Exhibit 99.1
 
BANKUNITED, INC. REPORTS 2018 RESULTS
 
Miami Lakes, Fla. — January 23, 2019 — BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter and year ended December 31, 2018.
For the quarter ended December 31, 2018, the Company reported net income of $52.4 million, or $0.50 per diluted share compared to $417.8 million, or $3.79 per diluted share, for the quarter ended December 31, 2017. Excluding the impact of a discrete income tax benefit and related professional fees, net income for the quarter ended December 31, 2017 was $94.8 million, or $0.86 per diluted share(1).
For the year ended December 31, 2018, the Company reported net income of $324.9 million, or $2.99 per diluted share, compared to $614.3 million, or $5.58 per diluted share, for the year ended December 31, 2017. Excluding the impact of the discrete income tax benefit and professional fees, net income was $291.3 million or $2.65 per diluted share for the year ended December 31, 2017(1).
The return on average stockholders’ equity for the year ended December 31, 2018 was 10.57%, while the return on average assets was 1.05%.
Non-loss share diluted earnings per share(1) for the quarter ended December 31, 2018 was $0.59. The provision for loan losses related to taxi medallion loans negatively impacted non-loss share diluted earnings per share for the quarter by $0.10.
Rajinder Singh, Chairman, President and Chief Executive Officer, said, "This quarter was a pivotal one for BankUnited, positioning us well for the future. We executed the final loan sale under our loss sharing agreement with the FDIC, and would like to thank the FDIC for being a great partner over the past 9 years. We also sold our taxi medallion portfolio, terminated the Bank's operating agreement with the OCC and completed the full $300 million in share repurchases authorized by our Board in 2018. We also turned in another good quarter of DDA growth; non-interest bearing demand deposits grew by 18% for 2018."
Performance Highlights
During the quarter ended December 31, 2018, pursuant to the terms of the Single Family Shared-Loss Agreement and consent received from the FDIC, the Bank executed a portfolio sale of certain covered loans and OREO. This sale was the final sale conducted under the terms of the Single Family Shared-Loss Agreement. Covered loans with an unpaid principal balance ("UPB") totaling approximately $260 million were sold; covered loans with a UPB totaling $401 million and a carrying value of $201 million at December 31, 2018 were retained in portfolio. See the section entitled "Covered Loans" below for further discussion.
During the quarter ended December 31, 2018, the Bank sold substantially all of its taxi medallion finance loans. The provision for loan losses related to taxi medallion loans for the quarter ended December 31, 2018 totaled $14.0 million. This provision, net of tax, impacted diluted earnings per share by $0.10.
For the quarter ended December 31, 2018, total deposits increased by a record $1.2 billion, of which $208 million was non-interest bearing demand deposits. Total deposits increased by $1.6 billion for the year ended December 31, 2018. During 2018, non-interest bearing demand deposits grew by 18% or $550 million. Non-covered loans and leases, including equipment under operating lease, grew by $257 million, net of a $79 million reduction in outstanding taxi medallion loans, during the quarter ended December 31, 2018. For the year ended December 31, 2018, non-covered loans and leases grew by $965 million.
Net interest income increased by $56.2 million to $295.1 million for the quarter ended December 31, 2018 from $238.8 million for the quarter ended December 31, 2017. Interest income increased by $102.2 million, driven by increases in the average balances of loans and investment securities outstanding as well as increases in yields on interest earning assets, particularly on the covered loans. Interest expense increased by $45.9 million, driven primarily by increases in average interest bearing deposits and an increase in the cost of interest bearing liabilities. For the year

(1) Net income and diluted earnings per common share, each excluding the impact of a discrete income tax benefit and related professional fees and Non-loss share diluted earnings per share are non-GAAP financial measures. See section entitled "Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measurements to their comparable GAAP financial measurements.
1
 
 
 



The following information was filed by Bankunited, Inc. (BKU) on Wednesday, January 23, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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