MIAMI LAKES, Fla.--(BUSINESS WIRE)--BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter ended March 31, 2022.
"Despite the recent volatility in capital markets, we continue to see strength in our local economies. Consequently we remain optimistic about the rest of 2022 and continue to invest in and grow our core franchise -- one client at a time," said Rajinder Singh, Chairman, President and Chief Executive Officer.
For the quarter ended March 31, 2022, the Company reported net income of $67.2 million, or $0.79 per diluted share, compared to $125.3 million or $1.41 per diluted share for the immediately preceding quarter ended December 31, 2021 and $98.8 million, or $1.06 per diluted share, for the quarter ended March 31, 2021. As previously reported, earnings for the quarter ended December 31, 2021 were impacted by discrete income tax benefits of $69.1 million and a $44.8 million pre-tax loss on discontinuance of hedges. Earnings for the quarter ended March 31, 2021 were favorably impacted by a $28.0 million recovery of the provision for credit losses.
Quarterly Highlights
A comparison of loan portfolio composition at the dates indicated follows (dollars in thousands):
|
March 31, 2022 |
|
December 31, 2021 |
||||||||
Residential and other consumer loans |
$ |
8,612,839 |
|
36.8 |
% |
|
$ |
8,368,380 |
|
35.2 |
% |
Multi-family |
|
1,072,981 |
|
4.6 |
% |
|
|
1,154,738 |
|
4.9 |
% |
Non-owner occupied commercial real estate |
|
4,284,675 |
|
18.3 |
% |
|
|
4,381,610 |
|
18.4 |
% |
Construction and land |
|
176,825 |
|
0.8 |
% |
|
|
165,390 |
|
0.7 |
% |
Owner occupied commercial real estate |
|
1,905,395 |
|
8.2 |
% |
|
|
1,944,658 |
|
8.2 |
% |
Commercial and industrial |
|
4,951,999 |
|
21.2 |
% |
|
|
4,790,275 |
|
20.2 |
% |
PPP |
|
80,296 |
|
0.3 |
% |
|
|
248,505 |
|
1.0 |
% |
Pinnacle |
|
935,915 |
|
4.0 |
% |
|
|
919,641 |
|
3.9 |
% |
Bridge - franchise finance |
|
306,563 |
|
1.3 |
% |
|
|
342,124 |
|
1.4 |
% |
Bridge - equipment finance |
|
341,369 |
|
1.5 |
% |
|
|
357,599 |
|
1.5 |
% |
Mortgage warehouse lending ("MWL") |
|
701,172 |
|
3.0 |
% |
|
|
1,092,133 |
|
4.6 |
% |
|
$ |
23,370,029 |
|
100.0 |
% |
|
$ |
23,765,053 |
|
100.0 |
% |
Residential and other consumer loans grew by $244 million during the quarter ended March 31, 2022. Commercial and industrial loans, including owner-occupied commercial real estate, grew by $122 million for the quarter. Most of the remaining commercial portfolio segments showed declines for the quarter. MWL utilization declined to 39% at March 31, 2022 compared to 56% at December 31, 2021 as rising rates have led to lower refinancing activity and this segment is evidencing a return to historically normal seasonal utilization patterns. PPP loans declined by $168 million during the quarter ended March 31, 2022, resulting from full or partial forgiveness from the Small Business Administration.
Asset Quality and the Allowance for Credit Losses ("ACL")
Non-performing loans totaled $150.8 million or 0.65% of total loans at March 31, 2022, compared to $205.9 million or 0.87% of total loans at December 31, 2021. Non-performing loans included $41.9 million and $46.1 million of the guaranteed portion of SBA loans on non-accrual status, representing 0.18% of total loans at March 31, 2022 and 0.19% of total loans at December 31, 2021.
The following table presents criticized and classified commercial loans at the dates indicated (in thousands):
|
March 31,
|
|
December 31,
|
||
Special mention |
$ |
95,250 |
|
$ |
148,593 |
Substandard - accruing |
|
956,318 |
|
|
1,136,378 |
Substandard - non-accruing |
|
104,329 |
|
|
129,579 |
Doubtful |
|
26,678 |
|
|
47,754 |
Total |
$ |
1,182,575 |
|
$ |
1,462,304 |
Loans currently under short-term deferral or modified under the CARES Act totaled $149 million at March 31, 2022, down from a total of $205 million at December 31, 2021.
The following table presents the ACL and related ACL coverage ratios at the dates indicated and net charge-off rates for the three months ended March 31, 2022 and year ended December 31, 2021 (dollars in thousands):
|
ACL |
|
ACL to Total
|
|
ACL to Non-
|
|
Net Charge-offs to
|
||||
December 31, 2021 |
$ |
126,457 |
|
0.53 |
% |
|
61.41 |
% |
|
0.29 |
% |
March 31, 2022 |
$ |
125,443 |
|
0.54 |
% |
|
83.17 |
% |
|
0.15 |
% |
______________________________ | ||
(1) |
ACL to total loans, excluding government insured residential loans, PPP loans and MWL, which carry nominal or no reserves, was 0.61% and 0.62% at March 31, 2022 and December 31, 2021, respectively. |
|
(2) |
Annualized for the three months ended March 31, 2022. |
The ACL at March 31, 2022 represents management's estimate of lifetime expected credit losses given our assessment of historical data, current conditions and a reasonable and supportable economic forecast as of the balance sheet date. The estimate was informed by Moody's economic scenarios published in March 2022, economic information provided by additional sources including developments subsequent to publishing of the scenarios, information about borrower financial condition and collateral values and other relevant information.
For the quarter ended March 31, 2022, the Company recorded a provision for credit losses of $7.8 million, which included a provision of $7.4 million related to funded loans and a $0.4 million provision related to unfunded loan commitments. The most significant factor impacting the provision for credit losses for the quarter ended March 31, 2022 was an increase in qualitative loss factors related to economic uncertainty.
The following table summarizes the activity in the ACL for the periods indicated (in thousands):
|
Three Months Ended March 31, |
||||||
|
2022 |
|
2021 |
||||
Beginning balance |
$ |
126,457 |
|
|
$ |
257,323 |
|
Provision (recovery) |
|
7,446 |
|
|
|
(26,306 |
) |
Net charge-offs |
|
(8,460 |
) |
|
|
(10,083 |
) |
Ending balance |
$ |
125,443 |
|
|
$ |
220,934 |
|
Total deposits declined by $897 million for the quarter ended March 31, 2022. The majority of deposit outflows were accounts that, based on prior experience, we would expect to be price sensitive in a rising rate environment. While we initially did not anticipate growth in the securities portfolio, total investment securities increased by $508 million for the quarter as we took advantage of opportunities to purchase securities at attractive spreads. Correspondingly, FHLB advances increased by $1.5 billion during the quarter ended March 31, 2022.
Net Interest Income
Net interest income for the quarter ended March 31, 2022 was $208.6 million compared to $206.0 million for the immediately preceding quarter ended December 31, 2021 and $196.2 million for the quarter ended March 31, 2021. The Company’s net interest margin, calculated on a tax-equivalent basis, increased by 0.06% to 2.50% for the quarter ended March 31, 2022, from 2.44% for the immediately preceding quarter ended December 31, 2021. Factors impacting the net interest margin for the quarter ended March 31, 2022 included:
Non-interest income and Non-interest expense
Non-interest income totaled $14.3 million for the quarter ended March 31, 2022 compared to $45.6 million for the quarter ended December 31, 2021 and $30.3 million for the quarter ended March 31, 2021.
Non-interest expense totaled $126.3 million for the quarter ended March 31, 2022 compared to $123.2 million for the quarter ended March 31, 2021 and $187.9 million for the quarter ended December 31, 2021.
