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

FORM 10-Q
 
ý                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the quarterly period ended March 31, 2019
OR 
o                   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the transition period from              to 
Commission File Number: 001-35039 

BankUnited, Inc.
(Exact name of registrant as specified in its charter) 
Delaware
 
27-0162450
(State or other jurisdiction
of incorporation or organization)
 
(I.R.S. Employer
Identification No.)
14817 Oak Lane, Miami Lakes, FL
 
33016
(Address of principal executive offices)
 
(Zip Code)
 Registrant’s telephone number, including area code: (305) 569-2000 
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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer ý
 
Accelerated filer o
Non-accelerated filer o
 
Smaller reporting company o
 
 
Emerging growth company o
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  o  No  ý 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 
Class
 
Trading Symbol
 
Name of Exchange on Which Registered
Common Stock, $0.01 Par Value
 
BKU
 
New York Stock Exchange
The number of outstanding shares of the registrant common stock, $0.01 par value was 98,374,371 as of May 3, 2019.
 




BANKUNITED, INC.
Form 10-Q
For the Quarter Ended March 31, 2019
TABLE OF CONTENTS

 
 
Page
 
 
 
 
 
 
 
PART I.
 
 
 
 
ITEM 1.
 
 
 
 
 
 
 
 
 
 
ITEM 2.
 
 
 
ITEM 3.
 
 
 
ITEM 4.
 
 
 
PART II.
 
 
 
 
ITEM 1.
 
 
 
ITEM 1A.
 
 
 
ITEM 2.
 
 
 
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.
ACI
 
Loans acquired with evidence of deterioration in credit quality since origination (Acquired Credit Impaired)
AFS
 
Available for sale
ALCO
 
Asset/Liability Committee
ALLL
 
Allowance for loan and lease losses
AOCI
 
Accumulated other comprehensive income
ASC
 
Accounting Standards Codification
ASU
 
Accounting Standards Update
BKU
 
BankUnited, Inc.
BankUnited
 
BankUnited, National Association
The Bank
 
BankUnited, National Association
Bridge
 
Bridge Funding Group, Inc.
Buyout loans
 
FHA and VA insured mortgages from third party servicers who have exercised their right to purchase these loans out of GNMA securitizations
CET1
 
Common Equity Tier 1 capital
CECL
 
Current expected credit loss
CME
 
Chicago Mercantile Exchange
CLOs
 
Collateralized loan obligations
CMOs
 
Collateralized mortgage obligations
Covered assets
 
Assets covered under the Loss Sharing Agreements
Covered loans
 
Loans covered under the Loss Sharing Agreements
EPS
 
Earnings per common share
EVE
 
Economic value of equity
FASB
 
Financial Accounting Standards Board
FDIA
 
Federal Deposit Insurance Act
FDIC
 
Federal Deposit Insurance Corporation
FHLB
 
Federal Home Loan Bank
FHA loan
 
Loan guaranteed by the Federal Housing Administration
FICO
 
Fair Isaac Corporation (credit score)
FNMA
 
Federal National Mortgage Association
FRB
 
Federal Reserve Bank
FSB Acquisition
 
Acquisition of substantially all of the assets and assumption of all of the non-brokered deposits and substantially all of the other liabilities of BankUnited, FSB from the FDIC on May 21, 2009
FSB Loans
 
1-4 single family residential loans acquired in the FSB Acquisition that were formally covered by the Single Family Shared-Loss Agreement
GAAP
 
U.S. generally accepted accounting principles
GNMA
 
Government National Mortgage Association
HTM
 
Held to maturity
IPO
 
Initial public offering
ISDA
 
International Swaps and Derivatives Association
LIBOR
 
London InterBank Offered Rate
Loss Sharing Agreements
 
Two loss sharing agreements entered into with the FDIC in connection with the FSB Acquisition

ii


LTV
 
Loan-to-value
MBS
 
Mortgage-backed securities
Non-Covered Loans
 
Loans other than those covered under the Loss Sharing Agreements
OCI
 
Other comprehensive income
OCC
 
Office of the Comptroller of the Currency
OREO
 
Other real estate owned
OTTI
 
Other-than-temporary impairment
PSU
 
Performance Share Unit
Pinnacle
 
Pinnacle Public Finance, Inc.
ROU Asset
 
Right-of-use Asset
RSU
 
Restricted Share Unit
SBA
 
U.S. Small Business Administration
SBF
 
Small Business Finance Unit
SEC
 
Securities and Exchange Commission
Single Family Shared-Loss Agreement
 
A single-family loan shared-loss agreement entered into with the FDIC in connection with the FSB Acquisition
TDR
 
