BankUnited, Inc. has reported its first quarter 2025 financial results, showing a net income of $58.5 million, or $0.78 per diluted share. This is a decrease from the immediately preceding quarter ended December 31, 2024, which reported a net income of $69.3 million, or $0.91 per diluted share. However, compared to the same period last year, the company's performance has improved significantly, with net income for the quarter ended March 31, 2025, increasing to $58.5 million from $48.0 million for the quarter ended March 31, 2024.
The company's funding profile improved with non-interest bearing demand deposits (NIDDA) growing by $453 million, or 5.9%, for the quarter ended March 31, 2025, to 29% of total deposits. Non-brokered deposits grew by $719 million, or 3.2%, and total deposits grew by $192 million. In contrast, wholesale funding, including fhlb advances and brokered deposits, declined by $1.1 billion for the quarter ended March 31, 2025.
Total loans declined by $308 million for the quarter ended March 31, 2025, with the loan to deposit ratio declining to 85.5% from 87.2% at December 31, 2024. The net interest margin was 2.81% for the quarter ended March 31, 2025, compared to 2.84% for the immediately preceding quarter. The average cost of total deposits declined by 0.14% to 2.58% for the quarter ended March 31, 2025, from 2.72% for the immediately preceding quarter.
The annualized net charge-off ratio for the quarter ended March 31, 2025 was 0.33%. The ratio of the allowance for credit losses (ACL) to total loans was 0.92% at March 31, 2025, consistent with the prior quarter-end. The company's commercial real estate exposure totaled 26% of loans and 173% of the bank's total risk-based capital at March 31, 2025.
BankUnited's capital position is robust, with its common stock dividend increasing by $0.02 per share for the quarter ended March 31, 2025, to $0.31 per common share, a 7% increase from the previous level of $0.29 per share.
In terms of asset quality, the ACL at March 31, 2025, was $219,747, representing a decrease from $223,153 at December 31, 2024. Non-performing loans totaled $259.8 million or 1.08% of total loans at March 31, 2025, compared to $250.7 million or 1.03% of total loans at December 31, 2024.
Net interest income for the quarter ended March 31, 2025, was $233.1 million, compared to $239.3 million for the immediately preceding quarter ended December 31, 2024, and $214.9 million for the quarter ended March 31, 2024.
BankUnited, Inc. continues to provide a full range of banking and related services to individual and corporate customers through banking centers located in the state of Florida, the New York metropolitan area, and Dallas, Texas, and offers wholesale products to customers through an Atlanta office focused on the southeast region. Today the company's shares have moved -2.0% to a price of $32.96. For the full picture, make sure to review BankUnited's 8-K report.
