BankUnited's Q3 Net Income Jumps 17% on Lower Interest Expenses

Ticker: BKU · Form: 10-Q · Filed: Nov 5, 2025 · CIK: 1504008

Sentiment: bullish

Topics: Regional Banking, Earnings Growth, Deposit Growth, Net Interest Income, Financial Performance, Cost Management, Balance Sheet Strength

Related Tickers: BKU, JPM, BAC, WFC, USB

TL;DR

**BKU's Q3 earnings beat expectations, driven by deposit growth and lower funding costs; a solid buy for long-term value.**

AI Summary

BankUnited, Inc. (BKU) reported a robust financial performance for the three months ended September 30, 2025, with net income increasing by 16.9% to $71.85 million from $61.45 million in the prior year period. For the nine months ended September 30, 2025, net income rose by 22.0% to $199.09 million compared to $163.17 million in the same period of 2024. Total interest income decreased to $452.92 million for the quarter, down from $492.36 million, primarily due to lower interest income from loans and investment securities. However, net interest income before provision for credit losses increased by 6.8% to $250.11 million for the quarter, driven by a larger decrease in interest expense, which fell by 21.4% to $202.81 million. The provision for credit losses increased slightly to $11.58 million from $9.25 million. Total deposits grew to $28.62 billion as of September 30, 2025, up from $27.87 billion at December 31, 2024, with non-interest bearing demand deposits seeing a significant increase of $1.01 billion. Loans, net, decreased to $23.48 billion from $24.07 billion, while investment securities increased to $9.47 billion from $9.13 billion. The company also reduced FHLB advances by $850 million to $2.08 billion and notes and other borrowings by $388.12 million to $320.43 million, indicating a shift in funding strategy.

Why It Matters

BankUnited's strong net income growth, despite a decrease in total interest income, signals effective cost management and a favorable shift in funding mix, which is crucial for investor confidence in a volatile interest rate environment. The significant increase in non-interest bearing demand deposits by $1.01 billion demonstrates the bank's ability to attract low-cost funding, providing a competitive advantage over peers reliant on more expensive sources. This could lead to improved net interest margins and profitability, potentially boosting BKU's stock performance. For customers, this stability could translate into competitive loan rates and reliable services, while employees benefit from a financially healthy institution. The reduction in FHLB advances and other borrowings also de-risks the balance sheet, making BKU more resilient to market shocks.

Risk Assessment

Risk Level: medium — While net income increased, total interest income declined by $39.43 million for the quarter, and loans, net, decreased by $592.22 million from December 31, 2024, indicating potential challenges in asset growth and revenue generation. The provision for credit losses also increased to $11.58 million, suggesting ongoing credit quality monitoring is necessary, despite a slight decrease in the overall allowance for credit losses to $219.88 million.

Analyst Insight

Investors should consider BKU's improved profitability and strong deposit growth as positive indicators. The reduction in higher-cost borrowings suggests a more efficient capital structure. Monitor future trends in loan growth and net interest margin, but the current report suggests a stable and improving financial position, making BKU a potentially attractive investment.

Financial Highlights

debt To Equity
N/A
revenue
$478.49M
operating Margin
N/A
total Assets
$35.08B
total Debt
$2.40B
net Income
$71.85M
eps
$0.96
gross Margin
N/A
cash Position
$559.51M
revenue Growth
-3.8%

Revenue Breakdown

SegmentRevenueGrowth
Interest Income - Loans$324.39M-8.7%
Interest Income - Investment Securities$120.42M-6.0%
Interest Expense - Deposits$163.56M-21.6%
Interest Expense - Borrowings$39.26M-20.9%
Deposit Service Charges and Fees$5.39M+7.4%
Other Non-Interest Income$16.03M+38.7%

Key Numbers

Key Players & Entities

FAQ

What were BankUnited's net income figures for the latest quarter and year-to-date?

BankUnited's net income for the three months ended September 30, 2025, was $71.85 million, an increase from $61.45 million in the same period of 2024. For the nine months ended September 30, 2025, net income was $199.09 million, up from $163.17 million in the prior year.

How did BankUnited's deposit base change in the latest filing?

Total deposits for BankUnited increased to $28.62 billion as of September 30, 2025, from $27.87 billion at December 31, 2024. Notably, non-interest bearing demand deposits saw a significant increase of $1.01 billion, reaching $8.63 billion.

What was the trend in BankUnited's interest income and expense?

Total interest income for BankUnited decreased to $452.92 million for the three months ended September 30, 2025, from $492.36 million in the prior year. However, total interest expense decreased more substantially by 21.4% to $202.81 million, leading to a 6.8% increase in net interest income before provision for credit losses to $250.11 million.

What is BankUnited's strategy regarding borrowings?

