EX-99.1 2 earningsdocex99120250331.htm EX-99.1 Document

Exhibit 99.1
BANKUNITED, INC. REPORTS FIRST QUARTER 2025 RESULTS

Miami Lakes, Fla. — April 28, 2025 — BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter ended March 31, 2025.
"We're happy to start the year on a strong note, and remain fairly optimistic about our prospects for the year in spite of the uncertainty in the macro-environment" said Rajinder Singh, Chairman, President and Chief Executive Officer.
For the quarter ended March 31, 2025, the Company reported net income of $58.5 million, or $0.78 per diluted share, compared to $69.3 million, or $0.91 per diluted share, for the immediately preceding quarter ended December 31, 2024 and $48.0 million, or $0.64 per diluted share, for the quarter ended March 31, 2024.
Quarterly Highlights
•The Company's funding profile continued to improve this quarter. Non-interest bearing demand deposits ("NIDDA") grew by $453 million, or 5.9%, for the quarter ended March 31, 2025, to 29% of total deposits, up from 27% at December 31, 2024. NIDDA grew by $830 million compared to March 31, 2024, one year ago.
•Non-brokered deposits grew by $719 million, or 3.2%, for the quarter ended March 31, 2025 while total deposits grew by $192 million.
•Wholesale funding, including FHLB advances and brokered deposits, declined by $1.1 billion for the quarter ended March 31, 2025.
•Total loans declined by $308 million for the quarter ended March 31, 2025. The core CRE and C&I segments declined by $106 million. Commercial loan growth is typically seasonally lower in the first quarter, and continued to be impacted by a high level of payoffs. Consistent with our balance sheet strategy, the residential, franchise, equipment and municipal finance portfolios declined by a combined $196 million.
•The loan to deposit ratio declined to 85.5% at March 31, 2025, from 87.2% at December 31, 2024.
•The net interest margin, calculated on a tax-equivalent basis, was 2.81% for the quarter ended March 31, 2025 compared to 2.84% for the immediately preceding quarter, reflecting the impact of declining rates on a modestly asset sensitive balance sheet and the expiration of certain cash flow hedges. Net interest income declined by $6.1 million compared to the prior quarter.
•The average cost of total deposits declined by 0.14% to 2.58% for the quarter ended March 31, 2025 from 2.72% for the immediately preceding quarter ended December 31, 2024. The spot APY of total deposits declined to 2.52% at March 31, 2025 from 2.63% at December 31, 2024.
•The annualized net charge-off ratio for the quarter ended March 31, 2025 was 0.33%. The net charge-off ratio for the trailing twelve months was 0.24%. The NPA ratio was 0.76%, including 0.09% related to the guaranteed portion of non-accrual SBA loans at March 31, 2025 compared to 0.73% including 0.10% related to the guaranteed portion of non-accrual SBA loans at December 31, 2024.
•The ratio of the ACL to total loans was 0.92% at March 31, 2025, consistent with the prior quarter-end. The ratio of the ACL to non-performing loans was 84.58%. The ACL to loans ratio for commercial portfolio sub-segments including C&I, CRE, franchise finance and equipment finance was 1.34% at March 31, 2025 and the ACL to loans ratio for CRE office loans was 1.99%. The provision for credit losses was $15.1 million for the quarter ended March 31, 2025 compared to $11.0 million for the preceding quarter.
•Our commercial real estate exposure totaled 26% of loans and 173% of the Bank's total risk based capital at March 31, 2025. By comparison, based on call report data as of December 31, 2024 for banks with between $10 billion and $100 billion in assets, the median level of CRE to total loans was 34% and the median level of CRE to total risk based capital was 218%.
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•At March 31, 2025, the weighted average LTV of the CRE portfolio was 54.9%, the weighted average DSCR was 1.78, 53% of the portfolio was collateralized by properties located in Florida and 25% was collateralized by properties located in the New York tri-state area. For the office sub-segment, the weighted average LTV was 64.5%, the weighted average DSCR was 1.58, 57% was collateralized by properties in Florida, substantially all of which was suburban, and 23% was collateralized by properties located in the New York tri-state area.
