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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

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
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
 ☐
Emerging growth company
Non-accelerated filer
Smaller reporting 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, as of August 5, 2020 was 92,401,950.

 







BANKUNITED, INC.
Form 10-Q
For the Quarter Ended June 30, 2020
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)
ACL
 
Allowance for credit losses
AFS
 
Available for sale
ALCO
 
Asset/Liability Committee
ALLL
 
Allowance for loan and lease losses
AOCI
 
Accumulated other comprehensive income
APY
 
Annual Percentage Yield
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
CARES Act
 
Coronavirus Aid, Relief, and Economic Security Act
CDO
 
Collateralized debt obligation
CECL
 
Current expected credit losses
CET1
 
Common Equity Tier 1 capital
CFPB
 
Consumer Financial Protection Bureau
CLO
 
Collateralized loan obligations
CMBS
 
Commercial mortgage-backed securities
CME
 
Chicago Mercantile Exchange
CMOs
 
Collateralized mortgage obligations
COVID-19
 
Coronavirus disease of 2019
CPR
 
Constant prepayment rate
CUSIP
 
Committee on Uniform Securities Identification Procedures
DIF
 
Deposit insurance fund
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
FHA loan
 
Loan guaranteed by the Federal Housing Administration
FHLB
 
Federal Home Loan Bank
FICO
 
Fair Isaac Corporation (credit score)
FRB
 
Federal Reserve Bank
GAAP
 
U.S. generally accepted accounting principles
GDP
 
Gross Domestic Product
GNMA
 
Government National Mortgage Association
HTM
 
Held to maturity

ii


IPO
 
Initial public offering
IRS
 
Internal Revenue Service
ISDA
 
International Swaps and Derivatives Association
LGD
 
Loss Given Default
LIBOR
 
London InterBank Offered Rate
LIHTC
 
Low Income Housing Tax Credits
LTV
 
Loan-to-value
MBS
 
Mortgage-backed securities
MSA
 
Metropolitan Statistical Area
NRSRO
 
Nationally recognized statistical rating organization
NYSE
 
New York Stock Exchange
OCC
 
Office of the Comptroller of the Currency
OCI
 
Other comprehensive income
OREO
 
Other real estate owned
PCD
 
Purchased credit-deteriorated
PD
 
Probability of default
Pinnacle
 
Pinnacle Public Finance, Inc.
PPNR
 
Pre-tax, pre-provision net revenue
PPP
 
Small Business Administration’s Paycheck Protection Program
PPPLF
 
FRB Paycheck Protection Program Liquidity Facility
Proxy Statement
 
Definitive proxy statement for the Company's 2019 annual meeting of stockholders
PSU
 
Performance Share Unit
QRMs
 
Qualified residential mortgages
REIT
 
Real Estate Investment Trust
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
SOFR
 
Secured Overnight Financing Rate
TDR
 
Troubled-debt restructuring
Tri-State
 
New York, New Jersey and Connecticut
UPB
 
Unpaid principal balance
USDA
 
U.S. Department of Agriculture
VA loan
 
Loan guaranteed by the U.S. Department of Veterans Affairs
WARM
 
Weighted-average remaining maturity


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,
2020
 
December 31,
2019
ASSETS
 

 
 

Cash and due from banks:
 

 
 

Non-interest bearing
$
10,599

 
$
7,704

Interest bearing
391,632

 
206,969

Cash and cash equivalents
402,231

 
214,673

Investment securities (including securities recorded at fair value of $8,683,628 and $7,759,237)
8,693,628

 
7,769,237

Non-marketable equity securities
233,051

 
253,664

Loans held for sale
2,623

 
37,926

Loans
23,834,889

 
23,154,988

Allowance for credit losses
(266,123
)
 
