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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
☒
QUARTERLY 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 quarterly period ended September 30, 2023
Commission File Number: 001-35039 

BankUnited, Inc.
(Exact name of registrant as specified in its charter)
Delaware27-0162450
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
14817 Oak LaneMiami LakesFL33016
(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:
ClassTrading SymbolName of Exchange on Which Registered
Common Stock, $0.01 Par ValueBKUNew York Stock Exchange

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  ý  No  o 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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  ý  No  o 
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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐  No  ☒ 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 
The number of outstanding shares of the registrant common stock, $0.01 par value, as of October 30, 2023 was 74,382,141.





BANKUNITED, INC.
Form 10-Q
For the Quarter Ended September 30, 2023
TABLE OF CONTENTS
  Page
PART I. 
   
ITEM 1. 
 
 
 
 
 
 
   
ITEM 2.
   
ITEM 3.
   
ITEM 4.
   
PART II. 
   
ITEM 1.
   
ITEM 1A.
ITEM 2.
ITEM 5.
   
ITEM 6.
   

i

GLOSSARY OF DEFINED TERMS

The following acronyms and terms may be used throughout this Form 10-Q, including the consolidated financial statements and related notes.
ACLAllowance for credit losses
AFSAvailable for sale
ALCOAsset/Liability Committee
ALMAsset Liability Management
AOCIAccumulated other comprehensive income
ASCAccounting Standards Codification
ASUAccounting Standards Update
BKUBankUnited, Inc.
BOLIBank Owned Life Insurance
BankUnitedBankUnited, National Association
The BankBankUnited, National Association
BridgeBridge Funding Group, Inc.
BTFPBank Term Funding Program
Buyout loansFHA and VA insured mortgages from third party servicers who have exercised their right to purchase these loans out of GNMA securitizations
CCARComprehensive Capital Analysis and Review
CDCertificate of Deposit
CECLCurrent expected credit losses
CET1Common Equity Tier 1 capital
C&ICommercial and Industrial loans, including owner-occupied commercial real estate
CLOCollateralized loan obligations
CMBSCommercial mortgage-backed securities
CMEChicago Mercantile Exchange
CMOsCollateralized mortgage obligations
CRECommercial real estate loans, including non-owner occupied commercial real estate and construction and land
DSCRDebt Service Coverage Ratio
EVEEconomic value of equity
FCAThe Financial Conduct Authority
FDIAFederal Deposit Insurance Act
FDICFederal Deposit Insurance Corporation
FHAFederal Housing Administration
FHLBFederal Home Loan Bank
FICOFair Isaac Corporation (credit score)
FRBFederal Reserve Bank
GAAPU.S. generally accepted accounting principles
GDPGross Domestic Product
GNMAGovernment National Mortgage Association
ISDAInternational Swaps and Derivatives Association
LGDLoss Given Default
LIBORLondon InterBank Offered Rate
LIHTCLow Income Housing Tax Credits
LTVLoan-to-value
MBSMortgage-backed securities
MSAMetropolitan Statistical Area
ii


NRSRONationally recognized statistical rating organization
OREOOther real estate owned
PCDPurchased credit-deteriorated
PDProbability of default
PinnaclePinnacle Public Finance, Inc.
REITReal Estate Investment Trust
RPA
Risk Participation Agreement
SBAU.S. Small Business Administration
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
TDRTroubled-debt restructuring
Tri-StateNew York, New Jersey and Connecticut
UPBUnpaid principal balance
VA loanLoan guaranteed by the U.S. Department of Veterans Affairs

iii


PART I
Item 1.  Financial Statements and Supplementary Data
BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share and per share data)
September 30,
2023		December 31,
2022
ASSETS  
Cash and due from banks:  
Non-interest bearing$12,391 $16,068 
Interest bearing379,494 556,579 
Cash and cash equivalents 391,885 572,647 
Investment securities (including securities reported at fair value of $8,876,484 and $9,745,327)
8,886,484 9,755,327 
Non-marketable equity securities312,159 294,172 
Loans24,356,276 24,885,988 
Allowance for credit losses (196,063)(147,946)
Loans, net24,160,213 24,738,042 
Bank owned life insurance 319,808 308,212 
Operating lease equipment, net460,146 539,799 
Goodwill77,637 77,637 
Other assets781,332 740,876 
Total assets$35,389,664 $37,026,712 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Demand deposits:  
Non-interest bearing$7,356,523 $8,037,848 
Interest bearing3,290,391 2,142,067 
Savings and money market10,276,071 13,061,341 
Time5,189,681 4,268,078 
Total deposits26,112,666 27,509,334 
Federal funds purchased — 190,000 
FHLB advances5,165,000 5,420,000 
Notes and other borrowings715,197 720,923 
Other liabilities872,731 750,474 
Total liabilities 32,865,594 34,590,731 
Commitments and contingencies
Stockholders' equity:  
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 74,413,059 and 75,674,587 shares issued and outstanding
744 757 
Paid-in capital279,672 321,729 
Retained earnings2,650,850 2,551,400 
Accumulated other comprehensive loss(407,196)(437,905)
Total stockholders' equity 2,524,070 2,435,981 
Total liabilities and stockholders' equity $35,389,664 $37,026,712 
 
