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(State of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
|
(Zip Code)
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Class
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Trading Symbol
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Name of Exchange on Which Registered
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||
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Exhibit
Number
|
|
Description
|
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April 29, 2020
|
||
April 29, 2020
|
Dated:
|
April 29, 2020
|
BANKUNITED, INC.
|
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/s/ Leslie N. Lunak
|
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Name:
|
Leslie N. Lunak
|
|
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Title:
|
Chief Financial Officer
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Exhibit
Number
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|
Description
|
|
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|
|
|
|
April 29, 2020
|
||
April 29, 2020
|
•
|
Prioritized the well-being of our employees, operational resilience, liquidity, support to our customers, and asset quality.
|
•
|
Activated our business continuity and contingency funding plans.
|
•
|
Enabled 79% of our total employees, and 97% of our non-branch employees, to work remotely. We have not experienced any significant operational issues or disruptions in customer service as a result.
|
•
|
Expanded certain employee benefits and launched a number of programs to keep our employees healthy and engaged.
|
•
|
Implemented modified service models for all of our branches. To promote social distancing, customers are being served in these branches through drive through or lobby appointments only, and in some cases, with reduced hours. 24% of our retail branches are temporarily closed based on customer traffic counts and staffing levels.
|
•
|
Supported our clients through participating in the Small Business Administration’s Paycheck Protection Program ("PPP"), and granting forbearance, deferrals and fee waivers on a case-by-case basis.
|
•
|
Enhanced daily monitoring of liquidity trends and deposit flows, and confirmed and optimized sources of contingent liquidity.
|
•
|
Pro-actively reached out to all of our borrowers with total credit exposure of $5 million or more, and to all borrowers in certain high-risk segments to assess the potential impact of COVID-19.
|
•
|
Segregated certain segments of the loan portfolio for enhanced monitoring, including franchise finance, hotels and retail.
|
•
|
Augmented our stress testing protocols.
|
•
|
The Company and its banking subsidiary exceeded all regulatory guidelines required to be considered well capitalized at
March 31, 2020
. The Company's and the Bank's CET1 risk-based capital ratios were
11.8%
and
12.9%
at March 31, 2020, respectively. The Company's and the Bank's Tier 1 leverage ratios were
8.5%
and
9.3%
at March 31, 2020, respectively.
|
•
|
Our liquidity position remains strong. At March 31, 2020, the Bank had total same day available liquidity of approximately $8.5 billion.
|
•
|
Non-interest bearing demand deposits grew by
$305 million
for the quarter ended
March 31, 2020
, to
18.4%
of total deposits at
March 31, 2020
compared to
17.6%
of total deposits at
December 31, 2019
and 15.9% of total deposits one year ago. Total deposits grew by
$606 million
for the quarter ended
March 31, 2020
.
|
•
|
The average cost of total deposits declined to
1.36%
for the quarter ended
March 31, 2020
, from 1.48% for the immediately preceding quarter ended
December 31, 2019
, and 1.67% for the quarter ended
March 31, 2019
. On a spot basis, the average annual percentage yield ("APY") on total interest-bearing deposits declined to 1.35% at
March 31, 2020
from 1.71% at
December 31, 2019
, reflecting recent actions taken to reduce the cost of deposits.
|
•
|
The provision for credit losses totaled
$125.4 million
for the quarter ended March 31, 2020, reflecting the application of the CECL methodology and encompassing the expected economic impact of the COVID-19 pandemic. The provision included approximately $93 million related to changes in the economic forecast since the initial adoption of CECL on January 1, 2020 and was impacted by an increase of approximately $16 million in specific reserves during the quarter. Most of the increase in specific reserves related to credits in the franchise finance portfolio segment. The provision for credit losses, excluding the portion related to unfunded commitments, was
0.53%
of average loans for the quarter ended March 31, 2020. For the quarter ended
March 31, 2019
, the Company recorded a provision for loan losses, under the incurred loss model, of
$10.3 million
.
|
•
|
The Allowance for Credit Losses ("ACL") represented our current estimate of expected lifetime credit losses from the loan portfolio and totaled
$251 million
, or
1.08%
of total loans, at March 31, 2020. Upon initial adoption of CECL, at January 1, 2020, the ACL was
0.59%
of total loans and at December 31, 2019, calculated under an incurred loss methodology, the ACL was
0.47%
of total loans.
