Bankunited, Inc. · NYSE:BKU
Bankunited — Investor Presentation (May 2012)
31 slides from Bankunited's investor presentation, May 1, 2012
Slide 1: BankUnited, Inc.
@ & BankUnited BankUnited, Inc.
Slide 2: Forward-Looking Statements
Looking Statements @ %& BankUnited ‘This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1998 that reflect the current views of BankUnited, Inc. ("BankUnited” or “BKU") with respect to, among other things, future events and finan
Slide 3: Why BankUnited?
@ w& BankUnited Why BankUnited?
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Slide 5: Who are we?
@ & BankUnited Who are we?
Slide 6: Overview of BankUnited
Overview of BankUnited @ & BankUnited Yorkers ° Company Snapshot © Hempstead Now York e = The largest traditional independent bank in Florida”) . $ ortando — Florida footprint: 94 branches in 15 counties Tampa, ° — $12.2 billion of assets ry — $4.7 billion of loans no eo, — $8.1 billion of total dep
Slide 7: Unique Features
@ & BankUnited Unique Features ™ Agreements to cover approximately M Ability to sell approximately $280 million $11.6 billion of acquired assets of loans (UPB) on an annual basis = The FDIC bears without FDIC consent @ No residual credit risk (ability to sell all — 80% of the first $4.0 billion in l
Slide 8: Embedded Value in Assets Purchased
‘As of March 31, 2012 Embedded Value in Assets Purchased UPB (SBN) ae - ™ Covered loan balance of $2.3bn (UPB of aa '$5.5bn) ™ FDIC indemnification asset of $1.8bn +00 ™ Blended yield of 11.5% Robust Infrastructure = Industry leading process and technology | | | | ] | | | ] | 20, ™ Hired best-in-cla
Slide 9: What have we accomplished?
@ & BankUnited What have we accomplished?
Slide 10: Milestones Accomplished to Date
Milestones Accomplished to Date @ w& BankUnited Restructured Management and Changed Company Culture Invested Significant Capital into Systems and Physical Infrastructure Built Commercial Banking Platform through Team Acquisitions Acquired 2 Leasing Platforms and Herald National Bank Completed $900 m
Slide 11: New Loans and Legacy Loans and FDIC Asset
New Loans Legacy Loans and FDIC Asset = Commercial & Other ‘= Residential $1721 Dec 11 Mar 12 (1) Balances exclude uneamed dscount and deere fees and cose et ‘Commerical & Other Residential OREO. MFDIC Asset $7,926 $707 $6,305 $553 Deco Dec 10 Dec 11 Mar 12 PB of Covered Loans and ‘OREO (SBN) LLL AL
Slide 12: Passed Inflection Point in 3Q 2011 and Experiencing Net Loan Growth
a Passed Inflection Point in 3Q 2011 and Have Been Experiencing Net Loan Growth () ($ in millions) $6,520 $6,222 $6,118 $6,174 $6,223 Mar 11 Jun 11 Sept Dec 11 Mar 12 "New Loans "FDIC Indemnification Asset ‘Covered Loans (1) Balances exclude uneamed secount and deere fees and costs et. TL LES oP AEA
Slide 13: Deposits
Deposits terest Checking December 31, 2009 December 31, 2010 December 34,2011 March 31, 2012 $7,667 $7,164 $7,365 $8,085 a — 13 emana ~ 6% 59% 44% 35% 32% nrmrrrrmrrrrr rr tT Te ttt ff
Slide 14: Commercial Deposits Growth
Commercial Deposits Growth aw BankUnited $ in millions December 31, 2009 December 31, 2010 December 31, 2011 March 31, 2012 $1,985 $1,470 $420
Slide 15: Franchise Dramatically Enhanced
Franchise Dramatically Enhanced @% BankUnited Old Face Prior to Transformation
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Slide 17: Franchise Dramatically Enhanced
Franchise Dramatically Enhanced Mf YBankUnited
Slide 18: Franchise Dramatically Enhanced
Franchise Dramatically Enhanced Ya BankUnited Boca Raton 7028 W Palmetto Park Road
Slide 19: Franchise Dramatically Enhanced
Franchise Dramatically Enhanced W BankUnited
Slide 20: Franchise Dramatically Enhanced
Franchise Dramatically Enhanced WBankUnited
Slide 21: How do we compare?
@ & BankUnited How do we compare?
Slide 22: Returns, Net Interest Margin and Tier 1 Leverage vs Peers
ar BankUnited Retum on Avg Assets Return on Avg Equity 17% a A Peers(") BKUe) Peers (1) BKUe) Net Interest Margin Tier 1 Leverage 4 9.7% 3.4% Peers\") BKU (0) Peare ata rete! median values fo publly Wades US. banks and hte wth Stet Between $10:25billon a8 of March 3, 2012 and $1.5 on n market captai
Slide 23: How Do We Compare?
How Do We Compare? @ w& BankUnited Price / 2012E EPS Price / Tang Book Dividend Yield 16.0% 15.4x 2.0% 3.0% 2.8% 140x 16x 25% 18x 12.0% 18x 2.0% 1.7% 8.0% 10x 15% 1.0% 4.0% 05x 05% 0.0% — iow oon = Peers) BKU Peers\”) BKU Peers”) BKU ‘Source: SNL Financia Maret data a8 of Apel 27, 2012 Financial dat
Slide 24: Change in Analysts' Earnings Expectations
Change in Analysts’ Earnings Expectations @ & BankUnited ‘%Chg of 2012 EPS Estimate since March 2011!") %Chg of 2013 EPS Estimate since March 2011(") 25.0% 20.0% 13.9% 8.1% Peers) BKU Source: Facet. Data oof Apt 27,2012. (0) Date wnananaiatsinted reaearch coverage of BHU, (2) Peer recian values ft p
Slide 25: Where are we headed?
@ & BankUnited Where are we headed?
Slide 26: Where Are We Headed?
Where Are We Headed? @ & BankUnited Since the Acquisition = Built a strong Florida-centric commercial bank on the framework of a failed thrift = Became a consolidator of the Florida market one loan and one customer at a time = Enhanced infrastructure to support the future growth of a healthy institu
Slide 27: Continued Reconstruction of Branch Network
Continued Reconstruction of Branch Network By Property Type Legacy vs. New 40 105 95 85 at 7 7 7 7 10 7 9 1 44 a 38 u l= - : May 2009 2009 2010 2011. 2012E ™ Free Standing End Cap Office Building / Ground Floor In-Line May 2009 7 2009 2010 2011 ™ De Novo '™ Relocations Legacy / Acquired 105 5 F 2012
Slide 28: Strategic Rationale of the Transaction and Deal Terms
@W® BankUnited Strategic Rationale of the Transaction Deal Terms” ™ Closed February 29, 2012 = Transaction Value: $65 million ™ Clean loan portfolio @ $22.9mm cash, 1.7 million BKU shares ™ Herald operates under similar business ued model m 1.2x tangible book value Loan Portfolio: $305mm'") Deposit
Slide 29: The BankUnited Value Proposition
@ & BankUnited The BankUnited Value Proposition
Slide 30: OT here eee
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Slide 31: BankUnited, Inc.
@ & BankUnited BankUnited, Inc.