Earnings Conference Call and Presentation
A conference call to discuss quarterly results will be held at 9:00 a.m. ET on Thursday, April 21, 2022 with Chairman, President and Chief Executive Officer, Rajinder P. Singh, Chief Financial Officer, Leslie N. Lunak and Chief Operating Officer, Thomas M. Cornish.
The earnings release and slides with supplemental information relating to the release will be available on the Investor Relations page under About Us on www.bankunited.com prior to the call. Due to recent demand for conference call services, participants are encouraged to listen to the call via a live Internet webcast at https://ir.bankunited.com. The dial in telephone number for the call is (855) 798-3052 (domestic) or (234) 386-2812 (international). The name of the call is BankUnited, Inc. and the conference ID for the call is 6761489. A replay of the call will be available from 12:00 p.m. ET on April 21st through 11:59 p.m. ET on April 28th by calling (855) 859-2056 (domestic) or (404) 537-3406 (international). The conference ID for the replay is 6761489. An archived webcast will also be available on the Investor Relations page of www.bankunited.com.
About BankUnited, Inc.
BankUnited, Inc., with total assets of $36.3 billion at March 31, 2022, is the bank holding company of BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida with 62 banking centers in 12 Florida counties and 4 banking centers in the New York metropolitan area.
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,” "forecasts" 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, including (without limitations) those relating to the Company’s operations, financial results, financial condition, business prospects, growth strategy and liquidity, including as impacted by external circumstances outside the Company's direct control. 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, 2021 and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are 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) |
|||||||
|
|
|
|
||||
|
March 31,
|
|
December 31,
|
||||
ASSETS |
|
|
|
||||
Cash and due from banks: |
|
|
|
||||
Non-interest bearing |
$ |
17,780 |
|
|
$ |
19,143 |
|
Interest bearing |
|
679,712 |
|
|
|
295,714 |
|
Cash and cash equivalents |
|
697,492 |
|
|
|
314,857 |
|
Investment securities (including securities recorded at fair value of $10,562,098 and $10,054,198) |
|
10,572,098 |
|
|
|
10,064,198 |
|
Non-marketable equity securities |
|
190,534 |
|
|
|
135,859 |
|
Loans |
|
23,370,029 |
|
|
|
23,765,053 |
|
Allowance for credit losses |
|
(125,443 |
) |
|
|
(126,457 |
) |
Loans, net |
|
23,244,586 |
|
|
|
23,638,596 |
|
Bank owned life insurance |
|
314,697 |
|
|
|
309,477 |
|
Operating lease equipment, net |
|
627,146 |
|
|
|
640,726 |
|
Goodwill |
|
77,637 |
|
|
|
77,637 |
|
Other assets |
|
607,434 |
|
|
|
634,046 |
|
Total assets |
$ |
36,331,624 |
|
|
$ |
35,815,396 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Liabilities: |
|
|
|
||||
Demand deposits: |
|
|
|
||||
Non-interest bearing |
$ |
9,663,307 |
|
|
$ |
8,975,621 |
|
Interest bearing |
|
2,872,430 |
|
|
|
3,709,493 |
|
Savings and money market |
|
13,029,823 |
|
|
|
13,368,745 |
|
Time |
|
2,975,715 |
|
|
|
3,384,243 |
|
Total deposits |
|
28,541,275 |
|
|
|
29,438,102 |
|
Federal funds purchased |
|
199,000 |
|
|
|
199,000 |
|
FHLB advances |
|
3,395,000 |
|
|
|
1,905,000 |
|
Notes and other borrowings |
|
721,291 |
|
|
|
721,416 |
|
Other liabilities |
|
613,826 |
|
|
|
514,117 |
|
Total liabilities |
|
33,470,392 |
|
|
|
32,777,635 |
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
||||
|
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 84,052,021 and 85,647,986 shares issued and outstanding |
|
841 |
|
|
|
856 |
|
Paid-in capital |
|
626,564 |
|
|
|
707,503 |
|
Retained earnings |
|
2,391,526 |
|
|
|
2,345,342 |
|
Accumulated other comprehensive loss |
|
(157,699 |
) |
|
|
(15,940 |
) |
Total stockholders' equity |
|
2,861,232 |
|
|
|
3,037,761 |
|
Total liabilities and stockholders' equity |
$ |
36,331,624 |
|
|
$ |
35,815,396 |
|
BANKUNITED, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED (In thousands, except per share data) |
|||||||||||
|
|
||||||||||
|
Three Months Ended |
||||||||||
|
March 31, |
|
December 31, |
|
March 31, |
||||||
|
2022 |
|
2021 |
|
2021 |
||||||
Interest income: |
|
|
|
|
|
||||||
Loans |
$ |
191,562 |
|
|
$ |
198,275 |
|
|
$ |
205,335 |
|
Investment securities |
|
43,048 |
|
|
|
38,201 |
|
|
|
38,501 |
|
Other |
|
1,354 |
|
|
|
1,397 |
|
|
|
1,593 |
|
Total interest income |
|
235,964 |
|
|
|
237,873 |
|
|
|
245,429 |
|
Interest expense: |
|
|
|
|
|
||||||
Deposits |
|
11,857 |
|
|
|
13,631 |
|
|
|
22,376 |
|
Borrowings |
|
15,465 |
|
|
|
18,227 |
|
|
|
26,813 |
|
Total interest expense |
|
27,322 |
|
|
|
31,858 |
|
|
|
49,189 |
|
Net interest income before provision for credit losses |
|
208,642 |
|
|
|
206,015 |
|
|
|
196,240 |
|
Provision for (recovery of) credit losses |
|
7,830 |
|
|
|
246 |
|
|
|
(27,989 |
) |
Net interest income after provision for credit losses |
|
200,812 |
|
|
|
205,769 |
|
|
|
224,229 |
|
Non-interest income: |
|
|
|
|
|
||||||
Deposit service charges and fees |
|
5,960 |
|
|
|
5,815 |
|
|
|
4,900 |
|
Gain (loss) on sale of loans, net |
|
(824 |
) |
|
|
19,003 |
|
|
|
1,754 |
|
Gain (loss) on investment securities, net |
|
(7,868 |
) |
|
|
590 |
|
|
|
2,365 |
|
Lease financing |
|
13,415 |
|
|
|
14,041 |
|
|
|
12,488 |
|
Other non-interest income |
|
3,618 |
|
|
|
6,173 |
|
|
|
8,789 |
|
Total non-interest income |
|
14,301 |
|
|
|
45,622 |
|
|
|
30,296 |
|
Non-interest expense: |
|
|
|
|
|
||||||
Employee compensation and benefits |
|
67,088 |
|
|
|
70,561 |
|
|
|
59,288 |
|
Occupancy and equipment |
|
11,512 |
|
|
|
12,817 |