BankUnited significantly reduced its FHLB advances by $850 million to $2.08 billion and notes and other borrowings by $388.12 million to $320.43 million as of September 30, 2025, compared to December 31, 2024. This indicates a strategic effort to reduce reliance on higher-cost funding sources.

What are the key risks highlighted in BankUnited's 10-Q?

While the filing shows positive results, the provision for credit losses increased to $11.58 million for the quarter, and total loans, net, decreased by $592.22 million. These factors suggest ongoing credit risk management and potential challenges in loan portfolio growth, which are important for investors to monitor.

How does BankUnited's earnings per share compare year-over-year?

BankUnited's basic earnings per common share increased to $0.96 for the three months ended September 30, 2025, from $0.82 in the same period of 2024. For the nine months ended September 30, 2025, basic EPS rose to $2.65 from $2.19.

What is the significance of the increase in BankUnited's non-interest bearing demand deposits?

The $1.01 billion increase in non-interest bearing demand deposits is significant for BankUnited as it represents a low-cost funding source. This improves the bank's funding mix, reduces overall interest expense, and enhances net interest margin, contributing positively to profitability.

What new accounting standards will affect BankUnited in the future?

BankUnited will adopt ASU No. 2023-09 (Income Taxes) for fiscal years beginning after December 15, 2024, which will revise income tax disclosures. ASU No. 2024-03 (Expense Disaggregation Disclosures) will be effective for fiscal years beginning after December 15, 2026, requiring additional expense disclosures. ASU No. 2025-06 (Internal-Use Software) will be effective for interim and annual periods beginning after December 15, 2027, changing capitalization rules for internal-use software costs.

What is BankUnited's current total assets and how has it changed?

BankUnited's total assets as of September 30, 2025, were $35.08 billion, a slight decrease from $35.24 billion at December 31, 2024. This change reflects shifts in its loan and investment securities portfolios, as well as reduced cash and cash equivalents.

What should investors consider regarding BankUnited's investment securities portfolio?

BankUnited's investment securities portfolio increased to $9.47 billion as of September 30, 2025, from $9.13 billion at December 31, 2024. While there are gross unrealized losses of $312.42 million on available-for-sale securities, the net change in unrealized gains on these securities was positive $85.61 million for the nine months ended September 30, 2025, indicating some recovery in market value.

Risk Factors

Industry Context

The banking industry is currently navigating a complex environment characterized by evolving interest rate policies, ongoing digital transformation, and increasing regulatory scrutiny. Banks are focusing on optimizing their balance sheets, managing funding costs, and enhancing customer experience through technology. Competition remains intense, with traditional banks, credit unions, and fintech companies vying for market share.

Regulatory Implications

BankUnited, as a national bank, operates under the purview of federal regulators like the OCC and the Federal Reserve. Changes in capital requirements, liquidity rules, or consumer protection regulations could impact its operations and profitability. The company must maintain robust compliance programs to mitigate these risks.

What Investors Should Do

  1. Monitor Net Interest Margin (NIM) trends
  2. Assess the sustainability of deposit growth
  3. Evaluate loan portfolio performance
  4. Analyze the impact of funding strategy shift

Key Dates

Glossary

Net Interest Income
The difference between interest income generated by a bank and the interest paid out to its depositors and lenders. (A core measure of a bank's profitability from its lending and borrowing activities. BankUnited saw an increase in net interest income before provision for credit losses due to lower interest expenses.)
Provision for Credit Losses
An expense set aside by a financial institution to cover potential losses from loans that may not be repaid. (An indicator of the perceived risk in the loan portfolio. BankUnited's provision increased slightly, suggesting a cautious outlook on credit quality.)
Non-interest Bearing Demand Deposits
Customer deposits held in checking accounts that do not earn interest. (A low-cost source of funding for banks. BankUnited experienced a significant increase in these deposits, contributing to lower interest expenses.)
FHLB Advances
Short-term to long-term borrowings from the Federal Home Loan Bank system, used by banks to manage liquidity. (Represents a significant source of wholesale funding. BankUnited substantially reduced its reliance on FHLB advances.)
Investment Securities
Financial instruments held by banks for investment purposes, such as government bonds or mortgage-backed securities. (A key component of a bank's balance sheet, contributing to interest income but also subject to market risk. BankUnited's investment securities portfolio increased slightly.)
Allowance for Credit Losses (ACL)
A contra-asset account that represents the cumulative amount of expected credit losses on loans and certain other financial instruments. (Reflects management's estimate of potential loan losses. The ACL decreased slightly, indicating a reduction in expected future losses.)

