Bankunited, Inc. · NYSE:BKU
Bankunited — Investor Presentation (November 2017)
22 slides from Bankunited's investor presentation, Nov 15, 2017
Slide 1: BankUnited, Inc. November 2017
BankUnited, Inc. November 2017
Slide 2: Forward-Looking Statements
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. Ban
Slide 3: The BankUnited Strategy: Who We Are / Who We Are Not
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 Diversi
Slide 4: Overview of BankUnited
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
Slide 5: We are nearing the end of our Shared-Loss Agreement with the FDIC
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 dat
Slide 6: Estimated Future Contribution of Loss Share Earnings to Book Value Per Share
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-T
Slide 7: Estimated Future Contribution of Loss Share Earnings to Tangible Book Value Per Share
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 E
Slide 8: Tangible Book Value Per Share Has Grown Steadily Over Time
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.
Slide 9: Impact of Loss Share Contribution on EPS
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 Sha
Slide 10: Looking Ahead: long-term, sustainable earnings growth
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 dig
Slide 11: Diversified Loan & Lease Portfolio
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 3
Slide 12: Non-Covered Loan and Lease Portfolio
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,
Slide 13: National Commercial Portfolio
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 $
Slide 14: Steadily Growing Deposit Base
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
Slide 15: Asset Quality
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
Slide 16: Appendix
@ w% BankUnited Appendix
Slide 17: Loss Share Contribution EPS Contribution Calculations
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 Septemb
Slide 18: Calculation of Hypothetical Interest Income on Alternate Assets
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 i
Slide 19: Reconciliation of Non-GAAP Measures
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
Slide 20: Reconciliation of Non-GAAP Measures: Tangible Book Value
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 understand
Slide 21: Reconciliation of Non-GAAP Measures: Discrete Tax Benefit
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 pe
Slide 22: BankUnited, Inc. November 2017
BankUnited, Inc. November 2017