•Our capital position is robust. At March 31, 2025, CET1 was 12.2% at a consolidated level. Pro-forma CET1, including accumulated other comprehensive income, was 11.2% at March 31, 2025. The ratio of tangible common equity to tangible assets increased to 8.11% at March 31, 2025.
•Book value and tangible book value per common share continued to accrete, to $38.51 and $37.48, respectively, at March 31, 2025, compared to $37.65 and $36.61, respectively, at December 31, 2024, and $35.31 and $34.27, respectively, at March 31, 2024.
•The Company announced an increase of $0.02 per share in its common stock dividend for the quarter ended March 31, 2025, to $0.31 per common share, a 7% increase from the previous level of $0.29 per share.
Loans
Loan portfolio composition at the dates indicated follows (dollars in thousands):
March 31, 2025December 31, 2024
Core C&I and CRE sub-segments:
Non-owner occupied commercial real estate$5,602,711 23.4 %$5,652,203 23.3 %
Construction and land603,385 2.5 %561,989 2.3 %
Owner occupied commercial real estate1,967,984 8.2 %1,941,004 8.0 %
Commercial and industrial6,916,996 28.8 %7,042,222 28.9 %
15,091,076 62.9 %15,197,418 62.5 %
Franchise and equipment finance
165,095 0.7 %213,477 0.9 %
Pinnacle - municipal finance688,986 2.9 %720,661 3.0 %
Mortgage warehouse lending ("MWL")580,248 2.4 %585,610 2.4 %
Residential7,464,494 31.1 %7,580,814 31.2 %
$23,989,899 100.0 %$24,297,980 100.0 %
For the quarter ended March 31, 2025, total loans declined by $308 million.The core C&I and CRE sub-segments declined by $106 million; while production was in line with expectations, seasonality and a continued high level of unscheduled payoffs and strategic exits contributed to the decline. Consistent with our balance sheet strategy, residential loans declined by $116 million, and the franchise, equipment, and municipal finance portfolios declined by an aggregate $80 million.
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Asset Quality and the ACL
The following table presents information about the ACL at the dates indicated as well as net charge-off rates for the periods ended March 31, 2025 and December 31, 2024 (dollars in thousands):
ACLACL to Total Loans
Commercial ACL to Commercial Loans(2)
ACL to Non-Performing Loans
Net Charge-offs to Average Loans (1)
December 31, 2024$223,153 0.92 %1.37 %89.01 %0.16 %
March 31, 2025$219,747 0.92 %1.34 %84.58 %0.33 %
(1)    Annualized for the three months ended March 31, 2025; ratio for December 31, 2024 represents annual net charge-off rate.
(2)    For purposes of this ratio, commercial loans includes the core C&I and CRE sub-segments as presented in the table above as well as franchise and equipment finance. Due to their unique risk profiles, MWL and municipal finance are excluded from this ratio.
The ACL at March 31, 2025 represents management's estimate of lifetime expected credit losses given an assessment of historical data, current conditions, and a reasonable and supportable economic forecast as of the balance sheet date. For the quarter ended March 31, 2025, the provision for credit losses, including both funded and unfunded loan commitments, was $15.1 million, compared to $11.0 million for the immediately preceding quarter ended December 31, 2024 and $15.3 million for the quarter ended March 31, 2024. The most significant factor leading to the decrease in ACL for the quarter was net charge offs, the impact of which was partially offset by increases in specific reserves, risk rating migration and an increase in qualitative overlays, particularly related to economic uncertainty.
