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• | Net interest income increased by $10.7 million to $252.0 million for the quarter ended September 30, 2018 from $241.3 million for the quarter ended September 30, 2017. Interest income increased by $48.3 million, driven by increases in the average balances of loans and investment securities outstanding as well as increases in yields on interest earning assets. Interest expense increased by $37.6 million, driven primarily by increases in average interest bearing deposits and an increase in the cost of interest bearing liabilities. For the nine months ended September 30, 2018, net interest income increased by $43.6 million to $755.0 million from $711.4 million for the nine months ended September 30, 2017. |
• | The net interest margin, calculated on a tax-equivalent basis, was 3.51% for the quarter ended September 30, 2018 compared to 3.60% for the immediately preceding quarter ended June 30, 2018 and 3.62% for the quarter ended September 30, 2017. Significant factors contributing to the decline in the net interest margin from the comparable quarter of the prior year were (i) an increase in the cost of interest bearing liabilities; (ii) the impact on tax equivalent yields of the reduction in the statutory federal income tax rate; and (iii) although yields on all categories of interest earning assets increased, non-covered loans and investment securities were added to the balance sheet at yields lower than the existing yield on earning assets, which is impacted by the yield on covered loans. |
• | The provision for loan losses for the quarter ended September 30, 2018 totaled $1.2 million compared to $37.9 million for the quarter ended September 30, 2017. The provision for the quarter ended September 30, 2017 included $32.7 million related to taxi medallion loans. |
• | Non-covered loans and leases, including equipment under operating lease, grew by $211 million during the quarter ended September 30, 2018. For the nine months ended September 30, 2018, non-covered loans and leases grew by $708 million. |
• | For the quarter ended September 30, 2018, total deposits increased by $127 million, of which $98 million was non-interest bearing demand deposits. Total deposits increased by $427 million for the nine months ended September 30, 2018, of which $343 million was non-interest bearing demand deposits. |
• | Book value per common share grew to $29.63 at September 30, 2018 from $28.32 at December 31, 2017 while tangible book value per common share increased to $28.88 from $27.59 over the same period. |
• | During the quarter ended September 30, 2018, the Company completed the $150 million share repurchase program authorized by its Board of Directors, repurchasing 2.4 million shares for an aggregate purchase price of $96 million. During the nine months ended September 30, 2018, the Company repurchased approximately 3.8 million shares of its common stock for an aggregate purchase price of $150.0 million. |
• | On October 23, 2018 the Board of Directors of the Company authorized the repurchase of up to an additional $150 million in shares of its outstanding common stock. Any repurchases will be made in accordance with applicable securities laws from time to time in open market or private transactions. The extent to which the Company repurchases shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, the Company’s capital position and amount of retained earnings, regulatory requirements and other considerations. No time limit was set for the completion of the share repurchase program, and the program may be suspended or discontinued at any time. |
