v3.23.2
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income        
Loans $ 119,570 $ 61,514 $ 228,071 $ 117,852
Investment securities 13,233 9,135 26,532 17,763
Interest earning deposits with banks 5,694 518 9,024 650
Total interest income 138,497 71,167 263,627 136,265
Interest expense        
Interest bearing demand deposits 16,678 1,034 29,533 1,324
Savings and money market deposits 9,437 1,365 17,364 2,110
Time deposits 18,528 4,503 31,362 8,784
Advances from the Federal Home Loan Bank 7,621 3,341 14,384 5,822
Senior notes 941 942 1,883 1,884
Subordinated notes 362 361 723 449
Junior subordinated debentures 1,052 676 2,167 1,302
Securities sold under agreements to repurchase     1 0
Total interest expense 54,620 12,222 97,417 21,675
Net interest income 83,877 58,945 166,210 114,590
Provision for (reversal of) credit losses 29,077 (951) 40,777 (10,226)
Net interest income after provision for (reversal of) credit losses 54,800 59,896 125,433 124,816
Noninterest income        
Deposits and service fees 4,944 4,577 9,899 9,197
Brokerage, advisory and fiduciary activities 4,256 4,439 8,438 9,035
Change in cash surrender value of bank owned life insurance 1,429 1,334 2,841 2,676
Cards and trade finance servicing fees 562 508 1,095 1,098
Loan-level derivative income 476 1,009 2,547 4,161
Gain (loss) on early extinguishment of advances from the Federal Home Loan Bank, net 13,440 2 26,613 (712)
Derivative gains (losses), net 242 855 256 (490)
Securities losses, net (1,237) (2,602) (10,968) (1,833)
Other noninterest income 2,507 2,809 5,241 3,824
Total noninterest income 26,619 12,931 45,962 26,956
Noninterest expense        
Salaries and employee benefits 34,247 30,212 69,123 60,615
Professional and other services fees 7,415 4,734 15,043 10,873
Occupancy and equipment 6,737 7,760 13,535 14,485
Telecommunication and data processing 5,027 3,214 8,091 7,252
Advertising expenses 4,332 3,253 6,918 6,225
FDIC assessments and insurance 2,739 1,526 5,476 2,922
Other real estate owned and repossessed assets expense, net 2,431 3,174 2,431 3,174
Depreciation and amortization 2,275 1,294 3,567 2,446
Contract termination costs 1,550 2,802 1,550 6,814
Loan-level derivative expense 110 2,012 1,710 3,055
Loans held for sale valuation expense (reversal) 0 (300) 0 159
Other operating expenses 5,637 2,560 9,789 5,039
Total noninterest expenses 72,500 62,241 137,233 123,059
Income before income tax expense 8,919 10,586 34,162 28,713
Income tax expense (1,873) (2,234) (7,174) (6,058)
Net income before attribution of noncontrolling interest 7,046 8,352 26,988 22,655
Noncontrolling interest (262) (72) (506) (1,148)
Net income attributable to Amerant Bancorp Inc. 7,308 8,424 27,494 23,803
Other comprehensive loss, net of tax        
Net unrealized holding losses on debt securities available for sale arising during the period (13,487) (26,442) (7,370) (66,079)
Net unrealized holding gains on cash flow hedges arising during the period 276 54 88 178
Reclassification adjustment for items included in net income 604 (147) 991 (275)
Other comprehensive loss (12,607) (26,535) (6,291) (66,176)
Comprehensive (loss) income $ (5,299) $ (18,111) $ 21,203 $ (42,373)
Earnings Per Share (Note 18):        
Basic earnings per common share (in dollars per share) $ 0.22 $ 0.25 $ 0.82 $ 0.70
Diluted earnings per common share (in dollars per share) $ 0.22 $ 0.25 $ 0.81 $ 0.69

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