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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period __________ to __________
Commission File Number: 001-38534
Amerant Bancorp Inc.
(Exact Name of Registrant as Specified in Its Charter)
| | | | | | | | |
Florida | 65-0032379 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
220 Alhambra Circle | |
Coral Gables, | Florida | 33134 |
(Address of principal executive offices) | (Zip Code) |
(305) | 460-4038 |
(Registrant’s telephone number, including area code) |
(Former name, former address and former fiscal year, if changed since last report: N/A) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbols | Name of exchange on which registered |
Class A Common Stock | AMTB | NASDAQ |
Class B Common Stock | AMTBB | NASDAQ |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | |
Large accelerated filer ¨ | | Accelerated filer | ☒ | | |
Non-accelerated filer ¨ | | Smaller reporting company | ☐ | | |
| | Emerging growth company | ☒ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
| | | | | | | | |
Class | | Outstanding as of Outstanding as of October 28, 2021 |
Class A Common Stock, $0.10 par value per share | | 29,055,679 shares of Class A Common Stock |
Class B Common Stock, $0.10 par value per share | | 8,471,120 shares of Class B Common Stock |
AMERANT BANCORP INC. AND SUBSIDIARIES
FORM 10-Q
September 30, 2021
INDEX
Part 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Amerant Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets
| | | | | | | | | | | |
(in thousands, except share data) | (Unaudited) September 30, 2021 | | December 31, 2020 |
| | | |
Assets | | | |
Cash and due from banks | $ | 27,501 | | | $ | 30,179 | |
Interest earning deposits with banks | 138,732 | | | 184,207 | |
Cash and cash equivalents | 166,233 | | | 214,386 | |
Securities | | | |
Debt securities available for sale | 1,220,391 | | | 1,225,083 | |
Debt securities held to maturity | 130,543 | | | 58,127 | |
Trading securities | 194 | | | — | |
Equity securities with readily determinable fair value not held for trading | 23,870 | | | 24,342 | |
Federal Reserve Bank and Federal Home Loan Bank stock | 47,740 | | | 65,015 | |
Securities | 1,422,738 | | | 1,372,567 | |
Loans held for sale, at lower of cost or fair value | 219,083 | | | — | |
Mortgage loans held for sale, at fair value | 5,812 | | | — | |
Loans held for investment, gross | 5,254,029 | | | 5,842,337 | |
Less: Allowance for loan losses | 83,442 | | | 110,902 | |
Loans held for investment, net | 5,170,587 | | | 5,731,435 | |
Bank owned life insurance | 221,640 | | | 217,547 | |
Premises and equipment, net | 108,885 | | | 109,990 | |
Deferred tax assets, net | 9,861 | | | 11,691 | |
Goodwill | 19,506 | | | 19,506 | |
Accrued interest receivable and other assets | 144,960 | | | 93,771 | |
Total assets | $ | 7,489,305 | | | $ | 7,770,893 | |
Liabilities and Stockholders' Equity | | | |
Deposits | | | |
Demand | | | |
Noninterest bearing | $ | 1,210,154 | | | $ | 872,151 | |
Interest bearing | 1,317,938 | | | 1,230,054 | |
Savings and money market | 1,655,495 | | | 1,587,876 | |
Time | 1,442,790 | | | 2,041,562 | |
Total deposits | 5,626,377 | | | 5,731,643 | |
Advances from the Federal Home Loan Bank | 809,095 | | | 1,050,000 | |
Senior notes | 58,815 | | | 58,577 | |
Junior subordinated debentures held by trust subsidiaries | 64,178 | | | 64,178 | |
Accounts payable, accrued liabilities and other liabilities | 118,178 | | | 83,074 | |
Total liabilities | 6,676,643 | | | 6,987,472 | |
Contingencies (Note 16) | | | |
| | | |
Stockholders’ equity | | | |
Class A common stock, $0.10 par value, 400 million shares authorized; 29,016,219 shares issued and outstanding (2020 - 28,806,344 shares issued and outstanding) | 2,903 | | | 2,882 | |
Class B common stock, $0.10 par value, 100 million shares authorized; 8,471,120 shares issued and outstanding (2020: 9,036,352 shares issued and outstanding) | 847 | | | 904 | |
Additional paid in capital | 299,273 | | | 305,569 | |
| | | |
Retained earnings | 489,854 | | | 442,402 | |
Accumulated other comprehensive income | 21,236 | | | 31,664 | |
Total stockholders' equity before noncontrolling interest | 814,113 | | | 783,421 | |
Noncontrolling interest | (1,451) | | | — | |
Total stockholders' equity | 812,662 | | | 783,421 | |
