UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2024
 Commission File Number: 001-35039

 BankUnited, Inc.
 (Exact name of registrant as specified in its charter)

 Delaware
 27-0162450

 (State or other jurisdiction of incorporation or organization)
 (I.R.S. Employer Identification No.)

 14817 Oak Lane
 Miami Lakes
 FL
 33016

 (Address of principal executive offices)

 (Zip Code)

 Registrant's telephone number, including area code: ( 305) 569-2000
 Securities registered pursuant to Section 12(b) of the Act:

 Class
 Trading Symbol
 Name of Exchange on Which Registered

 Common Stock, $0.01 Par Value
 BKU
 New York Stock Exchange

 Securities registered pursuant to Section 12(g) of the Act: None
 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No
 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No
 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
 Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Emerging growth company

 Non-accelerated filer

 Smaller reporting company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o
 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to Section 240.10D-1(b).
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
 The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant on June 30, 2024 was $ 2,158,931,046.

 The number of outstanding shares of the registrant common stock, $0.01 par value, as of February 26, 2025 was 74,751,086.

 DOCUMENTS INCORPORATED BY REFERENCE:
 Portions of the registrant's definitive proxy statement for the 2025 annual meeting of stockholders are incorporated by reference in this Annual Report on Form 10-K in response to Part II. Item 5 and Part III. Items 10, 11, 12, 13 and 14.

 BANKUNITED, INC.
 Form 10-K
 For the Year Ended December 31, 2024

 Page

 Item 1.

 Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosures

 Item 5.

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6.

 Reserved

 Item 7.

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

 Item 7A.

 Quantitative and Qualitative Disclosures About Market Risk

 Item 8.

 Financial Statements and Supplementary Data

 Item 9.

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A.

 Controls and Procedures

 Item 9B.

 Other Information

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10.

 Directors, Executive Officers and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

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

 Item 13.

 Certain Relationships and Related Transactions, and Director Independence

 Item 14.

 Principal Accountant Fees and Services

 Item 15.

 Exhibits, Financial Statement Schedules

 Signatures

 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

 AFS
 Available for sale

 ALCO
 Asset Liability Committee

 ALM
 Asset Liability Management

 AML

 Anti-Money Laundering

 AOCI
 Accumulated other comprehensive income

 APY
 Annual Percentage Yield

 ARM
 Adjustable rate mortgage

 AI

 Artificial intelligence

 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.

 BMA

 Bank Merger Act

 BOLI
 Bank Owned Life Insurance

 BankUnited
 BankUnited, National Association

 The Bank
 BankUnited, National Association

 Bridge
 Bridge Funding Group, Inc.

 BSA

 Bank Secrecy Act

 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

 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

 CEO

 Chief Executive Officer

 CET1
 Common Equity Tier 1 capital

 CFPB
 Consumer Financial Protection Bureau

 CFO

 Chief Financial Officer

 CIO

 Chief Information Officer

 CISO

 Chief Information Security Officer

 CLO

 CMBS
 Commercial mortgage-backed securities

 CME
 Chicago Mercantile Exchange

 CMOs
 Collateralized mortgage obligations

 CODM

 Chief Operating Decision Maker

 CPR

 Constant prepayment rate

 CRA
 Community Reinvestment Act

 CRE
 Commercial real estate loans, including non-owner occupied commercial real estate and construction and land

 CRO
 Chief Risk Officer

 C&I
 Commercial and Industrial loans, including owner-occupied commercial real estate

 ii

 DIF
 Deposit insurance fund

 DSCR
 Debt Service Coverage Ratio

 ESG
 Environmental, social and governance

 EVE
 Economic value of equity

 FASB
 Financial Accounting Standards Board

 FDIA
 Federal Deposit Insurance Act

 FDIC
 Federal Deposit Insurance Corporation

 FHA
 Federal Housing Administration

 FHFA

 Federal Housing Finance Agency

 FHLB
 Federal Home Loan Bank

 FICO
 Fair Isaac Corporation (credit score)

 FinTech

 Financial Technology

 FRB
 Federal Reserve Bank

 GAAP
 U.S. generally accepted accounting principles

 GDP
 Gross Domestic Product

 GLB Act
 The Gramm-Leach-Bliley Financial Modernization Act of 1999

 GNMA
 Government National Mortgage Association

 HOA

 Homeowner Association

 HPI
 Home price indices

 ISDA
 International Swaps and Derivatives Association

 LGD
 Loss Given Default

 LIHTC
 Low Income Housing Tax Credits

 LTV
 Loan-to-value

 MAT

 Materiality Assessment Team

 MBS
 Mortgage-backed securities

 MSA
 Metropolitan Statistical Area

 MWL

 M&A

 Mergers & acquisitions

 NIDDA

 Non-interest bearing demand deposits

 NPA

 Non-performing asset

 NRSRO
 Nationally recognized statistical rating organization

 NSF
 Non-sufficient funds

 NYSE
 New York Stock Exchange

 OCC
 Office of the Comptroller of the Currency

 OFAC
 U.S. Department of the Treasury's Office of Foreign Assets Control

 OREO
 Other real estate owned

 PCAOB
 Public Company Accounting Oversight Board

 PCD
 Purchased credit-deteriorated

 PD
 Probability of default

 Pinnacle
 Pinnacle Public Finance, Inc.

 Proxy Statement
 Definitive proxy statement for the Company's 2023 annual meeting of stockholders

 PSU
 Performance Share Unit

 REIT
 Real Estate Investment Trust

 ROAA

 Return on Average Assets

 ROAE

 Return on Average Equity

 ROU Asset
 Right-of-use Asset

 RPA

 Risk Participation Agreement

 RSA
 Restricted Share Award

 RSU
 Restricted Share Unit

 iii

 RWA
 Risk-weighted Assets

 SAR
 Share Appreciation Right

 SBA
 U.S. Small Business Administration

 SEC
 Securities and Exchange Commission

 SOFR
 Secured Overnight Financing Rate

 S&P 500
 Standard & Poor's 500 Index

 TDR
 Troubled-debt restructuring

 Tri-State
 New York, New Jersey and Connecticut

 UPB
 Unpaid principal balance

 USDA
 U.S. Department of Agriculture

 VA loan
 Loan guaranteed by the U.S. Department of Veterans Affairs

 VIEs
 Variable interest entities

 WARM
 Weighted-average remaining maturity

 2010 Plan
 2010 Omnibus Equity Incentive Plan

 2014 Plan
 2014 Omnibus Equity Incentive Plan

 401(k) Plan
 BankUnited 401(k) Plan

 iv

 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 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 and to the operating environment. 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;
 disruptive events such as 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 and stakeholder expectations around ESG;
 stability of the banking system or other financial institutions
 our ability to access capital, including the impact of our credit rating
 • 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 about counterparties and borrowers;
 real estate market conditions, real estate valuations and other risks related to holding loans secured by real estate or real estate received in satisfaction of loans;
 geographic concentration of the Company's markets in Florida and the New York tri-state area;
 fluctuations in demand for and valuation of operating lease equipment;
 • interest rate risk;
 • liquidity risk:
 an inability to maintain adequate liquidity;
 the risk of material unanticipated deposit outflows;
 availability of credit from the FHLB and FRB;
 we have a significant amount of uninsured deposits;
 restrictions on the ability of BankUnited, N.A. to pay dividends to BankUnited, Inc.;
 • risks related to the regulation of our industry;
 • operational risk:
 inadequate or inaccurate forecasting tools and models;
 inability to successfully launch new products, services, or business initiatives;
 v

 susceptibility to fraud, risk or errors;
 dependence on information technology and third party service providers and the risk of systems failures, interruptions or breaches of security or inability to keep pace with technological change;
 • reputational risk;
 • the impact of conditions in the financial markets and economic conditions generally;
 • ineffective risk management or internal controls; and
 • the selection and application of accounting policies and methods and related assumptions and estimates.
 Additional factors are set forth in the Company's filings with the SEC, including this Annual Report on Form 10-K.
 Forward-looking statements speak only as of the date on which they are made. The Company expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
 As used herein, the terms the "Company," "we," "us," and "our" refer to BankUnited, Inc. and its subsidiaries unless the context otherwise requires.
 vi

 Item 1. Business
 Overview
 BankUnited, Inc., with total consolidated assets of $35.2 billion at December 31, 2024, 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, although we will evaluate and consider opportunities to engage in merger and acquisition activity when they arise.
 Our Products and Services
 Lending
 General—Our primary lending focus is to serve small, 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 of credit, mortgage warehouse lines, subscription finance facilities, letters of credit, commercial credit cards, SBA and USDA product offerings, Export-Import Bank financing products, trade finance and business acquisition finance credit facilities.
 The Bank has two commercial lending subsidiaries, Pinnacle, headquartered in Scottsdale, Arizona and Bridge, headquartered in Baltimore, Maryland. Pinnacle provides financing to state and local governmental entities directly and through vendor programs and alliances. Pinnacle offers a full array of financing structures including essential use equipment lease purchase and loan agreements and direct (private placement) bond refundings. The Bridge portfolio consists of (i) businesses equipment loans and leases, including finance lease and operating lease structures, and (ii) franchise equipment, acquisition and expansion financing facilities. The Bridge lines of business have been de-emphasized due to their risk/return and liquidity profiles. We expect that related loan balances will continue to decline.
 Commercial real estate loans—We offer term financing for the acquisition or refinancing of properties, primarily rental apartments, mixed-use commercial properties, industrial properties, warehouses, retail shopping centers, free-standing single-tenant buildings, office buildings and hotels. Other products that we provide include real estate secured lines of credit, lending to REITs and institutional asset owners, subscription lines of credit to real estate funds, and, to a lesser extent, acquisition, development and construction loan facilities and construction financing. In the current environment, we have de-emphasized lending in the office sector and been more focused on warehouse/industrial, multi-family and the retail sectors. While we have a small amount of New York rent regulated multi-family loans, we are not actively engaged in lending in this sub-sector.
 Residential mortgages—We do not originate residential mortgages, but do invest in residential loans originated through established correspondent channels and community partners. Our residential loan portfolio is primarily comprised of loans purchased on a national basis through select correspondent channels. This national purchase program allows us to diversify our loan portfolio, both by product type and geography. Residential loans purchased are primarily closed-end, first lien jumbo mortgages for the purchase or re-finance of owner-occupied property. A limited portion of the portfolio is secured by investor-owned properties. We do not originate or purchase negatively amortizing or sub-prime residential loans. We also acquire non-performing FHA and VA insured mortgages from third party servicers who have exercised their right to purchase these loans out of GNMA securitizations. Such loans that re-perform, either through modification or self-cure, may be eligible for re-securitization. The Company and the servicer share in the economics of the sale of these loans into new securitizations.

 Other consumer loans—We do not originate, or currently intend to originate a significant amount of consumer loans. Home equity loans and lines of credit and other consumer loans are not significant components of our loan portfolio or of our lending strategy.
 Credit risk management—Credit is managed through our three lines of defense framework as prescribed in our credit policies and procedures.
 • First Line of Defense - Credit opportunities are sourced, analyzed, recommended and managed by our lines of business in accordance with established credit procedures.
 • Second Line of Defense - Our credit administration division, reporting to the Chief Risk Officer, is responsible for the evaluation and approval of recommended credit opportunities. Approval of credit and confirmation of risk ratings is performed within a risk-based delegated credit approval framework. The credit administration division also provides governance and oversight of our credit policies and procedures.
 • Third Line of Defense - Credit Review, reporting directly to the Risk Committee of the Board of Directors, provides an independent assessment of credit risk and the effectiveness of credit risk management processes across the organization. Credit Review performs risk-based testing through both examinations and ongoing monitoring.
 Asset oversight committees meet at least quarterly and provide oversight of key credit governance, transactional and credit management functions. These committees include:
 • Credit Risk Management Committee with responsibilities including credit governance policies and procedures and changes thereto and establishing and maintaining the delegated credit approval framework;

 • Executive Credit Committee with responsibilities including transactional credit approval for large and/or complex credit exposures as well as the approval of periodic asset monitoring reports for large and/or complex credit exposures;

 • Criticized Asset Committee with responsibilities including the evaluation and oversight of higher risk assets and oversight of workout and recovery functions; and

 • Residential Credit Risk Management Committee with responsibilities including residential portfolio performance monitoring and certain bulk purchase transactional authorities.
 Our in-house lending limits, ranging from $125 million to $150 million, are based upon loan type and are further limited by risk-based hold limits that incorporate our assessment of the borrower's financial condition and industry exposure. These limits are significantly below our legal lending limit and are reviewed periodically by the Credit Risk Management Committee and approved annually by the Board of Directors.
 Deposit and Treasury Solutions Products
 We offer traditional deposit products including commercial and consumer checking accounts, money market deposit accounts, savings accounts and certificates of deposit with a variety of terms and rates, as well as a robust suite of treasury, payments and cash management services. We offer commercial and retail deposit products across our primary geographic footprint and certain commercial deposit, payments and treasury management products and services nationally. We offer the CDARS program, providing additional FDIC insurance to our customers. We also offer other insured cash sweep programs allowing customers the ability to insure deposits above standard FDIC deposit insurance limits by distributing funds among banks that participate in the network while providing competitive rates and easy access to funds. For our consumers, we offer competitive money market and time deposit products through our online channel as well as through our retail branch network. Demand deposit balances are concentrated in commercial and small business accounts and our deposit growth strategy is focused on small business and middle market companies generally, as well as select industry verticals such as the title services and HOA industry segments. Our service fee schedule and rates are competitive with other financial institutions in our markets. We do not charge consumer overdraft or NSF fees.
 Our Markets
 Our largest banking markets are Florida and the Tri-State market of New York, New Jersey and Connecticut, concentrated in the New York Metropolitan area. We believe both represent long-term attractive banking markets. In Florida, our focus is on urban markets including the Miami-Dade, Broward, Palm Beach, Tampa, Orlando and Jacksonville markets.

 We have more recently entered the Atlanta and Dallas markets, in Atlanta with a wholesale banking office focused on the Southeastern United States, and in Dallas with a retail branch as well as full-service wholesale banking capabilities. Our future strategy may include organic expansion into other markets, but no specific additional markets have been identified at this time.
 Pinnacle offers municipal financing and the Bank provides mortgage warehouse financing on a national basis. We also offer a suite of commercial deposit, treasury solutions and cash management products nationally.
 Competition
 Our primary markets are highly competitive, containing not only a large number of community and regional banks, but also a significant presence of the country's largest commercial banks. We compete with other state, national and foreign banks as well as savings associations, savings banks and credit unions with physical presence in our market areas or targeting our market areas digitally for deposits and loans. In addition, we compete with financial intermediaries, such as private credit funds, FinTech companies, consumer finance companies, mortgage banking companies, insurance companies, securities firms, mutual funds and several government agencies as well as major retailers, all actively engaged in providing various types of loans and other financial services.
 Interest rates on both loans and deposits and prices of fee-based services are significant competitive factors among financial institutions generally. Other important competitive factors include convenience, quality of customer service, quality and variety of product offerings, availability and quality of digital offerings, community reputation, continuity of personnel and services, and, in the case of larger commercial customers, relative lending limits and ability to offer sophisticated cash management and other commercial banking services. While we continue to provide competitive interest rates on both depository and lending products, we believe that we can compete most successfully by focusing on the financial needs of growing companies and small and middle-market businesses, offering them a broad range of personalized services, digital platforms and sophisticated cash management tools tailored to their businesses.
 Regulation and Supervision
 The U.S. banking industry is highly regulated under federal and state law. These regulations have a material effect on the operations of BankUnited, Inc. and its direct and indirect subsidiaries.
 Statutes, regulations and policies limit the activities in which we may engage and the conduct of our permitted activities and establish capital requirements with which we must comply. The regulatory framework is intended primarily for the protection of depositors, borrowers, customers and clients, the FDIC deposit insurance fund and the banking system as a whole, and not for the protection of our stockholders or creditors. In many cases, the applicable regulatory authorities have broad enforcement power over BHCs, banks and their subsidiaries, including the power to impose substantial monetary fines and other penalties for violations of laws and regulations or engaging in unsafe and unsound banking practices. Further, the regulatory system imposes reporting and information collection obligations. We incur significant costs related to compliance with these laws and regulations.
 The material statutory and regulatory requirements that are applicable to us are summarized below. The description below is not intended to summarize all laws and regulations applicable to us and is qualified in its entirety by reference to the full text of the statutes, regulations, policies and other written guidance that are described.
 Bank and Bank Holding Company Regulation
 As a national bank, BankUnited is subject to ongoing and comprehensive supervision, regulation, examination and enforcement by the OCC.
 BankUnited, Inc., which controls BankUnited, is a BHC and, as such, is subject to regulation, inspection, supervision and enforcement by the Federal Reserve Board under the BHC Act. The Federal Reserve Board's jurisdiction also extends to any company that is directly or indirectly controlled by BankUnited, Inc..
 Broad Supervision, Examination and Enforcement Powers
 A principal objective of the U.S. bank regulatory system is to protect depositors by ensuring the financial safety and soundness of banking organizations. To that end, the banking regulators have broad regulatory, examination and enforcement authority. The regulators regularly examine the operations of banking organizations. In addition, banking organizations are subject to periodic reporting requirements.
 The regulators have various remedies available if they determine that the financial condition, capital resources, asset quality, earnings prospects, management, liquidity, sensitivity to market risk, compliance or other aspects of a banking

 organization's operations are less than satisfactory, or that the banking organization is operating in an unsafe or unsound manner. The regulators may also take action if they determine that the banking organization or its management is violating or has violated any law or regulation. The regulators have the power to, among other things:
 • enjoin "unsafe or unsound" practices;
 • require affirmative actions to correct any violation or practice;
 • issue administrative orders that can be judicially enforced;
 • refer significant compliance violations to the U.S. Justice Department;
 • direct increases in capital;
 • direct the sale of subsidiaries or other assets;
 • limit dividends and distributions;
 • restrict growth;
 • assess civil monetary penalties;
 • remove officers and directors;
 • terminate deposit insurance; and
 • appoint a conservator or receiver.
 Engaging in unsafe or unsound practices or failing to comply with applicable laws, regulations and supervisory agreements could subject BankUnited, Inc., the Bank and their subsidiaries or their officers, directors and institution-affiliated parties to the remedies described above and other sanctions. In addition, the FDIC may terminate a depository institution's deposit insurance upon a finding that the institution's financial condition is unsafe or unsound or that the institution has engaged in unsafe or unsound practices or has violated any applicable rule, regulation, order or condition enacted or imposed by the institution's regulatory agency.
 Notice and Approval Requirements Related to Control
 As a BHC, BankUnited, Inc. must obtain prior approval of the Federal Reserve in connection with any acquisition that would result in BankUnited, Inc. acquiring substantially all the assets, or owning or controlling 5% or more of any class of voting securities, of a bank or another BHC. The statutory factors that the Federal Reserve is required to consider in considering an application include the financial and managerial resources of the parties and the future prospects of the combined organization, the effects of the transaction on competition, the convenience and needs of the community, including the record of performance of the parties under the CRA, the effectiveness of the acquiring company in combating money-laundering activities and the impact of the transaction on the financial stability of the U.S. banking or financial system.
 In addition, federal and state banking laws impose notice, approval, and ongoing regulatory requirements on any stockholder or other party that seeks to acquire direct or indirect "control" of an FDIC-insured depository institution or BHC. These laws include the BHC Act and the Change in Bank Control Act. Among other things, these laws require regulatory filings by individuals or companies that seek to acquire direct or indirect "control" of an FDIC-insured depository institution. The determination of whether an investor "controls" a depository institution is based on all of the facts and circumstances surrounding the investment. As a general matter, a party is deemed to control a depository institution or other company if the party owns or controls 25% or more of any class of voting stock. Subject to rebuttal, a party may be presumed to control a depository institution or other company if the investor owns or controls 10% or more of any class of voting stock.
 The BHC Act prohibits any entity from acquiring 25% (as noted above, the BHC Act has a lower limit for acquirers that are existing BHCs) or more of a BHC's or bank's voting securities, or otherwise obtaining control or a controlling influence over a BHC or bank without the approval of the Federal Reserve. The Federal Reserve has rule-based standards for determining whether one company has control over another. These rules established four categories of tiered presumptions of non-control that are based on the percentage of voting shares held by the investor (less than 5%, 5-9.9%, 10-14.9% and 15-24.9%) and the presence of other indicia of control. As the percentage of ownership increases, fewer indicia of control are permitted without falling outside of the presumption of non-control. These indicia of control include nonvoting equity ownership, director representation, management interlocks, business relationships and restrictive contractual covenants. Investors can hold up to 24.9% of the voting securities and 33% of the total equity of a company without necessarily having a controlling influence.

 Permissible Activities and Investments
 Banking laws generally restrict the ability of BankUnited, Inc. to engage in activities other than those determined by the Federal Reserve Board to be so closely related to banking or managing or controlling banks as to be a proper incident thereto. The GLB Act expanded the scope of permissible activities for a BHC that qualifies as a financial holding company. Under the regulations implementing the GLB Act, a financial holding company may engage in additional activities that are financial in nature or incidental or complementary to a financial activity. BankUnited, Inc. has not elected to become a financial holding company.
 In addition, as a general matter, the establishment or acquisition by BankUnited, Inc. of a non-bank entity, or the initiation of a non-banking activity, requires prior regulatory approval. In approving acquisitions or the addition of activities, the Federal Reserve Board considers, among other things, whether the acquisition or the additional activities can reasonably be expected to produce benefits to the public, such as greater convenience, increased competition or gains in efficiency, that outweigh such possible adverse effects as undue concentration of resources, decreased or unfair competition, conflicts of interest or unsound banking practices.
 Regulatory Capital Requirements and Capital Adequacy
 The federal bank regulators view capital levels as important indicators of an institution's financial soundness. As a general matter, FDIC-insured depository institutions and their holding companies are required to maintain minimum capital relative to the amount and types of assets they hold. The final supervisory determination on an institution's capital adequacy is based on the regulator's assessment of numerous factors. Both BankUnited, Inc. and BankUnited are subject to regulatory capital requirements.
 The Federal Reserve Board has established risk-based and leverage capital guidelines for BHCs, including BankUnited, Inc. The OCC has established substantially similar risk-based and leverage capital guidelines applicable to national banks, including BankUnited. BankUnited, Inc. and BankUnited are subject to capital rules implemented under the framework promulgated by the International Basel Committee on Banking Supervision (the "Basel III Capital Rules"). While some provisions of the rules are tailored to larger institutions, the Basel III Capital Rules generally apply to all U.S. banking organizations, including BankUnited, Inc. and BankUnited.
 The Basel III Capital Rules provide for the following minimum capital to risk-weighted assets ratios to be considered adequately capitalized:
 (i)4.5% based upon CET1;
 (ii)6.0% based upon tier 1 capital; and
 (iii)8.0% based upon total regulatory capital.
 The Basel III Capital Rules require institutions to retain a capital conservation buffer of 2.5% above these required minimum capital ratio levels. A minimum leverage ratio (tier 1 capital as a percentage of average total assets) of 3.0% is also required under the Basel III Capital Rules.
 Banking organizations that fail to maintain the minimum required capital conservation buffer could face restrictions on capital distributions or discretionary bonus payments to executive officers, with distributions and discretionary bonus payments being completely prohibited if no capital conservation buffer exists, or in the event of the following: (i) the banking organization's capital conservation buffer was below 2.5% at the beginning of a quarter; and (ii) its cumulative net income for the most recent quarterly period plus the preceding four calendar quarters is less than its cumulative capital distributions (as well as associated tax effects not already reflected in net income) during the same measurement period. Further, the federal bank regulatory agencies may set higher capital requirements for an individual BHC or bank when circumstances warrant it.
 The Federal Reserve, OCC and FDIC have issued a proposed rule to implement wide-ranging and significant changes to the current U.S. Basel III capital rules. Generally, the proposed rules would increase capital requirements and risk-weighted assets for Category I - IV banking organizations (generally banking organizations with $100 billion or more in total assets). It is uncertain if and when a final rule will be adopted, and if so, whether and to what extent it will differ from the proposed rule. As a result, the timing and content of any final rule, and the potential effects of any final rule on BankUnited, Inc. and BankUnited remain uncertain.

 Prompt Corrective Action
 Under the FDIA, the federal bank regulatory agencies must take "prompt corrective action" against undercapitalized U.S. depository institutions. U.S. depository institutions are assigned one of five capital categories: "well capitalized," "adequately capitalized," "undercapitalized," "significantly undercapitalized," and "critically undercapitalized," and are subject to differential regulation corresponding to the capital category within which the institution falls. A depository institution is deemed to be "well capitalized" if the banking institution has a total risk-based capital ratio of 10.0% or greater, a tier 1 risk-based capital ratio of 8.0% or greater, a CET1 risk-based capital ratio of 6.5% and a leverage ratio of 5.0% or greater, and the institution is not subject to an order, written agreement, capital directive or prompt corrective action directive to meet and maintain a specific level for any capital measure. Under certain circumstances, a well-capitalized, adequately capitalized or undercapitalized institution may be treated as if the institution were in the next lower capital category. A banking institution that is undercapitalized is required to submit a capital restoration plan. Failure to meet capital guidelines could subject the institution to a variety of enforcement remedies by federal bank regulatory agencies, including termination of deposit insurance by the FDIC, restrictions on certain business activities, and appointment of the FDIC as conservator or receiver. As of December 31, 2024, BankUnited, Inc. and BankUnited were well-capitalized.
 Source of Strength
 All companies, including BHCs, that directly or indirectly control an insured depository institution, are required to serve as a source of financial and managerial strength for the depository institution. Under this requirement, BankUnited, Inc. in the future could be required to provide financial assistance to BankUnited should it experience financial distress. Such support may be required at times when, absent this statutory and Federal Reserve requirement, a BHC may not be inclined to provide it.
 Under the prompt corrective action provisions, if a controlled bank is undercapitalized, then the regulators could require its BHC to guarantee a capital restoration plan. In addition, if the Federal Reserve believes that a BHC's activities, assets or affiliates represent a significant risk to the financial safety, soundness or stability of a controlled bank, then the Federal Reserve could require the BHC to terminate the activities, liquidate the assets or divest the affiliates. Currently, the Company has no material activities, assets or affiliates other than those attributable to its ownership of the Bank.
 Regulatory Limits on Dividends and Distributions
 Federal law currently imposes limitations upon certain capital distributions by national banks, such as certain cash dividends, payments to repurchase or otherwise acquire its shares, payments to stockholders of another institution in a cash-out merger and other distributions charged against capital. The Federal Reserve Board and OCC regulate all capital distributions by BankUnited directly or indirectly to BankUnited, Inc., including dividend payments.
 BankUnited may not pay dividends to BankUnited, Inc. if, after paying those dividends, it would fail to meet the required minimum levels under risk-based capital guidelines and the minimum leverage capital ratio requirements, or in the event the OCC notified BankUnited that it was in need of more than normal supervision. Under the FDIA, an insured depository institution such as BankUnited is prohibited from making capital distributions, including the payment of dividends, if, after making such distribution, the institution would become "undercapitalized." Payment of dividends by BankUnited also may be restricted at any time at the discretion of the appropriate regulator if it deems the payment to constitute an unsafe and unsound banking practice.
 BankUnited is subject to supervisory limits on its ability to declare or pay a dividend or reduce its capital unless certain conditions are satisfied.
 In addition, it is the policy of the Federal Reserve Board that BHCs should pay cash dividends on common stock only out of income available over the past year and only if prospective earnings retention is consistent with the organization's expected future needs and financial condition. The policy provides that BHCs should not maintain a level of cash dividends that undermines the BHC's ability to serve as a source of strength to its banking subsidiaries. As a Delaware corporation, BankUnited, Inc. is also subject to certain limitations and restrictions under Delaware corporate law with respect to payment of dividends and other distributions.
 Limits on Transactions with Affiliates and Insiders
 Insured depository institutions are subject to restrictions on their ability to conduct transactions with affiliates and other related parties. Section 23A of the Federal Reserve Act imposes quantitative limits, qualitative requirements, and collateral requirements on certain transactions by an insured depository institution with, or for the benefit of, its affiliates. Transactions covered by Section 23A include loans, extensions of credit, investment in securities issued by an affiliate, and acquisitions of assets from an affiliate. Section 23B of the Federal Reserve Act requires that most types of transactions by an insured

 depository institution with, or for the benefit of, an affiliate be on terms at least as favorable to the insured depository institution as if the transaction were conducted with an unaffiliated third party. The Dodd-Frank Act generally enhances the restrictions on transactions with affiliates, including an expansion of what types of transactions are covered to include credit exposures related to derivatives, repurchase agreements and securities lending arrangements.
 The Federal Reserve Board's Regulation O and OCC regulations impose restrictions and procedural requirements in connection with the extension of credit by an insured depository institution to directors, executive officers, principal stockholders and their related interests.
 Examination Fees
 The OCC charges fees to recover the costs of examining national banks, processing applications and other filings, and covering direct and indirect expenses in regulating national banks. Various regulatory agencies have the authority to assess additional supervision fees.
 FDIC Deposit Insurance
 The FDIC is an independent federal agency that insures the deposits of federally insured depository institutions up to applicable limits. The FDIC also has certain regulatory, examination and enforcement powers with respect to FDIC-insured institutions. The deposits of BankUnited are insured by the FDIC up to applicable limits. As a general matter, the maximum deposit insurance amount is $250,000 per depositor.
 Additionally, FDIC-insured depository institutions are required to pay deposit insurance assessments to the FDIC deposit insurance fund. The amount of a particular institution's deposit insurance assessment is based on that institution's risk classification under the FDIC's risk-based assessment system. An institution's risk classification is assigned based on its capital levels and the level of supervisory concern the institution poses to the regulators. The FDIC has authority to raise or lower assessment rates on insured deposits in order to achieve statutorily required reserve ratios in the DIF and to impose special additional assessments.
 Depositor Preference
 The FDIA provides that, in the event of the "liquidation or other resolution" of an insured depository institution, the claims of depositors of the institution (including the claims of the FDIC as subrogee of insured depositors) and certain claims for administrative expenses of the FDIC as a receiver will have priority over other general unsecured claims against the institution. Insured and uninsured depositors, along with the FDIC, will have priority in payment ahead of unsecured, non-deposit creditors, including BankUnited, Inc., with respect to any extensions of credit they have made to such insured depository institution.
 Federal Reserve System and Federal Home Loan Bank System
 As a national bank, BankUnited is required to hold shares of capital stock in a Federal Reserve Bank. BankUnited holds capital stock in the Federal Reserve Bank of Atlanta. As a member of the Federal Reserve System, BankUnited has access to the Federal Reserve discount window lending and payment clearing systems. Pursuant to the regulations of the Federal Reserve, all banks, including BankUnited, are required to maintain average daily reserves at mandated ratios against their transaction accounts. In addition, reserves must be maintained on certain non-personal time deposits. This reserve requirement may be met by holding cash in banking offices or on deposit at a Federal Reserve Bank.
 BankUnited is a member of the Federal Home Loan Bank of Atlanta. Each FHLB provides a central credit facility primarily for its member institutions, as well as other entities involved in home mortgage lending. Any advances from an FHLB must be secured by specified types of collateral. As a member of the FHLB, BankUnited is required to acquire and hold shares of capital stock in the FHLB of Atlanta. BankUnited is in compliance with this requirement.
 Anti-Money Laundering and OFAC
 Under federal law, financial institutions must maintain anti-money laundering programs that include established internal policies, procedures and controls; a designated compliance officer; an ongoing employee training program; a risk-based customer due diligence program; and testing of the program by an independent audit function. Financial institutions are also prohibited from entering into specified financial transactions and account relationships and must meet enhanced standards for due diligence, customer identification and recordkeeping, including in their dealings with non-U.S. financial institutions and non-U.S. customers. Financial institutions must take reasonable steps to conduct enhanced scrutiny of account relationships to guard against money laundering and to report any suspicious transactions, and law enforcement authorities have been granted

 access to certain financial information maintained by financial institutions. Bank regulators routinely examine institutions for compliance with these obligations and they must consider an institution's compliance in connection with the regulatory review of applications, including applications for banking mergers and acquisitions. The regulatory authorities have imposed "cease and desist" orders and civil money penalty sanctions against institutions found to be violating these obligations.
 The U.S. Department of the Treasury's OFAC is responsible for helping to ensure that U.S. entities do not engage in transactions with certain prohibited parties, as defined by various Executive Orders and Acts of Congress. The OFAC publishes lists of persons, organizations, and countries suspected of money laundering or aiding, harboring or engaging in terrorist acts, known as Specially Designated Nationals and Blocked Persons. If BankUnited, Inc. or BankUnited finds a name on any transaction, account or wire transfer that is an affirmative match to one on an OFAC list, BankUnited, Inc. or BankUnited must freeze or block such account or transaction, file a suspicious activity report and notify the appropriate authorities.
 Consumer Laws and Regulations
 Banking organizations are subject to numerous laws and regulations intended to protect consumers. These laws include, among others:
 • Truth in Lending Act;
 • Truth in Savings Act;
 • Electronic Funds Transfer Act;
 • Expedited Funds Availability Act;
 • Equal Credit Opportunity Act;
 • Fair and Accurate Credit Transactions Act;
 • Fair Housing Act;
 • Fair Credit Reporting Act;
 • Gramm-Leach-Bliley Act;
 • Home Mortgage Disclosure Act;
 • Right to Financial Privacy Act;
 • Real Estate Settlement Procedures Act;
 • laws regarding unfair and deceptive acts and practices; and
 • usury laws.
 Many states and local jurisdictions have consumer protection laws analogous to, and in addition to, those listed above. These federal, state and local laws regulate the manner in which financial institutions deal with customers when taking deposits, making loans, or conducting other types of transactions. Failure to comply with these laws and regulations could give rise to regulatory sanctions, customer rescission rights, action by state and local attorneys general, and civil or criminal liability.
 Privacy and Information Security
 Banking organizations are subject to many federal and state laws and regulations governing the collection, use and protection of customer information. For example, the Gramm-Leach-Bliley Act requires BankUnited to disclose its privacy policies and practices relating to sharing nonpublic customer information and enables retail customers to opt out of our ability to share information with unaffiliated third parties under certain circumstances. Other federal and state laws and regulations impact our ability to share certain information with affiliates and non-affiliates for marketing and/or non-marketing purposes, or to contact customers with marketing offers. The Gramm-Leach-Bliley Act also requires BankUnited to implement a comprehensive information security program that includes administrative, technical and physical safeguards to ensure the security and confidentiality of customer records and information.
 CFPB
 The CFPB is tasked with establishing and implementing rules and regulations under certain federal consumer protection laws with respect to the conduct of providers of certain consumer financial products and services. The CFPB has rulemaking

 authority over many of the statutes governing products and services offered to bank and thrift consumers. For banking organizations with assets of $10 billion or more, such as the Bank, the CFPB has exclusive rule making and examination, and primary enforcement authority under certain federal consumer protection financial laws. In addition, states are permitted to adopt consumer protection laws and regulations that are stricter than those regulations promulgated by the CFPB.
 The Community Reinvestment Act
 The CRA is intended to encourage financial institutions to help meet the credit needs of their service areas, including low and moderate-income neighborhoods, consistent with safe and sound operations. The federal bank regulators examine and assign each bank a public CRA rating.
 The CRA requires federal bank regulators to take into account the bank's record in meeting the needs of its service areas when considering an application by a bank to establish or relocate a branch or to conduct certain mergers or acquisitions. The Federal Reserve Board is required to consider the CRA performance of a BHC's controlled banks when considering an application by the BHC to acquire a banking organization or to merge with another BHC. If BankUnited, Inc. or BankUnited applies for regulatory approval to make certain investments, the regulators will consider the CRA record of target institutions and BankUnited, Inc.'s depository institution subsidiaries. A less than satisfactory CRA rating could substantially delay approval or result in denial of an application. The regulatory agency's assessment of the institution's CRA performance is made available to the public. Following its most recent CRA performance evaluation in October 2024, BankUnited received an overall rating of "Satisfactory."
 A new interagency CRA rule was published in February 2024 imposing additional data collection and reporting requirements on financial institutions. A preliminary injunction against the final rule was issued in March 2024; the ultimate resolution of this matter remains uncertain.

 Human Capital Resources
 At December 31, 2024, we had 1,662 full-time employees and 18 part-time employees. None of our employees are parties to a collective bargaining agreement. We believe that our employees are our greatest asset and vital to our success. As such, we seek to hire and retain the best candidate for each position, without regard to age, gender, ethnicity, or other specific trait, but with an appreciation for a diversity of perspectives and experience. We have designed a compensation structure including an array of benefit plans and programs that we believe is attractive to our current and prospective employees. We have a Company sponsored 401(k) Retirement Savings Program, a tuition reimbursement program, flexible spending accounts and health savings accounts with Company contributions. BankUnited offers paid time off, paid parental leave, paid holidays, flexible work schedules and hybrid and remote job opportunities for some positions.
 Our goal is to create a safe and inclusive workplace where individuals are valued, feel free to express themselves, are empowered to succeed and are able to grow both personally and professionally. At December 31, 2024, 33% of the members of our Board of Directors were female and 44% were of diverse nationality or ethnicity. Approximately 56% of our workforce was female.

 The following chart presents additional information about the composition of our workforce at December 31, 2024:

 iCARE
 Under the umbrella of our iCARE initiative, we have a number of programs intended to foster a culture that promotes employee engagement and community involvement. Our iCARE Council, consisting of 13 employees with a variety of backgrounds and perspectives across different divisions in our organization oversees the continued evolution of iCARE and 22 employees serving as iCARE ambassadors promote engagement in iCARE programs across the organization. Employees are encouraged to participate in interactive events, cultural celebrations, an enterprise-wide mentorship program and community volunteer opportunities. In 2024, our employees reported a total of 4,112 volunteer hours, up 17% from 2023, serving 209 community organizations. Our employees are given paid time to participate in community volunteer opportunities.
 BankUnited has partnered with nine universities in our local markets to provide scholarships, internships, and other educational programs for high school and college students. Since the inception of these initiatives in 2020, 154 college and high school students have participated and 46 of them have been hired for full time roles at the Bank. Through BankUnited's exclusive partnership with Florida International University, the ATOM Pink Tank program, a six-month leadership, mentorship, and research development program was created to empower female students pursuing STEM careers. The Pink Tank participants receive weekly guidance and mentorship by BankUnited employees throughout the ten-week research and competition stage. The students connect with BankUnited professionals of all levels and disciplines. Since the inception of this initiative, 61 students have completed the program and 20 new students have been selected for the 2024-2025 cohort. To date, BankUnited has hired seven students and garnered participation of over 55 BankUnited employees representing 20 departments across the Bank.
 Through iCARE we engage and encourage our employees to participate in various Bank sponsored community programs and events. These community programs include BankUnited's "Adopt A Neighborhood" in Florida focused on providing support to under-served communities, the "Entrepreneurship Program" in New York where we provide workforce development in partnership with a local university, and the "Heir's Program" where we brought together a consortium of expertise to provide legal services and education to predominantly minority families seeking to maintain property in family lineage. The iCARE Ventures program, working with local partners, endeavors to support, promote and strengthen local entrepreneurship and small business growth in our communities. Our employees also participate in a variety of community and collection drives throughout the year. In 2024, the Back to School and Holiday Toy drive collected over 2,000 items for children, and the Thanksgiving drive provided over 140,000 meals to individuals and families in need.
 Health, Wellness and Safety
 Our award-winning Wellness Program incorporates initiatives that address the mental, physical, intellectual, occupational, social, emotional, financial and spiritual components of wellness. The BankUnited Corporate Center has an on-site fitness facility, and we provide our employees with on-site health screenings, skin cancer screenings, on-site mobile physicals, eye exams, dental exams, mammograms, and vaccine clinics. Employees can choose to participate in nutrition counseling, music

 and art therapy, live and streaming fitness classes, meditation sessions, live and virtual learning opportunities with local hospitals providing subject matter experts with a variety of specialties. We offer safety programs including adult, child and pet first aid and CPR courses. For participation in our Wellness Program, we offer our employees a reduced premium rate for medical insurance coverage.
 In recognition of our employee wellness programs, BankUnited was listed in the top ten among America's Top 100 Healthiest Employers by Springbuk HR Technology in both 2023 and 2024. In 2024, BankUnited was listed as number one among New York City's Top 100 Healthiest Employers between 1,000 and 4,999 employees by Springbuk HR Technology Magazine. BankUnited also achieved the 2024 Best Wellness Employer gold certification developed by Wellness Workdays in collaboration with experts from Harvard Medical School.
 Career Growth and Development
 Our Go for More Academy provides an extensive menu of training and resources that enable employees to develop their skills and that promote collaboration and career development. The School of Leadership, which includes the Rising Leaders Program, EXCELerate and Situational Leadership coursework, provides our employees with career development opportunities at all levels. Through our Discover Coaching program, we offer a personalized approach where employees meet one-on-one with an internal coach to promote individual growth, skill development, leadership development, and problem solving. BankUnited's extensive list of professional development opportunities earned us the 2025 Training Apex Award through Training Magazine. A total of 382 employees completed these programs in 2024. We believe mentoring is key to career growth and development. In 2024 280 employees enrolled in our mentoring programs and a total of 1,102 mentoring hours were reported. Our employees rated their overall mentorship program satisfaction with a score of 4.8 stars out of 5 stars.
 Communication & Engagement
 Employee engagement is a key contributor to our success. The Company solicits employee feedback through periodic employee engagement surveys conducted by an outside firm. 87% of employees participated in our last engagement survey and 82% of participants responded favorably to questions designed to gauge the level of overall engagement. The Company schedules regular CEO update video calls, town hall meetings and other engagement programs such as the Leadership Chat Series, a live and interactive webinar with BankUnited executives and our employees. Our Kudos Employee Recognition platform encourages employees to recognize one another's contributions and accomplishments.
 Available Information
 Our website address is www.bankunited.com. Our electronic filings with the SEC (including all Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and if applicable, amendments to those reports) are available free of charge on the website as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The information posted on our website is not incorporated into this Annual Report. In addition, the SEC maintains a website that contains reports and other information filed with the SEC. The website can be accessed at

 Item 1A. Risk Factors
 An investment in our common stock is subject to risks inherent in our business. The material risks and uncertainties that management believes affect us are described below. Before making an investment decision, you should carefully consider the risks and uncertainties described below, together with all of the other information included or incorporated by reference herein. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties that management is not aware of or focused on or that management currently deems immaterial may also impair our business operations. If any of the events described in the risk factors should actually occur, our financial condition, results of operations and the value of our securities could be materially and adversely affected.
 Strategic Risk
 We may not realize the expected benefits of our business strategy.
 Our fundamental business strategy is centered on building a leading regional commercial and small business bank, focused on relationship-based, granular and diversified business on both sides of the balance sheet. Our near-term strategic priorities include (i) improving the funding mix, primarily by growing core deposits and paying down high cost wholesale funding; (ii) improving risk adjusted returns by re-positioning the balance sheet away from typically lower yielding transactional business such as residential mortgages and organically growing core commercial loans, which are generally higher-yielding; (iii) managing credit quality; (iv) investing in organic growth capabilities while managing the rate of increase in expenses; and (v) maintaining robust capital and liquidity. Our ability to execute on these strategic priorities depends on a number of factors, many of which are outside of our direct control. Some of the factors that impact our ability to execute on our strategic priorities are (i) our ability to attract and retain talent; (ii) competition in our markets; (iii) fiscal, monetary and regulatory policy and the macro-economic environment; (iv) the health of our primary markets; and (v) the availability and cost of capital. There is no guarantee that we will be able to successfully execute our strategic plans and fundamental business strategy.
 While acquisitions have not historically been a primary component of our business strategy, we may opportunistically consider potential acquisitions of financial institutions and complementary non-bank businesses. There are risks that may inhibit our ability to successfully execute such acquisitions, such as competition with other potential acquirers, the ability to obtain the required regulatory approvals in a timely matter or at all, the availability of capital and the successful integration of a consummated acquisition and realization of the expected benefits.
 We face significant competition from other financial institutions and financial services providers, which may adversely impact our ability to execute on strategic objectives, our growth or profitability.
 Although our geographic footprint is expanding, our business is currently concentrated in Florida and the New York tri-state area. Commercial and consumer banking in these markets is highly competitive. Our markets contain not only a large number of community and regional banks, but also a significant presence of the country's largest commercial banks. We compete with other state and national banks as well as savings and loan associations, savings banks and credit unions located in our markets as well as those targeting our markets digitally for deposits and loans. In addition, we compete with financial intermediaries, such as private credit funds, FinTech companies, consumer finance companies, marketplace lenders, mortgage banking companies, insurance companies, securities firms, mutual funds and several government agencies as well as major retailers, all actively engaged in providing various types of financial services. The variety of entities providing financial services to businesses and consumers, as well as the technologies and delivery channels through which those services are provided are rapidly evolving.
 The financial services industry is likely to become even more competitive as a result of legislative, regulatory and technological changes and continued consolidation. Increased competition among financial services companies may adversely affect our ability to market our products and services. Technology has lowered barriers to entry and made it possible for financial services providers to compete in our markets without a physical footprint and enabled non-bank providers to offer products and services traditionally provided by banks. Many of our competitors have fewer regulatory constraints and may have lower cost structures. Additionally, due to their size or particular technology capabilities, many competitors may offer a broader range of products and services or may be able to offer better pricing for certain products and services than we can.