|
•
|
Pre-tax, pre-provision income totaled
$85.0 million
for the quarter ended March 31, 2020 compared to
$100.5 million
for the quarter ended
March 31, 2019
. Pre-tax, pre-provision income for the quarter ended March 31, 2020 included a
$5.0 million
unrealized loss on marketable equity securities, resulting from the impact on markets of the COVID-19 crisis. Inclusive of this
$5.0 million
unrealized loss, loss on investment securities was
$(3.5) million
for the quarter ended March 31, 2020 compared to a gain on investment securities of
$5.8 million
for the comparable quarter of the prior year, a negative variance of
$9.2 million
. Additional factors contributing to the decline in pre-tax, pre-provision income were a
$10.3 million
decline in net interest income, discussed further below, partially offset by a
$7.8 million
decrease in total non-interest expense.
|
•
|
The net interest margin, calculated on a tax-equivalent basis, was
2.35%
for the quarter ended
March 31, 2020
, compared to 2.41% for the immediately preceding quarter ended December 31, 2019 and
2.54%
for the quarter ended
March 31, 2019
. Both yields on interest earning assets and the cost of interest bearing liabilities declined for the quarter ended March 31, 2020 as compared to the quarters ended December 31, 2019 and March 31, 2019; however, the repricing of interest bearing liabilities, particularly deposits, lagged the repricing of interest earning assets.
|
•
|
Stockholders' equity was impacted by a decline of
$291.8 million
in accumulated other comprehensive income for the quarter ended March 31,2020, attributed to an increase in unrealized losses on investment securities available for sale and derivative instruments. The Company currently expects to recover the amortized cost basis of its available for sale securities portfolio. Share repurchases totaling approximately
$101 million
during the quarter ended
March 31, 2020
also impacted stockholders' equity. As previously reported, the Company has temporarily suspended its share repurchase program.
|
•
|
As previously reported, the Company announced an increase of $0.02 in its quarterly cash dividend to $0.23 per common share, reflecting a 10% increase from the previous quarterly cash dividend of $0.21 per common share.
|
March 31, 2020
|
December 31, 2019
|
Required to be Considered Well Capitalized
|
||||||||||||
BankUnited, Inc.
|
BankUnited, N.A.
|
BankUnited, Inc.
|
BankUnited, N.A.
|
|||||||||||
Tier 1 leverage
|
8.5
|
%
|
9.3
|
%
|
8.9
|
%
|
9.3
|
%
|
5.0
|
%
|
||||
Common Equity Tier 1 ("CET1") risk-based capital
|
11.8
|
%
|
12.9
|
%
|
12.3
|
%
|
12.9
|
%
|
6.5
|
%
|
||||
Total risk-based capital
|
12.6
|
%
|
13.7
|
%
|
12.8
|
%
|
13.4
|
%
|
10.0
|
%
|
ACL
|
ACL to Total Loans
|
ACL to Non-Performing Loans
|
Net Charge-offs to Average Loans
|
|||||||||
December 31, 2019 (incurred loss)
|
$
|
108,671
|
|
0.47
|
%
|
53.07
|
%
|
0.05
|
%
|
|||
January 1, 2020 (initial date of CECL adoption)
|
$
|
135,976
|
|
0.59
|
%
|
66.4
|
%
|
N/A
|
|
|||
March 31, 2020 (expected loss)
|
$
|
250,579
|
|
1.08
|
%
|
126.41
|
%
|
0.13
|
%
|
Three Months Ended March 31,
|
|||||||
|
2020
|
2019
|
|||||
Beginning balance
|
$
|
108,671
|
|
$
|
109,931
|
|
|
Cumulative effect of adoption of CECL
|
27,305
|
|
—
|
|
|||
Balance after adoption of CECL
|
135,976
|
|
109,931
|
|
|||
Provision
|
121,865
|
|
10,281
|
|
|||
Charge-offs
|
(7,806
|
)
|
(6,133
