Exhibit 99.1
 
BANKUNITED, INC. REPORTS FIRST QUARTER 2019 RESULTS
 
Miami Lakes, Fla. — April 24, 2019 — BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter ended March 31, 2019.
For the quarter ended March 31, 2019, the Company reported net income of $66.0 million, or $0.65 per diluted share compared to $85.2 million, or $0.77 per diluted share, for the quarter ended March 31, 2018. Non-loss share diluted earnings per share, as previously reported,(1) for the quarter ended March 31, 2018 was $0.54.
The annualized return on average stockholders’ equity for the three months ended March 31, 2019 was 9.05%, while the annualized return on average assets was 0.82%.
Rajinder Singh, Chairman, President and Chief Executive Officer, said, "As we approach our tenth anniversary, we are excited to embark on the next chapter of BankUnited's journey to becoming a premier regional commercial and small business bank. We have launched a new enterprise-wide program, BankUnited 2.0, focused on finding efficiencies and improving effectiveness while simultaneously continuing to invest in technology and product capability to meet our customers' evolving needs."
Quarterly Highlights
For the quarter ended March 31, 2019, total deposits increased by $205 million, of which $143 million was non-interest bearing demand deposits. Non-interest bearing demand deposits represented 15.9% of total deposits at March 31, 2019, compared to 14.0% at the end of 2017.
Loans and leases, including equipment under operating lease, grew by $390 million during the quarter. At March 31, 2019, commercial real estate loans represented 34% of total loans and C&I loans represented 44% of the portfolio. By comparison, at the end of 2017, commercial real estate loans represented 38% of total loans while C&I loans accounted for 42% of the portfolio.
As expected, net interest income decreased by $56.9 million to $190.9 million for the quarter ended March 31, 2019 from $247.8 million for the quarter ended March 31, 2018. The net interest margin, calculated on a tax-equivalent basis, was 2.54% for the quarter ended March 31, 2019 compared to 4.01% for the immediately preceding quarter ended December 31, 2018 and 3.56% for the quarter ended March 31, 2018. The most significant reason for the declines in net interest income and the net interest margin was the decrease in accretion on residential ACI loans (formerly covered loans).
During the quarter ended March 31, 2019, the Company repurchased approximately 1.1 million shares of its common stock for an aggregate purchase price of approximately $40 million, a weighted average price of $35.91 per share.
Book value per common share grew to $29.71 at March 31, 2019 from $29.49 at December 31, 2018 while tangible book value per common share increased to $28.92 from $28.71 over the same period.
As previously disclosed, the Single Family Shared-Loss Agreement between BankUnited N.A. ("the Bank") and the FDIC was terminated on February 13, 2019.
Loans and Leases
Loans, including premiums, discounts and deferred fees and costs, totaled $22.4 billion at March 31, 2019 compared to $22.0 billion at December 31, 2018.

(1) Non-loss share diluted earnings per share is a non-GAAP financial measure. 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, April 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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