 Our ability to compete successfully depends on a number of factors, including but not limited to (i) the ability to develop, maintain and build upon long-term customer relationships; (ii) our ability to pro-actively and quickly respond to technological change and emerging or unanticipated innovations in financial services; (iii) our ability to attract and retain talent; (iv) our ability to expand our market position or successfully enter new markets; (v) the scope, relevance and pricing of our products and services and our ability to respond quickly to changing customer preferences; (vi) the rate at which we introduce new products and services relative to our competitors; (vii) customer satisfaction with our level of service; and (viii) industry and general economic trends.
 Failure to perform well in any of these areas or in general to successfully respond to the competitive pressures we face could make it harder for us to attract and retain customers and significantly weaken our competitive position, which could adversely affect our ability to achieve strategic objectives, our growth and profitability, which, in turn, could harm our business, financial condition and results of operations.
 Major disruptive events such as but not limited to hurricanes, fires or other weather-related events, social or health-care crises such as pandemics, political or social unrest, government shutdowns, geopolitical conflict, terrorist activity or other natural or man-made disasters could disrupt our operations or otherwise have adverse impacts on our customers, our business and results of operations.
 Our geographic markets in Florida and other coastal areas are particularly susceptible to severe weather, including hurricanes, flooding and damaging winds. The occurrence of a hurricane or other natural disaster, a man-made catastrophe such as terrorist activity, pandemic outbreaks and other health emergencies, political or social unrest, government shutdowns, geopolitical conflicts such as those currently occurring in the Middle East or Ukraine or other man-made or natural disasters could disrupt our operations or those of our clients or our work-force, result in damage to our facilities, jeopardize our ability to continue to provide essential services to our customers and negatively affect our customers and the local economies in which we operate. These events may lead to a decline in loan originations, an increase in deposit outflows, strain our liquidity position, reduce or destroy the value of collateral for our loans, particularly real estate, negatively impact the business operations of our customers, and cause an increase in delinquencies, foreclosures and loan losses. Our business, financial condition and results of operations may be materially, adversely impacted by these and other negative effects of such events.
 Both physical and transitional risks related to climate change or societal and governmental responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers.
 Concerns over the long-term impacts of climate change have led and may continue to lead to governmental efforts to mitigate those impacts; that governmental response could directly or indirectly impact our business or that of our customers. Consumers and businesses may change their behavior as a result of their concerns about climate change or in response to governmental efforts to address it. We and our customers may need to respond to new laws and regulations as well as consumer and business preferences resulting from climate change concerns. We and our customers may face cost increases, asset value reductions and operating process changes. The impact on our customers will likely vary depending on their specific attributes, including reliance on or role in carbon intensive activities. Among the impacts to us could be a drop in demand for our products and services, particularly in certain sectors. In addition, we could face reductions in creditworthiness on the part of some customers or in the value of assets securing loans. In particular, our clients' operations may be adversely impacted by the rising cost of property and casualty insurance related to physical risks brought on by weather events or climate change. Our efforts to take these risks into account in making lending and other decisions may not be effective in protecting us from the negative impact of new laws and regulations or changes in consumer or business behavior. One of our primary market areas is the state of Florida, particularly in coastal areas; as such, we may have an increased vulnerability to the ultimate impacts of climate change as compared to some of our competitors.
 We depend on our executive officers and other key and skilled personnel to execute our business strategy and could be harmed by the loss of their services or the inability to attract new talent.
 We believe that our continued growth and future success will depend in large part on the skills of our senior management team and other key personnel. We believe our senior management team possesses valuable knowledge about and experience in the banking industry that could be challenging to replicate. The composition of our senior management team and our other key personnel may change over time. Although our Chairman, President and Chief Executive Officer has entered into an employment agreement with us, he may not complete the term of his employment agreement or renew upon expiration. Other members of our senior management team are not subject to employment agreements, and some members of our senior management team have reached or are approaching what might be considered normal retirement age. Our Board of Directors and senior management team are actively engaged in ongoing succession planning, however, our succession planning efforts may not be adequate to ensure continuity of qualified senior management. Our success also depends on the experience and skills of other key personnel and on their relationships with the customers and communities they serve. Competition, general labor market dynamics and the evolving transition around remote and hybrid work may also present challenges in recruiting and

 retaining talent. The loss of service of one or more of our executive officers or key personnel, or the inability to recruit and retain qualified personnel in the future, could have an adverse effect on our business, financial condition or operating results.
 The actual or perceived financial stability of other financial institutions and in particular other regional and mid-size banks could adversely affect our business, market valuation and results of operations.
 The actual or perceived financial instability of one or more other financial institutions, particularly but not necessarily limited to other regional and mid-size banks, may lead to a crisis in confidence in the financial system or particular sectors thereof, such as the regional and mid-size sector. This could lead to material unanticipated deposit outflows, threatening the safety and soundness of impacted financial institutions and/or significant market volatility and adversely impacting the stock prices of other publicly traded financial institutions, including the Company. Events such as these could materially adversely impact the Company's liquidity, results of operations, business strategy, market valuation and capital. Moreover, the speed with which information spreads through news, social media and other sources on the Internet and the ease with which customers transact may amplify the onset of and negative effects from such perceptions.
 We may need to raise additional capital in the future, and such capital may not be available when needed or at all.
 BankUnited, Inc. as a BHC and BankUnited N.A. are required by Federal banking agencies to maintain specified levels of capital. At a minimum, our capital policy requires us to maintain capital sufficient to meet the "well-capitalized" standard established by capital adequacy guidelines and the regulatory framework for prompt corrective action. While we anticipate that our current capital resources will satisfy our capital requirements for the foreseeable future, we may, at some point need to raise additional capital to support current operations or continued growth. In addition, we may elect to raise capital for strategic reasons even when we are not required to do so. As a publicly traded company, the most likely source of additional capital is the issuance of equity or debt instruments in the capital markets. Our ability to raise capital on favorable terms, or at all, will depend on a variety of factors, many of which are outside of our control, including market conditions, credit availability, our credit rating and credit capacity, and marketability of our stock. Accordingly, we cannot be assured of being able to raise capital when needed or on favorable terms. In addition, if we needed to raise capital in the future, we may have to do so when many other financial institutions are also seeking to raise capital and would then have to compete with those institutions for investors. The inability to raise additional capital on favorable terms when needed could have a materially adverse effect on our business, financial condition and results of operations.
 A downgrade of our credit rating could increase our cost of capital or place limitations on business activities.
 NRSROs regularly evaluate us, and their ratings are based on a number of factors, including our financial strength and conditions affecting the financial services industry generally. In general, ratings agencies base their ratings on many quantitative and qualitative factors, including capital adequacy, liquidity, asset quality, business mix and level and quality of earnings and management, and we may not be able to maintain our current credit ratings. The ratings assigned to the Bank and the Company remain subject to change at any time, and it is possible that any ratings agency will take action to downgrade the Bank and the Company in the future. Additionally, ratings agencies may also make substantial changes to their ratings policies and practices, which may affect our credit ratings. A downgrade of our credit rating, particularly to a level below investment grade, could adversely impact the liquidity or value of our rated securities, our ability to access the capital or certain short-term funding markets, and our cost of capital. Additionally, certain commercial customers could be prohibited from placing deposits with us, impacting our liquidity position.
 Evolving expectations of stakeholders including investors, customers, regulators, employees and ratings agencies with respect to our ESG practices and those of our customers may impose additional costs on us, impact our reputation in the market or expose us to emerging risks.
 Divergent ideological and social views may create competing stakeholder, legislative, and regulatory scrutiny around ESG practices that may impact our reputation or operations or result in increased costs. We believe we have taken a balanced approach to these practices in consideration of the views of various stakeholders; however, stakeholder expectations and priorities, and in some cases externally imposed requirements around ESG, continue to evolve, are uncertain, and sometimes conflicting. If our ESG practices do not meet evolving rules and regulations or stakeholder expectations, then our reputation or our ability to attract or retain employees, customers and investors could be negatively impacted.
 Credit Risk
 As a lender, our business is highly susceptible to credit risk.
 As a lender, we are exposed to the risk that our customers will be unable to repay their loans according to their terms and that the collateral securing the payment of their loans, if any, may be insufficient to ensure repayment. Credit losses are inherent

 in the business of making loans. We are also subject to credit risk that is embedded in our securities portfolio. Our credit risk management framework inclusive of our underwriting standards, procedures and policies may not prevent us from incurring substantial credit losses, particularly if economic or market conditions deteriorate. It is difficult to determine or forecast the many ways in which a decline in economic or market conditions may impact the credit quality of our assets.
 Our ACL may not be adequate to cover actual credit losses.
 We maintain an ACL that represents management's estimate of current expected credit losses, or the amount of amortized cost basis not expected to be collected, on our loan portfolio and the amount of credit loss impairment on our available for sale securities portfolio. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently subjective and uncertain. The measurement of expected credit losses encompasses information about historical events, current conditions and reasonable and supportable economic forecasts. Factors that may be considered in determining the amount of the ACL include, but are not necessarily limited to, product or collateral type, industry, geography, internal risk rating, credit characteristics such as credit scores or collateral values, delinquency rates, historical or expected credit loss patterns and other quantitative and qualitative factors considered by management to have an impact on the adequacy of the ACL and the ability of borrowers to repay their loans. The adequacy of the ACL is also dependent on the effectiveness of the underlying models used in determining the estimate.
 If management's assumptions and judgments prove to be incorrect, our credit loss models prove to be inaccurate or our processes and controls governing the determination of the amount of the ACL prove ineffective, our ACL may be insufficient and we may be required to increase our ACL. In addition, regulatory authorities periodically review our ACL and may require us to increase our provision for credit losses or recognize further loan charge-offs, based on judgments different from those of our management. Adverse or volatile actual or forecasted economic conditions could make management's estimate even more complex and difficult to determine. Any increase in our ACL will result in a decrease in net income and capital and could have a material adverse effect on our financial condition and results of operations. See Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations—Analysis of the Allowance for Credit Losses" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates—Allowance for Credit Losses."
 We depend on the accuracy and completeness of information about clients and counterparties in making credit decisions.
 In deciding whether to extend credit or enter into other transactions with clients and counterparties, we may rely on information furnished by or on behalf of clients and counterparties, including financial statements and other financial information. We also may rely on representations of clients and counterparties as to the accuracy and completeness of that information and, with respect to financial statements, on reports of independent auditors.
 The credit quality of a substantial portion of our assets and our results of operations are affected by residential and commercial real estate values and the level of residential and commercial real estate sales and rental activity.
 A material portion of our loans are secured by residential or commercial real estate. The ability of our borrowers to repay their obligations and our financial results may therefore be adversely affected by changes in real estate values or in real estate market dynamics. Commercial real estate valuations in particular are highly subjective, as they are based on many assumptions. Such valuations can be significantly affected over relatively short periods of time by changes in business climate, economic conditions, demographic and market trends such as the impact of the ongoing shift to online shopping on retail properties or the evolution of remote and hybrid work on office properties. The value of commercial real estate and ability of commercial real estate borrowers to service debt is also sensitive to occupancy rates, the level of rents, regulatory and tax law changes, interest rates, other operating costs and, in many cases, the results of operations of businesses and other occupants of the real property. The properties securing income-producing investor real estate loans may not be fully leased at the origination of the loans or vacancies may arise during the terms of the loans. A borrower's ability to repay these loans is dependent upon stabilization of the properties and additional leasing through the life of the loan or the borrower's successful operation of a business. Weak economic conditions or demographic and market trends may impair a borrower's business operations, lead to elevated vacancy rates or lease turnover, slow the execution of new leases or result in falling rents. In particular, the office segment continues to be impacted by evolving trends around remote or hybrid work. The ultimate outcome of this trend and, as a result, the level of future demand for office space, remains uncertain. Lease turnover may increase, and tenants may reduce the amount of space leased when existing leases expire. Lower occupancy rates may lead to lower rents and lower valuations of office buildings. These factors could lead to deterioration in fundamentals underlying some of our commercial real estate loans. A sustained higher interest rate environment as well as rising property and casualty insurance and other operating costs have negatively impacted and may continue to negatively impact operating cash flows for some borrowers and the ability of those borrowers to service or refinance outstanding debt. These factors could result in further deterioration in the fundamentals underlying the

 commercial real estate market and the deterioration in value of some of our loans or the underlying collateral and ultimately to higher loan losses.
 Similarly, residential real estate valuations can be impacted by housing trends, demographic trends, the availability of financing and property and casualty insurance at reasonable rates, the supply of available housing, governmental policy regarding housing and housing finance and general economic conditions affecting consumers. Real estate values may also be impacted by weather-related events and other man-made or natural disasters, or ultimately, by the impact of climate change.
 We make credit and reserve decisions based on current and projected real estate values, the current conditions of borrowers, properties or projects and our expectations for the future. If real estate values or fundamentals underlying commercial or residential real estate decline, we could experience higher delinquencies and charge-offs beyond that provided for in the ACL.
 The underlying collateral for a significant portion of the securities in our investment portfolio also consists of commercial or residential real estate. While we typically invest in senior tranches of these securities and their structures provide significant credit enhancement, the value and performance of underlying collateral is subject to the same risks described above. A deterioration in the value or performance of underlying collateral to an extent that credit enhancement inherent in the structure of the securities is insufficient to protect us from underlying collateral losses would result in the recognition of impairment losses and adversely impact our financial condition, results of operations and capital.
 Since we engage in lending secured by real estate, we may be forced to foreclose on the collateral property and thereby be subject to risks associated with the ownership of commercial or residential real property, which could have an adverse effect on our business, financial condition or results of operations.
 A significant portion of our loan portfolio is secured by residential or commercial real property. During the ordinary course of business, we may foreclose on and take title to properties securing certain loans, in which case, we are exposed to the risks and costs inherent in the ownership of real estate. The amount that we, as a mortgagee, may realize after a default is dependent upon factors outside of our control, including: (i) general or local economic conditions; (ii) sub-market property values and supply/demand dynamics; (iii) interest rates; (iv) costs of ownership such as real estate taxes, insurance, maintenance; (v) governmental rules and regulations such as but not limited to zoning laws; (vi) natural or man-made disasters; (vii) political or social unrest, crime levels and other conditions in sub-markets or neighborhoods where property is located; and (viii) the ability to maintain occupancy particularly of commercial properties. Additionally, bank-owned properties obtained in foreclosure often sell at a discount to the price that might otherwise be obtained in the market.
 The geographic concentration of our markets in Florida and the New York Tri-State area makes our business highly susceptible to local conditions in those markets.
 While we are expanding our geographic footprint, our operations remain concentrated in Florida and the New York Tri-State area. Additionally, a significant portion of our loans secured by real estate are secured by properties in these geographic regions. The ability of our borrowers to repay their loans and the value of the collateral securing such loans may be significantly affected by economic and market conditions as well as demographic trends, the regulatory environment and tax policy in these regions, which could differ from broader national dynamics. Many of our customers in Florida have incurred or are likely to incur significantly higher property and casualty insurance premiums on their properties. This may adversely affect real estate sales and property values in Florida or negatively impact borrowers' operating cash flows or debt service capability. If, in the future, borrowers are unable to obtain property and casualty insurance, they may be unable to repay their loans in the event of catastrophic events such as hurricanes. Florida is more vulnerable to severe weather events like hurricanes than some regions of the country and may also be more susceptible in the future to the physical risks of climate change or rising sea levels. The New York region has, in the past, been a target of terrorist activity and social unrest; these events can have adverse impacts on our business operations and those of our customers. While we are not directly engaged in international business activities, businesses in both Florida and New York may be more likely than those in some other regions to be engaged in international trade and commerce, making them more susceptible to international economic disruption and unrest. Adverse regional demographic trends and tax or regulatory policy can also lead to a decline in demand for our loan or deposit products. Recently, the New York region has experienced population declines while Florida has experienced positive demographic trends.
 Our portfolio of operating lease equipment is exposed to fluctuations in the demand for and valuation of the underlying assets. Many of these assets are in service to the fossil fuel industry, and subject to transition risks related to climate change.
 Although we have been reducing our exposure to this business, our equipment leasing business is exposed to asset risk resulting from ownership of the equipment on operating lease. Asset risk arises from fluctuations in supply and demand for the underlying leased equipment. We are exposed to the risk that, at the end of the lease term or in the event of early termination, the value of the asset will be lower than expected, resulting in reduced future lease income over the remaining life of the asset

 or a lower sale value, which could lead to impairment charges or operating losses. A significant portion of our equipment under operating lease consists of railcars and other equipment used directly or indirectly by the fossil fuel industry. Demand for this equipment, rental rates and its valuation are heavily influenced by conditions in the energy industry and the impact of transition to a lower-carbon economy including related regulation and societal norms.
 Interest Rate Risk
 Our business is inherently highly susceptible to interest rate risk.
 Our business and financial performance are materially impacted by market interest rates and movements in those rates. Since a high percentage of our assets and liabilities are interest bearing or otherwise sensitive in value to changes in interest rates, changes in rates, in the shape of the yield curve or in spreads between different types of rates can have a material impact on our financial condition and results of operations and the values of our assets and liabilities. Changes in the value of investment securities available for sale and certain derivatives directly impact equity through adjustments of accumulated other comprehensive income and changes in the values of certain other assets and liabilities may directly or indirectly impact earnings. Changes in the values of assets and liabilities brought about by changes in interest rates, even those that do not directly impact reported GAAP or regulatory capital levels, may impact investors' perceptions of the value of the Company, rating agency opinions, or customers' perceptions of the stability of the Company leading to unanticipated deposit outflows. Interest rates are highly sensitive to many factors over which we have no control and which we may not be able to anticipate, including general economic conditions and the monetary and fiscal policies of various governmental bodies, particularly the Federal Reserve Board. The impact of changes in interest rates on our business and financial performance may be exacerbated if the extent or pace of those changes are beyond historical norms.
 Our earnings and cash flows depend to a great extent upon the level of our net interest income. Net interest income is the difference between the interest income we earn on loans, investments and other interest earning assets, and the interest we pay on interest bearing liabilities, such as deposits and borrowings. A flat or inverted yield curve or tightening credit spreads may limit our ability to add higher yielding assets to the balance sheet and reduce the spread between rates paid on interest bearing liabilities and those earned on interest earning assets, placing downward pressure on our net interest margin and net interest income. Our deposit costs tend to be correlated with short-term rates; increases in short-term interest rates or generally tightening liquidity conditions may exert upward pressure on our cost of deposits. Changes in interest rates can increase or decrease our net interest income, because different types of assets and liabilities may react differently, and at different times, to market interest rate changes. If interest bearing liabilities mature or reprice more quickly than interest earning assets in a period of rising rates, net interest income will be reduced. If interest earning assets mature or reprice more quickly than interest bearing liabilities, falling interest rates could reduce net interest income. An increase in interest rates may also reduce the demand for loans and lower-priced deposit products, decrease loan repayment rates and negatively affect borrowers' ability to meet their obligations. A decrease in the general level of interest rates may affect us through, among other things, increased prepayments on higher-yielding fixed rate loans and mortgage-backed securities. Competitive conditions may also impact the interest rates we are able to earn on new loans or are required to pay on deposits, negatively impacting both our ability to grow loans and deposits and our net interest income. Our ability to manage interest rate risk could be negatively impacted by unpredictable behavior of depositors in various interest rate environments. A rapid or unanticipated increase or decrease in interest rates, changes in the shape of the yield curve or in spreads between rates could have an adverse effect on our net interest margin and results of operations.
 We attempt to manage interest rate risk by monitoring and managing the rates, maturity, repricing, mix and balances of the different types of interest earning assets and interest bearing liabilities and through the use of hedging instruments; however, interest rate risk management techniques are not precise, and we may not be able to successfully manage our interest rate risk. The modeling techniques we use to manage interest rate risk are based on a wide variety of assumptions generally derived from historical data and patterns, and may fail to accurately predict the impact of future movements in interest rates on our financial performance. Assumptions about depositor behavior are integral to interest rate risk modeling and management; technological advances enabling depositors to move money more quickly and to do business with a wide variety of financial services providers not in physical proximity to those depositors as well as the evolving landscape of the financial services industry has made predictive modeling of depositor behavior increasingly difficult. See Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations—Interest Rate Risk" for a discussion on the methodology and assumptions used by the Company in managing its interest rate risk.

 Liquidity Risk
 A failure to maintain adequate liquidity could adversely affect our ability to sustain normal operations, our financial condition and results of operations.
 Effective liquidity management is essential for the operation of our business. We require sufficient liquidity to meet customer loan requests, customer deposit maturities and withdrawals and other cash commitments under both normal operating conditions and under extraordinary or unpredictable circumstances. Our access to funding sources in amounts adequate to finance our activities on terms that are acceptable to us could be impaired by factors or events that affect us specifically, other financial institutions, or the financial services industry or economy generally. Factors that could detrimentally impact our access to liquidity at an acceptable price, or at all include, but are not limited to: (i) national, to a lesser extent global, and regional economic and market conditions; (ii) interest rates; (iii) competition for depositor funds from banks and other investment alternatives; (iv) the availability of sufficient collateral that is acceptable to the FHLB and the Federal Reserve Bank, both of which are significant sources of contingent liquidity for us; (v) fiscal and monetary policy; (vi) public and market perception of BankUnited specifically, peer banks and the banking sector more broadly; (vii) our ability to access the capital markets as a potential liquidity source; and (viii) regulatory requirements or changes. Our access to liquidity in the form of deposits may also be affected by the liquidity needs of our depositors. A substantial portion of our liabilities consist of deposit accounts that are payable on demand or upon several days' notice, while by comparison, the majority of our assets are loans, which cannot be called or sold in the same time frame. Although we have historically been able to replace maturing deposits and borrowings as necessary, we might not be able to replace such funds in the future. A failure to maintain adequate liquidity could materially and adversely affect our ability to sustain business operations, our financial condition or results of operations.
 We may be subject to material unanticipated outflows of deposits, jeopardizing our ability to maintain sufficient liquidity to conduct normal business operations.
 We are susceptible to internal or external circumstances, perceptions or events, some of which we may be unable to anticipate or control or may be of an unprecedented nature, that could lead to material unexpected deposit outflows. Depositors increasingly have the ability to move funds quickly and easily using digital channels. If a significant portion of our deposits were to be withdrawn within a short period of time, the Company's liquidity, financial condition, results of operations and ability to sustain normal operations could be materially, adversely affected.
 The FRB and the FHLB are important sources of both operating and contingent liquidity. If the availability of those liquidity sources were compromised, our business, financial condition or results of operations could be materially adversely affected.
 The FRB and FHLB provide important sources of stable, reliable and specifically with respect to the FRB, emergency liquidity to banks including BankUnited. Should the availability, nature, design or provisions of the various liquidity facilities provided by these entities change materially, BankUnited's ability to access operating or contingent liquidity as needed could be adversely impacted. The availability of liquidity from these sources is also dependent on the nature and value, which could be negatively impacted by changes in interest rates or general economic and market conditions, of collateral BankUnited is able to provide and on their evaluation of the Bank's creditworthiness. A significant portion of collateral available to be pledged to the FHLB and FRB consists of loans and securities collateralized by residential and commercial real estate; the value of this collateral is subject to many of the same risks discussed above with respect to the value of real estate collateral for our loans. In 2023, the FHFA, the primary regulator of the FHLB system, completed a comprehensive review of the FHLB system. The review recommended a re-evaluation of many aspects of the regulatory and statutory framework governing the FHLB system and set forth some recommended revisions to that framework. Any future regulatory or legislative action resulting from the comprehensive review could impact the future amount, terms and availability of liquidity provided by the FHLBs to their members, including BankUnited. Our ability to access funds on a timely basis from the FRB and FHLB also depends on our operational readiness; while we test operational readiness regularly and believe our processes and procedures are adequate in this regard, a failure of those processes and procedures could compromise our ability to access needed liquidity.
 A significant percentage of our deposits are commercial deposits, many of which are uninsured.
 Our business strategy is heavily focused on commercial customers, and as such, a large percentage of our deposits are commercial deposits. Inherently, due to the design and purpose of FDIC deposit insurance, across the U.S. banking system and at BankUnited, a significant portion of commercial deposits are uninsured. While we offer programs and products to our commercial customers that allow them to increase the amount of their deposits that are insured, not all depositors choose to take

 advantage of these programs and products. Uninsured deposits may be more subject to unanticipated outflows than insured deposits, particularly during times of systemic or institution-specific stress.
 Loss of deposits or a change in deposit mix could increase our funding costs.
 Deposits are typically a relatively low cost and stable source of funding. We compete with banks and other financial service providers for customer funds; as a result, we could lose deposits in the future, clients may shift their deposits into higher cost products, or we may need to raise interest rates to avoid deposit attrition. Funding costs may also increase if deposits are replaced with wholesale funding. Higher funding costs reduce our net interest margin, net interest income, and net income. A portion of our deposit base consists of companies serving the residential real estate eco-system and is exposed to the overall health and level of activity in that eco-system. In a sustained high interest rate environment, the level of residential real estate activity would be expected to decline, which may lead to reduced deposit balances in this vertical.
 The inability of BankUnited, Inc. to receive dividends from its subsidiary bank could have a material adverse effect on the ability of BankUnited, Inc. to make payments on its debt, pay cash dividends to its shareholders or execute share repurchases.
 BankUnited, Inc. is a separate and distinct legal entity from the Bank, and the substantial majority of its revenue consists of dividends from the Bank. These dividends are the primary funding source for the dividends paid by BankUnited, Inc. on its common stock, the interest and principal payments on its debt and any repurchases of outstanding common stock. Various federal and state laws and regulations limit the amount of dividends that a bank may pay to its parent company. In addition, our right to participate in a distribution of assets upon the liquidation or reorganization of a subsidiary may be subject to the prior claims of the subsidiary's depositors and other creditors. If the Bank is unable to pay dividends, BankUnited, Inc. might not be able to service its debt, pay its obligations, pay dividends on its common stock or make share repurchases.
 Operational Risk
 We rely on analytical and forecasting models and tools that may prove to be inadequate or inaccurate, which could adversely impact the effectiveness of our strategic planning, the quality of certain accounting estimates including the ACL, the effectiveness of our risk management framework including but not limited to credit, interest rate and liquidity risk monitoring and management and thereby our results of operations.
 The processes we use to forecast future performance and estimate expected credit losses, including in hypothetical periods of stress, the effects of changing interest rates, sources and uses of liquidity, real estate values, and economic trends and indicators on our financial condition and results of operations depend upon the use of analytical and forecasting tools and models. These tools and models reflect assumptions that may prove inaccurate, particularly in times of market stress, volatility or other unforeseen or unprecedented circumstances. Furthermore, even if our assumptions are accurate predictors of future performance, the tools and models that utilize them may prove to be inadequate or inaccurate because of other flaws in their design or implementation. If these tools prove to be inadequate or inaccurate, our strategic planning processes, risk management and monitoring framework, earnings and capital may be adversely impacted.
 New lines of business, new products and services or strategic project initiatives may subject us to additional operational risks, and the failure to successfully implement these initiatives could affect our reputation and results of operations.
 From time to time, we may launch new verticals or lines of business, expand into new geographies or offer new or modified banking products and services, which offerings may significantly increase operational, credit or reputational risks. Significant effort and resources may be required to manage and oversee the successful development, implementation, risk assessment, launch or scaling of new initiatives, which effort and resources may be diverted from other of our products or services. While we invest significant time and resources in developing, marketing and managing new products and services, there are material uncertainties that could adversely impact estimated implementation and operational costs or projected adoption, sales, revenues or profits, and no assurance can be given that any new offerings will be successfully developed, implemented, launched or scaled. New products and services may require startup and ongoing marketing costs and operational changes. The inability to successfully roll out new products and services may result in unmet profitability targets, increased costs, loss of customers or competitive advantage or other adverse impacts on our business and results of operations.
 We are subject to the risk of fraud, theft or errors by employees or outsiders and to the impact of ineffective processes and controls, which may adversely affect our business, financial condition and results of operations.
 We are exposed to the risk of fraud or theft by employees or outsiders and to operational errors, including clerical or record-keeping errors, the impact of ineffective processes and controls or faulty or disabled technology. Events such as these could cause us to suffer financial loss, the loss of customers, regulatory action and damage to our reputation.

 Because the nature of the financial services business involves a high volume of transactions, certain errors may be repeated or compounded before they are discovered and successfully rectified. Our necessary dependence on automated systems to record and process transactions and our large transaction volume may further increase the risk that technical flaws or employee tampering or manipulation of those systems will result in losses that are difficult to detect. The occurrence of any of these events could result in a diminished ability to operate our business as well as potential liability to customers and counterparties, reputational damage and regulatory intervention, which could adversely affect our business, financial condition or results of operations.
 While we regularly monitor, evaluate and update our internal control framework including controls over financial reporting and corporate governance policies and procedures, any system of controls, however well designed and operated, can provide only reasonable, not absolute, assurances that the objectives of the controls are met. Failure of our system of controls and procedures could have a material adverse effect on our financial condition and results of operations.
 We are dependent on our information technology and telecommunications systems. System failures or interruptions could have an adverse effect on our business, reputation, financial condition and results of operations.
 Our business is highly dependent on the successful and uninterrupted functioning of our information technology, internet and network connectivity and telecommunications systems. We rely on these systems and connectivity to process new and renewed loans, gather deposits, process customer and other transactions, provide customer service, facilitate collections, facilitate remote work and share data across our organization. The failure of these systems and technologies could interrupt our operations. We may be subject to disruptions of our information technology and telecommunications systems arising from events that are wholly or partially beyond our control which may give rise to disruption of service to customers and of our employees' ability to perform their jobs. Because our information technology and telecommunications systems interface with and depend on third-party systems, we could experience service denials if demand for such services exceeds capacity or such third-party systems fail or experience interruptions. If sustained or repeated, a system failure or service denial could result in a deterioration of our ability to process new and renewed loans, gather deposits, process customer transactions, provide customer service, compromise our ability to operate effectively, damage our reputation, result in a loss of customer business, and/or subject us to additional regulatory scrutiny and possible financial liability, any of which could have a material adverse effect on our financial condition and results of operations.
 We are highly dependent on third-party service providers for significant aspects of our business infrastructure, information technology, and telecommunications systems.
 We rely on third parties to provide key components of our business infrastructure and major systems including, but not limited to, core banking systems such as loan servicing and deposit transaction processing systems, cloud-based data storage, our electronic funds transfer transaction processing, cash management, online banking services, ERP systems and computer and networking infrastructure. We have migrated a significant portion of our core information technology systems, data storage and customer-facing applications to private and public cloud infrastructure platforms. If we fail to administer these environments in a well-managed, secure and effective manner, or if these platforms become unavailable or do not meet their service level agreements for any reason, we may experience unplanned service disruption or unforeseen costs which could result in material harm to our business, reputation, financial condition and results of operations. We must successfully develop and maintain information, financial reporting, disclosure, data-protection and other controls adapted to our reliance on outside platforms and providers. In addition, service providers could experience system breakdowns or failures, outages, downtime, cyber-attacks, adverse changes to financial condition, bankruptcy, or other adverse conditions, which could have a material adverse effect on our business and reputation. While we have an established third-party risk management framework and select and monitor the performance of third-party vendors carefully, we do not control their actions. Any problems caused by these third parties, including those resulting from disruptions in communication services provided by a third party, failure of a third party to handle current or higher volumes, failure of a third party to provide services for any reason or poor performance of services, or the termination of a third-party software license or service agreement on which any of these systems is based, could adversely affect our ability to deliver products and services to our customers and otherwise conduct our business. In many cases, our operations rely heavily on the secure processing, storage and transmission of information and the monitoring of a large number of transactions on a minute-by-minute basis, and even a short interruption in service could have significant consequences. Financial or operational difficulties of a third-party service provider could adversely affect our operations if those difficulties interfere with the service provider's ability to serve us effectively or at all. Replacing these third-party service providers could create significant delays and expense. Accordingly, use of such third party service providers creates an unavoidable material inherent risk to our business operations.

 We are at risk of cybersecurity incidents, defined as any unauthorized occurrence, or series of related unauthorized occurrences, on or conducted through our information systems, including those of third-party service providers that we rely on, that jeopardizes the confidentiality, integrity or availability of those information systems or information residing therein.
 In the normal course of business, we collect, process, and retain sensitive and confidential client and customer information. Despite the security measures we and our third party service providers have in place, information systems may be vulnerable to cybersecurity incidents. Cybersecurity incidents can take many forms including cyber-attacks, security breaches, acts of vandalism, computer viruses, misplaced or lost data, programming and/or human errors, or other similar events, especially because, in the case of any intentional breaches, the techniques used change frequently or may not be recognized until launched, and cyber-attacks can originate from a wide variety of sources.
 We provide our customers the ability to bank remotely, including online, via mobile devices and over the telephone. The secure transmission of confidential information over the internet and other remote channels is a critical element of remote banking. Our network could be vulnerable to unauthorized access, computer viruses, social engineering schemes and other security breaches. In addition to cybersecurity incidents involving the theft of sensitive and confidential information, hackers have engaged in attacks against financial institutions, particularly denial of service attacks, designed to disrupt key business services such as customer-facing websites. We may be required to spend significant capital and other resources to protect against the threat of cybersecurity incidents, or to alleviate problems caused by cybersecurity incidents. Any cybersecurity incident involving the misappropriation, loss or other unauthorized disclosure of confidential customer information could severely damage our reputation, erode confidence in the security of our systems, products and services, expose us to the risk of litigation and liability, disrupt our operations and have a material adverse effect on our business.
 In addition, we interact with and rely on financial counterparties for whom we process transactions and who process transactions for us and rely on other third-party service providers, as discussed above. Each of these third parties may be targets of the same types of cybersecurity incidents described above. The measures that they maintain to mitigate the risk of such activity may be different from our own and, in many cases, we do not have any control over the types of security measures they may choose to implement. We may incur costs as a result of data or security breaches of third parties with whom we do not have a significant direct relationship. As a result of financial entities and technology systems becoming more interdependent and complex, a cybersecurity incident, information breach or loss, or technology failure that compromises the systems or data of one or more financial entities could have a material impact on counterparties or other market participants, including us.
 Concerns regarding the effectiveness of our measures to safeguard personal information, or even the perception that such measures are inadequate, could cause us to lose customers or potential customers and thereby reduce our revenues. If another financial institution experiences a material cybersecurity incident, even if we are not directly impacted in any way, negative publicity about the incident could impact confidence in the banking system generally, including in BankUnited.
 See "Item 1C - Cybersecurity." for further discussion of measures we have taken to implement safeguards with respect to cybersecurity incidents.
 The risk inherent in the adoption and implementation of new technologies, or the failure to keep pace with technological innovation may result in reputational harm, increased regulatory scrutiny, increased liability, heightened operational risk, an adverse impact on our ability to compete for loans and deposits and serve our customers, and an adverse impact on our business, financial condition and results of operations.
 The financial services industry continues to experience rapid and significant technological change; financial products and services have become increasingly technology driven. Our ability to meet the needs of our customers competitively and in a cost-efficient manner is dependent on our ability to keep pace with and pro-actively and quickly respond to technological advances and to invest in relevant new technology as it becomes available. Many of our larger competitors have greater resources to invest in technology than we do and may be better equipped to market new technology-driven products and services. The widespread adoption of new technologies, including, but not limited to, digitally enabled products and delivery channels, payment systems and technologies supporting back-office and risk management capabilities could require us to incur substantial cost and effort to acquire new technology platforms, modify or adapt our existing products and services, infrastructure and control environment, to upskill our workforce and to modify related operational processes and procedures. Our operational change management framework may fail to effectively mitigate the operational risk and disruption inherent in or to remedy any challenges associated with the adoption of new technology. Our third-party service providers also regularly incorporate technological changes in the platforms and services they provide to us; while we regularly monitor and test their impact, we may have limited or no control over their implementation and are reliant on the third-party service providers for successful development and implementation of these changes.
 Generative and Agentic AI are emerging technologies that present both opportunities and risks to users. While our current use of AI is not material to our operations, its evolving use is subject to risks that algorithms and datasets are flawed or may be

 insufficient, poorly suited to purpose or contain biased information. The models used and results generated by AI and machine learning are not always transparent, which could increase the risk of unintended deficiencies. These deficiencies could result in inaccurate or ineffective decisions, predictions or analyses, which could subject our business to competitive harm, legal liability, increased regulatory scrutiny, reputational harm or other consequences that we may not be able to predict, any of which could negatively affect our business, financial condition and results of operations. The expanded adoption of AI may exacerbate the frequency and effectiveness of cybersecurity incidents. In addition, we expect our third-party service providers to increasingly incorporate AI capabilities into their product offerings; our third party risk management framework may be inadequate to fully mitigate the associated risks.
 Our failure to keep pace with technological innovation, to successfully implement enhanced and emerging technologies or to fully realize their benefits could have a material adverse impact on our business, financial condition and results of operations.
 The soundness of other financial institutions, particularly our financial institution counterparties, could adversely affect us.
 Our ability to engage in routine funding and other transactions could be adversely affected by the stability and actions of other financial services institutions. Financial services institutions are interrelated as a result of trading, clearing, servicing, counterparty, and other relationships. We have exposure to an increasing number of financial institutions and counterparties. These counterparties include institutions that may be exposed to various risks over which we have little or no control.
 Adverse developments affecting the overall strength and soundness of the financial services industry as a whole and third parties with whom we have important relationships could have a negative impact on our business even if we are not directly subject to the same adverse developments.
 Regulatory, Legal and Compliance Risk
 As a BHC, we and BankUnited operate in a highly regulated environment and the laws and regulations that apply to us, changes in them, or our failure to comply with them, may adversely affect us.
 We operate in a highly regulated environment, and are subject to comprehensive statutory, legal and regulatory regimes. See Item 1 "Business—Regulation and Supervision." Intended to protect customers, depositors, the DIF, and the overall financial stability of the United States, these laws and regulations, among other matters, prescribe capital and liquidity requirements, impose limitations on the business activities in which we can engage, limit the dividend or distributions that BankUnited can pay to BankUnited, Inc., restrict the ability of institutions to guarantee our debt, and impose specific accounting and reporting requirements on us. Banking regulators may also from time to time focus on issues that may impact the pace of growth of our business, our ability to execute our business strategy and our operations. Compliance with laws and regulations can be difficult and costly, and changes to laws and regulations often impose additional costs. In addition, federal banking agencies including the OCC, Federal Reserve Board and CFPB periodically conduct examinations of our business, including compliance with laws and regulations. Our failure to comply with these laws and regulations, and to effectively navigate this complex regulatory landscape, even if the failure follows good faith effort or reflects a difference in interpretation, could subject us to restrictions on our business activities, fines, remedial actions, administrative orders and other penalties, any of which could adversely affect our reputation, results of operations and capital base.
 Further, federal, state and local legislators and regulators regularly introduce measures or take actions that would modify the regulatory requirements applicable to banks, their holding companies and other financial institutions. Changes in laws, regulations or regulatory policies could adversely affect the operating environment for the Company in substantial and unpredictable ways, increase our cost of doing business, impose new restrictions on the way in which we conduct our operations or add significant operational constraints that might impair our profitability. We cannot predict whether new legislation will be enacted and, if enacted, the effect that it, or any implementing regulations, would have on our business, financial condition or results of operations.
 Changes in political administrations are likely to introduce new or modified regulations and related regulatory guidance and supervisory oversight. We expect the newly elected Trump administration will seek to implement a regulatory reform agenda that is significantly different than that of the previous administration, impacting the rulemaking, supervision, examination and enforcement priorities of the federal banking agencies and at least temporarily injecting a heightened level of regulatory uncertainty. Newly enacted laws, regulations, or executive orders may significantly impact the regulatory framework in which we operate and may require material changes to our business processes in short time frames. Inability to meet new statutory requirements within the prescribed periods could adversely affect our business, financial condition and results of operations, as well as impact our reputation.

 A number of new or modified rules or policies related to capital requirements for banks with more than $100 billion in assets, liquidity, and bank mergers and acquisitions have been proposed; if these or similar rules are enacted, there could be a material direct or indirect impact on our business including but not limited to our financial position, results of operations and capital. Given the initial posture of the incoming administration, there is significant uncertainty about whether certain of these proposed rules will be enacted in substantially their proposed forms, in modified form, or at all.
 Our ability to expand through acquisition or de novo branching requires regulatory approvals, and failure to obtain them may restrict our growth.
 Although acquisitions have not historically been a material part of our growth strategy, we may identify opportunities to complement and expand our business by pursuing strategic acquisitions of financial institutions and other complementary businesses. We must generally receive federal regulatory approval before we can acquire an institution or business. In determining whether to approve a proposed acquisition, federal banking regulators will consider, among a number of other qualitative and quantitative factors, the effect of the acquisition on competition, the impact on communities served by the acquiring and target institution, the impact on compliance with the CRA and BSA/AML laws and regulations, our financial condition, our future prospects, and the impact of the proposal on U.S. financial stability. Regulatory approvals may not be granted on terms that are acceptable to us, or at all. We may also be required to sell or close branches, or precluded from doing so, as a condition to receiving regulatory approval, which condition may not be acceptable to us or, if acceptable to us, may reduce the benefit of any acquisition. We may continue de novo branching as a part of our organic growth strategy and possibly enter into new markets through de novo branching. The failure to obtain regulatory approvals for potential future strategic acquisitions and de novo branches may impact our business plans and restrict our growth.
 Financial institutions, such as BankUnited, face a risk of noncompliance and enforcement action with the Bank Secrecy Act and other anti-money laundering statutes and regulations.
 The Bank Secrecy Act, the USA PATRIOT Act, and other laws and regulations require financial institutions, among other duties, to institute and maintain an effective anti-money laundering program and file suspicious activity and currency transaction reports as appropriate. Financial institutions are also required to comply with sanctions and programs administered by OFAC. Numerous regulatory agencies and other governmental departments are involved in enforcement and administration of these provisions.
 We dedicate significant resources to ongoing compliance with these laws and regulations, continuously monitor and enhance as necessary related policies and procedures and maintain a robust automated anti-money laundering software solution. If our policies, procedures and systems are deemed deficient, we could be subject to liability, including significant civil monetary fines and to various regulatory actions such as restrictions on our ability to pay dividends, the inability to obtain approval of any contemplated acquisitions and restrictions on our ability to execute certain aspects of our business and expansion plans.
 We are subject to the CRA and fair lending laws, and failure to comply with these laws could lead to material penalties.
 The CRA, the Equal Credit Opportunity Act, the Fair Housing Act and other fair lending laws and regulations impose nondiscriminatory lending requirements on financial institutions. The Department of Justice and other federal agencies are responsible for enforcing these laws and regulations. A successful challenge to an institution's performance under the CRA or fair lending laws and regulations could result in a wide variety of sanctions, including the required payment of damages and civil money penalties, injunctive relief, imposition of restrictions on mergers and acquisitions activity, and restrictions on expansion activity. Private parties may also have the ability to challenge an institution's performance under fair lending laws in private class action litigation.
 The FDIC's restoration plan and any future related increased assessments could adversely affect our earnings.
 Insured depository institutions such as BankUnited are required to pay deposit insurance premiums to the FDIC, which maintains a DIF. If the current level of deposit premiums is insufficient for the DIF to meet its funding requirements in the future, special assessments or increases in deposit insurance premiums may be required. A change in BankUnited's risk classification within the FDIC's risk-based assessment framework could also result in increased deposit insurance premiums.
 We are generally unable to control the amount of premiums that we are required to pay for FDIC insurance. There is also a risk that BankUnited's deposit insurance premiums will further increase if failures of insured depository institutions further deplete the DIF or if the FDIC changes its view of the risk BankUnited poses to the DIF or otherwise increases the assessment rate adjustment applicable to BankUnited's deposits. Any future additional assessments or increases in FDIC insurance premiums may adversely affect our financial condition or results of operations.