Troubled-debt restructuring
Tri-State
 
New York, New Jersey and Connecticut
UPB
 
Unpaid principal balance
VA loan
 
Loan guaranteed by the U.S. Department of Veterans Affairs
VIEs
 
Variable interest entities


iii


PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements and Supplementary Data
BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share and per share data)
 
March 31,
2019
 
December 31,
2018
ASSETS
 

 
 

Cash and due from banks:
 

 
 

Non-interest bearing
$
16,470

 
$
9,392

Interest bearing
224,981

 
372,681

Cash and cash equivalents
241,451

 
382,073

Investment securities (including securities recorded at fair value of $8,364,624 and $8,156,878)
8,374,624

 
8,166,878

Non-marketable equity securities
276,827

 
267,052

Loans held for sale
28,730

 
36,992

Loans (including covered loans of $201,376 at December 31, 2018)
22,358,817

 
21,977,008

Allowance for loan and lease losses
(114,703
)
 
(109,931
)
Loans, net
22,244,114

 
21,867,077

Bank owned life insurance
272,805

 
263,340

Equipment under operating lease, net
710,209

 
702,354

Goodwill and other intangible assets
77,707

 
77,718

Other assets
476,509

 
400,842

Total assets
$
32,702,976

 
$
32,164,326

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

Liabilities:
 

 
 

Demand deposits:
 

 
 

Non-interest bearing
$
3,764,713

 
$
3,621,254

Interest bearing
1,761,575

 
1,771,465

Savings and money market
11,386,119

 
11,261,746

Time
6,766,876

 
6,819,758

Total deposits
23,679,283

 
23,474,223

Federal funds purchased
175,000

 
175,000

Federal Home Loan Bank advances
5,026,000

 
4,796,000

Notes and other borrowings
402,701

 
402,749

Other liabilities
496,602

 
392,521

Total liabilities
29,779,586

 
29,240,493

 
 
 
 
Commitments and contingencies


 


 
 
 
 
Stockholders' equity:
 

 
 

Common stock, par value $0.01 per share, 400,000,000 shares authorized; 98,404,303 and 99,141,374 shares issued and outstanding
984

 
991

Paid-in capital
1,179,235

 
1,220,147

Retained earnings
1,742,530

 
1,697,822

Accumulated other comprehensive income
641

 
4,873

Total stockholders' equity
2,923,390

 
2,923,833

Total liabilities and stockholders' equity
$
32,702,976

 
$
32,164,326

 

The accompanying notes are an integral part of these consolidated financial statements.
1



BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
 
Three Months Ended March 31,
 
2019
 
2018
Interest income:
 

 
 

Loans
$
240,632

 
$
274,000

Investment securities
76,345

 
49,985

Other
4,852

 
3,791

Total interest income
321,829

 
327,776

Interest expense:
 
 
 
Deposits
97,421

 
56,361

Borrowings
33,507

 
23,606

Total interest expense
130,928

 
79,967

Net interest income before provision for loan losses
190,901

 
247,809

Provision for loan losses (including $273 for covered loans for the three months ended March 31, 2018)
10,281

 
3,147

Net interest income after provision for loan losses
180,620

 
244,662

Non-interest income:
 
 
 
Income from resolution of covered assets, net

 
3,317

Net loss on FDIC indemnification

 
(3,615
)
Deposit service charges and fees
3,830

 
3,487

Gain on sale of loans, net (including $1,703 related to covered loans for the three months ended March 31, 2018)
2,936

