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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 September 30, 2020
Commission File Number: 001-35039 

BankUnited, Inc.
(Exact name of registrant as specified in its charter)
Delaware27-0162450
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
14817 Oak LaneMiami LakesFL33016
(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. 
ClassTrading SymbolName of Exchange on Which Registered
Common Stock, $0.01 Par ValueBKUNew York Stock Exchange

The number of outstanding shares of the registrant common stock, $0.01 par value, as of November 3, 2020 was 92,387,292.






BANKUNITED, INC.
Form 10-Q
For the Quarter Ended September 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)
ACLAllowance for credit losses
AFSAvailable for sale
ALCOAsset/Liability Committee
ALLLAllowance for loan and lease losses
AOCIAccumulated other comprehensive income
APYAnnual Percentage Yield
ASCAccounting Standards Codification
ASUAccounting Standards Update
BKUBankUnited, Inc.
BankUnitedBankUnited, National Association
The BankBankUnited, National Association
BFGBridge Funding Group, Inc.
BridgeBridge Funding Group, Inc.
Buyout loansFHA and VA insured mortgages from third party servicers who have exercised their right to purchase these loans out of GNMA securitizations
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CECLCurrent expected credit losses
CET1Common Equity Tier 1 capital
C&ICommercial and Industrial
CLOCollateralized loan obligations
CMBSCommercial mortgage-backed securities
CMEChicago Mercantile Exchange
CMOsCollateralized mortgage obligations
COVID-19Coronavirus disease of 2019
CRECommercial real estate
DFASTDodd-Frank Act Stress Test
DSCRDebt Service Coverage Ratio
EPSEarnings per common share
EVEEconomic value of equity
FDIAFederal Deposit Insurance Act
FHAFederal Housing Administration
FHLBFederal Home Loan Bank
FICOFair Isaac Corporation (credit score)
FRBFederal Reserve Bank
GAAPU.S. generally accepted accounting principles
GDPGross Domestic Product
GNMAGovernment National Mortgage Association
HTMHeld to maturity
IPOInitial public offering
ISDAInternational Swaps and Derivatives Association
LGDLoss Given Default
LIBORLondon InterBank Offered Rate
ii