 We are subject to laws regarding the privacy, information security and protection of personal information and any violation of these laws or another incident involving personal, confidential or proprietary information of individuals could damage our reputation, lead to monetary settlements or penalties and otherwise adversely affect our operations and financial condition.
 Our business requires the collection and retention of large volumes of customer data, including personally identifiable information in various information systems that we maintain and in those maintained by third party service providers. We are subject to complex and evolving laws and regulations governing the privacy and protection of personal information of individuals (including customers, employees, suppliers and other third parties). For example, our business is subject to the Gramm-Leach-Bliley Act which, among other things: (i) imposes certain limitations on our ability to share nonpublic personal information about our customers with non-affiliated third parties; (ii) requires that we provide certain disclosures to customers about our information collection, sharing and security practices and afford customers the right to "opt out" of any information sharing by us with non-affiliated third parties (with certain exceptions); and (iii) requires that we develop, implement and maintain a written comprehensive information security program. Various state and federal banking regulators and states have also enacted data security breach notification requirements with varying levels of individual, consumer, regulatory or law enforcement notification in certain circumstances in the event of a security breach. Ensuring that our collection, use, transfer and storage of personal information complies with all applicable laws and regulations increases our costs. Furthermore, we may not be able to ensure that all of our customers, suppliers, counterparties and other third parties have appropriate controls in place to protect the confidentiality of the information that they exchange with us, particularly where such information is transmitted by electronic means. If personal, confidential or proprietary information of customers or others were to be mishandled or misused, we could be exposed to litigation or regulatory sanctions under personal information laws and regulations. Laws and regulations in this area are evolving, and there is a reasonable possibility that additional or modified laws or regulations applicable to us will be enacted. We may incur significant costs to comply with any such new or modified laws or regulations, or our efforts to do so may not be effective. Any failure or perceived failure to comply with applicable privacy or data protection laws and regulations may subject us to inquiries, examinations and investigations that could result in requirements to modify or cease certain operations or practices or in significant liabilities, fines or penalties, and could damage our reputation and otherwise adversely affect our operations and financial condition.
 General Risk Factors
 Our business may be adversely affected by conditions in the financial markets and economic conditions generally.
 Heightened levels of economic uncertainty, volatility or deterioration in business or economic conditions generally, or more specifically in the principal markets in which we do business could have material adverse effects on our business, financial condition and results of operations. These effects may include but are not necessarily limited to: (i) a decrease in demand for our products and services; (ii) an increase in delinquencies and defaults by borrowers or counterparties leading to increased credit losses; (iii) a decline in the value of our assets; (iv) a decrease in earnings; (v) a decline in liquidity and (vi) a decrease in our ability to access the capital markets. While inflation trended down in the second half of 2024, it remains a key economic concern. Inflationary trends and a higher sustained interest rate environment could lead to an increase in our operating expenses or those of our clients, in turn impacting borrowers' ability to repay their obligations to us. Loan demand could also be negatively impacted. The imposition of tariffs or immigration reform could directly or indirectly adversely impact our clients businesses, and in turn demand for our loan and deposit products or borrowers' ability to repay their loans.
 Damage to our reputation could adversely affect our operating results.
 Our ability to originate new business and maintain existing customer relationships is highly dependent upon customer and other external perceptions of our business practices. Adverse perceptions regarding our business practices, or those of other regional banks, could damage our reputation in the customer, funding and capital markets, leading to difficulties in generating and maintaining business as well as obtaining financing. Negative public opinion can result from our actual or alleged conduct in any number of activities, including lending practices, employee relations, corporate governance and acquisitions and from actions taken by government regulators and community organizations in response to those activities. The proliferation of social media may increase the likelihood that negative public opinion from any real or perceived events could impact our reputation and business. Adverse developments with respect to external perceptions regarding the practices of our competitors, or our industry as a whole, or the general economic climate may also adversely impact our reputation. These perceptions about us could cause our business to be negatively affected and exacerbate the other risks that we face. In addition, adverse reputational impacts on third parties with whom we have important relationships may adversely impact our reputation. Adverse reputational impacts or events may also increase our litigation risk.

 Our enterprise risk management framework may not be effective in mitigating the risks to which we are subject, or in reducing the potential for losses in connection with such risks.
 Our enterprise risk management framework is designed to identify, measure, mitigate and manage the risks to which we are subject, as well as any losses stemming from such risks. Although we seek to identify, measure, monitor, report, and control our exposure to such risks, and employ a broad and diversified set of risk monitoring and mitigation techniques in the process, those techniques are inherently limited in their ability to anticipate the existence or development of risks that are currently unknown and unanticipated. The ineffectiveness of our enterprise risk management framework in mitigating the impact of known risks or the emergence of previously unknown or unanticipated risks may result in our incurring losses in the future that could adversely impact our financial condition and results of operations.
 Our reported financial results depend on management's selection and application of accounting policies and methods and related assumptions and estimates.
 Our accounting policies and estimates are fundamental to our reported financial condition and results of operations. Management is required to make difficult, complex or subjective judgments in selecting and applying many of these accounting policies. In some cases, management must select an accounting policy or method from two or more alternatives, any of which may be reasonable under the circumstances, yet may result in us reporting materially different results than would have been reported under a different alternative. From time to time, the FASB and SEC may change the financial accounting and reporting standards that govern the preparation of our financial statements. These changes can be difficult to predict and can materially impact our reported financial condition and results of operations. In some cases, we could be required to apply a new or revised standard retrospectively, resulting in a restatement of prior period financial statements. See Note 1 to the consolidated financial statements for more information about our accounting policies and recent accounting pronouncements that may have a material impact on our reported financial results.
 Changes in taxes and other assessments may adversely affect us.
 The legislatures and taxing authorities in the tax jurisdictions in which we operate regularly enact reforms to the tax and other assessment regimes to which we and our customers are subject. The effects of these changes and any other changes that result from interpreting and implementing regulations or enactment of additional tax reforms cannot be quantified and there can be no assurance that any such reforms would not have an adverse effect upon our business. Tax laws are complex and subject to different interpretations by the taxpayer and relevant governmental taxing authorities, which are sometimes subject to prolonged evaluation periods until a final resolution is reached. In establishing a provision for income tax expense, filing returns and establishing the value of deferred tax assets and liabilities for purposes of its financial statements, the Company must make judgments and interpretations about the application of these inherently complex tax laws. If the judgments, estimates and assumptions the Company uses in establishing provisions, preparing its tax returns or establishing the value of deferred tax assets and liabilities for purposes of its financial statements are subsequently found to be incorrect, there could be a material effect on our financial condition and results of operations.
 The price of our common stock may be volatile or may decline.
 The price of our common stock may be volatile or may decline. The price of our common stock may fluctuate as a result of a number of factors, many of which are external events outside of management's control. In addition, the stock market is subject to broad or systemic fluctuations in share prices and trading volumes that affect the market prices of the shares of many companies, including BankUnited, Inc. Factors that could affect our stock price include but are not limited to: (i) actual or anticipated changes in the Company's operating results or financial condition; (ii) performance of the regional banking sector; (iii) failure to meet analysts' estimates; (iv) actual or forecasted macro-economic conditions; (v) rating agency actions; (vi) changes in the competitive or regulatory environment; (vii) actions by large institutional shareholders or other market participants; (viii) events, circumstances or perceptions impacting the financial services sector broadly and (ix) negative publicity about us or other regional banks.
 Further downgrades of the U.S. credit rating or a government shutdown could negatively impact economic conditions generally and as a result, our business, results of operation and financial condition.
 The U.S. Government's sovereign credit rating was downgraded by a NRSRO in 2023. The impact of future downgrades of the U.S. sovereign credit rating or deterioration in its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. In addition, disagreement over the federal budget has caused and may cause the U.S. federal government to essentially shut down for periods of time. Future events of this nature could have an adverse effect on our business, results of operations and financial condition.

 Item 1B. Unresolved Staff Comments
 None.

 Item 1C. Cybersecurity
 Cybersecurity Risk Management and Strategy
 We are committed to maintaining robust governance, oversight and management of cybersecurity risk. We have established and implemented processes, supported by written policies and procedures, to detect, assess, classify, respond to, report, track, and resolve cybersecurity threats or incidents. We have implemented systems and controls to address the information technology risks to our organization, our business partners and our customers. We employ a layered security approach leveraging diverse strategies including data loss prevention, identity and access management, network security, vulnerability management, end-point security and information security education and awareness, among others. As a federally regulated institution, the Company strongly supports an environment that facilitates and abides by the Confidentiality, Integrity, and Availability security principles.
 Our risk-based policies, procedures, and practices are integrated into our overall risk management program and have been implemented across the organization to manage and mitigate risks from cybersecurity threats. We continuously assess risks from cybersecurity threats and monitor our information systems for potential vulnerabilities. We conduct regular reviews and tests of our information security program including penetration and vulnerability testing, and other exercises to evaluate the effectiveness of our program and improve our cybersecurity posture. These evaluations provide the Company with an unbiased view of its environment and controls. All identified cybersecurity incidents, technology outages or failures and vulnerabilities identified during these assessments are inventoried in a centralized tracking system and reported to impacted users and to management on a regular basis. A multi-step approach is applied to identify, prioritize, report, and remediate these vulnerabilities. Response and resolution times (commonly known as SLAs) are established for remediation of any incidents or outages detected, depending on their nature and potential impact. Our cybersecurity policies, procedures and practices are integrated with our overall risk management program by inclusion of cybersecurity and information systems metrics in our enterprise-wide comprehensive risk assessment process and risk appetite statement, the involvement of our Chief Risk Officer in the MAT and oversight of cybersecurity risk by our Enterprise Risk Management Committee and the Risk Committee of the Board of Directors.
 We have engaged cybersecurity service provider experts and maintain an industry-leading incident response retainer to further enhance our cybersecurity safeguards and support our processes for assessing, identifying, and managing material risks from cybersecurity threats. Our third-party experts perform assessments that aid us in effectively detecting and responding to evolving cybersecurity threats and, in the event of a cybersecurity incident, our experts will assist us with incident response support, digital forensics and incident remediation.
 The Company's third-party risk management framework and processes have been aligned with regulatory requirements and with industry best practices to oversee and identify risks from cybersecurity threats associated with use of third-party service providers. We take a risk-based approach in performing cybersecurity assessments of third-party service providers at the time of onboarding, as part of regular ongoing monitoring, at the time of contract renewal, and upon detection of any increase in risk profile. Our information security division collaborates with our third-party risk management unit to evaluate the information technology and security programs of significant third party service providers. As applicable, these reviews evaluate the design and operational effectiveness of information technology and security related controls employed by service providers. In addition, the third party's information technology and security policies and procedures are evaluated to form an overall opinion of the third-party service provider's technology and information security posture.
 The Company has developed a training program to educate employees about its cybersecurity policies and standards, best practices, and potential threats to instill a culture of cybersecurity awareness and compliance throughout the organization. The training program includes, but is not limited to, ongoing and targeted training on topics such as social engineering, mobile security, data handling and protection, password security and incident reporting. All employees are required to participate in the training.
 In 2022, Clarium Managed Services, LLC conducted a Cybersecurity Assessment for the Bank. The assessment gauged the overall Cybersecurity Risk Posture of the Bank and resulted in a score of 4.8 on a scale of 0 to 5. The next independent evaluation is planned for 2025. In the last three fiscal years, the Company has not identified any material cybersecurity incidents. No specific identified cybersecurity threats or incidents, including those resulting from any previous cybersecurity incidents, have materially affected, or are reasonably likely to materially affect, the Company, including its business strategy, results of operations or financial condition. See Item 1A "Risk Factors" for a further discussion of our cybersecurity risks.

 Cybersecurity Governance
 The Risk Committee of the Board of Directors is ultimately responsible for oversight of cybersecurity risk, the Company's information risk management function, and the effective implementation of its cybersecurity program. The CISO reports routinely, typically at each of its regularly scheduled meetings, to the Risk Committee on matters including the Company's cybersecurity program, cybersecurity threats and the cybersecurity threat environment. The Risk Committee formally approves the Company's cybersecurity policy and program annually, and more frequently if material changes are adopted.
 At the management level, the CISO leads the ongoing technical and business functions that include cybersecurity, information assurance, network security, systems engineering, and information security management. A dedicated information security division reports to the CISO. The CISO has over 30 years of experience in information security including physical, cyber, IT, disaster recovery, business continuity planning, secure software development, and cloud services and security, among others. The CISO holds multiple designations from the International Information System Security Certification Consortium, including Certified Information Systems Security Professional and has been a member of various boards including IT, Cybersecurity and Enterprise Risk Committees. Organizationally, the CISO reports to the CRO and provides reporting directly to the Risk Committee of the Board of Directors.
 The Company has designated the MAT to assess and oversee the management and reporting of identified potentially material cybersecurity threats or incidents. The MAT convenes when a qualifying cybersecurity threat is identified by the CIO, the CISO, or their designees in accordance with established processes and procedures. The MAT has the responsibility to determine whether a cybersecurity threat or incident is material and oversee appropriate reporting. The MAT is also responsible for communicating to the Risk Committee any material cybersecurity threats or incidents.
 The CISO, CIO, CRO, CFO, CAO, and General Counsel comprise the MAT. Other SMEs or technical experts may advise, consult with and provide information to the MAT as needed. In addition to the specific subject matter expertise and experience of the CISO and CIO, these executives have broad financial, legal, risk management, industry, regulatory and SEC compliance, and general leadership experience, which enable the MAT to effectively carry out its responsibilities.

 Item 2. Properties
 BankUnited's corporate headquarters is located in leased office space in Miami Lakes, Florida. We also lease office space in New York, New Jersey, certain other areas in Florida, Dallas and Atlanta. Our subsidiaries lease office space in Baltimore, Maryland and Scottsdale, Arizona. At December 31, 2024, we provided banking services at 55 banking centers located in Florida, New York and Texas. We believe that our facilities are in good condition and are adequate to meet our operating needs for the foreseeable future.

 Item 3. Legal Proceedings
 The Company is involved as plaintiff or defendant in various legal actions arising in the normal course of business. In the opinion of management, based upon advice of legal counsel, the likelihood is remote that the adverse impact of these proceedings, either individually or in the aggregate, would be material to the Company's consolidated financial position, results of operations or cash flows.

 Item 4. Mine Safety Disclosures
 None.

 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
 Market Information and Holders of Record
 Shares of our common stock trade on the NYSE under the symbol "BKU". The last sale price of our common stock on the NYSE on February 26, 2025 was $37.18 per share. As of February 26, 2025, there were 574 stockholders of record of our common stock.
 Equity Compensation Plan Information
 The information set forth under the caption "Equity Compensation Plan Information" in our definitive proxy statement for the Company's 2025 annual meeting of stockholders (the "Proxy Statement") is incorporated herein by reference.
 Dividend Policy
 The Company declared a quarterly dividend of $0.29 and $0.27 per share on its common stock for each of the four quarters in the years ended December 31, 2024 and 2023, respectively, resulting in total dividends for the years ended December 31, 2024 and 2023, of $87.0 million and $80.5 million, or $1.16 and 1.08 per common share, respectively. Dividends from the Bank are the principal source of funds for the payment of dividends on our common stock. The Bank is subject to certain restrictions that may limit its ability to pay dividends to us. See "Business—Regulation and Supervision—Regulatory Limits on Dividends and Distributions". The quarterly dividends on our common stock are subject to the discretion of our Board of Directors and dependent on, among other things, our financial condition, results of operations, capital requirements and other factors that our board of directors may deem relevant. The Company expects to continue its policy of paying regular cash dividends on a quarterly basis.

 Stock Performance Graph
 The graph set forth below compares the cumulative total stockholder return on an initial investment of $100 in our common stock between December 31, 2019 and December 31, 2024, with the comparative cumulative total return of such amount on the S&P 500 Index and the KBW Nasdaq Regional Bank Index over the same period. Reinvestment of all dividends is assumed to have been made in our common stock.
 The comparisons shown in the graph below are based upon historical data. We caution that the stock price performance shown in the graph below is not necessarily indicative of, nor is it intended to forecast, the potential future performance of our common stock.

 12/31/2019
 12/31/2020
 12/31/2021
 12/31/2022
 12/31/2023
 12/31/2024

 BankUnited, Inc.
 100.00
 99.09
 123.26
 101.46
 101.13
 123.54

 S&P 500 Index
 100.00
 118.40
 152.39
 124.79
 157.59
 197.02

 KBW Nasdaq Regional Banking Index
 100.00
 90.28
 122.86
 113.96
 113.02
 127.43

 Recent Sales of Unregistered Securities
 None.
 Purchases of Equity Securities by the Issuer and Affiliated Purchasers
 None.

 Item 6. Reserved

 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
 The following discussion and analysis is intended to assist readers in understanding the consolidated financial condition and results of operations of BankUnited, Inc. and its subsidiary (the "Company", "we", "us" and "our") and should be read in conjunction with the consolidated financial statements, accompanying footnotes and supplemental financial data included herein. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management's expectations. Factors that could cause such differences are discussed in the sections entitled "Forward-looking Statements" and "Risk Factors." We assume no obligation to update any of these forward-looking statements.

 Management's discussion and analysis presents the more significant factors that affected our financial condition as of December 31, 2024, and results of operations for the year then ended, including in comparison to the prior year ended December 31, 2023. Refer to Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10-K filed with the SEC on February 20, 2024, for a discussion and analysis of the more significant factors that affected the year ended December 31, 2023, including in comparison to the year ended December 31, 2022.
 Our Vision and Strategic Priorities
 Our vision 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 with an entrepreneurial work environment that empowers employees to deliver their best. Our strategic priorities, focused on improving core profitability, include:
 • Grow core customer relationships on both sides of the balance sheet;
 • Continue to improve the funding profile - growth in core deposit relationships is paramount:
 Grow NIDDA as a percentage of total deposits
 Pay down high-cost wholesale borrowings;
 • Improve the asset mix, transitioning to a mix of assets with higher risk-adjusted returns:
 As lower-yielding residential mortgages amortize and pay off, replace them with higher yielding core C&I and CRE loans within established risk parameters
 Continue to de-emphasize the BFG and Pinnacle portfolios;
 • Play where we can win, focusing on sectors where our delivery model is a differentiator;
 • Innovate with solutions that solve customer pain points;
 • Invest in organic growth capabilities - people, processes, products and technology - while managing expense growth;
 • Prioritize nimble technology architecture and digital capabilities;
 • Retain the ability to pivot nimbly when opportunities arise;
 • Maintain robust liquidity and capital levels;
 • Continue to closely monitor and manage credit;
 • While our primary growth strategy is organic, we will continue to monitor the M&A landscape.
 Macro-Environmental Considerations
 The macro-environment has been challenging for the banking industry over the last several years. The FRB rate hiking cycle that commenced in 2022 continued through the first half of 2023 before stabilizing. Although a series of FRB rate cuts totaling 1% in the aggregate took place beginning in September 2024, monetary policy remains generally restrictive. Three highly publicized regional bank closures in 2023 eroded confidence in the banking system, specifically with respect to regional and mid-size banks, leading to outflows of deposits from regional and mid-size banks, including BankUnited, to the largest money-center banks and to volatility in bank valuations. Deposit flows, liquidity and market perceptions have stabilized since

 those events, however, the impacts of those events and a volatile interest rate environment on bank balance sheets and margins, including those of BankUnited, are still evident and have influenced our Company's strategic priorities.
 We made significant progress executing on our strategic priorities in 2024:
 • The funding mix improved considerably for the year ended December 31, 2024:
 NIDDA grew by $781 million to 27% of total deposits.
 Non-brokered deposits grew by $1.4 billion and total deposits grew by $1.3 billion.
 Wholesale funding, including FHLB advances and brokered deposits, declined by $2.3 billion.
 • The asset mix also improved in 2024:
 The core CRE and C&I loan segments grew by $470 million and mortgage warehouse grew by $153 million. The pace of C&I growth over the course of 2024 was impacted by an increased level of payoffs and rationalization of non-relationship credits.
 The residential, franchise, equipment and municipal finance portfolios declined by a combined $959 million.
 • Primarily due to those balance sheet compositional changes, for the year ended December 31, 2024, the net interest margin, calculated on a tax-equivalent basis, improved to 2.73% from 2.56% for the year ended December 31, 2023.
 • Capital and liquidity were robust:
 Consolidated CET1 capital was 12.0% and pro-forma CET1, including accumulated other comprehensive income, was 10.9% at December 31, 2024.
 Total same day available liquidity was $15.5 billion at December 31, 2024.
 Some of the challenges we face in executing on our strategic priorities, some of which may impact the banking industry more broadly, include:
 • Execution of our strategic objectives is highly dependent on our ability to grow core client relationships. Competition for deposits and loans in our markets is intense with respect to the variety and quality of products and services offered, delivery channels, service levels and pricing. The economic health of our primary markets, monetary and fiscal policy, our ability to attract and retain talent and our ability to deliver technology and product solutions will impact execution of these objectives.
 • The future trajectories of the macro-economy, interest rates, and monetary and fiscal policy are uncertain. Additionally, with a new administration in place, there is uncertainty around the impact of a variety of potential policy and regulatory changes. The impact of these macro factors on our customers and prospective customers also impacts us. If macro conditions are less supportive than we currently anticipate, we may be less successful in executing our strategic priorities.
 See "Item 1A - Risk Factors" for additional discussion of risks to the execution of our strategic priorities.

 2024 Performance Highlights:
 In evaluating our financial performance, we consider improvement in the funding mix and the composition of earning assets, the level of and trends in net interest income and the net interest margin, the cost of deposits, trends in non-interest income and non-interest expense, performance ratios such as the return on average equity and return on average assets and asset quality ratios, including the ratio of non-performing loans to total loans, non-performing assets to total assets, trends in criticized and classified assets and portfolio delinquency and charge-off trends. We analyze these ratios and trends against our own historical performance, our expected performance, our risk appetite and the financial condition and performance of comparable financial institutions.
 Highlights include:
 Net income for the year ended December 31, 2024, 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.Results for the year ended December 31, 2023 were negatively impacted by a $35.4 million FDIC special assessment, pre-tax. This item reduced net income by $26.2 million and EPS by $0.35 for the year ended December 31, 2023.

 ROAA improved to 0.66% for the year ended December 31, 2024 from 0.49% for the year ended December 31, 2023; ROAE improved to 8.49% from 7.01%.
 The net interest margin, calculated on a tax-equivalent basis, expanded by 0.17%, to 2.73% for the year ended December 31, 2024 from 2.56% for the year ended December 31, 2023. The increase in the net interest margin was primarily a result of balance sheet repositioning, particularly an improved funding mix. The following chart provides a comparison of net interest margin, the average yield on interest earning assets and the average rate paid on interest bearing liabilities for the years ended December 31, 2024 and 2023 (on tax equivalent basis):

 Consistent with industry trends, higher prevailing interest rates and restrictive monetary policy, the average cost of total deposits increased by 0.46% to 3.01% for the year ended December 31, 2024, from 2.55% for the year ended December 31, 2023, although the average cost of deposits has declined over the latter half of the year. The spot APY of total deposits declined to 2.63% at December 31, 2024 from 3.18% at December 31, 2023, reflecting the declines in the fed funds rate in the latter half of the year and an improved deposit mix.
 The following charts illustrate the composition of deposits at the dates indicated:

 NIDDA grew by 11%, or $781 million during the year ended December 31, 2024. Total deposits grew by $1.3 billion and non-brokered deposits grew by $1.4 billion. Average NIDDA increased by $148 million for the year ended December 31, 2024.
 Loan portfolio composition shifted from residential to core commercial categories during the year ended December 31, 2024. Residential, franchise, equipment and municipal finance portfolios declined by a combined $959 million while the core C&I and CRE categories grew by $470 million for the year ended December 31, 2024, all reflective of our balance sheet repositioning strategy.
 The loan to deposit ratio declined to 87.2% at December 31, 2024, from 92.8% at December 31, 2023.
 The net charge-off ratio for the year ended December 31, 2024, was 0.16%, a level we consider to be relatively low. The NPA ratio at December 31, 2024 was 0.73%, including 0.10% related to the guaranteed portion of non-performing SBA loans.
 The ratio of the ACL to total loans increased to 0.92% at December 31, 2024, from 0.82% at December 31, 2023. The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, franchise finance and equipment finance was 1.37% at December 31, 2024 and the ACL to loans ratio for CRE office loans was 2.30%.
 At December 31, 2024, CET1 was 12.0% and pro-forma CET1, including accumulated other comprehensive income, was 10.9%. The ratio of tangible common equity/tangible assets increased to 7.8%. The charts below present the Company's and the Bank's regulatory capital ratios at the dates indicated:
 BankUnited, Inc.

 BankUnited, N.A.

 Book value and tangible book value per common share grew to $37.65 and $36.61, respectively, at December 31, 2024, from $34.66 and $33.62, respectively, at December 31, 2023.

 Critical Accounting Policies and Estimates
 Our consolidated financial statements are prepared in accordance with GAAP and follow general practices within the banking industry. Application of these principles requires management to make complex and subjective estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable and appropriate under current circumstances. These assumptions form the basis for our judgments about the carrying values of assets and liabilities that are not readily available from independent, objective sources. We evaluate our estimates on an ongoing basis. Use of alternative assumptions may have resulted in significantly different estimates. Actual results may differ from these estimates. The most significant estimate impacting the Company's financial statements is the ACL.
 Accounting policies are an integral part of our financial statements. A thorough understanding of these accounting policies is essential when reviewing our reported results of operations and our financial position. We believe that the critical accounting policies and estimates discussed below involve a heightened level of management judgment due to the complexity, subjectivity and sensitivity involved in their application.
 Note 1 to the consolidated financial statements contains a further discussion of our significant accounting policies.
 ACL
 The ACL represents management's estimate of current expected credit losses, or the amount of amortized cost basis not expected to be collected, on our loan portfolio and the amount of credit loss impairment on our AFS securities portfolio. Determining the amount of the ACL is considered a critical accounting estimate because of its complexity and because it requires extensive judgment and estimation. Estimates that are particularly susceptible to change that may have a material impact on the amount of the ACL include:
 • our evaluation of current conditions;
 • our determination of a reasonable and supportable economic forecast or weighting of various forecast paths and selection of the reasonable and supportable forecast period;
 • our evaluation of historical loss experience and selection of historical loss data used in formulating our ACL estimate; since we have limited company specific historical loss data, our modeling techniques also leverage broad external data sets for this purpose;
 • our evaluation of changes in composition and characteristics of the loan portfolio, including internal risk ratings;

 • our estimate of expected prepayments;
 • the value of underlying collateral, which may impact loss severity and certain cash flow assumptions for collateral-dependent, criticized and classified loans; in the current environment, especially with respect to certain commercial real estate sectors like office, current and projected collateral values may be particularly challenging to estimate;
 • our selection and evaluation of qualitative factors; and
 • our estimate of expected cash flows on AFS debt securities in unrealized loss positions.
 Our selection of models and modeling techniques may also have a material impact on the estimate.
 Note 1 to the consolidated financial statements describes the methodology used to determine the ACL.
 Recent Accounting Pronouncements
 See Note 1 to the consolidated financial statements for a discussion of recent accounting pronouncements.

 Results of Operations
 Net Interest Income
 Net interest income is the difference between interest earned on interest earning assets and interest incurred on interest bearing liabilities and is the primary driver of core earnings. Net interest income is impacted by the mix of interest earning assets and interest bearing liabilities, the ratio of interest earning assets to total assets and of interest bearing liabilities to total funding sources, movements in market interest rates and monetary policy, the shape of the yield curve, levels of non-performing assets and pricing pressure from competitors.
 The mix of interest earning assets is influenced by loan demand, market and competitive conditions in our primary lending markets, by management's continual assessment of the rate of return and relative risk associated with various classes of earning assets and liquidity considerations. The mix of funding sources is influenced by the Company's liquidity profile, management's assessment of the desire for lower cost funding sources weighed against relationships with customers, our ability to attract and retain core deposit relationships, competition for deposits in the Company's markets and the availability and pricing of other sources of funds.

 The following table presents, for the periods indicated, information about (i) average balances, the total dollar amount of taxable equivalent interest income from earning assets and the resultant average yields; (ii) average balances, the total dollar amount of interest expense on interest bearing liabilities and the resultant average rates; (iii) net interest income; (iv) the interest rate spread; and (v) the net interest margin. Non-accrual loans are included in the average balances presented in this table; however, interest income foregone on non-accrual loans is not included. Interest income, yields, spread and margin have been calculated on a tax-equivalent basis for loans and investment securities that are exempt from federal income taxes, at a federal tax rate of 21% (dollars in thousands):

 2024
 2023
 2022

 Interest (1)

 Yield/
 Rate (1)

 Interest (1)

 Yield/
 Rate (1)

 Interest (1)

 Yield/
 Rate (1)

 Loans
 $
 24,269,787
 $
 1,402,132
 5.78
 %
 $
 24,558,430
 $
 1,331,578
 5.42%
 $
 23,937,857
 $
 947,386
 3.96
 %

 Investment securities (2)

 9,064,521
 501,006
 5.53
 %
 9,228,718
 491,851
 5.33%
 10,081,701
 283,081
 2.81
 %

 Other interest earning assets
 745,885
 37,553
 5.03
 %
 986,186
 51,152
 5.19%
 675,068
 15,709
 2.33
 %

 Total interest earning assets
 34,080,193
 1,940,691
 5.69
 %
 34,773,334
 1,874,581
 5.39%
 34,694,626
 1,246,176
 3.59
 %

 (224,673)
 (171,618)
 (132,033)

 Non-interest earning assets
 1,502,205
 1,749,981
 1,721,570

 Total assets
 $
 35,357,725
 $
 36,351,697
 $
 36,284,163

 Liabilities and Stockholders' Equity:

 Interest bearing liabilities:

 Interest bearing demand deposits
 $
 4,077,852
 $
 152,809
 3.75
 %
 $
 2,905,968
 $
 86,759
 2.99
 %
 $
 2,538,906
 $
 13,919
 0.55
 %

 Savings and money market deposits
 11,043,510
 451,352
 4.09
 %
 10,704,470
 382,432
 3.57
 %
 12,874,240
 130,705
 1.02
 %

 Time deposits
 4,757,675
 211,411
 4.44
 %
 5,169,458
 191,114
 3.70
 %
 3,338,671
 35,348
 1.06
 %

 Total interest bearing deposits
 19,879,037
 815,572
 4.10
 %
 18,779,896
 660,305
 3.52
 %
 18,751,817
 179,972
 0.96
 %

 Short-term borrowings

 —
 —
 —
 %
 35,403
 1,611
 4.55
 %
 157,979
 2,723
 1.72
 %

 FHLB advances
 3,823,579
 158,750
 4.15
 %
 6,331,685
 285,026
 4.50
 %
 4,383,507
 97,763
 2.23
 %

 709,422
 36,528
 5.15
 %
 716,633
 36,835
 5.14
 %
 721,223
 37,033
 5.13
 %

 Total interest bearing liabilities
 24,412,038
 1,010,850
 4.14
 %
 25,863,617
 983,777
 3.80
 %
 24,014,526
 317,491
 1.32
 %

 Non-interest bearing demand deposits
 7,239,161
 7,091,029
 8,861,111

 Other non-interest bearing liabilities
 968,163
 848,023
 708,473

 Total liabilities
 32,619,362
 33,802,669
 33,584,110

 Stockholders' equity
 2,738,363
 2,549,028
 2,700,053

 Total liabilities and stockholders' equity
 $
 35,357,725
 $
 36,351,697
 $
 36,284,163

 Net interest income
 $
 929,841
 $
 890,804
 $
 928,685

 Interest rate spread
 1.55
 %
 1.59
 %
 2.27
 %

 Net interest margin
 2.73
 %
 2.56
 %
 2.68
 %

 (1)On a tax-equivalent basis where applicable. The tax-equivalent adjustment for tax-exempt loans was $12.2 million, $13.4 million and $12.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. The tax-equivalent adjustment for tax-exempt investment securities was $3.3 million, $3.6 million and $3.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.
 (2)At fair value except for securities held to maturity.

 Increases and decreases in interest income, calculated on a tax-equivalent basis, and interest expense result from changes in average balances (volume) of interest earning assets and liabilities, as well as changes in average interest rates. The following table shows the effect that these factors had on the interest earned on our interest earning assets and the interest incurred on our interest bearing liabilities for the years indicated. The effect of changes in volume is determined by multiplying the change in volume by the previous year's average rate. Similarly, the effect of rate changes is calculated by multiplying the change in average rate by the previous year's volume. Changes applicable to both volume and rate have been allocated to volume (in thousands):

 2024 Compared to 2023

 2023 Compared to 2022

 Change Due to Volume
 Change Due to Rate
 Increase (Decrease)

 Change Due to Volume
 Change Due to Rate
 Increase (Decrease)

 Interest Income Attributable to:

 Loans
 $
 (17,856)
 $
 88,410
 $
 70,554
 $
 34,699
 $
 349,493
 $
 384,192

 Investment securities
 (9,302)
 18,457
 9,155
 (45,289)
 254,059
 208,770

 Other interest earning assets
 (12,021)
 (1,578)
 (13,599)
 16,136
 19,307
 35,443

 Total interest earning assets
 (39,179)
 105,289
 66,110
 5,546
 622,859
 628,405

 Interest Expense Attributable to:

 Interest bearing demand deposits
 43,965
 22,085
 66,050
 10,891
 61,949
 72,840

 Savings and money market deposits
 13,257
 55,663
 68,920
 (76,566)
 328,293
 251,727

 Time deposits
 (17,957)
 38,254
 20,297
 67,625
 88,141
 155,766

 Total interest bearing deposits
 39,265
 116,002
 155,267
 1,950
 478,383
 480,333

 Short-term borrowings

 (1,611)
 —
 (1,611)
 (5,583)
 4,471
 (1,112)

 FHLB advances
 (104,115)
 (22,161)
 (126,276)
 87,757
 99,506
 187,263

 (379)
 (307)
 (270)
 (198)

 Total interest expense
 (66,840)
 93,913
 27,073
 83,854
 582,432
 666,286

 Increase (decrease) in tax-equivalent net interest income

 $
 27,661
 $
 11,376
 $
 39,037
 $
 (78,308)
 $
 40,427
 $
 (37,881)

 Net interest income, calculated on a tax-equivalent basis, was $929.8 million for the year ended December 31, 2024, compared to $890.8 million for the year ended December 31, 2023, an increase of $39.0 million. The increase was comprised of increases in tax-equivalent interest income and interest expense of $66.1 million and $27.1 million, respectively.
 Increases in interest income for the year ended December 31, 2024 compared to the year ended December 31, 2023 reflected rising yields on interest earning assets that more than offset the decline in average interest earning assets. Similarly, increases in interest expense for the year ended December 31, 2024 compared to the year ended December 31, 2023, resulted from increases in the cost of interest bearing liabilities that more than offset the decline in average interest bearing liabilities.
 The net interest margin, calculated on a tax-equivalent basis, increased to 2.73% for the year ended December 31, 2024, from 2.56% for the year ended December 31, 2023. The increase in the net interest margin for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily a result of balance sheet repositioning, particularly an improved funding mix. For the year ended December 31, 2024 compared to the year ended December 31, 2023, average NIDDA grew by $148 million while average FHLB advances declined by $2.5 billion. Within interest bearing deposits, there was a shift from generally higher priced time deposits to generally lower priced forms of interest bearing deposits.
 In part, increased yields on average interest earning assets as well as increases in the cost of deposits reflected the impact of a generally more sustained higher rate environment.
 Further discussion of factors impacting the net interest margin for the year ended December 31, 2024 compared to the year ended December 31, 2023 follows:
 • The tax-equivalent yield on loans increased to 5.78% for the year ended December 31, 2024, from 5.42% for the year ended December 31, 2023. This increase reflected the origination of new loans at higher rates, paydowns of lower-rate loans and balance sheet repositioning.
 • The tax-equivalent yield on investment securities increased to 5.53% for the year ended December 31, 2024, from 5.33% for the year ended December 31, 2023. This increase resulted primarily from the reset of coupon rates on variable rate securities, purchases of higher-yielding securities and paydowns and sales of lower-yielding securities.

 • The average cost of interest bearing deposits increased to 4.10% for the year ended December 31, 2024, from 3.52% for the year ended December 31, 2023. This increase primarily reflected the ongoing impact of higher prevailing market interest rates, which did not start to reverse until the latter part of 2024.
 • The average rate paid on FHLB advances decreased to 4.15% for the year ended December 31, 2024, from 4.50% for the year ended December 31, 2023, primarily due to repayment of higher rate advances, partially offset by maturities of some cash flow hedges.
 Provision for Credit Losses
 The provision for credit losses is a charge or credit to earnings required to maintain the ACL at a level consistent with management's estimate of expected credit losses on financial assets carried at amortized cost at the balance sheet date. The amount of the provision is impacted by changes in current economic conditions as well as in management's reasonable and supportable economic forecast, loan originations and runoff, changes in portfolio mix, risk rating migration and portfolio seasoning, changes in specific reserves, changes in expected prepayment speeds and other assumptions. The provision for credit losses also includes amounts related to off-balance sheet credit exposures and may include amounts related to accrued interest receivable and AFS debt securities.
 The following table presents the components of the provision for credit losses for the periods indicated (in thousands):

 2024
 2023
 2022

 Amount related to funded portion of loans
 $
 58,986
 $
 78,924
 $
 73,814

 Amount related to off-balance sheet credit exposures
 (3,914)
 8,683
 1,467

 Other

 —
 —
 (127)

 Total provision for credit losses
 $
 $
 $
 75,154

 The most significant factors impacting the provision for credit losses for the year ended December 31, 2024 included (i) risk rating migration and increases in certain specific reserves; and (ii) an increase in qualitative loss factors, partially offset by an improved economic forecast.
 The provision for credit losses may be volatile and the level of the ACL may change materially from current levels. Future levels of the ACL could be significantly impacted, in either direction, by changes in factors such as, but not limited to, economic conditions or the economic outlook, the composition of the loan portfolio, the financial condition of our borrowers and collateral values.
 The determination of the amount of the ACL is complex and involves a high degree of judgment and subjectivity. See "Analysis of the Allowance for Credit Losses" below for more information about how we determine the appropriate level of the ACL and about factors that impacted the level of the ACL.
 Non-Interest Income
 The following table presents a comparison of the categories of non-interest income for the periods indicated (in thousands):

 2024
 2023
 2022

 Deposit service charges and fees
 $
 20,226
 $
 20,906
 $
 22,510

 Gain (loss) on investment securities:

 Net realized gain on sale of securities AFS

 1,074
 1,815
 3,927

 Net gain (loss) on marketable equity securities recognized in earnings

 1,053
 (11,867)
 (19,732)

 Gain (loss) on investment securities, net

 2,127
 (10,052)
 (15,805)

 Lease financing
 30,610
 45,882
 54,111

 Other non-interest income
 46,192
 30,102
 16,820

 $
 99,155
 $
 86,838
 $
 77,636

 The losses on marketable equity securities during the years ended December 31, 2023 and 2022, were attributable to losses related to certain preferred equity investments.

 The decrease in lease financing revenue for the year ended December 31, 2024, compared to the year ended December 31, 2023, was primarily attributable to the continued decline in the size of the operating lease equipment portfolio. Expense related to the depreciation of operating lease equipment reflected a corresponding decrease over these comparative periods. These declines are expected to continue.
 The increase in other non-interest income for the year ended December 31, 2024, compared to the year ended December 31, 2023, reflected increases in BOLI income, higher loan-related and syndication fees and increased revenue from our customer derivative and commercial card businesses.
 Non-Interest Expense
 The following table presents components of non-interest expense for the periods indicated (in thousands):

 2024
 2023
 2022

 Employee compensation and benefits
 $
 315,604
 $
 280,744
 $
 265,548

 Occupancy and equipment
 45,560
 43,345
 45,400

 Deposit insurance expense
 36,143
 66,747
 17,999

 Professional fees
 17,110
 14,184
 11,730

 Technology
 82,978
 79,984
 77,103

 Depreciation of operating lease equipment

 26,127
 44,446
 50,388

 Other non-interest expense
 118,478
 106,501
 72,142

 Total non-interest expense
 $
 642,000
 $
 635,951
 $
 540,310

 The most significant reason for the year-over-year increase in compensation was an increase in variable compensation expense. This increase was related to the improved performance of the Company for 2024 compared to 2023 as well as to the impact of an increase in the Company's stock price on the valuation of liability classified share awards. Increased head count and routine salary increases also contributed to this trend.
 The decrease in deposit insurance expense was primarily attributable to a $35.4 million FDIC special assessment incurred during the year ended December 31, 2023. An additional $5.2 million FDIC special assessment was incurred during the year ended December 31, 2024.
 The decline in depreciation of operating lease equipment for the year ended December 31, 2024 was primarily attributable to the continued decline in the size of the operating lease equipment portfolio as discussed above.
 The most significant factor impacting the increase in other non-interest expense for the year ended December 31, 2024, compared to the year ended December 31, 2023 was an increase in costs related to certain customer rebate and commission programs. This increase resulted primarily from an increase in balances participating in these programs. See Note 6 to the consolidated financial statements for more information about these costs.

 Income Taxes
 The provision for income taxes for the years ended December 31, 2024, 2023 and 2022 was $83.9 million, $58.4 million and $90.2 million, respectively. The Company's effective income tax rate was 26.52%, 24.64% and 24.03% for the years ended 2024, 2023 and 2022, respectively.
 See Note 9 to the consolidated financial statements for more information about income taxes including a reconciliation of the Company's effective income tax rate to the statutory federal rate.

 Analysis of Financial Condition
 As we continued to execute on our balance sheet transformation strategy over the course of the year ended December 31, 2024, total deposits grew by $1.3 billion, $781 million of which was growth in NIDDA. Non-brokered deposits grew by $1.4 billion while wholesale funding, including FHLB advances and brokered deposits, declined by $2.3 billion. On the asset side of the balance sheet, although total loans declined by $336 million, the core C&I and CRE segments grew by $470 million and MWL grew by $153 million. Lower yielding residential loans declined by $628 million, and franchise, equipment, and municipal finance declined by a combined $331 million. The loan-to-deposit ratio improved to 87.2% at December 31, 2024 from 92.8% at December 31, 2023.

 Investment Securities
 The following table shows the amortized cost and carrying value, which, with the exception of investment securities held to maturity, is fair value, of investment securities at the dates indicated (in thousands):

 Amortized
Cost
 Amortized
Cost

 $
 214,796
 $
 202,952
 $
 139,858
 $
 130,592

 2,672,554
 2,649,690
 1,962,658
 1,924,207

 557,489
 495,753
 561,557
 497,859

 2,491,033
 2,238,046
 2,596,231
 2,295,730

 1,822,881
 1,784,029
 2,282,833
 2,198,743

 335,047
 327,081
 383,984

 1,131,088
 1,132,699
 1,122,799
 1,112,824

 96,865
 94,454
 106,095
 102,780

 110,388
 104,010
 107,176
 102,618

 74,900
 72,702
 106,237
 103,024

 Investment securities held to maturity
 —
 —

 $
 9,507,041
 9,101,416
 $
 9,379,428
 8,844,632

 $
 $
 8,877,354

 Our investment strategy is focused on ensuring adequate liquidity, maintaining a suitable balance of high credit quality, diverse assets, managing interest rate risk, and generating acceptable returns given our established risk parameters. We have sought to maintain liquidity by investing a significant portion of the portfolio in high quality liquid securities including U.S. Treasury and U.S. Government Agency and sponsored enterprise securities. We have also invested in highly-rated structured products, including private-label commercial and residential MBS, collateralized loan obligations, single family real estate-backed securities and non-mortgage asset-backed securities that, while somewhat less liquid, are generally pledgeable at either the FHLB or the FRB and provide us with attractive yields. Investment grade municipal securities provide liquidity and attractive tax-equivalent yields. We remain committed to keeping the duration of our securities portfolio short; relatively short effective portfolio duration helps mitigate interest rate risk. The estimated effective duration of the investment portfolio was 1.85 years and the estimated weighted average life of the portfolio was 5.6 years as of December 31, 2024. Approximately 69% of the securities portfolio is floating rate.
 The investment securities AFS portfolio was in a net unrealized loss position of $405.6 million at December 31, 2024, compared to a net unrealized loss position of $534.8 million at December 31, 2023, improving by $129.2 million during the year ended December 31, 2024. Net unrealized losses at December 31, 2024 included $8.4 million of gross unrealized gains and $414.0 million of gross unrealized losses. Investment securities available for sale in unrealized loss positions at December 31, 2024 had an aggregate fair value of $6.7 billion. The unrealized losses resulted primarily from a sustained period of higher interest rates, and in some cases, wider spreads compared to the levels at which securities were purchased. None of the unrealized losses were attributable to credit loss impairments.

