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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 06, 2020
Entity Registrant Name	Amerant Bancorp Inc.
Entity Central Index Key	0001734342
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Class A common stock
Entity Common Stock, Shares Outstanding		28,879,576
Class B common stock
Entity Common Stock, Shares Outstanding		13,286,137

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and due from banks	$ 22,303	$ 28,035
Interest earning deposits with banks	248,750	93,289
Cash and cash equivalents	271,053	121,324
Securities
Debt securities available for sale	1,601,303	1,568,752
Debt securities held to maturity	70,336	73,876
Equity securities with readily determinable fair value not held for trading	24,225	23,848
Federal Reserve Bank and Federal Home Loan Bank stock	74,123	72,934
Securities	1,769,987	1,739,410
Loans held for investment, gross	5,668,327	5,744,339
Less: Allowance for loan losses	72,948	52,223
Loans held for investment, net	5,595,379	5,692,116
Bank owned life insurance	213,266	211,852
Premises and equipment, net	128,232	128,824
Deferred tax assets, net	4,933	5,480
Goodwill	19,506	19,506
Accrued interest receivable and other assets	96,454	66,887
Total assets	8,098,810	7,985,399
Deposits
Noninterest bearing	779,842	763,224
Interest bearing	1,088,033	1,098,323
Savings and money market	1,432,891	1,475,257
Time	2,541,446	2,420,339
Total deposits	5,842,212	5,757,143
Advances from the Federal Home Loan Bank and other borrowings	1,265,000	1,235,000
Junior subordinated debentures held by trust subsidiaries	64,178	92,246
Accounts payable, accrued liabilities and other liabilities	86,303	66,309
Total liabilities	7,257,693	7,150,698
Commitments and contingencies (Note 14)
Stockholders’ equity
Additional paid in capital	358,277	419,048
Retained earnings	447,506	444,124
Accumulated other comprehensive income	31,117	13,234
Total stockholders' equity	841,117	834,701
Total liabilities and stockholders' equity	8,098,810	7,985,399
Class A common stock
Stockholders’ equity
Common stock	2,888	2,893
Class B common stock
Stockholders’ equity
Common stock	1,329	1,775
Treasury stock, at cost; 3,532,457 shares of Class B common stock in 2019.	$ 0	$ (46,373)

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Class A common stock
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	28,879,576	28,927,576
Common stock, shares outstanding (in shares)	28,879,576	28,927,576
Class B common stock
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	13,286,137	17,751,053
Common stock, shares outstanding (in shares)	13,286,137	14,218,596
Treasury stock (in shares)	0	3,532,457

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest income
Loans	$ 59,788	$ 66,722
Investment securities	11,065	12,581
Interest earning deposits with banks	462	1,004
Total interest income	71,315	80,307
Interest expense
Interest bearing demand deposits	135	274
Savings and money market deposits	3,266	3,733
Time deposits	13,484	12,553
Advances from the Federal Home Loan Bank	4,412	6,205
Junior subordinated debentures	789	2,105
Total interest expense	22,086	24,870
Net interest income	49,229	55,437
Provision for loan losses	22,000	0
Net interest income after provision for loan losses	27,229	55,437
Noninterest income
Deposits and service fees	4,290	4,086
Brokerage, advisory and fiduciary activities	4,133	3,688
Change in cash surrender value of bank owned life insurance	1,414	1,404
Securities gains, net	9,620	4
Cards and trade finance servicing fees	395	915
(Loss) gain on early extinguishment of advances from the Federal Home Loan Bank, net	(7)	557
Data processing and fees for other services	0	520
Other noninterest income	2,065	1,982
Total noninterest income	21,910	13,156
Noninterest expense
Salaries and employee benefits	29,326	33,437
Occupancy and equipment	3,803	4,042
Telecommunication and data processing	3,464	3,026
Professional and other services fees	2,954	3,444
Depreciation and amortization	1,959	1,942
FDIC assessments and insurance	1,118	1,393
Other operating expenses	2,243	4,661
Total noninterest expenses	44,867	51,945
Income before income tax	4,272	16,648
Income tax expense	(890)	(3,577)
Net income	3,382	13,071
Other comprehensive income, net of tax
Net unrealized holding gains on debt securities available for sale arising during the period	26,702	16,278
Net unrealized holding losses on cash flow hedges arising during the period	(1,514)	(11)
Reclassification adjustment for items included in net income	(7,305)	(252)
Other comprehensive income	17,883	16,015
Comprehensive income	$ 21,265	$ 29,086
Earnings Per Share (Note 16):
Basic earnings per common share (in dollars per share)	$ 0.08	$ 0.31
Diluted earnings per common share (in dollars per share)	$ 0.08	$ 0.30

