months ended March 31, 2025, an increase of $15.8 million. The increase was comprised of decreases in tax-equivalent interest income and interest expense of $21.6 million and $37.4 million, respectively.

The decrease in tax-equivalent interest income for the three months ended March 31, 2026 compared to the three months ended three months ended March 31, 2025 was attributable to a decrease in the yields on interest earnings assets. The decrease in interest expense for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, was attributable to decreases in both average balance and cost of interest bearing liabilities.

The net interest margin, calculated on a tax-equivalent basis, increased to 2.99% for the three months ended March 31, 2026, from 2.81% for the three months ended March 31, 2025. The increase in the net interest margin for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily a result of balance sheet repositioning, particularly an improved funding mix. For the three months ended March 31, 2026 compared to the three months ended March 31, 2025, average NIDDA grew by $1.1 billion while average FHLB advances declined by $797 million. Average NIDDA was 29.7% of average total deposits for the three months ended March 31, 2026, up from 27.1% for the three months ended March 31, 2025. Within interest bearing deposits, there was a shift from generally higher priced time deposits to generally lower priced forms of interest bearing deposits. On the asset side of the balance sheet, average core loans increased to 67.9% of average loans from 64.8% of average loans, while residential loans declined to 29.1% of average loans from 31.4% of average loans.

Decreased yields on average interest earnings assets as well as the decrease in the cost of interest bearing liabilities were primarily attributable to rate cuts throughout the later part of 2025.

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 credit losses for the periods indicated (in thousands):


	Three Months Ended March 31,
		2026		2025
Amount related to funded portion of loans		$	25,103	$	15,963
Amount related to off-balance sheet credit exposures		(517)		(852)



Total provision for credit losses		$	24,586	$	15,111

The most significant factor impacting the provision for credit losses for the three months ended March 31, 2026 was an increase in specific reserves, primarily related to two C&I loans in unrelated industries.

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 level of the ACL.

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 March 31,
		2026		2025
Deposit service charges and fees		$	6,219	$	5,235




Gain on investment securities, net		3,290		944
Lease financing		3,347		4,313
Capital markets income:
Derivative income		2,657		3,229
Loan syndication fees		591		1,332
Foreign exchange fees		436		234
Total capital markets income		3,684		4,795
Other non-interest income		8,160		6,983
Total non-interest income		$	24,700	$	22,270

The more significant items included in other non-interest income in the table above typically may include commercial card revenue, lending related fees other than origination fees, and BOLI income. The increase for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was primarily a result of increase in commercial card revenue.

Non-Interest Expense

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


	Three Months Ended March 31,
	2026		2025
Employee compensation and benefits	$	96,689	$	82,746
Occupancy and equipment	11,002		11,343
Deposit insurance expense	(1,026)		7,227

Technology	22,415		22,780
Depreciation of operating lease equipment	3,366		4,009
Deposit related rebate and commission costs	13,229		13,162
Other non-interest expense	21,688		18,959
Total non-interest expense	$	167,363	$	160,226

The increase in compensation was primarily attributable to increased head count as we invest in the growth of the franchise and routine salary increases. Employee compensation and benefits for the three months ended March 31, 2026 includes an additional $5.4 million compensation related expense.

The decrease in deposit insurance expense was primarily attributable to a $6.7 million release of FDIC special assessment accrual during the three months ended March 31, 2026. A lower base assessment rate for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, also contributed to the decline in deposit insurance expense.

Analysis of Financial Condition

We have continued to execute on our organic balance sheet transformation strategy, focused on improving both the funding profile and asset mix. For the three months ended March 31, 2026, total deposits remained relatively stable, increasing by $7 million, while non-brokered deposits increased by $277 million over the same period. Wholesale funding, including FHLB advances and brokered deposits, declined by $70 million. NIDDA declined by $166 million representing 30% of total deposits, primarily due to seasonality. Year-over-year, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, average NIDDA increased by $1.1 billion, consistent with continued progress in improving our funding profile.

Total loans declined by $139 million for the three months ended March 31, 2026, primarily due to seasonally low commercial volume and continued runoff of non-core loans. Core loans increased by $9 million while the residential, franchise, equipment and municipal finance portfolios declined by $148 million. The securities portfolio grew by $242 million for the three months ended March 31, 2026. The loan-to-deposit ratio was 82.3% at March 31, 2026 compared to 82.7% at December 31, 2025.