Total liabilities and stockholders' equity | $ | 7,489,305 | | | $ | 7,770,893 | |
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
3
Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands) | 2021 | | 2020 | | 2021 | | 2020 |
Interest income | | | | | | | |
Loans | $ | 53,193 | | | $ | 52,736 | | | $ | 159,576 | | | $ | 166,007 | |
Investment securities | 8,144 | | | 9,120 | | | 23,150 | | | 30,813 | |
Interest earning deposits with banks | 76 | | | 61 | | | 189 | | | 579 | |
Total interest income | 61,413 | | | 61,917 | | | 182,915 | | | 197,399 | |
| | | | | | | |
Interest expense | | | | | | | |
Interest bearing demand deposits | 147 | | | 97 | | | 383 | | | 336 | |
Savings and money market deposits | 809 | | | 1,278 | | | 2,734 | | | 6,113 | |
Time deposits | 5,302 | | | 10,874 | | | 18,989 | | | 36,764 | |
Advances from the Federal Home Loan Bank | 1,777 | | | 2,820 | | | 6,790 | | | 10,342 | |
Senior notes | 942 | | | 942 | | | 2,826 | | | 1,026 | |
Junior subordinated debentures | 615 | | | 558 | | | 1,831 | | | 1,918 | |
Securities sold under agreements to repurchase | — | | | — | | | 1 | | | — | |
Total interest expense | 9,592 | | | 16,569 | | | 33,554 | | | 56,499 | |
Net interest income | 51,821 | | | 45,348 | | | 149,361 | | | 140,900 | |
(Reversal of) provision for loan losses | (5,000) | | | 18,000 | | | (10,000) | | | 88,620 | |
Net interest income after (reversal of) provision for loan losses | 56,821 | | | 27,348 | | | 159,361 | | | 52,280 | |
| | | | | | | |
Noninterest income | | | | | | | |
Deposits and service fees | 4,303 | | | 3,937 | | | 12,693 | | | 11,665 | |
Brokerage, advisory and fiduciary activities | 4,595 | | | 4,272 | | | 13,629 | | | 12,730 | |
Change in cash surrender value of bank owned life insurance | 1,369 | | | 1,437 | | | 4,093 | | | 4,278 | |
Securities (losses) gains, net | (54) | | | 8,600 | | | 3,857 | | | 25,957 | |
Cards and trade finance servicing fees | 541 | | | 345 | | | 1,268 | | | 1,013 | |
Loss on early extinguishment of advances from the Federal Home Loan Bank, net | — | | | — | | | (2,488) | | | (73) | |
| | | | | | | |
Other noninterest income | 2,680 | | | 1,701 | | | 10,279 | | | 6,385 | |
Total noninterest income | 13,434 | | | 20,292 | | | 43,331 | | | 61,955 | |
| | | | | | | |
Noninterest expense | | | | | | | |
Salaries and employee benefits | 29,053 | | | 28,268 | | | 86,276 | | | 79,164 | |
Occupancy and equipment | 4,769 | | | 4,281 | | | 14,599 | | | 12,304 | |
Telecommunication and data processing | 3,810 | | | 3,228 | | | 11,052 | | | 9,849 | |
Professional and other services fees | 4,184 | | | 3,403 | | | 12,661 | | | 10,322 | |
Depreciation and amortization | 2,091 | | | 1,993 | | | 5,749 | | | 5,912 | |
FDIC assessments and insurance | 1,626 | | | 1,898 | | | 5,083 | | | 4,256 | |
Other operating expenses | 2,871 | | | 2,429 | | | 7,734 | | | 5,300 | |
Total noninterest expenses | 48,404 | | | 45,500 | | | 143,154 | | | 127,107 | |
Income (loss) before income tax expense (benefit) | 21,851 | | | 2,140 | | | 59,538 | | | (12,872) | |
Income tax (expense) benefit | (5,454) | | | (438) | | | (13,537) | | | 2,677 | |
Net income (loss) before attribution of noncontrolling interest | 16,397 | | | 1,702 | | | 46,001 | | | (10,195) | |
Noncontrolling interest | (634) | | | — | | | (1,451) | | | — | |
Net income (loss) attributable to Amerant Bancorp Inc. | $ | 17,031 | | | $ | 1,702 | | | $ | 47,452 | | | $ | (10,195) | |
| | | | | | | |
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
4
Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands, except per share data) | 2021 | | 2020 | | 2021 | | 2020 |
| | | | | | | |
Other comprehensive (loss) income, net of tax | | | | | | | |
Net unrealized holding (losses) gains on debt securities available for sale arising during the period | $ | (2,451) | | | $ | 3,824 | | | $ | (6,980) | | | $ | 39,887 | |
Net unrealized holding gains (losses) on cash flow hedges arising during the period | 46 | | | (28) | | | 53 | | | (1,702) | |
Reclassification adjustment for items included in net income | (117) | | | (6,687) | | | (3,501) | | | (19,583) | |
Other comprehensive (loss) income | (2,522) | | | (2,891) | | | (10,428) | | | 18,602 | |
Comprehensive income (loss) | $ | 14,509 | | | $ | (1,189) | | | $ | 37,024 | | | $ | 8,407 | |