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A	Class B	Common Stock Class A	Common Stock Class B	Additional Paid in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Shares outstanding (in shares) at Dec. 31, 2018				26,851,832	16,330,917
Beginning balance at Dec. 31, 2018	$ 747,418			$ 2,686	$ 1,775	$ 385,367	$ (17,908)	$ 393,662	$ (18,164)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued (in shares)				2,132,865
Common stock issued	29,218			$ 213		29,005
Repurchase of Class B common stock (in shares)					(2,112,321)
Repurchase of Class B common stock	(28,465)						(28,465)
Restricted stock issued (in shares)				1,299
Restricted stock issued	0
Stock-based compensation expense	1,492					1,492
Net income	13,071							13,071
Other comprehensive (loss) income	16,015								16,015
Shares outstanding (in shares) at Mar. 31, 2019				28,985,996	14,218,596
Ending balance at Mar. 31, 2019	778,749			$ 2,899	$ 1,775	415,864	(46,373)	406,733	(2,149)
Shares outstanding (in shares) at Dec. 31, 2019		28,927,576	14,218,596	28,927,576	14,218,596
Beginning balance at Dec. 31, 2019	834,701			$ 2,893	$ 1,775	419,048	(46,373)	444,124	13,234
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Class B common stock (in shares)					(932,459)
Repurchase of Class B common stock	(15,239)						(15,239)
Treasury stock retired	0				$ (446)	(61,166)	61,612
Restricted stock issued (in shares)				6,591
Restricted stock issued	0			$ 1		(1)
Restricted stock surrendered (in shares)				(129)
Restricted stock surrendered	(2)					(2)
Restricted stock forfeited (in shares)				(54,462)
Restricted stock forfeited	0			$ (6)		6
Stock-based compensation expense	392					392
Net income	3,382							3,382
Other comprehensive (loss) income	17,883								17,883
Shares outstanding (in shares) at Mar. 31, 2020		28,879,576	13,286,137	28,879,576	13,286,137
Ending balance at Mar. 31, 2020	$ 841,117			$ 2,888	$ 1,329	$ 358,277	$ 0	$ 447,506	$ 31,117

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 3,382	$ 13,071
Adjustments to reconcile net income to net cash provided by operating activities
Provision for loan losses	22,000	0
Net premium amortization on securities	3,775	3,453
Depreciation and amortization	1,959	1,942
Stock-based compensation expense	392	1,492
Change in cash surrender value of bank owned life insurance	(1,414)	(1,404)
Deferred taxes, securities net gains or losses and others	(14,875)	1,238
Loss (gain) on early extinguishment of advances from the FHLB	7	(557)
Net changes in operating assets and liabilities:
Accrued interest receivable and other assets	(1,539)	8,777
Accounts payable, accrued liabilities and other liabilities	(10,509)	(15,431)
Net cash provided by operating activities	3,178	12,581
Purchases of investment securities:
Available for sale	(197,522)	(110,170)
Federal Home Loan Bank stock	(8,538)	(4,888)
Purchases of investment securities	(206,060)	(115,058)
Maturities, sales and calls of investment securities:
Available for sale	196,698	162,796
Held to maturity	3,382	1,205
Federal Home Loan Bank stock	7,349	9,248
Maturities, sales and calls of investment securities	207,429	173,249
Net decrease in loans	61,641	22,173
Proceeds from loan portfolio sales	13,109	152,177
Net purchases of premises and equipment and others	(1,321)	(1,951)
Net cash provided by investing activities	74,798	230,590
Cash flows from financing activities
Net decrease in demand, savings and money market accounts	(36,038)	(116,499)
Net increase (decrease) in time deposits	121,107	(27,999)
Proceeds from Advances from the Federal Home Loan Bank and other borrowings	280,000	170,000
Repayments of Advances from the Federal Home Loan Bank and other borrowings	(250,007)	(265,447)
Redemption of junior subordinated debentures	(28,068)	0
Proceeds from common stock issued - Class A	0	29,218
Repurchase of common stock - Class B	(15,239)	(28,465)
Common stock retired to cover tax withholding	2	0
Net cash provided by (used in) financing activities	71,753	(239,192)
Net increase in cash and cash equivalents	149,729	3,979
Cash and cash equivalents
Beginning of period	121,324	85,710
End of period	271,053	89,689
Supplemental disclosures of cash flow information
Cash paid for Interest	21,890	24,086
Cash paid for Income taxes	$ 295	$ 385

