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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 June 30, 2022
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 July 29, 2022 was 77,922,578.






BANKUNITED, INC.
Form 10-Q
For the Quarter Ended June 30, 2022
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
ALMAsset Liability Management
AOCIAccumulated other comprehensive income
APYAnnual Percentage Yield
ARMAdjustable rate mortgage
ASCAccounting Standards Codification
ASUAccounting Standards Update
BFGBridge Funding Group, Inc.
BKUBankUnited, Inc.
BOLIBank Owned Life Insurance
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 loans, including owner-occupied commercial real estate
CLOCollateralized loan obligations
CMBSCommercial mortgage-backed securities
CMEChicago Mercantile Exchange
CMOsCollateralized mortgage obligations
COVID-19Coronavirus disease of 2019
CRECommercial real estate loans, including multi-family; non-owner occupied commercial real estate; and construction and land
DSCRDebt Service Coverage Ratio
EVEEconomic value of equity
FASBFinancial Accounting Standards Board
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
ISDAInternational Swaps and Derivatives Association
LGDLoss Given Default
LIBORLondon InterBank Offered Rate
ii


LTVLoan-to-value
MBSMortgage-backed securities
MSAMetropolitan Statistical Area
MWLMortgage warehouse lending
Non-OOCRENon-owner occupied commercial real estate
NRSRONationally recognized statistical rating organization
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
REITReal Estate Investment Trust
SBAU.S. Small Business Administration
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
S&P 500Standard & Poor's 500 Index
TDRTroubled-debt restructuring
Tri-StateNew York, New Jersey and Connecticut
UPBUnpaid principal balance
VA loanLoan guaranteed by the U.S. Department of Veterans Affairs
VIXCBOE Volatility Index
WARMWeighted-average remaining maturity

iii


PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements and Supplementary Data
BANKUNITED, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands, except share and per share data)
June 30,
2022
December 31,
2021
ASSETS  
Cash and due from banks:  
Non-interest bearing$18,531 $19,143 
Interest bearing495,242 295,714 
Cash and cash equivalents 513,773 314,857 
Investment securities (including securities recorded at fair value of $10,093,504 and $10,054,198)
10,103,504 10,064,198 
Non-marketable equity securities213,409 135,859 
Loans24,100,014 23,765,053 
Allowance for credit losses (130,239)(126,457)
Loans, net23,969,775 23,638,596 
Bank owned life insurance 310,970 309,477 
Operating lease equipment, net605,769 640,726 
Goodwill77,637 77,637 
Other assets756,567 634,046 
Total assets$36,551,404 $35,815,396 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Liabilities:  
Demand deposits:  
Non-interest bearing$9,645,056 $8,975,621 
Interest bearing2,868,417 3,709,493 
Savings and money market13,222,845 13,368,745 
Time2,724,581 3,384,243 
Total deposits28,460,899 29,438,102 
Federal funds purchased  199,000 
FHLB advances4,005,000 1,905,000 
Notes and other borrowings721,166 721,416 
Other liabilities858,322 514,117 
Total liabilities 34,045,387 32,777,635 
Commitments and contingencies
Stockholders' equity:  
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 77,944,216 and 85,647,986 shares issued and outstanding
779 856 
Paid-in capital387,583 707,503 
Retained earnings2,438,050 2,345,342 
Accumulated other comprehensive loss(320,395)(15,940)
Total stockholders' equity 2,506,017 3,037,761 
Total liabilities and stockholders' equity $36,551,404 $35,815,396 
 
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 June 30,Six Months Ended June 30,
 2022202120222021
Interest income:  
Loans$209,223 $202,520 $400,785 $407,855 
Investment securities54,771 37,674 97,819 76,175 
Other2,979 1,607 4,333 3,200 
Total interest income 266,973 241,801 502,937 487,230 
Interest expense:
Deposits20,501 17,316 32,363 39,692 
Borrowings21,056 26,174 36,516 52,987 
Total interest expense 41,557 43,490 68,879 92,679 
Net interest income before provision for credit losses 225,416 198,311 434,058 394,551 
Provision for (recovery of) credit losses
23,996 (27,534)31,826 (55,523)
Net interest income after provision for credit losses 201,420 225,845 402,232 450,074 
Non-interest income:
Deposit service charges and fees5,896 5,417 11,856 10,317 
Gain (loss) on investment securities, net
(8,392)4,155 (16,260)6,520 
Lease financing13,363 13,522 26,778 26,010 
Other non-interest income2,583 9,663 5,377 20,206 
Total non-interest income 13,450 32,757 27,751 63,053 
Non-interest expense:
Employee compensation and benefits62,461 56,459 129,549 115,747 
Occupancy and equipment 11,399 11,492 22,911 23,367 
Deposit insurance expense3,993 4,222 7,396 11,672 
Professional fees 3,256 2,139 5,518 4,051 
Technology and telecommunications17,898 16,851 34,902 32,592 
Depreciation and impairment of operating lease equipment12,585 12,834 25,195 25,051 
Other non-interest expense15,810 14,455 28,255 29,193 
Total non-interest expense 127,402 118,452 253,726 241,673 
Income before income taxes
87,468 140,150 176,257 271,454 
Provision for income taxes
21,704 36,176 43,343 68,666 
Net income
$65,764 $103,974 $132,914 $202,788 
Earnings per common share, basic$0.82 $1.12 $1.61 $2.18 
Earnings per common share, diluted$0.82 $1.11 $1.60 $2.17 
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 June 30,Six Months Ended June 30,
 2022202120222021
Net income
$65,764 $103,974 $132,914 $202,788 
Other comprehensive income (loss), net of tax: 
Unrealized gains (losses) on investment securities available for sale: 
Net unrealized holding gain (loss) arising during the period(177,969)13,926 (352,949)(8,559)
Reclassification adjustment for net securities gains realized in income
(670)(2,118)(2,648)(5,073)
Net change in unrealized gains (losses) on securities available for sale(178,639)11,808 (355,597)(13,632)
Unrealized gains (losses) on derivative instruments:
Net unrealized holding gains (losses) arising during the period12,866 (8,944)44,045 15,667 
Reclassification adjustment for net losses realized in income3,077 11,088 7,097 22,244 
Net change in unrealized gains (losses) on derivative instruments15,943 2,144 51,142 37,911 
Other comprehensive income (loss)(162,696)13,952 (304,455)24,279 
Comprehensive income (loss)$(96,932)$117,926 $(171,541)$227,067 

