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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

 For the quarterly period ended June 30, 2019
OR 
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: (305569-2000 
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
Accelerated filer
 ☐
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth 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. 
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 95,067,938 as of August 2, 2019.
 




BANKUNITED, INC.
Form 10-Q
For the Quarter Ended June 30, 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
DSCR
 
Debt Service Coverage Ratio
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)
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
SOFR
 
Secured Overnight Financing Rate
TDR
 
Troubled-debt restructuring
UPB
 
Unpaid principal balance
VA loan
 
Loan guaranteed by the U.S. Department of Veterans Affairs


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)
 
June 30,
2019
 
December 31,
2018
ASSETS
 

 
 

Cash and due from banks:
 

 
 

Non-interest bearing
$
10,152

 
$
9,392

Interest bearing
432,681

 
372,681

Cash and cash equivalents
442,833

 
382,073

Investment securities (including securities recorded at fair value of $8,128,708 and $8,156,878)
8,138,708

 
8,166,878

Non-marketable equity securities
289,789

 
267,052

Loans held for sale
224,759

 
36,992

Loans (including covered loans of $201,376 at December 31, 2018)
22,591,849

 
21,977,008

Allowance for loan and lease losses
(112,141
)
 
(109,931
)
Loans, net
22,479,708

 
21,867,077

Bank owned life insurance
274,603

 
263,340

Equipment under operating lease, net
707,680

 
702,354

Goodwill and other intangible assets
77,696

 
77,718

Other assets
456,489

 
400,842

Total assets
$
33,092,265

 
$
32,164,326

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

Liabilities:
 

 
 

Demand deposits:
 

 
 

Non-interest bearing
$
4,099,636

 
$
3,621,254

Interest bearing
1,831,441

 
1,771,465

Savings and money market
10,910,607

 
11,261,746

Time
7,080,716

 
6,819,758

Total deposits
23,922,400

 
23,474,223

Federal funds purchased
99,000

 
175,000

Federal Home Loan Bank advances
5,331,000

 
4,796,000

Notes and other borrowings
403,661

 
402,749

Other liabilities
468,294

 
392,521

Total liabilities
30,224,355

 
29,240,493

 
 
 
 
Commitments and contingencies


 


 
 
 
 
Stockholders' equity:
 

 
 

Common stock, par value $0.01 per share, 400,000,000 shares authorized; 95,315,633 and 99,141,374 shares issued and outstanding
953

 
991

Paid-in capital
1,080,966

 
1,220,147

Retained earnings
1,803,360

 
1,697,822

Accumulated other comprehensive income (loss)
(17,369
)
 
4,873

Total stockholders' equity
2,867,910

 
2,923,833

Total liabilities and stockholders' equity
$
33,092,265

 
$
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 June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Interest income:
 
 
 
 
 

 
 

Loans
$
249,364

 
$
288,264

 
$
489,996

 
$
562,264

Investment securities
72,796

 
56,092

 
149,141

 
106,077

Other
5,069

 
4,499

 
9,921

 
8,290

Total interest income
327,229

 
348,855

 
649,058

 
676,631

Interest expense:
 
 
 
 
 
 
 
Deposits
99,987

 
65,298

 
197,408

 
121,659

Borrowings
36,359

 
28,294

 
69,866

 
51,900

Total interest expense
136,346

 
93,592

 
267,274

 
173,559

Net interest income before provision for loan losses
190,883

 
255,263

 
381,784

 
503,072

Provision for (recovery of) loan losses (including $294 and $567 for covered loans for the three and six months ended June 30, 2018)
(2,747
)
 
8,995

 
7,534

 
12,142

Net interest income after provision for loan losses
193,630

 
246,268

 
374,250

 
490,930

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

 
4,238

 

 
7,555

Net loss on FDIC indemnification

 
(1,400
)
 