Investment Securities

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



	March 31, 2026				December 31, 2025
	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
U.S. Treasury securities	$	269,096	$	259,998	$	275,966	$	268,653
U.S. Government agency and sponsored enterprise residential MBS	2,460,359		2,464,664		2,562,702		2,563,027
U.S. Government agency and sponsored enterprise commercial MBS	720,406		675,725		576,295		534,363
Private label residential MBS and CMOs	2,711,818		2,516,325		2,683,881		2,490,828
Private label commercial MBS	2,419,501		2,402,462		2,182,983		2,168,110
Single family real estate-backed securities	187,701		185,601		227,711		225,892
Collateralized loan obligations	773,102		771,825		780,847		780,944
Non-mortgage asset-backed securities	58,717		57,656		59,942		58,765
State and municipal obligations	114,766		108,717		115,193		109,520
SBA securities	58,142		56,570		59,526		57,815


	$	9,773,608	$	9,499,543	$	9,525,046	$	9,257,917
Marketable equity securities			5,625				5,734
			$	9,505,168			$	9,263,651

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, CLOs, 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. The estimated effective duration of the investment portfolio was 1.93 years and the estimated weighted average life of the portfolio was 5.2 years as of March 31, 2026. Approximately 65% of the securities portfolio was floating rate at March 31, 2026.

The investment securities AFS portfolio was in a net unrealized loss position of $274.1 million at March 31, 2026, increasing by $6.9 million compared to a net unrealized loss position of $267.1 million at December 31, 2025. Net unrealized losses at March 31, 2026 included $23.1 million of gross unrealized gains and $297.1 million of gross unrealized losses. Investment securities available for sale in unrealized loss positions at March 31, 2026 had an aggregate fair value of $5.2 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.

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


March 31, 2026						December 31, 2025

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 have not sold, and do not anticipate the need to sell, securities in unrealized loss positions to generate liquidity. At March 31, 2026, the Company did not have an intent to sell securities that were in significant unrealized loss positions, and it

was not more likely than not that the Company would be required to sell these securities before recovery of the amortized cost basis, which may be at maturity. The substantial majority of our investment securities are eligible to be pledged at either the FHLB or FRB.

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.

The following table shows the weighted average prospective yields based on current rates, categorized by scheduled maturity, for AFS investment securities as of March 31, 2026. 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	—	%	2.50	%	4.06	%	—	%	3.53	%
U.S. Government agency and sponsored enterprise residential MBS	4.74	%	4.69	%	4.68	%	4.72	%	4.70	%
U.S. Government agency and sponsored enterprise commercial MBS	4.43	%	3.31	%	3.18	%	4.68	%	3.57	%
Private label residential MBS and CMOs	4.33	%	4.45	%	3.63	%	3.88	%	4.10	%
Private label commercial MBS	4.87	%	5.37	%	3.84	%	3.24	%	5.22	%
Single family real estate-backed securities	1.36	%	3.95	%	—	%	—	%	3.94	%
Collateralized loan obligations	5.43	%	5.42	%	5.48	%	—	%	5.44	%
Non-mortgage asset-backed securities	3.10	%	4.51	%	2.60	%	—	%	4.38	%
State and municipal obligations	6.04	%	4.40	%	4.34	%	—	%	5.08	%
SBA securities	4.60	%	4.58	%	4.46	%	4.24	%	4.55	%

	4.69	%	4.83	%	4.15	%	4.15	%	4.61	%

Loans

The following table shows the composition of the loan portfolio at the dates indicated (dollars in thousands):


	March 31, 2026				December 31, 2025
	Amortized Cost		Percent of Total Loans		Amortized Cost		Percent of Total Loans
Non-owner occupied commercial real estate	$	6,146,307	25.5	%	$	6,105,207	25.2	%
Construction and land	740,104		3.1	%	705,664		2.9	%
Owner occupied commercial real estate	2,023,527		8.4	%	2,020,572		8.3	%
Commercial and industrial	6,862,405		28.3	%	7,008,903		28.8	%
Mortgage warehouse lending	805,037		3.3	%	728,241		3.0	%
Total core loans	16,577,380		68.6	%	16,568,587		68.2	%
Pinnacle - municipal finance	616,486		2.6	%	619,374		2.6	%
Franchise and equipment finance	84,709		0.4	%	102,746		0.4	%
Total commercial	17,278,575		71.6	%	17,290,707		71.2	%

1-4 single family residential	5,972,932		24.7	%	6,091,959		25.1	%
Government insured residential	883,422		3.7	%	891,041		3.7	%
Total residential	6,856,354		28.4	%	6,983,000		28.8	%
Total loans	24,134,929		100.0	%	24,273,707		100.0	%
Allowance for credit losses	(208,790)				(219,825)
Loans, net	$	23,926,139			$	24,053,882

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, construction loans, SBA loans, mortgage warehouse lines of credit, municipal loans and leases and franchise and equipment finance loans and leases.

