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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
                
For the quarterly period ended September 30, 2021
Commission File Number: 001-35039 

BankUnited, Inc.
(Exact name of registrant as specified in its charter)
Delaware27-0162450
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
14817 Oak LaneMiami LakesFL33016
(Address of principal executive offices) (Zip Code)
 
Registrant’s telephone number, including area code: (305569-2000 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý  No  o 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  ý  No  o 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
Accelerated filer
 ☐
Emerging growth company
Non-accelerated filer
Smaller reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No  ☒ 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 
ClassTrading SymbolName of Exchange on Which Registered
Common Stock, $0.01 Par ValueBKUNew York Stock Exchange

The number of outstanding shares of the registrant common stock, $0.01 par value, as of November 1, 2021 was 89,090,636.






BANKUNITED, INC.
Form 10-Q
For the Quarter Ended September 30, 2021
TABLE OF CONTENTS

i


GLOSSARY OF DEFINED TERMS

The following acronyms and terms may be used throughout this Form 10-Q, including the consolidated financial statements and related notes.
ACLAllowance for credit losses
AFSAvailable for sale
ALCOAsset/Liability Committee
AOCIAccumulated other comprehensive income
APYAnnual Percentage Yield
ASCAccounting Standards Codification
ASUAccounting Standards Update
BKUBankUnited, Inc.
BankUnitedBankUnited, National Association
The BankBankUnited, National Association
BridgeBridge Funding Group, Inc.
Buyout loansFHA and VA insured mortgages from third party servicers who have exercised their right to purchase these loans out of GNMA securitizations
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CECLCurrent expected credit losses
CET1Common Equity Tier 1 capital
C&ICommercial and Industrial
CLOCollateralized loan obligations
CMBSCommercial mortgage-backed securities
CMEChicago Mercantile Exchange
CMOsCollateralized mortgage obligations
COVID-19Coronavirus disease of 2019
CRECommercial real estate
DFASTDodd-Frank Act Stress Test
DSCRDebt Service Coverage Ratio
EVEEconomic value of equity
FDIAFederal Deposit Insurance Act
FHAFederal Housing Administration
FHLBFederal Home Loan Bank
FICOFair Isaac Corporation (credit score)
FRBFederal Reserve Bank
GAAPU.S. generally accepted accounting principles
GDPGross Domestic Product
GNMAGovernment National Mortgage Association
HPIHome price indices
IPOInitial public offering
ISDAInternational Swaps and Derivatives Association
LGDLoss Given Default
LIBORLondon InterBank Offered Rate
LTVLoan-to-value
MBSMortgage-backed securities
MSAMetropolitan Statistical Area
MSLFFederal Reserve Main Street Lending Facility
ii


MWLMortgage warehouse lending
Non-OOCRENon-owner occupied commercial real estate
NRSRONationally recognized statistical rating organization
OCIOther comprehensive income
OOCREOwner occupied commercial real estate
OREOOther real estate owned
PCDPurchased credit-deteriorated
PDProbability of default
PinnaclePinnacle Public Finance, Inc.
PPPSmall Business Administration’s Paycheck Protection Program
PPPLFFRB Paycheck Protection Program Liquidity Facility
PSUPerformance Share Unit
REITReal Estate Investment Trust
RSURestricted Share Unit
SBAU.S. Small Business Administration
SECSecurities and Exchange Commission
S&P 500Standard & Poor's 500 Index
TDRTroubled-debt restructuring
Tri-StateNew York, New Jersey and Connecticut
UPBUnpaid principal balance
VA loanLoan guaranteed by the U.S. Department of Veterans Affairs
VIXCBOE Volatility Index
WARMWeighted-average remaining maturity

