BankUnited, Inc. has recently released its 10-K report, providing detailed insights into the company's financial performance and strategic priorities. BankUnited, Inc. operates as the bank holding company for BankUnited, offering a range of banking services, including deposit products, loans, and treasury services. The company's strategic priorities include growing core customer relationships, improving funding profile, and transitioning to a mix of assets with higher risk-adjusted returns.
In the Management's Discussion and Analysis of Financial Condition and Results of Operations, BankUnited highlights its vision to build a leading regional commercial and small business bank, emphasizing strong service-oriented relationships, robust digital-enabled customer experiences, and operational excellence. The report also discusses the challenging macro-environment for the banking industry, including the impact of interest rate fluctuations and regional bank closures.
The 10-K report further presents the company's performance highlights for the year ended December 31, 2024. Net income for the year was $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. The return on average assets (ROAA) improved to 0.66% for the year ended December 31, 2024, from 0.49% for the year ended December 31, 2023. Additionally, the net interest margin expanded to 2.73% for the year ended December 31, 2024, from 2.56% for the year ended December 31, 2023, primarily as a result of balance sheet repositioning and an improved funding mix.
The report also provides detailed insights into the composition of deposits, loan portfolio shifts, net charge-off ratio, and capital and liquidity levels. Notably, the company's consolidated CET1 capital was 12.0% at December 31, 2024, and total same-day available liquidity was $15.5 billion at the same date.
Moreover, the report discusses critical accounting policies and estimates, with a focus on the allowance for credit losses (ACL). The ACL represents management's estimate of current expected credit losses on the loan portfolio and AFS securities portfolio, requiring extensive judgment and estimation.
As a result of these announcements, the company's shares have moved 0.9% on the market, and are now trading at a price of $37.58. If you want to know more, read the company's complete 10-K report here.