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 the dates indicated (dollars in thousands):


	March 31, 2026
	Amortized Cost		Percent of Total CRE		FL		New York Tri-State		Other		Weighted Average DSCR	Weighted Average LTV
Office	$	1,398,071	20	%	57	%	20	%	23	%	1.78	64.2	%
Warehouse/Industrial	1,584,187		23	%	44	%	7	%	49	%	1.82	48.3	%
Multifamily	1,041,798		15	%	43	%	46	%	11	%	1.94	53.2	%
Retail	1,520,622		22	%	38	%	22	%	40	%	1.81	58.7	%
Hotel	472,460		7	%	78	%	10	%	12	%	1.75	48.0	%
Construction and Land	740,104		11	%	34	%	30	%	36	%	N/A	N/A
Other	129,169		2	%	42	%	3	%	55	%	3.13	44.4	%
	$	6,886,411	100	%	47	%	21	%	32	%	1.84	55.4	%


	December 31, 2025
	Amortized Cost		Percent of Total CRE		FL		New York Tri-State		Other		Weighted Average DSCR	Weighted Average LTV
Office	$	1,426,728	21	%	61	%	20	%	19	%	1.70	64.8	%
Warehouse/Industrial	1,562,342		23	%	47	%	7	%	46	%	1.86	48.2	%
Multifamily	943,851		14	%	48	%	44	%	8	%	1.91	52.2	%
Retail	1,543,815		23	%	38	%	25	%	37	%	1.80	58.8	%
Hotel	483,267		7	%	78	%	10	%	12	%	1.62	46.9	%
Construction and Land	705,664		10	%	30	%	34	%	36	%	N/A	N/A
Other	145,204		2	%	49	%	2	%	49	%	2.96	47.0	%
	$	6,810,871	100	%	48	%	22	%	30	%	1.82	55.3	%

Geographic distribution in the table 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 secondary forms of repayment or 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 $103 million of rent regulated exposure as of March 31, 2026.

The following table presents information about CRE loans maturing in the next 12 months by property type at March 31, 2026 (dollars in thousands). 17% of the total CRE portfolio, with a weighted average coupon rate of 4.03%, is fixed rate to the borrower and maturing in the next 12 months.


	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	$	544,880	39	%	$	315,301	23	%
Warehouse/Industrial	436,027		28	%	215,186		14	%
Multifamily	256,559		25	%	179,999		17	%
Retail	314,169		21	%	243,239		16	%
Hotel	253,327		54	%	181,835		38	%
Construction and Land	346,560		47	%	716		—	%
Other	25,774		20	%	6		—	%
	$	2,177,296	32	%	$	1,136,282	17	%

The following table presents scheduled contractual maturities of the CRE portfolio by property type at March 31, 2026 (in thousands):


	2026		2027		2028		2029		2030		Thereafter		Total
Office	$	429,106	$	253,002	$	299,666	$	281,010	$	89,559	$	45,728	$	1,398,071
Warehouse/Industrial	393,476		266,604		277,147		185,716		322,333		138,911		1,584,187
Multifamily	219,115		218,083		266,219		147,729		100,773		89,879		1,041,798
Retail	308,622		156,769		405,947		139,106		335,526		174,652		1,520,622
Hotel	223,653		29,675		63,226		80,892		57,378		17,636		472,460
Construction and Land	227,848		305,459		60,294		69,475		22,974		54,054		740,104
Other	25,771		7,450		29,271		8,384		8,081		50,212		129,169
	$	1,827,591	$	1,237,042	$	1,401,770	$	912,312	$	936,624	$	571,072	$	6,886,411

The office segment totaled $1.4 billion at March 31, 2026. Medical office comprised approximately $334 million or 24% of the total office portfolio.

Non-performing CRE loans, excluding SBA loans, totaled $67 million at March 31, 2026 and included $48 million of office exposure. 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 March 31, 2026 (dollars in thousands):



	Amortized Cost(1)		Percent of Total
Finance and Insurance	$	1,430,732	16.2	%
Health Care	785,141		8.8	%
Utilities	736,959		8.3	%
Wholesale Trade	721,049		8.1	%
Manufacturing	694,747		7.8	%
Construction	652,027		7.3	%
Educational Services	646,368		7.3	%
Transport / Warehousing	530,658		6.0	%
Information	464,836		5.2	%
R/E and Rental & Leasing	454,451		5.1	%
Professional, Scientific, and Technical Services	393,623		4.4	%
Retail Trade	369,586		4.2	%
Other Services	290,782		3.3	%
Public Administration	247,833		2.8	%
Arts, Entertainment, and Recreation	150,656		1.7	%
Administrative and Support and Waste Management	110,461		1.2	%
Accommodation and Food Services	75,341		0.8	%
Other	130,682		1.5	%
	$	8,885,932	100.0	%

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

The following chart presents the geographic distribution of the commercial and industrial portfolio at March 31, 2026:


C&I Geographic Distribution

The following chart presents a further breakdown of the NDFI portfolio at March 31, 2026:


NDFI Portfolio Distribution

NDFI exposure totaled $1.4 billion, or 6% of total loans, at March 31, 2026. The "Other" category in the chart above includes primarily REITs, B2C, private equity funds, insurance and investment services. The substantial majority of the NDFI portfolio is pass rated, with three loans totaling $27 million rated non-pass.

The Pinnacle portfolio consists of essential-use equipment financing to state and local governmental entities on a national basis directly and through vendor programs and alliances, with financing structures including equipment lease purchase agreements, direct (private placement) bond re-fundings and loan agreements.