|
|
|
11,875 |
|
Deposit insurance expense |
|
3,403 |
|
|
|
3,471 |
|
|
|
7,450 |
|
Professional fees |
|
2,262 |
|
|
|
8,023 |
|
|
|
1,912 |
|
Technology and telecommunications |
|
17,004 |
|
|
|
18,221 |
|
|
|
15,741 |
|
Discontinuance of cash flow hedges |
|
— |
|
|
|
44,833 |
|
|
|
— |
|
Depreciation and impairment of operating lease equipment |
|
12,610 |
|
|
|
15,769 |
|
|
|
12,217 |
|
Other non-interest expense |
|
12,445 |
|
|
|
14,165 |
|
|
|
14,738 |
|
Total non-interest expense |
|
126,324 |
|
|
|
187,860 |
|
|
|
123,221 |
|
Income before income taxes |
|
88,789 |
|
|
|
63,531 |
|
|
|
131,304 |
|
Provision (benefit) for income taxes |
|
21,639 |
|
|
|
(61,724 |
) |
|
|
32,490 |
|
Net income |
$ |
67,150 |
|
|
$ |
125,255 |
|
|
$ |
98,814 |
|
Earnings per common share, basic |
$ |
0.79 |
|
|
$ |
1.42 |
|
|
$ |
1.06 |
|
Earnings per common share, diluted |
$ |
0.79 |
|
|
$ |
1.41 |
|
|
$ |
1.06 |
|
BANKUNITED, INC. AND SUBSIDIARIES AVERAGE BALANCES AND YIELDS (Dollars in thousands) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Average
|
|
Interest (1) |
|
Yield/
|
|
Average
|
|
Interest (1) |
|
Yield/
|
|
Average
|
|
Interest (1) |
|
Yield/
|
||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans |
$ |
23,349,143 |
|
|
$ |
194,551 |
|
3.36 |
% |
|
$ |
22,919,535 |
|
|
$ |
201,345 |
|
3.50 |
% |
|
$ |
23,549,309 |
|
|
$ |
208,821 |
|
3.58 |
% |
Investment securities (3) |
|
10,083,083 |
|
|
|
43,719 |
|
1.73 |
% |
|
|
10,113,026 |
|
|
|
38,889 |
|
1.54 |
% |
|
|
9,070,185 |
|
|
|
39,188 |
|
1.73 |
% |
Other interest earning assets |
|
674,640 |
|
|
|
1,354 |
|
0.81 |
% |
|
|
1,184,056 |
|
|
|
1,397 |
|
0.47 |
% |
|
|
1,062,840 |
|
|
|
1,593 |
|
0.61 |
% |
Total interest earning assets |
|
34,106,866 |
|
|
|
239,624 |
|
2.83 |
% |
|
|
34,216,617 |
|
|
|
241,631 |
|
2.81 |
% |
|
|
33,682,334 |
|
|
|
249,602 |
|
2.98 |
% |
Allowance for credit losses |
|
(129,028 |
) |
|
|
|
|
|
|
(149,319 |
) |
|
|
|
|
|
|
(254,438 |
) |
|
|
|
|
||||||
Non-interest earning assets |
|
1,674,476 |
|
|
|
|
|
|
|
1,767,850 |
|
|
|
|
|
|
|
1,724,176 |
|
|
|
|
|
||||||
Total assets |
$ |
35,652,314 |
|
|
|
|
|
|
$ |
35,835,148 |
|
|
|
|
|
|
$ |
35,152,072 |
|
|
|
|
|
||||||
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest bearing demand deposits |
$ |
3,078,037 |
|
|
$ |
1,364 |
|
0.18 |
% |
|
$ |
3,058,355 |
|
|
$ |
1,481 |
|
0.19 |
% |
|
$ |
2,942,874 |
|
|
$ |
2,774 |
|
0.38 |
% |
Savings and money market deposits |
|
13,401,332 |
|
|
|
6,931 |
|
0.21 |
% |
|
|
13,460,084 |
|
|
|
9,619 |
|
0.28 |
% |
|
|
12,793,019 |
|
|
|
12,127 |
|
0.38 |
% |
Time deposits |
|
3,319,585 |
|
|
|
3,562 |
|
0.44 |
% |
|
|
3,399,302 |
|
|
|
2,531 |
|
0.30 |
% |
|
|
4,330,781 |
|
|
|
7,475 |
|
0.70 |
% |
Total interest bearing deposits |
|
19,798,954 |
|
|
|
11,857 |
|
0.24 |
% |
|
|
19,917,741 |
|
|
|
13,631 |
|
0.27 |
% |
|
|
20,066,674 |
|
|
|
22,376 |
|
0.45 |
% |
Federal funds purchased |
|
187,539 |
|
|
|
58 |
|
0.13 |
% |
|
|
56,793 |
|
|
|
13 |
|
0.09 |
% |
|
|
8,000 |
|
|
|
3 |
|
0.15 |
% |
FHLB advances |
|
2,248,889 |
|
|
|
6,146 |
|
1.11 |
% |
|
|
1,909,450 |
|
|
|
8,957 |
|
1.86 |
% |
|
|
3,072,717 |
|
|
|
17,558 |
|
2.32 |
% |
Notes and other borrowings |
|
721,405 |
|
|
|
9,261 |
|
5.13 |
% |
|
|
721,525 |
|
|
|
9,257 |
|
5.13 |
% |
|
|
722,305 |
|
|
|
9,252 |
|
5.12 |
% |
Total interest bearing liabilities |
|
22,956,787 |
|
|
|
27,322 |
|
0.48 |
% |
|
|
22,605,509 |
|
|
|
31,858 |
|
0.56 |
% |
|
|
23,869,696 |
|
|
|
49,189 |
|
0.83 |
% |
Non-interest bearing demand deposits |
|
9,047,864 |
|
|
|
|
|
|
|
9,330,805 |
|
|
|
|
|
|
|
7,491,249 |
|
|
|
|
|
||||||
Other non-interest bearing liabilities |
|
623,199 |
|
|
|
|
|
|
|
785,254 |
|
|
|
|
|
|
|
746,973 |
|
|
|
|
|
||||||
Total liabilities |
|
32,627,850 |
|
|
|
|
|
|
|
32,721,568 |
|
|
|
|
|
|
|
32,107,918 |
|
|
|
|
|
||||||
Stockholders' equity |
|
3,024,464 |
|
|
|
|
|
|
|
3,113,580 |
|
|
|
|
|
|
|
3,044,154 |
|
|
|
|
|
||||||
Total liabilities and stockholders' equity |
$ |
35,652,314 |
|
|
|
|
|
|
$ |
35,835,148 |
|
|
|
|
|
|
$ |
35,152,072 |
|
|
|
|
|
||||||
Net interest income |
|
|
$ |
212,302 |
|
|
|
|
|
$ |
209,773 |
|
|
|
|
|
$ |
200,413 |
|
|
|||||||||
Interest rate spread |
|
|
|
|
2.35 |
% |
|
|
|
|
|
2.25 |
% |
|
|
|
|
|
2.15 |
% |
|||||||||
Net interest margin |
|
|
|
|
2.50 |
% |
|
|
|
|
|
2.44 |
% |
|
|
|
|
|
2.39 |
% |
______________________________ | ||
(1) |
On a tax-equivalent basis where applicable |
|
(2) |
Annualized |
|
(3) |
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 March 31, |
||||||
|
2022 |
|
2021 |
||||
Basic earnings per common share: |
|
|
|
||||
Numerator: |
|
|
|
||||
Net income |
$ |
67,150 |
|
|
$ |
98,814 |
|
Distributed and undistributed earnings allocated to participating securities |
|
(929 |
) |
|
|
(1,252 |
) |
Income allocated to common stockholders for basic earnings per common share |
$ |
66,221 |
|
|
$ |
97,562 |
|
Denominator: |
|
|
|
||||
Weighted average common shares outstanding |
|
84,983,873 |
|
|
|
93,075,702 |
|
Less average unvested stock awards |
|
(1,211,807 |
) |
|
|
(1,205,529 |
) |
Weighted average shares for basic earnings per common share |
|
83,772,066 |
|
|
|
91,870,173 |
|
Basic earnings per common share |
$ |
0.79 |
|
|
$ |
1.06 |
|
Diluted earnings per common share: |
|
|
|
||||
Numerator: |
|
|
|
||||
Income allocated to common stockholders for basic earnings per common share |
$ |
66,221 |
|
|
$ |
97,562 |
|
Adjustment for earnings reallocated from participating securities |
|
1 |
|
|
|
1 |
|
Income used in calculating diluted earnings per common share |
$ |
66,222 |
|
|
$ |
97,563 |
|
Denominator: |
|
|
|
||||
Weighted average shares for basic earnings per common share |
|
83,772,066 |
|
|
|
91,870,173 |
|