The following table summarizes the activity in the ACL for the periods indicated (in thousands):
Three Months Ended
 March 31, 2025December 31, 2024March 31, 2024
Beginning balance$223,153 $228,249 $202,689 
Provision15,963 12,267 15,805 
Net charge-offs(19,369)(17,363)(938)
Ending balance$219,747 $223,153 $217,556 
Total criticized and classified commercial loans were essentially flat quarter-over-quarter, as shown in the following table (in thousands):
March 31, 2025December 31, 2024
CRE
Total Commercial
CRE
Total Commercial
Special mention$70,579 $193,206 $58,771 $262,387 
Substandard - accruing649,867 962,342 633,614 894,754 
Substandard - non-accruing92,648 227,567 95,378 219,758 
Doubtful— 2,026 — 6,856 
Total $813,094 $1,385,141 $787,763 $1,383,755 
Non-performing loans totaled $259.8 million or 1.08% of total loans at March 31, 2025, compared to $250.7 million or 1.03% of total loans at December 31, 2024. Non-performing loans included $33.0 million and $34.3 million of the guaranteed portion of SBA loans on non-accrual status, representing 0.14% of total loans at both March 31, 2025 and December 31, 2024.
Net Interest Income
Net interest income for the quarter ended March 31, 2025 was $233.1 million, compared to $239.3 million for the immediately preceding quarter ended December 31, 2024, and $214.9 million for the quarter ended March 31, 2024. Interest income decreased by $24.3 million for the quarter ended March 31, 2025 compared to the immediately preceding quarter, while interest expense decreased by $18.2 million. The quarter-over-quarter decline in interest income related to lower yields on interest earning assets as coupon rates on floating rate instruments reset down and to a lesser extent, the lower average balance of interest earning assets. The decline in interest expense related to both a lower average cost of funds and lower average balance of interest bearing liabilities.
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The Company’s net interest margin, calculated on a tax-equivalent basis, decreased by 0.03% to 2.81% for the quarter ended March 31, 2025, from 2.84% for the immediately preceding quarter ended December 31, 2024. The decline in margin reflects the impact of a declining rate environment on a modestly asset sensitive balance sheet and expiration of certain cash flow hedges. Factors impacting the net interest margin for the quarter ended March 31, 2025 were:
•The average rate paid on interest bearing deposits declined to 3.54% for the quarter ended March 31, 2025, from 3.75% for the quarter ended December 31, 2024. This decline reflected continued initiatives taken to lower rates paid on deposits as short-term market rates declined, including the re-pricing of time deposits.
•The average rate paid on FHLB advances declined to 3.69% for the quarter ended March 31, 2025 from 3.82% for the quarter ended December 31, 2024, primarily due to repayment of higher rate short-term advances partially offset by expiration of cash flow hedges.
•The tax-equivalent yield on loans declined to 5.48% for the quarter ended March 31, 2025, from 5.60% for the quarter ended December 31, 2024. The primary driver of this decrease was coupon rate resets on variable rate loans.
•The tax-equivalent yield on investments declined to 5.07% for the quarter ended March 31, 2025, from 5.31% for the quarter ended December 31, 2024. This decrease resulted primarily from coupon rate resets on variable rate securities.
Earnings Conference Call and Presentation
A conference call to discuss quarterly results will be held at 9:00 a.m. ET on Monday, April 28, 2025 with Chairman, President and Chief Executive Officer Rajinder P. Singh, Chief Financial Officer Leslie N. Lunak and Chief Operating Officer Thomas M. Cornish.
The earnings release and slides with supplemental information relating to the release will be available on the Investor Relations page under About Us on www.bankunited.com prior to the call. Due to recent demand for conference call services, participants are encouraged to listen to the call via a live Internet webcast at https://ir.bankunited.com. To participate by telephone, participants will receive dial-in information and a unique PIN number upon completion of registration at https://register-conf.media-server.com/register/BI6d362bb51b864c1bae498c18ea9aa2f9. For those unable to join the live event, an archived webcast will be available on the Investor Relations page at https://ir.bankunited.com approximately two hours following the live webcast.
About BankUnited, Inc.
