BankUnited Inc (NYSE:BKU) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 09:00 am ET


BankUnited Inc (NYSE:BKU) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the BankUnited, Inc. Second Quarter Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Susan Greenfield, Corporate Secretary. Please go ahead, ma'am.

Susan Wright Greenfield

Thank you, Josh. Good morning and thank you for joining us today on our second quarter results conference call.

On the call this morning are Raj Singh, our Chairman, President and CEO; Leslie Lunak, our Chief Financial Officer; and Tom Cornish, our Chief Operating Officer.

Before we start, I'd like to remind everyone that this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflects the Company's current views with respect to, among other things, future events and financial performance. Any forward-looking statements made during this call are based on the historical performance of the company and its subsidiaries around the Company's current plans, estimates and expectations.

The inclusion of this forward-looking information should not be regarded as a representation by the Company that the future plans, estimates or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions, including, without limitation, those relating to the company's operations, financial results, financial condition, business prospects, growth strategy and liquidity, including as impacted by the COVID-19 pandemic. The Company does not undertake any obligation to publicly update or review any forward-looking statement whether as a result of new information, future developments or otherwise.

A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. Information on these factors can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, and any subsequent quarterly report on Form 10-Q or current report on Form 8-K, which are available at the SEC's website,

With that, I'd like to turn the call over to Raj.

Rajinder P. Singh

Thank you, Susan. Welcome, everyone, to our earnings call. Thanks for giving us your time.

Let me make a few comments about the environment before we get into the quarter. Three months make a big difference. This is not a traditional economic downturn. It's not caused by anything other than the virus. It is still a very serious situation, but we feel a lot better today than we did 90 days ago. There have been some encouraging signs in the economy over the last three months, whether it's employment data from May and June, or retail sales, or home sales or capital markets generally, but there is still a lot of uncertainty.

Unemployment is still very high. There are mixed signals about certain sectors in CRE. The virus, obviously, is still not tamed, and there are a number of states that are reporting high levels, including Florida. The impact of all of this gets further compounded by the fact that we are 100 days away from election and the political scenario in the country will