BankUnited, Inc. has reported its financial results for the quarter and year ended December 31, 2024. The net income for the quarter was $69.3 million, or $0.91 per diluted share, compared to $61.5 million, or $0.81 per diluted share, for the immediately preceding quarter ended September 30, 2024. For the year ended December 31, 2024, the company reported net income of $232.5 million, or $3.08 per diluted share, compared to $178.7 million, or $2.38 per diluted share, for the year ended December 31, 2023. Notably, the net interest margin expanded to 2.84% for the quarter ended December 31, 2024, up from 2.78% for the immediately preceding quarter and 2.60% for the comparable quarter of the prior year.
The average non-interest bearing demand deposits grew significantly by $173 million for the quarter ended December 31, 2024, and by $648 million compared to the fourth quarter of 2023. Additionally, wholesale funding, including FHLB advances and brokered deposits, declined by $346 million for the quarter ended December 31, 2024.
Total deposits were relatively flat quarter over quarter, growing by $9.5 million for the quarter ended December 31, 2024. However, for the year ended December 31, 2024, total deposits grew by $1.3 billion, with non-brokered deposits growing by $1.4 billion.
The company's loan to deposit ratio declined to 87.2% at December 31, 2024, from 87.6% at September 30, 2024 and 92.8% at December 31, 2023. Total criticized and classified commercial loans declined by $75.1 million for the quarter ended December 31, 2024. However, non-performing loans increased by $26.2 million, primarily related to one CRE office loan.
The net interest income for the quarter ended December 31, 2024, was $239.3 million, compared to $234.1 million for the immediately preceding quarter ended September 30, 2024, and $217.2 million for the quarter ended December 31, 2023.
The ACL to total loans ratio declined to 0.92% at December 31, 2024, compared to 0.94% at September 30, 2024, and 0.82% at December 31, 2023. The company reported a net charge-off ratio of 0.16% for the year ended December 31, 2024.
BankUnited, Inc.'s capital position remains robust, with CET1 at 12.0% at a consolidated level and pro-forma CET1, including accumulated other comprehensive income, at 10.9% at December 31, 2024. Tangible book value per common share continued to grow, reaching $36.61 at December 31, 2024, compared to $36.52 at September 30, 2024, and $33.62 at December 31, 2023.
As a result of these announcements, the company's shares have moved 0.1% on the market, and are now trading at a price of $40.16. If you want to know more, read the company's complete 8-K report here.
