UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 15, 2017
BankUnited, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 001-35039 | 27-0162450 | ||
(State of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
14817 Oak Lane
Miami Lakes, FL 33016
(Address of principal executive offices) (Zip Code)
(305) 569-2000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company o
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
Item 7.01 Regulation FD Disclosure.
A copy of the presentation that the management of BankUnited, Inc. will use from time to time during presentations to and discussions with investors, analysts and other interested parties is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Description | ||
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: | November 15, 2017 | BANKUNITED, INC. | |
/s/ Leslie N. Lunak | |||
Name: | Leslie N. Lunak | ||
Title: | Chief Financial Officer | ||
3
EXHIBIT INDEX
Exhibit Number | Description | ||
4
BankUnited, Inc.
November 2017
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that
reflect the current views of BankUnited, Inc. (“BankUnited,” “BKU” or the “Company”) with respect to, among other things, future events
and financial performance. BankUnited generally identifies forward-looking statements by terminology such as “outlook,” “believes,”
“expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,”
“projects,” “anticipates” or the negative version of those words or other comparable words. Any forward-looking statements contained
in this presentation are based on the historical performance of the Company or the Company’s current plans, estimates and
expectations. The inclusion of any forward-looking information regarding BankUnited should not be regarded as a representation that
future plans, estimates or expectations contemplated herein will be achieved. Such forward-looking statements are subject to various
risks and uncertainties and assumptions relating to BKU’s operations, financial results, financial condition, business prospects, growth,
strategy and liquidity. If one or more of these or other risks or uncertainties materialize, or if the underlying assumptions prove to be
incorrect, actual results may vary materially from those indicated in these statements. These factors should not be construed as
exhaustive. BankUnited 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 including, but not limited to, the risk factors described in the most
recent Annual Report on Form 10-K of BKU and in the subsequent Quarterly Reports on Form 10-Q of BKU, filed with the Securities
and Exchange Commission (the “SEC”) and available at the SEC’s website (www.sec.gov).
This presentation shall not constitute an offer or solicitation in connection with any securities.
Forward-Looking Statements
Nimble regional bank evidenced by talent
acquisition, infrastructure investment,
streamlined decision making processes,
and strategic capital deployment
The BankUnited Strategy
Growth one relationship at a time,
generated by lenders experienced in
market, supported by a strong credit
culture
Diversification in asset classes, funding
sources and geography
Traditional commercial bank built on
core competencies and a management
team with a proven track record in our
businesses and geographies
3
Who We Are NOT Who We Are
Not a community bank with limited
balance sheet or a universal bank with
low-touch or remote decision making
Not driving growth through bulk loan
purchases, participations or leveraged
acquisitions
Not highly concentrated in limited
number of asset classes
Not expanding into higher risk
businesses such as sub-prime lending,
credit cards, HELOCs, student loans
Overview of BankUnited
Company Snapshot as of September 30, 2017
$29.6 billion of assets
$21.2 billion of loans and leases, including equipment
under operating lease
Non-covered loans and leases, including equipment
under operating lease, grew by $384 million and
$1.3 billion during the three and nine months ended
September 30, 2017, respectively
$21.2 billion deposit portfolio
Net income of $67.8 million, or $0.62 per diluted common
share, for the quarter ended September 30, 2017
4
FLORIDA
Tampa
Hollywood
Fort Lauderdale
Miami
West Palm Beach
Boca Raton
Naples
Fort Myers
Clearwater
St. Petersburg
Sarasota
Orlando
Port St. Lucie
Lakeland
408481_1
CT
NJ
NY
New York
Melv ille
5
We are nearing the end of our
Shared-Loss Agreement with the FDIC
• Estimated impact from loss share earnings to tangible book value (as of September 30, 2017)
• $204 million from loss share earnings is estimated to be added to tangible book value through May
21, 2019, the expected termination date of the Shared-Loss Agreement.
• Changes in these estimates could result from (i) changes in actual or expected prices on covered
loan sales, (ii) variability in actual or expected cash flows from non-sale resolutions, and (iii)
changes in estimated timing of expected cash flows.
• The combined yield on the covered loans and the FDIC indemnification asset is expected to
increase in the future.
• The amount of Loss Share Earnings recognized by quarter is expected to be higher for quarters
near the end of the term of the Shared Loss Agreement.
• Our underlying assumption is that the Shared Loss Agreement will terminate and the remaining
covered assets will be sold on or shortly before May 21, 2019.