The franchise and equipment finance portfolio is comprised of loans originated by Bridge including (i) franchise acquisition, expansion and equipment financing facilities and (ii) transportation equipment finance. We expect balances in these segments will continue to decline.

Residential mortgages

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


	March 31, 2026		December 31, 2025

1-4 single family residential	$	5,972,932	$	6,091,959
Government insured residential	883,422		891,041

	$	6,856,354	$	6,983,000

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 March 31, 2026, the majority of the 1-4 single family residential loan portfolio, excluding government insured residential loans, was owner-occupied, with 81% primary residence, 5% second homes and 14% investor-owned properties.

The Company acquires non-performing FHA and VA insured mortgages from third parties who have exercised their right to purchase these loans out of GNMA securitizations upon default ("Buyout Loans"). Buyout Loans that re-perform, either through modification or self-cure, may be eligible for re-securitization. The balance of Buyout Loans totaled $851 million at March 31, 2026.

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


March 31, 2026						December 31, 2025

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):


	March 31, 2026				December 31, 2025

	Amortized Cost		Percent of Total		Amortized Cost		Percent of Total
California	$	1,785,957	29.9	%	$	1,812,330	29.7	%
New York	1,202,109		20.1	%	1,226,041		20.1	%
Florida	426,597		7.1	%	431,936		7.1	%
Illinois	301,257		5.0	%	307,499		5.0	%
Virginia	282,379		4.7	%	286,358		4.7	%
Others	1,974,633		33.2	%	2,027,795		33.4	%
	$	5,972,932	100.0	%	$	6,091,959	100.0	%

Operating lease equipment, net

Operating lease equipment, net totaled $150 million and $171 million at March 31, 2026 and December 31, 2025, respectively, consisting primarily of railcars and other transportation equipment. 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.

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 greater than $3 million, are re-evaluated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. Homogenous groups of smaller balance commercial loans may be monitored collectively. 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):


	March 31, 2026						December 31, 2025

	CRE		Total Commercial		Percent of Commercial Loans			CRE		Total Commercial		Percent of Commercial Loans
Pass	$	6,325,495	$	16,226,229	94.0	%		$	6,145,173	$	16,092,180	93.1	%
Special mention	67,396		177,859		1.0	%		82,147		175,009		1.0	%
Substandard accruing	418,033		622,436		3.6	%		474,592		674,368		3.9	%
Substandard non-accruing	74,584		211,293		1.2	%		108,959		300,903		1.7	%
Doubtful	903		40,758		0.2	%		—		48,247		0.3	%
	$	6,886,411	$	17,278,575	100.0	%		$	6,810,871	$	17,290,707	100.0	%

Total criticized and classified loans declined by $146 million for the three months ended March 31, 2026, while total criticized and classified CRE loans declined by $105 million for the same period. Non-accrual loans declined by $98 million, or 26%, for the three months ended March 31, 2026.

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-accrual loans are discussed further in the section entitled "Non-performing Assets" below.


	March 31, 2026				December 31, 2025
	Amortized Cost		% of Loan Segment			Amortized Cost		% of Loan Segment
Special mention:
CRE
Hotel	$	17,302	3.7	%		$	26.817	5.5	%


Office	21,370		1.5	%		26,754		1.9	%
Industrial	12,077		0.8	%		12,154		0.8	%
Construction and land	16,647		2.2	%		16,422		2.3	%

	67,396		1.0	%		82,147		1.2	%
Owner occupied commercial real estate	20,032		1.0	%		12,400		0.6	%
Commercial and industrial	90,431		1.3	%		80,462		1.1	%



	$	177,859				$	175,009

Substandard accruing:
CRE
Hotel	$	66,245	14.0	%		$	64,530	13.4	%
Retail	88,312		5.8	%		88,624		5.7	%
Multi-family	98,940		9.5	%		101,829		10.8	%
Office	107,356		7.7	%		162,355		11.4	%
Industrial	28,084		1.8	%		28,263		1.8	%
Construction and land	28,916		3.9	%		28,905		4.1	%
Other	180		0.1	%		86		0.1	%
	$	418,033	6.1	%		$	474,592	7.0	%
Owner occupied commercial real estate	77,700		3.8	%		72,728		3.6	%
Commercial and industrial	123,421		1.8	%		112,883		1.6	%

Franchise and equipment finance	3,282		3.9	%		14,165		13.8	%

	$	622,436				$	674,368

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


March 31, 2026						December 31, 2025

(1)Includes $29 million and $58 million of office exposure at March 31, 2026 and December 31, 2025, respectively.

Residential Loans

Excluding government insured loans, our residential portfolio consists largely of performing jumbo mortgage loans purchased through established correspondent channels with FICO scores above 720, 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 March 31, 2026:

FICO Distribution

LTV Distribution

Vintage

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


Residential Delinquencies

FICO scores are generally updated semi-annually and were most recently updated in the first quarter of 2026. LTVs are typically based on valuation at origination.

