BankUnited announced that James G. Mackey will take over as chief financial officer on November 10 2025. Mackey joined the company on July 23 2025 and served as senior executive vice president of finance from August 15 until his new role begins, giving him a full quarter to prepare for the transition.
The appointment follows a strategic balance‑sheet transformation plan that the bank has been pursuing for the past year. Management has been working to improve its funding mix—shifting toward lower‑cost, non‑interest‑bearing demand deposits—and to expand higher‑yielding commercial lending. The CFO change is part of a pre‑announced succession plan that also positions the bank to accelerate margin growth and geographic expansion into Florida and North Carolina.
BankUnited’s Q3 2025 earnings provide context for the CFO transition. Net income rose to $71.9 million, or $0.95 per diluted share, up from $68.8 million ($0.91) in Q2 2025 and $61.5 million ($0.81) in Q3 2024. The nine‑month net income of $199.1 million, or $2.63 per diluted share, represents a 21% year‑over‑year increase. These gains are largely driven by a 3.00% net interest margin—up 70 basis points from the prior quarter—thanks to a more favorable funding mix and a higher mix of higher‑margin commercial loans.
The bank’s management highlighted the margin expansion in its earnings call. CEO Rajinder Singh said the bank “achieved our near‑term target of a 3% margin” and that it was “stronger and more profitable.” COO Thomas Cornish noted the competitive environment, stating the bank is “fighting for every basis point.” These comments underscore the bank’s focus on maintaining profitability while navigating a tight credit market, especially in its commercial real‑estate portfolio where charge‑offs have risen.
While the CFO appointment signals continuity, the bank faces headwinds. Total loans fell by $231 million in Q3 2025, with declines across residential, franchise, equipment, and municipal finance segments. Credit quality concerns persist, particularly in office‑property loans, and the bank’s Altman Z‑Score indicates a weak financial strength rating. Nevertheless, the bank’s margin growth and strategic expansion suggest a confidence in sustaining earnings momentum through 2028.
The CFO transition is expected to reinforce investor confidence and support the bank’s ongoing growth initiatives. With Mackey’s experience in finance and the bank’s disciplined cost structure, management anticipates continued margin expansion and a steady trajectory of earnings growth, even as it addresses the lingering credit‑quality risks in its commercial‑real‑estate portfolio.
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