BankUnited, Inc., with total assets of $34.8 billion at March 31, 2025, is the bank holding company of BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida that provides a full range of banking and related services to individual and corporate customers through banking centers located in the state of Florida, the New York metropolitan area and Dallas, Texas, and a comprehensive suite of wholesale products to customers through an Atlanta office focused on the Southeast region. BankUnited also offers certain commercial lending and deposit products through national platforms. For additional information, call (877) 779-2265 or visit www.BankUnited.com. BankUnited can be found on Facebook at facebook.com/BankUnited.official, LinkedIn @BankUnited and on X @BankUnited.
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company’s current views with respect to, among other things, future events and financial performance. The Company generally identifies forward-looking statements by terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” "forecasts" or the negative version of those words or other comparable words. Any forward-looking statements contained in this press release are based on the historical performance of the Company and its subsidiaries or on the Company’s current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by the Company that the future plans, estimates or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions, including (without limitation) those relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity, including as impacted by external circumstances outside the Company's direct control, such as but not limited to adverse events or conditions impacting the financial services industry. 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 may vary materially from those indicated in these statements. These factors should not be construed as exhaustive. The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. Information on these factors can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are available at the SEC’s website (www.sec.gov).
Contact
BankUnited, Inc.
Investor Relations:
Leslie N. Lunak, 786-313-1698
Source: BankUnited, Inc.
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BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share and per share data) 
March 31,
2025		December 31,
2024
ASSETS 
Cash and due from banks: 
Non-interest bearing$12,727 $12,078 
Interest bearing431,018 479,038 
Cash and cash equivalents 443,745 491,116 
Investment securities9,099,809 9,130,244 
Non-marketable equity securities181,359 206,297 
Loans23,989,899 24,297,980 
Allowance for credit losses (219,747)(223,153)
Loans, net23,770,152 24,074,827 
Bank owned life insurance 293,886 284,570 
Operating lease equipment, net218,621 223,844 
Goodwill77,637 77,637 
Other assets746,788 753,207 
Total assets$34,831,997 $35,241,742 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Liabilities: 
Demand deposits: 
Non-interest bearing$8,069,275 $7,616,182 
Interest bearing4,776,223 4,892,814 
Savings and money market10,788,919 11,055,418 
Time4,423,408 4,301,289 
Total deposits28,057,825 27,865,703 
FHLB advances2,405,000 2,930,000 
Notes and other borrowings709,091 708,553 
Other liabilities762,499 923,168 
Total liabilities 31,934,415 32,427,424 
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 75,242,048 and 74,748,370 shares issued and outstanding
752 747 
Paid-in capital301,321 301,672 
Retained earnings2,831,743 2,796,440 
Accumulated other comprehensive loss(236,234)(284,541)
Total stockholders' equity 2,897,582 2,814,318 
Total liabilities and stockholders' equity $34,831,997 $35,241,742 

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BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
Three Months Ended
 March 31, 2025December 31, 2024March 31, 2024
Interest income:  
Loans$321,384 $336,816 $347,257 