Business, Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business, Basis of Presentation and Summary of Significant Accounting Policies	Business, Basis of Presentation and Summary of Significant Accounting Policies a) Business Amerant Bancorp Inc. (the “Company”), is a Florida corporation incorporated in 1985, which has operated since January 1987. The Company is a bank holding company registered under the Bank Holding Company Act of 1956, as a result of its 100% indirect ownership of Amerant Bank, N.A. (the “Bank”). The Company’s principal office is in the City of Coral Gables, Florida. The Bank is a member of the Federal Reserve Bank of Atlanta (“Federal Reserve Bank”) and the Federal Home Loan Bank of Atlanta (“FHLB”). The Bank has three principal subsidiaries, Amerant Investments, Inc., a securities broker-dealer (“Amerant Investments”), Amerant Trust, N.A, a non-depository trust company (“Amerant Trust”), and Elant Bank & Trust (the “Cayman Bank”), a bank and trust company domiciled in the Cayman Islands acquired in November 2019. The Company’s Class A common stock, par value $0.10 per common share, and Class B common stock, par value $0.10 per common share, are listed and trade on the Nasdaq Global Select Market under the symbols “AMTB” and “AMTBB,” respectively. The Company is managed using a single segment concept, on a consolidated basis, and management determined that no separate current or historical reportable segment disclosures are required under generally accepted accounting principles in the United States of America (“U.S. GAAP”). Initial Public Offering and Shares Repurchase On December 21, 2018, the Company completed an initial public offering (the “IPO”). In March 2019, the Company repurchased the remaining shares of its Class B common stock held by Mercantil Servicios Financieros, C.A., the Company’s former parent company (“the Former Parent”). For more information about the IPO and the repurchase of Class B common stock previously held by the Former Parent, see Note 15 to our audited consolidated financial statements included in the Company’s annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2020 (the “Form 10-K”). COVID-19 Pandemic On March 11, 2020, the World Health Organization recognized an outbreak of a novel strain of the coronavirus, COVID-19, as a pandemic. On March 13, 2020, the President of the Unites States of America (U.S.) declared a national state of emergency. In response to this outbreak, the governments of many states, cities and municipalities in the U.S., including the States of Florida, New York and Texas, have taken preventative or protective actions, such as imposing restrictions on business operations and advising or requiring individuals to limit or forego their time outside of their homes. On March 16, 2020, the Company activated its Business Continuity Plan (“BCP”) to continue to provide its products and services during the COVID-19 pandemic. The Company’s BCP plan is framed within regulatory guidelines and subject to periodic testing and independent audits. All banking centers are open to the public by drive-thru and by appointment-only, under a reduced schedule (except banking centers in Texas which are operating under regular business hours), and with limited staffing. All electronic channels remain fully operational. In addition, the BCP enabled employees to work remotely. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), an approximately $2.0 trillion COVID-19 response bill, to provide emergency economic relief to individuals, small businesses, mid-size companies, large corporations, hospitals and other public health facilities, and state and local governments, was enacted. The CARES Act allocated the Small Business Administration, or SBA, $350.0 billion to provide loans of up to $10.0 million per small business as defined in the CARES Act. On April 2, 2020, the Bank began participating in the SBA’s Paycheck Protection Program, or “PPP”, by providing loans to these businesses to cover payroll, rent, mortgage, healthcare, and utilities costs, among other essential expenses. On April 24, 2020, the Paycheck Protection Program and Health Care Enhancement Act, adding funding to the PPP, was enacted. As of May 1, 2020, the Company had received approval for 1,493 loan applications under the PPP totaling $197.8 million, and had funded $137.9 million. On March 26, 2020, the Company began offering loan payment relief options to customers impacted by the COVID-19 pandemic, including interest-only and/or forbearance options. As of May 1, 2020, loans under these programs totaled $1,119 million. In accordance with accounting and regulatory guidance, loans to borrowers benefiting from these measures are not considered Troubled Debt Restructurings (“TDRs”). The Company is closely monitoring the performance of these loans under the terms of the temporary relief granted. b) Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required for a fair statement of financial position, results of operations and cash flows in conformity with U.S. GAAP. These unaudited interim consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for a full year or any other period. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2019 and 2018 and for each of the three years in the period ended December 31, 2019 and the accompanying footnote disclosures for the Company, which are included in the Form 10-K. For a complete summary of our significant accounting policies, please see Note 1 to the Company’s audited consolidated financial statements in the Form 10-K. Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include: (i) the determination of the allowance for loan losses; (ii) the fair values of securities and the value assigned to goodwill during periodic goodwill impairment tests; (iii) the cash surrender value of bank owned life insurance; and (iv) the determination of whether the amount of deferred tax assets will more likely than not be realized. Management believes that these estimates are appropriate. Actual results could differ from these estimates. The COVID-19 outbreak has severely restricted the level of economic activity in the U.S. and around the world since March 2020. In the U.S and several other countries, temporary closures of businesses have been ordered and numerous other businesses have temporarily closed voluntarily. These actions have expanded significantly since March 31, 2020 and may continue to expand. The Company considered the impact of COVID-19 on the significant estimates management used. The Company recorded a provision for loan losses of $22.0 million during the three months ended March 31, 2020 primarily as a result of the estimated impact of the COVID-19 pandemic. Given the uncertainty regarding the spread and severity of COVID-19 and its adverse effects on the U.S. and global economies, the extent to which the COVID-19 pandemic may impact the Company’s financial condition or results of operations is uncertain and cannot be accurately predicted at this time. c) Recently Issued Accounting Pronouncements Issued and Not Yet Adopted New Guidance on Leases In December 2018, the Financial Accounting Standards Board (“FASB”) issued amendments to new guidance issued in February 2016 for the recognition and measurement of all leases which has not yet been adopted by the Company. The amendments address certain lessor’s issues associated with: (i) sales taxes and other similar taxes collected from lessees, (ii) certain lessor costs and (iii) recognition of variable payments for contracts with lease and nonlease components. The new guidance on leases issued in February 2016 requires lessees to recognize a right-of-use asset and a lease liability for most leases within the scope of the guidance. There were no significant changes to the guidance for lessors. These amendments, and the related pending new guidance, can be adopted using a modified retrospective transition at the beginning of the earliest comparative period presented, and provides for certain practical expedients. In November 2019, the FASB again amended the effective date of the new guidance on leases. Previously, the amendments and related new guidance on leases were effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for private companies. The new guidance on leases is now effective for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. Early adoption is still permitted. The Company has completed the process of gathering a complete inventory of its lease contracts, migrating identified lease data onto a new system, and is in the final stages of testing and evaluation of results. Based on these results, we currently expect to recognize an asset and a corresponding lease liability for an amount to be less than 1% of the Company’s total consolidated assets at adoption. The Company plans to adopt the new guidance in its consolidated financial statements for the year ending December 31, 2021. Facilitation of the Effects of Reference Rate Reform on Financial Reporting On March 12, 2020, the FASB issued amendments to guidance applicable to contracts, hedging relationships, and other transactions affected that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. These amendments provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments also allow entities to make a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. These amendments are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply these amendments to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected, these amendments must be applied prospectively for all eligible contract modifications and hedging relationships. The Company is in the process of evaluating the implications of these amendments to its current efforts for reference rate reform implementation. New Guidance on Accounting for Credit Losses on Financial Instruments In June 2016, the FASB issued the new guidance on accounting for current expected credit losses on financial instruments (“CECL.”) The new guidance introduces an approach based on expected losses to estimate credit losses on various financial instruments, including loans. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. In November 2018, the FASB issued amendments to pending new guidance on CECL to, among other things, align the implementation date for private companies’ annual financial statements with the implementation date for their interim financial statements. Prior to the issuance of these amendments, the guidance on accounting for CECL was effective for private companies for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. These amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, for private companies. In November 2019, the FASB amended the effective date of the new guidance on CECL. Previously, the amendments and related new guidance on CECL was effective for fiscal years beginning after December 15, 2021, and interim periods within those years, for private companies. The new guidance on CECL is now effective for fiscal years beginning after December 15, 2022 and interim periods within those years. Early adoption is still permitted. The new guidance on CECL is effective for fiscal years beginning after December 15, 2019, and interim periods within those years, for public companies. The Company is currently assessing the impact that these changes will have on its consolidated financial statements, when adopted. As an Emerging Growth Company, or EGC, the Company currently plans to adopt the new guidance on CECL in its consolidated financial statements for the year ending December 31, 2023, or earlier in the event the Company ceases to be an EGC. d) Subsequent Events The effects of significant subsequent events, if any, have been recognized or disclosed in these unaudited interim consolidated financial statements.