LTVLoan-to-value
MBSMortgage-backed securities
MSAMetropolitan Statistical Area
MWLMortgage warehouse lending
Non-OOCRENon-owner occupied commercial real estate
NRSRONationally recognized statistical rating organization
OCIOther comprehensive income
OFACU.S. Department of the Treasury's Office of Foreign Assets Control
OOCREOwner occupied commercial real estate
OREOOther real estate owned
OTTIOther than temporary impairment
PCDPurchased credit-deteriorated
PDProbability of default
PinnaclePinnacle Public Finance, Inc.
PPNRPre-tax, pre-provision net revenue
PPPSmall Business Administration’s Paycheck Protection Program
PPPLFFRB Paycheck Protection Program Liquidity Facility
PSUPerformance Share Unit
REITReal Estate Investment Trust
RSURestricted Share Unit
SBAU.S. Small Business Administration
SBFSmall Business Finance Unit
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
S&P 500Standard & Poor's 500 Index
TDRTroubled-debt restructuring
Tri-StateNew York, New Jersey and Connecticut
UPBUnpaid principal balance
VA loanLoan guaranteed by the U.S. Department of Veterans Affairs
VIXCBOE Volatility Index
WARMWeighted-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)
September 30,
2020
December 31,
2019
ASSETS  
Cash and due from banks:  
Non-interest bearing$175 $7,704 
Interest bearing369,601 206,969 
Cash and cash equivalents 369,776 214,673 
Investment securities (including securities recorded at fair value of $9,290,883 and $7,759,237)
9,300,883 7,769,237 
Non-marketable equity securities208,614 253,664 
Loans held for sale3,816 37,926 
Loans23,779,315 23,154,988 
Allowance for credit losses (274,128)(108,671)
Loans, net23,505,187 23,046,317 
Bank owned life insurance 292,773 282,151 
Operating lease equipment, net676,321 698,153 
Goodwill and other intangible assets77,641 77,674 
Other assets593,586 491,498 
Total assets$35,028,597 $32,871,293 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Demand deposits:  
Non-interest bearing$6,789,622 $4,294,824 
Interest bearing2,916,891 2,130,976 
Savings and money market11,002,794 10,621,544 
Time5,887,903 7,347,247 
Total deposits26,597,210 24,394,591 
Federal funds purchased 180,000 100,000 
FHLB and PPPLF borrowings4,118,460 4,480,501 
Notes and other borrowings722,592 429,338 
Other liabilities545,511 486,084 
Total liabilities 32,163,773 29,890,514 
Commitments and contingencies
Stockholders' equity:  
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 92,388,641 and 95,128,231 shares issued and outstanding
924 951 
Paid-in capital995,438 1,083,920 
Retained earnings1,950,288 1,927,735 
Accumulated other comprehensive loss(81,826)(31,827)
Total stockholders' equity 2,864,824 2,980,779 
Total liabilities and stockholders' equity $35,028,597 $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 September 30,Nine Months Ended September 30,
 2020201920202019
Interest income:  
Loans$208,646 $248,770 $656,943 $738,766 
Investment securities44,604 69,413 151,596 218,554 
Other1,322 5,219 7,950 15,140 
Total interest income 254,572 323,402 816,489 972,460 
Interest expense:
Deposits37,681 99,483 170,690 296,891 
Borrowings29,412 38,229 87,407 108,095 
Total interest expense 67,093 137,712 258,097 404,986 
Net interest income before provision for credit losses 187,479 185,690 558,392 567,474 
Provision for credit losses 29,232 1,839 180,074 9,373 
Net interest income after provision for credit losses 158,247 183,851 378,318 558,101 
Non-interest income:
Deposit service charges and fees4,040 4,269 11,927 12,389 
Gain on sale of loans, net2,953 5,163 10,745 10,220 
Gain on investment securities, net
7,181 3,835 10,564 13,736 
Lease financing13,934 18,583 45,565 52,774 
Other non-interest income8,184 6,006 19,140 20,329 
Total non-interest income 36,292 37,856 97,941 109,448 
Non-interest expense:
Employee compensation and benefits48,448 57,102 156,212 179,586 
Occupancy and equipment 12,170 14,673 36,440 42,477 
Deposit insurance expense5,886 3,781 15,095 12,849 
Professional fees 2,436 2,923 8,771 17,731 
Technology and telecommunications15,435 10,994 42,056 34,175 
Depreciation of operating lease equipment12,315 11,582 37,137 34,883 
Loss on debt extinguishment— 3,796 — 3,796 
Other non-interest expense11,937 16,455 38,154 42,584 
Total non-interest expense 108,627 121,306 333,865 368,081 
Income before income taxes85,912 100,401 142,394 299,468 
Provision for income taxes19,353 24,182 30,278 75,826 
Net income$66,559 $76,219 $112,116 $223,642 
Earnings per common share, basic$0.70 $0.78 $1.17 $2.23 
Earnings per common share, diluted$0.70 $0.77 $1.17 $2.23 
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 September 30,Nine Months Ended September 30,
 2020201920202019
Net income $66,559 $76,219 $112,116 $223,642 
Other comprehensive income (loss), net of tax: 
Unrealized gains (losses) on investment securities available for sale:
 
Net unrealized holding gain arising during the period49,829 8,358 25,074 53,301 
Reclassification adjustment for net securities gains realized in income
(1,685)(2,518)(7,089)(8,568)
Net change in unrealized gain (loss) on securities available for sale
48,144 5,840 17,985 44,733 
Unrealized losses on derivative instruments: 
Net unrealized holding gain (loss) arising during the period1,251 (16,774)(90,633)(74,667)
Reclassification adjustment for net (gains) losses realized in income
11,798 (374)22,649 (3,616)
Net change in unrealized losses on derivative instruments
13,049 (17,148)(67,984)(78,283)
Other comprehensive income (loss)61,193 (11,308)(49,999)(33,550)
Comprehensive income$127,752 $64,911 $62,117 $190,092 

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)