 
(5,015
)
Deposit service charges and fees
4,290

 
3,510

 
8,120

 
6,997

Gain (loss) on sale of loans, net (including $(2,002) and $(298) related to covered loans for the three and six months ended June 30, 2018)
2,121

 
768

 
5,057

 
4,269

Gain on investment securities, net
4,116

 
2,142

 
9,901

 
2,506

Lease financing
17,005

 
17,492

 
34,191

 
31,594

Other non-interest income
7,805

 
5,223

 
14,323

 
12,053

Total non-interest income
35,337

 
31,973

 
71,592

 
59,959

Non-interest expense:
 
 
 
 
 
 
 
Employee compensation and benefits
57,251

 
65,537

 
122,484

 
132,573

Occupancy and equipment
13,991

 
14,241

 
27,157

 
28,544

Amortization of FDIC indemnification asset

 
44,250

 

 
84,597

Deposit insurance expense
5,027

 
4,623

 
9,068

 
9,435

Professional fees
6,937

 
2,657

 
14,808

 
5,532

Technology and telecommunications
12,013

 
8,644

 
23,181

 
16,858

Depreciation of equipment under operating lease
11,489

 
9,476

 
23,301

 
18,792

Other non-interest expense
13,377

 
11,819

 
26,776

 
26,733

Total non-interest expense
120,085

 
161,247

 
246,775

 
323,064

Income before income taxes
108,882

 
116,994

 
199,067

 
227,825

Provision for income taxes
27,431

 
27,094

 
51,644

 
52,690

Net income
$
81,451

 
$
89,900

 
$
147,423

 
$
175,135

Earnings per common share, basic
$
0.81

 
$
0.82

 
$
1.46

 
$
1.60

Earnings per common share, diluted
$
0.81

 
$
0.82

 
$
1.45

 
$
1.59


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 June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net income
$
81,451

 
$
89,900

 
$
147,423

 
$
175,135

Other comprehensive loss, net of tax:
 
 


 
 
 
 

Unrealized gains on investment securities available for sale:
 
 


 
 
 
 

Net unrealized holding gain (loss) arising during the period
23,326

 
(13,106
)
 
44,943

 
(40,430
)
Reclassification adjustment for net securities gains realized in income
(2,877
)
 
(1,875
)
 
(6,050
)
 
(2,592
)
Net change in unrealized gain on securities available for sale
20,449

 
(14,981
)
 
38,893

 
(43,022
)
Unrealized losses on derivative instruments:
 
 


 
 
 
 

Net unrealized holding gain (loss) arising during the period
(37,218
)
 
9,846

 
(57,893
)
 
29,639

Reclassification adjustment for net (gains) losses realized in income
(1,241
)
 
(535
)
 
(3,242
)
 
155

Net change in unrealized loss on derivative instruments
(38,459
)
 
9,311

 
(61,135
)
 
29,794

Other comprehensive loss
(18,010
)
 
(5,670
)
 
(22,242
)
 
(13,228
)
Comprehensive income
$
63,441

 
$
84,230

 
$
125,181

 
$
161,907



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)
 
Six Months Ended June 30,
 
2019
 
2018
Cash flows from operating activities:
 

 
 

Net income
$
147,423

 
$
175,135

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Amortization and accretion, net
(22,452
)
 
(69,157
)
Provision for loan losses
7,534

 
12,142

Income from resolution of covered assets, net

 
(7,555
)
Net loss on FDIC indemnification

 
5,015

Gain on sale of loans, net
(5,057
)
 
(4,269
)
Gain on investment securities, net
(9,901
)
 
(2,506
)
Equity based compensation
11,251

 
12,272

Depreciation and amortization
35,555

 
31,391

Deferred income taxes
10,813

 
24,074

Proceeds from sale of loans held for sale
209,854

 
86,118

Loans originated for sale, net of repayments
(51,024
)
 
(73,633
)
Other:
 
 
 
Decrease in other assets
31,897

 
15,625

Increase (decrease) in other liabilities
(128,097
)
 
