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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 September 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, 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
 ☐
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 94,945,379 as of November 6, 2019.
 




BANKUNITED, INC.
Form 10-Q
For the Quarter Ended September 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
CDO
 
Collateralized debt obligation
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

ii


Loss Sharing Agreements
 
Two loss sharing agreements entered into with the FDIC in connection with the FSB Acquisition
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)
 
September 30,
2019
 
December 31,
2018
ASSETS
 

 
 

Cash and due from banks:
 

 
 

Non-interest bearing
$
15,401

 
$
9,392

Interest bearing
214,827

 
372,681

Cash and cash equivalents
230,228

 
382,073

Investment securities (including securities recorded at fair value of $7,960,656 and $8,156,878)
7,970,656

 
8,166,878

Non-marketable equity securities
272,789

 
267,052

Loans held for sale
46,332

 
36,992

Loans (including covered loans of $201,376 at December 31, 2018)
22,855,500

 
21,977,008

Allowance for loan and lease losses
(108,462
)
 
(109,931
)
Loans, net
22,747,038

 
21,867,077

Bank owned life insurance
280,839

 
263,340

Operating lease equipment, net
696,899

 
702,354

Goodwill and other intangible assets
77,685

 
77,718

Other assets
628,069

 
400,842

Total assets
$
32,950,535

 
$
32,164,326

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

Liabilities:
 

 
 

Demand deposits:
 

 
 

Non-interest bearing
$
4,126,788

 
$
3,621,254

Interest bearing
1,847,301

 
1,771,465

Savings and money market
10,935,779

 
11,261,746

Time
7,046,560

 
6,819,758

Total deposits
23,956,428

 
23,474,223

Federal funds purchased
175,000

 
175,000

Federal Home Loan Bank advances
4,930,638

 
4,796,000

Notes and other borrowings
403,832

 
402,749

Other liabilities
575,362

 
392,521

Total liabilities
30,041,260

 
29,240,493

 
 
 
 
Commitments and contingencies


 


 
 
 
 
Stockholders' equity:
 

 
 

Common stock, par value $0.01 per share, 400,000,000 shares authorized; 95,070,399 and 99,141,374 shares issued and outstanding
951

 
991

Paid-in capital
1,077,946

 
1,220,147

Retained earnings
1,859,055

 
1,697,822

Accumulated other comprehensive income (loss)
(28,677
)
 
4,873

Total stockholders' equity
2,909,275

 
2,923,833

Total liabilities and stockholders' equity
$
32,950,535

 
$
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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Interest income:
 
 
 
 
 

 
 

Loans
$
248,770

 
$
293,543

 
$
738,766

 
$
855,807

Investment securities
69,413

 
59,319

 
218,554

 
165,396

Other
5,219

 
4,855

 
15,140

 
13,145

Total interest income
323,402

 
357,717

 
972,460

 
1,034,348

Interest expense:
 
 
 
 
 
 
 
Deposits
99,483

 
75,257

 
296,891

 
196,916

Borrowings
38,229

 
30,492

 
108,095

 
82,392

Total interest expense
137,712

 
105,749

 
404,986

 
279,308

Net interest income before provision for loan losses
185,690

 
251,968

 
567,474

 
755,040

Provision for (recovery of) loan losses (including ($50) and $517 for covered loans for the three and nine months ended September 30, 2018)
1,839

 
1,200

 
9,373

 
13,342

Net interest income after provision for loan losses
183,851

 
250,768

 
558,101

 
741,698

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

 
3,134

 

 
10,689

Net gain (loss) on FDIC indemnification

 
3,090

 

 
(1,925
)
Deposit service charges and fees
4,269

 
3,723

 
12,389

 
10,811

Gain on sale of loans, net (including $5,037 and $4,739 related to covered loans for the three and nine months ended September 30, 2018)
5,163

 
8,691

 
10,220

 
12,960

Gain on investment securities, net
3,835

 
432

 
13,736

 
2,938

Lease financing
18,583

 
14,091

 
52,774

 
45,685

Other non-interest income
6,006

 
5,574

 
20,329

 
17,536

Total non-interest income
37,856

 
38,735

 
109,448

 
98,694

Non-interest expense:
 
 
 
 
 
 
 
Employee compensation and benefits
57,102

 
65,612

 
179,586

 
198,185

Occupancy and equipment
14,673

 
13,812

 
42,477

 
42,355

Amortization of FDIC indemnification asset

 
48,255

 

 
132,852

Deposit insurance expense
3,781

 
5,375

 
12,849

 
14,810

Professional fees
2,923

 
5,240

 
17,731

 
10,772

Technology and telecommunications
10,994

 
9,262

 
34,175

 
26,121

Depreciation of equipment under operating lease
11,582

 
9,870

 
34,883

 
28,662

Loss on debt extinguishment
3,796

 

 
3,796

 

Other non-interest expense
16,455

 
13,372

 
42,584

 
40,105

Total non-interest expense
121,306

 
170,798

 
368,081

 
493,862

Income before income taxes
100,401

 
118,705

 
299,468

 
346,530

Provision for income taxes
24,182

 
21,377

 
75,826

 
74,067

Net income
$
76,219

 
$
97,328

 
$
223,642

 
$
272,463

Earnings per common share, basic
$
0.78

 
$
0.90

 
$
2.23

 
$
2.50

Earnings per common share, diluted
$
0.77

 
$
0.90

 
$
2.23

 
$
2.49


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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net income
$
76,219

