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BANKUNITED , INC . REPORTS THIRD QUARTER 2021 RESULTS Exhibit 99.1 Miami Lakes , Fla . - October 21 , 2021 - BankUnited , Inc. ( the " Company " ) ( NYSE : BKU ) today announced financial results for the quarter ended September 30 , 2021 " The Company delivered a solid quarter . We're pleased by our continued progress in improving the deposit book and in the positive direction of credit trends " said Rajinder Singh , Chairman , President and Chief Executive Officer . For the quarter ended September 30 , 2021 , the Company reported net income of $ 86.9 million , or $ 0.94 per diluted share , compared to $ 104.0 million or $ 1.11 per diluted share for the immediately preceding quarter ended June 30 , 2021 and $ 66.6 million , or $ 0.70 per diluted share , for the quarter ended September 30 , 2020 . For the nine months ended September 30 , 2021 , the Company reported net income of $ 289.7 million , or $ 3.12 per diluted share , compared to $ 112.1 million , or $ 1.17 per diluted share , for the nine months ended September 30 , 2020. On an annualized basis , earnings for the nine months ended September 30 , 2021 generated a return on average stockholders ' equity of 12.4 % and a return on average assets of 1.09 % . Financial Highlights Ne t interest income decreased by $ 3.2 million compared to the immediately preceding quarter ended June 30 , 2021 and increased by $ 7.6 million compared to the quarter ended September 30 , 2020. The net interest margin , calculated on a tax - equivalent basis , was 2.33 % for the quarter ended September 30 , 2021 compared to 2.37 % for the immediately preceding quarter and 2.32 % for the quarter ended September 30 , 2020. The net interest margin was impacted by pressure on earning asset yields , in part resulting from lower than expected commercial loan growth for the quarter , leading to continued deployment of liquidity into securities . Lower recognition of PPP fees also had an impact . As expected , the average cost of total deposits continued to decline , dropping by 0.05 % to 0.20 % for the quarter ended September 30 , 2021 from 0.25 % for the immediately preceding quarter ended June 30 , 2021 , and 0.57 % for the quarter ended September 30 , 2020. On a spot basis , the average annual percentage yield ( " APY " ) on total deposits declined to 0.19 % at September 30 , 2021 from 0.22 % at June 30 , 2021 and 0.36 % at December 31 , 2020 . Non - interest bearing demand deposits grew by $ 324 million during the quarter ended September 30 , 2021 while average non - interest bearing demand deposits grew by $ 749 million compared to the immediately preceding quarter . Average non - interest bearing demand deposits grew by $ 2.7 billion compared to the third quarter of the prior year . At September 30 , 2021 , non - interest bearing demand deposits represented 33 % of total deposits , compared to 25 % of total deposits at December 31 , 2020 . Total deposits declined by $ 493 million during the quarter ended September 30 , 2021 , as the Company continues to execute on a strategy focused on improving the quality of the deposit base rather than on growth in total deposits . Money market and savings deposits declined by $ 1.1 billion in the third quarter . The majority of this decline was attributable to reductions in accounts that management believes will be more price sensitive in a rising rate environment . For the quarter ended September 30 , 2021 , the Company recorded a recovery of credit losses of $ ( 11.8 ) million compared to a recovery of $ ( 27.5 ) million for the immediately preceding quarter ended June 30 , 2021 and a provision for credit losses of $ 29.2 million for the quarter ended September 30 , 2020. For the nine months ended September 30 , 2021 and 2020 , the provision for ( recovery of ) credit losses was $ ( 67.4 ) million and $ 180.1 million , respectively . Year over year volatility in the provision related to the expected economic impact of the onset of the COVID - 19 pandemic in 2020 and subsequent recovery in 2021 . As expected , as the economy emerges from the COVID - 19 crisis and our borrowers ' operating results improve , criticized and classified loans continued to decline . During the quarter ended September 30 , 2021 , total criticized and classified loans declined by $ 240 million . The ratio of non - performing loans to total loans declined to 1.21 % at September 30 , 2021 from 1.28 % at June 30 , 2021 . 1