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

Non-Performing Assets

Non-performing assets 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):


	March 31, 2026			December 31, 2025
Non-accrual loans:
Commercial:
Non-owner occupied commercial real estate	$	66,946		$	67,348
Construction and land	—			29,662
Owner occupied commercial real estate	20,230			23,706
Commercial and industrial	128,591			187,068

Franchise and equipment finance	1,140			2,516
Guaranteed portion of SBA	33,812			37,926
Non-guaranteed portion of SBA	1,332			1,516
Total commercial loans	252,051			349,742
Residential	22,639			22,876
Total non-accrual loans	274,690			372,618
Loans past due 90 days and still accruing	395			—
Total non-performing loans	275,085			372,618
OREO and other non-performing assets	4,190			4,829
Total non-performing assets	$	279,275		$	377,447

Non-performing loans to total loans	1.14		%	1.54		%
Non-performing loans, excluding the guaranteed portion of non-accrual SBA loans, to total loans	1.00		%	1.38		%
Non-performing assets to total assets	0.79		%	1.08		%
Non-performing assets, excluding the guaranteed portion of non-accrual SBA loans, to total assets	0.69		%	0.97		%
ACL to total loans	0.87		%	0.91		%
Commercial ACL to commercial loans (1)	1.25		%	1.30		%
ACL to non-performing loans	75.90		%	58.99		%
Net charge-offs to average loans	0.61		%	0.30		%
Net charge-offs to average loans, trailing twelve months	0.37		%	0.30		%

(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.

Contractually delinquent government insured residential loans are typically 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 $197 million and $159 million at March 31, 2026 and December 31, 2025, respectively.

The increase in the ACL to non-performing loans coverage ratio reflected overall lower non-performing loan balances at March 31, 2026 compared to December 31, 2025.

The following charts present non-performing CRE loans by property type at the dates indicated (in millions):


March 31, 2026						December 31, 2025

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 Buyout Loans, are generally placed on non-accrual status when they are 60 days past due. 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.

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 the complexity of the ACL estimate, the level of management judgment required and inherent uncertainty with respect to future developments in the external environment, it is possible that the ACL estimate could change, potentially materially, in future periods. 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.

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 March 31, 2026 and December 31, 2025, 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 2025 Annual Report on Form 10-K for more detailed information about our ACL methodology and related accounting policies.

The following table provides an analysis of the ACL, the provision for 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			Pinnacle - Municipal Finance			Franchise and Equipment Finance			Residential and MWL			Total






Balance at December 31, 2024	70,458			137,954			116			2,381			12,244			223,153
Provision for credit losses	3,646			9,542			(11)			(830)			3,616			15,963
Charge-offs	(8,512)			(14,245)			—			—			—			(22,757)
Recoveries	—			3,348			—			40			—			3,388
Balance at March 31, 2025	$	65,592		$	136,599		$	105		$	1,591		$	15,860		$	219,747

Balance at December 31, 2025	58,344			148,637			106			960			11,778			219,825
Provision for credit losses	(2,437)			29,222			(12)			(627)			(1,043)			25,103
Charge-offs	(338)			(36,458)			—			—			—			(36,796)
Recoveries	135			460			—			63			—			658
Balance at March 31, 2026	$	55,704		$	141,861		$	94		$	396		$	10,735		$	208,790

Net Charge-offs to Average Loans

Three months ended March 31, 2025	0.56		%	0.50		%	—		%	(0.08)		%	—		%	0.33		%
Three months ended March 31, 2026	0.01		%	1.67		%	—		%	(0.27)		%	—		%	0.61		%

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


	March 31, 2026				December 31, 2025
	Total		%(1)			Total		%(1)
CRE	$	55,704	28.6	%		$	58,344	28.1	%
C&I	141,861		36.7	%		148,637		37.1	%
Pinnacle - municipal finance	94		2.6	%		106		2.6	%
Franchise and equipment finance	396		0.4	%		960		0.4	%
Total Commercial	198,055					208,047
Residential and MWL	10,735		31.7	%		11,778		31.8	%
	$	208,790	100.0	%		$	219,825	100.0	%

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

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


	March 31, 2026		December 31, 2025
Commercial:
CRE	0.81	%	0.86	%
C&I	1.60	%	1.65	%
Franchise and equipment finance	0.47	%	0.93	%
Total commercial	1.25	%	1.30	%
Pinnacle - municipal finance	0.02	%	0.02	%
Residential and MWL	0.14	%	0.15	%
	0.87	%	0.91	%

ACL to non-performing loans	75.90	%	58.99	%
ACL to CRE office loans	1.69	%	2.03	%

Changes in the ACL during the three months ended March 31, 2026, are depicted in the chart below (dollars in millions):

Changes in the ACL during the three months ended March 31, 2026

As depicted in the chart above, the most significant factors impacting the ACL for the three months ended March 31, 2026, were net charge-offs, partially offset by increases in specific reserves. The ACL was also impacted, although to a lesser extent, by an increase in certain qualitative factors and decreases related to (i) improvement in the economic forecast, (ii) changes in portfolio composition and borrower financial performance and (iii) routine modeling and assumption changes.