 
3,501

Gain on investment securities, net
5,785

 
364

Lease financing
17,186

 
14,102

Other non-interest income
6,518

 
6,830

Total non-interest income
36,255

 
27,986

Non-interest expense:
 
 
 
Employee compensation and benefits
65,233

 
67,036

Occupancy and equipment
13,166

 
14,303

Amortization of FDIC indemnification asset

 
40,347

Deposit insurance expense
4,041

 
4,812

Professional fees
7,871

 
2,875

Technology and telecommunications
11,168

 
8,214

Depreciation of equipment under operating lease
11,812

 
9,316

Other non-interest expense
13,399

 
14,914

Total non-interest expense
126,690

 
161,817

Income before income taxes
90,185

 
110,831

Provision for income taxes
24,213

 
25,596

Net income
$
65,972

 
$
85,235

Earnings per common share, basic
$
0.65

 
$
0.78

Earnings per common share, diluted
$
0.65

 
$
0.77


The accompanying notes are an integral part of these consolidated financial statements.
2



BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED
(In thousands)
 
Three Months Ended March 31,
 
2019
 
2018
 
 
 
 
Net income
$
65,972

 
$
85,235

Other comprehensive income (loss), net of tax:
 
 
 

Unrealized gains on investment securities available for sale:
 
 
 

Net unrealized holding gain (loss) arising during the period
21,617

 
(27,324
)
Reclassification adjustment for net securities (gains) losses realized in income
(3,173
)
 
(717
)
Net change in unrealized gain on securities available for sale
18,444

 
(28,041
)
Unrealized losses on derivative instruments:
 
 
 

Net unrealized holding gain (loss) arising during the period
(20,675
)
 
19,793

Reclassification adjustment for net (gains) losses realized in income
(2,001
)
 
690

Net change in unrealized loss on derivative instruments
(22,676
)
 
20,483

Other comprehensive loss
(4,232
)
 
(7,558
)
Comprehensive income
$
61,740

 
$
77,677



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



BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(In thousands)
 
Three Months Ended March 31,
 
2019
 
2018
Cash flows from operating activities:
 

 
 

Net income
$
65,972

 
$
85,235

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Amortization and accretion, net
(11,418
)
 
(34,053
)
Provision for loan losses
10,281

 
3,147

Income from resolution of covered assets, net

 
(3,317
)
Net loss on FDIC indemnification

 
3,615

Gain on sale of loans, net
(2,936
)
 
(3,501
)
Gain on investment securities, net
(5,785
)
 
(364
)
Equity based compensation
6,473

 
6,783

Depreciation and amortization
18,171

 
15,632

Deferred income taxes
(1,972
)
 
13,320

Proceeds from sale of loans held for sale
107,216

 
25,407

Loans originated for sale, net of repayments
(27,177
)
 
(36,730
)
Other:
 
 
 
Decrease in other assets
293

 
5,246

Increase (decrease) in other liabilities
(70,599
)
 
57,674

Net cash provided by operating activities
88,519

 
138,094

 
 
 
 
Cash flows from investing activities:
 

 
 

Purchase of investment securities
(1,169,104
)
 
(637,171
)
Proceeds from repayments and calls of investment securities
273,112

 
272,360

Proceeds from sale of investment securities
775,723

 
266,930

Purchase of non-marketable equity securities
(88,188
)
 
(64,813
)
Proceeds from redemption of non-marketable equity securities
78,413

 
80,750

Purchases of loans
(305,354
)
 
(332,966
)
Loan originations, repayments and resolutions, net
(147,435
)
 
289,823

Proceeds from sale of loans, net
8,334

 
62,185

Proceeds from sale of equipment under operating lease
2,873

 
13,405

Acquisition of equipment under operating lease
(22,400
)
 
(14,035
)
Other investing activities
(15,471
)
 
(12,937
)
Net cash used in investing activities
(609,497
)
 
(76,469
)
 
 
 
(Continued)


The accompanying notes are an integral part of these consolidated financial statements.
4



BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED (Continued)
(In thousands)
 
Three Months Ended March 31,
 
2019
 
2018
Cash flows from financing activities:
 

 
 

