Exhibit 99.1
 
BANKUNITED, INC. REPORTS 2019 RESULTS
 
Miami Lakes, Fla. — January 23, 2020 — BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter and year ended December 31, 2019.
For the quarter ended December 31, 2019, the Company reported net income of $89.5 million, or $0.91 per diluted share, compared to $52.4 million, or $0.50 per diluted share, for the quarter ended December 31, 2018. Non-loss share diluted earnings per share, as previously reported, for the quarter ended December 31, 2018 was $0.59.
For the year ended December 31, 2019, the Company reported net income of $313.1 million, or $3.13 per diluted share, compared to $324.9 million, or $2.99 per diluted share, for the year ended December 31, 2018. Non-loss share diluted earnings per share for the year ended December 31, 2018 was $2.36.
The return on average stockholders’ equity for the year ended December 31, 2019 was 10.6%, while the return on average assets was 0.95%.
Rajinder Singh, Chairman, President and Chief Executive Officer, said, "2019 was an outstanding year for BankUnited. We reported a 5% increase in EPS in spite of a challenging environment and the decline in loss share revenue."
Quarterly Highlights
The net interest margin, calculated on a tax-equivalent basis, was 2.41% for the quarter ended December 31, 2019, unchanged from the immediately preceding quarter ended September 30, 2019. Net interest income for the quarter ended December 31, 2019 was $185.3 million, compared to $185.7 million for the quarter ended September 30, 2019. The net interest margin and net interest income were 4.01% and $295.1 million, respectively, for the quarter ended December 31, 2018. The most significant reason for the decline in net interest income and the net interest margin for the quarter ended December 31, 2019 compared to the quarter ended December 31, 2018, was the decrease in accretion on formerly covered residential loans.
The cost of total deposits declined by 0.19% compared to the immediately preceding quarter ended September 30, 2019, to 1.48% from 1.67%.
Non-interest bearing demand deposits grew by $674 million for the year ended December 31, 2019, to 17.6% of total deposits at December 31, 2019 compared to 15.4% of total deposits at December 31, 2018. Non-interest bearing demand deposits grew by $168 million during the quarter ended December 31, 2019. Total deposits grew by $438 million and $920 million for the quarter and year ended December 31, 2019, respectively.
Loans and leases, including operating lease equipment, grew by $301 million during the quarter ended December 31, 2019. For the year ended December 31, 2019, loans and leases grew by $1.2 billion.
During the year ended December 31, 2019, the Company repurchased approximately 4.5 million shares of its common stock for an aggregate purchase price of $154 million, at a weighted average price of $34.34 per share. During the quarter ended December 31, 2019, the Company repurchased approximately 0.1 million shares of its common stock for an aggregate purchase price of approximately $4 million.
Nine months into the implementation phase, we are beginning to see the impact of BankUnited 2.0 on our operating results and remain on track to achieve our previously disclosed target of incremental annual pre-tax impact of $60 million by mid-2021.
Book value per common share grew to $31.33 at December 31, 2019 from $29.49 at December 31, 2018 while tangible book value per common share increased to $30.52 from $28.71 over the same period.

1
 
 
 

The following information was filed by Bankunited, Inc. (BKU) on Thursday, January 23, 2020 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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