For the quarter ended
For the year ended
Performance Highlights
-
During the quarter ended December 31, 2015, the Company completed an
underwritten public offering of
$400,000,000 aggregate principal amount of its 4.875% senior notes. -
New loans and leases, including equipment under operating lease, grew
by
$1.3 billion during the fourth quarter of 2015. For the year endedDecember 31, 2015 , new loans and leases increased by$4.7 billion . -
Total deposits increased by a record
$1.0 billion for the quarter ended December 31, 2015 to$16.9 billion . For the year endedDecember 31, 2015 , total deposits increased by$3.4 billion . -
Net interest income increased by
$31.5 million to $203.0 million for the quarter ended December 31, 2015 from$171.5 million for the quarter ended December 31, 2014. Interest income increased by$42.2 million primarily as a result of an increase in the average balance of loans outstanding. Interest expense increased by$10.7 million due primarily to an increase in average interest bearing liabilities. Net interest income continued to grow quarter over quarter, increasing by$14.0 million compared to the immediately preceding quarter endedSeptember 30, 2015 . -
The net interest margin, calculated on a tax-equivalent basis, was
3.94% for the quarter and year ended December 31, 2015 compared to
4.26% and 4.61% for the quarter and year ended December 31, 2014,
respectively. The net interest margin continues to be impacted by the
origination of new loans at current market yields lower than those on
loans acquired in the FSB Acquisition (as defined below). The net
interest margin for the immediately preceding quarter ended
September 30, 2015 was 3.88%. -
As expected, the ratio of non-performing, non-covered loans to total
non-covered loans at
December 31, 2015 declined to 0.37% from 0.66% atSeptember 30, 2015 . -
Book value and tangible book value per common share grew to
$21.65 and$20.90 , respectively, at December 31, 2015.
Capital
The Company and its banking subsidiary continue to exceed all regulatory guidelines required to be considered well capitalized. The Company’s regulatory capital ratios at December 31, 2015 were as follows:
Tier 1 leverage | 9.3 | % | |||||||||
Common Equity Tier 1 ("CET1") risk-based capital | 12.6 | % | |||||||||
Tier 1 risk-based capital | 12.6 | % | |||||||||
Total risk-based capital | 13.4 | % | |||||||||
Loans and Leases
Loans, including premiums, discounts and deferred fees and costs,
increased to
Loan growth for the quarter ended December 31, 2015 was concentrated in
the commercial portfolio segment. New commercial loans, including
commercial real estate loans, commercial and industrial loans, and loans
and leases originated by our commercial lending subsidiaries, grew
The
A comparison of portfolio composition at the dates indicated follows:
New Loans | Total Loans | |||||||
December 31, 2015 |
December 31, 2014 |
December 31, 2015 |
December 31, 2014 |
|||||
Single family residential and home equity | 18.4% | 22.2% | 22.3% | 28.6% | ||||
Multi-family | 21.9% | 17.1% | 20.9% | 15.8% | ||||
Commercial real estate | 18.4% | 15.6% | 17.5% | 14.4% | ||||
Commercial real estate - owner occupied | 8.5% | 9.0% | 8.2% | 8.4% | ||||
Construction and land | 2.2% | 1.5% | 2.1% | 1.4% | ||||
Commercial and industrial | 17.6% | 21.4% | 16.7% | 19.4% | ||||
Commercial lending subsidiaries | 12.8% | 13.0% | 12.1% | 11.8% | ||||
Consumer | 0.2% | 0.2% | 0.2% | 0.2% | ||||
100.0% | 100.0% | 100.0% | 100.0% | |||||
Asset Quality and Allowance for Loan and Lease Losses
For the quarters ended December 31, 2015 and 2014, the Company recorded
provisions for loan losses of
The provision for loan losses for the quarter and year ended
Asset quality remains strong. The ratio of non-performing, non-covered