 The external ratings distribution of our AFS securities portfolio at the dates indicated is depicted in the charts below:

 We evaluate the credit quality of individual securities in the portfolio quarterly to determine whether we expect to recover the amortized cost basis of the investments in unrealized loss positions. This evaluation considers, but is not necessarily limited to, the following factors, the relative significance of which varies depending on the circumstances pertinent to each individual security:
 • Whether we intend to sell the security prior to recovery of its amortized cost basis;
 • Whether it is more likely than not that we will be required to sell the security prior to recovery of its amortized cost basis;
 • The extent to which fair value is less than amortized cost;
 • Adverse conditions specifically related to the security, a sector, an industry or geographic area;
 • Changes in the financial condition of the issuer or underlying loan obligors;
 • The payment structure and remaining payment terms of the security, including levels of subordination or over-collateralization;
 • Failure of the issuer to make scheduled payments;
 • Changes in external credit ratings;
 • Relevant market data; and
 • Estimated prepayments, defaults, and the value and performance of underlying collateral at the individual security level.
 We regularly engage with bond managers to monitor trends in underlying collateral, including potential downgrades and subsequent cash flow diversions, liquidity, ratings migration, and any other relevant developments.
 We do not intend to sell securities in significant unrealized loss positions at December 31, 2024. Based on an assessment of our liquidity position and internal and regulatory guidelines for permissible investments and concentrations, it is not more likely than not that we will be required to sell securities in significant unrealized loss positions prior to recovery of amortized cost basis, which may be at maturity. The substantial majority of our investment securities are eligible to be pledged at either the FHLB or FRB. We have not sold, and do not anticipate the need to sell, securities in unrealized loss positions to generate liquidity.

 We have implemented a robust credit stress testing framework with respect to our non-agency securities. The following table presents subordination levels and average internal stress scenario losses for select non-agency portfolio segments at December 31, 2024:

 Subordination
 Weighted Average Stress Scenario Loss

 Rating
 Minimum
 Maximum

 Private label CMBS
 AAA
 %
 30.5
 98.9
 48.5
 7.3

 AA
 %
 33.1
 75.3
 45.3
 7.6

 A
 %
 27.6
 60.2
 39.2
 10.0

 Weighted average
 %
 30.8
 94.3
 47.7
 7.4

 CLOs
 AAA
 %
 39.1
 80.4
 46.8
 15.8

 AA
 %
 30.9
 34.2
 32.4
 15.5

 A
 %
 38.3
 38.3
 38.3
 23.8

 Weighted average
 %
 38.1
 74.2
 44.9
 15.9

 AAA
 %
 3.0
 92.5
 17.9
 2.2

 AA
 %
 21.0
 37.8
 28.9
 5.4

 A
 %
 21.3
 21.3
 21.3
 8.2

 NR
 %
 20.0
 24.7
 21.5
 12.7

 Weighted average
 %
 4.5
 87.4
 18.6
 2.6

 While we have seen an increase in stress scenario losses for some securities over the last year, the level of subordination continues to provide more than sufficient coverage of stress scenario collateral losses, further supporting our determination that none of our securities are credit loss impaired. The scenario used to project stress scenario losses is generally calibrated to the level of stress experienced in the Great Financial Crisis. For further discussion of our analysis of impaired investment securities AFS for credit loss impairment, see Note 3 to the consolidated financial statements.
 We use third-party pricing services to assist us in estimating the fair value of investment securities. We perform a variety of procedures to ensure that we have a thorough understanding of the methodologies and assumptions used by the pricing services including obtaining and reviewing written documentation of the methods and assumptions employed, conducting interviews with valuation desk personnel, and reviewing model results and detailed assumptions used to value selected securities as considered necessary. Our classification of prices within the fair value hierarchy is based on an evaluation of the nature of the significant assumptions impacting the valuation of each type of security in the portfolio. Our primary pricing services utilize observable inputs when available, and employ unobservable inputs and proprietary models only when observable inputs are not available. As a matter of course, the services validate prices by comparison to recent trading activity whenever such activity exists. Quotes obtained from the pricing services are typically non-binding.
 Quarterly, prices obtained from primary third-party pricing services are validated by obtaining prices from an additional external source for most securities in the portfolio. We have established a robust price challenge process that includes a review by our treasury front office of all prices provided on a quarterly basis. Prices evidencing unexpected quarter over quarter fluctuations, deviations from our expectations based on recent observed trading activity and other information available in the marketplace that would impact the value of the security or deviations of primary prices from those provided by secondary sources beyond established parameters are challenged. Responses to the price challenges, which generally include specific information about inputs and assumptions incorporated in the valuation and their sources, are reviewed in detail. If considered necessary to resolve any discrepancies, a price will be obtained from additional independent valuation sources. We do not typically adjust the prices provided, other than through this established challenge process.
 The majority of our investment securities are classified within level 2 of the fair value hierarchy. U.S. Treasury securities and marketable equity securities are classified within level 1 of the hierarchy.
 For additional disclosure related to the fair values of investment securities, see Note 14 to the consolidated financial statements.

 The following table shows the weighted average prospective yields based on current rates, categorized by scheduled maturity, for AFS investment securities as of December 31, 2024. Scheduled maturities have been adjusted for anticipated prepayments when applicable. Yields on tax-exempt securities have been calculated on a tax-equivalent basis, based on a federal income tax rate of 21%:

 Within One Year
 After One Year
Through Five Years
 After Five Years
Through Ten Years
 After Ten Years
 Total

 —
 %
 4.34
 %
 2.54
 %
 —
 %
 3.52
 %

 5.05
 %
 5.34
 %
 5.34
 %
 5.51
 %
 5.31
 %

 4.54
 %
 4.92
 %
 2.95
 %
 2.06
 %
 3.50
 %

 4.00
 %
 4.23
 %
 3.76
 %
 4.01
 %
 4.02
 %

 5.68
 %
 6.14
 %
 2.35
 %
 3.29
 %
 5.80
 %

 4.90
 %
 3.84
 %
 —
 %
 —
 %
 4.33
 %

 6.33
 %
 6.45
 %
 6.17
 %
 —
 %
 6.33
 %

 3.09
 %
 5.39
 %
 2.69
 %
 —
 %
 5.16
 %

 2.26
 %
 4.34
 %
 4.07
 %
 —
 %
 4.24
 %

 5.76
 %
 5.75
 %
 5.67
 %
 5.44
 %
 5.73
 %

 5.02
 %
 5.44
 %
 4.44
 %
 4.30
 %
 5.03
 %

 Loans
 The following table shows the composition of the loan portfolio at the dates indicated (dollars in thousands):

 Amortized
Cost
 Percent of Total Loans
 Amortized
Cost
 Percent of Total Loans

 $
 5,652,203
 23.3
 %
 $
 5,323,241
 21.6
 %

 2.3
 %
 495,992
 2.0
 %

 1,941,004
 8.0
 %
 1,935,743
 7.9
 %

 7,042,222
 28.9
 %
 6,971,981
 28.3
 %

 Total Core C&I and CRE

 15,197,418
 62.5
 %
 14,726,957
 59.8
 %

 3.0
 %
 3.6
 %

 0.9
 %
 1.5
 %

 2.4
 %
 1.8
 %

 Total commercial
 16,717,166
 68.8
 %
 16,424,657
 66.7
 %

 26.8
 %
 28.0
 %

 1,071,892
 4.4
 %
 1,306,014
 5.3
 %

 Total residential

 7,580,814
 31.2
 %
 8,209,027
 33.3
 %

 Total loans
 24,297,980
 100.0
 %
 24,633,684
 100.0
 %

 (223,153)
 (202,689)

 Loans, net
 $
 24,074,827
 $
 24,430,995

 Commercial loans and leases
 Commercial loans include a diverse portfolio of commercial and industrial loans and lines of credit, loans secured by owner-occupied commercial real-estate, income-producing non-owner occupied commercial real estate, a smaller amount of construction loans, SBA loans, mortgage warehouse lines of credit, municipal loans and leases originated by Pinnacle and franchise and equipment finance loans and leases originated by Bridge.

 The following charts present the distribution of the commercial loan portfolio at the dates indicated (dollars in millions):

 Commercial Real Estate:
 Commercial real estate loans include term loans secured by non-owner occupied income producing properties including rental apartments, industrial properties, retail shopping centers, free-standing single-tenant buildings, medical and other office buildings, warehouse facilities, hotels, and real estate secured lines of credit. The Company's commercial real estate underwriting standards most often provide for loan terms of five to seven years, with amortization schedules of no more than thirty years. Overall CRE exposure is modest in comparison to peer banks as presented in the charts below:

 CRE / Total Loans(1)(2)

 CRE / Total Risk Based Capital(1)(2)

 (1)BKU information as of December 31, 2024
 (2)CRE peer median information based on September 30, 2024 Call Report data for banks with total assets between $10 billion and $100 billion

 The following tables present the distribution of commercial real estate loans by property type, along with weighted average DSCRs and LTVs at the dates indicated (dollars in thousands):

 Percent of Total CRE

 FL
 New York Tri-State

 Other
 Weighted Average DSCR
 Weighted Average LTV

 $
 1,769,344
 %
 %
 %
 %
 1.57
 65.2
 %

 1,374,738
 %
 %
 %
 %
 1.83
 47.2
 %

 838,341
 %
 %
 %
 —
 %
 2.01
 50.1
 %

 1,098,314
 %
 %
 %
 %
 1.73
 57.3
 %

 Hotel
 482,378
 %
 %
 %
 %
 1.84
 44.7
 %

 Construction and Land
 %
 %
 %
 %
 N/A
 N/A

 Other
 89,088
 %
 %
 %
 %
 1.93
 46.9
 %

 $
 %
 %
 %
 %
 1.76
 55.0
 %

 Percent of Total CRE

 FL
 New York Tri-State

 Other
 Weighted Average DSCR
 Weighted Average LTV

 $
 1,752,801
 %
 %
 %
 %
 1.67
 65.0
 %

 1,341,229
 %
 %
 %
 %
 2.04
 52.0
 %

 838,692
 %
 %
 %
 —
 %
 1.98
 45.5
 %

 818,409
 %
 %
 %
 %
 1.67
 58.8
 %

 Hotel
 491,853
 %
 %
 %
 %
 1.89
 49.0
 %

 Construction and Land
 495,992
 %
 %
 %
 %
 N/A
 N/A

 Other
 80,257
 %
 %
 %
 %
 1.94
 47.4
 %

 $
 %
 %
 %
 %
 1.80
 56.0
 %

 The geographic mix of the portfolio has remained relatively consistent year-over-year, with the majority in Florida, although the geographic distribution has become somewhat more diverse with the percentage outside of Florida and the New York tri-state market growing.
 The following table presents weighted average DSCR and weighted average LTV for the Florida and New York tri-state CRE portfolios, by property type, at December 31, 2024:

 Florida
 NY Tri-State

 Weighted Average DSCR
 Weighted Average LTV
 Weighted Average DSCR
 Weighted Average LTV

 1.56
 65.0
 %
 1.66
 59.9
 %

 1.95
 45.7
 %
 1.90
 35.1
 %

 2.56
 45.4
 %
 1.43
 55.0
 %

 1.95
 55.5
 %
 1.44
 58.3
 %

 Hotel
 1.85
 44.7
 %
 1.93
 31.8
 %

 Other
 2.09
 44.8
 %
 1.22
 63.7
 %

 1.90
 53.3
 %
 1.56
 55.3
 %

 Geographic distribution in the tables above is based on location of the underlying collateral property. LTVs and DSCRs are based on the most recent available information; if current appraisals are not available, LTVs are adjusted by our models based on current and forecasted sub-market dynamics. DSCRs are calculated based on current contractually required payments, which in some cases may be interest only and on current levels of operating cash flows. DSCR calculations do not include pro-forma rental payments on in-place leases that are currently in initial rent abatement periods.
 Included in New York tri-state multifamily loans in the tables above is approximately $116 million of rent regulated exposure as of December 31, 2024. The office portfolio outside of Florida and the New York tri-state area exhibits no particular geographic concentration.

 The following table presents information about CRE loans maturing in the next 12 months by property type at December 31, 2024 (dollars in thousands). Only 11% of the total CRE portfolio, with a weighted average coupon rate of 4.34%, is fixed rate to the borrower and maturing in the next 12 months.

 Maturing in the Next 12 Months
 % Maturing in the Next 12 Months
 Fixed Rate or Swapped Maturing Next 12 Months

 Fixed Rate to Borrower Maturing in Next 12 Months as a % of Total Portfolio

 $
 527,728
 %
 $
 277,128
 %

 204,829
 %
 147,043
 %

 190,263
 %
 62,687
 %

 189,228
 %
 144,498
 %

 Hotel
 46,549
 %
 38,935
 %

 Construction and Land
 221,441
 %
 —
 %

 Other
 12,844
 %
 12,844
 %

 $
 1,392,882
 %
 $
 683,494
 %

 The following table presents scheduled contractual maturities of the CRE portfolio by property type at December 31, 2024 (in thousands):

 2025
 2026
 2027
 2028
 2029
 Total

 $
 527,728
 $
 478,952
 $
 298,648
 $
 145,396
 $
 270,608
 $
 48,012
 $
 1,769,344

 204,829
 429,706
 331,247
 160,959
 164,069
 83,928
 1,374,738

 190,263
 162,329
 156,642
 105,763
 139,246
 84,098
 838,341

 189,228
 248,533
 237,029
 236,025
 126,608
 60,891
 1,098,314

 Hotel
 46,549
 240,098
 30,836
 55,728
 54,835
 54,332
 482,378

 Construction and Land
 221,441
 147,880
 127,481
 —
 20,282
 44,905

 Other
 12,844
 26,549
 20,855
 1,375
 11,706
 15,759
 89,088

 $
 1,392,882
 $
 1,734,047
 $
 1,202,738
 $
 705,246
 $
 787,354
 $
 391,925
 $

 The office segment totaled $1.8 billion at December 31, 2024. Medical office comprised approximately $350 million or 20% of the total office portfolio. The following charts present the sub-market geographic distribution of the Florida and NY tri-state office portfolios at December 31, 2024:

 NY Tri-State by Sub-Market
 Florida by Sub-Market

 The New York tri-state market encompasses approximately 23% of the office segment, with $169 million of exposure in Manhattan. As of December 31, 2024, the Manhattan office portfolio was approximately 95% occupied with 10% rent rollover expected in the next 12 months. The Florida office portfolio is predominantly suburban.
 Office loans not secured by properties in Florida or the New York tri-state area comprised 20%, or approximately $351 million of the segment, and exhibited no particular geographic concentration. Estimated rent rollover of the total office portfolio in the next 12 months is approximately 12%; 15% for Florida and 9% for the New York tri-state area.
 The construction portfolio includes an additional $88 million in office related exposure, $85 million of which is in New York.
 Non-performing loans included $77 million of office exposure, including office exposure of $32 million in the construction portfolio, at December 31, 2024. Also see the section entitled "Asset Quality" below.
 Commercial and Industrial
 Commercial and industrial loans are typically made to small, middle market and larger corporate businesses and not-for-profit entities and include equipment loans, secured and unsecured working capital facilities, formula-based loans, subscription finance lines of credit, trade finance, SBA product offerings, business acquisition finance credit facilities, credit facilities to institutional real estate entities such as REITs and commercial real estate investment funds, and a small amount of commercial credit cards. These loans may be structured as term loans, typically with maturities of five to seven years, or revolving lines of credit which may have multi-year maturities. In addition to financing provided by Pinnacle, the Bank provides financing to state and local governmental entities generally within our primary geographic markets. The Bank makes loans secured by owner-occupied commercial real estate that typically have risk profiles more closely aligned with that of commercial and industrial loans than with other types of commercial real estate loans.
 The following table presents the exposure in the C&I portfolio by industry, at December 31, 2024 (dollars in thousands):

 Amortized Cost(1)

 Finance and Insurance
 $
 1,532,187
 17.1
 %

 Manufacturing
 855,230
 9.5
 %

 Utilities
 708,180
 7.9
 %

 Health Care and Social Assistance
 705,162
 7.8
 %

 Educational Services
 679,390
 7.6
 %

 Wholesale Trade
 663,639
 7.4
 %

 Information
 611,564
 6.8
 %

 Transportation and Warehousing
 582,953
 6.5
 %

 Real Estate and Rental and Leasing
 450,148
 5.0
 %

 Construction
 433,145
 4.8
 %

 Professional, Scientific, and Technical Services
 375,293
 4.2
 %

 Retail Trade
 343,170
 3.8
 %

 Other Services (except Public Administration)
 252,029
 2.8
 %

 Public Administration
 238,333
 2.7
 %

 Arts, Entertainment, and Recreation
 182,785
 2.0
 %

 Accommodation and Food Services
 146,396
 1.6
 %

 Administrative and Support and Waste Management
 142,703
 1.6
 %

 Other
 80,919
 0.9
 %

 $
 8,983,226
 100.0
 %

 (1) Includes $1.9 billion of owner occupied real estate.
 Pinnacle provides essential-use equipment financing to state and local governmental entities on a national basis directly and through vendor programs and alliances, offering a full array of financing structures including equipment lease purchase agreements and direct (private placement) bond re-fundings and loan agreements.

 The franchise and equipment finance portfolio is comprised of loans originated by Bridge including (i) franchise acquisition, expansion and equipment financing facilities and (ii) transportation equipment finance. We do not currently expect significant new loan originations in these segments.

 Residential mortgages
 The following table shows the composition of residential loans at the dates indicated (in thousands):

 $
 $

 1,071,892
 1,306,014

 $
 7,580,814
 $
 8,209,027

 The 1-4 single family residential loan portfolio, excluding government insured residential loans, is primarily comprised of prime jumbo loans purchased through established correspondent channels. 1-4 single family residential mortgage loans are primarily closed-end, first lien jumbo mortgages for the purchase or re-finance of owner occupied property. The loans have terms ranging from 10 to 30 years, with either fixed or adjustable interest rates. At December 31, 2024, $963 million or 15% were secured by investor-owned properties.
 The Company acquires non-performing FHA and VA insured mortgages from third party servicers who have exercised their right to purchase these loans out of GNMA securitizations upon default ("Buyout Loans"). Buyout Loans that re-perform, either through modification or self-cure, may be eligible for re-securitization. The Company and the servicer share in the economics of the sale of these loans into new securitizations. The balance of Buyout Loans totaled $1.0 billion at December 31, 2024. The Company is not the servicer of these loans.

 The following charts present the distribution of the 1-4 single family residential mortgage portfolio by product type at the dates indicated:

 See Note 4 to the consolidated financial statements for information about the geographic distribution of the 1-4 single family residential portfolio.
 The following table presents a breakdown of the 1-4 single family residential mortgage portfolio, excluding government insured residential loans, categorized between fixed rate loans and ARMs at the dates indicated (dollars in thousands):

 Fixed rate loans
 $
 3,557,649
 %
 $
 3,757,442
 %

 ARM loans
 2,951,273
 %
 3,145,571
 %

 $
 %
 $
 %

 Loan Maturities
 The following table sets forth, as of December 31, 2024, the maturity distribution of our loan portfolio by category, excluding government insured residential loans. Commercial loans are presented by contractual maturity, including scheduled payments for amortizing loans but not incorporating estimated prepayments. Contractual maturities of residential loans have been adjusted for an estimated rate of voluntary prepayments, based on historical trends, current interest rates, types of loans and refinance patterns (in thousands):

 One Year or Less
 After One Through Five Years
 After Five Years Through Fifteen Years
 After Fifteen Years
 Total

 $
 1,332,797
 $
 3,825,578
 $
 487,230
 $
 6,598
 $
 5,652,203

 222,224
 313,933
 23,012
 2,820

 178,926
 1,049,318
 673,748
 39,012
 1,941,004

 1,665,510
 4,963,174
 411,348
 2,190
 7,042,222

 181,912
 300,745
 231,057
 6,947

 69,574
 137,007
 6,896
 —

 —
 —
 —

 4,236,553
 10,589,755
 1,833,291
 57,567
 16,717,166

 674,001
 2,459,761
 2,439,080
 936,080

 $
 4,910,554
 $
 13,049,516
 $
 4,272,371
 $
 993,647
 $
 23,226,088

 The following table shows the distribution of those loans that mature in more than one year between fixed and adjustable interest rate loans as of December 31, 2024 (in thousands):

 Interest Rate Type

 Fixed
 Adjustable
 Total

 $
 1,388,796
 $
 2,930,610
 $
 4,319,406

 21,951
 317,814
 339,765

 1,089,906
 672,172
 1,762,078

 564,208
 4,812,504
 5,376,712

 538,749
 —
 538,749

 129,009
 14,894
 143,903

 3,732,619
 8,747,994
 12,480,613

 3,304,595
 2,530,326
 5,834,921

 $
 7,037,214
 $
 11,278,320
 $
 18,315,534

 Excluded from the tables above are government insured residential loans. Resolution of these loans is generally accomplished through the re-securitization and sale of the loans after they re-perform, either through modification or self-cure, or through pursuit of the applicable guarantee.

 Operating lease equipment, net
 Operating lease equipment, net totaled $224 million and $372 million at December 31, 2024 and 2023, respectively. Operating lease equipment declined by $148 million during the year ended December 31, 2024 mainly as a result of opportunistic disposals. We expect the balance of operating lease equipment to continue to decline as this product offering is no longer considered core to our business strategy.
 Bridge had exposure to the energy industry of $109 million at December 31, 2024. The majority of the energy exposure was in the operating lease equipment portfolio where energy exposure totaled $103 million, consisting primarily of railcars serving the petroleum industry.

 Asset Quality
 Commercial Loans
 We have a robust credit risk management framework, an experienced team to lead the workout and recovery process for the commercial and commercial real estate portfolios and a dedicated internal credit review function. Loan performance is monitored by our credit administration, portfolio management and workout and recovery departments. Risk ratings are updated continuously; generally, commercial relationships with balances in excess of defined thresholds are re-evaluated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. The defined thresholds range from $2 million to $3 million. Homogenous groups of smaller balance commercial loans may be monitored collectively. The credit quality and risk rating of commercial loans as well as our underwriting and portfolio management practices are regularly reviewed by our internal independent credit review department.
 We believe internal risk rating is the best indicator of the credit quality of commercial loans. The Company utilizes a 16-grade internal asset risk classification system as part of its efforts to monitor and maintain commercial asset quality. The special mention rating is considered a transitional rating for loans exhibiting potential credit weaknesses that could result in deterioration of repayment prospects at some future date if not checked or corrected and that deserve management's close attention. These borrowers may exhibit declining cash flows or revenues or increasing leverage. Loans with well-defined credit weaknesses that may result in a loss if the deficiencies are not corrected are assigned a risk rating of substandard. These borrowers may exhibit payment defaults, inadequate cash flows from current operations, operating losses, increasing balance sheet leverage, project cost overruns, unreasonable construction delays, exhausted interest reserves, declining collateral values, frequent overdrafts or past due real estate taxes. Loans with weaknesses so severe that collection in full is highly questionable or improbable, but because of certain reasonably specific pending factors have not been charged off, are assigned an internal risk rating of doubtful.
 The following table summarizes the Company's commercial credit exposure, based on internal risk rating, at the dates indicated (dollars in thousands):

 CRE
 Total Commercial

 Percent of Commercial Loans
 CRE
 Total Commercial

 Percent of Commercial Loans

 Pass
 $
 5,426,429
 $
 15,333,411
 91.7
 %
 $
 5,317,230
 $
 15,287,548
 93.2
 %

 58,771
 262,387
 1.6
 %
 97,552
 319,905
 1.9
 %

 Substandard accruing
 633,614
 894,754
 5.4
 %
 390,724
 711,266
 4.3
 %

 Substandard non-accruing
 95,378
 219,758
 1.3
 %
 13,727
 86,903
 0.5
 %

 —
 6,856
 —
 %
 —
 19,035
 0.1
 %

 $
 $
 16,717,166
 100.0
 %
 $
 $
 16,424,657
 100.0
 %

 Total criticized and classified commercial loans increased by $247 million for the year ended December 31, 2024. Criticized and classified CRE loans increased by $286 million; $245 million of this increase was office exposure (including office related construction loans). As expected in the current environment, there has been some further risk rating migration within the CRE office category. Rent abatement periods, delays in completing build-out of leased space and in some cases lower occupancy levels have contributed to risk rating migration in the office portfolio. When office space is leased to new tenants, landlords frequently provide initial rent abatement periods. During these rent abatement periods, we do not include pro-forma rental payments to be made in the future under the terms of new leases in operating cash flows for the purposes of determining risk ratings. We believe we have now identified the population of potential problem CRE office loans.

 The following table provides additional information about special mention and substandard accruing loans at the dates indicated (dollars in thousands). All of these loans are performing. Non-performing loans are discussed further in the section entitled "Non-performing Assets" below.

 % of Loan Segment
 % of Loan Segment

 Special mention:

 CRE

 Hotel
 $
 —
 —
 %
 $
 15,712
 3.2
 %

 —
 —
 %
 36,000
 4.4
 %

 58,771
 3.3
 %
 45,840
 2.6
 %

 58,771
 0.9
 %
 97,552
 1.8
 %

 7,530
 0.4
 %
 22,150
 1.1
 %

 196,086
 2.8
 %
 197,924
 2.8
 %

 —
 —
 %
 2,279
 0.6
 %

 $
 262,387
 $
 319,905

 Substandard accruing:

 CRE

 Hotel
 $
 20,442
 4.2
 %
 $
 41,805
 8.5
 %

 101,340
 9.2
 %
 53,205
 6.5
 %

 Multi-family
 129,397
 15.4
 %
 115,755
 13.8
 %

 235,967
 13.3
 %
 100,307
 5.7
 %

 Industrial
 47,422
 3.4
 %
 —
 —
 %

 96,374
 17.1
 %
 76,883
 15.5
 %

 Other
 2,672
 3.0
 %
 2,769
 3.4
 %

 633,614
 10.2
 %
 390,724
 7.3
 %

 95,775
 4.9
 %
 71,908
 3.7
 %

 142,679
 2.0
 %
 208,984
 3.0
 %

 22,686
 10.6
 %
 39,650
 10.4
 %

 $
 894,754
 $
 711,266

 The following graphs present trends in criticized and classified loans by segment over the periods indicated (in millions):

 Commercial Real Estate(1)

 Commercial(1)(2)

 (1)Excludes SBA
 (2)Includes C&I, Pinnacle, franchise and equipment finance, and MWL

 The following charts present criticized and classified CRE loans by property type at the dates indicated (in millions):

 The following graphs present delinquency trends by segment over the periods indicated (in millions):

 Commercial Real Estate
 Commercial(1)

 (1)Includes Pinnacle and franchise and equipment finance
 Residential Loans
 Excluding government insured loans, our residential portfolio consists largely of performing jumbo mortgage loans purchased through established correspondent channels with FICO scores above 720, full documentation, current LTVs of 80% or less and are primarily owner-occupied. Loans with LTVs higher than 80% may be extended to selected credit-worthy borrowers. We perform due diligence on the purchased loans for credit, compliance, counterparty, payment history and property valuation.
 We have a dedicated residential credit risk management function, and the residential portfolio is monitored by our internal credit review function. Residential mortgage loans are not individually risk rated. Delinquency status is the primary measure we use to monitor the credit quality of these loans. We also consider original LTV and most recently available FICO score to be

 significant indicators of credit quality for the 1-4 single family residential portfolio, excluding government insured residential loans.
 The following charts present information about the 1-4 single family residential portfolio, excluding government insured loans, by FICO distribution, LTV distribution and vintage at December 31, 2024:

 FICO Distribution
 LTV Distribution
 Vintage

 The following graph presents delinquency trends for residential loans, excluding government insured residential loans, over the periods indicated (in millions):

 Residential Delinquencies

 FICO scores are generally updated semi-annually and were most recently updated in the third quarter of 2024. LTVs are typically based on valuation at origination since we do not routinely update residential appraisals.
 At December 31, 2024, the majority of the 1-4 single family residential loan portfolio, excluding government insured residential loans, was owner-occupied, with 80% primary residence, 5% second homes and 15% investment properties.
 Note 4 to the consolidated financial statements presents additional information about key credit quality indicators and delinquency status of the loan portfolio.

 Stress Testing Results
 The majority of our commercial portfolio is subject to quarterly stress test analysis. We continually re-evaluate our stress testing framework and adapt it to evolving macro-economic conditions, as necessary. On an annual basis, we also run a rigorous stress test of our entire balance sheet incorporating the FRB's severely adverse CCAR scenario as well as additional idiosyncratic scenarios reflective of evolving macro-economic themes. The most recent stress test incorporating the FRB's CCAR severely adverse scenario was performed during the second quarter of 2024, based on the December 31, 2023 balance sheet.

 The following charts summarize the results of this stress test, based on the FRB's CCAR severely adverse scenario (dollars in millions):

 Total Loan Portfolio Stress Test Results(1)

 CRE Portfolio Stress Test Results(2)

 (1)Excludes Pinnacle municipal finance and mortgage warehouse lending.
 (2)Construction loans are included in the chart based on their applicable property type.

 Operating Lease Equipment, net
 There were no operating leases internally risk rated substandard or worse at December 31, 2024. On a quarterly basis, management performs an impairment analysis on assets with indicators of potential impairment. Potential impairment indicators include evidence of changes in residual value, macro-economic conditions, an extended period of time off-lease, criticized or classified status, or management's intention to sell the asset at an amount potentially below its carrying value. There were no impairment charges recognized during the years ended December 31, 2024, 2023, and 2022.

 Non-Performing Assets
 Non-performing assets generally consist of (i) non-accrual loans, (ii) accruing loans that are more than 90 days contractually past due as to interest or principal, excluding PCD loans for which management has a reasonable basis for an expectation about future cash flows and government insured residential loans, and (iii) OREO and other non-performing assets.
 The following table presents information about the Company's non-performing loans and non-performing assets at the dates indicated (dollars in thousands):

 Non-accrual loans:

 $
 54,169
 $

 31,758
 —

 3,803

 92,475
 33,941

 6,010
 23,678

 Guaranteed portion of SBA
 34,328
 41,756

 Non-guaranteed portion of SBA
 4,071
 5,984

 Total commercial loans
 226,614
 105,938

 23,500
 20,513

 Total non-accrual loans
 250,114
 126,451

 Loans past due 90 days and still accruing

 Total non-performing loans
 250,707
 127,044

 OREO and other non-performing assets
 5,482
 3,536

 Total non-performing assets
 $
 256,189
 $
 130,580

 Non-performing loans to total loans

 1.03
 %
 0.52
 %

 Non-performing loans, excluding the guaranteed portion of non-accrual SBA loans, to total loans

 0.89
 %
 0.35
 %

 Non-performing assets to total assets

 0.73
 %
 0.37
 %

 Non-performing assets, excluding the guaranteed portion of non-accrual SBA loans, to total assets

 0.63
 %
 0.25
 %

 ACL to total loans
 0.92
 %
 0.82
 %

 Commercial ACL to commercial loans (1)

 1.37
 %
 1.29
 %

 ACL to non-performing loans
 89.01
 %
 159.54
 %

 Net charge-offs to average loans

 0.16
 %
 0.09
 %

 (1) For purposes of this ratio, commercial loans includes the C&I and CRE sub-segments, as well as franchise and equipment finance. Due to their unique risk profiles, MWL and municipal finance are excluded from this ratio.
 Contractually delinquent government insured residential loans are typically GNMA early Buyout Loans and are excluded from non-performing loans as defined in the table above due to their government guarantee. The carrying value of such loans contractually delinquent by 90 days or more was $226 million and $277 million at December 31, 2024 and 2023, respectively.

 The following graphs present trends in non-performing loans to total loans and non-performing assets to total assets over the periods indicated, as well as trends in net charge-offs.

 Non-Performing Loans to Total Loans
 Non-Performing Assets to Total Assets

 Net Charges-Offs to Average Loans

 The following graph presents the trend in non-performing loans by portfolio segment over the periods indicated (in millions):

 Commercial loans are placed on non-accrual status when (i) management has determined that full repayment of all contractual principal and interest is in doubt, or (ii) the loan is past due 90 days or more as to principal or interest unless the loan is well secured and in the process of collection. Residential loans, other than Buyout Loans, are generally placed on non-accrual status when they are 60 days past due. When a loan is placed on non-accrual status, uncollected interest accrued is reversed and charged to interest income. Commercial loans are returned to accrual status only after all past due principal and interest has been collected and full repayment of remaining contractual principal and interest is reasonably assured. Residential loans are generally returned to accrual status when less than 60 days past due. Past due status of loans is determined based on the contractual next payment due date. Loans less than 30 days past due are reported as current.
 Loss Mitigation Strategies
 Criticized or classified commercial loans in excess of certain thresholds are reviewed quarterly by the Criticized Asset Committee, which evaluates the appropriate strategy for collection to mitigate the amount of credit losses and considers the appropriate risk rating for these loans. Criticized asset reports for each relationship are presented by the assigned relationship manager and credit officer to the Criticized Asset Committee until such time as the relationships are returned to a satisfactory credit risk rating or otherwise resolved. The Criticized Asset Committee may require the transfer of a loan to our workout and recovery department, which is tasked to effectively manage the loan with the goal of minimizing losses and expenses associated with restructure, collection and/or liquidation of collateral. Commercial loans with a risk rating of substandard, loans on non-accrual status, and assets classified as OREO or repossessed assets are usually transferred to workout and recovery. Oversight of the workout and recovery department is provided by the Criticized Asset Committee.
 Our servicers evaluate each residential loan in default to determine the most effective loss mitigation strategy, which may be modification, short sale, or foreclosure, and pursue the alternative most suitable to the consumer and to mitigate losses to the Bank.

 Analysis of the Allowance for Credit Losses
 The ACL is management's estimate of the amount of expected credit losses over the life of the loan portfolio, or the amount of amortized cost basis not expected to be collected, at the balance sheet date. This estimate encompasses information about historical events, current conditions and reasonable and supportable economic forecasts. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Given a level of continued uncertainty about the general economy, evolving dynamics in some segments of the commercial real estate market, particularly the office sector, the complexity of the ACL estimate and level of management judgment required, we believe it is possible that the ACL estimate could change, potentially materially, in future periods. If commercial real estate market dynamics in our primary markets worsen beyond our current expectations, the ACL and the provision for credit losses will increase in the future. Changes in the ACL may result from changes in current economic conditions including but not limited to unanticipated changes in interest rates or inflationary pressures, changes in our economic forecast, loan portfolio composition, commercial and residential real estate market dynamics and other circumstances not currently known to us that may impact the financial condition and operations of our borrowers, among other factors.
 Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. For loans that do not share similar risk characteristics with other loans such as collateral dependent loans, expected credit losses are estimated on an individual basis. Expected credit losses are estimated over the contractual terms of the loans, adjusted for expected prepayments, generally excluding expected extensions, renewals, and modifications.
 For the substantial majority of portfolio segments and subsegments, including residential loans other than government insured loans, and most commercial and commercial real estate loans, expected losses are estimated using a factor based methodology and econometric models.
 A single economic scenario or a probability weighted blend of economic scenarios may be used. The models ingest numerous national, regional and MSA level variables and data points. At December 31, 2024 and 2023, we used a combination of weighted third-party provided economic scenarios in calculating the quantitative portion of the ACL. Each of these externally provided scenarios in fact represents the result of a probability weighting of thousands of individual scenario paths.
 See Note 1 to the consolidated financial statements for more detailed information about our ACL methodology and related accounting policies.
 The following table provides an analysis of the ACL, provision for (recovery of) credit losses related to the funded portion of loans and net charge-offs by loan segment for the periods indicated (dollars in thousands):

 CRE

 C&I

 Pinnacle - Municipal Finance

 Franchise and Equipment Finance
 Residential and MWL

 Total

 Balance at December 31, 2021
 $
 28,811
 $
 67,950
 $
 $
 20,339
 $
 9,187
 $
 126,457

 2,371
 62,289
 6,293
 2,858
 73,814

 Charge-offs
 (9,531)
 (38,921)
 —
 (13,191)
 (412)
 (62,055)

 Recoveries
 3,100
 5,872
 —
 9,730

 Balance at December 31, 2022

 24,751
 97,190
 14,091
 11,741
 147,946

 Impact of adoption of ASU 2022-02
 —
 (1,671)
 —
 (6)
 (117)
 (1,794)

 Balance at January 1, 2023
 24,751
 95,519
 14,085
 11,624
 146,152

 Provision for (recovery of) credit losses
 17,192
 62,053
 3,394
 (3,785)
 78,924

 Charge-offs
 (1,228)
 (26,539)
 —
 (7,247)
 —
 (35,014)

 Recoveries
 11,372
 —
 12,627

 Balance at December 31, 2023

 41,338
 142,405
 10,855
 7,848

 Provision for (recovery of) credit losses
 34,946
 23,455
 (127)
 (3,806)
 4,518
 58,986

 Charge-offs
 (6,202)
 (47,912)
 —
 (5,710)
 (126)
 (59,950)

 Recoveries
 20,006
 —
 1,042
 21,428

 Balance at December 31, 2024
 $
 70,458
 $
 137,954
 $
 $
 2,381
 $
 12,244
 $
 223,153

 Net Charge-offs to Average Loans

 Year Ended December 31, 2022

 0.12
 %
 0.45
 %
 —
 %
 2.08
 %
 —
 %
 0.22
 %

 0.01
 %
 0.18
 %
 —
 %
 1.53
 %
 —
 %
 0.09
 %

 0.10
 %
 0.31
 %
 —
 %
 1.53
 %
 —
 %
 0.16
 %

 The following table shows the distribution of the ACL at the dates indicated (dollars in thousands):

 Total
 %(1)

 Total
 %(1)

 $
 52,104
 23.3
 %
 $
 32,810
 21.6
 %

 18,354
 2.3
 %
 8,528
 2.0
 %

 CRE
 70,458
 41,338

 16,126
 8.0
 %
 17,642
 7.9
 %

 121,828
 28.9
 %
 124,763
 28.3
 %

 3.0
 %
 3.6
 %

 2,381
 0.9
 %
 10,855
 1.5
 %

 140,451
 153,503

 Residential and MWL

 12,244
 33.6
 %
 7,848
 35.1
 %

 $
 223,153
 100.0
 %
 $
 100.0
 %

 (1)Represents percentage of loans receivable in each category to total loans receivable.

 The following table presents the ACL as a percentage of loans at the dates indicated, by portfolio sub-segment:

 CRE
 1.13
 %
 0.71
 %

 C&I

 1.54
 %
 1.60
 %

 1.12
 %
 2.85
 %

 Total commercial (1)

 1.37
 %
 1.29
 %

 0.02
 %
 0.03
 %

 Residential and MWL

 0.15
 %
 0.09
 %

 0.92
 %
 0.82
 %

 ACL to non-performing loans
 89.01
 %
 159.54
 %

 ACL to CRE office loans

 2.30
 %
 1.18
 %

 (1)For purposes of this ratio, commercial loans includes the C&I and CRE sub-segments, as well as franchise and equipment finance. Due to their unique risk profiles, MWL and municipal finance are excluded from this ratio.

 Factors contributing to the change in the ACL during the year ended December 31, 2024, are depicted in the chart below (dollars in millions):

 Changes in the ACL during the year ended December 31, 2024
 As depicted in the chart above, the most significant drivers of the increase in the ACL for the year ended December 31, 2024, were (i) risk rating migration and increases in certain specific reserves and (ii) an increase in qualitative overlays; partially offset by (iii) net charge-offs and (iv) an improved economic forecast. At December 31, 2024, the ratio of the ACL to loans was 0.92% compared to 0.82% at December 31, 2023. The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, and franchise and equipment finance was 1.37% at December 31, 2024, up from 1.29% at December 31, 2023. The ACL to loans ratio for CRE office loans was 2.30% at December 31, 2024, compared to 1.18% at December 31, 2023. The increase in the ACL to loans ratio for the CRE office category for year ended December 31, 2024 was primarily attributable to risk rating migration, an increase in qualitative overlays, and an increase in certain specific reserves. Further discussion of changes in the ACL for select portfolio sub-segments follows:
 • The ACL for the CRE portfolio sub-segment increased by $29.1 million during the year ended December 31, 2024, from 0.71% to 1.13% of loans, the substantial majority related to the office portfolio. The most significant reasons for the increase in the ACL for this segment were risk rating migration, increases in specific reserves and qualitative loss factors, in part offset by net charge-offs.
 • The ACL for the commercial and industrial sub-segment, including owner-occupied commercial real estate, decreased by $4.5 million during the year ended December 31, 2024, from 1.60% to 1.54% of loans. The most significant reasons for the decrease in the ACL for this segment were a reduction in criticized and classified loans and net charge-offs.
 • The ACL for the franchise and equipment finance sub-segment decreased by $8.5 million during the year ended December 31, 2024, from 2.85% to 1.12% of loans; primarily due to a decline in loan balances, including the payoff of one larger non-performing loan.

 • The ACL for the residential and MWL segments increased by $4.4 million for the year ended December 31, 2024, mainly attributable to updated modeling assumptions for minimum levels of loss given default.
 The estimate of the ACL at December 31, 2024, was informed by forecasted economic scenarios published in December 2024, a wide variety of additional economic data, information about borrower financial condition and collateral values, and other relevant information. The quantitative portion of the ACL at December 31, 2024, was modeled using a weighting of baseline, downside and upside third-party economic scenarios, with the highest weighting ascribed to the baseline scenario and lower weightings ascribed equally to the downside and upside scenarios.
 Some of the high-level data points informing the baseline scenario, which was the scenario most heavily weighted, used in estimating the quantitative portion of the ACL at December 31, 2024, included:
 • Labor market assumptions, which reflected national unemployment peaking at 4.2% and
 • Annualized growth in national GDP troughing at 1.5%.
 The above unemployment and GDP growth assumptions are provided to give a high level overview of the nature and severity of the baseline economic forecast scenario used in estimating the ACL. Numerous additional variables and assumptions not explicitly stated, including but not limited to detailed commercial and residential property forecasts, projected stock market volatility indices and a variety of additional assumptions about market interest rates and spreads also contributed to the overall impact economic conditions and the economic forecast had on the ACL estimate. Furthermore, while the variables presented above are at the national level, many of the economic variables are regionalized at the market and submarket level in the models.
 For additional information about the ACL, see Note 4 to the consolidated financial statements.

 Deposits
 A breakdown of deposits at the dates indicated is shown below:

 The Company has a diverse deposit book by industry sector. At December 31, 2024, our largest industry vertical was title insurance, with approximately $3.6 billion in total deposits. Deposits in the HOA vertical totaled $1.8 billion at December 31, 2024. Approximately 64% of our total deposits were commercial or municipal deposits at December 31, 2024.
 Brokered deposits totaled $5.2 billion and $5.3 billion at December 31, 2024 and 2023, respectively. Brokered deposits are generally insured and typically a readily available source of funds, however, they are typically higher cost and in some circumstances, credit sensitive. We are strategically focused on reducing the level of brokered deposits in the future.