|
)
|
|||
Recoveries
|
544
|
|
624
|
|
|||
Ending balance
|
$
|
250,579
|
|
$
|
114,703
|
|
March 31, 2020
|
December 31, 2019
|
||||||
Special Mention
|
$
|
288,148
|
|
$
|
72,881
|
|
|
Substandard accruing
|
238,786
|
|
180,380
|
|
|||
Substandard non-accruing
|
181,278
|
|
185,906
|
|
|||
Total criticized and classified
|
$
|
708,212
|
|
$
|
439,167
|
|
|
Percent of total loans
|
3.10
|
%
|
1.90
|
%
|
March 31, 2020
|
December 31, 2019
|
||||||||||||
Residential and other consumer loans
|
$
|
5,634,823
|
|
24.4
|
%
|
$
|
5,661,119
|
|
24.5
|
%
|
|||
Multi-family
|
1,967,578
|
|
8.5
|
%
|
2,217,705
|
|
9.6
|
%
|
|||||
Non-owner occupied commercial real estate
|
4,987,798
|
|
21.5
|
%
|
5,030,904
|
|
21.7
|
%
|
|||||
Construction and land
|
222,223
|
|
1.0
|
%
|
243,925
|
|
1.1
|
%
|
|||||
Owner occupied commercial real estate
|
2,026,510
|
|
8.7
|
%
|
2,062,808
|
|
8.9
|
%
|
|||||
Commercial and industrial
|
5,008,573
|
|
21.6
|
%
|
4,655,349
|
|
20.1
|
%
|
|||||
Pinnacle
|
1,187,607
|
|
5.0
|
%
|
1,202,430
|
|
5.2
|
%
|
|||||
Bridge - franchise finance
|
647,699
|
|
2.8
|
%
|
627,482
|
|
2.6
|
%
|
|||||
Bridge - equipment finance
|
649,154
|
|
2.8
|
%
|
684,794
|
|
3.0
|
%
|
|||||
Mortgage warehouse lending
|
852,313
|
|
3.7
|
%
|
768,472
|
|
3.3
|
%
|
|||||
$
|
23,184,278
|
|
100.0
|
%
|
$
|
23,154,988
|
|
100.0
|
%
|
||||
Operating lease equipment, net
|
$
|
684,563
|
|
$
|
698,153
|
|
March 31, 2020
|
||||||
Amount
|
% of Total Loans
|
|||||
Retail exposure in the CRE portfolio
|
$
|
1,446,599
|
|
6.2
|
%
|
|
Retail exposure in the C&I portfolio
(1)
|
346,915
|
|
1.5
|
%
|
||
Bridge - franchise finance
|
647,699
|
|
2.8
|
%
|
||
Hotel
|
619,482
|
|
2.7
|
%
|
||
Airlines
|
84,649
|
|
0.4
|
%
|
||
Cruise lines
|
71,374
|
|
0.3
|
%
|
||
Energy
|
46,348
|
|
0.2
|
%
|
||
$
|
3,263,066
|
|
14.1
|
%
|
(1)
|
Includes
$216 million
of owner-occupied commercial real estate loans.
|
•
|
The tax-equivalent yield on loans decreased to
4.18%
for the quarter ended
March 31, 2020
, from 4.27% for the quarter ended December 31, 2019 and
4.50%
for the quarter ended
March 31, 2019
. The most significant factor contributing to these decreases was the impact of decreases in benchmark interest rates.
|
•
|
The tax-equivalent yield on investment securities decreased to
2.81%
for the quarter ended
March 31, 2020
from 3.18% for the quarter ended December 31, 2019 and
3.64%
for the quarter ended
March 31, 2019
. The most significant factors contributing to these decreases were the impact of decreases in benchmark interest rates and, to a lesser extent, increased prepayment speeds.
|
•
|
The average rate on interest bearing liabilities decreased to
1.82%
for the quarter ended
March 31, 2020
from 1.96% for the quarter ended December 31, 2019 and
2.10%
for the quarter ended
March 31, 2019
, reflecting lower average rates on interest bearing deposits, short term borrowings and FHLB advances. Decreases in the cost of interest bearing liabilities primarily reflect decreases in benchmark interest rates.
|
•
|
Employee compensation and benefits decreased by
$6.3 million
, primarily due to a reduction in headcount and a decrease in equity based compensation expense related to the impact of a declining stock price on liability-classified awards.
|
•
|
Professional fees decreased by
$4.7 million
, primarily due to the consulting services in 2019 related to our BankUnited 2.0 initiative.