BankUnited, Inc. | BankUnited, N.A. | ||||
Tier 1 leverage | 9.5 | % | 10.3 | % | |
Common Equity Tier 1 ("CET1") risk-based capital | 13.2 | % | 14.3 | % | |
Tier 1 risk-based capital | 13.2 | % | 14.3 | % | |
Total risk-based capital | 13.8 | % | 14.9 | % |
September 30, 2018 | June 30, 2018 | December 31, 2017 | ||||||||||||||||||
Residential and other consumer loans | $ | 4,563,578 | 21.0 | % | $ | 4,448,660 | 20.6 | % | $ | 4,196,080 | 19.8 | % | ||||||||
Multi-family | 2,762,998 | 12.8 | % | 2,861,559 | 13.4 | % | 3,218,953 | 15.4 | % | |||||||||||
Non-owner occupied commercial real estate | 4,567,589 | 21.4 | % | 4,526,922 | 21.2 | % | 4,474,801 | 21.5 | % | |||||||||||
Construction and land | 244,619 | 1.1 | % | 255,393 | 1.2 | % | 310,484 | 1.5 | % | |||||||||||
Owner occupied commercial real estate | 2,091,978 | 9.7 | % | 2,046,266 | 9.6 | % | 2,012,742 | 9.7 | % | |||||||||||
Commercial and industrial | 4,708,545 | 21.9 | % | 4,594,857 | 21.5 | % | 4,137,827 | 19.9 | % | |||||||||||
Commercial lending subsidiaries | 2,620,097 | 12.1 | % | 2,684,716 | 12.5 | % | 2,562,499 | 12.2 | % | |||||||||||
$ | 21,559,404 | 100.0 | % | $ | 21,418,373 | 100.0 | % | $ | 20,913,386 | 100.0 | % | |||||||||
Equipment under operating lease, net | $ | 661,677 | $ | 591,267 | $ | 599,502 |
Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||
ACI Loans | Non-ACI Loans | Non-Covered Loans | Total | ACI Loans | Non-ACI Loans | Non-Covered Loans | Total | ||||||||||||||||||||||||
Balance at beginning of period | $ | — | $ | 590 | $ | 134,381 | $ | 134,971 | $ | 1,812 | $ | 2,737 | $ | 151,099 | $ | 155,648 | |||||||||||||||
Provision (recovery) | — | (50 | ) | 1,250 | 1,200 | — | 261 | 37,593 | 37,854 | ||||||||||||||||||||||
Charge-offs | — | (740 | ) | (12,340 | ) | (13,080 | ) | — | — | (36,028 | ) | (36,028 | ) | ||||||||||||||||||
Recoveries | — | 214 | 1,435 | 1,649 | — | 38 | 1,061 | 1,099 | |||||||||||||||||||||||
Balance at end of period | $ | — | $ | 14 | $ | 124,726 | $ | 124,740 | $ | 1,812 | $ | 3,036 | $ | 153,725 | $ | 158,573 |
Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||
ACI Loans | Non-ACI Loans | Non-Covered Loans | Total | ACI Loans | Non-ACI Loans | Non-Covered Loans | Total | ||||||||||||||||||||||||
Balance at beginning of period | $ | — | $ | 258 | $ | 144,537 | $ | 144,795 | $ | — | $ | 2,100 | $ | 150,853 | $ | 152,953 | |||||||||||||||
Provision | — | 517 | 12,825 | 13,342 | 1,812 | 881 | 60,880 | 63,573 | |||||||||||||||||||||||
Charge-offs | — | (979 | ) | (35,001 | ) | (35,980 | ) | — | (55 | ) | (61,034 | ) | (61,089 | ) | |||||||||||||||||
Recoveries | — | 218 | 2,365 | 2,583 | — | 110 | 3,026 | 3,136 | |||||||||||||||||||||||
Balance at end of period | $ | — | $ | 14 | $ | 124,726 | $ | 124,740 | $ | 1,812 | $ | 3,036 | $ | 153,725 | $ | 158,573 |
• | The tax-equivalent yield on loans increased to 5.47% and 5.39%, respectively, for the quarter and nine months ended September 30, 2018, compared to 5.15% for both the quarter and nine months ended September 30, 2017, reflecting increased yields on both non-covered and covered loans. |
