BankUnited, Inc. Files 2023 Annual Report on Form 10-K

Ticker: BKU · Form: 10-K · Filed: Feb 20, 2024 · CIK: 1504008

Sentiment: neutral

Topics: 10-K, Annual Report, BankUnited, Financials, SEC Filing

TL;DR

<b>BankUnited, Inc. has submitted its 2023 annual report detailing financial performance and operations.</b>

AI Summary

BankUnited, Inc. (BKU) filed a Annual Report (10-K) with the SEC on February 20, 2024. BankUnited, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 14817 Oak Lane, Miami Lakes, FL 33016. BankUnited, Inc. is classified under the SIC code 6035 for Savings Institution, Federally Chartered. The filing was made with the SEC on February 20, 2024.

Why It Matters

For investors and stakeholders tracking BankUnited, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of BankUnited's financial health, strategic initiatives, and risk factors for the fiscal year 2023, crucial for investors assessing its performance and future outlook. The detailed financial statements and disclosures within the report are essential for understanding the company's asset and liability structure, revenue streams, and profitability trends in the current economic environment.

Risk Assessment

Risk Level: medium — BankUnited, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure for public companies. While it contains detailed financial information, it does not immediately signal any extraordinary events or significant deviations from typical reporting, placing its immediate risk level as medium.

Analyst Insight

Review the detailed financial statements, particularly revenue and net income trends, and compare them against industry benchmarks and prior year performance to identify any significant shifts or areas of concern.

Key Numbers

Key Players & Entities

FAQ

When did BankUnited, Inc. file this 10-K?

BankUnited, Inc. filed this Annual Report (10-K) with the SEC on February 20, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by BankUnited, Inc. (BKU).

Where can I read the original 10-K filing from BankUnited, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by BankUnited, Inc..

What are the key takeaways from BankUnited, Inc.'s 10-K?

BankUnited, Inc. filed this 10-K on February 20, 2024. Key takeaways: BankUnited, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal executive offices are located at 14817 Oak Lane, Miami Lakes, FL 33016..

Is BankUnited, Inc. a risky investment based on this filing?

Based on this 10-K, BankUnited, Inc. presents a moderate-risk profile. The filing is a standard 10-K, which is a routine annual disclosure for public companies. While it contains detailed financial information, it does not immediately signal any extraordinary events or significant deviations from typical reporting, placing its immediate risk level as medium.

What should investors do after reading BankUnited, Inc.'s 10-K?

Review the detailed financial statements, particularly revenue and net income trends, and compare them against industry benchmarks and prior year performance to identify any significant shifts or areas of concern. The overall sentiment from this filing is neutral.

How does BankUnited, Inc. compare to its industry peers?

BankUnited, Inc. operates as a federally chartered savings institution, a key player in the financial services sector, particularly in banking and lending.

Are there regulatory concerns for BankUnited, Inc.?

As a federally chartered savings institution, BankUnited, Inc. is subject to regulations from federal banking authorities, including oversight related to capital requirements, lending practices, and consumer protection.

Industry Context

BankUnited, Inc. operates as a federally chartered savings institution, a key player in the financial services sector, particularly in banking and lending.

Regulatory Implications

As a federally chartered savings institution, BankUnited, Inc. is subject to regulations from federal banking authorities, including oversight related to capital requirements, lending practices, and consumer protection.

What Investors Should Do

  1. Analyze the company's balance sheet for changes in loan portfolios and deposit bases.
  2. Examine the income statement for trends in net interest income and non-interest income.
  3. Review any disclosed risk factors for potential impacts on future operations and profitability.

Key Dates

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing a comprehensive year-end overview, distinct from interim filings like 10-Q or current reports on Form 8-K.

Filing Stats: 4,244 words · 17 min read · ~14 pages · Grade level 16.6 · Accepted 2024-02-20 17:09:58

Key Financial Figures

Filing Documents

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 25 Item 1 C. C ybersecurity 25 Item 2.

Properties

Properties 26 Item 3.

Legal Proceedings

Legal Proceedings 26 Item 4. Mine Safety Disclosures 26 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 Item 6. Reserved 29 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 70 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 70 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 133 Item 9A.