 The following graph presents trends in the deposit mix and cost of deposits (in millions):

 Quarterly cost of deposits

 1.48%
 0.43%
 0.19%
 1.42%
 2.96%
 2.72%

 Non-interest bearing as a % of total deposits

 17.6%
 25.5%
 30.5%
 29.2%
 25.8%
 27.3%

 Non-interest bearing demand deposits grew by 11%, or $781 million during the year ended December 31, 2024. Total deposits grew by $1.3 billion and non-brokered deposits grew by $1.4 billion during the year ended December 31, 2024.
 The following graph presents trends in the spot APY of total deposits compared to the upper bound of the federal funds target range:

 The following table presents information about the Company's insured and collateralized deposits as of December 31, 2024 (dollars in thousands):

 Total deposits
 $
 27,865,703

 Estimated amount of uninsured deposits

 $
 13,719,318

 Less: collateralized deposits

 (3,029,646)

 Less: affiliate deposits

 (331,219)

 Adjusted uninsured deposits
 $
 10,358,453

 Estimated insured and collateralized deposits
 $
 17,507,250

 Insured and collateralized deposits to total deposits
 %

 The estimated amount of uninsured deposits at December 31, 2024 and 2023, was $13.7 billion and $12.4 billion, respectively. Collateralized and affiliate deposits are included in these amounts. Time deposit accounts with balances of $250,000 or more totaled $779 million and $941 million at December 31, 2024 and 2023, respectively. The following table shows scheduled maturities of estimated uninsured time deposits as of December 31, 2024 (in thousands):

 Three months or less
 $
 236,589

 Over three through six months
 397,367

 Over six through twelve months
 76,456

 Over twelve months

 $
 710,842

 For additional information about Deposits, see Note 6 to the consolidated financial statements.
 Borrowings
 In addition to deposits, we utilize FHLB advances as a funding source; the advances provide us with additional flexibility in managing both term and cost of funding and in managing interest rate risk. FHLB advances are secured by qualifying residential first mortgage and commercial real estate loans and MBS. The following table presents information about the contractual balance and maturities of outstanding FHLB advances, as of December 31, 2024 (dollars in thousands):

 Maturing in:

 2025 - One month or less

 $
 2,500,000
 4.53
 %

 2025 - Over one month

 430,000
 4.60
 %

 Total contractual balance outstanding
 $
 2,930,000

 The table above reflects contractual maturities of outstanding advances and does not incorporate the impact that interest rate swaps designated as cash flow hedges have on the duration or cost of borrowings.
 The table below presents information about outstanding interest rate swaps hedging the variability of interest cash flows on the FHLB advances included in the table above, as of December 31, 2024 (dollars in thousands):

 Cash flow hedges maturing in:

 2025
 $
 1,125,000
 3.30
 %

 2026
 1,430,000
 3.50
 %

 25,000
 2.50
 %

 $
 2,580,000
 3.40
 %

 See Note 10 to the consolidated financial statements and "Interest Rate Risk" below for more information about derivative instruments.

 Outstanding notes payable and other borrowings consisted of the following at the dates indicated (in thousands):

 Senior notes:

 Principal amount of 4.875% senior notes maturing on November 17, 2025

 $
 388,479
 $
 388,479

 Unamortized discount and debt issuance costs
 (802)
 (1,676)

 387,677
 386,803

 Subordinated notes:

 Principal amount of 5.125% subordinated notes maturing on June 11, 2030

 Unamortized discount and debt issuance costs
 (3,753)
 (4,331)

 296,247
 295,669

 Total notes
 683,924
 682,472

 24,629
 26,501

 $
 708,553
 $
 708,973

 During the year ended December 31, 2023, the Bank purchased $11.5 million of outstanding senior notes in the open market at a price of $10.6 million, an implied yield of approximately 9%.

 Liquidity and Capital Resources
 Liquidity
 Liquidity involves our ability to generate adequate funds to support planned interest earning asset growth, meet deposit withdrawal and credit line usage requests in both normal operating and stressed environments, maintain reserve requirements, conduct routine operations, pay dividends, service outstanding debt and meet other contractual obligations.
 BankUnited's ongoing liquidity needs have historically been met primarily by cash flows from operations, deposit growth, the investment portfolio, its amortizing loan portfolio and FHLB advances. FRB discount window capacity, repurchase agreement capacity and a letter of credit with the FHLB provide additional sources of contingent liquidity. For the years ended December 31, 2024, 2023 and 2022, net cash provided by operating activities was $434 million, $657 million and $1.3 billion, respectively. The most significant contributors to the period over period declines in net cash provided by operating activities was a decline in cash proceeds from the sale of loans held for sale, due to less loan sale activity and fluctuations in the daily cash settlement of derivative positions centrally cleared through the CME.
 Same day available liquidity includes cash, secured funding such as borrowing capacity at the Federal Home Loan Bank of Atlanta and the Federal Reserve, and unencumbered securities. Additional sources of liquidity include cash flows from operations, wholesale deposits, cash flow from the Bank's amortizing securities and loan portfolios, repurchase agreements and the sale of investment securities. Management also has the ability to exert substantial control over the rate and timing of loan production, and resultant requirements for liquidity to fund new loans.

 The following chart presents the components of same day available liquidity at December 31, 2024 and 2023 (in millions):

 Same Day Available Liquidity

 The increase in same day available liquidity as compared to December 31, 2023 reflected the decline in outstanding FHLB advances, increasing FHLB capacity. At December 31, 2024, the ratio of estimated insured and collateralized deposits to total deposits was 63%, compared to 66% at December 31, 2023, and the ratio of available liquidity to estimated uninsured, uncollateralized deposits was 150% compared to 152% at December 31, 2023. As a commercially focused bank, due to the inherent nature of commercial deposits and the fact that deposit insurance is designed primarily to protect consumers, a significant portion of our deposits are uninsured. We continue to market and educate our customers about products that enable them to obtain FDIC insurance on certain deposits exceeding the standard single depositor insurance limit, have implemented single depositor concentration limits and have reduced or eliminated exposure to sectors or depositors that have evidenced higher volatility.
 Our ALM policy establishes limits or operating risk thresholds for a number of measures of liquidity which are monitored at least monthly by the ALCO and quarterly by the Board of Directors. Some of the measures currently used to dimension liquidity risk and manage liquidity are the ratio of available liquidity to uninsured/non-collateralized deposits, a wholesale funding ratio, the ratio of available operational liquidity (which excludes availability at the FRB) to volatile liabilities, a liquidity stress test coverage ratio, the loan to deposit ratio, a one-year liquidity ratio, a measure of available on-balance sheet liquidity, the ratio of FHLB advances to total assets and large depositor concentrations. We also have single depositor relationship limits. Our liquidity management framework incorporates a robust contingency funding plan and liquidity stress test.

 The following tables present some of the Company's liquidity measures, where applicable, their related policy limits and operating risk thresholds at the dates indicated:

 Policy Limit

 Available liquidity to uninsured/non-collateralized deposits

 150%
 <100%

 Wholesale funding/total assets

 25.7%
 <37.5%

 Operating Threshold

 Available operational liquidity/volatile liabilities

 2.52x

 1.30x

 Liquidity stress test coverage ratio

 2.14x

 1.50x

 FHLB advances/total assets

 10.9%
 20%

 One year liquidity ratio

 2.85x

 1.00x

 Loan to deposit ratio

 87.2%
 100%

 Top 20 uninsured depositors to total deposits (excluding brokered & municipal deposits)

 13.4%
 15%

 Available on-balance sheet liquidity

 8.9%
 5%

 As a holding company, BankUnited, Inc. is a corporation separate and apart from its banking subsidiary, and therefore, provides for its own liquidity. BankUnited, Inc.'s main sources of funds include management fees and dividends from the Bank, access to capital markets and, to a lesser extent, its own securities portfolio. There are regulatory limitations that may affect the ability of the Bank to pay dividends to BankUnited, Inc. Management believes that such limitations will not impact our ability to meet our ongoing cash obligations.

 The following table presents the Company's material contractual cash requirements for the following 12 months, as of December 31, 2024 (in thousands):

 Term deposits(1)

 $
 4,044,428

 FHLB advances(1)

 2,936,657

 Notes and other borrowings(1)

 425,618

 Operating lease obligations

 16,852

 $
 7,423,555

 (1)Includes interest to be paid on the outstanding contractual obligations.
 At December 31, 2024, the Company had $4.0 billion in term deposits with a contractual maturity of 12 months or less. The majority of term deposits and FHLB advances are expected to roll over into new instruments; this amount therefore does not represent future anticipated cash requirements. Additionally, as discussed in Note 15 to the consolidated financial statements, the Bank had $262 million in outstanding commitments to fund loans and $4.7 billion in unfunded commitments under existing lines of credit at December 31, 2024. Many of these commitments are expected to expire without being fully funded and, therefore, also do not necessarily represent future cash requirements.

 Capital
 We have an active shelf registration statement on file with the SEC that allows the Company to periodically offer and sell in one or more offerings, individually or in any combination, our common stock, preferred stock and other non-equity securities. The shelf registration provides us with flexibility in issuing capital instruments and enables us to more readily access the capital markets as needed to pursue future growth opportunities and to ensure continued compliance with regulatory capital requirements. Our ability to issue securities pursuant to the shelf registration is subject to market conditions.
 See Note 13 to the consolidated financial statements for more information about the Company's and the Bank's regulatory capital ratios.

 Interest Rate Risk
 A principal component of the Company's risk of loss arising from adverse changes in the fair value of financial instruments, or market risk, is interest rate risk, including the risk that assets and liabilities with similar re-pricing characteristics may not reprice at the same time or to the same degree. A primary objective of the Company's asset/liability management activities is to maximize net interest income, while maintaining acceptable levels of interest rate risk. The ALCO is responsible for establishing policies to manage exposure to interest rate risk, and to ensure procedures are established to monitor compliance with these policies. The policies established by the ALCO are approved at least annually by the Board of Directors and its Risk Committee. The Board of Directors or its risk committee monitor compliance with these policies at least quarterly.
 Management believes that the simulation of net interest income in different interest rate environments provides the most meaningful measure of interest rate risk. Income simulation analysis is designed to capture not only the potential of all assets and liabilities to mature or reprice, but also the probability that they will do so. Income simulation also attends to the relative interest rate sensitivities of these items, and projects their behavior over an extended period of time. Finally, income simulation permits management to assess the probable effects on the balance sheet not only of changes in interest rates, but also of proposed strategies for responding to them. Simulation of changes in EVE in various interest rate environments is also a meaningful measure of interest rate risk.
 Net Interest Income Simulation
 The income simulation model analyzes interest rate sensitivity by projecting net interest income over 12- and 24-month periods in a most likely rate scenario based on a consensus forward curve versus net interest income in alternative rate scenarios. Management continually reviews and refines its interest rate risk management process in response to changes in the interest rate environment, the economic climate and observed customer behavior. Currently, our interest rate risk management framework is based on modeling instantaneous rate shocks to a static balance sheet, assuming that maturing instruments are replaced with like instruments at forward rates, of plus and minus 100, 200, 300 and 400 basis point parallel shifts. In lower interest rate environments, we may not model more extreme declining rate scenarios and in certain macro-environments, we may model shocks of more than 400 basis points. Our ALM policy has established limits for the plus and minus 100 and 200 basis points shock scenarios. We also model a variety of dynamic balance sheet scenarios, various yield curve slopes, non-parallel shifts and alternative depositor behavior, beta and decay assumptions. We continually evaluate the scenarios being modeled with a view toward adapting them to changing economic conditions, expectations and trends.
 The following table presents the impact on forecasted net interest income compared to a "most likely" scenario, based on the consensus forward curve, in static balance sheet, parallel rate shock scenarios of plus and minus 100 and 200 basis points at December 31, 2024 and 2023:

 Down 200
 Down 100
 Plus 100
 Plus 200

 Policy Limits:

 In year 1
 (12)
 %
 (8)
 %
 (8)
 %
 (12)
 %

 In year 2
 (15)
 %
 (11)
 %
 (11)
 %
 (15)
 %

 Model Results at December 31, 2024 - increase (decrease)

 In year 1
 (4.2)
 %
 (1.7)
 %
 1.5
 %
 2.7
 %

 In year 2
 (3.4)
 %
 (1.2)
 %
 0.6
 %
 1.0
 %

 Model Results at December 31, 2023 - increase (decrease)

 In year 1
 (4.7)
 %
 (1.6)
 %
 1.0
 %
 2.1
 %

 In year 2
 (6.0)
 %
 (2.3)
 %
 1.5
 %
 2.0
 %

 EVE Simulation
 The following table illustrates the modeled change in EVE in the indicated scenarios at December 31, 2024 and 2023:

 Down 200
 Down 100
 Plus 100
 Plus 200

 Policy Limits

 (20.0)
 %
 (10.0)
 %
 (10.0)
 %
 (20.0)
 %

 Model Results at December 31, 2024 - increase (decrease):

 16.9
 %
 10.0
 %
 (7.1)
 %
 (14.8)
 %

 Model Results at December 31, 2023 - increase (decrease):

 15.2
 %
 9.5
 %
 (8.8)
 %
 (17.4)
 %

 All of the modeled results at December 31, 2024, are within ALM policy limits.

 The Company uses many assumptions in estimating the impact of changes in interest rates on forecasted net interest income and EVE. Actual results may not be similar to the Company's projections due to many factors including but not limited to the timing and frequency of market rate changes, market conditions, unanticipated changes in depositor behavior and loan prepayment speeds, the shape of the yield curve, changes in balance sheet composition and the Company's actions in response to changing external and balance sheet dynamics. Some of the more significant assumptions used by the Company in estimating the impact of changes in interest rates on forecasted net interest income and EVE at December 31, 2024 were:
 • Prepayment speeds for loans, with CPRs ranging from 6.6% to 11.5% depending on loan characteristics and the magnitude of the modeled rate shock;
 • Prepayment speeds for investment securities, with CPRs ranging from 4.3% to 7.7% depending on individual security collateral and characteristics and the magnitude of the modeled rate shock;
 • Deposit decay rates ranging between 16% and 19%;
 • Overall non-maturity interest bearing deposit beta of 75%;
 Derivative Financial Instruments and Hedging Activities
 Management continually evaluates a variety of hedging strategies that are available to manage interest rate risk.
 Interest rate derivatives designated as cash flow or fair value hedging instruments are tools we may use to manage interest rate risk. These derivative instruments are used to mitigate exposure to changes in interest cash flows or the fair value of financial instruments caused by fluctuations in benchmark interest rates, as well as to manage duration of liabilities.
 The following tables provide information about the Company's derivatives designated as cash flow hedges as of December 31, 2024 (dollars in thousands):

 Weighted
Average Pay Rate / Strike Price
 Weighted
Average Receive Rate / Strike Price
 Weighted
Remaining
Life in Years

 Hedged Item

 Pay-fixed interest rate swaps
 Variability of interest cash flows on variable rate borrowings
 $
 2,580,000
 3.40%
 Daily SOFR
 1.2

 Pay-fixed interest rate swaps
 Variability of interest cash flows on variable rate liabilities
 250,000
 1.38%
 Fed Funds Effective Rate
 0.1

 Pay-variable interest rate swaps
 Variability of interest cash flows on variable rate loans
 1,200,000
 Term SOFR
 3.85%
 2.0

 Interest rate caps purchased, indexed to Fed Funds effective rate
 Variability of interest cash flows on variable rate liabilities
 200,000
 0.88%
 0.5

 Interest rate collar, indexed to 1-month SOFR(1)

 Variability of interest cash flows on variable rate loans
 125,000
 5.58%
 1.50%
 1.7

 $
 4,355,000

 Variability of Interest Payment Cash Flows on Variable Rate Loans

 Variability of Interest Payment Cash Flows on Variable Rate Liabilities

 Cash flows hedges maturing in:

 First quarter 2025

 $
 —
 —
 %
 $
 525,000
 1.5
 %

 Second quarter 2025

 50,000
 4.0
 %
 150,000
 2.7
 %

 Third quarter 2025

 —
 —
 %
 550,000
 3.8
 %

 Fourth quarter 2025

 50,000
 3.8
 %
 350,000
 2.7
 %

 2026
 925,000
 3.8
 %
 1,430,000
 3.5
 %

 2027
 3.9
 %
 —
 —
 %

 —
 —
 %
 25,000
 2.5
 %

 $
 1,325,000
 $
 3,030,000

 (1) The interest rate collar consists of a combination of zero-premium interest rate options. The Company sold a pay-variable cap with a strike price of 5.58%; sold a 0% floor; and purchased a receive-variable floor with a strike price of 1.50%.

 In addition to derivative instruments, the Company has issued callable CDs to hedge interest rate risk in a falling rate environment; the amount of such instruments outstanding at December 31, 2024, was $441 million. The short duration of our AFS investment portfolio (1.85 at December 31, 2024) also provides a natural offset from an interest rate risk perspective to the longer duration of the residential mortgage portfolio.
 See Note 10 to the consolidated financial statements for additional information about derivative financial instruments.

 Non-GAAP Financial Measures
 Tangible book value per common share is a non-GAAP financial measure. Management believes this measure is relevant to understanding the capital position and performance of the Company. Disclosure of this non-GAAP financial measure also provides a meaningful basis for comparison to other financial institutions as it is a metric commonly used in the banking industry. The following table reconciles the non-GAAP financial measurement of tangible book value per common share to the comparable GAAP financial measurement of book value per common share at the dates indicated (in thousands, except share and per share data):

 Total stockholders' equity
 $
 2,814,318
 $
 2,577,921

 Less: goodwill and other intangible assets
 77,637
 77,637

 Tangible stockholders' equity
 $
 2,736,681
 $
 2,500,284

 Common shares issued and outstanding
 74,748,370
 74,372,505

 Book value per common share
 $
 37.65
 $
 34.66

 Tangible book value per common share
 $
 36.61
 $
 33.62

 Item 7A. Quantitative and Qualitative Disclosures About Market Risk
 See the section entitled "Interest Rate Risk" included in Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations."

 Item 8. Financial Statements and Supplementary Data

 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 Page

 Management's Report on Internal Control Over Financial Reporting

 BankUnited, Inc. Consolidated Financial Statements for the Years ended December 31, 2024, 2023 and 2022

 Reports of Independent Registered Public Accounting Firm ( Deloitte and Touche LLP, Miami, FL. Auditor Firm ID: 34)

 Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023

 Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022

 Consolidated Statements of Stockholders' Equity for the years ended December 31, 2024, 2023 and 2022

 Notes to Consolidated Financial Statements

 Note 1 Basis of Presentation and Summary of Significant Accounting Policies

 Note 2 Earnings Per Common Share

 Note 3 Investment Securities

 Note 4 Loans and Allowance for Credit Losses

 Note 5 Leases

 Note 6 Deposits

 Note 7 Borrowings

 Note 8 Premises, Equipment and Software

 Note 9 Income Taxes

 Note 10 Derivatives and Hedging Activities

 Note 11 Stockholders' Equity

 Note 12 Equity Based and Other Compensation Plans

 Note 13 Regulatory Requirements and Restrictions

 Note 14 Fair Value Measurements

 Note 15 Commitments and Contingencies

 Note 16 Condensed Financial Statements of BankUnited, Inc.

 Note 17 Quarterly Financial Information (Unaudited)

 MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
 Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in the Securities Exchange Act of 1934 Rule 13a-15(f). The Company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material effect on the financial statements.
 Internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements prepared for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 Under the supervision and with the participation of management, including the Company's principal executive officer and principal financial officer, the Company conducted an evaluation of the effectiveness of the Company's internal control over financial reporting based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on the Company's evaluation under the framework in Internal Control—Integrated Framework, management concluded that the Company's internal control over financial reporting was effective as of December 31, 2024.
 The effectiveness of the Company's internal control over financial reporting as of December 31, 2024, has been audited by Deloitte and Touche LLP, an independent registered public accounting firm, as stated in their report which is included herein.

 Report of Independent Registered Public Accounting Firm

 To the stockholders and the Board of Directors of BankUnited, Inc.:

 Opinion on the Financial Statements
 We have audited the accompanying consolidated balance sheets of BankUnited, Inc. and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, cash flows, and stockholders' equity for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
 We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 28, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting.
 Basis for Opinion
 These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
 Critical Audit Matter
 The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
 Allowance for Credit Losses — Refer to Notes 1 and 4 to the financial statements

 Critical Audit Matter Description
 The allowance for credit losses ("ACL") is management's estimate of the current amount of expected credit losses over the life of the loan portfolio, or the amount of amortized cost basis not expected to be collected, at the balance sheet date. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently subjective and uncertain. The measurement of expected credit losses encompasses information about historical events, current conditions and reasonable and supportable economic forecasts. Factors that may be considered in determining the amount of the ACL include but are not limited to, product or collateral type, industry, geography, internal risk rating, credit characteristics such as credit scores or collateral values, delinquency rates, historical or expected credit loss patterns and other quantitative and qualitative factors considered to have an impact on the adequacy of the ACL and the ability of borrowers to repay their loans. The adequacy of the ACL is also dependent on the effectiveness of the underlying models used in determining the estimate.
 Expected credit losses are estimated over the contractual terms of the loans using econometric models, adjusted for expected prepayments. The models employ a factor-based methodology, leveraging data sets containing extensive historical loss and recovery information by industry, geography, product type, collateral type and obligor characteristics, to estimate probability of

 default ("PD") and loss given default ("LGD"). Projected PDs and LGDs, determined based on pool level characteristics, are applied to estimated exposure at default. Measures of PD incorporate current conditions through market cycle or credit cycle adjustments. PDs and LGDs are then conditioned on the reasonable and supportable economic forecast. For criticized or classified loans, PDs are adjusted to benchmark PDs established for each risk rating as the most current financial information available is deemed not to be reflective of the borrowers' current financial condition. For non-accrual or doubtful rated distressed loans above a certain threshold, an individual assessment is performed to determine expected credit losses.
 Given the complex nature of estimating the ACL, performing audit procedures to evaluate whether the ACL was appropriately recorded as of December 31, 2024 required a high degree of auditor judgment and an increased extent of effort.
 How the Critical Audit Matter Was Addressed in the Audit
 Our audit procedures to test the ACL for the loan portfolio included the following, among others:
 • We tested the effectiveness of controls over the ACL including management's controls over data transfers into and out of the models, final quantitative model results, and application of any qualitative adjustments.
 • We tested the completeness and accuracy of the data used in the models and engaged internal specialists to evaluate the appropriateness of the models.
 • We evaluated the reasonableness of the qualitative adjustments within the ACL estimate.
 • We evaluated a sample of non-pass loans by assessing the factors utilized during the Company's assessment of the reserves associated with the loans, assessed the appropriateness of risk ratings, and evaluated the financial performance of the borrowers as well as the associated collateral, and the timeliness of the associated reserve.

 /s/ Deloitte & Touche LLP

 Miami, Florida
 We have served as the Company's auditor since 2021.

 Report of Independent Registered Public Accounting Firm

 To the stockholders and the Board of Directors of BankUnited, Inc.

 Opinion on Internal Control over Financial Reporting
 We have audited the internal control over financial reporting of BankUnited Inc. and subsidiaries (the "Company") as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

 We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2024, of the Company and our report dated February 28, 2025, expressed an unqualified opinion on those financial statements.
 Basis for Opinion
 The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
 Definition and Limitations of Internal Control over Financial Reporting
 A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 /s/Deloitte & Touche LLP
 Miami, Florida

 CONSOLIDATED BALANCE SHEETS
 (In thousands, except share and per share data)

 December 31,
2024
 December 31,
2023

 ASSETS

 Cash and due from banks:

 Non-interest bearing
 $
 12,078
 $
 14,945

 Interest bearing
 479,038
 573,338

 Cash and cash equivalents
 491,116

 Investment securities (including securities reported at fair value of $ 9,130,244 and $ 8,867,354)

 8,877,354

 Non-marketable equity securities
 206,297
 310,084

 Loans
 24,297,980
 24,633,684

 ( 223,153)
 ( 202,689)

 Loans, net
 24,074,827
 24,430,995

 Bank owned life insurance
 284,570
 318,459

 Operating lease equipment, net
 223,844
 371,909

 Goodwill
 77,637
 77,637

 Other assets
 753,207
 786,886

 Total assets
 $
 35,241,742
 $
 35,761,607

 LIABILITIES AND STOCKHOLDERS' EQUITY

 Liabilities:

 Demand deposits:

 Non-interest bearing
 $
 7,616,182
 $
 6,835,236

 Interest bearing
 4,892,814
 3,403,539

 Savings and money market
 11,055,418
 11,135,708

 Time
 4,301,289
 5,163,995

 Total deposits
 27,865,703
 26,538,478

 FHLB advances
 2,930,000
 5,115,000

 708,553
 708,973

 Other liabilities
 923,168
 821,235

 Total liabilities
 32,427,424
 33,183,686

 Commitments and contingencies

 Stockholders' equity:

 Common stock, par value $ 0.01 per share, 400,000,000 shares authorized; 74,748,370 and 74,372,505 shares issued and outstanding

 Paid-in capital
 301,672
 283,642

 Retained earnings
 2,796,440
 2,650,956

 Accumulated other comprehensive loss
 ( 284,541)
 ( 357,421)

 Total stockholders' equity
 2,814,318
 2,577,921

 Total liabilities and stockholders' equity
 $
 35,241,742
 $
 35,761,607

 The accompanying notes are an integral part of these consolidated financial statements

 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per share data)

 2024
 2023
 2022

 Interest income:

 Loans
 $
 1,389,897
 $
 1,318,217
 $
 934,642

 Investment securities
 497,666
 488,212
 280,100

 Other
 37,553
 51,152
 15,709

 Total interest income
 1,925,116
 1,857,581
 1,230,451

 Interest expense:

 Deposits
 815,572
 660,305
 179,972

 Borrowings
 195,278
 323,472
 137,519

 Total interest expense
 1,010,850
 983,777
 317,491

 Net interest income before provision for credit losses
 914,266
 873,804
 912,960

 75,154

 Net interest income after provision for credit losses
 859,194
 786,197
 837,806

 Non-interest income:

 Deposit service charges and fees
 20,226
 20,906
 22,510

 Gain (loss) on investment securities, net

 2,127
 ( 10,052)
 ( 15,805)

 Lease financing
 30,610
 45,882
 54,111

 Other non-interest income
 46,192
 30,102
 16,820

 Total non-interest income
 99,155
 86,838
 77,636

 Non-interest expense:

 Employee compensation and benefits
 315,604
 280,744
 265,548

 Occupancy and equipment
 45,560
 43,345
 45,400

 Deposit insurance expense
 36,143
 66,747
 17,999

 Professional fees
 17,110
 14,184
 11,730

 Technology
 82,978
 79,984
 77,103

 Depreciation of operating lease equipment

 26,127
 44,446
 50,388

 Other non-interest expense
 118,478
 106,501
 72,142

 Total non-interest expense
 642,000
 635,951
 540,310

 Income before income taxes

 316,349
 237,084
 375,132

 Provision for income taxes
 83,882
 58,413
 90,161

 $
 $
 $

 Earnings per common share, basic
 $
 3.10
 $
 2.39
 $
 3.55

 Earnings per common share, diluted
 $
 3.08
 $
 2.38
 $
 3.54

 The accompanying notes are an integral part of these consolidated financial statements

 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 (In thousands)

 2024
 2023
 2022

 $
 $
 $

 Other comprehensive income (loss), net of tax:

 Unrealized gains (losses) on investment securities available for sale:

 Net unrealized holding gains (losses) arising during the period

 96,380
 104,508
 ( 498,864)

 Reclassification adjustment for net gains realized in income

 ( 795)
 ( 1,343)
 ( 2,906)

 Net change in unrealized gains (losses) on securities available for sale

 95,585
 103,165
 ( 501,770)

 Unrealized gains (losses) on derivative instruments:

 Net unrealized holding gains arising during the period

 23,453
 25,966
 79,871

 Reclassification adjustment for net gains realized in income

 ( 46,158)
 ( 48,647)
 ( 66)

 Net change in unrealized gains (losses) on derivative instruments
 ( 22,705)
 ( 22,681)
 79,805

 Other comprehensive income (loss)

 72,880
 80,484
 ( 421,965)

 Comprehensive income (loss)

 $
 305,347
 $
 259,155
 $
 ( 136,994)

 The accompanying notes are an integral part of these consolidated financial statements

 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (In thousands)

 2024
 2023
 2022

 Cash flows from operating activities:

 $
 $
 $

 Adjustments to reconcile net income to net cash provided by operating activities:

 Amortization and accretion, net
 ( 15,752)
 ( 13,309)
 ( 7,978)

 75,154

 (Gain) loss on investment securities, net

 ( 2,127)
 10,052
 15,805

 Share based compensation

 21,573
 19,628
 20,940

 Depreciation and amortization
 60,112
 74,060
 77,623

 Deferred income taxes
 ( 43,927)
 ( 46,832)
 1,437

 Proceeds from sale of loans held for sale, net
 130,979
 317,663
 423,893

 Daily cash settlement of derivative instruments, net

 ( 25,257)
 ( 74,477)
 182,193

 Other:

 Decrease in other assets

 9,431
 14,347
 110,209

 Increase in other liabilities

 11,209
 90,086
 109,574

 Net cash provided by operating activities

 433,780
 657,496
 1,293,821

 Cash flows from investing activities:

 Purchases of investment securities
 ( 2,416,708)
 ( 405,480)
 ( 2,974,352)

 Proceeds from repayments and calls of investment securities
 1,951,954
 1,036,517
 1,784,484

 Proceeds from sale of investment securities
 435,003
 371,777
 798,205

 Purchases of non-marketable equity securities
 ( 330,600)
 ( 544,887)
 ( 471,763)

 Proceeds from redemption of non-marketable equity securities
 434,387
 528,975
 313,450

 Purchases of loans
 ( 366,197)
 ( 493,291)
 ( 2,283,134)

 Loan originations and repayments, net
 431,792
 377,863
 613,767

 Proceeds from sale of loans

 119,000
 38,765
 88,103

 Proceeds from surrender of BOLI

 55,410
 —
 —

 Disposition of operating lease equipment

 148,313
 100,328
 52,240

 Other investing activities
 ( 52,640)
 ( 29,993)
 ( 41,400)

 Net cash provided by (used in) investing activities

 409,714
 980,574
 ( 2,120,400)

 (Continued)

 The accompanying notes are an integral part of these consolidated financial statements

 CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
 (In thousands)

 2024
 2023
 2022

 Cash flows from financing activities:

 Net increase (decrease) in deposits

 1,327,225
 ( 970,856)
 ( 1,928,768)

 Net decrease in federal funds purchased

 —
 ( 190,000)
 ( 9,000)

 Additions to FHLB borrowings
 875,000
 3,425,000
 4,650,000

 Repayments of FHLB borrowings
 ( 3,060,000)
 ( 3,730,000)
 ( 1,135,000)

 Dividends paid
 ( 85,513)
 ( 79,091)
 ( 79,443)

 Repurchase of common stock
 —
 ( 55,154)
 ( 401,288)

 Other financing activities
 2,627
 ( 22,333)
 ( 12,132)

 Net cash provided by (used in) financing activities

 ( 940,661)
 ( 1,622,434)
 1,084,369

 Net increase (decrease) in cash and cash equivalents

 ( 97,167)
 15,636
 257,790

 Cash and cash equivalents, beginning of period
 572,647
 314,857

 Cash and cash equivalents, end of period
 $
 491,116
 $
 $
 572,647

 Supplemental disclosure of cash flow information:

 Interest paid
 $
 1,031,997
 $
 950,476
 $
 294,144

 Income taxes paid (refunded), net

 $
 101,773
 $
 48,782
 $
 ( 109,069)

 Supplemental schedule of non-cash investing and financing activities:

 Transfers from loans to loans held for sale
 $
 250,338
 $
 361,382
 $
 514,565

 Transfers from operating lease equipment to equipment held for sale

 $
 —
 $
 20,699
 $
 —

 Dividends declared, not paid
 $
 22,176
 $
 20,706
 $
 19,346

 Unsettled securities trades, net
 $
 100,038
 $
 —
 $
 —

 Obligations incurred in acquisition of affordable housing limited partnerships
 $
 20,000
 $
 20,000
 $
 65,000

 The accompanying notes are an integral part of these consolidated financial statements

 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
 (In thousands, except share data)

 Common
Shares
Outstanding
 Common
Stock
 Paid-in
Capital
 Retained
Earnings
 Accumulated
Other
Comprehensive
Loss
 Total
Stockholders'
Equity

 Balance at December 31, 2021
 85,647,986
 $
 $
 707,503
 $
 2,345,342
 $
 ( 15,940)
 $
 3,037,761

 Comprehensive loss

 —
 —
 —
 ( 421,965)
 ( 136,994)

 Dividends ($ 1.00 per common share)

 —
 —
 —
 ( 78,913)
 —
 ( 78,913)

 Equity based compensation, net of shares forfeited and surrendered

 281,380
 15,411
 —
 —
 15,415

 Repurchase of common stock
 ( 10,254,779)
 ( 103)
 ( 401,185)
 —
 —
 ( 401,288)

 Balance at December 31, 2022
 75,674,587
 321,729
 2,551,400
 ( 437,905)
 2,435,981

 Impact of adoption of ASU 2022-02
 —
 —
 —
 1,336
 —
 1,336

 Balance at January 1, 2023

 75,674,587
 321,729
 2,552,736
 ( 437,905)
 2,437,317

 Comprehensive income

 —
 —
 —
 80,484
 259,155

 Dividends ($ 1.08 per common share)

 —
 —
 —
 ( 80,451)
 —
 ( 80,451)

 Equity based compensation, net of shares forfeited and surrendered

 332,163
 17,051
 —
 —
 17,054

 Repurchase of common stock
 ( 1,634,245)
 ( 16)
 ( 55,138)
 —
 —
 ( 55,154)

 Balance at December 31, 2023
 74,372,505
 283,642
 2,650,956
 ( 357,421)
 2,577,921

 Comprehensive income
 —
 —
 —
 72,880
 305,347

 Dividends ($ 1.16 per common share)

 —
 —
 —
 ( 86,983)
 —
 ( 86,983)

 Equity based compensation, net of shares forfeited and surrendered

 375,865
 18,030
 —
 —
 18,033

 Balance at December 31, 2024
 74,748,370
 $
 $
 301,672
 $
 2,796,440
 $
 ( 284,541)
 $
 2,814,318

 The accompanying notes are an integral part of these consolidated financial statements

 Note 1 Basis of Presentation and Summary of Significant Accounting Policies
 BankUnited, Inc. is a 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 commercial lending and both commercial and consumer deposit services through banking centers located in the state of Florida, the New York metropolitan area and Dallas, Texas, and a comprehensive suite of commercial lending and deposit products through an Atlanta office focused on the Southeast region. BankUnited also offers certain commercial lending and deposit products through national platforms.
 The consolidated financial statements have been prepared in accordance with GAAP and prevailing practices in the banking industry.
 Accounting Estimates
 In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and disclosures of contingent assets and liabilities. Actual results could differ significantly from these estimates.
 The most significant estimate impacting the Company's consolidated financial statements is the ACL.
 Principles of Consolidation
 The consolidated financial statements include the accounts of BankUnited, Inc. and its wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. VIEs are consolidated if the Company is the primary beneficiary; i.e., has (i) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company has variable interests in affordable housing limited partnerships that are not required to be consolidated because the Company is not the primary beneficiary.
 Fair Value Measurements
 Certain of the Company's assets and liabilities are reflected in the consolidated financial statements at fair value on either a recurring or non-recurring basis. Investment securities AFS, marketable equity securities and derivative instruments are measured at fair value on a recurring basis. Assets measured at fair value or fair value less cost to sell on a non-recurring basis may include collateral dependent loans, OREO and other repossessed assets, loans held for sale, goodwill and impaired long-lived assets. These non-recurring fair value measurements typically involve lower-of-cost-or-market accounting or the measurement of impairment of certain assets.
 Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. GAAP establishes a hierarchy that prioritizes inputs used to determine fair value measurements into three levels based on the observability and transparency of the inputs:
 • Level 1 inputs are unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.
 • Level 2 inputs are observable inputs other than level 1 inputs, including quoted prices for similar assets and liabilities, quoted prices for identical assets and liabilities in less active markets and other inputs that can be corroborated by observable market data.
 • Level 3 inputs are unobservable inputs supported by limited or no market activity or data and inputs requiring significant management judgment or estimation.
 The fair value hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs in estimating fair value. Unobservable inputs are utilized in determining fair value measurements only to the extent that observable inputs are unavailable. The need to use unobservable inputs generally results from a lack of market

 liquidity and diminished observability of actual trades or assumptions that would otherwise be available to value a particular asset or liability.
 Cash and Cash Equivalents
 Cash and cash equivalents include cash and due from banks, both interest bearing and non-interest bearing, including amounts on deposit at the Federal Reserve Bank. Cash equivalents have original maturities of three months or less. For purposes of reporting cash flows, cash receipts and payments pertaining to FHLB advances with original maturities of three months or less are reported net.
 Investment Securities
 Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Debt securities that the Company may not have the intent to hold to maturity are classified as available-for-sale at the time of acquisition and carried at fair value with unrealized gains and losses, net of tax, excluded from earnings and reported in AOCI, a separate component of stockholders' equity. Securities classified as AFS may be used as part of the Company's asset/liability management strategy and may be sold in response to liquidity needs, regulatory changes, changes in interest rates, prepayment risk or other market factors. The Company does not maintain a trading portfolio. Purchase premiums and discounts on debt securities are amortized as adjustments to yield over the expected lives of the securities, using the interest method which results in a constant effective yield. Premiums are amortized to the call date for callable securities. Realized gains and losses from sales of securities are recorded on the trade date and are determined using the specific identification method. The Company's policy on the ACL related to debt securities is discussed below in the section entitled "ACL".
 Marketable equity securities with readily determinable fair values are reported at fair value with unrealized gains and losses included in earnings.
 Non-marketable Equity Securities
 The Bank, as a member of the FRB system and the FHLB, is required to maintain investments in the stock of the FRB and FHLB. No market exists for this stock, and the investment can be liquidated only through redemption by the respective institutions, at the discretion of and subject to conditions imposed by those institutions. The stock has no readily determinable fair value and is carried at cost. Historically, stock redemptions have been at par value, which equals the Company's carrying value. The Company monitors its investment in FHLB stock for impairment through review of recent financial results of the FHLB, including capital adequacy and liquidity position, dividend payment history, redemption history and information from credit agencies. The Company has not identified any indicators of impairment of the FRB or FHLB stock.
 Loans Held for Sale
 Loans originated or purchased with the intent to sell are carried at the lower of cost or fair value.. A valuation allowance is established through a charge to earnings if the aggregate fair value of such loans is lower than their cost. Gains or losses recognized upon sale are determined on a specific identification basis.
 Loans not originated or otherwise acquired with the intent to sell, or loans which have been originated by the Company and subsequently held for sale, are transferred into the held for sale classification at the lower of carrying amount or fair value when they are specifically identified for sale and a formal plan exists to sell them.
 Loans
 Loans are reported at amortized cost, net of the ACL. Interest income is accrued based on the principal amount outstanding. Non-refundable loan origination fees, net of direct costs of originating or acquiring loans, as well as purchase premiums and discounts, are deferred and recognized as adjustments to yield over the contractual lives of the related loans using the interest method which results in a constant effective yield.

 Non-accrual loans
 Commercial loans are placed on non-accrual status when (i) management has determined that full repayment of all contractual principal and interest is in doubt, or (ii) the loan is past due 90 days or more as to principal or interest unless the loan is well secured and in the process of collection. Residential loans, other than government insured residential loans, are generally placed on non-accrual status when they are 60 days past due. When a loan is placed on non-accrual status, uncollected interest accrued is reversed and charged to interest income. Payments received on non-accrual commercial loans are applied as a reduction of principal. Interest payments are recognized as income on a cash basis on non-accrual residential loans. Commercial loans are returned to accrual status only after all past due principal and interest has been collected and full repayment of remaining contractual principal and interest is reasonably assured. Residential loans are generally returned to accrual status when less than 60 days past due. Past due status of loans is determined based on the contractual next payment due date. Loans less than 30 days past due are reported as current.
 Contractually delinquent government insured residential loans are not classified as non-accrual due to the nature of the guarantee. Contractually delinquent PCD loans are not classified as non-accrual, as long as the Company has a reasonable expectation about amounts expected to be collected.
 Troubled Debt Restructurings
 Prior to the adoption of ASU 2022-02 on January 1, 2023, in certain situations, due to economic or legal reasons related to a borrower's financial difficulties, the Company may have granted a concession to the borrower for other than an insignificant period of time that it would not otherwise have considered. At that time, the related loan was classified as a TDR. The concessions granted may have included rate reductions, principal forgiveness, payment forbearance, extensions of maturity at rates of interest below that commensurate with the risk profile of the loans, modification of payment terms and other actions intended to minimize economic loss. A TDR was generally placed on non-accrual status at the time of the modification unless the borrower was performing prior to the restructuring.

 PCD assets
 PCD assets are acquired financial assets that, as of the date of acquisition, have experienced a more than insignificant deterioration in credit quality since origination. An assessment is conducted at acquisition to determine whether acquired financial assets meet the criteria to be classified as PCD assets. That assessment may be conducted at the individual asset level, or for a group of assets acquired together that have similar risk characteristics. At acquisition, the ACL related to PCD assets, representing the estimated amount of the UPB of the assets not expected to be collected, is added to the purchase price to determine the amortized cost basis and any non-credit related discount or premium is allocated to the individual assets acquired. The non-credit related discount or premium is accreted or amortized to interest income over the life of the related assets using the level yield method, as long as there is a reasonable expectation about amounts expected to be collected. Subsequent changes in the amount of expected credit losses are recognized immediately by adjusting the ACL and reflecting the periodic changes as credit loss expense or reversal of credit loss expense.
 Sales-type and Direct Financing Leases
 Sales-type and direct financing leases are carried at the aggregate of lease payments receivable and estimated residual value of the leased property, if applicable, less unearned income. Interest income is recognized over the term of the leases to achieve a constant periodic rate of return on the outstanding investment.
 ACL
 AFS Debt Securities
 The Company reviews its AFS debt securities for credit loss impairment at the individual security level at least quarterly. A security is impaired if its fair value is less than its amortized cost basis. A decline in fair value below amortized cost basis represents a credit loss impairment to the extent the Company does not expect to recover the amortized cost basis of the security. Impairment related to credit losses is recorded through the ACL to the extent fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through the ACL are recorded through other comprehensive income, net of tax.

 In assessing whether an impairment is credit loss related, the Company compares the present value of cash flows expected to be collected to the security's amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists, and an ACL is recorded. The Company discounts expected cash flows at the effective interest rate implicit in the security at the purchase date, adjusted for expected prepayments. For floating rate securities, the Company uses the floating rate as it changes over the life of the security. In developing estimates about cash flows expected to be collected and determining whether a credit loss exists, the Company considers information about past events, current conditions and reasonable and supportable forecasts. Factors and information that the Company uses in making its assessments include, but are not necessarily limited to, the following:
 • The extent to which fair value is less than amortized cost;
 • Adverse conditions specifically related to the security, an industry or sector or geographic area;
 • Changes in the financial condition of the issuer or underlying loan obligors;
 • The payment structure and remaining payment terms of the security, including levels of subordination or over-collateralization;
 • Failure of the issuer to make scheduled payments;
 • Changes in credit ratings;
 • Relevant market data;
 • Estimated prepayments, defaults, and the value and performance of underlying collateral at the individual security level.
 The relative importance assigned to each of these factors varies depending on the facts and circumstances pertinent to the individual security being evaluated.
 Timely payment of principal and interest on securities issued by the U.S. government, U.S. government agencies and U.S. government sponsored entities is explicitly or implicitly guaranteed by the U.S. government. Therefore, the Company expects to recover the amortized cost basis of these securities.
 If the Company intends to sell a security in an unrealized loss position, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, any allowance for credit losses will be written off and the amortized cost basis will be written down to the debt security's fair value at the reporting date with any incremental impairment reported in earnings.
 AFS securities will be charged off to the extent that there is no reasonable expectation of recovery of amortized cost basis. AFS securities will be placed on non-accrual status if the Company does not reasonably expect to receive interest payments in the future and interest accrued will be reversed against interest income. Securities will be returned to accrual status only when collection of interest is reasonably assured.
 Loans
 The ACL is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The ACL is adjusted through the provision for credit losses to the amount of amortized cost basis not expected to be collected, or in the case of PCD loans, the amount of UPB not expected to be collected, at the balance sheet date. Amortized cost basis includes UPB, unamortized premiums or discounts and deferred fees and costs, net of amounts previously charged off.
 The measurement of expected credit losses encompasses information about historical events, current conditions and reasonable and supportable forecasts. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Re-evaluation of the ACL estimate in future periods, in light of changes in composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods.