At March 31, 2026, the ratio of the ACL to loans was 0.87%, compared to 0.91% at December 31, 2025. The commercial ACL ratio, inclusive of C&I, CRE, and franchise and equipment finance was 1.25% at March 31, 2026 compared to 1.30% at December 31, 2025. The ACL to loans ratio for CRE office loans was 1.69% at March 31, 2026 compared to 2.03% at December 31, 2025. Further discussion of changes in the ACL for select portfolio sub-segments follows:

•The ACL for the CRE portfolio sub-segment decreased by $2.6 million during the three months ended March 31, 2026, from 0.86% to 0.81% of loans, primarily a result of improvements in criticized and classified loans.

•The ACL for the commercial and industrial sub-segment decreased by $6.8 million during the three months ended March 31, 2026, from 1.65% to 1.60% of loans, primarily a result of net charge-offs, partially offset by increases in specific reserves.

The quantitative estimate of the ACL at March 31, 2026, was informed by forecasted economic scenarios published in March 2026, 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 March 31, 2026, 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 to the downside and upside scenarios.

Some of the high-level data points informing the baseline scenario used in estimating the quantitative portion of the ACL at March 31, 2026, included:

•Labor market assumptions, which reflected national unemployment peaking at 4.5% and

•Annualized growth in national GDP averaging 2.8%.

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 and residential property forecasts, projected stock market performance and volatility indices and a variety of additional 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, many 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.

Deposits

The composition of deposits at the dates indicated is shown below:


March 31, 2026						December 31, 2025

The Company has a diverse deposit book. At March 31, 2026, our largest industry vertical was title insurance with approximately $4.1 billion in total deposits. Deposits in the HOA vertical totaled $2.3 billion at March 31, 2026. Approximately 70% of our deposits were commercial or municipal deposits at March 31, 2026.

Brokered deposits totaled $4.6 billion and $4.9 billion at March 31, 2026 and December 31, 2025, respectively. Brokered deposits are generally insured and typically a readily available source of funds, however, they are typically higher cost and in some circumstances, credit sensitive. We are strategically focused on reducing the level of brokered deposits in the future.

The following graph presents trends in the deposit mix and cost of deposits (in millions):


Quarterly average cost of deposits	2.12%	2.18%
Non-interest bearing as a % of total deposits	30.5%	28.8%
Spot average APY of total deposits	2.09%	2.10%

Non-interest bearing demand deposits declined by 2%, or $166 million during the quarter ended March 31, 2026, primarily due to seasonality. Total deposits were essentially flat, quarter-over-quarter, increasing by $7 million while non-brokered deposits grew by $277 million during the quarter ended March 31, 2026.

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 and maturities of outstanding FHLB advances, as of March 31, 2026 (dollars in thousands):


	Amount		Weighted Average Rate
Maturing in:
2026 - One month or less	$	1,725,000	3.86	%
2026 - Over one month	30,000		3.85	%




Total contractual balance outstanding	$	1,755,000

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.

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 March 31, 2026 (dollars in thousands):


	Notional Amount		Weighted Average Rate
Cash flow hedges maturing in:
2026	$	680,000	3.20	%


Thereafter	25,000		2.50	%


	$	705,000	3.18	%

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):


	March 31, 2026		December 31, 2025




Subordinated notes:
Principal amount of 5.125% subordinated notes maturing on June 11, 2030	300,000		300,000
Unamortized discount and debt issuance costs	(2,984)		(3,143)
	297,016		296,857
Total notes	297,016		296,857
Finance leases	22,324		22,883
Notes and other borrowings	$	319,340	$	319,740

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.

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 unpledged securities. Additional sources of liquidity include cash flows from operations, wholesale deposits, cash flow from the Bank's amortizing securities and loan portfolios, repurchase agreements 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.

The following chart presents the components of same day available liquidity at March 31, 2026 and December 31, 2025 (in millions):


Same Day Available Liquidity

At March 31, 2026, the ratio of estimated insured and collateralized deposits to total deposits was 57% and the ratio of available liquidity to estimated uninsured, uncollateralized deposits was 136%. As a commercially focused bank, due to the inherent nature of commercial deposits and the fact that deposit insurance is designed primarily to protect consumers, a significant portion of our deposits are uninsured.

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 a wholesale funding ratio, the ratio of available liquidity to uninsured/non-collateralized deposits, 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 brokered deposits to total deposits and large depositor concentrations. We also have single depositor relationship limits. Our liquidity management framework incorporates a robust contingency funding plan and liquidity stress testing framework.