1
The accompanying notes are an integral part of these consolidated financial statements




BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Interest income:  
Loans$337,014 $244,884 $971,962 $645,669 
Investment securities122,857 77,109 362,219 174,928 
Other10,668 4,031 40,195 8,364 
Total interest income 470,539 326,024 1,374,376 828,961 
Interest expense:
Deposits176,974 53,206 467,472 85,569 
Borrowings78,723 36,982 250,310 73,498 
Total interest expense 255,697 90,188 717,782 159,067 
Net interest income before provision for credit losses 214,842 235,836 656,594 669,894 
Provision for credit losses
33,049 3,720 68,354 35,546 
Net interest income after provision for credit losses 181,793 232,116 588,240 634,348 
Non-interest income:
Deposit service charges and fees5,402 6,064 16,296 17,920 
Gain (loss) on investment securities, net
887 135 (10,669)(16,125)
Lease financing16,531 13,180 42,159 39,958 
Other non-interest income4,904 3,693 21,960 9,070 
Total non-interest income 27,724 23,072 69,746 50,823 
Non-interest expense:
Employee compensation and benefits68,825 66,097 207,290 195,646 
Occupancy and equipment 10,890 11,719 32,735 34,630 
Deposit insurance expense7,790 4,398 23,294 11,794 
Professional fees 2,696 3,184 9,132 8,702 
Technology19,193 19,813 61,356 54,715 
Depreciation of operating lease equipment11,217 12,646 33,970 37,841 
Other non-interest expense26,479 20,248 77,311 48,503 
Total non-interest expense 147,090 138,105 445,088 391,831 
Income before income taxes
62,427 117,083 212,898 293,340 
Provision for income taxes15,446 29,233 55,039 72,576 
Net income
$46,981 $87,850 $157,859 $220,764 
Earnings per common share, basic$0.63 $1.13 $2.12 $2.73 
Earnings per common share, diluted$0.63 $1.12 $2.11 $2.71 
2
The accompanying notes are an integral part of these consolidated financial statements




BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED
(In thousands)
Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Net income
$46,981 $87,850 $157,859 $220,764 
Other comprehensive income (loss), net of tax: 
Unrealized gains (losses) on investment securities available for sale: 
Net unrealized holding gain (loss) arising during the period(32,854)(117,300)23,717 (470,249)
Reclassification adjustment for net securities gains realized in income(159)(258)(1,342)(2,906)
Net change in unrealized gains (losses) on securities available for sale(33,013)(117,558)22,375 (473,155)
Unrealized gains (losses) on derivative instruments:
Net unrealized holding gains arising during the period12,410 30,495 42,598 74,540 
Reclassification adjustment for net (gains) losses realized in income(14,031)(283)(34,264)6,814 
Net change in unrealized gains (losses) on derivative instruments(1,621)30,212 8,334 81,354 
Other comprehensive income (loss)(34,634)(87,346)30,709 (391,801)
Comprehensive income (loss)$12,347 $504 $188,568 $(171,037)

3
The accompanying notes are an integral part of these consolidated financial statements


BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(In thousands)