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)

 Six Months Ended June 30,
 20222021
Cash flows from operating activities:  
Net income
$132,914 $202,788 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and accretion, net(4,337)(15,124)
Provision for (recovery of) credit losses
31,826 (55,523)
(Gain) loss on investment securities, net
16,260 (6,520)
Equity based compensation11,862 12,414 
Depreciation and amortization 38,154 37,089 
Deferred income taxes15,147 1,218 
Proceeds from sale of loans held for sale426,174 455,996 
Other:
(Increase) decrease in other assets
203,717 (136,372)
Increase in other liabilities
183,713 81,833 
Net cash provided by operating activities
1,055,430 577,799 
Cash flows from investing activities:  
Purchases of investment securities(2,315,336)(3,145,279)
Proceeds from repayments and calls of investment securities1,054,902 1,265,922 
Proceeds from sale of investment securities710,769 800,056 
Purchases of non-marketable equity securities(222,563)(1,200)
Proceeds from redemption of non-marketable equity securities145,013 32,106 
Purchases of loans(1,575,715)(2,271,081)
Loan originations and repayments, net 786,260 2,638,153 
Proceeds from sale of loans, net5,430 183,263 
Acquisition of operating lease equipment (38,875)
Other investing activities(16,414)(5,183)
Net cash used in investing activities
(1,427,654)(542,118)
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)



 Six Months Ended June 30,
 20222021
Cash flows from financing activities:  
Net increase (decrease) in deposits (977,203)1,113,453 
Net decrease in federal funds purchased(199,000)(180,000)
Additions to FHLB borrowings2,510,000 1,106,000 
Repayments of FHLB borrowings(410,000)(1,545,999)
Dividends paid (40,842)(43,714)
Repurchase of common stock(325,741)(7,263)
Other financing activities13,926 19,474 
Net cash provided by financing activities
571,140 461,951 
Net increase in cash and cash equivalents
198,916 497,632 
Cash and cash equivalents, beginning of period 314,857 397,716 
Cash and cash equivalents, end of period $513,773 $895,348 
Supplemental disclosure of cash flow information:
Interest paid $65,545 $94,782 
Income taxes (refunded) paid, net$(122,242)$236,491 
Supplemental schedule of non-cash investing and financing activities:
Transfers from loans to loans held for sale$439,222 $611,568 
Dividends declared, not paid$19,240 $21,400 
Unsettled securities trades, purchases$127,516 $ 
Unsettled securities trades, sales$134,700 $ 
Obligations incurred in acquisition of affordable housing limited partnerships$55,000 $ 



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 March 31, 2022
84,052,021 $841 $626,564 $2,391,526 $(157,699)$2,861,232 
Comprehensive loss   65,764 (162,696)(96,932)
Dividends ($0.25 per common share)
   (19,240) (19,240)
Equity based compensation24,011  4,619   4,619 
Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(32,228)(1)(23)  (24)
Repurchase of common stock (6,099,588)(61)(243,577)  (243,638)
Balance at June 30, 202277,944,216 $779 $387,583 $2,438,050 $(320,395)$2,506,017 
Balance at March 31, 2021
93,263,632 $933 $1,008,603 $2,091,124 $(38,825)$3,061,835 
Comprehensive income   103,974 13,952 117,926 
Dividends ($0.23 per common share)
   (21,400) (21,400)
Equity based compensation19,469  3,211   3,211 
Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(44,548)(1)(28)  (29)
Balance at June 30, 202193,238,553 $932 $1,011,786 $2,173,698 $(24,873)$3,161,543 
 Common
Shares
Outstanding
Common
Stock
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Balance at December 31, 202185,647,986 $856 $707,503 $2,345,342 $(15,940)$3,037,761 
Comprehensive loss   132,914 (304,455)(171,541)
Dividends ($0.50 per common share)
   (40,206) (40,206)
Equity based compensation492,061 5 10,945   10,950 
Forfeiture of unvested shares and shares surrendered for tax withholding obligations
(164,340)(2)(5,204)  (5,206)
Repurchase of common stock (8,031,491)(80)(325,661)  (325,741)
Balance at June 30, 202277,944,216 $779 $387,583 $2,438,050 $(320,395)$2,506,017 
Balance at December 31, 202093,067,500 $931 $1,017,518 $2,013,715 $(49,152)$2,983,012 
Comprehensive income   202,788 24,279