 Loans are charged off against the ACL in the period in which they are deemed uncollectible, and recoveries are credited to the ACL when received. Expected recoveries on loans previously charged off and expected to be charged-off, not to exceed the aggregate of amounts previously charged-off and expected to be charged-off, are included in the ACL estimate. For loans secured by residential real estate, an assessment of collateral value is made at no later than 120 days delinquency; any outstanding loan balance in excess of fair value less cost to sell is charged off at no later than 180 days delinquency. Additionally, any outstanding balance in excess of fair value of collateral less cost to sell is charged off (i) within 60 days of receipt of notification of filing from the bankruptcy court, (ii) within 60 days of determination of loss if all borrowers are deceased or (iii) within 90 days of discovery of fraudulent activity. Other consumer loans, which are not significant in the aggregate, are typically charged off at 120 days delinquency. Commercial loans are charged off when, in management's judgment, they are considered to be uncollectible.
 Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. Factors that may be considered in aggregating loans for this purpose include but are not necessarily limited to, product or collateral type, industry, geography, internal risk rating, credit characteristics such as credit scores or collateral values, and historical or expected credit loss patterns. For loans that do not share similar risk characteristics with other loans such as collateral dependent loans, expected credit losses are estimated on an individual basis.
 Expected credit losses are estimated over the contractual terms of the loans, adjusted for expected prepayments. Expected prepayments for commercial loans are generally estimated based on the Company's historical experience. For residential loans, expected prepayments are estimated using a model that incorporates industry prepayment data, calibrated to reflect the Company's experience. The contractual term excludes expected extensions, renewals, and modifications unless the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.
 For the substantial majority of portfolio segments and subsegments, including residential loans other than government insured loans, and most commercial and commercial real estate loans, expected losses are estimated using econometric models. The models employ a factor based methodology, leveraging data sets containing extensive historical loss and recovery information by industry, geography, product type, collateral type and obligor characteristics, to estimate PD and LGD. Measures of PD for commercial loans incorporate current conditions through market cycle or credit cycle adjustments. For residential loans, the models consider FICO, adjusted LTVs and delinquency rates. PDs and LGDs are then conditioned on the reasonable and supportable economic forecast. Projected PDs and LGDs, determined based on pool level characteristics, are applied to estimated exposure at default, considering the contractual term and payment structure of loans, adjusted for expected prepayments, to generate estimates of expected loss. For criticized or classified loans, PDs are adjusted to benchmark PDs established for each risk rating given that the most current financial information available is often not reflective of the borrowers' current financial condition. The ACL estimate incorporates a reasonable and supportable economic forecast through the use of externally developed macroeconomic scenarios applied in the models.
 The length of the reasonable and supportable forecast period is evaluated at each reporting period and adjusted if deemed necessary. Currently, the Company uses a 2-year reasonable and supportable forecast period in estimating the ACL. After the reasonable and supportable forecast period, the models effectively revert to long-term mean losses on a straight-line basis over 12 months. A single economic scenario or a probability weighted blend of economic scenarios may be used. The models ingest numerous national, regional and MSA level variables and data points.
 Commercial Real Estate Model
 Variables with the most significant impact on the commercial real estate model include unemployment at both national and regional levels, the CRE property forecast by property type and sub-market, 10-year treasury yield, Baa corporate yield and real GDP growth, at the national level. Increases in unemployment and yields within the commercial real estate model result in increases in the ACL. Increases in real GDP growth and improvements in the CRE property forecasts reduce the reserve.
 Commercial Model
 Variables with the most significant impact on the commercial model include a stock market volatility index, the S&P 500 index, unemployment at both national and regional levels, and a variety of interest rates and spreads. Increases in the unemployment rate, the stock market volatility index, and the Baa corporate yield increase the reserve, while increases in real GDP growth reduce the reserve.

 Residential Model
 Variables with the most significant impact on the residential model include HPI and unemployment at regional levels, real GDP growth, and a 30-year mortgage rate. Increases in the unemployment rate and the 30-year mortgage rate increase the reserve, while increases in real GDP growth and HPI reduce the reserve.
 For certain less material portfolios including loans and leases to state and local government entities originated by Pinnacle, small balance commercial loans and consumer loans, the WARM method is used to estimate expected credit losses. Loss rates are applied to the exposure at default, after factoring in amortization and expected prepayments. For the Pinnacle portfolio, historical loss information is based on municipal historical default and recovery data, segmented by credit rating. For small balance commercial loans, historical loss information is based on the Company's historical loss experience over a five year period. For consumer loans, historical loss information is based on peer data; this portfolio subsegment is not significant. All loss estimates are conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Expected credit losses for the funded portion of mortgage warehouse lines of credit are estimated based primarily on the Company's historical loss experience, conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Generally, given the nature of these loans, losses would be expected to manifest within a very short time period after origination.
 The Company expects to collect the amortized cost basis of government insured residential loans due to the nature of the government guarantee, so the ACL is zero for these loans.
 Qualitative factors
 Quantitative models have certain inherent limitations with respect to estimating expected losses. These limitations may be more prevalent in times of rapidly changing or unprecedented economic conditions and forecasts. Qualitative adjustments are made to the ACL when, based on management's judgment, there are factors impacting expected credit losses not taken into account by the quantitative calculations. Potential qualitative adjustments are categorized as follows:
 • Economic factors, including material uncertainties, trends and developments that, in management's judgment, may not have been adequately reflected in the reasonable and supportable economic forecast;
 • Credit policy and staffing, including the nature and level of policy and procedural exceptions or changes in credit policy not reflected in quantitative results, changes in the quality of underwriting and portfolio management and staff and issues identified by credit review, internal audit or regulators that may not be reflected in quantitative results;
 • Concentrations, considering whether the quantitative estimate adequately accounts for concentration risk in the portfolio;
 • Model imprecision and model validation findings; and
 • Other factors not adequately considered in the quantitative estimate or other qualitative categories identified by management that may materially impact the amount of expected credit losses.
 Collateral dependent loans
 Collateral dependent loans are those for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. These loans do not typically share similar risk characteristics with other loans and expected credit losses are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. Estimates of expected credit losses for collateral dependent loans, whether or not foreclosure is probable, are based on the fair value of the collateral, adjusted for selling costs when repayment depends on sale of the collateral. Due to immateriality, expected credit losses for collateral dependent commercial relationships with committed balances less than $1.0 million may be estimated collectively.
 Off-balance sheet credit exposures
 Expected credit losses related to off-balance sheet credit exposures are estimated over the contractual period for which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. Expected credit losses are estimated using essentially the same methodologies employed to estimate expected credit losses on the amortized cost basis of loans, taking into consideration the likelihood and amount of additional amounts expected to be funded over the terms of the commitments. The liability for credit losses on off-balance sheet

 credit exposures is presented within other liabilities on the consolidated balance sheets, distinct from the ACL. Adjustments to the liability are included in the provision for credit losses.
 Prior to the adoption of ASU 2022-02 on January 1, 2023
 For TDRs or loans for which there was a reasonable expectation that a TDR would be executed that were not collateral dependent, the credit loss estimate was determined by comparing the net present value of expected cash flows to the amortized cost basis of the loans. Expected cash flows were discounted at the loans' original effective interest rate for fixed rate loans and at the rate as it changed over the life of the loans for variable rate loans.
 Accrued Interest Receivable
 The Company has elected to present accrued interest receivable separate from the amortized cost basis of financial assets carried at amortized cost. The Company excludes accrued interest receivable balances from tabular disclosures about financial assets carried at amortized cost. The Company generally does not estimate an ACL on accrued interest receivable balances since uncollectible accrued interest is timely written off in accordance with the Company's accounting policies for non-accrual loans. Under unusual circumstances, the Company evaluates whether its non-accrual policies continue to consistently provide for timely reversal of accrued interest receivable. If considered necessary, the Company records an allowance for uncollectible accrued interest receivable, determined using essentially the same methodologies used to estimate the ACL on the amortized cost basis of the related loans. The allowance is deducted from accrued interest receivable and presented within other assets on the consolidated balance sheets, distinct from the ACL. Changes in the ACL related to accrued interest receivable are included in the provision for credit losses.
 Leases
 The Company determines whether a contract is or contains a lease at inception. For leases with terms greater than 12 months under which the Company is lessee, ROU assets and lease liabilities are recorded at the commencement date. Lease liabilities are initially recorded based on the present value of future lease payments over the lease term. ROU assets are initially recorded at the amount of the associated lease liabilities plus prepaid lease payments and initial direct costs, less any lease incentives received. The cost of short term leases is recognized on a straight line basis over the lease term. The lease term includes options to extend if the exercise of those options is reasonably certain and includes periods covered by termination options if there is reasonable certainty the options will not be exercised. Lease payments are discounted using the Company's FHLB borrowing rate for borrowings of a similar term unless an implicit rate is defined in the contract or is determinable, which is generally not the case. Leases are classified as financing or operating leases at commencement; generally, leases are classified as finance leases when effective control of the underlying asset is transferred. The substantial majority of leases under which the Company is lessee are classified as operating leases. For operating leases, lease cost is recognized in the consolidated statements of income on a straight line basis over the lease terms. For finance leases, interest expense on lease liabilities is recognized on the effective interest method and amortization of ROU assets is recognized on a straight line basis over the lease terms. Variable lease costs are recognized in the period in which the obligation for those costs is incurred. The Company has elected not to separate lease from non-lease components of its lease contracts.
 Bank Owned Life Insurance
 Bank owned life insurance is carried at cash surrender value. Changes in cash surrender value are recorded in non-interest income.
 Operating Lease Equipment
 Operating lease equipment is carried at cost less accumulated depreciation and is depreciated to estimated residual value using the straight-line method over the lease term. Estimated residual values are re-evaluated at least annually, based primarily on current residual value appraisals. Equipment held for sale is carried at the lower of carrying amount or estimated fair value less costs to sell and is included in other assets in the accompanying consolidated balance sheets. Rental revenue is recognized on a straight-line basis over the contractual term of the lease.

 A review for impairment of equipment under operating lease is performed at least annually or when events or changes in circumstances indicate that the carrying amount of long-lived assets may not be recoverable. Impairment of assets is determined by comparing the carrying amount to future undiscounted net cash flows expected to be generated. If an asset is impaired, the measure of impairment is the amount by which the carrying amount exceeds the fair value of the asset.
 Goodwill
 Goodwill represents the excess of consideration transferred in business combinations over the fair value of net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but is tested for impairment annually, during the fourth quarter of each year, or more frequently if events or changes in circumstances indicate that impairment may have occurred. The Company has a single reporting unit.
 When assessing goodwill for impairment, the Company may elect to perform a qualitative assessment to determine if a quantitative impairment test is necessary. If a qualitative assessment is not performed, or if the qualitative assessment indicates it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative test is performed. The quantitative impairment test compares the estimated fair value of the reporting unit to its carrying amount. If the fair value of the reporting unit exceeds its carrying amount, no impairment is indicated. If the fair value of the reporting unit is less than its carrying amount, impairment of goodwill is measured as the excess of the carrying amount over fair value.
 OREO and Repossessed Assets
 OREO and repossessed assets consists of real estate assets acquired through, or in lieu of, loan foreclosure and personal property acquired through repossession. Such assets are included in other assets in the accompanying consolidated balance sheets. These assets are held for sale and are initially recorded at estimated fair value less costs to sell, establishing a new cost basis. Subsequent to acquisition, periodic valuations are performed, and the assets are carried at the lower of the carrying amount at the date of acquisition or estimated fair value less cost to sell. Significant property improvements are capitalized to the extent that the resulting carrying value does not exceed fair value less cost to sell. Legal fees, maintenance, taxes, insurance and other direct costs of holding and maintaining these assets are expensed as incurred.
 Premises and Equipment
 Premises and equipment are carried at cost less accumulated depreciation and amortization and are included in other assets in the accompanying consolidated balance sheets. The Company measures assets held for sale at the lower of carrying amount or estimated fair value. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The lives of improvements to existing buildings are based on the lesser of the estimated remaining lives of the buildings or the estimated useful lives of the improvements. Leasehold improvements are amortized over the shorter of the expected terms of the leases at inception, considering options to extend that are reasonably assured, or their useful lives. The estimated useful lives of premises and equipment are as follows:
 • buildings and improvements - 10 to 30 years;
 • leasehold improvements - 3 to 20 years;
 • aircraft and automobiles - 5 to 15 years;
 • furniture, fixtures and equipment - 5 to 7 years; and
 • computer equipment - 3 to 5 years.

 Software
 Capitalized software, stated at cost less accumulated depreciation and amortization, includes CCA and capitalized implementation costs associated with hosting arrangements. Capitalized software is included in other assets in the accompanying consolidated balance sheets. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets, which for CCA is based on the term of the associated hosting arrangements plus any reasonably certain renewals. Direct costs associated with developing or obtaining and implementing internal use software and hosting arrangements that are service contracts incurred during the application development stage are capitalized. The estimated useful lives of software, software licensing rights and CCA implementation costs range from 3 to 5 years.
 Investments in Affordable Housing Limited Partnerships
 The Company has acquired investments in limited partnerships that manage or invest in qualified affordable housing projects and provide the Company with low-income housing tax credits and other tax benefits. These investments are included in other assets in the accompanying consolidated balance sheets. The Company accounts for investments in qualified affordable housing projects using the proportional amortization method if certain criteria are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received and the amortization is recognized in the income statement as a component of income tax expense. The investments are evaluated for impairment when events or changes in circumstances indicate that it may be more likely than not that the carrying amount of the investment will not be realized.
 Income Taxes
 The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for periods in which the differences are expected to reverse. The effect of changes in tax rates on deferred tax assets and liabilities are recognized in income in the period that includes the enactment date. A valuation allowance is established for deferred tax assets when management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized. In making such determinations, the Company considers all available positive and negative evidence that may impact the realization of deferred tax assets. These considerations include the amount of taxable income generated in statutory carryback periods, future reversals of existing taxable temporary differences, projected future taxable income and available tax planning strategies.
 The Company recognizes tax benefits from uncertain tax positions when it is more likely than not that the related tax positions will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the tax positions. An uncertain tax position is a position taken in a previously filed tax return or a position expected to be taken in a future tax return that is not based on clear and unambiguous tax law. The Company measures tax benefits related to uncertain tax positions based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. If the initial assessment fails to result in recognition of a tax benefit, the Company subsequently recognizes a tax benefit if: (i) there are changes in tax law or case law that raise the likelihood of prevailing on the technical merits of the position to more-likely-than-not, (ii) the statute of limitations expires, or (iii) an examination results in a settlement of that tax year or position with the appropriate agency. The Company recognizes interest and penalties related to uncertain tax positions as well as interest income or expense related to tax settlements in the provision for income taxes.
 Equity Based Compensation
 The Company periodically grants unvested or restricted shares of common stock and other share-based awards to key employees. For equity classified awards, compensation cost is measured based on the estimated fair value of the awards at the grant date and is recognized in earnings on a straight-line basis over the requisite service period for each award. Liability-classified awards are remeasured each reporting period at fair value until the award is settled, and compensation cost is recognized in earnings on a straight-line basis over the requisite service period for each award, adjusted for changes in fair value each reporting period. Compensation cost related to awards that embody performance conditions is recognized when it is probable that the performance conditions will be achieved. The number of awards expected to vest is estimated in determining the amount of compensation cost to be recognized related to share-based payments.
 The fair value of unvested shares is generally based on the closing market price of the Company's common stock at the date of grant. Market conditions embedded in awards are reflected in the grant-date fair value of the awards.

 Derivative Financial Instruments and Hedging Activities
 The Company uses derivative contracts in the ordinary course of business to manage its exposure to risk, primarily the risk of fluctuations in interest rates. The Company also enters into derivative contracts with customers to enable those customers to manage their exposure to fluctuations in interest rates and foreign currency exchange rates. Derivative contracts are recorded as assets or liabilities in the consolidated balance sheets at fair value. Interest rate derivatives that are used as a risk management tool to hedge the Company's exposure to changes in interest rates have been designated as cash flow or fair value hedging instruments. The gain or loss resulting from changes in the fair value of interest rate derivatives designated and qualifying as cash flow hedging instruments is initially reported as a component of other comprehensive income and subsequently reclassified into earnings in the same period in which the hedged transaction affects earnings. Changes in the fair value of interest rate derivatives designated as fair value hedging instruments as well as the offsetting changes in the fair value of the hedged items caused by fluctuations in the designated benchmark interest rates are recognized in earnings.
 The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows or fair value of the hedged item, the derivative expires or is sold, terminated, or exercised, management determines that the designation of the derivative as a hedging instrument is no longer appropriate or, for a cash flow hedge, the occurrence of the forecasted transaction is no longer probable. When hedge accounting on a cash flow hedge is discontinued, any subsequent changes in fair value of the derivative are recognized in earnings. The cumulative unrealized gain or loss related to a discontinued cash flow hedge continues to be reported in AOCI and is subsequently reclassified into earnings in the same period in which the hedged transaction affects earnings, unless it is probable that the forecasted transaction will not occur by the end of the originally specified time period, in which case the cumulative unrealized gain or loss reported in AOCI is reclassified into earnings immediately. When hedge accounting on a fair value hedge is discontinued, adjustments to the carrying amount of the hedged item due to changes in fair value are also discontinued.
 Cash flows from derivative financial instruments that are accounted for as hedges, including daily settlements of centrally cleared derivatives with the CME, are classified as operating cash flows.
 Changes in the fair value of derivative financial instruments not designated as, or not qualifying as, hedging instruments are recognized currently in earnings.
 Transfers of Financial Assets
 Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. A gain or loss is recognized in earnings upon completion of the sale based on the difference between the sales proceeds and the carrying value of the assets. Control over the transferred assets is deemed to have been surrendered when: (i) the assets have been legally isolated from the Company, (ii) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity or the ability to unilaterally cause the holder to return specific assets.
 Earnings per Common Share
 Basic earnings per common share is calculated by dividing income allocated to common stockholders for basic earnings per common share by the weighted average number of common shares outstanding for the period, reduced by average unvested stock awards. Unvested stock awards with non-forfeitable rights to dividends, whether paid or unpaid, are considered participating securities and are included in the computation of basic earnings per common share using the two class method whereby net income is allocated between common stock and participating securities. In periods of a net loss, no allocation is made to participating securities as they are not contractually required to fund net losses. Diluted earnings per common share is computed by dividing income allocated to common stockholders for basic earnings per common share, adjusted for earnings reallocated from participating securities, by the weighted average number of common shares outstanding for the period increased for the dilutive effect of unvested stock awards using the treasury stock method. Contingently issuable shares are included in the calculation of earnings per common share beginning on the date the contingency was resolved.
 Revenue From Contracts with Customers
 Revenue from contracts with customers within the scope of Topic 606 "Revenue from Contracts with Customers", is recognized in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those

 goods or services as the related performance obligations are satisfied. The majority of our revenues, including revenues from loans, leases, investment securities, derivative instruments and letters of credit and from transfers and servicing of financial assets, are excluded from the scope of Topic 606. Deposit service charges and fees is the most significant category of revenue within the scope of the standard. These service charges and fees consist primarily of monthly maintenance fees and other transaction based fees. Revenue is recognized when our performance obligations are complete, generally monthly for account maintenance fees or when a transaction, such as a wire transfer, is completed. Payment is typically received at the time the performance obligation is satisfied. The aggregate amount of revenue that is within the scope of Topic 606 from sources other than deposit service charges and fees is not material.
 Segment Reporting
 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, the business lines serve a similar base of primarily commercial clients and provide a comparable range of products and services, all managed through similar processes and platforms.
 The CODM regularly assesses the performance of its single operating and reporting segment and decides how to allocate resources based on net income as reported in the Company's consolidated statements of income. The CODM reviews expense information at the same level of detail as that disclosed in the Company's consolidated financial statement.
 Reclassifications
 Certain amounts presented for prior periods have been reclassified to conform to the current period presented.
 New Accounting Pronouncements Adopted in 2024
 ASU No. 2023-02—Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures using the Proportional Amortization Method (A Consensus of the Emerging Issues Task Force). This ASU expanded the use of the proportional amortization method of accounting for equity investments in tax credit programs beyond those in LIHTC programs. The ASU allows entities to elect the proportional amortization method, on a tax credit program by tax credit program basis, for all equity investments in tax credit programs meeting the eligibility criteria. The Company adopted this ASU in the first quarter of 2024. There was no impact upon adoption. Currently, all of the Company's equity investments in tax credit programs are in LIHTC programs already accounted for using the proportional amortization method.
 ASU No. 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU augmented reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. The Company adopted this ASU for the year ended December 31, 2024. This ASU did not have an impact on the Company's consolidated financial position, results of operations or cash flows. Adoption resulted in additional disclosures included within Note 1.
 Accounting Pronouncements Not Yet Adopted
 ASU No. 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires entities to provide additional disclosures, primarily related to the income tax rate reconciliation and income taxes paid. The guidance also eliminates certain existing disclosure requirements related to uncertain tax positions among others. This ASU is effective for the Company for fiscal years beginning after December 15, 2024. The ASU stipulates adoption on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company plans to adopt this ASU when effective for fiscal year ended December 31, 2025. The adoption of this ASU is not expected to have an impact on the Company's consolidated financial position, results of operations or cash flows. Adoption will lead to revised disclosures about income taxes in the Company's financial statements.

 ASU No. 2024-03—Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires additional disclosure in interim and annual periods about specific expense categories in the notes to the financial statements. This ASU is effective for the Company for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The adoption of this ASU is not expected to have an impact on the Company's consolidated financial position, results of operations or cash flows but may lead to additional disclosures about expenses in the Notes to the 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):

 c
 2024
 2023
 2022

 Basic earnings per common share:

 Numerator:

 $
 $
 $

 Distributed and undistributed earnings allocated to participating securities

 ( 4,113)
 ( 3,565)
 ( 5,075)

 Income allocated to common stockholders for basic earnings per common share
 $
 228,354
 $
 175,106
 $
 279,896

 Denominator:

 Weighted average common shares outstanding
 74,694,303
 74,493,898
 80,032,356

 Less average unvested stock awards
 ( 1,098,045)
 ( 1,168,004)
 ( 1,224,568)

 Weighted average shares for basic earnings per common share
 73,596,258
 73,325,894
 78,807,788

 Basic earnings per common share
 $
 3.10
 $
 2.39
 $
 3.55

 Diluted earnings per common share:

 Numerator:

 Income allocated to common stockholders for basic earnings per common share
 $
 228,354
 $
 175,106
 $
 279,896

 Adjustment for earnings reallocated from participating securities

 ( 402)
 ( 275)
 ( 626)

 Income used in calculating diluted earnings per common share
 $
 227,952
 $
 174,831
 $
 279,270

 Denominator:

 Weighted average shares for basic earnings per common share
 73,596,258
 73,325,894
 78,807,788

 Dilutive effect of certain share-based awards
 382,043
 197,441

 Weighted average shares for diluted earnings per common share

 73,978,301
 73,523,335
 78,807,882

 Diluted earnings per common share
 $
 3.08
 $
 2.38
 $
 3.54

 Potentially dilutive unvested shares totaling 1,690,743, 1,738,534 and 2,034,960 were outstanding at December 31, 2024, 2023 and 2022, respectively, but excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive.

 Note 3 Investment Securities
 Investment securities include investment securities available for sale, marketable equity securities, and when applicable, investment securities held to maturity. The investment securities portfolio consisted of the following at the dates indicated (in thousands):

 Gross Unrealized

 Gains
 Losses

 Investment securities available for sale:

 $
 214,796
 $
 $
 ( 12,009)
 $
 202,952

 2,672,554
 3,607
 ( 26,471)
 2,649,690

 557,489
 ( 61,892)
 495,753

 2,491,033
 ( 253,493)
 2,238,046

 1,822,881
 1,836
 ( 40,688)
 1,784,029

 335,047
 ( 8,074)
 327,081

 1,131,088
 1,804
 ( 193)
 1,132,699

 96,865
 ( 2,555)
 94,454

 110,388
 ( 6,391)
 104,010

 74,900
 ( 2,235)
 72,702

 $
 9,507,041
 $
 8,376
 $
 ( 414,001)
 9,101,416

 $

 Gross Unrealized
 Carrying Value (1)

 Gains
 Losses

 Investment securities available for sale:

 $
 139,858
 $
 $
 ( 9,798)
 $
 130,592

 1,962,658
 1,810
 ( 40,261)
 1,924,207

 561,557
 ( 63,805)
 497,859

 2,596,231
 ( 300,769)
 2,295,730

 2,282,833
 ( 84,768)
 2,198,743

 383,984
 —
 ( 17,729)

 1,122,799
 ( 10,710)
 1,112,824

 106,095
 ( 3,471)
 102,780

 107,176
 ( 5,273)
 102,618

 106,237
 ( 3,254)
 103,024

 9,369,428
 $
 5,042
 $
 ( 539,838)
 8,834,632

 Investment securities held to maturity

 $
 9,379,428
 8,844,632

 $
 8,877,354

 (1)At fair value except for securities held to maturity.

 Accrued interest receivable on investments totaled $ 36 million and $ 37 million at December 31, 2024 and 2023, respectively, and is included in other assets in the accompanying consolidated balance sheets.
 At December 31, 2024, contractual maturities of investment securities available for sale, adjusted for anticipated prepayments when applicable, were as follows (in thousands):

 Due in one year or less
 $
 1,042,618
 $
 1,016,379

 Due after one year through five years
 4,717,528
 4,609,428

 Due after five years through ten years
 2,509,277
 2,351,486

 Due after ten years
 1,237,618
 1,124,123

 $
 9,507,041
 $
 9,101,416

 The carrying value of securities pledged as collateral for FHLB advances, public deposits, interest rate swaps and to secure borrowing capacity at the FRB totaled $ 7.9 billion and $ 7.7 billion at December 31, 2024 and 2023, respectively.
 The following table provides information about gains (losses) on investment securities for the periods indicated (in thousands):

 2024
 2023
 2022

 Gross realized gains on investment securities AFS
 $
 1,277
 $
 1,862
 $
 4,058

 Gross realized losses on investment securities AFS
 ( 203)
 ( 47)
 ( 131)

 Net realized gain

 1,074
 1,815
 3,927

 Net gain (loss) on marketable equity securities recognized in earnings

 1,053
 ( 11,867)
 ( 19,732)

 Gain (loss) on investment securities, net
 $
 2,127
 $
 ( 10,052)
 $
 ( 15,805)

 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):

 Less than 12 Months
 12 Months or Greater
 Total

 $
 126,710
 $
 ( 3,195)
 $
 40,791
 $
 ( 8,814)
 $
 167,501
 $
 ( 12,009)

 895,759
 ( 5,474)
 936,106
 ( 20,997)
 1,831,865
 ( 26,471)

 55,431
 ( 1,545)
 394,735
 ( 60,347)
 450,166
 ( 61,892)

 147,700
 ( 954)
 2,040,335
 ( 252,539)
 2,188,035
 ( 253,493)

 44,000
 ( 302)
 1,199,150
 ( 40,386)
 1,243,150
 ( 40,688)

 —
 —
 301,973
 ( 8,074)
 301,973
 ( 8,074)

 336,924
 ( 189)
 7,726
 ( 4)
 344,650
 ( 193)

 —
 —
 71,789
 ( 2,555)
 71,789
 ( 2,555)

 15,765
 ( 148)
 54,820
 ( 6,243)
 70,585
 ( 6,391)

 —
 —
 67,880
 ( 2,235)
 67,880
 ( 2,235)

 $
 1,622,289
 $
 ( 11,807)
 $
 5,115,305
 $
 ( 402,194)
 $
 6,737,594
 $
 ( 414,001)

 Less than 12 Months
 12 Months or Greater
 Total

 $
 9,941
 $
 ( 27)
 $
 99,769
 $
 ( 9,771)
 $
 109,710
 $
 ( 9,798)

 82,382
 ( 430)
 1,646,081
 ( 39,831)
 1,728,463
 ( 40,261)

 3,332
 ( 6)
 481,651
 ( 63,799)
 484,983
 ( 63,805)

 —
 —
 2,255,461
 ( 300,769)
 2,255,461
 ( 300,769)

 51,434
 ( 323)
 2,054,378
 ( 84,445)
 2,105,812
 ( 84,768)

 —
 —
 ( 17,729)
 ( 17,729)

 184,652
 ( 348)
 880,609
 ( 10,362)
 1,065,261
 ( 10,710)

 —
 —
 79,697
 ( 3,471)
 79,697
 ( 3,471)

 24,765
 ( 1,049)
 32,380
 ( 4,224)
 57,145
 ( 5,273)

 8,194
 ( 46)
 89,763
 ( 3,208)
 97,957
 ( 3,254)

 $
 364,700
 $
 ( 2,229)
 $
 7,986,044
 $
 ( 537,609)
 $
 8,350,744
 $
 ( 539,838)

 The Company monitors its investment securities available for sale for credit loss impairment on an individual security basis. No securities were determined to be credit loss impaired during the years ended December 31, 2024, 2023 and 2022. At December 31, 2024, the Company did not have an intent to sell securities that were in significant unrealized loss positions, and it was not more likely than not that the Company would be required to sell these securities before recovery of the amortized cost

 basis, which may be at maturity. In making this determination, the Company considered its current and projected liquidity position including its ability to pledge securities to generate liquidity, its investment policy as to permissible holdings and concentration limits, regulatory requirements and other relevant factors. We have not sold, and do not anticipate the need to sell, securities in unrealized loss positions to generate liquidity.
 At December 31, 2024, 476 securities available for sale were in unrealized loss positions. The amount of impairment related to 135 of these securities was considered insignificant both individually and in the aggregate, totaling approximately $ 1.2 million and no further analysis with respect to these securities was considered necessary. The basis for concluding that AFS securities were not credit loss impaired and no ACL was considered necessary at December 31, 2024, is further discussed below.
 Unrealized losses were primarily attributable to a sustained higher interest rate environment and in some cases, wider spreads compared to levels at which securities were purchased. The investment securities AFS portfolio was in a net unrealized loss position of $ 405.6 million at December 31, 2024, compared to $ 534.8 million at December 31, 2023, improving by $ 129.2 million during the year ended December 31, 2024. While the majority of securities in the portfolio were floating rate at December 31, 2024, fixed rate securities accounted for the substantial majority of unrealized losses.
 U.S. Government, U.S. Government Agency and Government Sponsored Enterprise Securities
 At December 31, 2024, eight U.S. treasury, 94 U.S. Government agency and sponsored enterprise residential MBS, 25 U.S. Government agency and sponsored enterprise commercial MBS, and 20 SBA securities were in unrealized loss positions. The timely payment of principal and interest on these securities is explicitly or implicitly guaranteed by the U.S. Government. As such, there is an assumption of zero credit loss and the Company expects to recover the amortized cost basis of these securities.
 Private Label Securities:
 None of the impaired private label securities had missed principal or interest payments or had been downgraded by a NRSRO at December 31, 2024. The Company performed an analysis comparing the present value of cash flows expected to be collected to the amortized cost basis of impaired securities. This analysis was based on a scenario that we believe to be generally more conservative than our reasonable and supportable economic forecast at December 31, 2024, and incorporated assumptions about voluntary prepayment rates, collateral defaults, delinquencies, severity and other relevant factors as described further below. Our analysis also considered the structural characteristics of each security and the level of credit enhancement provided by that structure.
 At December 31, 2024, 115 private label residential MBS and CMOs were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, voluntary prepayment rates, loss severity, delinquencies and recovery lag. In developing those assumptions, we took into account collateral quality measures such as FICO, LTV, documentation, loan type, property type, agency availability criteria and performing status. We also regularly monitor sector data including home price appreciation, forbearance, delinquency, special servicing and prepay trends as well as other economic data that could be indicative of stress in the sector. Underlying delinquencies in this sector remain low. Our December 31, 2024 analysis projected weighted average collateral losses for impaired securities in this category of 2 % compared to weighted average credit support of 18 %. As of December 31, 2024, 95 % of impaired securities in this category, based on carrying value, were externally rated AAA, 4 % were rated AA and one security was not externally rated.
 At December 31, 2024, 57 private label commercial MBS were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, voluntary prepayment rates, loss severity, delinquencies and recovery lag. In developing those assumptions, we took into account collateral quality and type, loan size, loan purpose and other qualitative factors. We also regularly monitor collateral concentrations, collateral watch lists, bankruptcy data, defeasance data, special servicing trends, delinquency and other economic data that could be indicative of stress in the sector. We consider collateral, deal, sector and tranche level performance as well as maturity and refinance risk. While we have observed some deterioration in collateral performance in this segment, particularly in the office sector, the high

 credit quality of these securities and adequacy of subordination to cover projected collateral losses supports the conclusion that there is no credit loss impairment. Our December 31, 2024 analysis projected weighted average collateral losses for impaired securities in this category of 7 % compared to weighted average credit support of 47 %. As of December 31, 2024, 80 % of impaired securities in this category, based on carrying value, were externally rated AAA, 16 % were rated AA and 4 % were rated A. There is no single-asset, single-borrower exposure.
 At December 31, 2024, nine single family rental real estate-backed securities were in unrealized loss positions. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, loss severity, delinquencies and recovery lag. We regularly monitor sector data including home price appreciation, forbearance, delinquency and prepay trends as well as other economic data that could be indicative of stress in the sector. We consider collateral, deal, sector and tranche level performance as well as maturity and refinance risk. Our December 31, 2024 analysis projected weighted average collateral losses for this category of 7 % compared to weighted average credit support of 55 %. As of December 31, 2024, 55 % of impaired securities in this category, based on carrying value, were externally rated AAA, 21 % were rated AA and one security was not externally rated.
 At December 31, 2024, two collateralized loan obligations were in unrealized loss positions. Unrealized losses totaled less than 1% of total amortized cost of this segment at December 31, 2024. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, loss severity, and delinquencies, calibrated to take into account idiosyncratic risks associated with the underlying collateral. In developing those assumptions, we took into account each sector's performance pre-, during and post the 2008 financial crisis. We regularly engage with bond managers to monitor trends in underlying collateral including potential downgrades and subsequent cash flow diversions, liquidity, ratings migration, and any other relevant developments. While we have observed some deterioration in underlying collateral performance due in large part to rising costs, the high credit quality of these securities and adequacy of subordination to cover projected collateral losses supports the conclusion that there is no credit loss impairment. Our December 31, 2024 analysis projected weighted average collateral losses for impaired securities in this category of 17 % compared to weighted average credit support of 43 %. As of December 31, 2024, 100 % of the impaired securities in this category, based on carrying value, were externally rated AAA.
 At December 31, 2024, five non-mortgage asset-backed securities were in unrealized loss positions. These securities are backed by student loan collateral. Our analysis of cash flows expected to be collected on these securities incorporated assumptions about collateral default rates, loss severity, delinquencies, voluntary prepayment rates and recovery lag. In developing assumptions, we took into account collateral type, delineated by whether collateral consisted of loans to borrowers in school, refinancing, or a mixture. Our December 31, 2024 analysis projected weighted average collateral losses for impaired securities in this category of 4 % compared to weighted average credit support of 28 %. As of December 31, 2024, 29 % of the impaired securities in this category, based on carrying value, were externally rated AAA, and 71 % were rated AA.
 State and Municipal Obligations
 At December 31, 2024, six state and municipal obligations were in unrealized loss positions. Our analysis of potential credit loss impairment for these securities incorporates a comprehensive analysis and quantitative score of the underlying obligor's credit worthiness provided by a third-party vendor as well as other relevant qualitative considerations. As of December 31, 2024, 83 % of the impaired securities in this category, based on carrying value, were externally rated AAA, and 17 % were rated AA.

 Note 4 Loans and Allowance for Credit Losses
 Loans consisted of the following at the dates indicated (dollars in thousands):

 Percent of Total Loans

 Percent of Total Loans

 $
 5,652,203
 23.3
 %
 $
 5,323,241
 21.6
 %

 2.3
 %
 495,992
 2.0
 %

 1,941,004
 8.0
 %
 1,935,743
 7.9
 %

 7,042,222
 28.9
 %
 6,971,981
 28.3
 %

 3.0
 %
 3.6
 %

 0.9
 %
 1.5
 %

 2.4
 %
 1.8
 %

 16,717,166
 68.8
 %
 16,424,657
 66.7
 %

 Residential:

 26.8
 %
 28.0
 %

 1,071,892
 4.4
 %
 1,306,014
 5.3
 %

 7,580,814
 31.2
 %
 8,209,027
 33.3
 %

 Total loans
 24,297,980
 100.0
 %
 24,633,684
 100.0
 %

 ( 223,153)
 ( 202,689)

 Loans, net
 $
 24,074,827
 $
 24,430,995

 Premiums, discounts and deferred fees and costs, excluding the non-credit related discount on PCD loans, totaled $ 33 million and $ 45 million at December 31, 2024 and 2023, respectively.
 The following table presents the amortized cost basis of residential PCD loans and the related amount of non-credit discount, net of the related ACL, at the dates indicated (in thousands):

 UPB
 $
 66,119
 $
 80,123

 Non-credit discount
 ( 27,664)
 ( 35,249)

 Total amortized cost of PCD loans
 38,455
 44,874

 ACL related to PCD loans
 ( 182)
 ( 161)

 PCD loans, net
 $
 38,273
 $
 44,713

 During the years ended December 31, 2024, 2023 and 2022, the Company purchased residential loans totaling $ 366 million, $ 493 million and $ 2.3 billion, respectively.
 At December 31, 2024 and 2023, the Company had pledged loans with a carrying value of approximately $ 15.8 billion and $ 16.5 billion, respectively, as security for FHLB advances and Federal Reserve discount window capacity.
 Accrued interest receivable on loans totaled $ 120 million and $ 138 million at December 31, 2024 and 2023, respectively, and is included in other assets in the accompanying consolidated balance sheets. The amount of interest income reversed on non-accrual loans was not material for the years ended December 31, 2024, 2023 and 2022.

 The ACL for all periods presented was determined utilizing a 2-year reasonable and supportable forecast period. The quantitative portion of the ACL at December 31, 2024 and 2023, was determined using three weighted third-party provided economic scenarios. The quantitative portion of the ACL at December 31, 2022 was determined using a single third-party provided economic scenario. Activity in the ACL is summarized below for the periods indicated (in thousands):

 2024
 2023
 2022

 Commercial
 Total
 Commercial
 Total
 Commercial
 Total

 Beginning balance
 $
 195,058
 $
 7,631
 $
 $
 136,205
 $
 11,741
 $
 147,946
 $
 117,270
 $
 9,187
 $
 126,457

 Impact of adoption of ASU 2022-02

 N/A
 N/A
 N/A
 ( 1,677)
 ( 117)
 ( 1,794)
 N/A
 N/A
 N/A

 Balance after adoption of ASU 2022-02

 195,058
 7,631
 134,528
 11,624
 146,152
 117,270
 9,187
 126,457

 Provision (recovery)
 54,545
 4,441
 58,986
 82,926
 ( 4,002)
 78,924
 70,956
 2,858
 73,814

 Charge-offs
 ( 59,824)
 ( 126)
 ( 59,950)
 ( 35,014)
 —
 ( 35,014)
 ( 61,643)
 ( 412)
 ( 62,055)

 Recoveries
 21,424
 21,428
 12,618
 12,627
 9,622
 9,730

 Ending balance
 $
 211,203
 $
 11,950
 $
 223,153
 $
 195,058
 $
 7,631
 $
 $
 136,205
 $
 11,741
 $
 147,946

 The ACL increased by $ 20.5 million to 0.92 % from 0.82 % of total loans, at December 31, 2024, compared to December 31, 2023. The more significant factors impacting the provision for credit losses and increase in the ACL for the year ended December 31, 2024, were risk rating migration and increases in certain specific reserves along with an increase in qualitative loss factors, partially offset by net charge-offs and an improved economic forecast.
 The following table presents gross charge-offs during the year ended December 31, 2024, by year of origination (in thousands):

 Gross Charge-offs By Loan Origination Year

 2024
 2023

 2022

 2021

 2020

 Prior to 2020

 Revolving Loans
 Total

 CRE
 $
 —
 $
 —
 $
 4,369
 $
 —
 $
 —
 $
 1,833
 $
 —
 $
 6,202

 C&I
 29,438
 3,761
 1,460
 12,470
 47,913

 —
 —
 —
 —
 4,944
 —
 5,709

 —
 —
 —
 —
 —
 —

 $
 $
 $
 33,807
 $
 4,526
 $
 $
 8,363
 $
 12,470
 $
 59,950

 The following table presents the components of the provision for (recovery of) credit losses for the periods indicated (in thousands):

 2024
 2023
 2022

 Amount related to funded portion of loans
 $
 58,986
 $
 78,924
 $
 73,814

 Amount related to off-balance sheet credit exposures
 ( 3,914)
 8,683
 1,467

 Other
 —
 —
 ( 127)

 Total provision for credit losses

 $
 $
 $
 75,154

 Credit quality information
 Credit quality of loans held for investment is continuously monitored by dedicated commercial portfolio management and residential credit risk management functions. The Company also has a workout and recovery department that monitors the credit quality of criticized and classified loans and an independent internal credit review function.
 Credit quality indicators for commercial loans
 Factors that impact risk inherent in commercial portfolio segments include but are not limited to levels of economic activity or potential disruptions in economic activity, health of the national, regional and to a lesser extent global economies, interest rates, industry trends, demographic trends, inflationary trends, including particularly for commercial real estate loans the cost of insurance, patterns of and trends in customer behavior that influence demand for our borrowers' products and services, and commercial real estate values and related market dynamics. Particularly for the office sector, the evolving impact of hybrid and remote work on vacancies and valuations is a factor. Internal risk ratings are considered the most meaningful indicator of credit quality for commercial loans. Internal risk ratings are one indicator of the likelihood that a borrower will default, are a key factor influencing the level and nature of ongoing monitoring of loans and may impact the estimation of the ACL. Internal risk ratings are updated on a continuous basis. Generally, relationships with balances in excess of defined thresholds, ranging from $ 2 million to $ 3 million, are re-evaluated at least annually and more frequently if circumstances indicate that a change in risk rating may be warranted. The special mention rating is considered a transitional rating for loans exhibiting potential credit weaknesses that could result in deterioration of repayment prospects at some future date if not checked or corrected and that deserve management's close attention. These borrowers may exhibit declining cash flows or revenues or increasing leverage. Loans with well-defined credit weaknesses that may result in a loss if the deficiencies are not corrected are assigned a risk rating of substandard. These borrowers may exhibit payment defaults, inadequate cash flows from current operations, operating losses, increasing balance sheet leverage, project cost overruns, unreasonable construction delays, exhausted interest reserves, declining collateral values, frequent overdrafts or past due real estate taxes. Loans with weaknesses so severe that collection in full is highly questionable or improbable, but because of certain reasonably specific pending factors have not been charged off, are assigned an internal risk rating of doubtful.