Year-Over-Year Comparison

Compared to the prior year period, BankUnited has demonstrated strong earnings growth, with net income up 16.9% for the quarter and 22.0% year-to-date. This was achieved despite a decrease in total interest income, driven by a substantial 21.4% reduction in interest expense, largely due to a strategic shift in funding away from higher-cost borrowings and a favorable change in deposit mix. Total assets saw a slight decrease, while total deposits grew, indicating a healthier funding base. New risks or significant changes in existing risk factors were not explicitly highlighted as drastically different from previous filings, but the ongoing management of interest rate sensitivity and credit risk remains paramount.

Filing Stats: 4,476 words · 18 min read · ~15 pages · Grade level 17.2 · Accepted 2025-11-05 16:32:49

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

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

Notes to Consolidated Financial Statements 7

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

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 68

Controls and Procedures

ITEM 4. Controls and Procedures 68

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 68

Risk Factors

ITEM 1A. Risk Factors 68

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 ITEM 5. Other Information 68

Exhibits

ITEM 6. Exhibits 69

SIGNATURES

SIGNATURES 70 i 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 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 CCAR Comprehensive Capital Analysis and Review CEO Chief Executive Officer CET1 Common Equity Tier 1 capital CLO Collateralized loan obligations CMBS Commercial mortgage-backed securities CMOs Collateralized mortgage obligations CODM Chief Operating Decision Maker 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 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 LGD Loss Given Default LTV Loan-to-value MBS Mortgage-backed securities MSA Metropolitan Statistical Area MWL Mortgage warehouse lending ii NDFI Non-depository financ

Financial Statements and Supplementary Data

Item 1. Financial Statements and Supplementary Data BANKUNITED, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - UNAUDITED (In thousands, except share and per share data) September 30, 2025 December 31, 2024 ASSETS Cash and due from banks: Non-interest bearing $ 13,589 $ 12,078 Interest bearing 545,916 479,038 Cash and cash equivalents 559,505 491,116 Investment securities 9,467,082 9,130,244 Non-marketable equity securities 165,922 206,297 Loans 23,702,494 24,297,980 Allowance for credit losses ( 219,884 ) ( 223,153 ) Loans, net 23,482,610 24,074,827 Bank owned life insurance 303,368 284,570 Operating lease equipment, net 201,777 223,844 Goodwill 77,637 77,637 Other assets 817,872 753,207 Total assets $ 35,075,773 $ 35,241,742 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Demand deposits: Non-interest bearing $ 8,625,115 $ 7,616,182 Interest bearing 6,609,679 4,892,814 Savings and money market 9,936,797 11,055,418 Time 3,446,696 4,301,289 Total deposits 28,618,287 27,865,703 FHLB advances 2,080,000 2,930,000 Notes and other borrowings 320,431 708,553 Other liabilities 1,024,681 923,168 Total liabilities 32,043,399 32,427,424 Commitments and contingencies Stockholders' equity: Common stock, par value $ 0.01 per share, 400,000,000 shares authorized; 75,242,935 and 74,748,370 shares issued and outstanding 752 747 Paid-in capital 310,974 301,672 Retained earnings 2,925,806 2,796,440 Accumulated other comprehensive loss ( 205,158 ) ( 284,541 ) Total stockholders' equity 3,032,374 2,814,318 Total liabilities and stockholders' equity $ 35,075,773 $ 35,241,742 1 The accompanying notes are an integral part of these consolidated financial statements BANKUNITED, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED (In thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Interest income: Loans $ 324,390 $ 355,220 $ 973,864 $ 1,053

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED September 30, 2025 Note 1 Basis of Presentation and Summary of Significant Accounting Policies BankUnited, Inc. is a national 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 banking services to individual and corporate customers through banking centers in Florida, the New York metropolitan area and Dallas, Texas. The Bank offers a full suite of commercial lending and deposit products through regional commercial banking offices in Atlanta, Georgia, Morristown, New Jersey and Charlotte, North Carolina 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, 2024, 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 and nine months ended September 30, 2025 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,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED September 30, 2025 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. 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 September 30, Nine Months Ended September 30, c 2025 2024 2025 2024 Basic earnings per common share: Numerator: Net income $ 71,851 $ 61,452 $ 199,093 $ 163,165 Distributed and undistributed earnings allocated to participating securities ( 1,030 ) ( 850 ) ( 2,829 ) ( 2,282 ) Income allocated to common stockholders for basic earnings per common share $ 70,821 $ 60,602 $ 196,264 $ 160,883 Denominator: Weighted average common shares outstanding 75,227,314 74,753,372 75,124,070 74,675,279 Less average unvested stock awards ( 1,116,965 ) ( 1,079,182 ) ( 1,114,472 ) ( 1,105,654 ) Weighted average shares for basic earnings per common share 74,110,349 73,674,190 74,009,598 73,569,625 Basic earnings per common share $ 0.96 $ 0.82 $ 2.65 $ 2.19 Diluted earnings per common share: Numerator: Income allocated to common stockholders for basic earnings per common share $ 70,821 $ 60,602 $ 196,264 $ 160,883 Adjustment for earnings reallocated from participating securit