 Nine Months Ended September 30,
 20202019
Cash flows from operating activities:  
Net income$112,116 $223,642 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and accretion, net(20,102)(30,550)
Provision for credit losses 180,074 9,373 
Gain on sale of loans, net(10,745)(10,220)
Gain on investment securities, net(10,564)(13,736)
Equity based compensation12,286 16,967 
Depreciation and amortization 54,377 53,105 
Deferred income taxes(27,304)22,278 
Loss on debt extinguishment— 3,796 
Proceeds from sale of loans held for sale498,431 317,027 
Loans originated for sale, net of repayments(21,780)(68,665)
Other:
Decrease in other assets2,509 20,288 
Decrease in other liabilities(134,363)(131,066)
Net cash provided by operating activities 634,935 412,239 
Cash flows from investing activities:  
Purchase of investment securities(3,356,639)(3,176,833)
Proceeds from repayments and calls of investment securities912,403 1,057,043 
Proceeds from sale of investment securities930,757 2,297,121 
Purchase of non-marketable equity securities(134,938)(319,387)
Proceeds from redemption of non-marketable equity securities179,988 313,650 
Purchases of loans(2,082,695)(1,636,932)
Loan originations, repayments and resolutions, net 1,000,352 332,246 
Proceeds from sale of loans, net11,604 205,869 
Acquisition of operating lease equipment(19,597)(38,312)
Other investing activities(12,328)(27,005)
Net cash used in investing activities (2,571,093)(992,540)
(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)



 Nine Months Ended September 30,
 20202019
Cash flows from financing activities:  
Net increase in deposits 2,202,619 482,205 
Net increase in federal funds purchased80,000  
Additions to FHLB and PPPLF borrowings4,281,960 3,962,000 
Repayments of FHLB and PPPLF borrowings(4,647,310)(3,827,000)
Proceeds from issuance of notes, net293,858  
Dividends paid (64,611)(63,558)
Repurchase of common stock(100,972)(150,000)
Other financing activities45,717 24,809 
Net cash provided by financing activities 2,091,261 428,456 
Net increase (decrease) in cash and cash equivalents 155,103 (151,845)
Cash and cash equivalents, beginning of period 214,673 382,073 
Cash and cash equivalents, end of period $369,776 $230,228 
Supplemental disclosure of cash flow information:
Interest paid $268,970 $391,691 
Income taxes paid (refunded), net$5,944 $(264)
Supplemental schedule of non-cash investing and financing activities:
Transfers from loans to other real estate owned and other repossessed assets$4,170 $3,211 
Transfers from loans to loans held for sale$451,864 $439,525 
Transfers from loans held for sale to loans$9,055 $19,716 
Dividends declared, not paid$21,910 $20,524 
Unsettled sales of investment securities, net of unsettled purchases$10,339 $88,331 



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
Loss
Total
Stockholders’
Equity
Balance at June 30, 202092,420,278 $924 $991,509 $1,905,639 $(143,019)$2,755,053 
Comprehensive income— — — 66,559 61,193 127,752 
Dividends ($0.23 per common share)
— — — (21,910)— (21,910)
Equity based compensation  3,878 — — 3,878 
Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(39,405) (91)— — (91)
Exercise of stock options7,768  142 — — 142 
Balance at September 30, 202092,388,641 $924 $995,438 $1,950,288 $(81,826)$2,864,824 
Balance at June 30, 201995,315,633 $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 compensation8,219  4,564 — — 4,564 
Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(38,596) (145)— — (145)
Exercise of stock options22,133 1 493 — — 494 
Repurchase of common stock (236,990)(3)(7,932)— — (7,935)
Balance at September 30, 201995,070,399 $951 $1,077,946 $1,859,055 $(28,677)$2,909,275 
 Common
Shares
Outstanding
Common
Stock
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Equity
Balance at December 31, 201995,128,231 $951 $1,083,920 $1,927,735 $(31,827)$2,980,779 
Impact of adoption of ASU 2016-13— — — (23,817)— (23,817)
Balance at January 1, 202095,128,231 951 1,083,920 1,903,918 (31,827)2,956,962 
Comprehensive income— — — 112,116 (49,999)62,117 
Dividends ($0.69 per common share)
— — — (65,746)— (65,746)
Equity based compensation743,696 8 15,306 — — 15,314 
Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(225,477)(3)(4,519)— — (4,522)
Exercise of stock options67,768 1 1,670 — — 1,671 
Repurchase of common stock (3,325,577)(33)(100,939)— — (100,972)
Balance at September 30, 202092,388,641 $924 $995,438 $1,950,288 $(81,826)$2,864,824 
Balance at December 31, 201899,141,374 $991 $1,220,147 $1,697,822 $4,873 $2,923,833 
Comprehensive income— — — 223,642 (33,550)190,092 
Dividends ($0.63 per common share)
— — — (62,409)— (62,409)
Equity based compensation590,572 6 13,614 — — 13,620 
Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(325,523)(3)(6,396)— — (6,399)
Exercise of stock options26,043 1 537 — — 538 
Repurchase of common stock (4,362,067)(44)(149,956)— — (150,000)
Balance at September 30, 201995,070,399 $951 $1,077,946 $1,859,055 $(28,677)$2,909,275 
 