Dilutive effect of certain share-based awards |
|
137,704 |
|
|
|
93,540 |
|
Weighted average shares for diluted earnings per common share |
|
83,909,770 |
|
|
|
91,963,713 |
|
Diluted earnings per common share |
$ |
0.79 |
|
|
$ |
1.06 |
|
BANKUNITED, INC. AND SUBSIDIARIES SELECTED RATIOS |
|||||
|
|
||||
|
Three Months Ended March 31, |
||||
|
2022 |
|
2021 |
||
Financial ratios (4) |
|
|
|
||
Return on average assets |
0.76 |
% |
|
1.14 |
% |
Return on average stockholders’ equity |
9.0 |
% |
|
13.2 |
% |
Net interest margin (3) |
2.50 |
% |
|
2.39 |
% |
|
March 31,
|
|
December 31,
|
||
Asset quality ratios |
|
|
|
||
Non-performing loans to total loans (1)(5) |
0.65 |
% |
|
0.87 |
% |
Non-performing assets to total assets (2)(5) |
0.42 |
% |
|
0.58 |
% |
Allowance for credit losses to total loans |
0.54 |
% |
|
0.53 |
% |
Allowance for credit losses to non-performing loans (1)(5) |
83.17 |
% |
|
61.41 |
% |
Net charge-offs to average loans (4) |
0.15 |
% |
|
0.29 |
% |
______________________________ | ||
(1) |
We define non-performing loans to include non-accrual loans and loans other than purchased credit deteriorated and government insured residential loans that are past due 90 days or more and still accruing. Contractually delinquent purchased credit deteriorated and government insured residential loans on which interest continues to be accrued are excluded from non-performing loans. |
|
(2) |
Non-performing assets include non-performing loans, OREO and other repossessed assets. |
|
(3) |
On a tax-equivalent basis. |
|
(4) |
Annualized for the three month periods. |
|
(5) |
Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $41.9 million or 0.18% of total loans and 0.12% of total assets at March 31, 2022; and $46.1 million or 0.19% of total loans and 0.13% of total assets at December 31, 2021. |
|
March 31, 2022 |
|
December 31, 2021 |
|
Required to be
|
|||||||||
|
BankUnited, Inc. |
|
BankUnited, N.A. |
|
BankUnited, Inc. |
|
BankUnited, N.A. |
|
||||||
Capital ratios |
|
|
|
|
|
|
|
|
|
|||||
Tier 1 leverage |
8.3 |
% |
|
9.6 |
% |
|
8.4 |
% |
|
9.6 |
% |
|
5.0 |
% |
Common Equity Tier 1 ("CET1") risk-based capital |
12.5 |
% |
|
14.5 |
% |
|
12.6 |
% |
|
14.5 |
% |
|
6.5 |
% |
Total risk-based capital |
14.3 |
% |
|
15.0 |
% |
|
14.3 |
% |
|
14.9 |
% |
|
10.0 |
% |
Non-GAAP Financial Measures
ACL to total loans, excluding government insured residential loans, PPP loans and MWL is a non-GAAP financial measure. Management believes this measure is relevant to understanding the adequacy of the ACL coverage, excluding the impact of loans which carry nominal or no reserves. Disclosure of this non-GAAP financial measure also provides a meaningful basis for comparison to other financial institutions. The following table reconciles the non-GAAP financial measurement of ACL to total loans, excluding government insured residential loans, PPP loans and MWL to the comparable GAAP financial measurement of ACL to total loans at the dates indicated (dollars in thousands):
|
March 31,
|
|
December 31,
|
||||
Total loans (GAAP) |
$ |
23,370,029 |
|
|
$ |
23,765,053 |
|
Less: Government insured residential loans |
|
1,938,479 |
|
|
|
2,023,221 |
|
Less: PPP loans |
|
80,296 |
|
|
|
248,505 |
|
Less: MWL |
|
701,172 |
|
|
|
1,092,133 |
|
Total loans, excluding government insured residential loans, PPP loans and MWL (non-GAAP) |
$ |
20,650,082 |
|
|
$ |
20,401,194 |
|
|
|
|
|
||||
ACL |
$ |
125,443 |
|
|
$ |
126,457 |
|
|
|
|
|
||||
ACL to total loans (GAAP) |
|
0.54 |
% |
|
|
0.53 |
% |
|
|
|
|
||||
ACL to total loans, excluding government insured residential loans, PPP loans and MWL (non-GAAP) |
|
0.61 |
% |
|
|
0.62 |
% |
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 basis for comparison to other financial institutions as it is a metric commonly used in the banking industry. 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 the dates indicated (in thousands except share and per share data):
|
March 31,
|
|
December 31,
|
||
Total stockholders’ equity (GAAP) |
$ |
2,861,232 |
|
$ |
3,037,761 |
Less: goodwill |
|
77,637 |
|
|
77,637 |
Tangible stockholders’ equity (non-GAAP) |
$ |
2,783,595 |
|
$ |
2,960,124 |
|
|
|
|
||
Common shares issued and outstanding |
|
84,052,021 |
|
|
85,647,986 |
|
|
|
|
||
Book value per common share (GAAP) |
$ |
34.04 |
|
$ |
35.47 |
|
|
|
|
||
Tangible book value per common share (non-GAAP) |
$ |
33.12 |
|
$ |
34.56 |
МАЙАМИ-ЛЕЙКС, Флорида.--(BUSINESS WIRE)--BankUnited, Inc. (“Компания”) (NYSE: BKU) сегодня объявила финансовые результаты за квартал, закончившийся 31 марта 2022 года.
"Несмотря на недавнюю волатильность на рынках капитала, мы по-прежнему видим силу в наших местных экономиках. Следовательно, мы сохраняем оптимизм в отношении оставшейся части 2022 года и продолжаем инвестировать и развивать нашу основную франшизу - по одному клиенту за раз", - сказал Раджиндер Сингх, председатель, президент и главный исполнительный директор.
За квартал, закончившийся 31 марта 2022 года, Компания сообщила о чистой прибыли в размере 67,2 млн долларов, или 0,79 доллара на разводненную акцию, по сравнению со 125,3 млн долларов, или 1,41 доллара на разводненную акцию, за непосредственно предыдущий квартал, закончившийся 31 декабря 2021 года, и 98,8 млн долларов, или 1,06 доллара на разводненную акцию, за квартал закончился 31 марта 2021 года. Как сообщалось ранее, на прибыль за квартал, закончившийся 31 декабря 2021 года, повлияли отдельные льготы по налогу на прибыль в размере 69,1 млн долларов США и убыток до налогообложения в размере 44,8 млн долларов США от прекращения хеджирования. На прибыль за квартал, закончившийся 31 марта 2021 года, благоприятно повлияло восстановление резерва на покрытие кредитных убытков в размере 28,0 млн. долл.