Interest Earning Deposits with Banks	3 Months Ended
Interest Earning Deposits with Banks	Mar. 31, 2020
Cash and Cash Equivalents [Abstract]
Interest Earning Deposits with Banks	Interest Earning Deposits with Banks At March 31, 2020 and December 31, 2019 interest earning deposits with banks are mainly comprised of deposits with the Federal Reserve of approximately $248.8 million and $93 million, respectively. At March 31, 2020 and December 31, 2019, the average interest rate on these deposits was approximately 1.08% and 2.19%, respectively. These deposits mature within one year.

Securities

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Securities

Amortized cost and approximate fair values of debt securities available for sale are summarized as follows:



	March 31, 2020
	Amortized Cost		Gross Unrealized					Estimated Fair Value
(in thousands)	Amortized Cost		Gains		Losses			Estimated Fair Value
U.S. government-sponsored enterprise debt securities	$	844,712	$	31,188	$	(719	)	$	875,181
Corporate debt securities	333,359		2,990		(6,155		)	330,194
U.S. government agency debt securities	251,731		3,828		(2,377		)	253,182
U.S. treasury securities	73,636		3,689		—			77,325
Municipal bonds	62,203		3,218		—			65,421
	$	1,565,641	$	44,913	$	(9,251	)	$	1,601,303



	December 31, 2019
	Amortized Cost		Gross Unrealized					Estimated Fair Value
(in thousands)	Amortized Cost		Gains		Losses			Estimated Fair Value
U.S. government sponsored enterprise debt securities	$	927,205	$	9,702	$	(3,795	)	$	933,112
Corporate debt securities	247,836		5,002		(2		)	252,836
U.S. government agency debt securities	230,384		895		(2,882		)	228,397
U.S. treasury securities	106,112		1		(1,877		)	104,236
Municipal bonds	47,652		2,519		—			50,171
	$	1,559,189	$	18,119	$	(8,556	)	$	1,568,752

At March 31, 2020 and December 31, 2019, the Company had no foreign sovereign or foreign government agency debt securities. The Company had investments in foreign corporate debt securities of $13.4 million and $5.2 million at March 31, 2020 and December 31, 2019, respectively.

