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BankUnited (BKU)

BankUnited, Inc., with total assets of $35.0 billion at December 31, 2020, is the bank holding company of BankUnited, N.A., a national bank headquartered in Miami Lakes, Florida with 70 banking centers in 14 Florida counties and 4 banking centers in the New York metropolitan area at December 31, 2020.

Company profile

Ticker
BKU
Exchange
CEO
Rajinder Singh
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Bridge Funding Group, Inc. • BU Delaware, Inc. • CRE Properties, Inc. • Pinnacle Public Finance, Inc. ...
IRS number
270162450

BKU stock data

Analyst ratings and price targets

Last 3 months

Calendar

2 Aug 22
20 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 513.77M 513.77M 513.77M 513.77M 513.77M 513.77M
Cash burn (monthly) 61.24M 31.8M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 103.23M 53.6M n/a n/a n/a n/a
Cash remaining 410.55M 460.17M n/a n/a n/a n/a
Runway (months of cash) 6.7 14.5 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
6 Jun 22 Jay D. Richards Common Stock, par value $0.01 per share Sell Dispose S No No 41.4 7,415 306.98K 30,973
25 May 22 Pauls Douglas J Common Stock, par value $0.01 per share Gift Dispose G No No 0 1,500 0 37,474
18 May 22 Blanca Tere Common Stock, par value $0.01 per share Grant Acquire A No No 0 1,766 0 16,329
18 May 22 Dowling Michael J. Common Stock, par value $0.01 per share Grant Acquire A No No 0 1,766 0 16,329
18 May 22 Prudenti A. Gail Common Stock, par value $0.01 per share Grant Acquire A No No 0 1,766 0 14,229
13F holders Current Prev Q Change
Total holders 199 212 -6.1%
Opened positions 28 27 +3.7%
Closed positions 41 31 +32.3%
Increased positions 47 65 -27.7%
Reduced positions 103 85 +21.2%
13F shares Current Prev Q Change
Total value 2.82B 3.73B -24.3%
Total shares 79.38M 84.9M -6.5%
Total puts 10.8K 83.3K -87.0%
Total calls 0 0
Total put/call ratio Infinity Infinity NaN%
Largest owners Shares Value Change
BLK Blackrock 11.97M $425.69M -4.0%
Vanguard 9.42M $334.93M -2.5%
TROW T. Rowe Price 8.05M $286.41M -3.2%
STT State Street 4.92M $175.08M -13.4%
Dimensional Fund Advisors 4.23M $150.6M +8.9%
Alliancebernstein 3.88M $137.96M +4.2%
FMR 3.07M $109.17M -13.0%
JPM JPMorgan Chase & Co. 2.68M $95.39M +1.5%
American Century Companies 2.67M $94.84M -9.7%
ATAC Neuberger Berman 1.73M $61.57M +2.1%
Largest transactions Shares Bought/sold Change
STT State Street 4.92M -762.43K -13.4%
Parametric Portfolio Associates 0 -702.18K EXIT
Cramer Rosenthal MCGLYNN 0 -637.49K EXIT
MS Morgan Stanley 1.15M +612.63K +114.0%
BLK Blackrock 11.97M -499.65K -4.0%
FMR 3.07M -460.14K -13.0%
Diamond Hill Capital Management 1.58M -436.25K -21.6%
Dimensional Fund Advisors 4.23M +346.41K +8.9%
HBCYF HSBC 200.82K -339.55K -62.8%
Russell Investments 194.83K -298.61K -60.5%

