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Miami Lakes , Fla . - July 22 , 2021 BANKUNITED , INC . REPORTS SECOND QUARTER 2021 RESULTS BankUnited , Inc. ( the " Company " ) ( NYSE : BKU ) today announced financial results for the quarter ended June 30 , 2021 Exhibit 99.1 " We're very happy with results for the quarter and optimistic about a strong economic recovery " said Rajinder Singh , Chairman , President and Chief Executive Officer . For the quarter ended June 30 , 2021 , the Company reported net income of $ 104.0 million , or $ 1.11 per diluted share , compared to $ 98.8 million or $ 1.06 per diluted share for the immediately preceding quarter ended March 31 , 2021 and $ 76.5 million , or $ 0.80 per diluted share , for the quarter ended June 30 , 2020 . For the six months ended June 30 , 2021 , the Company reported net income of $ 202.8 million , or $ 2.17 per diluted share , compared to $ 45.6 million , or $ 0.47 per diluted share , for the six months ended June 30 , 2020. On an annualized basis , earnings for the six months ended June 30 , 2021 generated a return on average stockholders ' equity of 13.2 % and a return on average assets of 1.15 % . Financial Highlights Pre - tax , pre - provision net revenue ( " PPNR " ) was $ 112.6 million for the quarter ended June 30 , 2021 compared to $ 103.3 million for the immediately preceding quarter ended March 31 , 2021 and $ 122.3 million for the quarter ended June 30 , 2020. For the six months ended June 30 , 2021 and 2020 , PPNR was $ 215.9 million and $ 207.3 million , respectively . Net interest income increased by $ 2.1 million compared to the immediately preceding quarter ended March 31 , 2021 and by $ 8.0 million compared to the quarter ended June 30 , 2020. The net interest margin calculated on a tax - equivalent basis , impacted by elevated levels of liquidity , decreased to 2.37 % for the quarter ended June 30 , 2021 from 2.39 % for both the immediately preceding quarter ended March 31 , 2021 and the quarter ended June 30 , 2020 . The average cost of total deposits continued to decline , dropping by 0.08 % to 0.25 % for the quarter ended June 30 , 2021 from 0.33 % for the immediately preceding quarter ended March 31 , 2021 , and 0.80 % for the quarter ended June 30 , 2020 . On a spot basis , the average annual percentage yield ( " APY " ) on total deposits de clined to 0.22 % at June 30 , 2021 from 0.27 % at March 31 , 2021 and 0.36 % at December 31 , 2020 . For the quarter ended June 30 , 2021 , the Company recorded a recovery of credit losses of $ ( 27.5 ) million compared to a recovery of $ ( 28.0 ) million for the immediately preceding quarter ended March 31 , 2021 and a provision for credit losses of $ 25.4 million for the quarter ended June 30 , 2020. For the six months ended June 30 , 2021 and 2020 , the provision for ( recovery of ) credit losses was $ ( 55.5 ) million and $ 150.8 million , respectively . As expected , the Company's levels of criticized and classified loans , which had increased as a result of the COVID - 19 pandemic , have started to decline . During the quarter ended June 30 , 2021 , total criticized and classified loans declined by $ 541 million or 21 % , to $ 2.1 billion at June 30 , 2021 from $ 2.6 billion at March 31 , 2021 . Loans currently under short - term deferral totaled $ 41 million and loans modified under the CARES Act totaled $ 456 million for a total of $ 497 million at June 30 , 2021 , down from a total of $ 762 million at March 31 , 2021 . Non - interest bearing demand deposits grew by $ 869 million during the quarter ended June 30 , 2021 while total deposits grew by $ 877 million . Average non - interest bearing demand deposits grew by $ 673 million for the quarter ended June 30 , 2021 compared to the immediately preceding quarter and by $ 2.9 billion compared to the second quarter of the prior year . At June 30 , 2021 , non - interest bearing demand deposits represented 31 % of total deposits , compared to 25 % of total deposits at December 31 , 2020 . Investment securities grew by $ 987 million for the quarter ended June 30 , 2021 , while loans and operating leases , excluding PPP loans , declined by $ 69 million . Excess liquidity was deployed into the investment portfolio during the quarter as loan growth continued to lag growth in deposits . 1