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

Table of Contents
BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
September 30, 2020


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 71 banking centers located in 14 Florida counties and 5 banking centers located in the New York metropolitan area at September 30, 2020. 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, 2019 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 and nine months ended September 30, 2020 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 allowance for credit losses and the fair values of investment securities and other financial instruments.
New Accounting Pronouncements Adopted During the Nine Months Ended September 30, 2020
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments. The ASU, along with subsequent ASUs issued to clarify certain of its provisions, introduced new guidance which made substantive changes to the accounting for credit losses. The ASU introduced 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 modified certain provisions of the previous OTTI model for AFS debt securities. Credit losses on AFS debt securities are now limited to the difference between the security's amortized cost basis and its fair value, and should be recognized through an allowance for credit losses rather than as a direct reduction in amortized cost basis. The Company adopted this ASU in the first quarter of 2020 using the modified retrospective transition method for the CECL model and a prospective approach for the AFS debt security model. The Company recorded a cumulative-effect adjustment to retained earnings of $23.8 million, which included $4.8 million related to off -balance sheet credit exposures, on January 1, 2020. No cumulative-effect adjustment was recorded related to AFS debt securities upon adoption. The Company has elected to phase-in the initial impact of the adoption of ASC 326 for regulatory capital purposes, allowing the impact of adoption on regulatory capital to be delayed for two years, followed by a three-year transition period. 

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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
September 30, 2020

ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU provides optional relief for a limited period of time to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. Under this ASU, companies are provided with optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contract modifications and hedging relationships that currently utilize LIBOR as their benchmark rate, subject to certain criteria being met. The amendments in the ASU also apply to contemporaneous modifications of other contract terms related to the replacement of LIBOR. The amendments in the ASU are effective for all entities as of March 12, 2020 and will only be in effect through December 31, 2022. To date, the impact of adoption of this ASU on the Company's consolidated financial position, results of operations, and cash flows has not been material.
Accounting Pronouncements Not Yet Adopted
ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU simplifies the accounting for income taxes by removing certain exceptions stipulated in ASC 740 and making some other targeted changes to the accounting for income taxes. This ASU is effective for the Company for interim and annual periods in fiscal years beginning after December 15, 2020. The Company has not finalized its evaluation of the impact of adoption on its consolidated financial position, results of operations, and cash flows, but the impact is not currently expected to be material.
Updates to the Company's Significant Accounting Policies
Loans
The Company's loan portfolio contains 1-4 single family residential first mortgages, government insured residential mortgages, an insignificant amount of other consumer loans, multi-family, non-owner occupied commercial real estate, construction and land, owner-occupied commercial real estate and commercial and industrial loans, PPP loans, mortgage warehouse lines of credit and sales-type and direct financing leases. Loans are reported at amortized cost basis, net of the ACL.
Interest income is accrued based on the principal amount outstanding. Non-refundable loan origination fees, net of direct costs of originating or acquiring loans, as well as purchase premiums and discounts, are deferred and recognized as adjustments to yield over the contractual lives of the related loans using the level yield method.
Non-accrual loans
Commercial loans are placed on non-accrual status when (i) management has determined that full repayment of all contractual principal and interest is in doubt, or (ii) the loan is past due 90 days or more as to principal or interest unless the loan is well secured and in the process of collection. Residential and other consumer loans, other than government insured residential loans, are generally placed on non-accrual status when they are 90 days past due. When a loan is placed on non-accrual status, uncollected interest accrued is reversed and charged to interest income. Payments received on non-accrual commercial loans are applied as a reduction of principal. Interest payments are recognized as income on a cash basis on non-accrual residential loans. Commercial loans are returned to accrual status only after all past due principal and interest has been collected and full repayment of remaining contractual principal and interest is reasonably assured. Residential and consumer loans are generally returned to accrual status when less than 90 days past due. Past due status of loans is determined based on the contractual next payment due date. Loans less than 30 days past due are reported as current.
Contractually delinquent government insured residential loans are not classified as non-accrual due to the nature of the guarantee. Contractually delinquent PCD loans are not classified as non-accrual as long as the Company has a reasonable expectation about amounts expected to be collected.
Troubled Debt Restructurings
In certain situations, due to economic or legal reasons related to a borrower's financial difficulties, the Company may grant a concession to the borrower for other than an insignificant period of time that it would not otherwise consider. At that time, the related loan is classified as a TDR. The concessions granted may include rate reductions, principal forgiveness, payment forbearance, extensions of maturity at rates of interest below that commensurate with the risk profile of the loans, modification of payment terms and other actions intended to minimize economic loss. A TDR is generally placed on non-accrual status at the time of the modification unless the borrower was performing prior to the restructuring.
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
September 30, 2020