In the three months ended March 31, 2020 and 2019, proceeds from sales, gross realized gains, gross realized losses of debt securities available for sale were as follows:



	Three Months Ended March 31,
(in thousands)	2020			2019
Proceeds from sales of debt securities available for sale	$	139,072		$	112,529
Gross realized gains	9,266			448
Gross realized losses	(23		)	(444		)
Realized gains, net	$	9,243		$	4

The Company’s investment in debt securities available for sale with unrealized losses that are deemed temporary, aggregated by the length of time that individual securities have been in a continuous unrealized loss position, are summarized below:



	March 31, 2020
	Less Than 12 Months					12 Months or More					Total
(in thousands)	Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss
U.S. government-sponsored enterprise debt securities	$	24,695	$	(132	)	$	24,553	$	(587	)	$	49,248	$	(719	)
Corporate debt securities	127,093		(6,155		)	—		—			127,093		(6,155		)
U.S. government agency debt securities	18,602		(117		)	98,645		(2,260		)	117,247		(2,377		)
	$	170,390	$	(6,404	)	$	123,198	$	(2,847	)	$	293,588	$	(9,251	)



	December 31, 2019
	Less Than 12 Months					12 Months or More					Total
(in thousands)	Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss
U.S. government sponsored enterprise debt securities	$	239,446	$	(1,740	)	$	180,274	$	(2,055	)	$	419,720	$	(3,795	)
Corporate debt securities	8,359		(1		)	300		(1		)	8,659		(2		)
U.S. government agency debt securities	41,300		(251		)	117,040		(2,631		)	158,340		(2,882		)
U.S. treasury securities	97,471		(1,877		)	—		—			97,471		(1,877		)
	$	386,576	$	(3,869	)	$	297,614	$	(4,687	)	$	684,190	$	(8,556	)

At March 31, 2020 and December 31, 2019, the Company held certain debt securities issued or guaranteed by the U.S. government and U.S. government-sponsored entities and agencies. The Company believes these issuers to present little credit risk. The Company considers these securities are not other-than-temporarily impaired because the decline in fair value is attributable to changes in interest rates and investment securities markets, generally, and not credit quality. The Company does not intend to sell these debt securities and it is more likely than not that it will not be required to sell the securities before their anticipated recovery.

Unrealized losses on municipal and corporate debt securities are attributable to changes in interest rates and investment securities markets, generally, and as a result, temporary in nature. The Company considers these securities are not other-than-temporarily impaired because the issuers of these debt securities are considered to be high quality, and generally present little credit risk. The Company does not intend to sell these investments and it is more likely than not that it will not be required to sell these investments before their anticipated recovery.

Contractual maturities of debt securities at March 31, 2020 are as follows:



	Available for Sale				Held to Maturity
(in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within 1 year	$	103,743	$	103,995	$	—	$	—
After 1 year through 5 years	167,055		166,952		—		—
After 5 years through 10 years	280,460		285,762		11,567		11,793
After 10 years	1,014,383		1,044,594		58,769		59,561
	$	1,565,641	$	1,601,303	$	70,336	$	71,354

Equity securities with readily available fair value not held for trading consist of mutual funds with an original cost of $24.0 million, and fair value of $24.2 million and $23.8 million as of March 31, 2020 and December 31, 2019, respectively. These equity securities have no stated maturities. During the three months ended March 31, 2020, we recognized an unrealized gain of $0.4 million related to the change in market value of these mutual funds. No gain was recognized during the three months ended March 31, 2019.

Loans

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Loans

The loan portfolio consists of the following loan classes:



(in thousands)	March 31, 2020		December 31, 2019
Real estate loans
Commercial real estate
Non-owner occupied	$	1,875,293	$	1,891,802
Multi-family residential	834,016		801,626
Land development and construction loans	225,179		278,688
	2,934,488		2,972,116
Single-family residential	569,340		539,102
Owner occupied	923,260		894,060
	4,427,088		4,405,278
Commercial loans	1,084,751		1,234,043
Loans to financial institutions and acceptances	16,576		16,552
Consumer loans and overdrafts	139,912		88,466
	$	5,668,327	$	5,744,339

At March 31, 2020 and December 31, 2019, loans with an outstanding principal balance of $1.5 billion and $1.6 billion, respectively, were pledged as collateral to secure advances from the FHLB.

The amounts above include loans under syndication facilities of approximately $488 million and $562 million at March 31, 2020 and December 31, 2019, respectively, which include Shared National Credit facilities and agreements to enter into credit agreements with other lenders (club deals), and other agreements.