(108,671
)
Loans, net
23,568,766

 
23,046,317

Bank owned life insurance
292,012

 
282,151

Operating lease equipment, net
689,965

 
698,153

Goodwill and other intangible assets
77,652

 
77,674

Other assets
785,971

 
491,498

Total assets
$
34,745,899

 
$
32,871,293

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

Liabilities:
 

 
 

Demand deposits:
 

 
 

Non-interest bearing
$
5,883,362

 
$
4,294,824

Interest bearing
2,865,944

 
2,130,976

Savings and money market
10,590,315

 
10,621,544

Time
6,730,803

 
7,347,247

Total deposits
26,070,424

 
24,394,591

Federal funds purchased
100,000

 
100,000

FHLB and PPPLF borrowings
4,650,599

 
4,480,501

Notes and other borrowings
722,332

 
429,338

Other liabilities
447,491

 
486,084

Total liabilities
31,990,846

 
29,890,514

 
 
 
 
Commitments and contingencies


 


 
 
 
 
Stockholders' equity:
 

 
 

Common stock, par value $0.01 per share, 400,000,000 shares authorized; 92,420,278 and 95,128,231 shares issued and outstanding
924

 
951

Paid-in capital
991,509

 
1,083,920

Retained earnings
1,905,639

 
1,927,735

Accumulated other comprehensive loss
(143,019
)
 
(31,827
)
Total stockholders' equity
2,755,053

 
2,980,779

Total liabilities and stockholders' equity
$
34,745,899

 
$
32,871,293

 

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






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,
 
2020
 
2019
 
2020
 
2019
Interest income:
 
 
 
 
 

 
 

Loans
$
213,938

 
$
249,364

 
$
448,297

 
$
489,996

Investment securities
50,932

 
72,796

 
106,992

 
149,141

Other
2,908

 
5,069

 
6,628

 
9,921

Total interest income
267,778

 
327,229

 
561,917

 
649,058

Interest expense:
 
 
 
 
 
 
 
Deposits
50,187

 
99,987

 
133,009

 
197,408

Borrowings
27,254

 
36,359

 
57,995

 
69,866

Total interest expense
77,441

 
136,346

 
191,004

 
267,274

Net interest income before provision for credit losses
190,337

 
190,883

 
370,913

 
381,784

Provision for (recovery of) credit losses
25,414

 
(2,747
)
 
150,842

 
7,534

Net interest income after provision for credit losses
164,923

 
193,630

 
220,071

 
374,250

Non-interest income:
 
 
 
 
 
 
 
Deposit service charges and fees
3,701

 
4,290

 
7,887

 
8,120

Gain on sale of loans, net
4,326

 
2,121

 
7,792

 
5,057

Gain on investment securities, net
6,836

 
4,116

 
3,383

 
9,901

Lease financing
16,150

 
17,005

 
31,631

 
34,191

Other non-interest income
7,338

 
7,805

 
10,956

 
14,323

Total non-interest income
38,351

 
35,337

 
61,649

 
71,592

Non-interest expense:
 
 
 
 
 
 
 
Employee compensation and benefits
48,877

 
57,251

 
107,764

 
122,484

Occupancy and equipment
11,901

 
13,991

 
24,270

 
27,157

Deposit insurance expense
4,806

 
5,027

 
9,209

 
9,068

Professional fees
3,131

 
6,937

 
6,335

 
14,808

Technology and telecommunications
14,025

 
12,013

 
26,621

 
23,181

Depreciation of operating lease equipment
12,219

 
11,489

 
24,822

 
23,301

Other non-interest expense
11,411

 
13,377

 
26,217

 
26,776

Total non-interest expense
106,370

 
120,085

 
225,238

 
246,775

Income before income taxes
96,904

 
108,882

 
56,482

 
199,067

Provision for income taxes
20,396

 
27,431

 
10,925

 
51,644

Net income
$
76,508

 
$
81,451

 
$
45,557

 
$
147,423

Earnings per common share, basic
$
0.80

 
$
0.81

 
$
0.47

 
$
1.46

Earnings per common share, diluted
$
0.80

 
$
0.81

 
$
0.47

 
$
1.45


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






BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED
(In thousands)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
 