Controls and Procedures

Controls and Procedures 133 Item 9B. Other Information 133 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 133 PART III Item 10. Directors, Executive Officers and Corporate Governance 134 Item 11.

Executive Compensation

Executive Compensation 134 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 134 Item 13. Certain Relationships and Related Transactions, and Director Independence 134 Item 14. Principal Accountant Fees and Services 134 PART IV Item 15. Exhibits, Financial Statement Schedules 135

Signatures

Signatures 139 i GLOSSARY OF DEFINED TERMS The following acronyms and terms may be used throughout this Form 10-K, 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 ASC Accounting Standards Codification ASU Accounting Standards Update Basel Committee International Basel Committee on Banking Supervision BHC Act Bank Holding Company Act of 1956 BHC Bank Holding company 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 CAO Chief Accounting Officer CARES Act Coronavirus Aid, Relief, and Economic Security Act CCA Cloud Computing Arrangements CCAR Comprehensive Capital Analysis and Review CDARS Certificate of Deposit Account Registry Service CD Certificate of Deposit CECL Current expected credit losses CET1 Common Equity Tier 1 capital CFPB Consumer Financial Protection Bureau C&I Commercial and Industrial loans, including owner-occupied commercial real estate CFO Chief Financial Officer CIO Chief Information Officer CISO Chief Information Security Officer CLO Collateralized loan obligations CMBS Commercial mortgage-backed securities CME Chicago Mercantile Exchange CMOs Collateralized mortgage obligations COVID-19 Coronavirus disease of 2019 CRA Community Reinvestment Act CRE Commercial real estate loans, including non-owner occupied commercial real estate and construction and land CRO Chief Risk Officer CVA Credit Valuation Adjustment DIF Deposit insurance fund DSCR Debt Service Coverage Ratio ESG Envir

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "expect," "intend," "plan," "believe," "seek," "estimate," "project," "predict," "will" and similar expressions identify forward-looking statements. These forward-looking statements are based on management's current views with respect to future results, and are subject to risks and uncertainties. Forward-looking statements are based on beliefs and assumptions made by management using currently available information, such as market and industry data, historical performance and current financial trends. These statements are only predictions and are not guarantees of future performance. The inclusion of forward-looking statements should not be regarded as a representation by the Company that the future plans, estimates or expectations contemplated by a forward-looking statement will be achieved. Forward-looking statements are subject to various risks and uncertainties and assumptions, including those relating to the Company's operations, financial results, financial condition, business prospects, growth strategy and liquidity. 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 could differ materially from those contemplated by a forward-looking statement. These risks and uncertainties include, without limitation: strategic risk: an inability to successfully execute our core business strategy; competition; natural or man-made disasters, social or health care crises or political unrest; loss of executive officers or key personnel; climate change or societal responses thereto; credit risk inherent in the business of making loans and embedded in our securities portfolio: inadequate allowance for credit losses: the accuracy and completeness of information a

Business

Item 1. Business Overview BankUnited, Inc., with total consolidated assets of $35.8 billion at December 31, 2023, is a bank holding company with one direct 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 Florida, the New York metropolitan area and Dallas, Texas, and a comprehensive suite of wholesale products to customers through an Atlanta office focused on the Southeast region. The Bank provides certain commercial lending and deposit products through national platforms and certain consumer deposit products through an online channel. Our core business strategy is to build a leading regional commercial and small business bank with a distinctive value proposition based on strong service-oriented relationships, robust digital enabled customer experiences and operational excellence, and with an entrepreneurial work environment that empowers employees to deliver their best. To date, we have executed our strategy primarily through organic growth and anticipate that we will most likely continue to do so. Our Products and Services Lending and Leasing General —Our primary lending focus is to serve small and middle-market and larger corporate businesses with a variety of financial products and services, while maintaining a disciplined credit culture. We offer a full array of lending products that cater to our customers' needs and have attracted and invested in experienced relationship management teams in our primary lending markets. Commercial loans —Our commercial loans, which are generally made to growing small business, middle-market and larger corporate entities and non-profit organizations, include secured and unsecured lines of credit, formula-based lines of credit, equipment loans, owner-occupied commercial real estate term loans and lines

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