Interest income
(accretion) on
covered loans,
net of
amortization of
the FDIC
indemnification
asset (referred
to in this
presentation as
“Loss Share
Earnings”) has
augmented and
will continue to
augment
growth in our
tangible book
value (“TBV”).
Future estimated accretion on covered loans $511 million
Future estimated amortization of the indemnification asset ($174 million)
Net cumulative impact on future pre-tax earnings $337 million
Net cumulative impact on future after-tax earnings
(assuming 39.5% marginal tax rate)
$204 million
6
Marginal tax rate assumed to be 39.5%.
Estimated Future Contribution of Loss Share
Earnings to Book Value Per Share
$24.56
$2.89
($0.98)
$26.47
$15.00
$20.00
$25.00
$30.00
BVPS at 9/30/17 Estimated Future
Accretion, After-Tax
Estimated Future
Amortization of the
FDIC Indemnification
Asset, After-Tax
BVPS - Pro Forma
7
Marginal tax rate assumed to be 39.5%. Tangible book value per share is a non-GAAP financial measure. See non-GAAP disclosure on page 20.
Estimated Future Contribution of Loss Share
Earnings to Tangible Book Value Per Share
$23.83
$2.89
($0.98)
$25.74
$15.00
$20.00
$25.00
$30.00
TBVPS at 9/30/17 Estimated Future
Accretion, After-Tax
Estimated Future
Amortization of the
FDIC Indemnification
Asset, After-Tax
TBVPS - Pro Forma
Tangible Book Value Per Share Has
Grown Steadily Over Time
8
$18.41 $18.80
$19.14 $19.39 $19.52
$19.80 $19.98
$20.59 $20.90
$20.99
$21.63
$22.04
$22.47
$22.98
$23.44 $23.83
$10
$15
$20
$25
$30
Tangible book value per share is a non-GAAP financial measure. See non-GAAP disclosure on page 20.
Impact of Loss Share Contribution (1)
on EPS
$0.24 $0.24
$0.32 $0.33
$0.37 $0.37
$0.32
$0.46 $0.44 $0.47
$0.50
$0.20 $0.19
$0.18 $0.19
$0.14 $0.15
$0.15
$0.13 $0.13
$0.13
$0.12
$0.44 $0.43
$0.50 $0.52 $0.51 $0.52
$0.47
$0.59 $0.57
$0.60 $0.62
$0.00
$0.25
$0.50
$0.75
EPS, non-Loss Share
EPS, Loss Share
%EPS, LS
Contribution
45% 44% 36% 37% 27% 29% 32% 22% 23% 22% 19%
(1) Loss Share Contribution is defined as the excess of Loss Share Earnings over the hypothetical amount of interest income that could have
been earned if the average balance of covered loans and the indemnification asset were instead assumed to be invested in securities at the
weighted average yield earned on the Company’s investment securities portfolio as reported for each respective quarter, net of related
income taxes. See pages 17 and 18 for supporting calculations.
(2) See Page 19 for details of the calculation of EPS, Loss Share and EPS, non-Loss Share.
9
35% 2016Y y-o-y growth
of EPS, non-loss share
24% 2017YTD y-o-y
growth of EPS, non-loss
share (annualized)
(2)
(2)
10
We are focused
on long-term,
sustainable
earnings
growth.
Looking Ahead
• We have built a diversified, yet focused, regional commercial bank.
• Year-over-year net income and earnings per share, excluding Loss
Share Contribution, have exhibited double digit growth.
• We expect continued double digit annual growth in both loans and
deposits.
Diversified Loan & Lease Portfolio
11
G
eograph
ic
M
ix
Portfo
lio M
ix
December 31, 2010 As of September 30, 2017 As of December 31, 2010
National
3%
Florida
97%
Florida
36%
New York
30%
National
34%
MF & CRE
2% Resi
2%
Covered
Loans
51%
FDIC Asset
40%
Comm
Lend Subs
<1%
C&I
3%
Other
<1%
MF & CRE
36%
Resi
18%
Covered
Loans
3%
FDIC Asset
2%
Comm Lend
Subs
14%
C&I
18%
OO CRE
9%
Non-Covered Loan and Lease Portfolio
$ in millions
12
(1) We refer to our three commercial finance subsidiaries, our mortgage warehouse lending operations, small business finance and our residential loan
purchase program as national platforms.
(2) Includes equipment under operating lease.