• | The tax-equivalent yield on non-covered loans was 4.05% and 3.94%, respectively, for the quarter and the nine months ended September 30, 2018, compared to 3.79% and 3.73% for the quarter and nine months ended September 30, 2017. The most significant factor contributing to the increased yield on non-covered loans was the impact of increases in benchmark interest rates. |
• | The tax-equivalent yield on covered loans increased to 79.67% and 71.46%, respectively, for the quarter and nine months ended September 30, 2018 from 56.70% and 53.54% for the quarter and nine months ended September 30, 2017, reflecting continued improvements in expected cash flows from ACI loans. |
• | The tax-equivalent yield on investment securities increased to 3.41% and 3.26%, respectively, for the quarter and nine months ended September 30, 2018 from 3.14% and 3.07% for the quarter and nine months ended September 30, 2017. |
• | Tax-equivalent yields on non-covered loans and investment securities and the net interest margin were each negatively impacted by approximately 0.08% for the quarter ended September 30, 2018 as compared to the quarter ended September 30, 2017 as a result of the reduction in the statutory federal income tax rate. For the nine months ended September 30, 2018 as compared to the nine months ended September 30, 2017, the tax rate change negatively impacted the net interest margin by approximately 0.08%. |
• | Growth of non-covered loans and investment securities at yields lower than the overall yield on interest earning assets, which is impacted by the yield on covered loans. |
• | The average rate on interest bearing liabilities increased to 1.74% and 1.57%, respectively for the quarter and nine months ended September 30, 2018, from 1.17% and 1.08% for the quarter and nine months ended September 30, 2017, reflecting higher average rates on both interest bearing deposits and FHLB advances. Increases in the cost of interest bearing liabilities primarily reflect increases in market interest rates and extension of the duration of FHLB advances. |
Balance, December 31, 2016 | $ | 675,385 | |
Reclassifications from non-accretable difference, net | 81,501 | ||
Accretion | (301,827 | ) | |
Balance, December 31, 2017 | 455,059 | ||
Reclassifications from non-accretable difference, net | 78,561 | ||
Accretion | (249,609 | ) | |
Balance, September 30, 2018 | $ | 284,011 |
September 30, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Cash and due from banks: | |||||||
Non-interest bearing | $ | 11,644 | $ | 35,246 | |||
Interest bearing | 268,155 | 159,336 | |||||
Cash and cash equivalents | 279,799 | 194,582 | |||||
Investment securities (including securities recorded at fair value of $7,217,403 and $6,680,832) | 7,227,403 | 6,690,832 | |||||
Non-marketable equity securities | 273,427 | 265,989 | |||||
Loans held for sale | 37,179 | 34,097 | |||||
Loans (including covered loans of $359,767 and $503,118) | 21,919,171 | 21,416,504 | |||||
Allowance for loan and lease losses | (124,740 | ) | (144,795 | ) | |||
Loans, net | 21,794,431 | 21,271,709 | |||||
FDIC indemnification asset | 152,517 | 295,635 | |||||
Bank owned life insurance | 262,987 | 252,462 | |||||
Equipment under operating lease, net | 661,677 | 599,502 | |||||
Goodwill and other intangible assets | 77,729 | 77,796 | |||||
Other assets | 746,487 | 664,382 | |||||
Total assets | $ | 31,513,636 | $ | 30,346,986 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Liabilities: | |||||||