loans to total non-covered loans was 0.37% and 0.29% at December 31,
2015 and December 31, 2014, respectively. The ratio of total
non-performing loans to total loans was 0.43% at December 31, 2015 and
0.31% at December 31, 2014. At December 31, 2015, non-performing assets
totaled
The following tables summarize the activity in the allowance for loan and lease losses for the periods indicated (in thousands):
Three Months Ended December 31, 2015 | Three Months Ended December 31, 2014 | |||||||||||||||||||||||||||||||
ACI Loans |
Non-ACI Loans |
New Loans | Total | ACI Loans |
Non-ACI
Loans |
New Loans | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | — | $ | 3,485 | $ | 114,800 | $ | 118,285 |
$ |
— |
$ | 5,789 | $ | 73,079 | $ | 78,868 | ||||||||||||||||
Provision (recovery) | — | 1,584 | 8,340 | 9,924 | — | (1,035 | ) | 21,558 | 20,523 | |||||||||||||||||||||||
Charge-offs | — | (222 | ) | (2,533 | ) | (2,755 | ) | — | (810 | ) | (3,386 | ) | (4,196 | ) | ||||||||||||||||||
Recoveries | — | 21 | 353 | 374 | — | 248 | 99 | 347 | ||||||||||||||||||||||||
Balance at end of period | $ | — | $ | 4,868 | $ | 120,960 | $ | 125,828 | $ | — | $ | 4,192 | $ | 91,350 | $ | 95,542 | ||||||||||||||||
Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||
ACI Loans |
Non-ACI
Loans |
New Loans | Total | ACI Loans |
Non-ACI
Loans |
New Loans | Total | |||||||||||||||||||||||||
Balance at beginning of period | $ | — | $ | 4,192 | $ | 91,350 | $ | 95,542 | $ | 2,893 | $ | 9,502 | $ | 57,330 | $ | 69,725 | ||||||||||||||||
Provision (recovery) | — | 2,251 | 42,060 | 44,311 | 2,311 | (2,554 | ) | 41,748 | 41,505 | |||||||||||||||||||||||
Charge-offs | — | (1,680 | ) | (13,719 | ) | (15,399 | ) | (5,204 | ) | (3,496 | ) | (8,754 | ) | (17,454 | ) | |||||||||||||||||
Recoveries | — | 105 | 1,269 | 1,374 | — | 740 | 1,026 | 1,766 | ||||||||||||||||||||||||
Balance at end of period | $ | — | $ | 4,868 | $ | 120,960 | $ | 125,828 | $ | — | $ | 4,192 | $ | 91,350 | $ | 95,542 | ||||||||||||||||
Deposits
At December 31, 2015, deposits totaled
Net interest income
Net interest income for the quarter ended December 31, 2015 increased to
The Company’s net interest margin, calculated on a tax-equivalent basis,
was 3.94% for the quarter ended December 31, 2015 compared to 4.26% for
the quarter ended December 31, 2014 . Net interest margin, calculated on
a tax-equivalent basis, was 3.94% for the year ended
-
The tax-equivalent yield on loans declined to 5.34% and 5.40% for the
quarter and year ended
December 31, 2015 compared to 5.89% and 6.44% for the quarter and year endedDecember 31, 2014 , primarily because new loans, originated at yields lower than those on loans acquired in the FSB Acquisition, comprised a greater percentage of total loans. -
The tax-equivalent yield on new loans was 3.51% and 3.50% for the
quarter and year ended
December 31, 2015 compared to 3.52% and 3.56% for the quarter and year endedDecember 31, 2014 . -
The tax-equivalent yield on loans acquired in the FSB Acquisition
increased to 35.76% and 30.29% for the quarter and year ended
December 31, 2015 from 27.15% and 27.09% for the quarter and year endedDecember 31, 2014 . -
The tax-equivalent yield on investment securities decreased to 2.77%
and 2.59% for the quarter and year ended
December 31, 2015 from 2.82% and 2.80% for the quarter and year endedDecember 31, 2014 . -
The average rate on interest bearing liabilities increased to 0.89%
for the quarter ended December 31, 2015 from 0.86% for the quarter
ended December 31, 2014, reflecting the impact of the senior notes
issued in the fourth quarter of 2015. The average rate on interest
bearing liabilities declined to 0.84% for the year ended
December 31, 2015 from 0.87% for year endedDecember 31, 2014 , primarily due to lower rates on time deposits and FHLB advances.