Основные события за квартал
Ниже приводится сравнение структуры кредитного портфеля на указанные даты (в тысячах долларов США):
|
March 31, 2022 |
|
December 31, 2021 |
||||||||
Residential and other consumer loans |
$ |
8,612,839 |
|
36.8 |
% |
|
$ |
8,368,380 |
|
35.2 |
% |
Multi-family |
|
1,072,981 |
|
4.6 |
% |
|
|
1,154,738 |
|
4.9 |
% |
Non-owner occupied commercial real estate |
|
4,284,675 |
|
18.3 |
% |
|
|
4,381,610 |
|
18.4 |
% |
Construction and land |
|
176,825 |
|
0.8 |
% |
|
|
165,390 |
|
0.7 |
% |
Owner occupied commercial real estate |
|
1,905,395 |
|
8.2 |
% |
|
|
1,944,658 |
|
8.2 |
% |
Commercial and industrial |
|
4,951,999 |
|
21.2 |
% |
|
|
4,790,275 |
|
20.2 |
% |
PPP |
|
80,296 |
|
0.3 |
% |
|
|
248,505 |
|
1.0 |
% |
Pinnacle |
|
935,915 |
|
4.0 |
% |
|
|
919,641 |
|
3.9 |
% |
Bridge - franchise finance |
|
306,563 |
|
1.3 |
% |
|
|
342,124 |
|
1.4 |
% |
Bridge - equipment finance |
|
341,369 |
|
1.5 |
% |
|
|
357,599 |
|
1.5 |
% |
Mortgage warehouse lending ("MWL") |
|
701,172 |
|
3.0 |
% |
|
|
1,092,133 |
|
4.6 |
% |
|
$ |
23,370,029 |
|
100.0 |
% |
|
$ |
23,765,053 |
|
100.0 |
% |
Жилищные и другие потребительские кредиты выросли на 244 миллиона долларов за квартал, закончившийся 31 марта 2022 года. Коммерческие и промышленные кредиты, включая коммерческую недвижимость, занимаемую владельцами, выросли за квартал на 122 миллиона долларов. Большинство оставшихся сегментов коммерческого портфеля показали снижение за квартал. Загрузка MWL снизилась до 39% на 31 марта 2022 года по сравнению с 56% на 31 декабря 2021 года, поскольку растущие ставки привели к снижению активности по рефинансированию, и этот сегмент свидетельствует о возвращении к исторически нормальным сезонным моделям использования. Кредиты по ГЧП сократились на 168 миллионов долларов в течение квартала, закончившегося 31 марта 2022 года, в результате полного или частичного прощения со стороны Администрации малого бизнеса.
Качество активов и Резерв на возможные потери по кредитам ("ACL")
Просроченные кредиты составили 150,8 млн долларов США или 0,65% от общего объема кредитов на 31 марта 2022 года по сравнению с 205,9 млн долларов США или 0,87% от общего объема кредитов на 31 декабря 2021 года. Неработающие кредиты включали 41,9 млн долларов США и 46,1 млн долларов США гарантированной части кредитов SBA со статусом без начисления, что составляет 0,18% от общего объема кредитов на 31 марта 2022 года и 0,19% от общего объема кредитов на 31 декабря 2021 года.
В следующей таблице представлены критикуемые и классифицированные коммерческие кредиты на указанные даты (в тысячах):
|
March 31,
|
|
December 31,
|
||
Special mention |
$ |
95,250 |
|
$ |
148,593 |
Substandard - accruing |
|
956,318 |
|
|
1,136,378 |
Substandard - non-accruing |
|
104,329 |
|
|
129,579 |
Doubtful |
|
26,678 |
|
|
47,754 |
Total |
$ |
1,182,575 |
|
$ |
1,462,304 |
Кредиты, которые в настоящее время находятся под краткосрочной отсрочкой или изменены в соответствии с Законом о ЗАБОТАХ, на 31 марта 2022 года составили 149 миллионов долларов по сравнению с 205 миллионами долларов на 31 декабря 2021 года.
В следующей таблице представлены ACL и соответствующие коэффициенты покрытия ACL на указанные даты, а также чистые ставки списания за три месяца, закончившихся 31 марта 2022 года, и год, закончившийся 31 декабря 2021 года (в тысячах долларов США):
|
ACL |
|
ACL to Total
|
|
ACL to Non-
|
|
Net Charge-offs to
|
||||
December 31, 2021 |
$ |
126,457 |
|
0.53 |
% |
|
61.41 |
% |
|
0.29 |
% |
March 31, 2022 |
$ |
125,443 |
|
0.54 |
% |
|
83.17 |
% |
|
0.15 |
% |
______________________________ | ||
(1) |
ACL to total loans, excluding government insured residential loans, PPP loans and MWL, which carry nominal or no reserves, was 0.61% and 0.62% at March 31, 2022 and December 31, 2021, respectively. |
|
(2) |
Annualized for the three months ended March 31, 2022. |
ACL по состоянию на 31 марта 2022 года представляет собой оценку руководством ожидаемых кредитных убытков за весь период с учетом нашей оценки исторических данных, текущих условий и обоснованного и обоснованного экономического прогноза на отчетную дату. Оценка была основана на экономических сценариях Moody's, опубликованных в марте 2022 года, экономической информации, предоставленной дополнительными источниками, включая события, произошедшие после публикации сценариев, информацию о финансовом состоянии заемщика и стоимости обеспечения, а также другую соответствующую информацию.
За квартал, закончившийся 31 марта 2022 года, Компания зарегистрировала резерв на возможные потери по кредитам в размере 7,8 млн долларов США, который включал резерв в размере 7,4 млн долларов США, связанный с финансируемыми кредитами, и резерв в размере 0,4 млн долларов США, связанный с необеспеченными кредитными обязательствами. Наиболее значительным фактором, повлиявшим на создание резерва на возможные потери по кредитам за квартал, закончившийся 31 марта 2022 года, стало увеличение качественных коэффициентов потерь, связанных с экономической неопределенностью.
В следующей таблице приведены сводные данные о деятельности в ACL за указанные периоды (в тысячах):
|
Three Months Ended March 31, |
||||||
|
2022 |
|
2021 |
||||
Beginning balance |
$ |
126,457 |
|
|
$ |
257,323 |
|
Provision (recovery) |
|
7,446 |
|
|
|
(26,306 |
) |
Net charge-offs |
|
(8,460 |
) |
|
|
(10,083 |
) |
Ending balance |
$ |
125,443 |
|
|
$ |
220,934 |
|
Общий объем депозитов сократился на 897 миллионов долларов за квартал, закончившийся 31 марта 2022 года. Большая часть оттока депозитов пришлась на счета, которые, исходя из предыдущего опыта, как мы ожидаем, будут чувствительны к цене в условиях роста ставок. Хотя изначально мы не ожидали роста портфеля ценных бумаг, общий объем инвестиционных ценных бумаг увеличился за квартал на 508 миллионов долларов, поскольку мы воспользовались возможностями приобрести ценные бумаги с привлекательными спредами. Соответственно, авансы FHLB увеличились на 1,5 миллиарда долларов в течение квартала, закончившегося 31 марта 2022 года.
Чистый Процентный Доход
Чистый процентный доход за квартал, закончившийся 31 марта 2022 года, составил 208,6 млн долларов США по сравнению с 206,0 млн долларов США за непосредственно предыдущий квартал, закончившийся 31 декабря 2021 года, и 196,2 млн долларов США за квартал, закончившийся 31 марта 2021 года. Чистая процентная маржа Компании, рассчитанная на основе налогового эквивалента, увеличилась на 0,06% до 2,50% за квартал, закончившийся 31 марта 2022 года, с 2,44% за непосредственно предыдущий квартал, закончившийся 31 декабря 2021 года. Факторы, влияющие на чистую процентную маржу за квартал, закончившийся 31 марта 2022 года, включали:
Непроцентные доходы и непроцентные расходы
Непроцентный доход составил 14,3 млн долларов США за квартал, закончившийся 31 марта 2022 года, по сравнению с 45,6 млн долларов США за квартал, закончившийся 31 декабря 2021 года, и 30,3 млн долларов США за квартал, закончившийся 31 марта 2021 года.
Непроцентные расходы составили 126,3 млн долларов США за квартал, закончившийся 31 марта 2022 года, по сравнению с 123,2 млн долларов США за квартал, закончившийся 31 марта 2021 года, и 187,9 млн долларов США за квартал, закончившийся 31 декабря 2021 года.
Конференц-связь и презентация по заработку
Телефонная конференция для обсуждения квартальных результатов состоится в 9:00 утра по восточному времени в четверг, 21 апреля 2022 года, с участием Председателя, Президента и Главного исполнительного директора Раджиндера П. Сингха, финансового директора Лесли Н. Лунака и Главного операционного директора Томаса М. Корниша.