|
March 31,
2020 |
December 31,
2019 |
||||||
ASSETS
|
|
|
|
|
|||
Cash and due from banks:
|
|
|
|
|
|||
Non-interest bearing
|
$
|
8,905
|
|
$
|
7,704
|
|
|
Interest bearing
|
757,793
|
|
206,969
|
|
|||
Cash and cash equivalents
|
766,698
|
|
214,673
|
|
|||
Investment securities (including securities recorded at fair value of $7,864,601 and $7,759,237)
|
7,874,601
|
|
7,769,237
|
|
|||
Non-marketable equity securities
|
281,714
|
|
253,664
|
|
|||
Loans held for sale
|
17,655
|
|
37,926
|
|
|||
Loans
|
23,184,278
|
|
23,154,988
|
|
|||
Allowance for credit losses
|
(250,579
|
)
|
(108,671
|
)
|
|||
Loans, net
|
22,933,699
|
|
23,046,317
|
|
|||
Bank owned life insurance
|
288,869
|
|
282,151
|
|
|||
Operating lease equipment, net
|
684,563
|
|
698,153
|
|
|||
Goodwill and other intangible assets
|
77,663
|
|
77,674
|
|
|||
Other assets
|
670,209
|
|
491,498
|
|
|||
Total assets
|
$
|
33,595,671
|
|
$
|
32,871,293
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|||
Liabilities:
|
|
|
|
|
|||
Demand deposits:
|
|
|
|
|
|||
Non-interest bearing
|
$
|
4,599,337
|
|
$
|
4,294,824
|
|
|
Interest bearing
|
2,535,696
|
|
2,130,976
|
|
|||
Savings and money market
|
10,323,899
|
|
10,621,544
|
|
|||
Time
|
7,541,839
|
|
7,347,247
|
|
|||
Total deposits
|
25,000,771
|
|
24,394,591
|
|
|||
Federal funds purchased
|
—
|
|
100,000
|
|
|||
Federal Home Loan Bank advances
|
5,144,409
|
|
4,480,501
|
|
|||
Notes and other borrowings
|
428,579
|
|
429,338
|
|
|||
Other liabilities
|
505,783
|
|
486,084
|
|
|||
Total liabilities
|
31,079,542
|
|
29,890,514
|
|
|||
Commitments and contingencies
|
|||||||
Stockholders' equity:
|
|||||||
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 92,406,294 and 95,128,231 shares issued and outstanding
|
924
|
|
951
|
|
|||
Paid-in capital
|
987,757
|
|
1,083,920
|
|
|||
Retained earnings
|
1,851,040
|
|
1,927,735
|
|
|||
Accumulated other comprehensive loss
|
(323,592
|
)
|
(31,827
|
)
|
|||
Total stockholders' equity
|
2,516,129
|
|
2,980,779
|
|
|||
Total liabilities and stockholders' equity
|
$
|
33,595,671
|
|
$
|
32,871,293
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
2019
|
|||||
Interest income:
|
|
|
|
|
|||
Loans
|
$
|
234,359
|
|
$
|
240,632
|
|
|
Investment securities
|
56,060
|
|
76,345
|
|
|||
Other
|
3,720
|
|
4,852
|
|
|||
Total interest income
|
294,139
|
|
321,829
|
|
|||
Interest expense:
|
|||||||
Deposits
|
82,822
|
|
97,421
|
|
|||
Borrowings
|
30,741
|
|
33,507
|
|
|||
Total interest expense
|
113,563
|
|
130,928
|
|
|||
Net interest income before provision for credit losses
|
180,576
|
|
190,901
|
|
|||
Provision for credit losses
|
125,428
|
|
10,281
|
|
|||
Net interest income after provision for credit losses
|
55,148
|
|
180,620
|
|
|||
Non-interest income:
|
|||||||
Deposit service charges and fees
|
4,186
|
|
3,830
|
|
|||
Gain on sale of loans, net
|
3,466
|
|
2,936
|
|
|||
Gain (loss) on investment securities, net
|
(3,453
|
)
|
5,785
|
|
|||
Lease financing
|
15,481
|
|
17,186
|
|
|||
Other non-interest income
|
3,618
|
|
6,518
|
|
|||
Total non-interest income
|
23,298
|
|
36,255
|
|
|||
Non-interest expense:
|
|||||||
Employee compensation and benefits
|
58,887
|
|
65,233
|
|