The following tables summarize international loans by country, net of loans fully collateralized with cash of approximately $14.5 million and $15.2 million at March 31, 2020 and December 31, 2019, respectively.



	March 31, 2020						December 31, 2019
(in thousands)	Venezuela		Others (1)		Total		Venezuela		Others (1)		Total
Real estate loans
Single-family residential (2)	$	97,517	$	7,571	$	105,088	$	103,979	$	7,692	$	111,671
Commercial loans	—		57,348		57,348		—		43,850		43,850
Loans to financial institutions and acceptances	—		8		8		—		5		5
Consumer loans and overdrafts (3)(4)	427		7,688		8,115		8,318		7,593		15,911
	$	97,944	$	72,615	$	170,559	$	112,297	$	59,140	$	171,437

__________________


(1)	Loans to borrowers in 12 other countries which do not individually exceed 1% of total assets (14 countries at December 31, 2019)


(2)	Corresponds to mortgage loans secured by single-family residential properties located in the U.S.

(3)

At December 31, 2019, Venezuela balances are mostly comprised of credit card extensions of credit to customers with deposits with the Bank. The Company phased out its legacy credit card products to further strengthen its credit quality. During the first quarter of 2020, the remaining balances related to the credit card product were repaid, therefore, there are no outstanding credit card balances as of March 31, 2020.


(4)	Overdrafts to customers outside the United States were de minimis at March 31, 2020 and December 31, 2019.

The age analysis of the loan portfolio by class, including nonaccrual loans, as of March 31, 2020 and December 31, 2019 are summarized in the following tables:



	March 31, 2020
	Total Loans, Net of Unearned Income				Past Due								Total Loans in Nonaccrual Status		Total Loans 90 Days or More Past Due and Accruing
(in thousands)	Total Loans, Net of Unearned Income		Current		30-59 Days		60-89 Days		Greater than 90 Days		Total Past Due		Total Loans in Nonaccrual Status		Total Loans 90 Days or More Past Due and Accruing
Real estate loans
Commercial real estate
Non-owner occupied	$	1,875,293	$	1,875,293	$	—	$	—	$	—	$	—	$	1,936	$	—
Multi-family residential	834,016		834,016		—		—		—		—		—		—
Land development and construction loans	225,179		225,179		—		—		—		—		—		—
	2,934,488		2,934,488		—		—		—		—		1,936		—
Single-family residential	569,340		557,717		8,438		—		3,185		11,623		7,077		5
Owner occupied	923,260		910,269		9,004		1,208		2,779		12,991		13,897		—
	4,427,088		4,402,474		17,442		1,208		5,964		24,614		22,910		5
Commercial loans	1,084,751		1,076,834		5,626		425		1,866		7,917		9,993		—
Loans to financial institutions and acceptances	16,576		16,576		—		—		—		—		—		—
Consumer loans and overdrafts	139,912		139,682		170		29		31		230		467		12
	$	5,668,327	$	5,635,566	$	23,238	$	1,662	$	7,861	$	32,761	$	33,370	$	17



	December 31, 2019
	Total Loans, Net of Unearned Income				Past Due								Total Loans in Nonaccrual Status		Total Loans 90 Days or More Past Due and Accruing
(in thousands)	Total Loans, Net of Unearned Income		Current		30-59 Days		60-89 Days		Greater than 90 Days		Total Past Due		Total Loans in Nonaccrual Status		Total Loans 90 Days or More Past Due and Accruing
Real estate loans
Commercial real estate
Non-owner occupied	$	1,891,802	$	1,891,801	$	1	$	—	$	—	$	1	$	1,936	$	—
Multi-family residential	801,626		801,626		—		—		—		—		—		—
Land development and construction loans	278,688		278,688		—		—		—		—		—		—
	2,972,116		2,972,115		1		—		—		1		1,936		—
Single-family residential	539,102		530,399		4,585		1,248		2,870		8,703		7,291		—
Owner occupied	894,060		888,158		1,360		1,724		2,818		5,902		14,130		—
	4,405,278		4,390,672		5,946		2,972		5,688		14,606		23,357		—
Commercial loans	1,234,043		1,226,320		4,418		608		2,697		7,723		9,149		—
Loans to financial institutions and acceptances	16,552		16,552		—		—		—		—		—		—
Consumer loans and overdrafts	88,466		88,030		215		176		45		436		416		5
	$	5,744,339	$	5,721,574	$	10,579	$	3,756	$	8,430	$	22,765	$	32,922	$	5

