Exhibit 99.1
 
BANKUNITED, INC. REPORTS SECOND QUARTER 2020 RESULTS
 
Miami Lakes, Fla. — July 29, 2020 — BankUnited, Inc. (the “Company”) (NYSE: BKU) today announced financial results for the quarter ended June 30, 2020.
“Our financial performance was strong this quarter, in a very challenging environment. We continued to deliver for our customers, employees and shareholders," said Rajinder Singh, Chairman, President and Chief Executive Officer.
For the quarter ended June 30, 2020, the Company reported net income of $76.5 million, or $0.80 per diluted share, compared to $81.5 million, or $0.81 per diluted share, for the quarter ended June 30, 2019. On an annualized basis, results for the quarter ended June 30, 2020 generated a return on average stockholders' equity of 11.6% and a return on average assets of 0.90%.
For the six months ended June 30, 2020, the Company reported net income of $45.6 million, or $0.47 per diluted share, compared to $147.4 million, or $1.45 per diluted share, for the six months ended June 30, 2019. Results for the six months ended June 30, 2020 were negatively impacted by the application of the Current Expected Credit Losses ("CECL") accounting methodology, including the expected impact of COVID-19 on the provision for credit losses.
Financial Highlights
Pre-tax, pre-provision net revenue ("PPNR") improved by $37.3 million, or 44%, to $122.3 million for the quarter ended June 30, 2020 compared to $85.0 million for the immediately preceding quarter ended March 31, 2020 and by $16.2 million, compared to $106.1 million for the quarter ended June 30, 2019. Growth in PPNR for the quarter ended June 30, 2020 compared to the immediately preceding quarter resulted from (i) an increase of $9.8 million in net interest income; (ii) a $15.1 million increase in non-interest income; and (iii) a decrease of $12.5 million in non-interest expense. For the six months ended June 30, 2020 and 2019, PPNR was $207.3 million and $206.6 million, respectively.
The net interest margin, calculated on a tax-equivalent basis, increased to 2.39% for the quarter ended June 30, 2020 from 2.35% for the immediately preceding quarter. The yield on interest earnings assets declined by 0.44% while the cost of interest bearing liabilities declined by 0.60% for the quarter ended June 30, 2020 compared to the quarter ended March 31, 2020. The net interest margin was 2.52% for the quarter ended June 30, 2019.
The average cost of total deposits declined by 0.56% to 0.80% for the quarter ended June 30, 2020, from 1.36% for the immediately preceding quarter ended March 31, 2020. The cost of total deposits was 1.70% for the quarter ended June 30, 2019. On a spot basis, the average annual percentage yield ("APY") on total deposits declined to 0.65% at June 30, 2020 from 1.12% at March 31, 2020 and 1.42% at December 31, 2019.
The provision for credit losses totaled $25.4 million for the quarter ended June 30, 2020 compared to $125.4 million for the immediately preceding quarter ended March 31, 2020. The provision for credit losses was $150.8 million for the six months ended June 30, 2020. For the quarter and six months ended June 30, 2019, the Company recorded a provision for (recovery of) loan losses, under the incurred loss model, of $(2.7) million and $7.5 million, respectively.
Non-interest bearing demand deposits grew by $1.3 billion, or 28%, for the quarter ended June 30, 2020, to 23% of total deposits compared to 18% of total deposits at March 31, 2020. Total deposits increased by $1.1 billion during the quarter ended June 30, 2020. Average non-interest bearing demand deposits increased by $944.5 million for the quarter ended June 30, 2020 compared to the immediately preceding quarter, and by $1.4 billion compared to the quarter ended June 30, 2019. Growth in non-interest bearing demand deposits for the quarter ended June 30, 2020 was positively impacted by proceeds from Paycheck Protection Program ("PPP") loans.
Loans and leases, including operating lease equipment, grew by $656 million for the quarter ended June 30, 2020. Loan and lease growth for the quarter ended June 30, 2020 included growth of $827 million in PPP loans and $308

1
 
 
 

The following information was filed by Bankunited, Inc. (BKU) on Wednesday, July 29, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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