Net increase in deposits
205,060

 
361,169

Additions to Federal Home Loan Bank advances
1,281,000

 
1,201,000

Repayments of Federal Home Loan Bank advances
(1,051,000
)
 
(1,576,000
)
Dividends paid
(21,673
)
 
(23,055
)
Repurchase of common stock
(39,974
)
 
(48,632
)
Other financing activities
6,943

 
29,061

Net cash provided by financing activities
380,356

 
(56,457
)
Net increase (decrease) in cash and cash equivalents
(140,622
)
 
5,168

Cash and cash equivalents, beginning of period
382,073

 
194,582

Cash and cash equivalents, end of period
$
241,451

 
$
199,750

 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
Interest paid
$
121,652

 
$
73,906

Income taxes paid, net
$
6,104

 
$
18,092

 
 
 
 
Supplemental schedule of non-cash investing and financing activities:
 
 
 
Transfers from loans to loans held for sale
$
69,559

 
$

Dividends declared, not paid
$
21,264

 
$
22,940

Unsettled purchases of investment securities
$
50,000

 
$
47,760


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



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
Income
 
Total
Stockholders’
Equity
Balance at December 31, 2018
99,141,374

 
$
991

 
$
1,220,147

 
$
1,697,822

 
$
4,873

 
$
2,923,833

Comprehensive income

 

 

 
65,972

 
(4,232
)
 
61,740

Dividends ($0.21 per common share)

 

 

 
(21,264
)
 

 
(21,264
)
Equity based compensation
563,970

 
6

 
5,083

 

 

 
5,089

Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(191,866
)
 
(2
)
 
(6,076
)
 

 

 
(6,078
)
Exercise of stock options
3,910

 

 
44

 

 

 
44

Repurchase of common stock
(1,113,085
)
 
(11
)
 
(39,963
)
 

 

 
(39,974
)
Balance at March 31, 2019
98,404,303

 
$
984

 
$
1,179,235

 
$
1,742,530

 
$
641

 
$
2,923,390

 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017
106,848,185

 
$
1,068

 
$
1,498,227

 
$
1,471,781

 
$
54,986

 
$
3,026,062

Cumulative effect of adoption of new accounting standards

 

 

 
(8,902
)
 
8,902

 

Comprehensive income

 

 

 
85,235

 
(7,558
)
 
77,677

Dividends ($0.21 per common share)

 

 

 
(22,940
)
 

 
(22,940
)
Equity based compensation
640,040

 
6

 
5,378

 

 

 
5,384

Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(167,534
)
 
(2
)
 
(5,969
)
 

 

 
(5,971
)
Exercise of stock options
40,500

 
1

 
1,091

 

 

 
1,092

Repurchase of common stock
(1,200,440
)
 
(12
)
 
(48,620
)
 

 

 
(48,632
)
Balance at March 31, 2018
106,160,751

 
$
1,061

 
$
1,450,107

 
$
1,525,174

 
$
56,330

 
$
3,032,672

 


The accompanying notes are an integral part of these consolidated financial statements.
6

Table of Contents
BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
March 31, 2019