 Nine Months Ended September 30,
 20232022
Cash flows from operating activities:  
Net income
$157,859 $220,764 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and accretion, net(8,002)(5,444)
Provision for credit losses
68,354 35,546 
Loss on investment securities, net
10,669 16,125 
Equity based compensation15,647 13,378 
Depreciation and amortization 57,040 57,737 
Deferred income taxes(18,098)13,647 
Proceeds from sale of loans held for sale, net254,642 589,681 
Other:
(Increase) decrease in other assets
(17,351)259,044 
Increase in other liabilities
72,956 116,663 
Net cash provided by operating activities
593,716 1,317,141 
Cash flows from investing activities:  
Purchases of investment securities(247,620)(2,713,761)
Proceeds from repayments and calls of investment securities790,032 1,514,500 
Proceeds from sale of investment securities341,990 798,205 
Purchases of non-marketable equity securities(400,900)(336,375)
Proceeds from redemption of non-marketable equity securities382,913 210,450 
Purchases of loans(418,244)(2,000,568)
Loan originations and repayments, net 635,953 872,339 
Proceeds from sale of loans, net38,765 21,327 
Proceeds from sale of operating lease equipment49,837 23,256 
Other investing activities(23,539)(34,639)
Net cash provided by (used in) investing activities
1,149,187 (1,645,266)
4
The accompanying notes are an integral part of these consolidated financial statements


BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In thousands)



 Nine Months Ended September 30,
 20232022
Cash flows from financing activities:  
Net decrease in deposits (1,396,668)(2,089,027)
Net decrease in federal funds purchased(190,000)(199,000)
Additions to FHLB borrowings2,380,000 4,075,000 
Repayments of FHLB borrowings(2,635,000)(685,000)
Dividends paid (59,034)(60,082)
Repurchase of common stock(55,154)(336,533)
Other financing activities32,191 34,048 
Net cash provided by (used in) financing activities
(1,923,665)739,406 
Net increase (decrease) in cash and cash equivalents
(180,762)411,281 
Cash and cash equivalents, beginning of period 572,647 314,857 
Cash and cash equivalents, end of period $391,885 $726,138 
Supplemental disclosure of cash flow information:
Interest paid$676,388 $138,143 
Income taxes paid (refunded), net$22,127 $(117,145)
Supplemental schedule of non-cash investing and financing activities:
Transfers from loans to loans held for sale$308,854 $613,243 
Dividends declared, not paid$20,057 $19,361 
Obligations incurred in acquisition of affordable housing limited partnerships$— $65,000 




5
The accompanying notes are an integral part of these consolidated financial statements




BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - UNAUDITED
(In thousands, except share data)

 Common
Shares
Outstanding		Common
Stock		Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Total
Stockholders’
Equity
Balance at June 30, 2023
74,429,948 $744 $274,202 $2,623,926 $(372,562)$2,526,310 
Comprehensive income— — — 46,981 (34,634)12,347 
Dividends ($0.27 per common share)
— — — (20,057)— (20,057)
Equity based compensation, net of shares forfeited and surrendered
(16,889)— 5,470 — — 5,470 
Balance at September 30, 202374,413,059 $744 $279,672 $2,650,850 $(407,196)$2,524,070 
Balance at June 30, 2022
77,944,216 $779 $387,583 $2,438,050 $(320,395)$2,506,017 
Comprehensive income— — — 87,850 (87,346)504 
Dividends ($0.25 per common share)
— — — (19,361)— (19,361)
Equity based compensation, net of shares forfeited and surrendered
(30,699)— 4,617 — — 4,617 
Repurchase of common stock (314,109)(3)(10,789)— — (10,792)
Balance at September 30, 202277,599,408 $776 $381,411 $2,506,539 $(407,741)$2,480,985 
 Common
Shares
Outstanding		Common
Stock		Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Total
Stockholders’
Equity
Balance at December 31, 202275,674,587 $757 $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
75,674,587 757 321,729 2,552,736 (437,905)2,437,317 
Comprehensive income— — — 157,859 30,709 188,568 
Dividends ($0.81 per common share)
— — — (59,745)— (59,745)
Equity based compensation, net of shares forfeited and surrendered
372,717 3 13,081 — — 13,084 
Repurchase of common stock (1,634,245)(16)(55,138)— — (55,154)
Balance at September 30, 202374,413,059 $744 $279,672 $2,650,850 $(407,196)$2,524,070 
Balance at December 31, 202185,647,986 $856 $707,503 $2,345,342 $(15,940)$3,037,761 
Comprehensive loss— — — 220,764 (391,801)(171,037)
Dividends ($0.75 per common share)
— — — (59,567)— (59,567)
Equity based compensation, net of shares forfeited and surrendered
297,022 3 10,358 — — 10,361 
Repurchase of common stock (8,345,600)(83)(336,450)— — (336,533)
Balance at September 30, 202277,599,408 $776 $381,411 $2,506,539 $(407,741)$2,480,985 
6
The accompanying notes are an integral part of these consolidated financial statements
Table of Contents
BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
September 30, 2023