 Commercial credit exposure based on internal risk rating (in thousands):

 Revolving Loans

 2024
 2023
 2022
 2021
 2020
 Prior
 Total

 CRE

 Pass
 $
 921,888
 $
 783,342
 $
 1,119,032
 $
 609,452
 $
 399,806
 $
 1,478,261
 $
 114,648
 $
 5,426,429

 —
 —
 —
 —
 39,714
 19,057
 —
 58,771

 —
 21,853
 131,816
 121,005
 76,590
 377,728
 —
 728,992

 Total CRE
 $
 921,888
 $
 805,195
 $
 1,250,848
 $
 730,457
 $
 516,110
 $
 1,875,046
 $
 114,648
 $

 C&I

 Pass
 $
 1,514,746
 $
 1,182,701
 $
 962,478
 $
 470,041
 $
 269,508
 $
 1,085,412
 $
 2,931,044
 $
 8,415,930

 45,092
 8,231
 73,226
 35,581
 —
 —
 41,486
 203,616

 —
 49,681
 74,001
 40,108
 10,529
 101,028
 81,798
 357,145

 —
 —
 —
 —
 —
 —
 6,535
 6,535

 Total C&I
 $
 1,559,838
 $
 1,240,613
 $
 1,109,705
 $
 545,730
 $
 280,037
 $
 1,186,440
 $
 3,060,863
 $
 8,983,226

 Pass
 $
 60,317
 $
 108,440
 $
 93,800
 $
 51,034
 $
 24,010
 $
 383,060
 $
 —
 $

 Total Pinnacle - municipal finance
 $
 60,317
 $
 108,440
 $
 93,800
 $
 51,034
 $
 24,010
 $
 383,060
 $
 —
 $

 Pass
 $
 —
 $
 2,014
 $
 26,408
 $
 54,871
 $
 16,435
 $
 84,879
 $
 $
 184,781

 —
 —
 —
 1,486
 26,614
 —
 28,375

 —
 —
 —
 —
 —
 —

 Total Franchise and equipment finance

 $
 —
 $
 2,014
 $
 26,408
 $
 56,357
 $
 16,710
 $
 111,814
 $
 $

 Pass
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 $

 Total Mortgage warehouse lending
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 $

 Revolving Loans

 2023
 2022
 2021
 2020
 2019
 Prior
 Total

 CRE

 Pass
 $
 668,669
 $
 1,268,313
 $
 662,340
 $
 493,675
 $
 878,048
 $
 1,064,601
 $
 281,584
 $
 5,317,230

 19,127
 13,377
 —
 —
 57,984
 4,912
 2,152
 97,552

 —
 42,997
 2,103
 29,180
 186,368
 142,049
 1,754
 404,451

 Total CRE
 $
 687,796
 $
 1,324,687
 $
 664,443
 $
 522,855
 $
 1,122,400
 $
 1,211,562
 $
 285,490
 $

 C&I

 Pass
 $
 1,382,939
 $
 1,423,581
 $
 653,730
 $
 337,322
 $
 431,257
 $
 1,040,101
 $
 3,069,295
 $
 8,338,225

 —
 85,306
 1,215
 13,949
 49,526
 22,398
 47,680
 220,074

 3,841
 70,731
 86,747
 16,063
 20,757
 91,844
 44,633
 334,616

 —
 10,580
 —
 —
 4,229
 —
 —
 14,809

 Total C&I
 $
 1,386,780
 $
 1,590,198
 $
 741,692
 $
 367,334
 $
 505,769
 $
 1,154,343
 $
 3,161,608
 $
 8,907,724

 Pass
 $
 170,919
 $
 133,988
 $
 74,895
 $
 31,771
 $
 55,338
 $
 417,779
 $
 —
 $

 Total Pinnacle - municipal finance
 $
 170,919
 $
 133,988
 $
 74,895
 $
 31,771
 $
 55,338
 $
 417,779
 $
 —
 $

 Pass
 $
 6,569
 $
 32,656
 $
 74,170
 $
 44,698
 $
 76,144
 $
 80,302
 $
 $
 314,740

 —
 —
 —
 2,279
 —
 —
 —
 2,279

 —
 14,959
 3,019
 1,003
 23,574
 16,547
 —
 59,102

 —
 —
 —
 —
 4,226
 —
 —
 4,226

 Total Franchise and equipment finance

 $
 6,569
 $
 47,615
 $
 77,189
 $
 47,980
 $
 103,944
 $
 96,849
 $
 $

 Pass
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 $

 Total Mortgage warehouse lending
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 —
 $
 $

 At December 31, 2024 and 2023, the balance of revolving loans converted to term loans was immaterial.
 The following table presents criticized and classified commercial loans in aggregate by risk rating category at the dates indicated (in thousands):

 $
 262,387
 $
 319,905

 Substandard - accruing
 894,754
 711,266

 Substandard - non-accruing
 219,758
 86,903

 6,856
 19,035

 Total
 $
 1,383,755
 $
 1,137,109

 Credit quality indicators for residential loans
 Management considers delinquency status to be the most meaningful indicator of the credit quality of residential loans, other than government insured residential loans. Delinquency status is updated at least monthly. LTV and FICO scores are also important indicators of credit quality for 1-4 single family residential loans other than government insured loans. FICO scores are generally updated semi-annually, and were most recently updated in the third quarter of 2024. LTVs are typically at origination since we do not routinely update residential appraisals. Substantially all of the government insured residential loans are government insured Buyout Loans, which the Company buys out of GNMA securitizations upon default. For these loans, traditional measures of credit quality are not particularly relevant considering the guaranteed nature of the loans and the underlying business model. Factors that impact risk inherent in the residential portfolio segment include national and regional economic conditions such as levels of unemployment, wages and interest rates, as well as residential property values.

 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on delinquency status (in thousands):

 Days Past Due

 2024
 2023
 2022
 2021
 2020
 Prior
 Total

 $
 251,767
 $
 304,595
 $
 1,012,777
 $
 2,744,941
 $
 798,346
 $
 1,340,402
 $
 6,452,828

 30 - 59 Days Past Due
 —
 3,045
 4,948
 15,368
 9,140
 32,975

 60 - 89 Days Past Due
 —
 1,445
 4,007
 —
 6,155

 90 Days or More Past Due
 —
 —
 2,486
 3,457
 —
 11,021
 16,964

 $
 251,923
 $
 307,640
 $
 1,021,656
 $
 2,767,773
 $
 798,820
 $
 1,361,110
 $

 Days Past Due

 2023
 2022
 2021
 2020
 2019
 Prior
 Total

 $
 363,123
 $
 1,117,039
 $
 2,965,840
 $
 854,376
 $
 296,146
 $
 1,255,688
 $
 6,852,212

 30 - 59 Days Past Due
 2,200
 1,785
 7,201
 5,745
 —
 14,527
 31,458

 60 - 89 Days Past Due
 —
 2,116
 1,465
 —
 2,728
 6,452

 90 Days or More Past Due
 —
 5,872
 —
 —
 1,439
 5,580
 12,891

 $
 365,323
 $
 1,126,812
 $
 2,974,506
 $
 860,121
 $
 297,728
 $
 1,278,523
 $

 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on LTV (in thousands):

 LTV
 2024
 2023
 2022
 2021
 2020
 Prior
 Total

 Less than 61%
 $
 27,646
 $
 51,565
 $
 236,020
 $
 1,124,532
 $
 304,755
 $
 425,814
 $
 2,170,332

 61% - 70%
 33,033
 42,636
 263,959
 759,931
 203,423
 307,052
 1,610,034

 71% - 80%
 156,942
 175,651
 518,164
 851,427
 290,573
 590,130
 2,582,887

 More than 80%
 34,302
 37,788
 3,513
 31,883
 38,114
 145,669

 $
 251,923
 $
 307,640
 $
 1,021,656
 $
 2,767,773
 $
 798,820
 $
 1,361,110
 $

 LTV
 2023
 2022
 2021
 2020
 2019
 Prior
 Total

 Less than 61%
 $
 63,117
 $
 260,403
 $
 1,211,101
 $
 326,771
 $
 72,219
 $
 428,451
 $
 2,362,062

 61% - 70%
 67,146
 280,602
 813,682
 221,091
 71,652
 293,784
 1,747,957

 71% - 80%
 235,060
 583,724
 915,166
 312,188
 148,483
 519,699
 2,714,320

 More than 80%
 —
 2,083
 34,557
 5,374
 36,589
 78,674

 $
 365,323
 $
 1,126,812
 $
 2,974,506
 $
 860,121
 $
 297,728
 $
 1,278,523
 $

 1-4 Single Family Residential credit exposure, excluding government insured residential loans, based on FICO score (in thousands):

 FICO
 2024
 2023
 2022
 2021
 2020
 Prior
 Total

 760 or greater
 $
 179,256
 $
 215,486
 $
 725,399
 $
 2,202,004
 $
 642,572
 $
 952,136
 $
 4,916,853

 720 - 759
 58,642
 59,356
 173,309
 365,198
 95,495
 192,943
 944,943

 719 or less or not available

 14,025
 32,798
 122,948
 200,571
 60,753
 216,031
 647,126

 $
 251,923
 $
 307,640
 $
 1,021,656
 $
 2,767,773
 $
 798,820
 $
 1,361,110
 $

 FICO
 2023
 2022
 2021
 2020
 2019
 Prior
 Total

 760 or greater
 $
 253,774
 $
 810,150
 $
 2,378,572
 $
 696,363
 $
 203,966
 $
 893,290
 $
 5,236,115

 720 - 759
 78,882
 194,135
 392,179
 99,412
 50,984
 210,663
 1,026,255

 719 or less or not available

 32,667
 122,527
 203,755
 64,346
 42,778
 174,570
 640,643

 $
 365,323
 $
 1,126,812
 $
 2,974,506
 $
 860,121
 $
 297,728
 $
 1,278,523
 $

 Past Due and Non-Accrual Loans:
 The following table presents an aging of loans at the dates indicated (in thousands):

 30 - 59
Days Past
Due
 60 - 89
Days Past
Due
 90 Days or
More Past
Due
 Total
 30 - 59
Days Past
Due
 60 - 89
Days Past
Due
 90 Days or
More Past
Due
 Total

 CRE
 $
 6,145,386
 $
 35,000
 $
 —
 $
 33,806
 $
 $
 5,779,309
 $
 27,918
 $
 1,947
 $
 10,059
 $

 C&I
 8,911,057
 16,137
 25,645
 30,387
 8,983,226
 8,851,585
 16,228
 5,536
 34,375
 8,907,724

 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —

 —
 —
 —
 —
 —
 —

 6,452,828
 32,975
 6,155
 16,964
 6,852,212
 31,458
 6,452
 12,891

 691,111
 108,287
 46,681
 225,813
 1,071,892
 835,282
 131,652
 61,942
 277,138
 1,306,014

 $
 23,720,130
 $
 192,399
 $
 78,481
 $
 306,970
 $
 24,297,980
 $
 24,016,088
 $
 207,256
 $
 75,877
 $
 334,463
 $
 24,633,684

 Included in the table above is the guaranteed portion of SBA loans past due by 90 days or more totaling $ 32.8 million ($ 25.3 million of C&I and $ 7.5 million of CRE) and $ 39.7 million at December 31, 2024 and 2023, respectively.
 Loans contractually delinquent by 90 days or more and still accruing totaled $ 227 million and $ 278 million at December 31, 2024 and 2023, respectively, substantially all of which were government insured residential loans. These loans are Buyout Loans, which the Company buys out of GNMA securitizations upon default.
 The following table presents information about loans on non-accrual status at the dates indicated (in thousands):

 Amortized Cost With No Related Allowance
 Amortized Cost With No Related Allowance

 CRE
 $
 95,378
 $
 65,004
 $
 13,727
 $
 1,947

 C&I
 125,226
 41,929
 68,533
 14,078

 6,010
 4,345
 23,678
 7,796

 23,500
 —
 20,513
 —

 $
 250,114
 $
 111,278
 $
 126,451
 $
 23,821

 Included in the table above is the guaranteed portion of non-accrual SBA loans totaling $ 34.3 million and $ 41.8 million at December 31, 2024 and 2023, respectively. The amount of interest income recognized on non-accrual loans was insignificant for the years ended December 31, 2024, 2023 and 2022. The amount of additional interest income that would have been recognized on non-accrual loans had they performed in accordance with their contractual terms was not material for the years ended December 31, 2024, 2023 and 2022..

 Collateral dependent loans:
 The following table presents the amortized cost basis of collateral dependent loans at the dates indicated (in thousands):

 Extent to Which Secured by Collateral
 Extent to Which Secured by Collateral

 CRE
 $
 94,283
 $
 91,050
 $
 11,574
 $
 11,574

 C&I
 87,565
 78,150
 36,401
 25,821

 6,010
 5,689
 23,488
 18,678

 $
 187,858
 $
 174,889
 $
 71,463
 $
 56,073

 Collateral for the CRE loan class generally consists of commercial real estate, or for certain construction loans, residential real estate. Collateral for C&I loans generally consists of equipment, accounts receivable, inventory and other business assets and for owner-occupied commercial real estate loans, may also include commercial real estate. Franchise and equipment finance loans may be collateralized by franchise value or by equipment. Residential loans are collateralized by residential real estate. There were no significant changes to the extent to which collateral secured collateral dependent loans during the years ended December 31, 2024 and 2023.
 Foreclosure of residential real estate
 The recorded investment in residential loans in the process of foreclosure was $ 167 million, of which $ 157 million was government insured at December 31, 2024, and $ 262 million, of which $ 250 million was government insured at December 31, 2023. The carrying amount of foreclosed residential real estate included in other assets in the accompanying consolidated balance sheet was insignificant at December 31, 2024 and 2023.

 Loan Modifications
 The following tables summarize loans that were modified for borrowers experiencing financial difficulty, by type of modification, during the periods indicated (dollars in thousands):

 Interest Rate Reduction
 Term Extension
 Other than Insignificant Payment Delays
 Combination - Interest Rate Reduction and Term Extension
 Combination - Term Extension and Other than Insignificant Payment Delays

 % (1)

 % (1)

 % (1)

 % (1)

 % (1)

 Total

 CRE
 $
 —
 —
 %
 $
 44,070
 %
 $
 —
 —
 %
 $
 40,200
 %
 $
 —
 —
 %
 $
 84,270

 C&I
 —
 —
 %
 120,705
 %
 12,407
 —
 %
 26,828
 —
 %
 —
 %
 160,629

 —
 —
 %
 6,994
 %
 —
 —
 %
 —
 —
 %
 —
 —
 %
 6,994

 —
 %
 —
 —
 %
 —
 —
 %
 —
 —
 %
 —
 —
 %

 —
 %
 25,104
 %
 —
 —
 %
 8,081
 %
 —
 —
 %
 33,423

 $
 $
 196,873
 $
 12,407
 $
 75,109
 $
 $
 285,486

 Interest Rate Reduction
 Term Extension
 Other than Insignificant Payment Delays
 Combination - Interest Rate Reduction and Term Extension
 Combination - Term Extension and Other than Insignificant Payment Delays

 % (1)

 % (1)

 % (1)

 % (1)

 % (1)

 Total

 C&I
 $
 —
 —
 %
 $
 8,532
 —
 %
 $
 —
 —
 %
 $
 —
 —
 %
 $
 —
 —
 %
 $
 8,532

 —
 —
 %
 10,748
 %
 —
 —
 %
 —
 —
 %
 —
 —
 %
 10,748

 —
 %
 —
 —
 %
 —
 —
 %
 —
 —
 %
 —
 —
 %

 —
 %
 62,402
 %
 —
 —
 %
 2,442
 —
 %
 —
 —
 %
 64,949

 $
 $
 81,682
 $
 —
 $
 2,442
 $
 —
 $
 85,064

 (1)Represents percentage of loans receivable in each category.
 The following tables summarize the financial effect of the modifications made to borrowers experiencing difficulty, during the periods indicated:

 Financial Effect

 Interest Rate Reduction:

 Reduced weighted average contractual interest rate from 6.4 % to 6.3 %.

 Reduced weighted average contractual interest rate from 3.3 % to 2.8 %

 Term Extension:

 CRE
 Added a weighted average 1.8 years to the term of the modified loans.

 C&I
 Added a weighted average 1.4 years to the term of the modified loans.

 Added a weighted average 1.0 year to the term of the modified loans.

 Added a weighted average 10.6 years to the term of the modified loans.

 Other than Insignificant Payment Delays:

 C&I
 Provided 0.5 years of payment deferral.

 Combination - Interest Rate Reduction and Term Extension:

 CRE
 Reduced weighted average contractual interest rate from 7.3 % to 6.5 % and added a weighted average 2.0 years to the term of the modified loans.

 C&I
 Reduced weighted average contractual interest rate from 9.0 % to 6.5 % and added a weighted average 2.5 years to the term of the modified loans.

 Reduced weighted average contractual interest rate from 7.2 % to 6.5 % and added a weighted average 5.3 years to the term of the modified loans.

 Combination - Term Extension and Other than Insignificant Payment Delays:

 C&I
 Added a weighted average 1.2 years to the term of the modified loans and provided 0.3 years of payment deferral.

 Financial Effect

 Interest Rate Reduction:

 Reduced weighted average contractual interest rate from 4.3 % to 3.4 %.

 Reduced weighted average contractual interest rate from 4.8 % to 3.8 %.

 Term Extension:

 C&I
 Added a weighted average 1.4 years to the term of the modified loans.

 Added a weighted average 2.1 years to the term of the modified loans.

 Added a weighted average 9.1 years to the term of the modified loans.

 Combination - Interest Rate Reduction and Term Extension:

 Reduced weighted average contractual interest rate from 5.7 % to 4.7 % and added a weighted average 7.8 years to the term of the modified loans.

 The following tables present the aging at December 31, 2024 and 2023, of loans that were modified within the previous 12 months from the balance sheet date (in thousands):

 30-59 Days Past Due
 60-89 Days Past Due
 90 Days or More Past Due
 Total

 CRE
 $
 67,820
 $
 —
 $
 —
 $
 16,450
 $
 84,270

 C&I
 158,039
 2,079
 160,629

 6,994
 —
 —
 —
 6,994

 —
 —
 —

 11,659
 5,082
 4,843
 11,839
 33,423

 $
 244,682
 $
 5,296
 $
 5,140
 $
 30,368
 $
 285,486

 30-59 Days Past Due
 60-89 Days Past Due
 90 Days or More Past Due
 Total

 C&I
 $
 8,532
 $
 —
 $
 —
 $
 —
 $
 8,532

 10,748
 —
 —
 —
 10,748

 —
 —

 24,091
 12,335
 7,677
 20,846
 64,949

 $
 43,447
 $
 12,335
 $
 7,677
 $
 21,605
 $
 85,064

 The following tables summarize loans that were modified within the previous 12 months and defaulted during the periods indicated (in thousands):

 Interest Rate Reduction
 Term Extension
 Combination - Interest Rate Reduction and Term Extension
 Combination - Term Extension and Other than Insignificant Payment Delays
 Total

 CRE
 $
 —
 $
 16,450
 $
 —
 $
 —
 $
 16,450

 C&I
 —
 1,390
 —
 2,079

 —
 13,835
 4,743
 —
 18,578

 $
 —
 $
 31,675
 $
 4,743
 $
 $
 37,107

 Interest Rate Reduction
 Term Extension
 Combination - Interest Rate Reduction and Term Extension
 Combination - Interest Rate Reduction and Other than Insignificant Payment Delays
 Total

 $
 $
 —
 $
 —
 $
 —
 $

 32,994
 —
 34,059

 $
 $
 32,994
 $
 $
 —
 $
 34,818

 Geographic Concentrations
 The following table presents the largest geographic concentrations of commercial loans at the dates indicated. Commercial real estate loans are categorized based on the location of the underlying collateral, while all other commercial loans are generally categorized based on the location of the borrowers' businesses (dollars in thousands). Loans outside of Florida and the New York tri-state area evidence no material geographic concentation.

 Commercial Real Estate
 All Other Commercial

 Commercial Real Estate
 All Other Commercial

 Florida
 $
 3,360,524
 54.0
 %
 $
 3,095,579
 29.5
 %
 $
 3,381,394
 58.1
 %
 $
 3,321,102
 31.3
 %

 New York Tri-state
 1,564,104
 25.2
 %
 3,194,833
 30.4
 %
 1,430,728
 24.6
 %
 2,901,958
 27.4
 %

 Other

 1,289,564
 20.8
 %
 4,212,562
 40.1
 %
 1,007,111
 17.3
 %
 4,382,364
 41.3
 %

 $
 100.0
 %
 $
 10,502,974
 100.0
 %
 $
 100.0
 %
 $
 10,605,424
 100.0
 %

 The following table presents the five states with the largest geographic concentrations of 1-4 single family residential loans, excluding government insured residential loans, at the dates indicated (dollars in thousands):

 California
 $
 1,960,873
 30.1
 %
 $
 2,171,802
 31.5
 %

 New York
 1,282,197
 19.7
 %
 1,344,205
 19.5
 %

 Florida
 473,556
 7.3
 %
 501,744
 7.3
 %

 Illinois
 327,698
 5.0
 %
 358,512
 5.2
 %

 Virginia
 308,784
 4.7
 %
 312,384
 4.5
 %

 Others
 2,155,814
 33.2
 %
 2,214,366
 32.0
 %

 $
 100.0
 %
 $
 100.0
 %

 Disclosures Prescribed by Legacy GAAP (Before Adoption of ASU 2016-13) for Prior Periods
 The following table summarizes loans that were modified in TDRs during the year ended December 31, 2022, as well as loans modified during the 12 months preceding December 31, 2022, that experienced payment defaults (dollars in thousands):

 Loans Modified in TDRs
During the Period
 TDRs Experiencing Payment
Defaults During the Period

 Number of
TDRs
 Number of
TDRs

 C&I

 $
 39,052
 $
 3,703

 6,329
 6,329

 5,359
 —
 —

 2,589
 405,096
 1,190
 187,708

 2,624
 $
 455,836
 1,198
 $
 197,740

 TDRs during the year ended December 31, 2022 generally included interest rate reductions and extensions of maturity. Included in TDRs were residential loans to borrowers who had not reaffirmed their debt discharged in Chapter 7 bankruptcy. The total amount of such loans was not material.

 Note 5 Leases
 Leases under which the Company is the lessee
 The Company leases branches, office space and a small amount of equipment under either operating or finance leases with remaining terms ranging from one to 12 years, some of which include extension options.
 The following table presents ROU assets and lease liabilities at the dates indicated (in thousands):

 ROU assets:

 $
 64,416
 $
 64,536

 20,290
 21,638

 $
 84,706
 $
 86,174

 Lease liabilities:

 $
 71,979
 $
 72,391

 24,629
 26,501

 $
 96,608
 $
 98,892

 ROU assets and lease liabilities for operating leases are included in " other assets " and " other liabilities ", respectively, in the accompanying consolidated balance sheets. ROU assets and lease liabilities for finance leases are included in " other assets " and " notes and other borrowings ", respectively.
 The weighted average remaining lease term and weighted average discount rate at the dates indicated were:

 Weighted average remaining lease term:

 6.2 years
 5.9 years

 8.8 years
 10.0 years

 Weighted average discount rate:

 3.8
 %
 3.2
 %

 2.9
 %
 2.9
 %

 The following table presents the components of lease expense for the periods indicated (in thousands):

 2024
 2023
 2022

 Operating lease cost:

 Fixed costs
 $
 16,624
 $
 16,761
 $
 18,364

 Impairment of ROU assets

 Total operating lease cost
 $
 16,678
 $
 16,837
 $
 18,498

 Finance lease cost:

 Amortization of ROU assets
 $
 2,240
 $
 2,228
 $
 2,350

 Interest on lease liabilities

 Total finance lease cost
 $
 2,974
 $
 3,006
 $
 3,173

 Variable lease cost
 $
 3,733
 $
 3,440
 $
 3,589

 Short-term lease costs were immaterial for the years ended December 31, 2024, 2023 and 2022.
 The following table presents additional information related to operating and finance leases for the dates and periods indicated (in thousands):

 2024
 2023
 2022

 Cash paid for amounts included in the measurement of lease liabilities:

 Operating cash flows from finance leases
 $
 $
 $

 Operating cash flows from operating leases
 17,055
 17,680
 18,473

 Financing cash flows from finance leases
 2,277
 2,666
 2,652

 $
 20,066
 $
 21,124
 $
 21,948

 Lease liabilities recognized from obtaining ROU assets:

 $
 13,538
 $
 6,896
 $
 9,086

 —
 —

 $
 14,430
 $
 6,896
 $
 9,086

 Future lease payment obligations under leases with terms in excess of one year and a reconciliation to lease liabilities as of December 31, 2024 were as follows (in thousands):

 Operating Leases
 Finance Leases
 Total

 Years ending December 31:

 2025
 $
 16,852
 $
 2,826
 $
 19,678

 2026
 15,634
 2,901
 18,535

 2027
 12,647
 2,926
 15,573

 2028
 9,904
 3,016
 12,920

 2029
 6,907
 3,128
 10,035

 19,137
 13,305
 32,442

 Total future minimum lease payments
 81,081
 28,102
 109,183

 Less: interest component
 ( 9,102)
 ( 3,473)
 ( 12,575)

 Lease liabilities
 $
 71,979
 $
 24,629
 $
 96,608

 Leases under which the Company is the lessor
 Direct or Sales Type Financing Leases
 The following table presents the components of the investment in direct or sales type financing leases, included in loans in the consolidated balance sheets at the dates indicated (in thousands):

 Total minimum lease payments to be received
 $
 489,336
 $
 644,614

 Estimated unguaranteed residual value of leased assets
 3,112
 3,938

 Gross investment in direct or sales type financing leases
 492,448
 648,552

 Unearned income
 ( 34,270)
 ( 48,403)

 Initial direct costs
 1,001
 1,556

 $
 459,179
 $
 601,705

 At December 31, 2024, future minimum lease payments to be received under direct or sales type financing leases were as follows (in thousands):

 Years Ending December 31:

 2025
 $
 163,565

 2026
 118,826

 2027
 60,292

 2028
 30,821

 2029
 25,279

 90,553

 $
 489,336

 Operating Lease Equipment
 Operating lease equipment consists primarily of railcars, non-commercial aircraft and other transportation equipment leased to commercial end users. Original lease terms generally range from three to fifteen years. Asset risk is evaluated and managed by a dedicated internal staff of seasoned equipment finance professionals. The Company has partnered with an industry leading, experienced service provider who provides fleet management and servicing relating to the railcar fleet. Residual risk is managed by setting appropriate residual values at inception and systematic reviews of residual values based on independent appraisals, performed at least annually.
 The following table presents the components of operating lease equipment at the dates indicated (in thousands):

 Operating lease equipment
 $
 339,165
 $
 582,147

 Less: accumulated depreciation
 ( 115,321)
 ( 210,238)

 Operating lease equipment, net
 $
 223,844
 $
 371,909

 The Company did not recognize any impairment of operating lease equipment during the years ended December 31, 2024, 2023 and 2022.
 At December 31, 2024, scheduled minimum rental payments under operating leases were as follows (in thousands):

 Years Ending December 31:

 2025
 $
 13,278

 2026
 12,021

 2027
 11,461

 2028
 9,986

 2029
 5,627

 14,735

 $
 67,108

 The following table summarizes income recognized for operating and direct or sales type finance leases for the periods indicated (in thousands):

 2024
 2023
 2022
 Location of Lease Income on Consolidated Statements of Income

 $
 24,681
 $
 47,868
 $
 54,111
 Non-interest income from lease financing

 Direct or sales type finance leases
 15,148
 15,643
 17,881
 Interest income on loans

 $
 39,829
 $
 63,511
 $
 71,992

 Note 6 Deposits
 The following table presents average balances and weighted average rates paid on deposits for the periods indicated (dollars in thousands):

 2024
 2023
 2022

Rate Paid
Rate Paid
Rate Paid

 Demand deposits:

 Non-interest bearing
 $
 7,239,161
 —
 %
 $
 7,091,029
 —
 %
 $
 8,861,111
 —
 %

 Interest bearing
 4,077,852
 3.75
 %
 2,905,968
 2.99
 %
 2,538,906
 0.55
 %

 Savings and money market
 11,043,510
 4.09
 %
 10,704,470
 3.57
 %
 12,874,240
 1.02
 %

 Time
 4,757,675
 4.44
 %
 5,169,458
 3.70
 %
 3,338,671
 1.06
 %

 $
 27,118,198
 3.01
 %
 $
 25,870,925
 2.55
 %
 $
 27,612,928
 0.65
 %

 Time deposit accounts with balances greater than $250,000 totaled $ 779 million and $ 941 million at December 31, 2024 and 2023, respectively.
 The following table presents maturities of time deposits as of December 31, 2024 (in thousands):

 Maturing in:

 2025
 $
 3,976,859

 2026
 323,101

 2027

 2028

 2029

 $
 4,301,289

 Included in deposits are public funds deposits of $ 3.1 billion at both December 31, 2024 and 2023; and brokered deposits of $ 5.2 billion and $ 5.3 billion at December 31, 2024 and 2023, respectively. Investment securities AFS with a carrying value of $ 709 million and an FHLB letter of credit in the amount of $ 900 million, were pledged as security for public funds deposits at December 31, 2024.
 Interest expense on deposits for the periods indicated was as follows (in thousands):

 2024
 2023
 2022

 Interest bearing demand
 $
 152,809
 $
 86,759
 $
 13,919

 Savings and money market
 451,352
 382,432
 130,705

 Time
 211,411
 191,114
 35,348

 $
 815,572
 $
 660,305
 $
 179,972

 Certain of our depositors participate in various customer rebate and commission programs. During the years ended December 31, 2024, 2023 and 2022, deposit costs related to these programs totaled $ 56.5 million, $ 44.2 million and $ 15.4 million, respectively. These expenses are included in "other non-interest expense" in the accompanying consolidated statements of income.

 Note 7 Borrowings
 The following table presents information about outstanding FHLB advances at December 31, 2024 (dollars in thousands):

 Range of Interest Rates

 Minimum
 Maximum

 Maturing in:

 2025 - One month or less

 $
 2,500,000
 4.43
 %
 4.84
 %
 4.53
 %

 2025 - Over one month

 430,000
 4.45
 %
 4.70
 %
 4.60
 %

 Total contractual balance outstanding
 $
 2,930,000

 The table above reflects contractual maturities and rates of outstanding advances and does not incorporate the impact that interest rate derivatives have on the duration or cost of borrowings.
 The terms of the Company's security agreement with the FHLB require a specific assignment of collateral consisting of qualifying first mortgage loans, commercial real estate loans and mortgage-backed securities with unpaid principal amounts discounted at various stipulated percentages at least equal to 100% of outstanding FHLB advances. As of December 31, 2024, the Company had pledged investment securities and real estate loans with an aggregate carrying amount of approximately $ 14.9 billion as collateral for advances and letters of credit from the FHLB.
 Notes and other borrowings consisted of the following at the dates indicated (dollars in thousands):

 Senior notes:

 Principal amount of 4.875 % senior notes maturing on November 17, 2025

 $
 388,479
 $
 388,479

 Unamortized discount and debt issuance costs
 ( 802)
 ( 1,676)

 387,677
 386,803

 Subordinated notes:

 Principal amount of 5.125 % subordinated notes maturing on June 11, 2030

 Unamortized discount and debt issuance costs
 ( 3,753)
 ( 4,331)

 296,247
 295,669

 Total notes
 683,924
 682,472

 24,629
 26,501

 $
 708,553
 $
 708,973

 The senior notes pay interest semiannually and have an effective interest rate of 5.12 %, after consideration of issuance discount and costs. The notes may be redeemed by the Company, in whole or in part, at any time prior to August 17, 2025 at the greater of a) 100% of the principal balance or b) the sum of the present values of the remaining scheduled payments of principal and interest on the securities discounted to the redemption date at i) the rate on a United States Treasury security with a maturity comparable to the remaining maturity of the senior notes that would be used to price new issues of corporate debt securities with a maturity comparable to the remaining maturity of the senior notes plus ii) 40 basis points. The senior notes may be redeemed at any time after August 17, 2025 at 100% of principal plus accrued and unpaid interest.
 The subordinated notes pay interest semiannually and have an effective interest rate of 5.39 %, after consideration of issuance discount and costs. The notes may be redeemed by the Company, in whole or in part, on or after March 11, 2030 at a redemption price equal to 100% of the principal amount being redeemed plus accrued and unpaid interest, subject to the approval of the Federal Reserve. The notes qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations.
 At December 31, 2024, BankUnited had available borrowing capacity at the FHLB of approximately $ 6.9 billion and unused borrowing capacity at the FRB of approximately $ 7.0 billion.

 Note 8 Premises, Equipment and Software
 Premises and equipment and capitalized software costs are included in other assets in the accompanying consolidated balance sheets and are summarized as follows at the dates indicated (in thousands):

 Buildings and improvements
 $
 1,673
 $
 1,019

 Leasehold improvements
 78,938
 78,811

 Furniture, fixtures and equipment
 32,133
 34,118

 Computer equipment
 16,661
 16,547

 Software and CCA

 116,125
 105,593

 Aircraft and automobiles
 11,841
 11,663

 257,371
 247,751

 Less: accumulated depreciation
 ( 196,015)
 ( 182,934)

 Premises, equipment and software, net
 $
 61,356
 $
 64,817

 Depreciation and amortization expense related to premises, equipment and software was $ 18.8 million, $ 18.7 million and $ 17.5 million for the years ended December 31, 2024, 2023 and 2022, respectively.

 Note 9 Income Taxes
 The components of the provision for income taxes were as follows for the periods indicated (in thousands):

 2024
 2023
 2022

 Current:

 Federal
 $
 97,577
 $
 82,789
 $
 76,431

 State
 30,232
 22,456
 12,293

 127,809
 105,245
 88,724

 Deferred:

 Federal
 ( 35,265)
 ( 38,303)
 ( 7,191)

 State
 ( 8,662)
 ( 8,529)
 8,628

 ( 43,927)
 ( 46,832)
 1,437

 $
 83,882
 $
 58,413
 $
 90,161

 A reconciliation of expected income tax expense at the statutory federal income tax rate of 21% to the Company's effective income tax rate for the periods indicated follows (dollars in thousands):

 2024
 2023
 2022

 Percent
 Percent
 Percent

 Tax expense calculated at the statutory federal income tax rate

 $
 66,433
 21.00
 %
 $
 49,788
 21.00
 %
 $
 78,778
 21.00
 %

 Increases (decreases) resulting from:

 Income not subject to tax
 ( 12,422)
 ( 3.93)
 %
 ( 13,404)
 ( 5.65)
 %
 ( 10,577)
 ( 2.82)
 %

 State income taxes, net of federal tax benefit
 15,553
 4.92
 %
 12,162
 5.13
 %
 17,859
 4.76
 %

 Changes in unrecognized tax benefits

 10,437
 3.30
 %
 8,413
 3.55
 %
 5,255
 1.40
 %

 FDIC premiums non-deductible

 3,970
 1.26
 %
 4,246
 1.79
 %
 2,554
 0.68
 %

 Other, net
 ( 89)
 ( 0.03)
 %
 ( 2,792)
 ( 1.18)
 %
 ( 3,708)
 ( 0.99)
 %

 $
 83,882
 26.52
 %
 $
 58,413
 24.64
 %
 $
 90,161
 24.03
 %

 The components of deferred tax assets and liabilities were as follows at the dates indicated (in thousands):

 Deferred tax assets:

 Net unrealized loss on investment securities AFS and cash flow hedges

 $
 99,974
 $
 125,580

 59,291
 55,188

 Accrued expenses
 22,267
 19,301

 Lease liability
 18,301
 18,592

 Deferred compensation
 12,225
 11,431

 Other
 44,918
 45,797

 Gross deferred tax assets
 256,976
 275,889

 Deferred tax liabilities:

 Lease financing, due to differences in depreciation
 56,818
 96,225

 ROU asset
 34,752
 31,886

 Other
 4,788
 5,480

 Gross deferred tax liabilities
 96,358
 133,591

 Net deferred tax asset

 $
 160,618
 $
 142,298

 Based on the evaluation of available evidence, the Company has concluded that it is more likely than not that the existing deferred tax assets will be realized. The primary factors supporting this conclusion are the Company's history of reported pre-tax income and the amount of future taxable income that will result from the scheduled reversal of existing deferred tax liabilities.
 At December 31, 2024, remaining net operating loss and tax credit carryforwards included Florida net operating loss carryforwards in the amount of $ 105.1 million. Florida net operating loss carryforwards consisted of $ 79.9 million expiring from 2030 through 2037 and $ 25.2 million that can be carried forward indefinitely.
 The Company has investments in affordable housing limited partnerships which generate federal LIHTC and other tax benefits. The balance of these investments, included in other assets in the accompanying consolidated balance sheet, was $ 120 million and $ 111 million at December 31, 2024 and 2023, respectively. Unfunded commitments for affordable housing investments, included in other liabilities in the accompanying consolidated balance sheets, were $ 73 million and $ 77 million at December 31, 2024 and 2023, respectively. The maximum exposure to loss as a result of the Company's involvement with these limited partnerships at December 31, 2024, was approximately $ 184 million. While the Company believes the likelihood of potential losses from these investments is remote, the maximum exposure was determined by assuming a scenario where the projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits and full impairment of the remaining unamortized investment. These investments did not have a material impact on income tax expense for the years ended December 31, 2024, 2023 and 2022.

 The Company has a liability for unrecognized tax benefits relating to uncertain federal and state tax positions in several jurisdictions. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits at the dates indicated follows (in thousands):

 December 31, 2022

 Balance, beginning of period
 $
 383,895
 $
 369,880
 $
 347,809

 Additions for tax positions related to the current year
 3,023
 2,802
 3,086

 Additions for tax positions related to prior periods
 1,132
 12,433

 Reductions due to settlements with taxing authorities
 ( 485)
 ( 347)
 —

 Reductions due to lapse of the statute of limitations
 ( 1,314)
 ( 1,617)
 ( 795)

 386,251
 371,426
 362,533

 Interest and penalties
 14,878
 12,469
 7,347

 Balance, end of period
 $
 401,129
 $
 383,895
 $
 369,880

 As of December 31, 2024, 2023 and 2022, the Company had $ 345.6 million, $ 343.8 million and $ 342.6 million, respectively, of unrecognized federal and state tax benefits, net of federal tax benefits, that if recognized would have impacted the effective tax rate. Unrecognized tax benefits related to federal and state income tax contingencies that may decrease during the 12 months subsequent to December 31, 2024, as a result of settlements with taxing authorities range from zero to $ 344.1 million.
 Interest and penalties related to unrecognized tax benefits are included in the provision for income taxes in the consolidated statements of income. At December 31, 2024 and 2023, accrued interest and penalties included in the consolidated balance sheets, net of federal tax benefits, were $ 38.3 million and $ 26.4 million, respectively. The total amount of interest and penalties, net of federal tax benefits, recognized through income tax expense was $ 11.9 million, $ 10.0 million and $ 5.9 million during the years ended December 31, 2024, 2023 and 2022, respectively.
 The Company and its subsidiaries file a consolidated federal income tax return as well as combined state income tax returns where combined filings are required. The federal tax returns for years 2018 through 2023 remain subject to examination in the U.S. Federal jurisdiction. State tax returns for years 2019 through 2023, remain subject to examination by certain states.

 Note 10 Derivative Financial Instruments
 Derivatives designated as hedging instruments
 The Company has entered into interest rate derivatives designated as (i) cash flow hedges with the objective of limiting the variability of interest payment cash flows and (ii) fair value hedges designed to hedge changes in the fair value of outstanding fixed rate instruments caused by fluctuations in the benchmark interest rate. Changes in fair value of derivative instruments designated as cash flow hedges are reported in accumulated other comprehensive income. Changes in the fair value of derivative instruments designated as fair value hedges are recognized in earnings, as is the offsetting gain or loss on the hedged item. All of the Company's derivatives designated as fair value hedges matured in 2024.

 The following table summarizes the Company's derivatives designated as hedging instruments as of the dates indicated (in thousands):

 Fair Value(1)

 Fair Value(1)

 Asset
 Liability
 Asset
 Liability

 Derivatives designated as cash flow hedges:

 Interest rate swaps
 $
 4,030,000
 $
 —
 $
 ( 4,011)
 $
 3,215,000
 $
 —
 $
 ( 1,048)

 Interest rate caps purchased
 200,000
 3,395
 —
 200,000
 10,157
 —

 Interest rate collar
 125,000
 —
 ( 30)
 125,000
 —

 Derivatives designated as fair value hedges:

 Interest rate swaps
 —
 —
 —
 100,000
 —
 —

 $
 4,355,000
 $
 3,395
 $
 ( 4,041)
 $
 3,640,000
 $
 10,241
 $
 ( 1,048)

 (1)The fair values of derivatives are included in other assets or other liabilities in the consolidated balance sheets.
 Derivatives designated as cash flow hedges
 The following table provides information about the amount of gain (loss) related to derivatives designated as cash flow hedges reclassified from AOCI into interest income or expense for the periods indicated (in thousands):

 2024
 2023
 2022

 Location of gain (loss) reclassified from AOCI into income:

 Interest expense on deposits
 $
 18,235
 $
 23,569
 $
 4,357

 Interest expense on borrowings
 48,064
 44,790
 ( 4,224)

 Interest income on loans
 ( 3,923)
 ( 2,620)
 ( 43)

 $
 62,376
 $
 65,739
 $

 During the years ended December 31, 2024, 2023 and 2022, no derivative positions designated as cash flow hedges were discontinued and none of the gains and losses reported in AOCI were reclassified into earnings as a result of the discontinuance of cash flow hedges or because of the early extinguishment of debt.
 As of December 31, 2024, the amount of net gain expected to be reclassified from AOCI into earnings during the next 12 months was $ 11.2 million, based on the forward curve. See Note 11 to the consolidated financial statements for additional information about the reclassification adjustments from AOCI into earnings.
 Derivatives designated as fair value hedges
 No net gain (loss) related to derivatives designated as fair value hedges was recognized in earnings for any of the applicable periods. The following table provides information about the hedged items related to derivatives designated as fair value hedges at December 31, 2023 (in thousands):

 Location in Consolidated Balance Sheets

 Contractual balance outstanding of hedged item (1)

 $
 100,000
 Loans

 Cumulative fair value hedging adjustments
 $
 ( 1,656)
 Loans

 (1)This amount was included in the amortized cost basis of a closed portfolio of loans used to designate hedging relationships in a portfolio layer method hedge in which the hedged item is anticipated to be outstanding for the designated hedge period. The amortized cost basis of the closed portfolio used in this hedging relationship was $ 992 million at December 31, 2023.

 Derivatives not designated as hedging instruments
 The Company enters into interest rate derivative contracts with certain of its commercial borrowers to enable those borrowers to manage their exposure to interest rate fluctuations. To mitigate interest rate risk associated with these derivative contracts, the Company enters into offsetting derivative contract positions with primary dealers. The Company purchases and sells credit protection under RPAs with the objective of sharing with financial institution counterparties some of the credit exposure related to interest rate derivative contracts entered into with commercial borrowers related to participations purchased or sold. The Company will make or receive payments under these agreements if a customer defaults on an obligation to perform under certain interest rate derivative contracts. The Company also enters into foreign currency forward derivative contracts with commercial borrowers to enable borrowers to manage their exposure to foreign currency fluctuations. The Company enters into offsetting forward contracts with primary dealers to mitigate the foreign currency risk associated with these contracts. These derivative contracts are not designated as hedging instruments; therefore, changes in the fair value of these derivatives are recognized immediately in earnings. The impact on earnings related to changes in fair value of these derivatives was not material for the years ended December 31, 2024, 2023, and 2022. The notional amount and fair value of the foreign currency forward derivative contracts were not material at December 31, 2024 and 2023.
 The Company may be exposed to credit risk in the event of non-performance by the counterparties to its commercial customer derivative agreements. The Company assesses the credit risk of its financial institution counterparties by monitoring publicly available credit rating and financial information. The Company manages dealer credit risk by entering into interest rate derivatives only with primary and highly rated counterparties, the use of ISDA master agreements, central clearing mechanisms and counterparty limits. The agreements contain bilateral collateral arrangements with the amount of collateral to be posted generally governed by the settlement value of outstanding swaps. The Company manages the risk of default by its commercial borrower counterparties through its normal loan underwriting and credit monitoring policies and procedures. The Company does not currently anticipate any significant losses from failure of interest rate derivative counterparties to honor their obligations.
 The following table summarizes the Company's derivatives not designated as hedging instruments as of the dates indicated (in thousands):

 Fair Value(1)

 Fair Value(1)

 Asset
 Liability
 Asset
 Liability

 Pay-fixed interest rate swaps
 $
 2,767,552
 $
 69,802
 $
 ( 10,342)
 $
 2,166,813
 $
 76,793
 $
 ( 16,702)

 Pay-variable interest rate swaps
 2,767,552
 10,342
 ( 69,802)
 2,166,813
 16,702
 ( 77,257)

 Interest rate caps purchased
 210,398
 1,418
 —
 65,610
 1,922
 —

 Interest rate caps sold
 210,398
 —
 ( 1,418)
 65,610
 —
 ( 1,922)

 RPAs purchased
 126,578
 —
 77,846
 —

 RPAs sold
 424,424
 —
 ( 296)
 284,910
 —
 ( 237)

 $
 6,506,902
 $
 81,737
 $
 ( 81,858)
 $
 4,827,602
 $
 95,437
 $
 ( 96,118)

 (1)Fair values of these derivatives are included in other assets and other liabilities in the consolidated balance sheets.
 Some of the Company's ISDA master agreements with financial institution counterparties contain provisions that permit either counterparty to terminate the agreements and require settlement in the event that regulatory capital ratios fall below certain designated thresholds, upon the initiation of other defined regulatory actions or upon suspension or withdrawal of the Bank's credit rating. Currently, there are no circumstances that would trigger these provisions of the agreements.