 
$
97,328

 
$
223,642

 
$
272,463

Other comprehensive loss, net of tax:
 
 


 
 
 
 

Unrealized gains on investment securities available for sale:
 
 


 
 
 
 

Net unrealized holding gain (loss) arising during the period
8,358

 
(18,147
)
 
53,301

 
(58,577
)
Reclassification adjustment for net securities gains realized in income
(2,518
)
 
(382
)
 
(8,568
)
 
(2,974
)
Net change in unrealized gain on securities available for sale
5,840

 
(18,529
)
 
44,733

 
(61,551
)
Unrealized losses on derivative instruments:
 
 


 
 
 
 

Net unrealized holding gain (loss) arising during the period
(16,774
)
 
10,536

 
(74,667
)
 
40,175

Reclassification adjustment for net losses realized in income
(374
)
 
(772
)
 
(3,616
)
 
(617
)
Net change in unrealized loss on derivative instruments
(17,148
)
 
9,764

 
(78,283
)
 
39,558

Other comprehensive loss
(11,308
)
 
(8,765
)
 
(33,550
)
 
(21,993
)
Comprehensive income
$
64,911

 
$
88,563

 
$
190,092

 
$
250,470



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)
 
Nine Months Ended September 30,
 
2019
 
2018
Cash flows from operating activities:
 

 
 

Net income
$
223,642

 
$
272,463

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Amortization and accretion, net
(30,550
)
 
(97,064
)
Provision for loan losses
9,373

 
13,342

Income from resolution of covered assets, net

 
(10,689
)
Net loss on FDIC indemnification

 
1,925

Gain on sale of loans, net
(10,220
)
 
(12,960
)
Gain on investment securities, net
(13,736
)
 
(2,938
)
Equity based compensation
16,967

 
18,045

Depreciation and amortization
53,105

 
51,472

Deferred income taxes
22,278

 
60,071

Loss on debt extinguishment
3,796

 

Proceeds from sale of loans held for sale
317,027

 
182,330

Loans originated for sale, net of repayments
(68,665
)
 
(125,509
)
Other:
 
 
 
(Increase) decrease in other assets
20,288

 
(77,393
)
Increase (decrease) in other liabilities
(131,066
)
 
130,827

Net cash provided by operating activities
412,239

 
403,922

 
 
 
 
Cash flows from investing activities:
 

 
 

Purchase of investment securities
(3,176,833
)
 
(2,557,757
)
Proceeds from repayments and calls of investment securities
1,057,043

 
1,134,995

Proceeds from sale of investment securities
2,297,121

 
938,555

Purchase of non-marketable equity securities
(319,387
)
 
(235,876
)
Proceeds from redemption of non-marketable equity securities
313,650

 
228,438

Purchases of loans
(1,636,932
)
 
(913,840
)
Loan originations, repayments and resolutions, net
332,246

 
320,550

Proceeds from sale of loans, net
205,869

 
250,769

Proceeds from sale of equipment under operating lease
9,404

 
50,902

Acquisition of equipment under operating lease
(38,312
)
 
(137,305
)
Other investing activities
(36,409
)
 
(16,548
)
Net cash used in investing activities
(992,540
)
 
(937,117
)
 
 
 
(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)
 
Nine Months Ended September 30,
 
2019
 
2018
Cash flows from financing activities:
 

 
 

Net increase in deposits
482,205

 
426,811

Net increase in federal funds purchased

 
175,000

Additions to Federal Home Loan Bank advances
3,962,000

 
3,847,000

Repayments of Federal Home Loan Bank advances
(3,827,000
)
 
(3,672,000
)
Dividends paid
(63,558
)
 
(68,911
)
Repurchase of common stock
(150,000
)
 
(150,000
)
Other financing activities
24,809

 
60,512

Net cash provided by financing activities
428,456

 
618,412

Net (decrease) increase in cash and cash equivalents
(151,845
)
 
85,217

Cash and cash equivalents, beginning of period
382,073

 
194,582

Cash and cash equivalents, end of period
$
230,228

 
$
279,799

 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
Interest paid
$
391,691

 
$
269,520

Income taxes (refunded) paid, net
$
(264
)
 
$
21,031

 
 
 
 
Supplemental schedule of non-cash investing and financing activities:
 
 
 
Transfers from loans to other real estate owned and other repossessed assets
$
3,211

 
$
9,411

Transfers from loans to loans held for sale
$
439,525

 
$
54,322

Transfers from loans held for sale to loans
$
19,716

 
$

Dividends declared, not paid
$
20,524

 
$
22,394

Unsettled sales and purchases of investment securities, net
$
88,331

 
$
146,503


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 June 30, 2019
95,315,633

 
$
953

 
$
1,080,966

 
$
1,803,360

 
$
(17,369
)
 
$
2,867,910

Comprehensive income

 

 

 
76,219

 
(11,308
)
 
64,911

Dividends ($0.21 per common share)

 

 

 
(20,524
)
 

 
(20,524
)
Equity based compensation
8,219

 

 
4,564

 

 

 
4,564

Forfeiture of unvested shares
(38,596
)
 

 
(145
)
 

 

 
(145
)
Exercise of stock options
22,133

 
1

 
493

 

 

 
494

Repurchase of common stock
(236,990
)
 
(3
)
 
(7,932
)
 

 

 
(7,935
)
Balance at September 30, 2019
95,070,399

 
$
951

 
$
1,077,946

 
$
1,859,055

 
$
(28,677
)
 
$
2,909,275