Investment securities113,869 121,872 124,179 
Other8,436 9,300 10,038 
Total interest income 443,689 467,988 481,474 
Interest expense:
Deposits174,210 188,853 209,998 
Borrowings36,340 39,876 56,619 
Total interest expense 210,550 228,729 266,617 
Net interest income before provision for credit losses 233,139 239,259 214,857 
Provision for credit losses 15,111 11,001 15,285 
Net interest income after provision for credit losses 218,028 228,258 199,572 
Non-interest income:
Deposit service charges and fees5,235 4,988 5,313 
Gain on investment securities, net
944 804 775 
Lease financing4,313 7,162 11,440 
Other non-interest income11,778 12,251 9,349 
Total non-interest income 22,270 25,205 26,877 
Non-interest expense:
Employee compensation and benefits82,746 82,315 75,920 
Occupancy and equipment 11,343 11,776 10,569 
Deposit insurance expense7,227 6,662 13,530 
Technology22,780 21,002 20,315 
Depreciation of operating lease equipment4,009 4,352 9,213 
Other non-interest expense32,121 34,365 29,693 
Total non-interest expense 160,226 160,472 159,240 
Income before income taxes
80,072 92,991 67,209 
Provision for income taxes21,596 23,689 19,229 
Net income
$58,476 $69,302 $47,980 
Earnings per common share, basic$0.78 $0.92 $0.64 
Earnings per common share, diluted$0.78 $0.91 $0.64 

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BANKUNITED, INC. AND SUBSIDIARIES
AVERAGE BALANCES AND YIELDS
(Dollars in thousands)
Three Months Ended March 31,Three Months Ended December 31,Three Months Ended March 31,
202520242024
Average
Balance
Interest (1)
Yield/
Rate (1)(2)
Average
Balance
Interest (1)
Yield/
Rate (1)(2)
Average
Balance
Interest (1)
Yield/
Rate (1)(2)
Assets:
Interest earning assets:
Loans$23,933,938 $324,113 5.48 %$24,152,602 $339,725 5.60 %$24,337,440 $350,441 5.78 %
Investment securities (3)
9,104,228 114,590 5.07 %9,236,863 122,648 5.31 %8,952,453 125,025 5.59 %
Other interest earning assets788,547 8,436 4.33 %785,947 9,300 4.71 %763,460 10,038 5.29 %
Total interest earning assets33,826,713 447,139 5.34 %34,175,412 471,673 5.50 %34,053,353 485,504 5.72 %
Allowance for credit losses(228,158)(235,211)(206,747)
Non-interest earning assets1,376,904 1,405,129 1,589,333 
Total assets$34,975,459 $35,345,330 $35,435,939 
Liabilities and Stockholders' Equity:
Interest bearing liabilities:
Interest bearing demand deposits$4,811,826 $39,893 3.36 %$5,045,860 $46,759 3.69 %$3,584,363 $33,507 3.76 %
Savings and money market deposits10,833,734 91,779 3.44 %10,462,295 93,912 3.57 %11,234,259 118,639 4.25 %
Time deposits4,326,750 42,538 3.99 %4,529,737 48,182 4.23 %5,231,178 57,852 4.45 %
Total interest bearing deposits19,972,310 174,210 3.54 %20,037,892 188,853 3.75 %20,049,800 209,998 4.21 %
FHLB advances2,991,389 27,206 3.69 %3,200,652 30,750 3.82 %4,570,220 47,496 4.18 %
Notes and other borrowings709,037 9,134 5.15 %708,689 9,126 5.15 %709,017 9,123 5.15 %
Total interest bearing liabilities23,672,736 210,550 3.61 %23,947,233 228,729 3.80 %25,329,037 266,617 4.23 %
Non-interest bearing demand deposits7,413,117 7,557,267 6,560,926 
Other non-interest bearing liabilities1,004,917 995,789 906,266 
Total liabilities32,090,770 32,500,289 32,796,229 
Stockholders' equity2,884,689 2,845,041 2,639,710 
Total liabilities and stockholders' equity$34,975,459 $35,345,330 $35,435,939 
Net interest income$236,589 $242,944 $218,887 
Interest rate spread1.73 %1.70 %1.49 %
Net interest margin2.81 %2.84 %2.57 %
(1)    On a tax-equivalent basis where applicable
(2)    Annualized
(3)    At fair value






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BANKUNITED, INC. AND SUBSIDIARIES
EARNINGS PER COMMON SHARE
(In thousands except share and per share amounts)
Three Months Ended
cMarch 31, 2025December 31, 2024March 31, 2024
Basic earnings per common share: 
Numerator:
Net income
$58,476 $69,302 $47,980 
Distributed and undistributed earnings allocated to participating securities