Отчет о доходах и слайды с дополнительной информацией, относящейся к выпуску, будут доступны на странице по связям с инвесторами в разделе "О нас" на www.BankUnited.com до звонка. В связи с недавним спросом на услуги конференц-связи участникам рекомендуется прослушать звонок через прямую интернет-трансляцию по адресу https://ir .BankUnited.com . Набираемый номер телефона для вызова: (855) 798-3052 (внутренний) или (234) 386-2812 (международный). Имя вызова - BankUnited, Inc., а идентификатор конференции для вызова - 6761489. Повтор звонка будет доступен с 12:00 вечера по восточному времени 21 апреля до 11:59 вечера по восточному времени 28 апреля по телефону (855) 859-2056 (внутренний) или (404) 537-3406 (международный). Идентификатор конференции для воспроизведения - 6761489. Архивная веб-трансляция также будет доступна на странице по связям с инвесторами www.BankUnited.com .
О компании BankUnited, Inc.
BankUnited, Inc. с общим объемом активов в 36,3 миллиарда долларов на 31 марта 2022 года является банковской холдинговой компанией BankUnited, N.A., национального банка со штаб-квартирой в Майами-Лейкс, штат Флорида, с 62 банковскими центрами в 12 округах Флориды и 4 банковскими центрами в столичном районе Нью-Йорка.
Прогнозные заявления
Настоящий пресс-релиз содержит прогнозные заявления по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года, которые отражают текущие взгляды Компании в отношении, среди прочего, будущих событий и финансовых показателей.
Компания обычно определяет прогнозные заявления с помощью такой терминологии, как “прогноз”, “полагает”, “ожидает”, “потенциальный”, “продолжается”, “может”, “будет”, “может”, “должен”, “стремится”, “приблизительно”, “прогнозирует”, “намеревается”, ”планирует“, ”оценивает“, ”ожидает", "прогнозирует" или отрицательный вариант этих слов или других сопоставимых слов. Любые прогнозные заявления, содержащиеся в настоящем пресс-релизе, основаны на исторических результатах деятельности Компании и ее дочерних компаний или на текущих планах, оценках и ожиданиях Компании. Включение этой прогнозной информации не следует рассматривать как заявление Компании о том, что будущие планы, оценки или ожидания, предусмотренные Компанией, будут достигнуты. Такие прогнозные заявления подвержены различным рискам, неопределенностям и допущениям, включая (без ограничений) те, которые касаются деятельности Компании, финансовых результатов, финансового состояния, перспектив бизнеса, стратегии роста и ликвидности, в том числе под влиянием внешних обстоятельств, находящихся вне прямого контроля Компании. Если материализуется один или несколько из этих или других рисков или неопределенностей, или если лежащие в основе допущения Компании окажутся неверными, фактические результаты Компании могут существенно отличаться от указанных в настоящих заявлениях. Эти факторы не следует рассматривать как исчерпывающие. Компания не берет на себя никаких обязательств по публичному обновлению или пересмотру каких-либо прогнозных заявлений, будь то в результате новой информации, будущих событий или иным образом. Ряд важных факторов может привести к тому, что фактические результаты будут существенно отличаться от тех, которые указаны в прогнозных заявлениях. Информацию об этих факторах можно найти в Годовом отчете Компании по форме 10-K за год, закончившийся 31 декабря 2021 года, и в любом последующем Ежеквартальном отчете по форме 10-Q или Текущем отчете по форме 8-K, которые доступны на веб-сайте SEC (www.sec.gov ).
BankUnited, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - UNAUDITED (In thousands, except share and per share data) |
|||||||
|
|
|
|
||||
|
March 31,
|
|
December 31,
|
||||
ASSETS |
|
|
|
||||
Cash and due from banks: |
|
|
|
||||
Non-interest bearing |
$ |
17,780 |
|
|
$ |
19,143 |
|
Interest bearing |
|
679,712 |
|
|
|
295,714 |
|
Cash and cash equivalents |
|
697,492 |
|
|
|
314,857 |
|
Investment securities (including securities recorded at fair value of $10,562,098 and $10,054,198) |
|
10,572,098 |
|
|
|
10,064,198 |
|
Non-marketable equity securities |
|
190,534 |
|
|
|
135,859 |
|
Loans |
|
23,370,029 |
|
|
|
23,765,053 |
|
Allowance for credit losses |
|
(125,443 |
) |
|
|
(126,457 |
) |
Loans, net |
|
23,244,586 |
|
|
|
23,638,596 |
|
Bank owned life insurance |
|
314,697 |
|
|
|
309,477 |
|
Operating lease equipment, net |
|
627,146 |
|
|
|
640,726 |
|
Goodwill |
|
77,637 |
|
|
|
77,637 |
|
Other assets |
|
607,434 |
|
|
|
634,046 |
|
Total assets |
$ |
36,331,624 |
|
|
$ |
35,815,396 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Liabilities: |
|
|
|
||||
Demand deposits: |
|
|
|
||||
Non-interest bearing |
$ |
9,663,307 |
|
|
$ |
8,975,621 |
|
Interest bearing |
|
2,872,430 |
|
|
|
3,709,493 |
|
Savings and money market |
|
13,029,823 |
|
|
|
13,368,745 |
|
Time |
|
2,975,715 |
|
|
|
3,384,243 |
|
Total deposits |
|
28,541,275 |
|
|
|
29,438,102 |
|
Federal funds purchased |
|
199,000 |
|
|
|
199,000 |
|
FHLB advances |
|
3,395,000 |
|
|
|
1,905,000 |
|
Notes and other borrowings |
|
721,291 |
|
|
|
721,416 |
|
Other liabilities |
|
613,826 |
|
|
|
514,117 |
|
Total liabilities |
|
33,470,392 |
|
|
|
32,777,635 |
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
||||
|
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 84,052,021 and 85,647,986 shares issued and outstanding |
|
841 |
|
|
|
856 |
|
Paid-in capital |
|
626,564 |
|
|
|
707,503 |
|
Retained earnings |
|
2,391,526 |
|
|
|
2,345,342 |
|
Accumulated other comprehensive loss |
|
(157,699 |
) |
|
|
(15,940 |
) |
Total stockholders' equity |
|
2,861,232 |
|
|
|
3,037,761 |
|
Total liabilities and stockholders' equity |
$ |
36,331,624 |
|
|
$ |
35,815,396 |
|
BankUnited, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED (In thousands, except per share data) |
|||||||||||
|
|
||||||||||
|
Three Months Ended |
||||||||||
|
March 31, |
|
December 31, |
|
March 31, |
||||||
|
2022 |
|
2021 |
|
2021 |
||||||
Interest income: |
|
|
|
|
|
||||||
Loans |
$ |
191,562 |
|
|
$ |
198,275 |
|
|
$ |
205,335 |
|
Investment securities |
|
43,048 |