 
 
 
 
 
 
 
Net income
$
76,508

 
$
81,451

 
$
45,557

 
$
147,423

Other comprehensive income (loss), net of tax:
 
 


 
 
 
 

Unrealized gains (losses) on investment securities available for sale:
 
 


 
 
 
 

Net unrealized holding gain (loss) arising during the period
188,405

 
23,326

 
(24,755
)
 
44,943

Reclassification adjustment for net securities gains realized in income
(4,264
)
 
(2,877
)
 
(5,404
)
 
(6,050
)
Net change in unrealized gain (loss) on securities available for sale
184,141

 
20,449

 
(30,159
)
 
38,893

Unrealized losses on derivative instruments:
 
 


 
 
 
 

Net unrealized holding loss arising during the period
(11,070
)
 
(37,218
)
 
(91,884
)
 
(57,893
)
Reclassification adjustment for net (gains) losses realized in income
7,502

 
(1,241
)
 
10,851

 
(3,242
)
Net change in unrealized losses on derivative instruments
(3,568
)
 
(38,459
)
 
(81,033
)
 
(61,135
)
Other comprehensive income (loss)
180,573

 
(18,010
)
 
(111,192
)
 
(22,242
)
Comprehensive income (loss)
$
257,081

 
$
63,441

 
$
(65,635
)
 
$
125,181



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



BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(In thousands)


 
Six Months Ended June 30,
 
2020
 
2019
Cash flows from operating activities:
 

 
 

Net income
$
45,557

 
$
147,423

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Amortization and accretion, net
(11,590
)
 
(22,452
)
Provision for credit losses
150,842

 
7,534

Gain on sale of loans, net
(7,792
)
 
(5,057
)
Gain on investment securities, net
(3,383
)
 
(9,901
)
Equity based compensation
7,351

 
11,251

Depreciation and amortization
35,691

 
35,555

Deferred income taxes
(769
)
 
10,813

Proceeds from sale of loans held for sale
369,807

 
209,854

Loans originated for sale, net of repayments
(17,681
)
 
(51,024
)
Other:
 
 
 
(Increase) decrease in other assets
(23,101
)
 
31,897

Decrease in other liabilities
(224,093
)
 
(128,097
)
Net cash provided by operating activities
320,839

 
237,796

 
 
 
 
Cash flows from investing activities:
 

 
 

Purchase of investment securities
(2,263,847
)
 
(2,160,715
)
Proceeds from repayments and calls of investment securities
587,139

 
647,214

Proceeds from sale of investment securities
547,337

 
1,626,250

Purchase of non-marketable equity securities
(128,562
)
 
(196,137
)
Proceeds from redemption of non-marketable equity securities
149,175

 
173,400

Purchases of loans
(1,085,437
)
 
(894,235
)
Loan originations, repayments and resolutions, net
68,012

 
(51,014
)
Proceeds from sale of loans, net
11,604

 
9,560

Proceeds from sale of operating lease equipment

 
8,986

Acquisition of operating lease equipment
(19,118
)
 
(37,122
)
Other investing activities
(10,663
)
 
(24,950
)
Net cash used in investing activities
(2,144,360
)
 
(898,763
)
 
 
 
(Continued)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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



BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In thousands)




 
Six Months Ended June 30,
 
2020
 
2019
Cash flows from financing activities:
 
 
 
Net increase in deposits
1,675,833

 
448,177

Net decrease in federal funds purchased

 
(76,000
)
Additions to FHLB and PPPLF borrowings
3,762,336

 
2,456,000

Repayments of FHLB and PPPLF borrowings
(3,596,310
)
 
(1,921,000
)
Proceeds from issuance of notes, net
293,858

 

Dividends paid
(42,702
)
 