Demand deposits: | |||||||
Non-interest bearing | $ | 3,413,610 | $ | 3,071,032 | |||
Interest bearing | 1,587,812 | 1,757,581 | |||||
Savings and money market | 10,588,075 | 10,715,024 | |||||
Time | 6,715,793 | 6,334,842 | |||||
Total deposits | 22,305,290 | 21,878,479 | |||||
Federal funds purchased | 175,000 | — | |||||
Federal Home Loan Bank advances | 4,946,000 | 4,771,000 | |||||
Notes and other borrowings | 402,780 | 402,830 | |||||
Other liabilities | 609,678 | 268,615 | |||||
Total liabilities | 28,438,748 | 27,320,924 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Common stock, par value $0.01 per share, 400,000,000 shares authorized; 103,793,325 and 106,848,185 shares issued and outstanding | 1,037 | 1,068 | |||||
Paid-in capital | 1,364,864 | 1,498,227 | |||||
Retained earnings | 1,667,092 | 1,471,781 | |||||
Accumulated other comprehensive income | 41,895 | 54,986 | |||||
Total stockholders' equity | 3,074,888 | 3,026,062 | |||||
Total liabilities and stockholders' equity | $ | 31,513,636 | $ | 30,346,986 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Interest income: | |||||||||||||||
Loans | $ | 293,543 | $ | 253,815 | $ | 855,807 | $ | 739,586 | |||||||
Investment securities | 59,319 | 51,851 | 165,396 | 141,624 | |||||||||||
Other | 4,855 | 3,777 | 13,145 | 10,606 | |||||||||||
Total interest income | 357,717 | 309,443 | 1,034,348 | 891,816 | |||||||||||
Interest expense: | |||||||||||||||
Deposits | 75,257 | 45,919 | 196,916 | 120,161 | |||||||||||
Borrowings | 30,492 | 22,260 | 82,392 | 60,209 | |||||||||||
Total interest expense | 105,749 | 68,179 | 279,308 | 180,370 | |||||||||||
Net interest income before provision for loan losses | 251,968 | 241,264 | 755,040 | 711,446 | |||||||||||
Provision for (recovery of) loan losses (including ($50), $261, $517 and $2,693 for covered loans) | 1,200 | 37,854 | 13,342 | 63,573 | |||||||||||
Net interest income after provision for loan losses | 250,768 | 203,410 | 741,698 | 647,873 | |||||||||||
Non-interest income: | |||||||||||||||
Income from resolution of covered assets, net | 3,134 | 6,400 | 10,689 | 22,066 | |||||||||||
Net gain (loss) on FDIC indemnification | 3,090 | (4,838 | ) | (1,925 | ) | (14,174 | ) | ||||||||
Deposit service charges and fees | 3,677 | 3,251 | 10,674 | 9,706 | |||||||||||
Gain (loss) on sale of loans, net (including $5,037, $0, $4,739 and $(1,582) related to covered loans) | 8,691 | 2,447 | 12,960 | 6,601 | |||||||||||
Gain on investment securities, net | 432 | 26,931 | 2,938 | 29,194 | |||||||||||
Lease financing | 14,091 | 13,287 | 45,685 | 40,067 | |||||||||||
Other non-interest income | 5,620 | 5,848 | 17,673 | 17,903 | |||||||||||
Total non-interest income | 38,735 | 53,326 | 98,694 | 111,363 | |||||||||||
Non-interest expense: | |||||||||||||||
Employee compensation and benefits | 65,612 | 58,327 | 198,185 | 178,386 | |||||||||||
Occupancy and equipment | 18,887 | 18,829 | 56,704 | 56,689 | |||||||||||
Amortization of FDIC indemnification asset | 48,255 | 45,225 | 132,852 | 135,351 | |||||||||||
Deposit insurance expense | 5,375 | 5,764 | 14,810 | 16,827 | |||||||||||
Professional fees | 5,240 | 2,748 | 10,772 | 12,573 | |||||||||||
Telecommunications and data processing | 4,187 | 3,452 | 11,772 | 10,481 | |||||||||||
Depreciation of equipment under operating lease | 9,870 | 8,905 | 28,662 | 25,655 | |||||||||||