25,242

Net cash provided by operating activities
237,796

 
229,894

 
 
 
 
Cash flows from investing activities:
 

 
 

Purchase of investment securities
(2,160,715
)
 
(1,730,173
)
Proceeds from repayments and calls of investment securities
647,214

 
691,220

Proceeds from sale of investment securities
1,626,250

 
836,317

Purchase of non-marketable equity securities
(196,137
)
 
(166,813
)
Proceeds from redemption of non-marketable equity securities
173,400

 
154,063

Purchases of loans
(894,235
)
 
(604,278
)
Loan originations, repayments and resolutions, net
(51,014
)
 
152,848

Proceeds from sale of loans, net
9,560

 
115,560

Proceeds from sale of equipment under operating lease
8,986

 
49,892

Acquisition of equipment under operating lease
(37,122
)
 
(56,132
)
Other investing activities
(24,950
)
 
(16,404
)
Net cash used in investing activities
(898,763
)
 
(573,900
)
 
 
 
(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)
 
Six Months Ended June 30,
 
2019
 
2018
Cash flows from financing activities:
 

 
 

Net increase in deposits
448,177

 
299,471

Net decrease in federal funds purchased
(76,000
)
 

Additions to Federal Home Loan Bank advances
2,456,000

 
2,201,000

Repayments of Federal Home Loan Bank advances
(1,921,000
)
 
(1,901,000
)
Dividends paid
(42,937
)
 
(45,996
)
Repurchase of common stock
(142,065
)
 
(54,399
)
Other financing activities
(448
)
 
29,604

Net cash provided by financing activities
721,727

 
528,680

Net increase in cash and cash equivalents
60,760

 
184,674

Cash and cash equivalents, beginning of period
382,073

 
194,582

Cash and cash equivalents, end of period
$
442,833

 
$
379,256

 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
Interest paid
$
258,561

 
$
171,379

Income taxes (refunded) paid, net
$
(4,350
)
 
$
18,677

 
 
 
 
Supplemental schedule of non-cash investing and financing activities:
 
 
 
Transfers from loans to other real estate owned and other repossessed assets
$
2,817

 
$
7,574

Transfers from loans to loans held for sale
$
342,310

 
$
22,094

Dividends declared, not paid
$
20,621

 
$
22,916

Unsettled purchases of investment securities
$
21,396

 
$
272,500


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 (Loss)
 
Total
Stockholders’
Equity
Balance at March 31, 2019
98,404,303

 
$
984

 
$
1,179,235

 
$
1,742,530

 
$
641

 
$
2,923,390

Comprehensive income

 

 

 
81,451

 
(18,010
)
 
63,441

Dividends ($0.21 per common share)

 

 

 
(20,621
)
 

 
(20,621
)
Equity based compensation
18,383

 

 
3,967

 

 

 
3,967

Forfeiture of unvested shares
(95,061
)
 
(1
)
 
(175
)
 

 

 
(176
)
Repurchase of common stock
(3,011,992
)
 
(30
)
 
(102,061
)
 

 

 
(102,091
)
Balance at June 30, 2019
95,315,633

 
$
953

 
$
1,080,966

 
$
1,803,360

 
$
(17,369
)
 
$
2,867,910

 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2018
106,160,751

 
$
1,061

 
$
1,450,107

 
$
1,525,174

 
$
56,330

 
$
3,032,672

Comprehensive income

 

 

 
89,900

 
(5,670
)
 
84,230

Dividends ($0.21 per common share)

 

 

 
(22,917
)
 

 
(22,917
)
Equity based compensation
14,380

 

 
4,958

 

 

 
4,958

Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(40,186
)
 

 
(378
)
 

 

 
(378
)
Exercise of stock options
251,189

 
2

 
6,633

 

 

 
6,635

Repurchase of common stock
(145,018
)
 
(1
)
 
(5,766
)
 

 

 
(5,767
)
Balance at June 30, 2018