The Company’s net interest margin, calculated on a tax-equivalent basis,
of 3.94% for the quarter ended December 31, 2015 increased from 3.88%
for the immediately preceding quarter ended
The Company’s net interest margin continues to be impacted by reclassifications from non-accretable difference to accretable yield on ACI loans. Non-accretable difference at acquisition represented the difference between the total contractual payments due and the cash flows expected to be received on these loans. The accretable yield on ACI loans represented the amount by which undiscounted expected future cash flows exceeded the recorded investment in the loans. As the Company’s expected cash flows from ACI loans have increased since the FSB Acquisition, the Company has reclassified amounts from non-accretable difference to accretable yield.
Changes in accretable yield on ACI loans for the years ended December 31, 2015 and 2014 were as follows (in thousands):
Balance at December 31, 2013 | $ | 1,158,572 | |||||||
Reclassifications from non-accretable difference | 185,604 | ||||||||
Accretion | (338,864 | ) | |||||||
Balance at December 31, 2014 | 1,005,312 | ||||||||
Reclassifications from non-accretable difference | 192,291 | ||||||||
Accretion | (295,038 | ) | |||||||
Balance at December 31, 2015 | $ | 902,565 | |||||||
Non-interest income
Non-interest income totaled
The provision for (recovery of) loan losses for covered loans, net
income from resolution of covered assets, gain (loss) on sale of covered
loans and loss (gain) related to covered OREO all relate to transactions
in the covered assets. The line item Net loss on
The variance in the impact on pre-tax earnings of these transactions in
covered assets for the year ended
Increases in income from lease financing for the year ended
Non-interest expense
Non-interest expense totaled
Amortization of the
Increases in employee compensation and benefits, occupancy and
equipment, deposit insurance expense and other non-interest expense for
the quarter and year ended
Increases in depreciation of equipment under operating lease for the
quarter and year ended
Provision for income taxes
The effective income tax rate was 34.2% and 15.2%, respectively, for the
quarter and year ended
Non-GAAP Financial Measures
Tangible book value per common share is a non-GAAP financial measure. Management believes this measure is relevant to understanding the capital position and performance of the Company. Disclosure of this non-GAAP financial measure also provides a meaningful base for comparability to other financial institutions. The following table reconciles the non-GAAP financial measurement of tangible book value per common share to the comparable GAAP financial measurement of book value per common share at December 31, 2015 (in thousands except share and per share data):
Total stockholders’ equity | $ | 2,243,898 | ||||
Less: goodwill and other intangible assets | 78,330 | |||||
Tangible stockholders’ equity | $ | 2,165,568 | ||||
Common shares issued and outstanding | 103,626,255 | |||||
Book value per common share | $ | 21.65 | ||||
Tangible book value per common share | $ | 20.90 | ||||
Net income and earnings per diluted common share excluding the impact of
a discrete income tax benefit and related professional fees are non-GAAP
financial measures. Management believes disclosure of these measures
enhances readers' ability to compare the Company's financial performance
for the current period to that of other periods presented. The following
table reconciles these non-GAAP financial measurements to the comparable
GAAP financial measurements of net income and earnings per diluted share
for the year ended
Year ended December 31, 2015 |
||||
Net income excluding the impact of a discrete income tax benefit and related professional fees: | ||||
Net income (GAAP) | $ | 251,660 | ||
Less discrete income tax benefit | (49,323 | ) | ||
Add back related professional fees, net of tax of $524 | 801 | |||
Net income excluding the impact of a discrete income tax benefit and related professional fees (non-GAAP) | $ | 203,138 | ||
Diluted earnings per common share, excluding the impact of a discrete income tax benefit and related professional fees: | ||||
Diluted earnings per common share (GAAP) | $ | 2.35 | ||
Impact on diluted earnings per common share of discrete income tax benefit and related professional fees (non-GAAP) | (0.47 | ) | ||
Impact on diluted earnings per common share of discrete income tax benefit and related professional fees allocated to participating securities (non-GAAP) | 0.02 | |||
Diluted earnings per common share, excluding the impact of a discrete income tax benefit and related professional fees (non-GAAP) | $ | 1.90 | ||
Impact on diluted earnings per common share of discrete income tax benefit and related professional fees: | ||||
Discrete income tax benefit and related professional fees, net of tax | $ | (48,522 | ) | |
Weighted average shares for diluted earnings per share (GAAP) | 102,972,150 | |||
Impact on diluted earnings per common share of discrete income tax benefit and related professional fees (non-GAAP) | $ | (0.47 | ) | |
Impact on diluted earnings per common share of discrete income tax benefit and related professional fees allocated to participating securities: | ||||
Discrete income tax benefit and related professional fees, net of tax, allocated to participating securities | $ | 1,881 | ||
Weighted average shares for diluted earnings per share (GAAP) | 102,972,150 | |||
Impact on diluted earnings per common share of discrete income tax benefit and related professional fees allocated to participating securities (non-GAAP) | $ | 0.02 | ||
Earnings Conference Call and Presentation
A conference call to discuss quarterly results will be held at 9:00 a.m.