Note 1    Basis of Presentation and Summary of Significant Accounting Policies
BankUnited, Inc. is a national 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 banking and related services to individual and corporate customers through banking centers in Florida, the New York metropolitan area and Dallas, Texas. The Bank also offers certain commercial lending and deposit products through national platforms and regional wholesale banking offices.
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, these do not include all of the information and footnotes required for a fair presentation of financial position, results of operations and cash flows in conformity with GAAP and should be read in conjunction with the Company’s consolidated financial statements and the notes thereto appearing in BKU’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected in future periods.
The Company has a single operating segment and thus a single reportable segment. While management monitors the revenue streams of its various business units, the business units serve a similar base of primarily commercial clients, providing a similar range of products and services, managed through similar processes and platforms. The Company’s chief operating decision maker makes company-wide resource allocation decisions and assessments of performance based on a collective assessment of the Company’s operations.
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, and 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.
New Accounting Pronouncements Adopted During the Nine Months Ended September 30, 2023
ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326). This ASU eliminated the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors. The ASU enhanced disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty, updated certain requirements related to accounting for credit losses under ASC 326 and required disclosure of current-period gross charge-offs of financing receivables by year of origination. The Company adopted this ASU in the first quarter of 2023, prospectively, except with respect to the recognition and measurement of TDRs, for which the modified retrospective transition method was applied. The Company recorded a reduction to the ACL of $1.8 million and a cumulative-effect adjustment, net of tax, to retained earnings of $1.3 million on January 1, 2023.
Accounting Pronouncements Not Yet Adopted
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 was issued to expand use of the proportional amortization method of accounting to 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 established. This ASU is effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2023. Currently, all of the Company's equity investments in tax credit programs are in LIHTC programs accounted for using the proportional amortization method.
7
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
September 30, 2023


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):
Three Months Ended September 30,Nine Months Ended September 30,
c2023202220232022
Basic earnings per common share: 
Numerator: 
Net income
$46,981 $87,850 $157,859 $220,764 
Distributed and undistributed earnings allocated to participating securities
(700)(1,343)(2,378)(3,258)
Income allocated to common stockholders for basic earnings per common share$46,281 $86,507 $155,481 $217,506 
Denominator:
Weighted average common shares outstanding74,416,698 77,912,320 74,530,871 81,039,561 
Less average unvested stock awards(1,165,105)(1,221,971)(1,180,570)(1,230,396)
Weighted average shares for basic earnings per common share73,251,593 76,690,349 73,350,301 79,809,165 
Basic earnings per common share$0.63 $1.13 $2.12 $2.73 
Diluted earnings per common share:
Numerator:
Income allocated to common stockholders for basic earnings per common share$46,281 $86,507 $155,481 $217,506 
Adjustment for earnings reallocated from participating securities
3 6 8 9 
Income used in calculating diluted earnings per common share$46,284 $86,513 $155,489 $217,515 
Denominator:
Weighted average shares for basic earnings per common share73,251,593 76,690,349 73,350,301 79,809,165 
Dilutive effect of certain share-based awards537,230 433,472 388,372 308,608 
Weighted average shares for diluted earnings per common share
73,788,823 77,123,821 73,738,673 80,117,773 
Diluted earnings per common share$0.63 $1.12 $2.11 $2.71 
Potentially dilutive unvested shares totaling 1,160,047 and 1,213,029 were outstanding at September 30, 2023 and 2022, respectively, but excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive.
8
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
September 30, 2023


Note 3    Investment Securities
Investment securities include investment securities available for sale, marketable equity securities, and investment securities held to maturity. The investment securities portfolio consisted of the following at the dates indicated (in thousands):
September 30, 2023
 Amortized CostGross Unrealized
Carrying Value (1)
 GainsLosses
Investment securities available for sale:
U.S. Treasury securities$119,480 $— $(12,875)$106,605 
U.S. Government agency and sponsored enterprise residential MBS
1,979,751 1,228 (48,521)1,932,458 
U.S. Government agency and sponsored enterprise commercial MBS
572,284 122 (80,566)491,840 
Private label residential MBS and CMOs
2,643,718 3 (353,396)2,290,325 
Private label commercial MBS
2,351,312 767 (95,750)2,256,329 
Single family real estate-backed securities418,422 — (24,958)393,464 
Collateralized loan obligations1,059,953 575 (12,716)1,047,812 
Non-mortgage asset-backed securities108,360 41 (4,057)104,344 
State and municipal obligations107,873 — (10,638)97,235 
SBA securities113,884 210 (3,439)110,655 
9,475,037 $2,946 $(646,916)8,831,067 
Investment securities held to maturity10,000 10,000 
$9,485,037 8,841,067 
Marketable equity securities 45,417 
$8,886,484 
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
September 30, 2023