Other non-interest expense | 13,372 | 13,455 | 40,105 | 37,735 | |||||||||||
Total non-interest expense | 170,798 | 156,705 | 493,862 | 473,697 | |||||||||||
Income before income taxes | 118,705 | 100,031 | 346,530 | 285,539 | |||||||||||
Provision for income taxes | 21,377 | 32,252 | 74,067 | 89,060 | |||||||||||
Net income | $ | 97,328 | $ | 67,779 | $ | 272,463 | $ | 196,479 | |||||||
Earnings per common share, basic | $ | 0.90 | $ | 0.62 | $ | 2.50 | $ | 1.79 | |||||||
Earnings per common share, diluted | $ | 0.90 | $ | 0.62 | $ | 2.49 | $ | 1.79 | |||||||
Cash dividends declared per common share | $ | 0.21 | $ | 0.21 | $ | 0.63 | $ | 0.63 |
Three Months Ended September 30, | ||||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||||
Average Balance | Interest (1) | Yield/ Rate (1)(2) | Average Balance | Interest (1) | Yield/ Rate (1)(2) | |||||||||||||||||
Assets: | ||||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||||
Non-covered loans | $ | 21,311,706 | $ | 216,746 | 4.05 | % | $ | 19,710,115 | $ | 187,928 | 3.79 | % | ||||||||||
Covered loans | 408,182 | 81,302 | 79.67 | % | 518,026 | 73,452 | 56.70 | % | ||||||||||||||
Total loans | 21,719,888 | 298,048 | 5.47 | % | 20,228,141 | 261,380 | 5.15 | % | ||||||||||||||
Investment securities (3) | 7,118,626 | 60,677 | 3.41 | % | 7,002,615 | 55,046 | 3.14 | % | ||||||||||||||
Other interest earning assets | 507,318 | 4,855 | 3.80 | % | 545,224 | 3,777 | 2.75 | % | ||||||||||||||
Total interest earning assets | 29,345,832 | 363,580 | 4.94 | % | 27,775,980 | 320,203 | 4.60 | % | ||||||||||||||
Allowance for loan and lease losses | (137,784 | ) | (160,231 | ) | ||||||||||||||||||
Non-interest earning assets | 1,859,619 | 1,699,912 | ||||||||||||||||||||
Total assets | $ | 31,067,667 | $ | 29,315,661 | ||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing demand deposits | $ | 1,592,908 | 4,550 | 1.13 | % | $ | 1,590,206 | 3,415 | 0.85 | % | ||||||||||||
Savings and money market deposits | 10,483,248 | 38,520 | 1.46 | % | 9,968,512 | 21,964 | 0.87 | % | ||||||||||||||
Time deposits | 6,728,915 | 32,187 | 1.90 | % | 6,290,056 | 20,540 | 1.30 | % | ||||||||||||||
Total interest bearing deposits | 18,805,071 | 75,257 | 1.59 | % | 17,848,774 | 45,919 | 1.02 | % | ||||||||||||||
Federal funds purchased | 89,218 | 445 | 2.00 | % | — | — | — | % | ||||||||||||||
FHLB advances | 4,772,902 | 24,743 | 2.06 | % | 4,924,325 | 16,946 | 1.37 | % | ||||||||||||||
Notes and other borrowings | 402,782 | 5,304 | 5.27 | % | 402,828 | 5,314 | 5.28 | % | ||||||||||||||
Total interest bearing liabilities | 24,069,973 | 105,749 | 1.74 | % | 23,175,927 | 68,179 | 1.17 | % | ||||||||||||||
Non-interest bearing demand deposits | 3,369,393 | 3,036,046 | ||||||||||||||||||||
Other non-interest bearing liabilities | 520,118 | 468,735 | ||||||||||||||||||||
Total liabilities | 27,959,484 | 26,680,708 | ||||||||||||||||||||
Stockholders' equity | 3,108,183 | 2,634,953 | ||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 31,067,667 | $ | 29,315,661 | ||||||||||||||||||
Net interest income | $ | 257,831 | $ | 252,024 | ||||||||||||||||||
Interest rate spread | 3.20 | % | 3.43 | % | ||||||||||||||||||
Net interest margin | 3.51 | % | 3.62 | % |
(1) | On a tax-equivalent basis where applicable |
(2) | Annualized |
(3) | At fair value except for securities held to maturity |
Nine Months Ended September 30, | ||||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||||