$4,997 $5,226 $5,451 $5,837
$6,243 $6,393 $6,593 $7,007
$7,271
$4,863
$5,486 $5,760
$6,133 $6,259
$6,365 $6,258
$6,393 $6,290
$5,119
$5,599
$5,617
$6,012
$6,387 $6,563 $6,590
$6,877 $7,100
$14,979
$16,311
$16,828
$17,982
$18,889 $19,321
$19,441
$20,277 $20,661
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
$22,000
Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17
Florida
New York
National (1)(2)
National Commercial Portfolio
$ in millions
13
(1) Figures include equipment under operating lease.
$833 $970 $956 $971
$1,041 $1,086 $1,146 $1,159 $1,155
$422
$440 $463 $456
$462 $427
$440 $423 $422
$959
$1,086 $1,151 $1,201
$1,312 $1,318
$1,323 $1,431 $1,394 $106
$82 $99
$282
$336 $322 $201
$339 $465
$183
$198
$206
$220
$213 $225 $226
$226
$235
$2,503
$2,776
$2,875
$3,130
$3,364 $3,378 $3,336
$3,578
$3,671
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17
BFG Transportation(1) BFG Franchise Pinnacle Mortgage Warehouse Small Business Finance
14
Cost of Deposits 0.61% 0.62% 0.63% 0.66% 0.67% 0.69% 0.72% 0.79% 0.87%
Non-
interest
Demand
Interest
Checking
Money
Market /
Savings
Time
Steadily Growing Deposit Base
$ in millions
$4,551 $4,608 $5,023
$5,496 $5,854 $5,756 $5,917 $6,127 $6,334
$7,261
$8,288 $8,167
$8,320
$8,516 $9,252
$9,299
$10,071 $9,964
$1,363
$1,168 $1,373
$1,429
$1,484
$1,523 $1,635
$1,558 $1,829
$2,723
$2,875
$2,951
$2,987
$2,982
$2,960 $3,073
$3,022 $3,096
$15,898
$16,939
$17,514
$18,232
$18,836
$19,491
$19,924
$20,778 $21,223
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
$22,000
Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17
Asset Quality
15
Source: SNL Financial. Financial data as of most recent quarter available. Similarly sized banks include median values for publicly traded U.S. banks with
assets between $10-50 bn.
(1) NPA ratio calculated as non-covered NPAs as a percentage of total assets.
NPA Ratio (1)
1.24%
0.88%
0.95%
0.76%
0.64%
0.16% 0.17%
0.26%
0.51%
0.69%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
Dec 13 Dec 14 Dec 15 Dec 16 Sep 17
Peers BKU BKU Taxi
Net Charge-off Ratio
0.06%
0.33%
0.34%
0.08% 0.09%
0.13%
0.40%
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
0.70%
0.80%
0.90%
Dec 13 Dec 14 Dec 15 Dec 16 Sep 17
Taxi Medallion Other
Appendix
Loss Share Contribution
EPS Contribution Calculations
(1) See Page 18 for calculation of these amounts and underlying assumptions.
(2) Calculation variances of $0.1 million in the table above are due to rounding.
(3) Net income and Diluted earnings per common share for the three months ended September 30, 2015 and fiscal year 2015 are net of non-GAAP
adjustments to remove a discrete income tax benefit and related professional fees recognized in those periods. See separate non-GAAP disclosure for
this item on page 21.
17
Loss Share Contribution is a hypothetical presentation of the impact of the covered loans and FDIC indemnification asset on earnings for each
respective quarter, reflecting the excess of Loss Share Earnings over hypothetical interest income that could have been earned on alternative
assets.