ET on Thursday, January 21, 2016 with Chairman, President and Chief
Executive Officer,
The earnings release will be available on the Investor Relations page
under About Us on www.bankunited.com
prior to the call. The call may be accessed via a live Internet webcast
at www.bankunited.com
or through a dial in telephone number at (855) 798-3052 (domestic) or
(234) 386-2812 (international). The name of the call is
About BankUnited, Inc. and the FSB Acquisition
BankUnited, Inc., with total assets of
The Company was organized by a management team led by its Chairman,
President and Chief Executive Officer,
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the Company’s current views with respect to, among other things, future events and financial performance.
The Company generally identifies forward-looking statements by terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this press release are based on the historical performance of the Company and its subsidiaries or on the Company’s current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by the Company that the future plans, estimates or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity. If one or more of these or other risks or uncertainties materialize, or if the Company’s underlying assumptions prove to be incorrect, the Company’s actual results may vary materially from those indicated in these statements. These factors should not be construed as exhaustive. The Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. Information on these factors can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 available at the SEC’s website (www.sec.gov).
BANKUNITED, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS - UNAUDITED | ||||||||
(In thousands, except share and per share data) | ||||||||
December 31, 2015 |
December 31, 2014 |
|||||||
ASSETS | ||||||||
Cash and due from banks: | ||||||||
Non-interest bearing | $ | 31,515 | $ | 46,268 | ||||
Interest bearing | 39,613 | 33,979 | ||||||
Interest bearing deposits at Federal Reserve Bank | 192,366 | 100,596 | ||||||
Federal funds sold | 4,006 | 6,674 | ||||||
Cash and cash equivalents | 267,500 | 187,517 | ||||||
Investment securities available for sale, at fair value | 4,859,539 | 4,585,694 | ||||||
Investment securities held to maturity | 10,000 | 10,000 | ||||||
Non-marketable equity securities | 219,997 | 191,674 | ||||||
Loans held for sale | 47,410 | 1,399 | ||||||
Loans (including covered loans of $809,540 and $1,043,864) | 16,636,603 | 12,414,769 | ||||||
Allowance for loan and lease losses | (125,828 | ) | (95,542 | ) | ||||
Loans, net | 16,510,775 | 12,319,227 | ||||||
FDIC indemnification asset | 739,880 | 974,704 | ||||||
Bank owned life insurance | 225,867 | 215,065 | ||||||
Equipment under operating lease, net | 483,518 | 314,558 | ||||||
Deferred tax asset, net | 105,577 | 117,215 | ||||||
Goodwill and other intangible assets | 78,330 | 68,414 | ||||||
Other assets | 335,074 | 225,062 | ||||||
Total assets | $ | 23,883,467 | $ | 19,210,529 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Liabilities: | ||||||||
Demand deposits: | ||||||||
Non-interest bearing | $ | 2,874,533 | $ | 2,714,127 | ||||
Interest bearing | 1,167,537 | 899,696 | ||||||
Savings and money market | 8,288,340 | 5,896,007 | ||||||