|||
Occupancy and equipment
|
12,369
|
|
13,166
|
|
|||
Deposit insurance expense
|
4,403
|
|
4,041
|
|
|||
Professional fees
|
3,204
|
|
7,871
|
|
|||
Technology and telecommunications
|
12,596
|
|
11,168
|
|
|||
Depreciation of operating lease equipment
|
12,603
|
|
11,812
|
|
|||
Other non-interest expense
|
14,806
|
|
13,399
|
|
|||
Total non-interest expense
|
118,868
|
|
126,690
|
|
|||
Income (loss) before income taxes
|
(40,422
|
)
|
90,185
|
|
|||
Provision (benefit) for income taxes
|
(9,471
|
)
|
24,213
|
|
|||
Net income (loss)
|
$
|
(30,951
|
)
|
$
|
65,972
|
|
|
Earnings (loss) per common share, basic
|
$
|
(0.33
|
)
|
$
|
0.65
|
|
|
Earnings (loss) per common share, diluted
|
$
|
(0.33
|
)
|
$
|
0.65
|
|
Three Months Ended March 31,
|
||||||||||||||||||||||
|
2020
|
2019
|
||||||||||||||||||||
|
Average
Balance |
Interest
(1)(2)
|
Yield/
Rate (1)(2) |
Average
Balance |
Interest
(1)(2)
|
Yield/
Rate (1)(2) |
||||||||||||||||
Assets:
|
||||||||||||||||||||||
Interest earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
$
|
22,850,065
|
|
$
|
238,108
|
|
4.18
|
%
|
$
|
21,974,453
|
|
$
|
245,010
|
|
4.50
|
%
|
||||||
Investment securities
(3)
|
8,107,649
|
|
56,951
|
|
2.81
|
%
|
8,520,555
|
|
77,607
|
|
3.64
|
%
|
||||||||||
Other interest earning assets
|
646,628
|
|
3,720
|
|
2.31
|
%
|
496,141
|
|
4,852
|
|
3.96
|
%
|
||||||||||
Total interest earning assets
|
31,604,342
|
|
298,779
|
|
3.79
|
%
|
30,991,149
|
|
327,469
|
|
4.26
|
%
|
||||||||||
Allowance for credit losses
|
(138,842
|
)
|
(111,074
|
)
|
||||||||||||||||||
Non-interest earning assets
|
1,749,752
|
|
1,603,922
|
|
||||||||||||||||||
Total assets
|
$
|
33,215,252
|
|
$
|
32,483,997
|
|
||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||
Interest bearing liabilities:
|
||||||||||||||||||||||
Interest bearing demand deposits
|
$
|
2,173,628
|
|
6,959
|
|
1.29
|
%
|
$
|
1,702,479
|
|
5,639
|
|
1.34
|
%
|
||||||||
Savings and money market deposits
|
10,412,202
|
|
37,756
|
|
1.46
|
%
|
11,453,980
|
|
52,817
|
|
1.87
|
%
|
||||||||||
Time deposits
|
7,510,070
|
|
38,107
|
|
2.04
|
%
|
6,907,011
|
|
38,965
|
|
2.29
|
%
|
||||||||||
Total interest bearing deposits
|
20,095,900
|
|
82,822
|
|
1.66
|
%
|
20,063,470
|
|
97,421
|
|
1.97
|
%
|
||||||||||
Short term borrowings
|
94,066
|
|
367
|
|
1.56
|
%
|
137,378
|
|
824
|
|
2.40
|
%
|
||||||||||
FHLB advances
|
4,414,830
|
|
25,084
|
|
2.29
|
%
|
4,660,222
|
|
27,374
|
|
2.38
|
%
|
||||||||||
Notes and other borrowings
|
429,098
|
|
5,290
|
|
4.93
|
%
|
404,852
|
|
5,309
|
|
5.25
|
%
|
||||||||||
Total interest bearing liabilities
|
25,033,894
|
|
113,563
|
|
1.82
|
%
|
25,265,922
|
|
130,928
|
|
2.10
|
%
|
||||||||||
Non-interest bearing demand deposits
|
4,368,553
|
|
3,605,131
|
|
||||||||||||||||||
Other non-interest bearing liabilities
|
749,101
|
|
657,360
|
|
||||||||||||||||||
Total liabilities
|
30,151,548
|
|
29,528,413
|
|
||||||||||||||||||
Stockholders' equity
|
3,063,704
|
|
2,955,584
|
|
||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
33,215,252
|
|
$
|
32,483,997
|
|
||||||||||||||||
Net interest income
|
$
|
185,216
|
|
$
|
196,541
|
|
||||||||||||||||
Interest rate spread
|
1.97
|
%
|
2.16
|
%
|