iii


PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements and Supplementary Data
BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share and per share data)
September 30,
2021
December 31,
2020
ASSETS  
Cash and due from banks:  
Non-interest bearing$17,973 $20,233 
Interest bearing489,049 377,483 
Cash and cash equivalents 507,022 397,716 
Investment securities (including securities recorded at fair value of $10,319,691 and $9,166,683)
10,329,691 9,176,683 
Non-marketable equity securities155,584 195,865 
Loans held for sale 24,676 
Loans22,807,969 23,866,042 
Allowance for credit losses (159,615)(257,323)
Loans, net22,648,354 23,608,719 
Bank owned life insurance 308,912 294,629 
Operating lease equipment, net659,935 663,517 
Goodwill77,637 77,637 
Other assets619,136 571,051 
Total assets$35,306,271 $35,010,493 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Demand deposits:  
Non-interest bearing$9,158,281 $7,008,838 
Interest bearing3,268,709 3,020,039 
Savings and money market12,460,507 12,659,740 
Time3,228,776 4,807,199 
Total deposits28,116,273 27,495,816 
Federal funds purchased 199,000 180,000 
FHLB advances2,431,014 3,122,999 
Notes and other borrowings721,527 722,495 
Other liabilities741,783 506,171 
Total liabilities 32,209,597 32,027,481 
Commitments and contingencies
Stockholders' equity:  
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 90,049,326 and 93,067,500 shares issued and outstanding
900 931 
Paid-in capital885,873 1,017,518 
Retained earnings2,239,963 2,013,715 
Accumulated other comprehensive loss(30,062)(49,152)
Total stockholders' equity 3,096,674 2,983,012 
Total liabilities and stockholders' equity $35,306,271 $35,010,493 
 
1
The accompanying notes are an integral part of these consolidated financial statements





BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
(In thousands, except per share data)
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Interest income:  
Loans$194,689 $208,646 $602,544 $656,943 
Investment securities38,243 44,604 114,418 151,596 
Other1,413 1,322 4,613 7,950 
Total interest income 234,345 254,572 721,575 816,489 
Interest expense:
Deposits14,273 37,681 53,965 170,690 
Borrowings24,950 29,412 77,937 87,407 
Total interest expense 39,223 67,093 131,902 258,097 
Net interest income before provision for credit losses 195,122 187,479 589,673 558,392 
Provision for (recovery of) credit losses
(11,842)29,232 (67,365)180,074 
Net interest income after provision for credit losses 206,964 158,247 657,038 378,318 
Non-interest income:
Deposit service charges and fees5,553 4,040 15,870 11,927 
Gain on sale of loans, net1,403 2,953 5,391 10,745 
Gain (loss) on investment securities, net
(664)7,181 5,856 10,564 
Lease financing13,212 13,934 39,222 45,565 
Other non-interest income5,974 8,184 22,192 19,140 
Total non-interest income 25,478 36,292 88,531 97,941 
Non-interest expense:
Employee compensation and benefits57,224 48,448 172,971 156,212 
Occupancy and equipment 11,760 12,170 35,127 36,440 
Deposit insurance expense3,552 5,886 15,224 15,095 
Professional fees 2,312 2,436 6,363 8,771 
Technology and telecommunications16,687 15,435 49,279 42,056 
Depreciation of operating lease equipment12,944 12,315 37,995 37,137 
Other non-interest expense13,563 11,937 42,756 38,154 
Total non-interest expense 118,042 108,627 359,715 333,865 
Income before income taxes
114,400 85,912 385,854 142,394 
Provision for income taxes
27,459 19,353 96,125 30,278 
Net income
$86,941 $66,559 $289,729 $112,116 
Earnings per common share, basic$0.94 $0.70 $3.12 $1.17 
Earnings per common share, diluted$0.94 $0.70 $3.12 $1.17 
2
The accompanying notes are an integral part of these consolidated financial statements





BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED
(In thousands)
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Net income
$86,941 $66,559 $289,729 $112,116 
Other comprehensive income (loss), net of tax: 
Unrealized gains (losses) on investment securities available for sale: 
Net unrealized holding gain (loss) arising during the period(16,205)49,829 (24,764)25,074 
Reclassification adjustment for net securities gains realized in income
(606)(1,685)(5,679)(7,089)
Net change in unrealized gains (losses) on securities available for sale(16,811)48,144 (30,443)17,985 
Unrealized losses on derivative instruments: 
Net unrealized holding gain (loss) arising during the period1,263 1,251 16,930 (90,633)
Reclassification adjustment for net losses realized in income10,359 11,798 32,603 22,649 
Net change in unrealized losses on derivative instruments
11,622 13,049 49,533 (67,984)
Other comprehensive income (loss)(5,189)61,193 19,090 (49,999)
Comprehensive income$81,752 $127,752 $308,819 $62,117 