Time | 4,608,091 | 4,001,925 | ||||||
Total deposits | 16,938,501 | 13,511,755 | ||||||
Federal Home Loan Bank advances | 4,008,464 | 3,307,932 | ||||||
Notes and other borrowings | 402,545 | 10,627 | ||||||
Other liabilities | 290,059 | 327,681 | ||||||
Total liabilities | 21,639,569 | 17,157,995 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity: | ||||||||
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 103,626,255 and 101,656,702 shares issued and outstanding | 1,036 | 1,017 | ||||||
Paid-in capital | 1,406,786 | 1,353,538 | ||||||
Retained earnings | 813,894 | 651,627 | ||||||
Accumulated other comprehensive income | 22,182 | 46,352 | ||||||
Total stockholders' equity | 2,243,898 | 2,052,534 | ||||||
Total liabilities and stockholders' equity | $ | 23,883,467 | $ | 19,210,529 | ||||
BANKUNITED, INC. AND SUBSIDIARIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Three Months Ended December 31, |
Years Ended December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Interest income: | ||||||||||||||||
Loans | $ | 208,218 | $ | 167,679 | $ | 753,901 | $ | 667,237 | ||||||||
Investment securities | 31,424 | 30,279 | 116,817 | 108,662 | ||||||||||||
Other | 2,760 | 2,269 | 10,098 | 7,845 | ||||||||||||
Total interest income | 242,402 | 200,227 | 880,816 | 783,744 | ||||||||||||
Interest expense: | ||||||||||||||||
Deposits | 25,333 | 19,967 | 91,151 | 72,961 | ||||||||||||
Borrowings | 14,074 | 8,758 | 44,013 | 33,690 | ||||||||||||
Total interest expense | 39,407 | 28,725 | 135,164 | 106,651 | ||||||||||||
Net interest income before provision for loan losses | 202,995 | 171,502 | 745,652 | 677,093 | ||||||||||||
Provision for (recovery of) loan losses (including $1,584, $(1,035), $2,251 and $(243) for covered loans) | 9,924 | 20,523 | 44,311 | 41,505 | ||||||||||||
Net interest income after provision for loan losses | 193,071 | 150,979 | 701,341 | 635,588 | ||||||||||||
Non-interest income: | ||||||||||||||||
Income from resolution of covered assets, net | 9,397 | 9,326 | 50,658 | 49,082 | ||||||||||||
Net loss on FDIC indemnification | (12,918 | ) | (6,638 | ) | (65,942 | ) | (46,396 | ) | ||||||||
FDIC reimbursement of costs of resolution of covered assets | 18 | 789 | 859 | 4,440 | ||||||||||||
Service charges and fees | 4,296 | 4,185 | 17,876 | 16,612 | ||||||||||||
Gain (loss) on sale of loans, net (including gain (loss) related to covered loans of $8,219, $(2,226), $34,929 and $20,369) | 10,943 | (2,065 | ) | 40,633 | 21,047 | |||||||||||
Gain on investment securities available for sale, net | 2,987 | 2,703 | 8,480 | 3,859 | ||||||||||||
Lease financing | 9,687 | 8,916 | 35,641 | 21,601 | ||||||||||||
Other non-interest income | 4,842 | 1,830 | 14,019 | 13,920 | ||||||||||||
Total non-interest income | 29,252 | 19,046 | 102,224 | 84,165 | ||||||||||||
Non-interest expense: | ||||||||||||||||
Employee compensation and benefits | 53,464 | 46,210 | 210,104 | 195,218 | ||||||||||||
Occupancy and equipment | 19,277 | 18,275 | 75,484 | 70,520 | ||||||||||||
Amortization of FDIC indemnification asset | 32,537 | 20,587 | 109,411 | 69,470 | ||||||||||||
Deposit insurance expense | 4,561 | 2,333 | 14,257 | 9,348 | ||||||||||||
Professional fees | 4,112 | 3,515 | 14,185 | 13,178 | ||||||||||||
Telecommunications and data processing | 3,346 | 3,476 | 13,613 | 13,381 | ||||||||||||