Financial report summary

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Risks
  • We may not be successful in executing our fundamental business strategy.
  • We face significant competition from other financial institutions and financial services providers, which may adversely impact our growth or profitability.
  • We depend on our executive officers and key personnel to execute our long-term business strategy and could be harmed by the loss of their services.
  • Climate change or societal responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers.
  • Increasing scrutiny and changing expectations from investors and customers with respect to our ESG practices and those of our customers may impose additional costs on us or expose us to new or additional risks.
  • As a lender, our business is highly susceptible to credit risk.
  • Our ACL may not be adequate to cover actual credit losses.
  • We depend on the accuracy and completeness of information about clients and counterparties in making credit decisions.
  • The credit quality of our loan portfolio and results of operations are affected by residential and commercial real estate values and the level of residential and commercial real estate sales and rental activity.
  • Since we engage in lending secured by real estate and may be forced to foreclose on the collateral property, we may be subject to risks associated with the ownership of commercial or residential real property, which could have an adverse effect on our business, financial condition or results of operations.
  • The geographic concentration of our markets in Florida and the New York tri-state area makes our business highly susceptible to local economic conditions.
  • Our portfolio of operating lease equipment is exposed to fluctuations in the demand for and valuation of the underlying assets.
  • Our business is inherently highly susceptible to interest rate risk.
  • A failure to maintain adequate liquidity could adversely affect our financial condition and results of operations.
  • The inability of BankUnited, Inc. to receive dividends from its subsidiary bank could have a material adverse effect on the ability of BankUnited, Inc. to make payments on its debt, pay cash dividends to its shareholders or execute share repurchases.
  • We rely on analytical and forecasting models and tools that may prove to be inadequate or inaccurate, which could adversely impact the effectiveness of our strategic planning, the quality of certain accounting estimates including the ACL, the effectiveness of our risk management framework including but not limited to credit and interest rate risk monitoring and management and thereby our results of operations.
  • New lines of business, new products and services or strategic project initiatives may subject us to additional operational risks, and the failure to successfully implement these initiatives could affect our results of operations.
  • We are dependent on our information technology and telecommunications systems. System failures or interruptions could have an adverse effect on our financial condition and results of operations.
  • We are dependent on third-party service providers for significant aspects of our business infrastructure, information technology, and telecommunications systems.
  • Failure by us or third parties to detect or prevent a breach in information security or to protect customer information and privacy could have an adverse effect on our business.
  • Failure to keep pace with technological changes could have a material adverse impact on our ability to compete for loans and deposits, and therefore on our financial condition and results of operations.
  • The soundness of other financial institutions, particularly our financial institution counterparties, could adversely affect us.
  • As a BHC, we and BankUnited operate in a highly regulated environment and the laws and regulations that govern our operations, corporate governance, executive compensation and other matters, or changes in them, or our failure to comply with them, may adversely affect us.
  • Our ability to expand through acquisition or de novo branching requires regulatory approvals, and failure to obtain them may restrict our growth.
  • Financial institutions, such as BankUnited, face a risk of noncompliance and enforcement action with the Bank Secrecy Act and other anti-money laundering statutes and regulations.
  • We are subject to the CRA and fair lending laws, and failure to comply with these laws could lead to material penalties.
  • The FDIC's restoration plan and any future related increased assessments could adversely affect our earnings.
  • We are subject to laws regarding the privacy, information security and protection of personal information and any violation of these laws or another incident involving personal, confidential or proprietary information of individuals could damage our reputation and otherwise adversely affect our operations and financial condition.
  • Damage to our reputation could adversely affect our operating results.
  • Our enterprise risk management framework may not be effective in mitigating the risks to which we are subject, or in reducing the potential for losses in connection with such risks.
  • Our business may be adversely affected by conditions in the financial markets and economic conditions generally.
  • Our reported financial results depend on management's selection and application of accounting policies and methods and related assumptions and estimates.
  • Changes in taxes and other assessments may adversely affect us.
  • Our internal controls may be ineffective.
  • We may not be able to attract and retain skilled employees
Management Discussion
  • Net interest income is the difference between interest earned on interest earning assets and interest incurred on interest bearing liabilities and is the primary driver of core earnings. Net interest income is impacted by the mix of interest earning assets and interest bearing liabilities, the ratio of interest earning assets to total assets and of interest bearing liabilities to total funding sources, movements in market interest rates, the shape of the yield curve, levels of non-performing assets and pricing pressure from competitors.
  • The mix of interest earning assets is influenced by loan demand, market and competitive conditions in our primary lending markets, by management's continual assessment of the rate of return and relative risk associated with various classes of earning assets and liquidity considerations. The mix of interest bearing liabilities is influenced by the Company's liquidity profile, management's assessment of the desire for lower cost funding sources weighed against relationships with customers and growth expectations, our ability to attract and retain core deposit relationships, competition for deposits in the Company's markets and the availability and pricing of other sources of funds.
  • (1)On a tax-equivalent basis where applicable. The tax-equivalent adjustment for tax-exempt loans was $3.2 million, $3.0 million and $3.4 million for the three months ended June 30, 2022, March 31, 2022 and June 30, 2021, respectively. The tax-equivalent adjustment for tax-exempt investment securities was $0.7 million for all periods presented.

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