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:

March 31, 2026

Policy Limit

Wholesale funding/total assets

18.0%

<37.5%

March 31, 2026

Operating Threshold

Available operational liquidity/volatile liabilities

2.65x

≥1.30x

Liquidity stress test coverage ratio

2.72x

≥1.50x

One year liquidity ratio

2.86x

≥1.00x

Loan to deposit ratio

82.3%

≤100%

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

10.5%

≤15%

Available on-balance sheet liquidity

5.9%

≥5%

Available liquidity to uninsured/non-collateralized deposits

136%

≥100%

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 and access to capital markets. 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 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 March 31, 2026 and December 31, 2025, the Company and the Bank had capital levels that exceeded both the regulatory well-capitalized guidelines and all internal capital ratio targets.

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 March 31, 2026 (dollars in thousands):



	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	$	3,140,222	8.91	%	N/A (1)		N/A (1)		$	1,410,490	4.00	%	N/A (1)		N/A (1)
CET1 risk-based capital	$	3,140,222	12.19	%	$	1,674,264	6.50	%	$	1,159,106	4.50	%	$	1,803,054	7.00	%
Tier 1 risk-based capital	$	3,140,222	12.19	%	$	2,060,633	8.00	%	$	1,545,475	6.00	%	$	2,189,423	8.50	%
Total risk-based capital	$	3,596,453	13.96	%	$	2,575,791	10.00	%	$	2,060,633	8.00	%	$	2,704,581	10.50	%
BankUnited:
Tier 1 leverage	$	3,317,763	9.41	%	$	1,762,447	5.00	%	$	1,409,958	4.00	%	N/A		N/A
CET1 risk-based capital	$	3,317,763	12.89	%	$	1,672,969	6.50	%	$	1,158,209	4.50	%	$	1,801,659	7.00	%
Tier 1 risk-based capital	$	3,317,763	12.89	%	$	2,059,038	8.00	%	$	1,544,279	6.00	%	$	2,187,728	8.50	%
Total risk-based capital	$	3,533,995	13.73	%	$	2,573,798	10.00	%	$	2,059,038	8.00	%	$	2,702,488	10.50	%

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

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 and its Risk Committee. The Board of Directors or its Risk Committee monitor compliance with these policies at least quarterly.

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.

Net Interest Income Simulation

The income simulation model analyzes interest rate sensitivity by projecting net interest income over 12- and 24-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 processes in response to changes in the interest rate environment, the economic climate and observed customer behavior. Currently, our interest rate risk management 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 the dates indicated:


	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 March 31, 2026 - increase (decrease)
In year 1	(3.6)	%	(1.1)	%	1.5	%	2.0	%
In year 2	(9.4)	%	(4.1)	%	3.9	%	6.8	%
Model Results at December 31, 2025 - increase (decrease)
In year 1	(4.7)	%	(1.9)	%	1.9	%	3.4	%
In year 2	(8.8)	%	(3.8)	%	3.3	%	6.2	%

EVE Simulation

The following table illustrates the modeled change in EVE in the indicated scenarios at the dates indicated:


	Down 200		Down 100		Plus 100		Plus 200
Policy Limits	(20.0)	%	(10.0)	%	(10.0)	%	(20.0)	%
Model Results at March 31, 2026 - increase (decrease):	6.9	%	5.2	%	(2.9)	%	(7.0)	%
Model Results at December 31, 2025 - increase (decrease):	7.1	%	5.3	%	(3.5)	%	(7.8)	%

All of the modeled results at March 31, 2026 are within ALM policy limits.

The Company uses many assumptions in estimating the impact of changes in interest rates on forecasted net interest income and EVE. Actual results may not be similar to the Company's projections due to many factors including but not limited to the timing and frequency of market rate changes, market conditions, unanticipated changes in depositor behavior and loan prepayment speeds, the shape of the yield curve, changes in balance sheet composition and the Company's actions in response to changing external and balance sheet dynamics. Some of the more significant assumptions used by the Company in estimating the impact of changes in interest rates on forecasted net interest income and EVE at March 31, 2026 were:

•Prepayment speeds for loans, with CPRs ranging from 7.45% to 16.31% depending on loan characteristics and the magnitude of the modeled rate shock;

•Prepayment speeds for investment securities, with CPRs ranging from 4.24% to 12.87% depending on individual security collateral and characteristics and the magnitude of the modeled rate shock;

•Deposit decay rates ranging between 9.73% and 13.7%, depending on the magnitude of the modeled rate shock; and

•Overall non-maturity interest bearing deposit beta of 80%.

Derivative Financial Instruments and Hedging Activities

Management continually evaluates a variety of hedging strategies that are available to manage interest rate risk.