 Master netting agreements
 The Company does not offset assets and liabilities under master netting agreements for financial reporting purposes. Information on interest rate swaps and caps subject to these agreements is as follows at the dates indicated (in thousands):

 Gross Amounts Offset in Balance
Sheet
 Net Amounts Presented in
Balance Sheet
 Gross Amounts Not Offset in
Balance Sheet

 Gross Amounts
Recognized
 Derivative
Instruments
 Collateral
Pledged
 Net Amount

 $
 74,615
 $
 —
 $
 74,615
 $
 ( 11,161)
 $
 ( 63,376)
 $

 ( 14,383)
 —
 ( 14,383)
 11,161
 3,222
 —

 $
 60,232
 $
 —
 $
 60,232
 $
 —
 $
 ( 60,154)
 $

 Gross Amounts Offset in Balance
Sheet
 Net Amounts Presented in
Balance Sheet
 Gross Amounts Not Offset in
Balance Sheet

 Gross Amounts
Recognized
 Derivative
Instruments
 Collateral
Pledged
 Net Amount

 $
 88,956
 $
 —
 $
 88,956
 $
 ( 15,154)
 $
 ( 73,730)
 $

 ( 17,750)
 —
 ( 17,750)
 15,154
 2,596
 —

 $
 71,206
 $
 —
 $
 71,206
 $
 —
 $
 ( 71,134)
 $

 The difference between the amounts reported for interest rate swaps subject to master netting agreements and the total fair value of interest rate contract derivative financial instruments reported in the consolidated balance sheets is related to interest rate derivative contracts not subject to master netting agreements.

 Note 11 Stockholders' Equity
 Accumulated Other Comprehensive Income
 Changes in accumulated other comprehensive income are summarized as follows for the periods indicated (in thousands):

 Before Tax
 Tax Effect
 Net of Tax

 Change in net unrealized gains (losses) on investment securities available for sale:

 $
 130,244
 $
 ( 33,864)
 $
 96,380

 Amounts reclassified to gain on investment securities available for sale, net

 ( 1,074)
 ( 795)

 Net change in unrealized gains (losses) on investment securities available for sale

 129,170
 ( 33,585)
 95,585

 Change in net unrealized gains (losses) on derivative instruments:

 31,693
 ( 8,240)
 23,453

 Amounts reclassified to interest expense on deposits
 ( 18,235)
 4,741
 ( 13,494)

 Amounts reclassified to interest expense on borrowings

 ( 48,064)
 12,497
 ( 35,567)

 Amounts reclassified to interest income on loans
 3,923
 ( 1,020)
 2,903

 Net change in unrealized gains (losses) on derivative instruments

 ( 30,683)
 7,978
 ( 22,705)

 Other comprehensive income

 $
 98,487
 $
 ( 25,607)
 $
 72,880

 Before Tax
 Tax Effect
 Net of Tax

 Change in net unrealized gains (losses) on investment securities available for sale:

 $
 141,227
 $
 ( 36,719)
 $
 104,508

 Amounts reclassified to gain on investment securities available for sale, net

 ( 1,815)
 ( 1,343)

 Net change in unrealized gains (losses) on investment securities available for sale

 139,412
 ( 36,247)
 103,165

 Change in net unrealized gains (losses) on derivative instruments:

 35,089
 ( 9,123)
 25,966

 Amounts reclassified to interest expense on deposits
 ( 23,569)
 6,128
 ( 17,441)

 Amounts reclassified to interest expense on borrowings
 ( 44,790)
 11,645
 ( 33,145)

 Amounts reclassified to interest income on loans
 2,620
 ( 681)
 1,939

 Net change in unrealized gains (losses) on derivative instruments

 ( 30,650)
 7,969
 ( 22,681)

 Other comprehensive income

 $
 108,762
 $
 ( 28,278)
 $
 80,484

 Year Ended December 31, 2022

 Before Tax
 Tax Effect
 Net of Tax

 Change in net unrealized gains (losses) on investment securities available for sale:

 Net unrealized holding loss arising during the period

 $
 ( 674,115)
 $
 175,251
 $
 ( 498,864)

 Amounts reclassified to gain on investment securities available for sale, net

 ( 3,927)
 1,021
 ( 2,906)

 Net change in unrealized gains (losses) on investment securities available for sale

 ( 678,042)
 176,272
 ( 501,770)

 Change in net unrealized gains (losses) on derivative instruments:

 107,764
 ( 27,893)
 79,871

 Amounts reclassified to interest expense on deposits
 ( 4,357)
 1,133
 ( 3,224)

 Amounts reclassified to interest expense on borrowings
 4,224
 ( 1,098)
 3,126

 Amounts reclassified to interest income on loans
 ( 11)

 Net change in unrealized gains (losses) on derivative instruments

 107,674
 ( 27,869)
 79,805

 Other comprehensive loss

 $
 ( 570,368)
 $
 148,403
 $
 ( 421,965)

 The categories of AOCI and changes therein are presented below for the periods indicated (in thousands):

 Unrealized Gain (Loss) on
Investment Securities
Available for Sale
 Unrealized Gain (Loss)
on Derivative
Instruments
 Total

 Balance at December 31, 2021
 $
 2,859
 $
 ( 18,799)
 $
 ( 15,940)

 Other comprehensive loss

 ( 501,770)
 79,805
 ( 421,965)

 Balance at December 31, 2022
 ( 498,911)
 61,006
 ( 437,905)

 Other comprehensive income

 103,165
 ( 22,681)
 80,484

 Balance at December 31, 2023
 ( 395,746)
 38,325
 ( 357,421)

 Other comprehensive income

 95,585
 ( 22,705)
 72,880

 Balance at December 31, 2024
 $
 ( 300,161)
 $
 15,620
 $
 ( 284,541)

 Note 12 Equity Based and Other Compensation Plans
 Description of Equity Based Compensation Plans
 In 2023, the Board of Directors and the Company's stockholders approved the 2023 Plan. Previously, awards were administered under the 2014 Plan or the 2010 Plan. The Plans are administered by the Board of Directors or a committee thereof and provide for the grant of non-qualified stock options, SARs, restricted shares, deferred shares, performance shares,

 unrestricted shares and other share-based awards to selected employees, directors or independent contractors of the Company and its affiliates. As of December 31, 2024, no further awards are available for issuance under the 2014 or 2010 plans although unvested awards issued under the 2014 plan are still outstanding. The number of shares of common stock authorized for award under the 2023 Plan is 3,766,764, of which 1,679,655 shares remain available for issuance as of December 31, 2024. Shares of common stock delivered under the plans may consist of authorized but unissued shares or previously issued shares reacquired by the Company. Unvested awards become fully vested in the event of a change in control, subject to a double trigger, as defined.
 Compensation Expense Related to Equity Based Awards
 The following table summarizes compensation cost related to equity based awards for the periods indicated (in thousands):

 2024
 2023
 2022

 Compensation cost of equity based awards:

 RSAs
 $
 16,237
 $
 16,122
 $
 16,203

 Executive share-based awards
 7,244
 3,351
 4,239

 Non-executive RSUs
 7,615
 5,081
 4,886

 Total compensation cost of equity based awards
 31,096
 24,554
 25,328

 Related tax benefits
 ( 8,085)
 ( 6,384)
 ( 6,585)

 Compensation cost of equity based awards, net of tax
 $
 23,011
 $
 18,170
 $
 18,743

 Non-Executive Share-Based Awards
 RSAs
 RSAs are generally valued at the closing price of the Company's common stock on the date of grant. All awards vest in equal annual installments over a period of four years from the date of grant except awards granted to the Company's Board of Directors, which vest over a period of one year.
 Non-executive RSUs
 The Company issues RSUs based on results of the Company's annual incentive compensation arrangements for certain employees other than those eligible for the executive share-based awards discussed below. These incentive compensation plans provide for a combination of cash payments and RSUs following the end of each annual performance period. The dollar value of share awards to be granted is based on the achievement of performance criteria established in the incentive arrangements. The number of shares of common stock to be awarded is variable, typically based on the closing price of the Company's stock on the date of grant; therefore, these awards are initially classified as liability instruments, with compensation cost recognized from the beginning of the performance period. Awards vest in equal installments over a period of four years from the date of grant. Non-executive RSUs may be settled in shares or cash at the Company's option. To date, all such awards have been settled in shares. The non-executive RSUs do not accumulate dividends prior to vesting.

 A summary of activity related to non-executive share-based awards for the periods indicated follows:

 RSA
 Non-Executive RSU

 Number of Share Awards
 Weighted Average Grant Date Fair Value
 Number of Share Awards
 Weighted Average Grant Date Fair Value

 Unvested share awards outstanding, December 31, 2021

 1,179,684
 $
 37.17
 —
 $
 —

 496,361
 41.75
 294,331
 41.87

 ( 391,693)
 36.72
 —
 —

 Canceled or forfeited
 ( 90,037)
 39.38
 ( 36,355)
 41.87

 Unvested share awards outstanding, December 31, 2022

 1,194,315
 39.05
 257,976
 41.87

 509,139
 33.51
 378,609
 35.39

 ( 542,003)
 37.81
 —
 —

 Canceled or forfeited
 ( 145,051)
 37.92
 ( 23,094)
 35.39

 Unvested share awards outstanding, December 31, 2023

 1,016,400
 37.10
 613,491
 38.11

 484,650
 26.71
 372,274
 26.23

 ( 405,491)
 35.62
 ( 205,223)
 37.78

 Canceled or forfeited
 ( 23,376)
 34.25
 ( 91,293)
 34.62

 Unvested share awards outstanding, December 31, 2024

 1,072,183
 $
 33.03
 689,249
 $
 32.25

 The following table summarizes the closing price of the Company's stock on the date of grant for shares granted and the aggregate grant date fair value of shares vesting for the periods indicated (in thousands, except per share data):

 2024
 2023
 2022

 Range of the closing price on date of grant
 $ 26.23 - $ 40.30

 $ 16.94 - $ 35.39

 $ 39.39 - $ 43.67

 Aggregate grant date fair value of shares vesting
 $
 22,060
 $
 20,757
 $
 14,383

 The total unrecognized compensation cost of $ 32.9 million for all RSAs and non-executive RSUs outstanding at December 31, 2024, will be recognized over a weighted average remaining period of 2.3 years.
 Executive share-based awards
 Certain of the Company's executives are eligible to receive annual awards of RSUs and PSUs (collectively, the "share units"). Annual awards of RSUs represent a fixed number of shares and vest on December 31st in equal tranches over four years for grant periods prior to 2023, and over three years for awards issued from 2023 onwards. PSUs are initially granted based on a target value. The number of PSUs that ultimately vest at the end of the performance measurement period will be based on the achievement of performance criteria pre-established by the Compensation Committee of the Board of Directors. Upon vesting, the share units will be converted to common stock on a one-for-one basis, or may be settled in cash at the Company's option. The share units will accumulate dividends declared on the Company's common stock from the date of grant to be paid subsequent to vesting.
 As a result of the majority of previous settlements being in cash, all executive RSUs and PSUs have been determined to be liability instruments and are remeasured at fair value each reporting period until the awards are settled. The RSUs are valued based on the closing price of the Company's common stock at the reporting date. The PSUs are valued based on the closing price of the Company's common stock at the reporting date net of a discount related to any applicable market conditions, considering the probability of meeting the defined performance conditions. Compensation cost related to PSUs is recognized during the performance period based on the probable outcome of the respective performance conditions.

 A summary of activity related to executive share-based awards for the periods indicated follows:

 RSU
 PSU

 Unvested executive share-based awards outstanding, December 31, 2021

 119,488
 243,607

 66,990
 66,990

 ( 77,648)
 ( 73,062)

 Unvested executive share-based awards outstanding, December 31, 2022

 108,830
 237,535

 136,778
 136,778

 ( 104,976)
 ( 106,731)

 Unvested executive share-based awards outstanding, December 31, 2023

 140,632
 267,582

 105,173
 105,173

 ( 113,351)
 ( 63,814)

 Unvested executive share-based awards outstanding, December 31, 2024

 132,454
 308,941

 The total liability for these executive share-based awards was $ 13.5 million at December 31, 2024. The total unrecognized compensation cost of $ 10.1 million for unvested executive share-based awards at December 31, 2024 will be recognized over a weighted average remaining period of 1.4 years.
 Deferred Compensation Plan
 The Company has a non-qualified deferred compensation plan for a group of key management or highly compensated employees whereby a participant, upon election, may defer a portion of eligible compensation. The deferred compensation plan provides for discretionary Company contributions. Generally, the Company has elected not to make contributions. The Company credits each participant's account with income based on either an annual interest rate determined by the Company's Compensation Committee or returns of selected investment portfolios, as elected by the participant. A participant's elective deferrals and interest thereon are at all times 100% vested. Company contributions and interest thereon will become 100% vested upon the earlier of a change in control, as defined, or the participant's death, disability, attainment of normal retirement age or the completion of two years of service. Participant deferrals and any associated earnings will be paid upon separation from service or based on a specified distribution schedule, as elected by the participant. Deferred compensation liabilities of $ 46 million and $ 43 million were included in other liabilities in the accompanying consolidated balance sheets at December 31, 2024 and 2023, respectively. Deferred compensation expense was not material for the years ended December 31, 2024, 2023 and 2022.BankUnited 401(k) Plan
 Under the terms of the 401(k) Plan sponsored by the Company, eligible employees may contribute a portion of compensation not exceeding the limits set by law. Employees are eligible to participate in the plan after one month of service. The 401(k) Plan allows a matching employer contribution equal to 100 % of elective deferrals that do not exceed 1% of compensation, plus 70 % of elective deferrals that exceed 1% but are less than 6% of compensation. Matching contributions are fully vested after two years of service. Matching contributions to the 401(k) Plan made by the Company were not material for the years ended December 31, 2024, 2023 and 2022.

 Note 13 Regulatory Requirements and Restrictions
 The Company and the Bank are subject to various regulatory capital requirements administered by Federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items calculated pursuant to regulation. The capital amounts and classification also are subject to qualitative judgments by the regulators about components, risk weightings and other factors. Banking regulations identify five capital categories for insured depository institutions: well-capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. As of December 31, 2024 and 2023, all capital ratios of the Company and the Bank exceeded the "well capitalized" levels under the regulatory framework for prompt corrective action. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total,

 common equity tier 1 and tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of tier 1 capital to average tangible assets (leverage ratio).
 The following tables provide information regarding regulatory capital for the Company at the dates indicated (dollars in thousands):

 Actual
 Required to be
Considered Well
Capitalized
 Required to be
Considered
Adequately
Capitalized
 Required to be Considered
Adequately
Capitalized Including Capital Conservation Buffer

 Ratio
 Ratio
 Ratio
 Ratio

 BankUnited, Inc.:

 Tier 1 leverage
 $
 3,024,425
 8.48
 %

 $
 1,425,865
 4.00
 %

 CET1 risk-based capital
 $
 3,024,425
 12.01
 %
 $
 1,636,789
 6.50
 %
 $
 1,133,162
 4.50
 %
 $
 1,762,696
 7.00
 %

 Tier 1 risk-based capital
 $
 3,024,425
 12.01
 %
 $
 2,014,510
 8.00
 %
 $
 1,510,883
 6.00
 %
 $
 2,140,417
 8.50
 %

 Total risk-based capital
 $
 3,548,872
 14.09
 %
 $
 2,518,138
 10.00
 %
 $
 2,014,510
 8.00
 %
 $
 2,644,044
 10.50
 %

 BankUnited:

 Tier 1 leverage
 $
 3,444,673
 9.67
 %
 $
 1,780,805
 5.00
 %
 $
 1,424,644
 4.00
 %
 N/A
 N/A

 CET1 risk-based capital
 $
 3,444,673
 13.70
 %
 $
 1,634,262
 6.50
 %
 $
 1,131,412
 4.50
 %
 $
 1,759,974
 7.00
 %

 Tier 1 risk-based capital
 $
 3,444,673
 13.70
 %
 $
 2,011,399
 8.00
 %
 $
 1,508,549
 6.00
 %
 $
 2,137,112
 8.50
 %

 Total risk-based capital
 $
 3,669,120
 14.59
 %
 $
 2,514,249
 10.00
 %
 $
 2,011,399
 8.00
 %
 $
 2,639,961
 10.50
 %

 Actual
 Required to be
Considered Well
Capitalized
 Required to be
Considered
Adequately
Capitalized
 Required to be Considered
Adequately
Capitalized Including Capital Conservation Buffer

 Ratio
 Ratio
 Ratio
 Ratio

 BankUnited, Inc.:

 Tier 1 leverage
 $
 2,865,758
 7.93
 %

 $
 1,446,093
 4.00
 %

 CET1 risk-based capital
 $
 2,865,758
 11.39
 %
 $
 1,635,794
 6.50
 %
 $
 1,132,472
 4.50
 %
 $
 1,761,624
 7.00
 %

 Tier 1 risk-based capital
 $
 2,865,758
 11.39
 %
 $
 2,013,284
 8.00
 %
 $
 1,509,963
 6.00
 %
 $
 2,139,115
 8.50
 %

 Total risk-based capital
 $
 3,366,597
 13.38
 %
 $
 2,516,605
 10.00
 %
 $
 2,013,284
 8.00
 %
 $
 2,642,436
 10.50
 %

 BankUnited:

 Tier 1 leverage
 $
 3,287,884
 9.11
 %
 $
 1,805,277
 5.00
 %
 $
 1,444,221
 4.00
 %
 N/A
 N/A

 CET1 risk-based capital
 $
 3,287,884
 13.09
 %
 $
 1,632,880
 6.50
 %
 $
 1,130,456
 4.50
 %
 $
 1,758,486
 7.00
 %

 Tier 1 risk-based capital
 $
 3,287,884
 13.09
 %
 $
 2,009,699
 8.00
 %
 $
 1,507,274
 6.00
 %
 $
 2,135,305
 8.50
 %

 Total risk-based capital
 $
 3,488,723
 13.89
 %
 $
 2,512,124
 10.00
 %
 $
 2,009,699
 8.00
 %
 $
 2,637,730
 10.50
 %

 (1)There is no Tier 1 leverage ratio component in the definition of a well-capitalized bank holding company.
 Upon the adoption of ASU 2016-13 effective January 1, 2020, the Company elected the option to temporarily delay the effects of CECL on regulatory capital for two years, followed by a three-year transition period. The CECL deferral will be fully phased in beginning January 1, 2025.
 BankUnited is subject to various regulatory restrictions relating to the payment of dividends, including requirements to maintain capital at or above certain minimums, and to remain "well-capitalized" under the prompt corrective action regulations. The Company does not expect that any of these laws, regulations or policies will materially affect the ability of BankUnited to pay dividends in the foreseeable future.

 Note 14 Fair Value Measurements
 Assets and liabilities measured at fair value on a recurring basis
 The following is a description of the methodologies used to estimate the fair values of assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy in which those measurements are typically classified.
 Investment securities available for sale and marketable equity securities—Fair value measurements are based on quoted prices in active markets when available; these measurements are classified within level 1 of the fair value hierarchy. These securities typically include U.S. Treasury securities and certain preferred stocks. If quoted prices in active markets are not available, fair values are estimated using quoted prices of securities with similar characteristics, quoted prices of identical securities in less active markets, discounted cash flow techniques, or matrix pricing models. These securities are generally classified within level 2 of the fair value hierarchy and include U.S. Government agency securities, U.S. Government agency and sponsored enterprise MBS, preferred stock investments for which level 1 valuations are not available, non-mortgage asset-backed securities, single family real estate-backed securities, private label residential MBS and CMOs, private label commercial MBS, collateralized loan obligations and state and municipal obligations. Pricing of these securities is generally primarily spread driven. Observable inputs that may impact the valuation of these securities include benchmark yield curves, credit spreads, reported trades, dealer quotes, bids, issuer spreads, current rating, historical constant prepayment rates, historical voluntary prepayment rates, structural and waterfall features of individual securities, published collateral data, and for certain securities, historical constant default rates and default severities.
 The Company uses third-party pricing services in determining fair value measurements for investment securities. To obtain an understanding of the methodologies and assumptions used, management reviews written documentation provided by the pricing services, conducts interviews with valuation desk personnel and reviews model results and detailed assumptions used to value selected securities as considered necessary. Management has established a robust price challenge process that includes a review by the treasury front office of all prices provided on a quarterly basis. Any price evidencing significant unexpected quarter over quarter fluctuations or deviations from expectations is challenged. The Company has also established a quarterly process whereby prices provided by its primary pricing service are validated by obtaining a price from a second external source for most securities in the portfolio. If considered necessary to resolve any discrepancies, a price will be obtained from an additional independent valuation source. The Company does not typically adjust the prices provided, other than through this established challenge process. The results of price challenges are subject to review by executive management. Any price discrepancies are resolved based on careful consideration of the assumptions and inputs employed by each of the pricing sources.
 Derivative financial instruments—Fair values of interest rate derivatives are determined using widely accepted discounted cash flow modeling techniques. These discounted cash flow models use projections of future cash payments and receipts that are discounted at mid-market rates. Observable inputs that may impact the valuation of these instruments include benchmark swap rates and benchmark forward yield curves. These fair value measurements are generally classified within level 2 of the fair value hierarchy.

 The following tables present assets and liabilities measured at fair value on a recurring basis at the dates indicated (in thousands):

 Level 1
 Level 2
 Total

 Investment securities available for sale:

 $
 202,952
 $
 —
 $
 202,952

 —
 2,649,690
 2,649,690

 —
 495,753
 495,753

 —
 2,238,046
 2,238,046

 —
 1,784,029
 1,784,029

 —
 327,081
 327,081

 —
 1,132,699
 1,132,699

 —
 94,454
 94,454

 —
 104,010
 104,010

 —
 72,702
 72,702

 —

 —
 85,132
 85,132

 Total assets at fair value
 $
 231,780
 $
 8,983,596
 $
 9,215,376

 $
 —
 $
 ( 85,899)
 $
 ( 85,899)

 Total liabilities at fair value
 $
 —
 $
 ( 85,899)
 $
 ( 85,899)

 Level 1
 Level 2
 Total

 Investment securities available for sale:

 $
 130,592
 $
 —
 $
 130,592

 —
 1,924,207
 1,924,207

 —
 497,859
 497,859

 —
 2,295,730
 2,295,730

 —
 2,198,743
 2,198,743

 —

 —
 1,112,824
 1,112,824

 —
 102,780
 102,780

 —
 102,618
 102,618

 —
 103,024
 103,024

 —

 —
 105,678
 105,678

 Total assets at fair value
 $
 163,314
 $
 8,809,718
 $
 8,973,032

 $
 —
 $
 ( 97,166)
 $
 ( 97,166)

 Total liabilities at fair value
 $
 —
 $
 ( 97,166)
 $
 ( 97,166)

 Assets and liabilities measured at fair value on a non-recurring basis
 The following is a description of the methodologies used to estimate the fair values of assets and liabilities that may be measured at fair value on a non-recurring basis, and the level within the fair value hierarchy in which those measurements are typically classified:
 Collateral dependent loans and OREO—The carrying amount of collateral dependent loans is typically based on the fair value of the underlying collateral, which may be real estate, enterprise value or other business assets, less estimated costs to sell when repayment is expected to come from the sale of the collateral. The carrying value of OREO is initially measured based on the fair value of the real estate acquired in foreclosure and subsequently adjusted to the lower of cost or estimated fair value, less estimated cost to sell. Fair values of real estate collateral and OREO are typically based on third-party real estate appraisals which utilize market and income approaches to valuation incorporating both observable and unobservable inputs.
 Fair value measurements related to collateral dependent loans and OREO are generally classified within level 3 of the fair value hierarchy.
 The following table presents the net carrying value of assets classified within level 3 of the fair value hierarchy at the dates indicated, for which non-recurring changes in fair value were recorded during the period then ended (in thousands):

 Collateral dependent loans
 $
 165,951
 $
 50,885

 OREO
 2,577

 $
 168,528
 $
 50,914

 The following table presents the carrying value and fair value of financial instruments and the level within the fair value hierarchy in which those measurements are classified at the dates indicated (dollars in thousands):

 Level

 Assets:

 Cash and cash equivalents
 $
 491,116
 $
 491,116
 $
 $

 Investment securities
 1/2
 $
 $
 $
 8,877,354
 $
 8,877,281

 Non-marketable equity securities
 $
 206,297
 $
 206,297
 $
 310,084
 $
 310,084

 Loans, net
 $
 24,074,827
 $
 23,053,011
 $
 24,430,995
 $
 23,075,192

 $
 85,132
 $
 85,132
 $
 105,678
 $
 105,678

 Liabilities:

 Demand, savings and money market deposits
 $
 23,564,414
 $
 23,564,414
 $
 21,374,483
 $
 21,374,483

 Time deposits
 $
 4,301,289
 $
 4,279,475
 $
 5,163,995
 $
 5,133,119

 FHLB advances
 $
 2,930,000
 $
 2,929,896
 $
 5,115,000
 $
 5,115,637

 $
 708,553
 $
 695,457
 $
 708,973
 $
 676,077

 $
 85,899
 $
 85,899
 $
 97,166
 $
 97,166

 Note 15 Commitments and Contingencies
 The Company issues off-balance sheet financial instruments to meet the financing needs of its customers. These financial instruments include commitments to fund loans, unfunded commitments under existing lines of credit, and commercial and standby letters of credit. These commitments expose the Company to varying degrees of credit and market risk which are essentially the same as those involved in extending loans to customers, and are subject to the same credit policies used in underwriting loans. Collateral may be obtained based on the Company's credit evaluation of the counterparty. The Company's maximum exposure to credit loss is represented by the contractual amount of these commitments.

 Commitments to fund loans
 These are agreements to lend funds to customers as long as there is no violation of any condition established in the contract. Commitments to fund loans generally have fixed expiration dates or other termination clauses and may require payment of a fee. Many of these commitments are expected to expire without being funded and, therefore, the total commitment amounts do not necessarily represent future liquidity requirements.
 Unfunded commitments under lines of credit
 Unfunded commitments under lines of credit include commercial and commercial real estate lines of credit to existing customers, for many of which additional extensions of credit are subject to borrowing base requirements. Some of these commitments may mature without being fully funded, so may not necessarily represent future liquidity requirements.
 Commercial and standby letters of credit
 Letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These letters of credit are primarily issued to support trade transactions or guarantee arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.
 Total lending related commitments outstanding at December 31, 2024 were as follows (in thousands):

 Commitments to fund loans
 $
 261,634

 Unfunded commitments under lines of credit
 4,676,612

 Commercial and standby letters of credit
 171,985

 $
 5,110,231

 Legal Proceedings
 The Company is involved in various legal actions arising in the normal course of business. In the opinion of management, based upon advice of legal counsel, the likelihood is remote that the adverse impact of these proceedings, either individually or in the aggregate, would be material to the Company's consolidated financial position, results of operations or cash flows.

 Note 16 Condensed Financial Statements of BankUnited, Inc.
 Condensed financial statements of BankUnited, Inc. are presented below (in thousands):
 Condensed Balance Sheets

 Assets:

 Cash and cash equivalents
 $
 274,350
 $
 262,036

 Marketable equity securities, at fair value

 Investment in BankUnited, N.A.
 3,233,366
 2,999,190

 Other assets
 7,423
 7,739

 Total assets
 $
 3,543,967
 $
 3,301,687

 Liabilities and Stockholders' Equity:

 Notes payable
 $
 683,924
 $
 682,472

 Other liabilities
 45,725
 41,294

 Stockholders' equity
 2,814,318
 2,577,921

 Total liabilities and stockholders' equity
 $
 3,543,967
 $
 3,301,687

 Condensed Statements of Income

 2024
 2023
 2022

 Income:

 Interest and dividends on investment securities
 $
 1,729
 $
 3,751
 $
 5,047

 Service fees from subsidiary
 16,775
 16,749
 17,185

 Equity in earnings of subsidiary
 276,296
 225,288
 338,911

 Gain (loss) on investment securities

 1,053
 ( 11,555)
 ( 19,732)

 Gain on extinguishment of debt
 —
 —

 Total
 295,853
 235,137
 341,411

 Expense:

 Interest on borrowings
 35,765
 36,057
 36,210

 Employee compensation and benefits
 34,624
 28,271
 29,189

 Other
 4,097
 4,995
 3,857

 Total
 74,486
 69,323
 69,256

 Income before income taxes
 221,367
 165,814
 272,155

 Benefit for income taxes
 ( 11,100)
 ( 12,857)
 ( 12,816)

 $
 $
 $

 Condensed Statements of Cash Flows

 2024
 2023
 2022

 Cash flows from operating activities:

 $
 $
 $

 Adjustments to reconcile net income to net cash provided by operating activities:

 Equity in undistributed earnings of subsidiaries
 ( 161,296)
 ( 140,288)
 266,089

 Equity based compensation
 21,573
 26,315
 25,179

 Other
 5,046
 8,936
 1,858

 Net cash provided by operating activities
 97,790
 73,634
 578,097

 Cash flows from investing activities:

 Proceeds from sale, maturities and calls of investment securities

 5,000
 73,962

 Other
 —
 ( 160)
 —

 Net cash provided by investing activities

 5,000
 73,802

 Cash flows from financing activities:

 Dividends paid
 ( 85,513)
 ( 79,091)
 ( 79,443)

 Repurchase of common stock
 —
 ( 55,154)
 ( 401,288)

 Repurchase of senior notes

 —
 ( 10,554)
 —

 Other
 ( 4,963)
 ( 6,883)
 ( 5,296)

 Net cash used in financing activities

 ( 90,476)
 ( 151,682)
 ( 486,027)

 Net increase (decrease) in cash and cash equivalents
 12,314
 ( 4,246)
 102,070

 Cash and cash equivalents, beginning of period
 262,036
 266,282
 164,212

 Cash and cash equivalents, end of period
 $
 274,350
 $
 262,036
 $
 266,282

 Supplemental schedule of non-cash investing and financing activities:

 Dividends declared, not paid
 $
 22,176
 $
 20,706
 $
 19,346

 Dividends received by BankUnited, Inc. from the Bank totaled $ 115 million, $ 85 million and $ 605 million for the years ended December 31, 2024, 2023 and 2022, respectively.

 Note 17 Quarterly Financial Information (Unaudited)
 Financial information by quarter for the periods indicated follows (in thousands, except per share data):

 2024

 Fourth Quarter
 Third Quarter
 Second Quarter
 First Quarter
 Total

 Interest income
 $
 467,988
 $
 492,356
 $
 483,298
 $
 481,474
 $
 1,925,116

 Interest expense
 228,729
 258,228
 257,276
 266,617
 1,010,850

 Net interest income before provision for credit losses
 239,259
 234,128
 226,022
 214,857
 914,266

 11,001
 9,248
 19,538
 15,285

 Net interest income after provision for credit losses
 228,258
 224,880
 206,484
 199,572
 859,194

 Non-interest income
 25,205
 22,888
 24,185
 26,877
 99,155

 Non-interest expense
 160,472
 164,582
 157,706
 159,240
 642,000

 Income before income taxes
 92,991
 83,186
 72,963
 67,209
 316,349

 Provision for income taxes
 23,689
 21,734
 19,230
 19,229
 83,882

 $
 69,302
 $
 61,452
 $
 53,733
 $
 47,980
 $

 Earnings per common share, basic
 $
 0.92
 $
 0.82
 $
 0.72
 $
 0.64
 $
 3.10

 Earnings per common share, diluted
 $
 0.91
 $
 0.81
 $
 0.72
 $
 0.64
 $
 3.08

 2023

 Fourth Quarter
 Third Quarter
 Second Quarter
 First Quarter
 Total

 Interest income
 $
 483,205
 $
 470,539
 $
 463,421
 $
 440,416
 $
 1,857,581

 Interest expense
 265,995
 255,697
 249,543
 212,542
 983,777

 Net interest income before provision for credit losses
 217,210
 214,842
 213,878
 227,874
 873,804

 19,253
 33,049
 15,517
 19,788

 Net interest income after provision for credit losses
 197,957
 181,793
 198,361
 208,086
 786,197

 Non-interest income
 17,092
 27,724
 25,487
 16,535
 86,838

 Non-interest expense
 190,863
 147,090
 145,218
 152,780
 635,951

 Income before income taxes
 24,186
 62,427
 78,630
 71,841
 237,084

 Provision for income taxes

 3,374
 15,446
 20,634
 18,959
 58,413

 $
 20,812
 $
 46,981
 $
 57,996
 $
 52,882
 $

 Earnings per common share, basic
 $
 0.27
 $
 0.63
 $
 0.78
 $
 0.71
 $
 2.39

 Earnings per common share, diluted
 $
 0.27
 $
 0.63
 $
 0.78
 $
 0.70
 $
 2.38

 Non-interest expense for the first quarter of 2024 and fourth quarter of 2023 was negatively impacted by $ 5.2 million and $ 35.4 million FDIC special assessments, respectively.

 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
 None.

 Item 9A. Controls and Procedures
 Evaluation of Disclosure Controls and Procedures
 As of the end of the period covered by this Annual Report on Form 10-K, we carried out an evaluation under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and 15d-15(e). Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2024.
 Changes in Internal Control over Financial Reporting
 None.
 Management's Report on Internal Control Over Financial Reporting
 Management's report, which is included in Part II, Item 8 of this Form 10-K, is incorporated herein by reference.
 Attestation Report of the Registered Public Accounting Firm
 The effectiveness of the Company's internal control over financial reporting as of December 31, 2024, has been audited by Deloitte and Touche LLP, an independent registered public accounting firm, as stated in their report, which is included in Part II, Item 8 of this Form 10-K.

 Item 9B. Other Information
 During the three months ended December 31, 2024, no director or officer (as defined in Exchange Act Rule 16a-1(f)) of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
 Not applicable.

 Item 10. Directors, Executive Officers and Corporate Governance
 Information regarding the directors and executive officers of BankUnited, Inc. and information regarding Section 16(a) compliance, the Audit and Risk Committees, the Company's code of ethics, background of the directors and director nominations appearing under the captions "Section 16(a) Beneficial Ownership Reporting Compliance," "Committees of the Board of Directors," "Corporate Governance Guidelines, Code of Conduct and Code of Ethics," "Director Nominating Process and Diversity," "Election of Directors" and "Insider Trading Policy" in the Company's Proxy Statement for the 2025 Annual Meeting of Stockholders (the "2025 Proxy Statement") is hereby incorporated by reference.

 Item 11. Executive Compensation
 Information appearing under the captions "Director Compensation" and "Compensation of our Named Executive Officers" in the 2025 Proxy Statement (other than the "Compensation Committee Report," which is deemed furnished herein by reference) is hereby incorporated by reference.

 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
 Information setting forth the security ownership of certain beneficial owners and management appearing under the caption "Beneficial Ownership of the Company's Common Stock" and information in the "Equity Compensation Plans" table appearing under the caption "Equity Compensation Plan Information" in the 2025 Proxy Statement is hereby incorporated by reference.

 Item 13. Certain Relationships and Related Transactions, and Director Independence
 Information regarding certain related transactions appearing under the captions "Certain Related Party Relationships" and information regarding director independence appearing under the caption "Director Independence" in the 2025 Proxy Statement is hereby incorporated by reference.

 Item 14. Principal Accountant Fees and Services
 Information appearing under the captions "Auditor Fees and Services" and "Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors" in the 2025 Proxy Statement is hereby incorporated by reference.

 Item 15. Exhibits, Financial Statement Schedules
 (a)List of documents filed as part of this report:
 1) Financial Statements:
 Management's Report on Internal Control Over Financial Reporting
 Reports of Independent Registered Public Accounting Firms
 Consolidated Balance Sheets as of December 31, 2024 and 2023
 Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022
 Consolidated Statements of Comprehensive Income for the years ended December 31, 2024, 2023 and 2022
 Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022
 Consolidated Statements of Stockholders' Equity for the years ended December 31, 2024, 2023 and 2022
 Notes to Consolidated Financial Statements
 2) Financial Statement Schedules:
 Financial statement schedules are omitted as not required or not applicable or because the information is included in the Consolidated Financial Statements or notes thereto.
 3) List of Exhibits:
 The exhibit list in the Exhibit Index is incorporated herein by reference as the list of exhibits required as part of this report.

 EXHIBIT INDEX

 Exhibit
Number
 Description
 Location

 3.1

 Amended and Restated Certificate of Incorporation

 Exhibit 3.1 to the Annual Report on Form 10-K of the Company filed February 28, 2018

 3.2

 Amended and Restated By-Laws

 Exhibit 3.1 to the Current Report on Form 8-K of the Company filed August 15, 2016

 4.1

 Specimen common stock certificate

 Exhibit 4.1 to the Registration Statement on Form S-1 of the Company filed January 18, 2011

 4.2

 Indenture dated as of November 17, 2015 between BankUnited, Inc. and U.S. Bank National Association, as trustee

 Exhibit 4.1 to the Current Report on Form 8-K of the Company filed November 17, 2015

 4.3

 First Supplemental Indenture dated as of November 17, 2015 between BankUnited, Inc. and U.S. Bank National Association, as trustee

 Exhibit 4.2 to the Current Report on Form 8-K of the Company filed November 17, 2015

 4.4

 Form of 4.875% Senior Note due 2025 (included as part of Exhibit 4.3 above)

 Exhibit 4.2 to the Current Report on Form 8-K of the Company filed November 17, 2015

 4.5

 Indenture dated as of June 11, 2020 between BankUnited, Inc. and U.S. Bank National Association, as trustee

 Exhibit 4.1 to the Current Report on Form 8-K of the Company filed June 11, 2020

 4.6

 First Supplemental Indenture dated as of June 11, 2020 between BankUnited, Inc. and U.S. Bank National Association, as trustee

 Exhibit 4.2 to the Current Report on Form 8-K of the Company filed June 11, 2020

 4.7

 Form of 5.125% Subordinated Notes due 2030

 Exhibit 4.2 to the Current Report on Form 8-K of the Company filed, June 11, 2020

 4.8

 Description of the registrant's securities registered pursuant to Section 12 of the Securities Exchange Act of 1934

 Exhibit 4.8 to the Annual Report on Form 10-K of the Company filed February 20, 2024

 10.1

 BankUnited, N.A. Non-Qualified Deferred Compensation Plan

 Exhibit 10.1b to the Annual Report on Form 10-K of the Company filed February 26, 2015

 10.1a

 Amendment to the BankUnited, N.A. Non-Qualified Deferred Compensation Plan

 Exhibit 10.1a to the Annual Report on Form 10-K of the Company filed February 26, 2016

 10.2

 BankUnited, Inc. (formerly known as BU Financial Corporation) 2009 Stock Option Plan

 Exhibit 10.7 to the Registration Statement on Form S-1 of the Company filed October 29, 2010

 10.3a

 BankUnited, Inc. 2010 Omnibus Equity Incentive Plan

 Exhibit 10.8 to the Registration Statement on Form S-1 of the Company filed January 18, 2011

 10.3b

 BankUnited, Inc. 2014 Omnibus Equity Incentive Plan

 Appendix A to the Proxy Statement on Schedule 14A of the Company filed April 11, 2014

 Exhibit
Number
 Description
 Location

 10.3c

 Amendment No. 1 to the BankUnited, Inc. 2014 Omnibus Equity Incentive Plan

 Appendix A to the Proxy Statement on Schedule 14A of the Company filed April 10, 2020

 10.3d

 BankUnited, Inc. 2023 Omnibus Equity Incentive Plan

 Exhibit 10.1 to the Current Report on Form 8-K of the Company filed on May 16, 2023

 10.4a

 Registration Rights Agreement by and among BankUnited, Inc., John A. Kanas, Rajinder P. Singh, Douglas J. Pauls and John Bohlsen, and each of the other parties thereto

 Exhibit 10.9 to Annual Report on Form 10-K of the Company filed March 31, 2011

 10.4b

 Amendment No. 1, dated February 29, 2012, to Registration Rights Agreement, dated February 2, 2011, by and among BankUnited, Inc., John A. Kanas, Rajinder P. Singh, Douglas J. Pauls and John Bohlsen, and each of the other parties thereto

 Exhibit 10.3 to the Current Report on Form 8-K of the Company filed March 6, 2012

 10.5

 Form of indemnification agreement between BankUnited, Inc. and each of its directors and executive officers

 Exhibit 10.1 to the Current Report on Form 8-K of the Company filed February 16, 2011

 10.6

 BankUnited, Inc. Policy on Incentive Compensation Arrangements

 Exhibit 10.6 of the Company's Annual Report on Form 10-K filed February 26, 2015

 10.11a

 Amended and Restated Employment Agreement, dated February 2, 2016, by and between BankUnited, Inc. and Rajinder P. Singh

 Exhibit 10.11 to the Annual Report on Form 10-K of the Company filed February 26, 2016

 10.11b

 Amendment, dated May 6, 2016, to Amended and Restated Employment Agreement, dated February 2, 2016, by and between BankUnited, Inc. and Rajinder P. Singh

 Exhibit 10.2 to the Current Report on Form 8-K of the Company filed May 6, 2016

 10.11c

 Second Amendment, dated January 4, 2017, to Amended and Restated Employment Agreement, dated February 2, 2016, as amended on May 6, 2016, by and between BankUnited, Inc. and Rajinder P. Singh

 Exhibit 10.2 to the Current Report on Form 8-K/A of the Company filed January 4, 2017

 10.11d

 Third Amendment, dated December 19, 2019, to Amended and Restated Employment Agreement, dated February 2, 2016, as amended on May 6, 2016 and January 4, 2017, by and between BankUnited, Inc. and Rajinder P. Singh

 Exhibit 10.1 to the Current Report on Form 8-K of the Company filed December 19, 2019

 10.11e

 Fourth Amendment, dated May 2, 2023, to Amended and Restated Employment Agreement, dated February 2, 2016, as amended on May 6, 2016, January 4, 2017 and December 19, 2019, by and between BankUnited, Inc. and Rajinder P. Singh

 Exhibit 10.1 to the Current Report on Form 8-K of the Company filed May 2, 2023

 10.13

 Restricted Share Unit Agreement, dated December 29, 2016, by and between BankUnited, Inc. and Rajinder P. Singh

 Exhibit 10.3 to the Current Report on Form 8-K of the Company filed January 3, 2017

 19.1

 BankUnited, Inc. Policy on Insider Trading

 Exhibit
Number
 Description
 Location

 21.1

 Subsidiaries of BankUnited, Inc.

 23.1

 Consent of Deloitte and Touche LLP

 31.1

 Rule 13a-14(a) Certification of Chief Executive Officer of the Company in accordance with Section 302 of the Sarbanes-Oxley Act of 2002

 31.2

 Rule 13a-14(a) Certification of Chief Financial Officer of the Company in accordance with Section 302 of the Sarbanes-Oxley Act of 2002

 32.1

 Section 1350 Certification of Chief Executive Officer of the Company in accordance with Section 906 of the Sarbanes-Oxley Act of 2002

 32.2

 Section 1350 Certification of Chief Financial Officer of the Company in accordance with Section 906 of the Sarbanes-Oxley Act of 2002

 97.1

 BankUnited, Inc. Policy on Compensation Recovery

 101.INS

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused the report to be signed on its behalf by the undersigned, thereunto duly authorized.

 BANKUNITED, INC.

 Date:
 By:
 /s/ RAJINDER P. SINGH

 Name:

 Rajinder P. Singh

 Title:

 Chairman, President and Chief Executive Officer

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons in the capacities and on the dates indicated.

 Signature

 Title

 Date

 /s/ RAJINDER P. SINGH

 Chairman, President and Chief Executive Officer (Principal Executive Officer)

 Rajinder P. Singh

 /s/ LESLIE N. LUNAK

 Chief Financial Officer (Principal Financial and Accounting Officer)

 Leslie N. Lunak

 /s/ TERE BLANCA

 Tere Blanca

 /s/ JOHN N. DIGIACOMO

 John N. DiGiacomo

 /s/ MICHAEL J. DOWLING

 Michael J. Dowling

 /s/ DOUGLAS J. PAULS

 Douglas J. Pauls

 /s/ WILLIAM S. RUBENSTEIN

 William S. Rubenstein

 /s/ SANJIV SOBTI

 Sanjiv Sobti

 /s/ GERMAINE SMITH-BAUGH

 Germaine Smith-Baugh

 /s/ LYNNE WINES

 Lynne Wines