Under recently issued inter-agency and authoritative guidance and consistent with the CARES Act, short-term (generally periods of six months or less) deferrals or modifications related to COVID-19 will typically not be categorized as TDRs. Additionally, section 4013 of the CARES Act effectively suspended the guidance related to TDRs codified in ASC 310-40 until the earlier of December 31, 2020 or the date of the suspension of the declared state of emergency related to the COVID-19 pandemic. The Company has elected to apply the provisions of section 4013 to loan modifications, other than short-term payment deferrals of 6 months or less that are subject to the interagency guidance, that might otherwise be categorized as TDRs under ASC 310-40.
Purchased Credit Deteriorated ("PCD") assets
PCD assets are acquired financial assets that, as of the date of acquisition, have experienced a more than insignificant deterioration in credit quality since origination. An assessment is conducted at acquisition to determine whether acquired financial assets meet the criteria to be classified as PCD assets. That assessment may be conducted at the individual asset level, or for a group of assets acquired together that have similar risk characteristics. At acquisition, the ACL related to PCD assets, representing the estimated amount of the UPB of the assets not expected to be collected, is added to the purchase price to determine the amortized cost basis and any non-credit related discount or premium is allocated to the individual assets acquired. The non-credit related discount or premium is accreted or amortized to interest income over the life of the related assets using the level yield method, as long as there is a reasonable expectation about amounts expected to be collected. Subsequent changes in the amount of expected credit losses are recognized immediately by adjusting the ACL and reflecting the periodic changes as credit loss expense or reversal of credit loss expense.
Loans previously categorized as ACI loans were categorized as PCD loans on initial adoption of ASC 326. At adoption, an ACL was recognized and a corresponding adjustment was made to the assets' amortized cost basis. Prior to the adoption of ASC 326, ACI loans were accounted for on a pool basis. These pools were not maintained on adoption. The Company did not re-assess whether modifications to individual PCD loans previously accounted for in pools were TDRs at adoption.
Allowance for Credit Losses ("ACL")
AFS Debt Securities
The Company reviews its AFS debt securities for credit loss impairment at the individual security level on at least a quarterly basis. A security is impaired if its fair value is less than its amortized cost basis. A decline in fair value below amortized cost basis represents a credit loss impairment to the extent the Company does not expect to recover the amortized cost basis of the security. Impairment related to credit losses is recorded through the ACL to the extent fair value is less than the amortized cost basis. Declines in fair value that have not been recorded through the ACL are recorded through other comprehensive income, net of applicable taxes.
In assessing whether an impairment is credit loss related, the Company compares the present value of cash flows expected to be collected to the security's amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, a credit loss exists and an ACL is recorded. The Company discounts expected cash flows at the effective interest rate implicit in the security at the purchase date, adjusted for expected prepayments. For floating rate securities, the Company uses the floating rate as it changes over the life of the security. In developing estimates about cash flows expected to be collected and determining whether a credit loss exists, the Company considers information about past events, current conditions and reasonable and supportable forecasts. Factors and information that the Company uses in making its assessments include, but are not necessarily limited to, the following:
The extent to which fair value is less than amortized cost;
Adverse conditions specifically related to the security, an industry or geographic area;
Changes in the financial condition of the issuer or underlying loan obligors;
The payment structure and remaining payment terms of the security, including levels of subordination or over-collateralization;
Failure of the issuer to make scheduled payments;
Changes in credit ratings;
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
September 30, 2020