Average Balance | Interest (1) | Yield/ Rate (1)(2) | Average Balance | Interest (1) | Yield/ Rate (1)(2) | |||||||||||||||||
Assets: | ||||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||||
Non-covered loans | $ | 21,073,130 | $ | 622,039 | 3.94 | % | $ | 19,169,479 | $ | 535,926 | 3.73 | % | ||||||||||
Covered loans | 460,485 | 246,811 | 71.46 | % | 560,934 | 225,194 | 53.54 | % | ||||||||||||||
Total loans | 21,533,615 | 868,850 | 5.39 | % | 19,730,413 | 761,120 | 5.15 | % | ||||||||||||||
Investment securities (3) | 6,932,504 | 169,645 | 3.26 | % | 6,569,553 | 151,337 | 3.07 | % | ||||||||||||||
Other interest earning assets | 503,378 | 13,145 | 3.49 | % | 557,623 | 10,606 | 2.54 | % | ||||||||||||||
Total interest earning assets | 28,969,497 | 1,051,640 | 4.85 | % | 26,857,589 | 923,063 | 4.59 | % | ||||||||||||||
Allowance for loan and lease losses | (141,047 | ) | (157,015 | ) | ||||||||||||||||||
Non-interest earning assets | 1,905,278 | 1,754,499 | ||||||||||||||||||||
Total assets | $ | 30,733,728 | $ | 28,455,073 | ||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||
Interest bearing demand deposits | $ | 1,604,666 | 12,902 | 1.07 | % | $ | 1,564,229 | 8,913 | 0.76 | % | ||||||||||||
Savings and money market deposits | 10,610,889 | 100,891 | 1.27 | % | 9,557,907 | 55,741 | 0.78 | % | ||||||||||||||
Time deposits | 6,507,726 | 83,123 | 1.71 | % | 5,988,433 | 55,507 | 1.24 | % | ||||||||||||||
Total interest bearing deposits | 18,723,281 | 196,916 | 1.41 | % | 17,110,569 | 120,161 | 0.94 | % | ||||||||||||||
Federal funds purchased | 30,066 | 445 | 1.97 | % | — | — | — | % | ||||||||||||||
FHLB advances | 4,665,799 | 66,028 | 1.89 | % | 4,889,578 | 44,262 | 1.21 | % | ||||||||||||||
Notes and other borrowings | 402,809 | 15,919 | 5.27 | % | 402,821 | 15,947 | 5.28 | % | ||||||||||||||
Total interest bearing liabilities | 23,821,955 | 279,308 | 1.57 | % | 22,402,968 | 180,370 | 1.08 | % | ||||||||||||||
Non-interest bearing demand deposits | 3,327,521 | 3,034,682 | ||||||||||||||||||||
Other non-interest bearing liabilities | 498,368 | 443,430 | ||||||||||||||||||||
Total liabilities | 27,647,844 | 25,881,080 | ||||||||||||||||||||
Stockholders' equity | 3,085,884 | 2,573,993 | ||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 30,733,728 | $ | 28,455,073 | ||||||||||||||||||
Net interest income | $ | 772,332 | $ | 742,693 | ||||||||||||||||||
Interest rate spread | 3.28 | % | 3.51 | % | ||||||||||||||||||
Net interest margin | 3.56 | % | 3.69 | % |
(1) | On a tax-equivalent basis where applicable |
(2) | Annualized |
(3) | At fair value except for securities held to maturity |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
c | 2018 | 2017 | 2018 | 2017 | |||||||||||
Basic earnings per common share: | |||||||||||||||
Numerator: | |||||||||||||||
Net income | $ | 97,328 | $ | 67,779 | $ | 272,463 | $ | 196,479 | |||||||
Distributed and undistributed earnings allocated to participating securities | (3,771 | ) | (2,525 | ) | (10,444 | ) | (7,331 | ) | |||||||
Income allocated to common stockholders for basic earnings per common share | $ | 93,557 | $ | 65,254 | $ | 262,019 | $ | 189,148 | |||||||
Denominator: | |||||||||||||||
Weighted average common shares outstanding | 105,063,770 | 106,809,381 | 105,914,807 | 106,488,396 | |||||||||||
Less average unvested stock awards | (1,178,982 | ) | (1,101,485 | ) | (1,170,209 | ) | (1,102,381 | ) | |||||||