||||||||||||||||||
Net interest margin
|
2.35
|
%
|
2.54
|
%
|
(1)
|
On a tax-equivalent basis where applicable
|
(2)
|
Annualized
|
(3)
|
At fair value except for securities held to maturity
|
Three Months Ended March 31,
|
|||||||
c
|
2020
|
2019
|
|||||
Basic earnings per common share:
|
|
|
|
|
|||
Numerator:
|
|
|
|
|
|||
Net income (loss)
|
$
|
(30,951
|
)
|
$
|
65,972
|
|
|
Distributed and undistributed earnings allocated to participating securities
|
—
|
|
(2,697
|
)
|
|||
Income (loss) allocated to common stockholders for basic earnings per common share
|
$
|
(30,951
|
)
|
$
|
63,275
|
|
|
Denominator:
|
|||||||
Weighted average common shares outstanding
|
93,944,529
|
|
98,856,775
|
|
|||
Less average unvested stock awards
|
(1,101,370
|
)
|
(1,171,921
|
)
|
|||
Weighted average shares for basic earnings (loss) per common share
|
92,843,159
|
|
97,684,854
|
|
|||
Basic earnings (loss) per common share
|
$
|
(0.33
|
)
|
$
|
0.65
|
|
|
Diluted earnings (loss) per common share:
|
|||||||
Numerator:
|
|||||||
Income (loss) allocated to common stockholders for basic earnings per common share
|
$
|
(30,951
|
)
|
$
|
63,275
|
|
|
Adjustment for earnings reallocated from participating securities
|
—
|
|
5
|
|
|||
Income (loss) used in calculating diluted earnings per common share
|
$
|
(30,951
|
)
|
$
|
63,280
|
|
|
Denominator:
|
|||||||
Weighted average shares for basic earnings (loss) per common share
|
92,843,159
|
|
97,684,854
|
|
|||
Dilutive effect of stock options and certain shared-based awards
|
—
|
|
279,779
|
|
|||
Weighted average shares for diluted earnings per common share
|
92,843,159
|
|
97,964,633
|
|
|||
Diluted earnings (loss) per common share
|
$
|
(0.33
|
)
|
$
|
0.65
|
|
|
Three Months Ended March 31,
|
||||
|
2020
|
2019
|
|||
Financial ratios
(4)
|
|
|
|
|
|
Return on average assets
|
(0.37
|
)%
|
0.82
|
%
|
|
Return on average stockholders’ equity
|
(4.1
|
)%
|
9.1
|
%
|
|
Net interest margin
(3)
|
2.35
|
%
|
2.54
|
%
|
|
March 31, 2020
|
December 31, 2019
|
|||
Asset quality ratios
|
|
|
|||
Non-performing loans to total loans
(1)(5)
|
0.85
|
%
|
0.88
|
%
|
|
Non-performing assets to total assets
(2) (5)
|
0.61
|
%
|
0.63
|
%
|
|
Allowance for credit losses to total loans
|
1.08
|
%
|
0.47
|
%
|
|
Allowance for credit losses to non-performing loans
(1) (5)
|
126.41
|
%
|
53.07
|
%
|
|
Provision for credit losses to average loans
(4)
|
0.53
|
%
|
0.04
|
%
|
|
Net charge-offs to average loans
(4)
|
0.13
|
%
|
0.05
|
%
|
(1)
|
We define non-performing loans to include non-accrual loans and loans other than government insured residential loans that are past due 90 days or more and still accruing. Contractually delinquent 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
$49.1 million
or
0.21%
of total loans and
0.15%
of total assets, at
March 31, 2020
; compared to
$45.7 million
or
0.20%
of total loans and
0.14%
of total assets, at
December 31, 2019
.
|
Three Months Ended March 31,
|
|||||||
2020
|
2019
|
||||||
Income (loss) before income taxes (GAAP)
|
$
|
(40,422
|
)
|
$
|
90,185
|
|
|
Plus: Provision for credit losses
|
125,428
|
|
10,281
|
|
|||
Pre-tax, pre-provision income (non-GAAP)
|
$
|
85,006
|
|
$
|
100,466
|
|