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 80 banking centers located in 14 Florida counties and 5 banking centers located in the New York metropolitan area at March 31, 2019. The Bank also offers certain commercial lending and deposit products through national platforms.
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, 2018 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 months ended March 31, 2019 are not necessarily indicative of the results that may be expected in future periods. 
Certain amounts presented for prior periods have been reclassified to conform to the current period presentation.
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.
Significant estimates include the ALLL and the fair values of investment securities and other financial instruments.
New Accounting Pronouncements Adopted During the Three Months Ended March 31, 2019
ASU No. 2016-02, Leases (Topic 842). The amendments in this ASU, along with subsequent ASUs issued to clarify certain provisions of Topic 842, require a lessee to recognize in the statement of financial position a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for leases with terms longer than one year. Accounting applied by lessors was largely unchanged by this ASU. The ASU also requires both qualitative and quantitative disclosures that provide additional information about the amounts recorded in the consolidated financial statements. The amendments in this ASU were effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2018. The most significant impact of adoption was the recognition, as lessee, of new right-of-use assets and lease liabilities on the Consolidated Balance Sheet for real estate leases classified as operating leases. Under a package of practical expedients that the Company elected, as lessee and lessor, the Company did not have to (i) re-assess whether expired or existing contracts contain leases, (ii) re-assess the classification of expired or existing leases, (iii) re-evaluate initial direct costs for existing leases or (iv) separate lease components of certain contracts from non-lease components. The Company also elected the transition method that allows entities the option of applying the provisions of the ASU at the effective date without adjusting the comparative periods presented. The Company adopted this ASU in the first quarter of 2019 using the modified retrospective transition method. The Company recognized a lease liability and related right of use asset of approximately $104 million and $95 million, respectively, upon adoption on January 1, 2019.
ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. The ASU added the OIS rate based on SOFR as a benchmark interest rate for hedge accounting purposes. The ASU was effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2018. The Company adopted this ASU in the first quarter of 2019 with no impact at adoption to its consolidated financial position, results of operations, or cash flows.
Recent Accounting Pronouncements Not Yet Adopted
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments. This ASU, along with subsequent ASUs issued to clarify certain of its provisions including ASU No. 2019-04 issued in April, 2019, introduces new guidance which makes substantive changes to the accounting

7

Table of Contents
BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
March 31, 2019


for credit losses. The ASU introduces the CECL model which applies to financial assets subject to credit losses and measured at amortized cost, as well as certain off-balance sheet credit exposures. This includes loans, loan commitments, standby letters of credit, net investments in leases recognized by a lessor and HTM debt securities. The CECL model requires an entity to estimate credit losses expected over the life of an exposure, considering information about historical events, current conditions and reasonable and supportable forecasts, and is generally expected to result in earlier recognition of credit losses. The ASU also modifies certain provisions of the current OTTI model for AFS debt securities. Credit losses on AFS debt securities will be limited to the difference between the security's amortized cost basis and its fair value, and will be recognized through an allowance for credit losses rather than as a direct reduction in amortized cost basis. The ASU also provides for a simplified accounting model for purchased financial assets with more than insignificant credit deterioration since their origination. The ASU requires expanded disclosures including, but not limited to, (i) information about the methods and assumptions used to estimate expected credit losses, including changes in the factors that influenced management's estimate and the reasons for those changes, (ii) for financing receivables and net investment in leases measured at amortized cost, further disaggregation of information about the credit quality of those assets and (iii) a rollforward of the allowance for credit losses for AFS and HTM securities. The amendments in this ASU are effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2019. Early adoption is permitted; however, the Company does not intend to early adopt this ASU. Management is in the process of evaluating the impact of adoption of this ASU on its consolidated financial statements, processes and controls and is not currently able to reasonably estimate the impact of adoption on the Company's consolidated financial position, results of operations or cash flows; however, adoption will lead to significant changes in accounting policies related to, and the methods employed in estimating, the ALLL. It is possible that the impact will be material to the Company's consolidated financial position and results of operations. To date, the Company has completed a gap analysis, adopted and is in the process of executing a detailed implementation plan, established a formal governance structure, selected and implemented credit loss models for key portfolio segments, chosen loss estimation methodologies for key portfolio segments, implemented a software solution to serve as its CECL platform, and initiated a "parallel run" of the CECL estimation process.
Leases
The Company determines whether a contract is or contains a lease at inception. For leases with terms greater than twelve months under which the Company is lessee, ROU assets and lease liabilities are recorded at the commencement date. Lease liabilities are initially recorded based on the present value of future lease payments over the lease term. ROU assets are initially recorded at the amount of the associated lease liabilities plus prepaid lease payments and initial direct costs, less any lease incentives received. The cost of short term leases is recognized on a straight line basis over the lease term. The lease term includes options to extend if the exercise of those options is reasonably certain and includes termination options if there is reasonable certainty the options will not be exercised. Lease payments are discounted using the Company's FHLB borrowing rate for borrowings of a similar term unless an implicit rate is defined in the contract or is determinable, which is generally not the case. Leases are classified as financing or operating leases at commencement; generally, leases are classified as finance leases when effective control of the underlying asset is transferred. The substantial majority of leases under which the Company is lessee are classified as operating leases. For operating leases, lease cost is recognized in the Consolidated Statements of Income on a straight line basis over the lease terms. For finance leases, interest expense on lease liabilities is recognized on the effective interest method and amortization of ROU assets is recognized on a straight line basis over the lease terms. Variable lease costs are recognized in the period in which the obligation for those costs is incurred. The Company has elected not to separate lease from non-lease components of its lease contracts.