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED September 30, 2025 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): September 30, 2025 Amortized Cost Gross Unrealized Carrying Value Gains Losses Investment securities available for sale: U.S. Treasury securities $ 175,307 $ 1,035 $ ( 7,625 ) $ 168,717 U.S. Government agency and sponsored enterprise residential MBS 2,699,845 12,055 ( 16,398 ) 2,695,502 U.S. Government agency and sponsored enterprise commercial MBS 571,192 565 ( 45,032 ) 526,725 Private label residential MBS and CMOs 2,562,963 2,439 ( 209,197 ) 2,356,205 Private label commercial MBS 2,277,909 4,792 ( 22,321 ) 2,260,380 Single family real estate-backed securities 229,293 329 ( 2,541 ) 227,081 Collateralized loan obligations 988,160 747 ( 552 ) 988,355 Non-mortgage asset-backed securities 68,711 249 ( 1,062 ) 67,898 SBA securities 63,554 26 ( 1,795 ) 61,785 $ 9,748,355 $ 22,475 $ ( 312,417 ) $ 9,458,413 Marketable equity securities 8,669 $ 9,467,082 December 31, 2024 Amortized Cost Gross Unrealized Carrying Value Gains Losses Investment securities available for sale: U.S. Treasury securities $ 214,796 $ 165 $ ( 12,009 ) $ 202,952 U.S. Government agency and sponsored enterprise residential MBS 2,672,554 3,607 ( 26,471 ) 2,649,690 U.S. Government agency and sponsored enterprise commercial MBS 557,489 156 ( 61,892 ) 495,753 Private label residential MBS and CMOs 2,491,033 506 ( 253,493 ) 2,238,046 Private label commercial MBS 1,822,881 1,836 ( 40,688 ) 1,784,029 Single family real estate-backed securities 335,047 108 ( 8,074 ) 327,081 Collateralized loan obligations 1,131,088 1,804 ( 193 ) 1,132,699 Non-mortgage asset-backed securities 96,865 144 ( 2,555 ) 94,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED September 30, 2025 At September 30, 2025, 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 $ 894,192 $ 876,890 Due after one year through five years 5,609,431 5,528,183 Due after five years through ten years 2,207,989 2,104,486 Due after ten years 1,036,743 948,854 $ 9,748,355 $ 9,458,413 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 $ 8.2 billion and $ 7.9 billion at September 30, 2025 and December 31, 2024, respectively. The following table provides information about gains (losses) on investment securities for the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Gross realized gains on investment securities AFS $ 674 $ 76 $ 2,267 $ 501 Gross realized losses on investment securities AFS ( 15 ) ( 67 ) ( 170 ) ( 170 ) Net realized gain 659 9 2,097 331 Net gain (loss) on marketable equity securities recognized in earnings ( 11 ) 118 ( 157 ) 992 Gain on investment securities, net $ 648 $ 127 $ 1,940 $ 1,323 10 Table of Contents BANKUNITED, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED September 30, 2025 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): September 30, 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 $ 25,205 $ ( 219 ) $ 97,412 $ ( 7,406 ) $ 122,617 $ ( 7,625 ) U.S. Government agency and sponsored enterprise residential MBS 86,533 ( 557 ) 734,596 ( 15,841 ) 821,129 ( 16,398 ) U.S. Government agency and sponsored enterprise commercial MBS 24,643 ( 116 ) 438,933 ( 44,916 ) 463,576 ( 45,032 ) Private label residential MBS and CMOs 18,006 ( 197 ) 1,943,761 ( 209,000 ) 1,961,767 ( 209,197 ) Private label commercial MBS 182,380 ( 392 ) 488,270 ( 21,929 ) 670,650 ( 22,321 ) Single family real estate-backed securities — — 152,836 ( 2,541 ) 152,836 ( 2,541 ) Collateralized loan obligations 186,929 ( 454 ) 30,402 ( 98 ) 217,331 ( 552 ) Non-mortgage asset-backed securities — — 15,678 ( 1,062 ) 15,678 ( 1,062 ) SBA securities — — 58,136 ( 1,795 ) 58,136 ( 1,795 ) $ 524,886 $ ( 1,940 ) $ 4,011,804 $ ( 310,477 ) $ 4,536,690 $ ( 312,417 ) December 31, 2024 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 $ 126,710 $ ( 3,195 ) $ 40,791 $ ( 8,814 ) $ 167,501 $ ( 12,009 ) U.S. Government agency and sponsored enterprise residential MBS 895,759 ( 5,474 ) 936,106 ( 20,997 ) 1,831,865 ( 26,471 ) U.S. Government agency and sponsored enterprise commercial MBS

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