| | | | | | | |
Earnings Per Share (Note 18): | | | | | | | |
Basic earnings (loss) per common share | $ | 0.46 | | | $ | 0.04 | | | $ | 1.27 | | | $ | (0.24) | |
Diluted earnings (loss) per common share | $ | 0.45 | | | $ | 0.04 | | | $ | 1.26 | | | $ | (0.24) | |
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
5
Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
Three and Nine Month Periods Ended September 30, 2021
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| Common Stock | | Additional Paid in Capital | | Treasury Stock | | Retained Earnings | | Accumulated Other Comprehensive Income | | Total Stockholders' Equity Before Noncontrolling Interest | | Noncontrolling interest | | Total Stockholders' Equity |
(in thousands, except share data) | Shares Outstanding | | Issued Shares - Par Value | | | | | | | |
Class A | | Class B | | Class A | | Class B | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Balance at December 31, 2020 | 28,806,344 | | | 9,036,352 | | | $ | 2,882 | | | $ | 904 | | | $ | 305,569 | | | $ | — | | | $ | 442,402 | | | $ | 31,664 | | | $ | 783,421 | | | $ | — | | | $ | 783,421 | |
| | | | | | | | | | | | | | | | | | | | | |
Repurchase of Class B common stock | — | | | (116,037) | | | — | | | — | | | — | | | (1,855) | | | — | | | — | | | (1,855) | | | — | | | (1,855) | |
Treasury stock retired | — | | | — | | | — | | | (12) | | | (1,843) | | | 1,855 | | | — | | | — | | | — | | | — | | | — | |
Restricted stock issued | 196,015 | | | — | | | 22 | | | — | | | (22) | | | — | | | — | | | — | | | — | | | — | | | — | |
Restricted stock surrendered | (713) | | | — | | | — | | | — | | | (13) | | | — | | | — | | | — | | | (13) | | | — | | | (13) | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation expense | — | | | — | | | — | | | — | | | 757 | | | — | | | — | | | — | | | 757 | | | — | | | 757 | |
Net income attributable to Amerant Bancorp Inc. | — | | | — | | | — | | | — | | | — | | | — | | | 14,459 | | | — | | | 14,459 | | | — | | | 14,459 | |
| | | | | | | | | | | | | | | | | | | | | |
Other comprehensive loss | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (11,755) | | | (11,755) | | | — | | | (11,755) | |
Balance at March 31, 2021 | 29,001,646 | | | 8,920,315 | | | $ | 2,904 | | | $ | 892 | | | $ | 304,448 | | | $ | — | | | $ | 456,861 | | | $ | 19,909 | | | $ | 785,014 | | | $ | — | | | $ | 785,014 | |
Repurchase of Class B common stock | — | | | (386,195) | | | — | | | — | | | — | | | (6,540) | | | — | | | — | | | (6,540) | | | — | | | (6,540) | |
Treasury stock retired | — | | | — | | | — | | | (39) | | | (6,501) | | | 6,540 | | | — | | | — | | | — | | | — | | | — | |
Restricted stock forfeited | (7,270) | | | — | | | (2) | | | — | | | 2 | | | — | | | — | | | — | | | — | | | — | | | — | |
Restricted stock units vested | 33,780 | | | — | | | 2 | | | — | | | (2) | | | — | | | — | | | — | | | — | | | — | | | — | |
Performance share units vested | 1,729 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Restricted stock surrendered | (1,213) | | | — | | | — | | | — | | | (26) | | | — | | | — | | | — | | | (26) | | | — | | | (26) | |
Stock-based compensation expense | — | | | — | | | — | | | — | | | 1,626 | | | — | | | — | | | — | | | 1,626 | | | — | | | 1,626 | |
Net income attributable to Amerant Bancorp Inc. | — | | | — | | | — | | | — | | | — | | | — | | | 15,962 | | | — | | | 15,962 | | | — | | | 15,962 | |
Net loss attributable to noncontrolling-interest shareholders | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (817) | | | (817) | |
| | | | | | | | | | | | | | | | | | | | | |
Other comprehensive income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,849 | | | 3,849 | | | — | | | 3,849 | |
Balance at June 30, 2021 | 29,028,672 | | | 8,534,120 | | | $ | 2,904 | | | $ | 853 | | | $ | 299,547 | | | $ | — | | | $ | 472,823 | | | $ | 23,758 | | | $ | 799,885 | | | $ | (817) | | | $ | 799,068 | |
Repurchase of Class B common stock | — | | | (63,000) | | | — | | | — | | | — | | | (1,168) | | | — | | | — | | | (1,168) | | | — | | | (1,168) | |
Treasury stock retired | — | | | — | | | — | | | (6) | | | (1,162) | | | 1,168 | | | — | | | — | | | — | | | — | | | — | |
Restricted stock issued | 17,028 | | | — | | | 2 | | | — | | | (2) | | | — | | | — | | | — | | | — | | | |