December 31, 2022
 Amortized CostGross Unrealized
Carrying Value (1)
 GainsLosses
Investment securities available for sale:
U.S. Treasury securities$148,956 $63 $(13,178)$135,841 
U.S. Government agency and sponsored enterprise residential MBS
2,036,693 1,334 (54,859)1,983,168 
U.S. Government agency and sponsored enterprise commercial MBS
600,517 — (75,423)525,094 
Private label residential MBS and CMOs
2,864,589 54 (333,980)2,530,663 
Private label commercial MBS
2,645,168 176 (120,990)2,524,354 
Single family real estate-backed securities502,194 — (31,753)470,441 
Collateralized loan obligations1,166,838 151 (30,526)1,136,463 
Non-mortgage asset-backed securities102,194 — (6,218)95,976 
State and municipal obligations122,181 695 (6,215)116,661 
SBA securities139,320 381 (3,919)135,782 
10,328,650 $2,854 $(677,061)9,654,443 
Investment securities held to maturity10,000 10,000 
$10,338,650 9,664,443 
Marketable equity securities 90,884 
$9,755,327 
(1)At fair value except for securities held to maturity.
Investment securities held to maturity at September 30, 2023 and December 31, 2022 consisted of one State of Israel bond maturing in 2024. Accrued interest receivable on investments totaled $35 million and $34 million at September 30, 2023 and December 31, 2022, respectively, and is included in other assets in the accompanying consolidated balance sheets.
At September 30, 2023, contractual maturities of investment securities available for sale, adjusted for anticipated prepayments when applicable, were as follows (in thousands):
Amortized CostFair Value
Due in one year or less$1,155,146 $1,095,289 
Due after one year through five years5,306,505 5,095,745 
Due after five years through ten years1,709,432 1,518,508 
Due after ten years1,303,954 1,121,525 
 $9,475,037 $8,831,067 
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 $7.7 billion and $4.1 billion at September 30, 2023 and December 31, 2022, respectively.
10
Table of Contents
BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
September 30, 2023


The following table provides information about gains and losses on investment securities for the periods indicated (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Gross realized gains on investment securities AFS$242 $352 $1,861 $4,058 
Gross realized losses on investment securities AFS(27)(3)(47)(131)
Net realized gain215 349 1,814 3,927 
Net gains (losses) on marketable equity securities recognized in earnings672 (214)(12,483)(20,052)
Gain (loss) on investment securities, net$887 $135 $(10,669)$(16,125)
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):
 September 30, 2023
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. Treasury securities
$9,847 $(113)$96,758 $(12,762)$106,605 $(12,875)
U.S. Government agency and sponsored enterprise residential MBS
85,955 (1,008)1,707,210 (47,513)1,793,165 (48,521)
U.S. Government agency and sponsored enterprise commercial MBS
3,089 (254)475,204 (80,312)478,293 (80,566)
Private label residential MBS and CMOs
28,407 (440)2,249,139 (352,956)2,277,546 (353,396)
Private label commercial MBS
117,009 (1,400)2,044,864 (94,350)2,161,873 (95,750)
Single family real estate-backed securities29,764 (22)363,700 (24,936)393,464 (24,958)
Collateralized loan obligations89,928 (72)909,457 (12,644)999,385 (12,716)
Non-mortgage asset-backed securities
— — 81,373 (4,057)81,373 (4,057)
State and municipal obligations68,039 (2,789)29,196 (7,849)97,235 (10,638)
SBA securities8,496 (48)89,696 (3,391)98,192 (3,439)
 $440,534 $(6,146)$8,046,597 $(640,770)$8,487,131 $(646,916)
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
September 30, 2023


 December 31, 2022
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. Treasury securities
$29,198 $(495)$86,744 $(12,683)$115,942 $(13,178)
U.S. Government agency and sponsored enterprise residential MBS
1,243,286 (26,789)672,322 (28,070)1,915,608 (54,859)
U.S. Government agency and sponsored enterprise commercial MBS
236,102 (5,736)288,992 (69,687)525,094 (75,423)
Private label residential MBS and CMOs
1,103,578 (93,480)1,413,642 (240,500)