(821)(1,598)(680)
Income allocated to common stockholders for basic earnings per common share$57,655 $67,704 $47,300 
Denominator:
Weighted average common shares outstanding74,918,750 74,750,961 74,509,107 
Less average unvested stock awards(1,101,408)(1,075,384)(1,127,838)
Weighted average shares for basic earnings per common share73,817,342 73,675,577 73,381,269 
Basic earnings per common share$0.78 $0.92 $0.64 
Diluted earnings per common share:
Numerator:
Income allocated to common stockholders for basic earnings per common share$57,655 $67,704 $47,300 
Adjustment for earnings reallocated from participating securities
4 (198)1 
Income used in calculating diluted earnings per common share$57,659 $67,506 $47,301 
Denominator:
Weighted average shares for basic earnings per common share73,817,342 73,675,577 73,381,269 
Dilutive effect of certain share-based awards562,488 616,913 255,824 
Weighted average shares for diluted earnings per common share
74,379,830 74,292,490 73,637,093 
Diluted earnings per common share$0.78 $0.91 $0.64 

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BANKUNITED, INC. AND SUBSIDIARIES
SELECTED RATIOS
 At or for the Three Months Ended
 March 31, 2025December 31, 2024March 31, 2024
Financial ratios (4)
  
Return on average assets0.68 %0.78 %0.54 %
Return on average stockholders’ equity8.2 %9.7 %7.3 %
Net interest margin (3)
2.81 %2.84 %2.57 %
Loans to deposits85.5 %87.2 %89.6 %
Tangible book value per common share$37.48 $36.61 $34.27 
 March 31, 2025December 31, 2024
Asset quality ratios 
Non-performing loans to total loans (1)(5)
1.08 %1.03 %
Non-performing assets to total assets (2)(5)
0.76 %0.73 %
Allowance for credit losses to total loans0.92 %0.92 %
Allowance for credit losses to commercial loans (6)
1.34 %1.37 %
Allowance for credit losses to non-performing loans (1)(5)
84.58 %89.01 %
Net charge-offs to average loans(7)
0.33 %0.16 %
(1)    We define non-performing loans to include non-accrual loans and loans other than purchased credit deteriorated and government insured residential loans that are past due 90 days or more and still accruing. Contractually delinquent purchased credit deteriorated and government insured residential loans on which interest continues to be accrued are excluded from non-performing loans.
(2)    Non-performing assets include non-performing loans, OREO and other repossessed assets.
(3)    On a tax-equivalent basis.
(4)    Annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.
(5)    Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $33.0 million or 0.14% of total loans and 0.09% of total assets at March 31, 2025, and $34.3 million or 0.14% of total loans and 0.10% of total assets at December 31, 2024.
(6)    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.
(7)    Annualized for the three months ended March 31, 2025; ratio for December 31, 2024 represents annual net charge-off rate.

March 31, 2025December 31, 2024Required to be Considered Well Capitalized
BankUnited, Inc.BankUnited, N.A.BankUnited, Inc.BankUnited, N.A.
Capital ratios
Tier 1 leverage8.7 %9.5 %8.5 %9.7 %5.0 %
Common Equity Tier 1 ("CET1") risk-based capital12.2 %13.4 %12.0 %13.7 %6.5 %
Total risk-based capital14.3 %14.3 %14.1 %14.6 %10.0 %
Tangible Common Equity/Tangible Assets8.1 %N/A7.8 %N/AN/A
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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): 
March 31, 2025December 31, 2024March 31, 2024
Total stockholders’ equity$2,897,582 $2,814,318 $2,640,392 
Less: goodwill and other intangible assets77,637 77,637 77,637 
Tangible stockholders’ equity$2,819,945 $2,736,681 $2,562,755 
Common shares issued and outstanding75,242,048 74,748,370 74,772,706 
Book value per common share$38.51 $37.65 $35.31 
Tangible book value per common share$37.48 $36.61 $34.27 
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