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

The following tables provide information about the Company's derivatives designated as cash flow hedges as of March 31, 2026 (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

Pay-fixed interest rate swaps	Variability of interest cash flows on variable rate borrowings	$	705,000	3.20%	Daily SOFR	0.9

Pay-variable interest rate swaps	Variability of interest cash flows on variable rate loans	2,100,000		Term SOFR	3.79%	0.7
Forward starting pay-variable interest rate swaps	Variability of interest cash flows on variable rate loans	1,000,000		Term SOFR	3.09%	2.5

Interest rate collar, indexed to 1-month SOFR	Variability of interest cash flows on variable rate loans	125,000		5.58%	1.50%	0.4


		$	3,930,000


	Variability of Interest Payment Cash Flows on Variable Rate Loans				Variability of Interest Payment Cash Flows on Variable Rate Liabilities
	Notional Amount		Weighted Average Rate		Notional Amount		Weighted Average Rate
Cash flows hedges maturing in:
Second quarter 2026	$	50,000	2.15	%	$	250,000	3.06	%
Third quarter 2026	1,125,000		3.68	%	230,000		3.32	%
Fourth quarter 2026	750,000		3.96	%	200,000		3.33	%
2027	300,000		3.76	%	—		—	%
2028	1,000,000		3.09	%	—		—	%


Thereafter	—		—	%	25,000		2.50	%
	$	3,225,000			$	705,000

The short duration of our AFS investment portfolio (1.92 at March 31, 2026) 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.

Non-GAAP Financial Measures

Tangible book value per common share is a non-GAAP financial measure. Management believes this measure is relevant to understanding the capital position and performance of the Company. Disclosure of this non-GAAP financial measure also provides a meaningful basis for comparison to other financial institutions as it is a metric commonly used in the banking industry.

PPNR is a non-GAAP financial measure. Management believes this measure is relevant to understanding the performance of the Company attributable to elements other than the provision for credit losses and the ability of the Company to generate earnings sufficient to cover estimated credit losses. This measure also provides a meaningful basis for comparison to other financial institutions since it is commonly employed and is a measure frequently cited by investors and analysts.

The following tables reconcile the non-GAAP financial measurement to the comparable GAAP financial measurements at the dates and for the periods indicated (in thousands except share and per share data):


	March 31, 2026		December 31, 2025
Total stockholders’ equity	$	3,015,537	$	3,053,829
Less: goodwill and other intangible assets	77,637		77,637
Tangible stockholders’ equity	$	2,937,900	$	2,976,192

Common shares issued and outstanding	73,354,206		74,138,066

Book value per common share	$	41.11	$	41.19

Tangible book value per common share	$	40.05	$	40.14


	Three Months Ended
		March 31, 2026		March 31, 2025

Income before income taxes		$	81,738	$	80,072
Provision for credit losses		24,586		15,111
PPNR		$	106,324	$	95,183

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 March 31, 2026, 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 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2026.

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


	Issuer Purchases of Equity Securities
Period	Total number of shares purchased(1)	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs	Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs(2)(3)
January 1 - January 31, 2026	155,023	$	46.07	155,023	$	248,334,082
February 1 - February 28, 2026	420,086	$	48.57	420,086	$	227,931,384
March 1 - March 31, 2026	715,215	$	44.75	715,215	$	195,928,066
Total	1,290,324	$	46.15	1,290,324

(1) The total number of shares purchased during the periods indicated includes shares purchased as part of a publicly announced program.

(2) On July 22, 2025, the Company's Board of Directors authorized the repurchase of up to $100 million in shares of its outstanding common stock. No time limit was set for the completion of the share repurchase program, and the program may be suspended or discontinued without prior notice at any time. The authorization does not require the Company to acquire any specified number of common shares.

(3) On January 20, 2026, the Company's Board of Directors authorized the repurchase of up to $200 million in shares of its outstanding common stock in addition to shares remaining available for purchase under the repurchase program approved on July 22, 2025. No time limit was set for the completion of the share repurchase program and the program may be suspended or discontinued without prior notice at any time. The authorization does not require the Company to acquire any specified number of common shares.

Item 5. Other Information

During the three months ended March 31, 2026, 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.

Item 6.

Exhibits

Exhibit
Number

Description

Location

10.1

Fifth Amendment, dated April 8, 2026, to the Amended and Restated Employment Agreement, dated February 2, 2016, as amended on May 6, 2016, January 4, 2017, December 19, 2019, and May 2, 2023 by and between BankUnited, Inc. and Rajinder P. Singh

Filed herewith

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

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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

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Filed herewith

101.PRE

XBRL Taxonomy Extension Presentation Linkbase

Filed herewith

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 7th day of May 2026.


			/s/ Rajinder P. Singh
			Rajinder P. Singh
			Chairman, President and Chief Executive Officer


			/s/ James G. Mackey
			James G. Mackey
			Chief Financial Officer


		Page

	Glossary of Defined Terms	ii

PART I.	FINANCIAL INFORMATION

ITEM 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets	1
	Consolidated Statements of Income	2
	Consolidated Statements of Comprehensive Income	3
	Consolidated Statements of Cash Flows	4
	Consolidated Statements of Stockholders’ Equity	6
	Notes to Consolidated Financial Statements	7

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	59

ITEM 4.	Controls and Procedures	59

PART II.	OTHER INFORMATION

ITEM 1.	Legal Proceedings	59

ITEM 1A.	Risk Factors	59

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59

ITEM 5.	Other Information	60

ITEM 6.	Exhibits	61

SIGNATURES		62

BankUnited - 10-Q quarterly report FY

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