($ in millions, except per share data) 3/31/2015 6/30/2015 9/30/2015 12/31/2015 2015FY 3/31/2016 6/30/2016 9/30/2016 12/31/2016 2016FY 3/31/2017 6/30/2017 9/30/2017
(2) (2) (2) (2) (2) (2) (2) (2) (2) (2) (2)
Net Income As Reported (3) 46.5$ 46.6$ 53.8$ 56.3$ 203.1$ 54.9$ 56.7$ 50.8$ 63.3$ 225.7$ 62.3$ 66.4$ 67.8$
Calculation of Loss Share Contribution:
Interest Income - Covered Loans (Accretion) $69.6 $72.0 $71.6 $78.5 $291.7 $75.8 $76.4 $74.5 $75.0 $301.6 $75.2 $76.6 $73.5
Amortization of FDIC Indemnification Asset (22.0) (26.5) (28.4) (32.5) (109.4) (39.7) (38.1) (39.0) (43.4) (160.1) (44.5) (45.7) (45.2)
Loss Share Earnings 47.6 45.6 43.2 45.9 182.3 36.1 38.3 35.5 31.6 141.5 30.7 30.9 28.2
Hypothetical interest income on alternate assets (1) (12.7) (10.9) (11.4) (11.1) (46.0) (10.4) (9.9) (9.3) (8.5) (38.2) (8.2) (7.5) (7.2)
Loss Share Contribution, pre-tax 35.0 34.7 31.8 34.8 136.3 25.7 28.5 26.2 23.0 103.3 22.5 23.4 21.1
Income taxes, at 39.5% marginal rate (13.8) (13.7) (12.6) (13.8) (53.8) (10.1) (11.2) (10.3) (9.1) (40.8) (8.9) (9.2) (8.3)
ss ha e C ntribution, after tax $21.1 $21.0 $19.3 $21.1 $82.4 $15.5 $17.2 $15.8 $13.9 $62.5 $13.6 $14.2 $12.8
Net Income as reported, minus Loss Share Contribution 25.3$ 25.7$ 34.5$ 35.2$ 120.7$ 39.3$ 39.5$ 35.0$ 49.4$ 163.2$ 48.7$ 52.2$ 55.0$
Diluted Earnings Per Share - Loss Share Contribution $0.20 $0.19 $0.18 $0.19 $0.77 $0.14 $0.16 $0.14 $0.13 $0.58 $0.13 $0.13 $0.12
Diluted Earnings Per Share, non-loss share 0.24 0.24 0.32 0.33 1.13 0.37 0.36 0.33 0.46 1.51 0.44 0.47 0.50
Fully Diluted Earnings Per Share, as Reported (3) 0.44$ 0.43$ 0.50$ 0.52$ 1.90$ 0.51$ 0.52$ 0.47$ 0.59$ 2.09$ 0.57$ 0.60$ 0.62$
Quarter Ended Quarter Ended Quarter Ended
Calculation of Hypothetical Interest
Income on Alternate Assets
(1) Calculated as the simple average of beginning and ending balances reported for each period.
(2) The weighted average yield on the Company’s investment securities as reported for the applicable quarter.
18
The hypothetical interest income calculated below reflects the estimated income that may have been earned if the average balance of covered loans
and the FDIC indemnification asset were liquidated and the proceeds assumed to be invested in securities at the weighted average yield on the
Company’s investment securities portfolio as reported for each respective quarter. Historically, cash received from the repayment, sale, or other
resolution of covered loans and cash payments received from the FDIC under the terms of the Shared Loss Agreement have generally been reinvested
in non-covered loans or investment securities. There is no assurance that the hypothetical results illustrated below would have been achieved if the
covered loans and FDIC indemnification asset had been liquidated and proceeds reinvested in the respective quarters.
($ in millions)
3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 6/30/2017 9/30/2017
Av r g l nce of assets reported (1)
Cov r d l s $1,016 $952 $885 $832 $788 $741 $693 $642 $596 $553 $533
DIC In ification Asset 944 886 829 769 712 659 608 549 488 433 378
Total $1,960 $1,839 $1,714 $1,601 $1,500 $1,400 $1,301 $1,191 $1,084 $986 $911
Yield applied (2) 2.59% 2.37% 2.65% 2.77% 2.78% 2.82% 2.87% 2.87% 3.01% 3.05% 3.14%
Hypothetical interest income on alternate assets $12.7 $10.9 $11.4 $11.1 $10.4 $9.9 $9.3 $8.5 $8.2 $7.5 $7.2
Quarter Ended Quarter Ended Quarter Ended
Reconciliation of Non-GAAP Measures
19
Net income and diluted earnings per common share, in each case excluding the impact of Loss Share Contribution, as defined on page 9, are non-GAAP
financial measures. Management believes disclosure of these measures provides readers with information that may be useful in understanding the impact of
the covered loans and FDIC indemnification asset on the Company’s earnings. The following table reconciles these non-GAAP financial measurements to the
comparable GAAP financial measurements of net income and diluted earnings per common share for the periods indicated.
(1) Net income and Diluted earnings per common share for the three months ended September 30, 2015 and fiscal year 2015 are net of non-GAAP adjustments to
remove a discrete income tax benefit and related professional fees recognized in those periods. See separate non-GAAP disclosure for this item on page 21.