|
|
|
38,201 |
|
|
|
38,501 |
|
Other |
|
1,354 |
|
|
|
1,397 |
|
|
|
1,593 |
|
Total interest income |
|
235,964 |
|
|
|
237,873 |
|
|
|
245,429 |
|
Interest expense: |
|
|
|
|
|
||||||
Deposits |
|
11,857 |
|
|
|
13,631 |
|
|
|
22,376 |
|
Borrowings |
|
15,465 |
|
|
|
18,227 |
|
|
|
26,813 |
|
Total interest expense |
|
27,322 |
|
|
|
31,858 |
|
|
|
49,189 |
|
Net interest income before provision for credit losses |
|
208,642 |
|
|
|
206,015 |
|
|
|
196,240 |
|
Provision for (recovery of) credit losses |
|
7,830 |
|
|
|
246 |
|
|
|
(27,989 |
) |
Net interest income after provision for credit losses |
|
200,812 |
|
|
|
205,769 |
|
|
|
224,229 |
|
Non-interest income: |
|
|
|
|
|
||||||
Deposit service charges and fees |
|
5,960 |
|
|
|
5,815 |
|
|
|
4,900 |
|
Gain (loss) on sale of loans, net |
|
(824 |
) |
|
|
19,003 |
|
|
|
1,754 |
|
Gain (loss) on investment securities, net |
|
(7,868 |
) |
|
|
590 |
|
|
|
2,365 |
|
Lease financing |
|
13,415 |
|
|
|
14,041 |
|
|
|
12,488 |
|
Other non-interest income |
|
3,618 |
|
|
|
6,173 |
|
|
|
8,789 |
|
Total non-interest income |
|
14,301 |
|
|
|
45,622 |
|
|
|
30,296 |
|
Non-interest expense: |
|
|
|
|
|
||||||
Employee compensation and benefits |
|
67,088 |
|
|
|
70,561 |
|
|
|
59,288 |
|
Occupancy and equipment |
|
11,512 |
|
|
|
12,817 |
|
|
|
11,875 |
|
Deposit insurance expense |
|
3,403 |
|
|
|
3,471 |
|
|
|
7,450 |
|
Professional fees |
|
2,262 |
|
|
|
8,023 |
|
|
|
1,912 |
|
Technology and telecommunications |
|
17,004 |
|
|
|
18,221 |
|
|
|
15,741 |
|
Discontinuance of cash flow hedges |
|
— |
|
|
|
44,833 |
|
|
|
— |
|
Depreciation and impairment of operating lease equipment |
|
12,610 |
|
|
|
15,769 |
|
|
|
12,217 |
|
Other non-interest expense |
|
12,445 |
|
|
|
14,165 |
|
|
|
14,738 |
|
Total non-interest expense |
|
126,324 |
|
|
|
187,860 |
|
|
|
123,221 |
|
Income before income taxes |
|
88,789 |
|
|
|
63,531 |
|
|
|
131,304 |
|
Provision (benefit) for income taxes |
|
21,639 |
|
|
|
(61,724 |
) |
|
|
32,490 |
|
Net income |
$ |
67,150 |
|
|
$ |
125,255 |
|
|
$ |
98,814 |
|
Earnings per common share, basic |
$ |
0.79 |
|
|
$ |
1.42 |
|
|
$ |
1.06 |
|
Earnings per common share, diluted |
$ |
0.79 |
|
|
$ |
1.41 |
|
|
$ |
1.06 |
|
BankUnited, INC. AND SUBSIDIARIES AVERAGE BALANCES AND YIELDS (Dollars in thousands) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Average
|
|
Interest (1) |
|
Yield/
|
|
Average
|
|
Interest (1) |
|
Yield/
|
|
Average
|
|
Interest (1) |
|
Yield/
|
||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans |
$ |
23,349,143 |
|
|
$ |
194,551 |
|
3.36 |
% |
|
$ |
22,919,535 |
|
|
$ |
201,345 |
|
3.50 |
% |
|
$ |
23,549,309 |
|
|
$ |
208,821 |
|
3.58 |
% |
Investment securities (3) |
|
10,083,083 |
|
|
|
43,719 |
|
1.73 |
% |
|
|
10,113,026 |
|
|
|
38,889 |
|
1.54 |
% |
|
|
9,070,185 |
|
|
|
39,188 |
|
1.73 |
% |
Other interest earning assets |
|
674,640 |
|
|
|
1,354 |
|
0.81 |
% |
|
|
1,184,056 |
|
|
|
1,397 |
|
0.47 |
% |
|
|
1,062,840 |
|
|
|
1,593 |
|
0.61 |
% |
Total interest earning assets |
|
34,106,866 |
|
|
|
239,624 |
|
2.83 |
% |
|
|
34,216,617 |
|
|
|
241,631 |
|
2.81 |
% |
|
|
33,682,334 |
|
|
|
249,602 |
|
2.98 |
% |
Allowance for credit losses |
|
(129,028 |
) |
|
|
|
|
|
|
(149,319 |
) |
|
|
|
|
|
|
(254,438 |
) |
|
|
|
|
||||||
Non-interest earning assets |
|
1,674,476 |
|
|
|
|
|
|
|
1,767,850 |
|
|
|
|
|
|
|
1,724,176 |
|
|
|
|
|
||||||
Total assets |
$ |
35,652,314 |
|
|
|
|
|
|
$ |
35,835,148 |
|
|
|
|
|
|
$ |
35,152,072 |
|
|
|
|
|
||||||
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest bearing demand deposits |
$ |
3,078,037 |
|
|
$ |
1,364 |
|
0.18 |
% |
|
$ |
3,058,355 |
|
|
$ |
1,481 |
|
0.19 |
% |
|
$ |
2,942,874 |
|
|
$ |
2,774 |
|
0.38 |
% |
Savings and money market deposits |
|
13,401,332 |
|
|
|
6,931 |
|
0.21 |
% |
|
|
13,460,084 |
|
|
|
9,619 |
|
0.28 |
% |
|
|
12,793,019 |
|
|
|
12,127 |
|
0.38 |
% |
Time deposits |
|
3,319,585 |
|
|
|
3,562 |
|
0.44 |
% |
|
|
3,399,302 |
|
|
|
2,531 |
|
0.30 |
% |
|
|
4,330,781 |
|
|
|
7,475 |
|
0.70 |
% |
Total interest bearing deposits |
|
19,798,954 |
|
|
|
11,857 |
|
0.24 |
% |
|
|
19,917,741 |
|
|
|
13,631 |
|
0.27 |
% |
|
|
20,066,674 |
|
|
|
22,376 |
|
0.45 |
% |
Federal funds purchased |
|
187,539 |
|
|
|
58 |
|
0.13 |
% |
|
|
56,793 |
|
|
|
13 |
|
0.09 |
% |
|
|
8,000 |
|
|
|
3 |
|
0.15 |
% |
FHLB advances |
|
2,248,889 |
|
|
|
6,146 |
|
1.11 |
% |
|
|
1,909,450 |
|
|
|
8,957 |
|
1.86 |
% |
|
|
3,072,717 |
|
|
|
17,558 |
|
2.32 |
% |
Notes and other borrowings |
|
721,405 |
|
|
|
9,261 |
|
5.13 |
% |
|
|
721,525 |
|
|
|
9,257 |
|
5.13 |
% |
|
|
722,305 |
|
|
|
9,252 |
|
5.12 |
% |
Total interest bearing liabilities |
|
22,956,787 |
|
|
|
27,322 |
|
0.48 |
% |
|
|
22,605,509 |
|
|
|
31,858 |
|
0.56 |
% |
|
|
23,869,696 |
|
|
|
49,189 |
|
0.83 |
% |
Non-interest bearing demand deposits |
|
9,047,864 |
|
|
|
|
|
|
|
9,330,805 |
|
|
|
|
|
|
|
7,491,249 |
|
|
|
|
|
||||||
Other non-interest bearing liabilities |
|
623,199 |
|
|
|
|
|
|
|
785,254 |
|
|
|
|
|
|
|
746,973 |
|
|
|
|
|
||||||
Total liabilities |
|
32,627,850 |
|
|
|
|
|
|
|
32,721,568 |
|
|
|
|
|
|
|
32,107,918 |
|
|
|
|
|
||||||
Stockholders' equity |
|
3,024,464 |
|
|
|
|
|
|
|
3,113,580 |
|
|
|
|
|
|
|
3,044,154 |
|
|
|
|
|
||||||
Total liabilities and stockholders' equity |
$ |
35,652,314 |
|
|
|
|
|
|
$ |
35,835,148 |
|
|
|
|
|
|
$ |
35,152,072 |
|
|
|
|
|
||||||
Net interest income |
|
|
$ |
212,302 |
|
|
|
|
|
$ |
209,773 |
|
|
|
|
|
$ |
200,413 |
|
|
|||||||||
Interest rate spread |
|
|
|
|
2.35 |
% |
|
|
|
|
|
2.25 |
% |
|
|
|
|
|
2.15 |
% |
|||||||||
Net interest margin |
|
|
|
|
2.50 |
% |
|
|
|
|
|
2.44 |
% |
|
|
|
|
|
2.39 |
% |
______________________________ | ||
(1) |
On a tax-equivalent basis where applicable |
|
(2) |
Annualized |
|
(3) |
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 March 31, |
||||||
|
2022 |
|
2021 |
||||
Basic earnings per common share: |
|
|
|
||||
Numerator: |
|
|
|
||||
Net income |
$ |
67,150 |
|
|
$ |
98,814 |
|
Distributed and undistributed earnings allocated to participating securities |