8

Table of Contents
BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
March 31, 2019


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 March 31,
c
2019

2018
Basic earnings per common share:
 

 
 
Numerator:
 

 
 
Net income
$
65,972

 
$
85,235

Distributed and undistributed earnings allocated to participating securities
(2,697
)
 
(3,216
)
Income allocated to common stockholders for basic earnings per common share
$
63,275

 
$
82,019

Denominator:
 
 
 
Weighted average common shares outstanding
98,856,775

 
106,525,883

Less average unvested stock awards
(1,171,921
)
 
(1,108,434
)
Weighted average shares for basic earnings per common share
97,684,854

 
105,417,449

Basic earnings per common share
$
0.65

 
$
0.78

Diluted earnings per common share:
 
 
 
Numerator:
 
 
 
Income allocated to common stockholders for basic earnings per common share
$
63,275

 
$
82,019

Adjustment for earnings reallocated from participating securities
5

 
11

Income used in calculating diluted earnings per common share
$
63,280

 
$
82,030

Denominator:
 
 
 
Weighted average shares for basic earnings per common share
97,684,854

 
105,417,449

Dilutive effect of stock options and certain share-based awards
279,779

 
516,161

Weighted average shares for diluted earnings per common share
97,964,633

 
105,933,610

Diluted earnings per common share
$
0.65

 
$
0.77


Included in participating securities above are unvested shares and 3,023,314 dividend equivalent rights outstanding at March 31, 2019 that were issued in conjunction with the IPO of the Company's common stock. These dividend equivalent rights expire in 2021 and participate in dividends on a one-for-one basis.
The following potentially dilutive securities were outstanding at March 31, 2019 and 2018 but excluded from the calculation of diluted earnings per common share for the periods indicated because their inclusion would have been anti-dilutive:
 
Three Months Ended March 31,
 
2019
 
2018
Unvested shares and share units
1,218,840

 
1,614,379

Stock options and warrants

 
1,850,279

 

9

Table of Contents
BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
March 31, 2019


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):
 
March 31, 2019
 
Amortized Cost
 
Gross Unrealized
 
Carrying Value (1)
 
 
Gains
 
Losses
 
Investment securities available for sale:
 
 
 
 
 
 
 
U.S. Treasury securities
$
34,879

 
$
15

 
$
(4
)
 
$
34,890

U.S. Government agency and sponsored enterprise residential MBS
2,087,465

 
13,754

 
(5,226
)
 
2,095,993

U.S. Government agency and sponsored enterprise commercial MBS
437,854

 
1,904

 
(427
)
 
439,331

Private label residential MBS and CMOs
1,625,348

 
16,094

 
(8,044
)
 
1,633,398

Private label commercial MBS
1,477,465

 
6,032

 
(2,015
)
 
1,481,482

Single family rental real estate-backed securities
413,318

 
2,789

 
(1,223
)
 
414,884

Collateralized loan obligations
1,230,643

 
378

 
(10,796
)
 
1,220,225

Non-mortgage asset-backed securities
145,296

 
1,213

 
(652
)
 
145,857

State and municipal obligations
374,314

 
10,171

 
(188
)
 
384,297

SBA securities
443,864

 
6,179

 
(2,574
)
 
447,469

Other debt securities
1,400

 
3,418

 

 
4,818

 
8,271,846

 
$
61,947

 
$
(31,149
)
 
8,302,644

Marketable equity securities
61,980

 
 
 
 
 
61,980