Depreciation of equipment under operating lease | 5,847 | 2,801 | 18,369 | 8,759 | ||||||||||||
Other non-interest expense | 13,667 | 11,292 | 51,249 | 46,629 | ||||||||||||
Total non-interest expense | 136,811 | 108,489 | 506,672 | 426,503 | ||||||||||||
Income before income taxes | 85,512 | 61,536 | 296,893 | 293,250 | ||||||||||||
Provision for income taxes | 29,249 | 14,702 | 45,233 | 89,035 | ||||||||||||
Net income | $ | 56,263 | $ | 46,834 | $ | 251,660 | $ | 204,215 | ||||||||
Earnings per common share, basic | $ | 0.53 | $ | 0.45 | $ | 2.37 | $ | 1.95 | ||||||||
Earnings per common share, diluted | $ | 0.52 | $ | 0.45 | $ | 2.35 | $ | 1.95 | ||||||||
Cash dividends declared per common share | $ | 0.21 | $ | 0.21 | $ | 0.84 | $ | 0.84 | ||||||||
BANKUNITED, INC. AND SUBSIDIARIES | |||||||||||||||||||||
AVERAGE BALANCES AND YIELDS | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Three Months Ended December 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Average Balance |
Interest (1) |
Yield / Rate (1) (2) |
Average Balance |
Interest (1) |
Yield / Rate (1)(2) |
||||||||||||||||
Assets: | |||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||
Loans | $ | 15,872,239 | $ | 212,870 | 5.34% | $ | 11,565,407 | $ | 170,966 | 5.89% | |||||||||||
Investment securities (3) | 4,792,805 | 33,136 | 2.77% | 4,401,576 | 31,055 | 2.82% | |||||||||||||||
Other interest earning assets | 525,542 | 2,760 | 2.09% | 495,275 | 2,269 | 1.82% | |||||||||||||||
Total interest earning assets | 21,190,586 | 248,766 | 4.68% | 16,462,258 | 204,290 | 4.95% | |||||||||||||||
Allowance for loan and lease losses | (122,719 | ) | (82,923 | ) | |||||||||||||||||
Non-interest earning assets | 2,031,537 | 1,926,249 | |||||||||||||||||||
Total assets | $ | 23,099,404 | $ | 18,305,584 | |||||||||||||||||
Liabilities and Stockholders' Equity: | |||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||
Interest bearing demand deposits | $ | 1,290,496 | 1,902 | 0.58% | $ | 898,116 | 984 | 0.43% | |||||||||||||
Savings and money market deposits | 7,586,158 | 11,044 | 0.58% | 5,616,832 | 7,603 | 0.54% | |||||||||||||||
Time deposits | 4,587,946 | 12,387 | 1.07% | 3,933,781 | 11,380 | 1.15% | |||||||||||||||
Total interest bearing deposits | 13,464,600 | 25,333 | 0.75% | 10,448,729 | 19,967 | 0.76% | |||||||||||||||
FHLB advances | 3,973,249 | 11,314 | 1.13% | 2,847,012 | 8,443 | 1.18% | |||||||||||||||
Notes and other borrowings | 202,146 | 2,760 | 5.42% | 10,672 | 315 | 11.71% | |||||||||||||||
Total interest bearing liabilities | 17,639,995 | 39,407 | 0.89% | 13,306,413 | 28,725 | 0.86% | |||||||||||||||
Non-interest bearing demand deposits | 2,833,792 | 2,650,525 | |||||||||||||||||||
Other non-interest bearing liabilities | 380,630 | 283,812 | |||||||||||||||||||
Total liabilities | 20,854,417 | 16,240,750 | |||||||||||||||||||
Stockholders' equity | 2,244,987 | 2,064,834 | |||||||||||||||||||
Total liabilities and stockholders' equity | $ | 23,099,404 | $ | 18,305,584 | |||||||||||||||||
Net interest income | $ | 209,359 | $ | 175,565 | |||||||||||||||||
Interest rate spread | 3.79% | 4.09% | |||||||||||||||||||
Net interest margin | 3.94% | 4.26% | |||||||||||||||||||
(1) On a tax-equivalent basis where applicable