(2) Calculation variances of $0.1 million in the table above are due to rounding.
(3) Net impact on diluted earnings per share of Loss Share Contribution (non-GAAP) adjusted for rounding.
($ in millions, except per share data; Shares in thousands) 3/31/2015 6/30/2015 9/30/2015 12/31/2015 2015FY 3/31/2016 6/30/2016 9/30/2016 12/31/2016 2016FY 3/31/2017 6/30/2017 9/30/2017
(2) (2) (2) (3) (3)
Net Income (GAAP) (1) 46.5$ 46.6$ 53.8$ 56.3$ 203.1$ 54.9$ 56.7$ 50.8$ 63.3$ 225.7$ 62.3$ 66.4$ 67.8$
Less Loss Share Contribution (21.1) (21.0) (19.3) (21.1) (82.4) (15.5) (17.2) (15.8) (13.9) (62.5) (13.6) (14.2) (12.8)
Net Income as reported, minus Loss Share Contribution
(non-GAAP) 25.3$ 25.7$ 34.5$ 35.2$ 120.7$ 39.3$ 39.5$ 35.0$ 49.4$ 163.2$ 48.7$ 52.2$ 55.0$
Diluted earnings per common share, excluding Loss Share
Contribution:
Diluted earnings per common share (GAAP) (1) 0.44$ 0.43$ 0.50$ 0.52$ $1.90 0.51$ 0.52 0.47$ 0.59$ 2.09$ 0.57$ 0.60$ 0.62$
Less: Net impact on diluted earnings per common share of
Loss Share Contribution (non-GAAP) (0.20) (0.19) (0.18) (0.19) (0.77) (0.14) (0.15) (0.15) (0.13) (0.58) (0.13) (0.13) (0.12)
Diluted earnings per common share, excluding the impact
Loss Share Contribution (non-GAAP) 0.24$ 0.24$ 0.32$ 0.33$ 1.13$ 0.37$ 0.37$ 0.32$ 0.46$ 1.51$ 0.44$ 0.47$ 0.50$
Impact on diluted earnings per common share of Loss
Share Contribution:
Loss Share Contribution 21.1$ 21.0$ 19.3$ 21.1$ 82.4$ 15.5$ 17.2$ 15.8$ 13.9$ 62.5$ 13.6$ 14.2$ 12.8$
Weighted average shares for diluted earnings per share
(GAAP) 101,834 103,133 103,317 103,451 102,972 103,552 103,732 103,561 103,779 103,656 105,378 103,138 106,073
Impact on diluted earnings per common share of Loss
Share Contribution (non-GAAP) 0.21 0.20 0.19 0.20 0.80 0.15 0.17 0.15 0.13 0.60 0.13 0.14 0.12
Impact on diluted earnings per common share of Loss
Share Contribution:
Loss Share Contribution, net of tax, allocated to
participating securities (0.8) (0.8) (0.8) (0.8) (3.3) (0.7) (0.7) (0.6) (0.5) (2.5) (0.5) (0.5) (0.5)
Weighted average shares for diluted earnings per share
(GAAP) 101,834 103,133 103,317 103,451 102,972 103,552 103,732 103,561 103,779 103,656 105,378 103,138 106,073
Imp ct on diluted earnings per common share of Loss
Share Contribution allocated to participating securities (non-
GAAP) (0.01) (0.01) (0.01) (0.01) (0.03) (0.01) (0.01) (0.01) - (0.02) - (0.01) -
Net impact on diluted earnings per share of Loss Share
Contribution (non-GAAP) 0.20$ 0.19$ 0.18$ 0.19$ 0.77$ 0.14$ 0.15$ 0.15$ 0.13$ 0.58$ 0.13$ 0.13$ 0.12$
Quarter EndedQuarter EndedQuarter Ended
Reconciliation of Non-GAAP Measures
20
Tangible book value per common share and pro-forma tangible book value per common share, including the impact of estimated future contribution of Loss
Share Earnings, are non-GAAP financial measures. Management believes these measures are relevant to understanding the capital position and
performance of the Company. Disclosure of these non-GAAP financial measures also provides a meaningful base for comparability to other financial
institutions. The following table reconciles the non-GAAP financial measurement of tangible book value per common share and pro-forma tangible book
value per common share, including the impact of estimated future contribution of Loss Share Earnings, to the comparable GAAP financial measurement of
book value per common share at the dates indicated.