Allowance for Loan Losses

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Allowance for Loan Losses

The analyses by loan segment of the changes in the allowance for loan losses for the three months ended March 31, 2020 and 2019, and its allocation by impairment methodology and the related investment in loans, net as of March 31, 2020 and 2019 are summarized in the following tables:



	Three Months Ended March 31, 2020
(in thousands)	Real Estate		Commercial			Financial Institutions		Consumer and Others			Total
Balances at beginning of the period	$	25,040	$	22,482		$	42	$	4,659		$	52,223
Provision for loan losses	11,390		7,530			—		3,080			22,000
Loans charged-off
Domestic	—		(1,101		)	—		(222		)	(1,323		)
International	—		(34		)	—		(251		)	(285		)
Recoveries	—		185			—		148			333
Balances at end of the period	$	36,430	$	29,062		$	42	$	7,414		$	72,948

Allowance for loan losses by impairment methodology:
Individually evaluated	$	1,157	$	4,038		$	—	$	1,525		$	6,720
Collectively evaluated	35,273		25,024			42		5,889			66,228
	$	36,430	$	29,062		$	42	$	7,414		$	72,948
Investment in loans, net of unearned income:
Individually evaluated	$	1,936	$	24,232		$	—	$	7,521		$	33,689
Collectively evaluated	2,931,900		2,104,220			16,576		581,942			5,634,638
	$	2,933,836	$	2,128,452		$	16,576	$	589,463		$	5,668,327



	Three Months Ended March 31, 2019
(in thousands)	Real Estate			Commercial			Financial Institutions			Consumer and Others			Total
Balances at beginning of the period	$	22,778		$	30,018		$	445		$	8,521		$	61,762
(Reversal of) provision for loan losses	(322		)	(31		)	(339		)	692			—
Loans charged-off
Domestic	—			(992		)	—			(196		)	(1,188		)
International	—			(18		)	—			(406		)	(424		)
Recoveries	—			123			—			49			172
Balances at end of the period	$	22,456		$	29,100		$	106		$	8,660		$	60,322

Allowance for loan losses by impairment methodology
Individually evaluated	$	—		$	1,593		$	—		$	1,202		$	2,795
Collectively evaluated	22,456			27,507			106			7,458			57,527
	$	22,456		$	29,100		$	106		$	8,660		$	60,322
Investment in loans, net of unearned income
Individually evaluated	$	711		$	12,325		$	—		$	3,392		$	16,428
Collectively evaluated	3,016,569			2,137,165			27,985			536,291			5,718,010
	$	3,017,280		$	2,149,490		$	27,985		$	539,683		$	5,734,438

The following is a summary of the recorded investment amount of loan sales by portfolio segment:



Three Months Ended March 31, (in thousands)	Real Estate		Commercial		Financial Institutions		Consumer and others		Total
2020	$	—	$	11,901	$	—	$	1,208	$	13,109
2019	$	23,475	$	126,838	$	—	$	1,864	$	152,177

The following is a summary of impaired loans as of March 31, 2020 and December 31, 2019:



	March 31, 2020
	Recorded Investment
(in thousands)	With a Valuation Allowance		Without a Valuation Allowance		Total		Year Average (1)		Total Unpaid Principal Balance		Valuation Allowance
Real estate loans
Commercial real estate
Non-owner occupied	$	1,936	$	—	$	1,936	$	1,943	$	1,936	$	1,157
Multi-family residential	—		—		—		164		—		—
Land development and construction loans	—		—		—		—		—		—
	1,936		—		1,936		2,107		1,936		1,157
Single-family residential	4,499		2,831		7,330		6,471		7,610		1,071
Owner occupied	1,481		12,470		13,951		11,857		13,791		510
	7,916