Weighted average shares for basic earnings per common share | 103,884,788 | 105,707,896 | 104,744,598 | 105,386,015 | |||||||||||
Basic earnings per common share | $ | 0.90 | $ | 0.62 | $ | 2.50 | $ | 1.79 | |||||||
Diluted earnings per common share: | |||||||||||||||
Numerator: | |||||||||||||||
Income allocated to common stockholders for basic earnings per common share | $ | 93,557 | $ | 65,254 | $ | 262,019 | $ | 189,148 | |||||||
Adjustment for earnings reallocated from participating securities | 13 | 6 | 37 | 21 | |||||||||||
Income used in calculating diluted earnings per common share | $ | 93,570 | $ | 65,260 | $ | 262,056 | $ | 189,169 | |||||||
Denominator: | |||||||||||||||
Weighted average shares for basic earnings per common share | 103,884,788 | 105,707,896 | 104,744,598 | 105,386,015 | |||||||||||
Dilutive effect of stock options and executive share-based awards | 499,431 | 365,286 | 512,801 | 479,459 | |||||||||||
Weighted average shares for diluted earnings per common share | 104,384,219 | 106,073,182 | 105,257,399 | 105,865,474 | |||||||||||
Diluted earnings per common share | $ | 0.90 | $ | 0.62 | $ | 2.49 | $ | 1.79 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||
Financial ratios (5) | ||||||||||||
Return on average assets | 1.24 | % | 0.92 | % | 1.19 | % | 0.92 | % | ||||
Return on average stockholders’ equity | 12.42 | % | 10.21 | % | 11.80 | % | 10.21 | % | ||||
Net interest margin (4) | 3.51 | % | 3.62 | % | 3.56 | % | 3.69 | % |
September 30, 2018 | December 31, 2017 | |||||||||||
Non-Covered | Total | Non-Covered | Total | |||||||||
Asset quality ratios | ||||||||||||
Non-performing loans to total loans (1) (3) | 0.96 | % | 0.94 | % | 0.82 | % | 0.81 | % | ||||
Non-performing assets to total assets (2) | 0.68 | % | 0.70 | % | 0.60 | % | 0.61 | % | ||||
Allowance for loan and lease losses to total loans (3) | 0.58 | % | 0.57 | % | 0.69 | % | 0.68 | % | ||||
Allowance for loan and lease losses to non-performing loans (1) | 60.51 | % | 60.47 | % | 84.03 | % | 83.53 | % | ||||
Net charge-offs to average loans (5) | 0.21 | % | 0.21 | % | 0.38 | % | 0.38 | % |
(1) | We define non-performing loans to include non-accrual loans, and loans, other than ACI loans and government insured residential loans, that are past due 90 days or more and still accruing. Contractually delinquent ACI loans and government insured residential loans on which interest continues to be accreted or accrued are excluded from non-performing loans. |
(2) | Non-performing assets include non-performing loans, OREO and other repossessed assets. |
(3) | Total loans include premiums, discounts, and deferred fees and costs. |
(4) | On a tax-equivalent basis. |
(5) | Annualized for the three and nine month periods. |
Total stockholders’ equity | $ | 3,074,888 | ||
Less: goodwill and other intangible assets | 77,729 | |||
Tangible stockholders’ equity | $ | 2,997,159 | ||
Common shares issued and outstanding | 103,793,325 | |||
Book value per common share | $ | 29.63 | ||
Tangible book value per common share | $ | 28.88 |
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Ticker: BKUEvents:
CIK: 1504008
Form Type: 8-K Corporate News
Accession Number: 0001504008-18-000025
Submitted to the SEC: Wed Oct 24 2018 6:50:04 AM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Wednesday, October 24, 2018
Industry: Savings Institution Federally Chartered