BankUnited in Miami Lakes, Fla., will book a $50 million income-tax benefit in the third quarter.
The one-time benefit is based on Internal Revenue Service guidance concerning BankUnited's ability to claim additional tax losses for 2014 and this year, as well as in future years, for assets acquired from the Federal Deposit Insurance Corp., according to a news release.
The $21 billion-asset BankUnited did not specify which assets will generate the income-tax benefit, though Keefe, Bruyette & Woods analyst Brady Gailey said in a research note that it applies to the company’s FDIC loss-share agreement. BankUnited was formed in 2009 by private-equity investors to buy the assets of the original BankUnited, which had failed.
BankUnited also did not specify how the benefit will affect third-quarter earnings or future results. Gailey estimated in his note that the benefit will increase third-quarter earnings by 48 cents a share.