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



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

 Nine Months Ended September 30,
 20212020
Cash flows from operating activities:  
Net income
$289,729 $112,116 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and accretion, net(16,294)(20,102)
Provision for (recovery of) credit losses
(67,365)180,074 
Gain on sale of loans, net(5,391)(10,745)
Gain on investment securities, net
(5,856)(10,564)
Equity based compensation17,510 12,286 
Depreciation and amortization 56,122 54,377 
Deferred income taxes7,835 (27,304)
Proceeds from sale of loans held for sale651,840 498,431 
Loans originated for sale, net of repayments (21,780)
Other:
(Increase) decrease in other assets
(123,546)2,509 
(Decrease) increase in other liabilities
148,437 (134,363)
Net cash provided by operating activities
953,021 634,935 
Cash flows from investing activities:  
Purchase of investment securities(4,378,200)(3,356,639)
Proceeds from repayments and calls of investment securities1,980,551 912,403 
Proceeds from sale of investment securities1,348,346 930,757 
Purchase of non-marketable equity securities(16,199)(134,938)
Proceeds from redemption of non-marketable equity securities56,480 179,988 
Purchases of loans(3,681,706)(2,082,695)
Loan originations and repayments, net 3,907,957 1,000,352 
Proceeds from sale of loans, net210,525 11,604 
Acquisition of operating lease equipment(44,179)(19,597)
Other investing activities(13,270)(12,328)
Net cash used in investing activities
(629,695)(2,571,093)
4
The accompanying notes are an integral part of these consolidated financial statements



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



 Nine Months Ended September 30,
 20212020
Cash flows from financing activities:  
Net increase in deposits 620,457 2,202,619 
Net increase in federal funds purchased19,000 80,000 
Additions to FHLB and PPPLF borrowings1,231,001 4,281,960 
Repayments of FHLB and PPPLF borrowings(1,921,000)(4,647,310)
Proceeds from issuance of notes, net 293,858 
Dividends paid (65,114)(64,611)
Repurchase of common stock(136,686)(100,972)
Other financing activities38,322 45,717 
Net cash provided by (used in) financing activities
(214,020)2,091,261 
Net increase in cash and cash equivalents
109,306 155,103 
Cash and cash equivalents, beginning of period 397,716 214,673 
Cash and cash equivalents, end of period $507,022 $369,776 
Supplemental disclosure of cash flow information:
Interest paid $125,834 $268,970 
Income taxes paid, net$247,798 $5,944 
Supplemental schedule of non-cash investing and financing activities:
Transfers from loans to loans held for sale$832,903 $451,864 
Dividends declared, not paid$20,676 $21,910 
Unsettled investment securities trades, net$154,285 $10,339 



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





BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - UNAUDITED
(In thousands, except share data)

 Common
Shares
Outstanding
Common
Stock
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Balance at June 30, 202193,238,553 $932 $1,011,786 $2,173,698 $(24,873)$3,161,543 
Comprehensive income— — — 86,941 (5,189)81,752 
Dividends ($0.23 per common share)
— — — (20,676)— (20,676)
Equity based compensation9,756 1 3,554 — — 3,555 
Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(13,007)(1)(76)— — (77)
Repurchase of common stock (3,185,976)(32)(129,391)— — (129,423)
Balance at September 30, 202190,049,326 $900 $885,873 $2,239,963 $(30,062)$3,096,674 
Balance at June 30, 202092,420,278 $924 $991,509 $1,905,639 $(143,019)$2,755,053 
Comprehensive income— — — 66,559 61,193 127,752 
Dividends ($0.23 per common share)
— — — (21,910)— (21,910)
Equity based compensation  3,878 — — 3,878 
Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(39,405) (91)— — (91)
Exercise of stock options7,768  142 — — 142 
Balance at September 30, 202092,388,641 $924 $995,438 $1,950,288 $(81,826)$2,864,824 
 Common
Shares
Outstanding
Common
Stock
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders’
Equity
Balance at December 31, 202093,067,500 $931 $1,017,518 $2,013,715 $(49,152)$2,983,012 
Comprehensive income— — — 289,729 19,090 308,819 
Dividends ($0.69 per common share)
— — — (63,481)— (63,481)
Equity based compensation568,936 6 10,772 — — 10,778 
Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(197,639)(3)(5,790)— — (5,793)
Exercise of stock options1,569 — 25 — — 25 
Repurchase of common stock (3,391,040)(34)(136,652)— — (136,686)
Balance at September 30, 202190,049,326 $900 $885,873 $2,239,963 $(30,062)$3,096,674 
Balance at December 31, 201995,128,231 $951 $1,083,920 $1,927,735 $(31,827)$2,980,779 
Impact of adoption of ASU 2016-13— — — (23,817)— (23,817)
Balance at January 1, 202095,128,231 951 1,083,920 1,903,918 (31,827)2,956,962 
Comprehensive income— — — 112,116 (49,999)62,117 
Dividends ($0.69 per common share)
— — — (65,746)— (65,746)
Equity based compensation743,696 8 15,306 — — 15,314 
Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(225,477)(3)(4,519)