|
(929 |
) |
|
|
(1,252 |
) |
Income allocated to common stockholders for basic earnings per common share |
$ |
66,221 |
|
|
$ |
97,562 |
|
Denominator: |
|
|
|
||||
Weighted average common shares outstanding |
|
84,983,873 |
|
|
|
93,075,702 |
|
Less average unvested stock awards |
|
(1,211,807 |
) |
|
|
(1,205,529 |
) |
Weighted average shares for basic earnings per common share |
|
83,772,066 |
|
|
|
91,870,173 |
|
Basic earnings per common share |
$ |
0.79 |
|
|
$ |
1.06 |
|
Diluted earnings per common share: |
|
|
|
||||
Numerator: |
|
|
|
||||
Income allocated to common stockholders for basic earnings per common share |
$ |
66,221 |
|
|
$ |
97,562 |
|
Adjustment for earnings reallocated from participating securities |
|
1 |
|
|
|
1 |
|
Income used in calculating diluted earnings per common share |
$ |
66,222 |
|
|
$ |
97,563 |
|
Denominator: |
|
|
|
||||
Weighted average shares for basic earnings per common share |
|
83,772,066 |
|
|
|
91,870,173 |
|
Dilutive effect of certain share-based awards |
|
137,704 |
|
|
|
93,540 |
|
Weighted average shares for diluted earnings per common share |
|
83,909,770 |
|
|
|
91,963,713 |
|
Diluted earnings per common share |
$ |
0.79 |
|
|
$ |
1.06 |
|
BankUnited, INC. AND SUBSIDIARIES SELECTED RATIOS |
|||||
|
|
||||
|
Three Months Ended March 31, |
||||
|
2022 |
|
2021 |
||
Financial ratios (4) |
|
|
|
||
Return on average assets |
0.76 |
% |
|
1.14 |
% |
Return on average stockholders’ equity |
9.0 |
% |
|
13.2 |
% |
Net interest margin (3) |
2.50 |
% |
|
2.39 |
% |
|
March 31,
|
|
December 31,
|
||
Asset quality ratios |
|
|
|
||
Non-performing loans to total loans (1)(5) |
0.65 |
% |
|
0.87 |
% |
Non-performing assets to total assets (2)(5) |
0.42 |
% |
|
0.58 |
% |
Allowance for credit losses to total loans |
0.54 |
% |
|
0.53 |
% |
Allowance for credit losses to non-performing loans (1)(5) |
83.17 |
% |
|
61.41 |
% |
Net charge-offs to average loans (4) |
0.15 |
% |
|
0.29 |
% |
______________________________ | ||
(1) |
We define non-performing loans to include non-accrual loans and loans other than purchased credit deteriorated and government insured residential loans that are past due 90 days or more and still accruing. Contractually delinquent purchased credit deteriorated and government insured residential loans on which interest continues to be accrued are excluded from non-performing loans. |
|
(2) |
Non-performing assets include non-performing loans, OREO and other repossessed assets. |
|
(3) |
On a tax-equivalent basis. |
|
(4) |
Annualized for the three month periods. |
|
(5) |
Non-performing loans and assets include the guaranteed portion of non-accrual SBA loans totaling $41.9 million or 0.18% of total loans and 0.12% of total assets at March 31, 2022; and $46.1 million or 0.19% of total loans and 0.13% of total assets at December 31, 2021. |
|
March 31, 2022 |
|
December 31, 2021 |
|
Required to be
|
|||||||||
|
BankUnited, Inc. |
|
BankUnited, N.A. |
|
BankUnited, Inc. |
|
BankUnited, N.A. |
|
||||||
Capital ratios |
|
|
|
|
|
|
|
|
|
|||||
Tier 1 leverage |
8.3 |
% |
|
9.6 |
% |
|
8.4 |
% |
|
9.6 |
% |
|
5.0 |
% |
Common Equity Tier 1 ("CET1") risk-based capital |
12.5 |
% |
|
14.5 |
% |
|
12.6 |
% |
|
14.5 |
% |
|
6.5 |
% |
Total risk-based capital |
14.3 |
% |
|
15.0 |
% |
|
14.3 |
% |
|
14.9 |
% |
|
10.0 |
% |
Финансовые показатели, Не относящиеся к ОПБУ
ACL к общему объему кредитов, исключая застрахованные государством жилищные кредиты, кредиты по ГЧП и MWL, является финансовым показателем, не относящимся к GAAP. Руководство считает, что эта мера имеет отношение к пониманию адекватности покрытия ACL, исключая влияние кредитов с номинальными резервами или без них. Раскрытие этого финансового показателя, не связанного с GAAP, также обеспечивает значимую основу для сравнения с другими финансовыми учреждениями. В следующей таблице приведена сверка финансовой оценки ACL, не относящейся к GAAP, с общей суммой кредитов, за исключением жилищных кредитов, застрахованных государством, кредитов по ППС и MWL, с сопоставимой финансовой оценкой ACL по GAAP с общей суммой кредитов на указанные даты (в тысячах долларов США).:
|
March 31,
|
|
December 31,
|
||||
Total loans (GAAP) |
$ |
23,370,029 |
|
|
$ |
23,765,053 |
|
Less: Government insured residential loans |
|
1,938,479 |
|
|
|
2,023,221 |
|
Less: PPP loans |
|
80,296 |
|
|
|
248,505 |
|
Less: MWL |
|
701,172 |
|
|
|
1,092,133 |
|
Total loans, excluding government insured residential loans, PPP loans and MWL (non-GAAP) |
$ |
20,650,082 |
|
|
$ |
20,401,194 |
|
|
|
|
|
||||
ACL |
$ |
125,443 |
|
|
$ |
126,457 |
|
|
|
|
|
||||
ACL to total loans (GAAP) |
|
0.54 |
% |
|
|
0.53 |
% |
|
|
|
|
||||
ACL to total loans, excluding government insured residential loans, PPP loans and MWL (non-GAAP) |
|
0.61 |
% |
|
|
0.62 |
% |
Материальная балансовая стоимость одной обыкновенной акции является финансовым показателем, не относящимся к ОПБУ. Руководство считает, что эта мера имеет отношение к пониманию положения с капиталом и результатов деятельности Компании. Раскрытие этого финансового показателя, не относящегося к GAAP, также обеспечивает значимую основу для сравнения с другими финансовыми учреждениями, поскольку это показатель, обычно используемый в банковской отрасли. В следующей таблице приведена сверка финансовой оценки материальной балансовой стоимости на одну обыкновенную акцию, не относящейся к GAAP, с сопоставимой финансовой оценкой балансовой стоимости на одну обыкновенную акцию по GAAP на указанные даты (в тысячах, за исключением данных по акциям и на акцию):
|
March 31,
|
|
December 31,
|
||
Total stockholders’ equity (GAAP) |
$ |
2,861,232 |
|
$ |
3,037,761 |
Less: goodwill |
|
77,637 |
|
|
77,637 |
Tangible stockholders’ equity (non-GAAP) |
$ |
2,783,595 |
|
$ |
2,960,124 |
|
|
|
|
||
Common shares issued and outstanding |
|
84,052,021 |
|
|
85,647,986 |
|
|
|
|
||
Book value per common share (GAAP) |
$ |
34.04 |
|
$ |
35.47 |
|
|
|
|
||
Tangible book value per common share (non-GAAP) |
$ |
33.12 |
|
$ |
34.56 |