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BankUnited BankUnited , Inc. Reports First Quarter 2021 Results April 22 , 2021 MIAMI LAKES , Fla .-- ( BUSINESS WIRE ) -- Apr . 22 , 2021-- BankUnited , Inc. ( the " Company " ) ( NYSE : BKU ) today announced financial results for the quarter ended March 31 , 2021 . " This quarter , non - interest DDA grew by almost $ 1 billion , our net interest margin expanded , and we released some of the reserves we put up last year . This quarter also marks the culmination of our 2 year cloud journey , and the release of our new mobile banking platform . " said Rajinder Singh , Chairman , President and Chief Executive Officer . For the quarter ended March 31 , 2021 , the Company reported net income of $ 98.8 million , or $ 1.06 per diluted share , compared to a net loss of $ ( 31.0 ) million , or $ ( 0.33 ) per diluted share , for the quarter ended March 31 , 2020. On an annualized basis , earnings for the quarter ended March 31 , 2021 generated a return on average stockholders ' equity of 13.2 % and a return on average assets of 1.14 % . Financial Highlights • Net interest income increased by $ 2.9 million compared to the immediately preceding quarter ended December 31 , 2020 and by $ 15.7 million compared to the quarter ended March 31 , 2020. The net interest margin , calculated on a tax - equivalent basis , improved to 2.39 % for the quarter ended March 31 , 2021 from 2.33 % for the immediately preceding quarter and 2.35 % for the quarter ended March 31 , 2020 . • The average cost of total deposits continued to decline , dropping by 0.10 % to 0.33 % for the quarter ended March 31 , 2021 from 0.43 % for the immediately preceding quarter ended December 31 , 2020 , and 1.36 % for the quarter ended March 31 , 2020. On a spot basis , the average annual percentage yield ( " APY " ) on total deposits declined to 0.27 % at March 31 , 2021 from 0.36 % at December 31 , 2020 and 1.35 % at March 31 , 2020 . • For the quarter ended March 31 , 2021 , the Company recorded a recovery of the provision for credit losses of $ ( 28.0 ) million compared to a recovery of $ ( 1.6 ) million for the immediately preceding quarter ended December 31 , 2020 and a provision for credit losses of $ 125.4 million for the quarter ended March 31 , 2020. The most significant factor leading to the recovery of credit losses for the quarter ended March 31 , 2021 was an improving economic forecast . In contrast , the provision for credit losses for the quarter ended March 31 , 2020 was driven primarily by a deteriorating economic forecast resulting from the onset of the COVID - 19 pandemic . • Pre - tax , pre - provision net revenue ( " PPNR " ) was $ 103.3 million for the quarter ended March 31 , 2021 compared to $ 105.3 million for the immediately preceding quarter ended December 31 , 2020 and $ 85.0 million for the quarter ended March 31 , 2020 . • Non - interest bearing demand deposits grew by $ 957 million during the quarter ended March 31 , 2021. Total deposits grew by $ 236 million as higher cost time deposits continued to runoff , declining by $ 1.0 billion for the quarter ended March 31 , 2021. Average non - interest bearing demand deposits grew by $ 338 million for the quarter ended March 31 , 2021 compared to the immediately preceding quarter ended December 31 , 2020 and by $ 3.1 billion compared to the quarter ended March 31 , 2020. At March 31 , 2021 , non - interest bearing demand deposits represented 29 % of total deposits , compared to 25 % of total deposits at December 31 , 2020 . • Total loans and operating lease equipment declined by $ 487 million for the quarter ended March 31 , 2020 . • Loans on deferral totaled $ 126 million or less than 1 % of total loans at March 31 , 2021. Loans modified under the CARES Act totaled $ 636 million at March 31 , 2021. In the aggregate , this represents $ 762 million or 3 % of the total loan portfolio at March 31 , 2021 . • Non - performing assets totaled $ 236 million or 0.67 % of total assets at March 31 , 2020 , a decline from $ 248 million or 0.71 % of total assets at December 31 , 2020 . • Book value per common share and tangible book value per common share at March 31 , 2021 increased to $ 32.83 and $ 32.00 , respectively , from $ 32.05 and $ 31.22 , respectively at December 31 , 2020 and pre - pandemic levels of $ 31.33 and $ 30.52 , respectively at December 31 , 2019 . • As previously reported , on January 20 , 2021 , the Company's Board of Directors reinstated the share repurchase program that the Company suspended in March 2020. During the quarter ended March 31 , 2021 , the Company repurchased approximately 0.2 million shares of its common stock for an aggregate purchase price of $ 7.3 million , at a weighted average price of $ 35.42 per share . Loans and Leases A comparison of loan and lease portfolio composition at the dates indicated follows ( dollars in thousands ) : March 31 , 2021 December 31 , 2020 Residential and other consumer loans $ 6,582,447 28.1 % $ 6,348,222 26.6 %