v3.24.2.u1
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income        
Loans $ 124,117 $ 119,570 $ 246,822 $ 228,071
Investment securities 16,950 13,233 33,041 26,532
Interest earning deposits with banks and other interest income 5,342 5,694 11,171 9,024
Total interest income 146,409 138,497 291,034 263,627
Interest expense        
Interest bearing demand deposits 16,779 16,678 34,515 29,533
Savings and money market deposits 14,999 9,437 29,860 17,364
Time deposits 25,971 18,528 52,095 31,362
Advances from the Federal Home Loan Bank 6,946 7,621 12,524 14,384
Senior notes 941 941 1,884 1,883
Subordinated notes 361 362 722 723
Junior subordinated debentures 1,055 1,052 2,109 2,167
Securities sold under agreements to repurchase 2 1 2 1
Total interest expense 67,054 54,620 133,711 97,417
Net interest income 79,355 83,877 157,323 166,210
Provision for credit losses 19,150 29,077 31,550 40,777
Net interest income after provision for credit losses 60,205 54,800 125,773 125,433
Noninterest income        
Deposits and service fees 5,281 4,944 9,606 9,899
Brokerage, advisory and fiduciary activities 4,538 4,256 8,865 8,438
Change in cash surrender value of bank owned life insurance 2,242 1,429 4,584 2,841
Loan-level derivative income 2,357 476 2,823 2,547
Cards and trade finance servicing fees 1,331 562 2,554 1,095
Gain on early extinguishment of advances from the Federal Home Loan Bank, net 189 13,440 189 26,613
Derivative (losses) gains, net (44) 242 (196) 256
Securities losses, net (117) (1,237) (171) (10,968)
Other noninterest income 3,643 2,507 5,654 5,241
Total noninterest income 19,420 26,619 33,908 45,962
Noninterest expense        
Salaries and employee benefits 33,857 34,247 66,815 69,123
Professional and other services fees 12,110 7,415 23,073 15,043
Occupancy and equipment 9,041 6,737 15,517 13,535
Telecommunication and data processing 2,732 5,027 6,265 8,091
Advertising expenses 4,243 4,332 7,321 6,918
FDIC assessments and insurance 2,772 2,739 5,780 5,476
Depreciation and amortization 1,652 2,275 3,129 3,567
Loan-level derivative expense 580 110 584 1,710
Other real estate owned and repossessed assets (income) expense, net (148) 2,431 (502) 2,431
Contract termination costs 0 1,550 0 1,550
Losses on loans held for sale carried at the lower cost or fair value 1,258 0 1,258 0
Other operating expenses 5,205 5,637 10,656 9,789
Total noninterest expenses 73,302 72,500 139,896 137,233
Income before income tax expense 6,323 8,919 19,785 34,162
Income tax expense (1,360) (1,873) (4,254) (7,174)
Net income before attribution of noncontrolling interest 4,963 7,046 15,531 26,988
Noncontrolling interest 0 (262) 0 (506)
Net income attributable to Amerant Bancorp Inc. 4,963 7,308 15,531 27,494
Other comprehensive loss, net of tax        
Net unrealized holding losses on debt securities available for sale arising during the period (2,978) (13,487) (8,082) (7,370)
Net unrealized holding gains on cash flow hedges arising during the period 70 276 297 88
Reclassification adjustment for items included in net income (123) 604 (334) 991
Other comprehensive loss (3,031) (12,607) (8,119) (6,291)
Comprehensive income (loss) $ 1,932 $ (5,299) $ 7,412 $ 21,203
Earnings Per Share (Note 13):        
Basic earnings per common share (in dollars per share) $ 0.15 $ 0.22 $ 0.46 $ 0.82
Diluted earnings per common share (in dollars per share) $ 0.15 $ 0.22 $ 0.46 $ 0.81

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