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Federal Home Loan Bank Advances and Other Borrowings
 12 Months Ended
Dec. 31, 2018
FHLB Advances, Notes and Other Borrowings [Abstract]  
Federal Home Loan Bank Advances, Disclosure [Text Block]
Borrowings
The following table presents information about outstanding FHLB advances as of December 31, 2018 (dollars in thousands):
 
 
 
Range of Interest Rates
 
 
 
Amount
 
Minimum
 
Maximum
 
Weighted Average Rate
Maturing in:
 

 
 

 
 

 
 

2019—One month or less
$
2,325,000

 
2.24
%
 
2.53
%
 
2.41
%
2019—Over one month
1,821,000

 
1.46
%
 
2.76
%
 
2.58
%
2020
375,000

 
1.67
%
 
2.91
%
 
2.49
%
2021
275,000

 
2.73
%
 
3.02
%
 
2.89
%
Carrying value
$
4,796,000

 
 
 
 
 
 

The table above reflects contractual maturities of outstanding advances and does not incorporate the impact that interest rate swaps designated as cash flow hedges have on the duration of borrowings. The terms of the Company's security agreement with the FHLB require a specific assignment of collateral consisting of qualifying first mortgage loans, commercial real estate loans, home equity lines of credit and mortgage-backed securities with unpaid principal amounts discounted at various stipulated percentages at least equal to 100% of outstanding FHLB advances. As of December 31, 2018, the Company had pledged investment securities and real estate loans with an aggregate carrying amount of approximately $10.2 billion as collateral for advances from the FHLB.
At December 31, 2018 and 2017 outstanding senior notes payable and other borrowings consisted of the following (dollars in thousands):
 
2018
 
2017
Principal amount of 4.875% senior notes
$
400,000

 
$
400,000

Unamortized discount and debt issuance costs
(5,610
)
 
(6,275
)
 
394,390

 
393,725

Capital lease obligations
8,359

 
9,105

 
$
402,749

 
$
402,830


The senior notes mature on November 17, 2025 with interest payable semiannually. The notes have an effective interest rate of 5.12%, after consideration of issuance discount and costs. The notes may be redeemed by the Company, in whole or in part, at any time prior to August 17, 2025 at the greater of a) 100% of the principal balance or b) the sum of the present values of the remaining scheduled payments of principal and interest on the securities discounted to the redemption date at i) the rate on a United States Treasury security with a maturity comparable to the remaining maturity of the senior notes that would be used to price new issues of corporate debt securities with a maturity comparable to the remaining maturity of the senior notes plus ii) 40 basis points. The senior notes may be redeemed at any time after August 17, 2025 at 100% of principal plus accrued and unpaid interest.
At December 31, 2018, BankUnited had available borrowing capacity at the FHLB of approximately $3.7 billion, unused borrowing capacity at the FRB of approximately $410 million and unused Federal funds lines of credit with other financial institutions totaling $85 million.