Relevant market data;
Estimated prepayments, defaults, and the value and performance of underlying collateral at the individual security level.
The relative importance assigned to each of these factors varies depending on the facts and circumstances pertinent to the individual security being evaluated.
Timely payment of principal and interest on securities issued by the U.S. Government, U.S. government agencies and U.S. government sponsored entities is explicitly or implicitly guaranteed by the U. S. government. Therefore, the Company expects to recover the amortized cost basis of these securities.
If the Company intends to sell a security in an unrealized loss position, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, any allowance for credit losses will be written off and the amortized cost basis will be written down to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings.
AFS securities would be charged off to the extent that there was no reasonable expectation of recovery of amortized cost basis. AFS securities would be placed on non-accrual status if the Company did not reasonably expect to receive interest payments in the future and interest accrued would be reversed against interest income. Securities would be returned to accrual status only when collection of interest was reasonably assured.
Loans
The ACL is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The ACL is adjusted through the provision for credit losses to the amount of amortized cost basis not expected to be collected, or in the case of PCD loans, the amount of UPB not expected to be collected, at the balance sheet date. Amortized cost basis includes UPB, unamortized premiums or discounts and deferred fees and costs, net of amounts previously charged off.
The measurement of expected credit losses encompasses information about historical events, current conditions and reasonable and supportable forecasts. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Re-evaluation of the ACL estimate in future periods, in light of changes in composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods.
Loans are charged off against the ACL in the period in which they are deemed uncollectible and recoveries are credited to the ACL when received. Expected recoveries on loans previously charged off, not to exceed the aggregate of amounts previously charged-off and expected to be charged-off, are included in the ACL estimate. For loans secured by residential real estate, an assessment of collateral value is made at no later than 120 days delinquency; any outstanding loan balance in excess of fair value less cost to sell is charged off at no later than 180 days delinquency. Additionally, any outstanding balance in excess of fair value of collateral less cost to sell is charged off (i) within 60 days of receipt of notification of filing from the bankruptcy court, (ii) within 60 days of determination of loss if all borrowers are deceased or (iii) within 90 days of discovery of fraudulent activity. Other consumer loans are typically charged off at 120 days delinquency. Commercial loans are charged off when, in management's judgment, they are considered to be uncollectible.
Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. Factors that may be considered in aggregating loans for this purpose include but are not necessarily limited to, product or collateral type, industry, geography, internal risk rating, credit characteristics such as credit scores or collateral values, and historical or expected credit loss patterns. For loans that do not share similar risk characteristics with other loans such as collateral dependent loans and TDRs, expected credit losses are estimated on an individual basis.
Expected credit losses are estimated over the contractual terms of the loans, adjusted for expected prepayments. Expected prepayments for commercial loans are generally estimated based on the Company's historical experience. For residential loans, expected prepayments are estimated using a model that incorporates industry prepayment data, calibrated to reflect the Company's experience. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a TDR will be executed with an
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BANKUNITED, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
September 30, 2020

individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.
The length of the reasonable and supportable forecast period is evaluated at each reporting period and adjusted if deemed necessary. Currently, the Company uses a 2-year reasonable and supportable forecast period in estimating the ACL.
For the substantial majority of portfolio segments and subsegments, including residential loans other than government insured loans, and most commercial and commercial real estate loans, expected losses are estimated using econometric models. The models employ a factor based methodology, leveraging data sets containing extensive historical loss and recovery information by industry, geography, product type, collateral type and obligor characteristics, to estimate PD and LGD. Measures of PD for commercial loans incorporate current conditions through market cycle or credit cycle adjustments. For residential loans, the models consider FICO and adjusted LTVs. PDs and LGDs are then conditioned on the reasonable and supportable economic forecast. Projected PDs and LGDs, determined based on pool level characteristics, are applied to estimated exposure at default, considering the term and payment structure of loans, to generate estimates of expected loss. For criticized or classified loans, PDs are adjusted to benchmark PDs established for each risk rating if the most current financial information available is deemed not to be reflective of the borrowers' current financial condition. The ACL estimate incorporates a reasonable and supportable economic forecast through the use of externally developed macroeconomic scenarios applied in the models. After a reasonable and supportable forecast period, the forecast of future economic conditions reverts to long-run historical economic trends.
For certain less material portfolios including loans and leases to state and local government entities originated by Pinnacle, small balance commercial loans and consumer loans, the WARM method is used to estimate expected credit losses. For the Pinnacle portfolio, historical loss information is based on municipal historical default and recovery data, segmented by credit rating. For small balance commercial loans, historical loss information is based on the Company's historical loss experience over a five year period. For consumer loans, historical loss information is based on peer data; this portfolio subsegment is not significant. All loss estimates are conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Expected credit losses for mortgage warehouse lines of credit are estimated based primarily on the Company's historical loss experience, conditioned as applicable on changes in current conditions and the reasonable and supportable economic forecast. Generally, given the nat