12/31/13 03/31/14 06/30/14 09/30/14 12/31/14 03/31/15 06/30/15 09/30/15 12/31/15 03/31/16 06/30/16 09/30/16 12/31/16 03/31/17 06/30/17 09/30/17
(1) (1) (1) (1) (1)
Total stockholders' equity 1,929$ 1,980$ 2,015$ 2,040$ 2,053$ 2,116$ 2,146$ 2,211$ 2,244$ 2,264$ 2,331$ 2,373$ 2,418$ 2,533$ 2,581$ 2,623$
Less: goodwill and other intangible assets 69 69 69 69 68 68 79 78 78 78 78 78 78 78 78 78
Tangible stockholders' equity 1,860 1,911 1,946 1,972 1,984 2,047 2,068 2,132 2,166 2,186 2,253 2,295 2,340 2,455 2,503 2,546
Estimated future contribution of Loss Share
Earnings (see calculation below) 204
Pro-forma book value with estimated future
contribution of Loss Share Earnings 2,750$
Common shares issued and outstanding 101,013 101,664 101,651 101,666 101,657 103,414 103,476 103,530 103,626 104,149 104,167 104,141 104,167 106,839 106,801 106,822
Book value per common share 19.09$ 19.47$ 19.82$ 20.07$ 20.19$ 20.46$ 20.74$ 21.35$ 21.65$ 21.74$ 22.38$ 22.79$ 23.22$ 23.71$ 24.16$ 24.56$
Tangible book value per common share 18.41$ 18.80$ 19.14$ 19.39$ 19.52$ 19.80$ 19.98$ 20.59$ 20.90$ 20.99$ 21.63$ 22.04$ 22.47$ 22.98$ 23.44$ 23.83$
Pro-forma tangible book value per common
share, with estimated future contribution of
Loss Share Earnings 25.74$
Esti at d Fut re Contribution of Loss Share Earnings
Est d future accretion 511$
Expected amortization of FDIC Indemnification Asset (174)
Gross earnings on loss share through termination 337
Income taxes (at 39.5%) 133
Estimated Future Contribution of Loss Share Earnings 204$
Quarter Ended$ in millions (except per share data); shares in
thousands
(1) Calculation variances of $0.1 million in the table above are due to rounding.
Reconciliation of Non-GAAP Measures
21
Net income and earnings per diluted share excluding the impact of a discrete income tax benefit and related professional fees are non-GAAP financial
measures. Management believes disclosure of these measures enhances readers’ ability to compare the Company’s performance for the quarter ended
September 30, 2015 and fiscal year 2015 to other periods presented. The following table reconciles these non-GAAP financial measurements to the
comparable GAAP financial measurements of net income and earnings per diluted share for the periods indicated.
Quarter Ended
($ in millions, except for per share data; shares in thousands) 9/30/2015 FY 2015
(1)
Net Income (GAAP) 102.3$ 251.7$
Less discrete income tax benefit (49.3) (49.3)
Add back related professinal fees, net of tax of $524 0.8 0.8
53.8$ 203.1$
Diluted earnings per common share, excluding the impact of a discrete income tax benefit and
related professional fees:
Diluted earnings per common share (GAAP) 0.95$ 2.35$
Impact on diluted earnings per common share of discrete income tax benefit and related
professional fees (non-GAAP) (0.47) (0.47)
Impact on diluted earnings per common share of discrete income tax benefit and related
professional fees allocated to participating securities (non-GAAP) 0.02 0.02
Diluted earnings per common share, excluding the impact of a discrete income tax benefit and
related professional fees (non-GAAP) 0.50$ 1.90$
Impact on diluted earnings per common share of discrete income tax benefit and related
professional fees:
Discrete income tax benefit and related professional fees, net of tax (48.5)$ (48.5)$
Weighted average shares for diluted earnings per share (GAAP) 103,317 102,972
Impact on diluted earnings per common share of discrete income tax benefit and related
professional fees (non-GAAP) (0.47)$ (0.47)$
Impact on diluted earnings per common share of discrete income tax benefit and related
professional fees allocated to participating securities:
Discr t in me t x b nefit and related professional fees, net of tax, allocated to participating
securities 1.9$ 1.9$
Weighted average shares for diluted earnings per share (GAAP) 103,317 102,972
Impact on diluted earnings per common share of discrete income tax benefit and related
professional fees allocated to participating securities (non-GAAP) 0.02$ 0.02$
(1) Calculation variances of $0.1 million in the table above are due to rounding.
BankUnited, Inc.
November 2017