v3.24.3
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income        
Loans $ 129,752 $ 120,244 $ 376,574 $ 348,315
Investment securities 17,127 13,868 50,168 40,400
Interest earning deposits with banks and other interest income 4,758 5,271 15,929 14,295
Total interest income 151,637 139,383 442,671 403,010
Interest expense        
Interest bearing demand deposits 15,345 16,668 49,860 46,201
Savings and money market deposits 16,830 11,045 46,690 28,409
Time deposits 27,260 22,482 79,355 53,844
Advances from the Federal Home Loan Bank 8,833 8,207 21,357 22,591
Senior notes 942 942 2,826 2,825
Subordinated notes 361 361 1,083 1,084
Junior subordinated debentures 1,067 1,097 3,176 3,264
Securities sold under agreements to repurchase 0 4 2 5
Total interest expense 70,638 60,806 204,349 158,223
Net interest income 80,999 78,577 238,322 244,787
Provision for credit losses 19,000 8,000 50,550 48,777
Net interest income after provision for credit losses 61,999 70,577 187,772 196,010
Noninterest income        
Deposits and service fees 5,046 5,053 14,652 14,952
Brokerage, advisory and fiduciary activities 4,466 4,370 13,331 12,808
Change in cash surrender value of bank owned life insurance 2,332 1,483 6,916 4,324
Loan-level derivative income 3,515 1,196 6,338 3,743
Cards and trade finance servicing fees 1,430 734 3,984 1,829
Gain on early extinguishment of advances from the Federal Home Loan Bank, net 0 7,010 189 33,623
Derivative (losses) gains, net 0 (77) (196) 179
Securities losses, net (68,484) (54) (68,655) (11,022)
Other noninterest income 4,012 2,206 9,666 7,447
Total noninterest (loss) income (47,683) 21,921 (13,775) 67,883
Noninterest expense        
Salaries and employee benefits 34,979 31,334 101,794 100,457
Professional and other services fees 13,711 5,325 36,784 20,368
Occupancy and equipment 5,891 7,293 21,408 20,828
Telecommunication and data processing 2,991 3,556 9,256 11,647
Advertising expenses 3,468 2,724 10,789 9,642
FDIC assessments and insurance 2,863 2,590 8,643 8,066
Depreciation and amortization 1,737 1,795 4,866 5,362
Loan-level derivative expense 1,802 18 2,386 1,728
Other real estate owned and repossessed assets expense (income) , net 5,535 (134) 5,033 2,297
Contract termination costs 0 0 0 1,550
Losses on loans held for sale carried at the lower cost or fair value 0 5,562 1,258 5,562
Other operating expenses 3,231 4,357 13,887 14,146
Total noninterest expenses 76,208 64,420 216,104 201,653
(Loss) income before income tax benefit (expense) (61,892) 28,078 (42,107) 62,240
Income tax benefit (expense) 13,728 (6,337) 9,474 (13,511)
Net (loss) income before attribution of noncontrolling interest (48,164) 21,741 (32,633) 48,729
Noncontrolling interest 0 (378) 0 (884)
Net (loss) income attributable to Amerant Bancorp Inc. (48,164) 22,119 (32,633) 49,613
Other comprehensive income (loss), net of tax        
Net unrealized holding gains (losses) on debt securities available for sale arising during the period 15,142 (18,569) 7,060 (25,939)
Net unrealized holding (losses) gains on cash flow hedges arising during the period (205) 129 92 217
Reclassification adjustment for items included in net income 51,017 (268) 50,683 723
Other comprehensive income (loss) 65,954 (18,708) 57,835 (24,999)
Comprehensive income $ 17,790 $ 3,411 $ 25,202 $ 24,614
Earnings Per Share (Note 13):        
Basic (loss) earnings per common share (in dollars per share) $ (1.43) $ 0.66 $ (0.97) $ 1.48
Diluted (loss) earnings per common share (in dollars per share) $ (1.43) $ 0.66 $ (0.97) $ 1.47

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