(2) Annualized
(3) At fair value except for securities held to maturity
BANKUNITED, INC. AND SUBSIDIARIES | ||||||||||||||||||||
AVERAGE BALANCES AND YIELDS | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
Average Balance |
Interest (1) |
Yield / Rate(1) |
Average Balance |
Interest (1) |
Yield / Rate(1) |
|||||||||||||||
Assets: | ||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||
Loans | $ | 14,263,617 | $ | 769,789 | 5.40% | $ | 10,536,287 | $ | 678,274 | 6.44% | ||||||||||
Investment securities (2) | 4,672,032 | 121,221 | 2.59% | 3,984,543 | 111,471 | 2.80% | ||||||||||||||
Other interest earning assets | 481,716 | 10,098 | 2.10% | 453,252 | 7,845 | 1.73% | ||||||||||||||
Total interest earning assets | 19,417,365 | 901,108 | 4.64% | 14,974,082 | 797,590 | 5.33% | ||||||||||||||
Allowance for loan and lease losses | (108,875 | ) | (76,606 | ) | ||||||||||||||||
Non-interest earning assets | 1,985,421 | 1,928,564 | ||||||||||||||||||
Total assets | $ | 21,293,911 | $ | 16,826,040 | ||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||
Interest bearing demand deposits | $ | 1,169,921 | 5,782 | 0.49% | $ | 773,655 | 3,254 | 0.42% | ||||||||||||
Savings and money market deposits | 6,849,366 | 37,744 | 0.55% | 5,092,444 | 25,915 | 0.51% | ||||||||||||||
Time deposits | 4,305,857 | 47,625 | 1.11% | 3,716,611 | 43,792 | 1.18% | ||||||||||||||
Total interest bearing deposits | 12,325,144 | 91,151 | 0.74% | 9,582,710 | 72,961 | 0.76% | ||||||||||||||
FHLB advances | 3,706,288 | 40,328 | 1.09% | 2,613,156 | 32,412 | 1.24% | ||||||||||||||
Notes and other borrowings | 58,791 | 3,685 | 6.27% | 10,768 | 1,278 | 11.87% | ||||||||||||||
Total interest bearing liabilities | 16,090,223 | 135,164 | 0.84% | 12,206,634 | 106,651 | 0.87% | ||||||||||||||
Non-interest bearing demand deposits | 2,732,654 | 2,366,621 | ||||||||||||||||||
Other non-interest bearing liabilities | 305,519 | 235,930 | ||||||||||||||||||
Total liabilities | 19,128,396 | 14,809,185 | ||||||||||||||||||
Stockholders' equity | 2,165,515 | 2,016,855 | ||||||||||||||||||
Total liabilities and stockholders' equity | $ | 21,293,911 | $ | 16,826,040 | ||||||||||||||||
Net interest income | $ | 765,944 | $ | 690,939 | ||||||||||||||||
Interest rate spread | 3.80% | 4.46% | ||||||||||||||||||
Net interest margin | 3.94% | 4.61% | ||||||||||||||||||
(1) On a tax-equivalent basis where applicable
(2) At fair value except for securities held to maturity
BANKUNITED, INC. AND SUBSIDIARIES | ||||||||||||||||
EARNINGS PER COMMON SHARE | ||||||||||||||||
(In thousands except share and per share amounts) | ||||||||||||||||
Three Months Ended December 31, |
Years Ended December 31, |
|||||||||||||||
|
2015 | 2014 | 2015 | 2014 | ||||||||||||
Basic earnings per common share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 56,263 | $ | 46,834 | $ | 251,660 | $ | 204,215 | ||||||||
Distributed and undistributed earnings allocated to participating securities | (2,163 | ) | (1,777 | ) | (9,742 | ) | (7,991 | ) | ||||||||
Income allocated to common stockholders for basic earnings per common share | $ | 54,100 | $ | 45,057 | $ | 241,918 | $ | 196,224 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding | 103,552,654 | 101,657,597 | 103,187,530 | 101,574,076 | ||||||||||||