(42,937
)
Repurchase of common stock
(100,972
)
 
(142,065
)
Other financing activities
19,036

 
(448
)
Net cash provided by financing activities
2,011,079

 
721,727

Net increase in cash and cash equivalents
187,558

 
60,760

Cash and cash equivalents, beginning of period
214,673

 
382,073

Cash and cash equivalents, end of period
$
402,231

 
$
442,833

 
 
 
 
Supplemental disclosure of cash flow information:
 
 
 
Interest paid
$
209,233

 
$
258,561

Income taxes refunded (paid), net
$
4,883

 
$
(4,350
)
 
 
 
 
Supplemental schedule of non-cash investing and financing activities:
 
 
 
Unsettled sale of loans
$
11,058

 
$

Transfers from loans to other real estate owned and other repossessed assets
$
4,161

 
$
2,817

Transfers from loans to loans held for sale
$
329,308

 
$
342,310

Transfers from loans held for sale to loans
$
9,055

 
$

Dividends declared, not paid
$
21,909

 
$
20,621

Unsettled sales of investment securities
$
177,546

 
$

Unsettled purchases of investment securities
$
2,758

 
$
21,396





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






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, 2020
92,406,294

 
$
924

 
$
987,757

 
$
1,851,040

 
$
(323,592
)
 
$
2,516,129

Comprehensive income

 

 

 
76,508

 
180,573

 
257,081

Dividends ($0.23 per common share)

 

 

 
(21,909
)
 

 
(21,909
)
Equity based compensation
56,688

 
1

 
3,762

 

 

 
3,763

Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(42,704
)
 
(1
)
 
(10
)
 

 

 
(11
)
Balance at June 30, 2020
92,420,278

 
$
924

 
$
991,509

 
$
1,905,639

 
$
(143,019
)
 
$
2,755,053

 
 
 
 
 
 
 
 
 
 
 
 
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 and shares surrendered for tax withholding obligations
(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

 
Common
Shares
Outstanding
 
Common
Stock
 
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Stockholders’
Equity
Balance at December 31, 2019
95,128,231

 
$
951

 
$
1,083,920

 
$
1,927,735

 
$
(31,827
)
 
$
2,980,779

Impact of adoption of ASU 2016-13

 

 

 
(23,817
)
 

 
(23,817
)
Comprehensive loss

 

 

 
45,557

 
(111,192
)
 
(65,635
)
Dividends ($0.46 per common share)

 

 

 
(43,836
)
 

 
(43,836
)
Equity based compensation
743,696

 
8

 
11,428

 

 

 
11,436

Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(186,072
)
 
(3
)
 
(4,428
)
 

 

 
(4,431
)
Exercise of stock options
60,000

 
1

 
1,528

 

 

 
1,529

Repurchase of common stock
(3,325,577
)
 
(33
)
 
(100,939
)
 

 

 
(100,972
)
Balance at June 30, 2020
92,420,278

 
$
924

 
$
991,509

 
$
1,905,639

 
$
(143,019
)
 
$
2,755,053

 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
99,141,374

 
$
991

 
$
1,220,147

 
$
1,697,822

 
$
4,873

 
$
2,923,833

Comprehensive income

 

 

 
147,423

 
(22,242
)
 
125,181

Dividends ($0.42 per common share)

 

 

 
(41,885
)
 

 
(41,885
)
Equity based compensation
582,353

 
6

 
9,050

 

 

 
9,056

Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(286,927
)
 
(3
)
 
(6,251
)
 

 

 
(6,254
)
Exercise of stock options
3,910

 

 
44

 

 

 
44

Repurchase of common stock
(4,125,077
)
 
(41
)
 
(142,024
)
 

 

 
(142,065
)
Balance at June 30, 2019
95,315,633

 
$
953

 
$
1,080,966

 
$
1,803,360

 
$
(17,369
)
 
$
2,867,910