Less average unvested stock awards | (1,147,535 | ) | (1,110,377 | ) | (1,128,416 | ) | (1,117,869 | ) | ||||||||
Weighted average shares for basic earnings per common share | 102,405,119 | 100,547,220 | 102,059,114 | 100,456,207 | ||||||||||||
Basic earnings per common share | $ | 0.53 | $ | 0.45 | $ | 2.37 | $ | 1.95 | ||||||||
Diluted earnings per common share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Income allocated to common stockholders for basic earnings per common share | $ | 54,100 | $ | 45,057 | $ | 241,918 | $ | 196,224 | ||||||||
Adjustment for earnings reallocated from participating securities | 13 | 3 | 54 | 16 | ||||||||||||
Income used in calculating diluted earnings per common share | $ | 54,113 | $ | 45,060 | $ | 241,972 | $ | 196,240 | ||||||||
Denominator: | ||||||||||||||||
Weighted average shares for basic earnings per common share | 102,405,119 | 100,547,220 | 102,059,114 | 100,456,207 | ||||||||||||
Dilutive effect of stock options | 1,046,112 | 132,399 | 913,036 | 139,606 | ||||||||||||
Weighted average shares for diluted earnings per common share | 103,451,231 | 100,679,619 | 102,972,150 | 100,595,813 | ||||||||||||
Diluted earnings per common share | $ | 0.52 | $ | 0.45 | $ | 2.35 | $ | 1.95 | ||||||||
BANKUNITED, INC. AND SUBSIDIARIES | ||||||||||
SELECTED RATIOS | ||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||
2015 | 2014 | 2015 | 2014 | |||||||
Financial ratios (5) | ||||||||||
Return on average assets | 0.97% | 1.02% | 1.18% | 1.21% | ||||||
Return on average stockholders’ equity | 9.94% | 9.00% | 11.62% | 10.13% | ||||||
Net interest margin (4) | 3.94% | 4.26% | 3.94% | 4.61% | ||||||
December 31, 2015 | December 31, 2014 | |||||||||
Capital ratios | ||||||||||
Tier 1 leverage | 9.3% | 10.7% | ||||||||
CET1 risk-based capital | 12.6% | N/A | ||||||||
Tier 1 risk-based capital | 12.6% | 15.5% | ||||||||
Total risk-based capital | 13.4% | 16.3% | ||||||||
December 31, 2015 | December 31, 2014 | |||||||||
Non-Covered | Total | Non-Covered | Total | |||||||
Asset quality ratios | ||||||||||
Non-performing loans to total loans (1) (3) | 0.37% | 0.43% | 0.29% | 0.31% | ||||||
Non-performing assets to total assets (2) | 0.26% | 0.35% | 0.17% | 0.27% | ||||||
Allowance for loan and lease losses to total loans (3) | 0.76% | 0.76% | 0.80% | 0.77% | ||||||
Allowance for loan and lease losses to non-performing loans (1) | 204.45% | 175.90% | 281.54% | 244.69% | ||||||
Net charge-offs to average loans | 0.09% | 0.10% | 0.08% | 0.15% | ||||||
(1) We define non-performing loans to include non-accrual loans, loans, other than ACI loans, that are past due 90 days or more and still accruing and certain loans modified in troubled debt restructurings. Contractually delinquent ACI loans on which interest continues to be accreted are excluded from non-performing loans.
(2) Non-performing assets include non-performing loans, OREO and other foreclosed assets.
(3) Total loans include premiums, discounts, and deferred fees and costs.
(4) On a tax-equivalent basis.
(5) Annualized for the three month periods.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160121005216/en/
Source:
BankUnited, Inc.
Investor Relations:
Leslie N. Lunak,
786-313-1698
llunak@bankunited.com
or
Media
Relations:
Mary Harris, 305-817-8117
mharris@bankunited.com