Florida (State or other jurisdiction of incorporation or organization) | 65-0032379 (I.R.S. Employer Identification No.) |
220 Alhambra Circle Coral Gables, Florida | 33134 |
(Address of principal executive offices) | (Zip Code) |
(305) 460-8728 | |
Registrant’s telephone number, including area code |
Large accelerated filer ¨ | Accelerated filer ¨ | Smaller reporting company ¨ | Emerging growth company ý | |||
Non-accelerated filer ý (Do not check if a smaller reporting company) |
Title of each class | Trading Symbols | Name of exchange on which registered |
Class A Common Stock | AMTB | NASDAQ |
Class B Common Stock | AMTBB | NASDAQ |
Class | Outstanding as of May 10, 2019 | |
Class A Common Stock, $0.10 par value per share | 28,985,996 shares of Class A Common Stock | |
Class B Common Stock, $0.10 par value per share | 14,218,596 shares of Class B Common Stock |
Page | ||
(in thousands, except per share data) | (Unaudited) March 31, 2019 | December 31, 2018 | |||||
Assets | |||||||
Cash and due from banks | $ | 26,821 | $ | 25,756 | |||
Interest earning deposits with banks | 62,868 | 59,954 | |||||
Cash and cash equivalents | 89,689 | 85,710 | |||||
Securities | |||||||
Available for sale | 1,551,591 | 1,586,051 | |||||
Held to maturity | 83,909 | 85,188 | |||||
Federal Reserve Bank and Federal Home Loan Bank stock | 65,828 | 70,189 | |||||
Securities | 1,701,328 | 1,741,428 | |||||
Loans held for sale | 9,968 | — | |||||
Loans held for investment, gross | 5,734,438 | 5,920,175 | |||||
Less: Allowance for loan losses | 60,322 | 61,762 | |||||
Loans held for investment, net | 5,674,116 | 5,858,413 | |||||
Bank owned life insurance | 207,546 | 206,142 | |||||
Premises and equipment, net | 123,930 | 123,503 | |||||
Deferred tax assets, net | 9,858 | 16,310 | |||||
Goodwill | 19,193 | 19,193 | |||||
Accrued interest receivable and other assets | 66,727 | 73,648 | |||||
Total assets | $ | 7,902,355 | $ | 8,124,347 | |||
Liabilities and Stockholders' Equity | |||||||
Deposits | |||||||
Demand | |||||||
Noninterest bearing | $ | 775,015 | $ | 768,822 | |||
Interest bearing | 1,229,487 | 1,288,030 | |||||
Savings and money market | 1,524,554 | 1,588,703 | |||||
Time | 2,359,132 | 2,387,131 | |||||
Total deposits | 5,888,188 | 6,032,686 | |||||
Advances from the Federal Home Loan Bank and other borrowings | 1,070,000 | 1,166,000 | |||||
Junior subordinated debentures held by trust subsidiaries | 118,110 | 118,110 | |||||
Accounts payable, accrued liabilities and other liabilities | 47,308 | 60,133 | |||||
Total liabilities | 7,123,606 | 7,376,929 | |||||
Commitments and contingencies (Note 12) | |||||||
Stockholders’ equity | |||||||
Class A common stock, $0.10 par value, 400 million shares authorized; 28,985,996 shares issued and outstanding (2018: 26,851,832 shares issued and outstanding) | 2,899 | 2,686 | |||||
Class B common stock, $0.10 par value, 100 million shares authorized; 17,751,053 shares issued; 14,218,596 shares outstanding (2018:16,330,917 shares outstanding) | 1,775 | 1,775 | |||||
Additional paid in capital | 415,864 | 385,367 | |||||
Treasury stock, at cost; 3,532,457 shares of Class B common stock (2018: 1,420,136 shares of Class B common stock) | (46,373 | ) | (17,908 | ) | |||
Retained earnings | 406,733 | 393,662 | |||||
Accumulated other comprehensive loss | (2,149 | ) | (18,164 | ) | |||
Total stockholders' equity | 778,749 | 747,418 | |||||
Total liabilities and stockholders' equity | $ | 7,902,355 | $ | 8,124,347 |
Three Months Ended March 31, | |||||||
(in thousands, except per share data) | 2019 | 2018 | |||||
Interest income | |||||||
Loans | $ | 66,722 | $ | 59,670 | |||
Investment securities | 12,581 | 11,741 | |||||
Interest earning deposits with banks | 1,004 | 520 | |||||
Total interest income | 80,307 | 71,931 | |||||
Interest expense | |||||||
Interest bearing demand deposits | 274 | 89 | |||||
Savings and money market deposits | 3,733 | 2,584 | |||||
Time deposits | 12,553 | 8,700 | |||||
Advances from the Federal Home Loan Bank | 6,205 | 5,990 | |||||
Junior subordinated debentures | 2,105 | 1,935 | |||||
Total interest expense | 24,870 | 19,298 | |||||
Net interest income | 55,437 | 52,633 | |||||
Provision for loan losses | — | — | |||||
Net interest income after provision for loan losses | 55,437 | 52,633 | |||||
Noninterest income | |||||||
Deposits and service fees | 4,086 | 4,582 | |||||
Brokerage, advisory and fiduciary activities | 3,688 | 4,415 | |||||
Change in cash surrender value of bank owned life insurance | 1,404 | 1,444 | |||||
Cards and trade finance servicing fees | 915 | 1,062 | |||||
Gain on early extinguishment of advances from the Federal Home Loan Bank | 557 | — | |||||
Data processing and fees for other services | 520 | 881 | |||||
Securities gains, net | 4 | — | |||||
Other noninterest income | 1,982 | 1,561 | |||||
Total noninterest income | 13,156 | 13,945 | |||||
Noninterest expense | |||||||
Salaries and employee benefits | 33,437 | 34,041 | |||||
Occupancy and equipment | 4,042 | 3,715 | |||||
Professional and other services fees | 3,444 | 6,444 | |||||
Telecommunication and data processing | 3,026 | 3,084 | |||||
Depreciation and amortization | 1,942 | 2,141 | |||||
FDIC assessments and insurance | 1,393 | 1,447 | |||||
Other operating expenses | 4,661 | 4,773 | |||||
Total noninterest expenses | 51,945 | 55,645 | |||||
Net income before income tax | 16,648 | 10,933 | |||||
Income tax expense | (3,577 | ) | (1,504 | ) | |||
Net income | $ | 13,071 | $ | 9,429 | |||
Three Months Ended March 31, | |||||||
(in thousands, except per share data) | 2019 | 2018 | |||||
Other comprehensive income (loss), net of tax | |||||||
Net unrealized holding gains (losses) on securities available for sale arising during the period | $ | 16,278 | $ | (14,977 | ) | ||
Net unrealized holding (losses) gains on cash flow hedges arising during the period | (11 | ) | 4,280 | ||||
Reclassification adjustment for net (gains) losses included in net income | (252 | ) | 90 | ||||
Other comprehensive income (loss) | 16,015 | (10,607 | ) | ||||
Comprehensive income (loss) | $ | 29,086 | $ | (1,178 | ) | ||
Earnings Per Share (Note 14): | |||||||
Basic earnings per common share | $ | 0.31 | $ | 0.22 | |||
Diluted earnings per common share | $ | 0.30 | $ | 0.22 |
Common Stock | Additional Paid in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | 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, 2017 | 24,737,470 | 17,751,053 | $ | 2,474 | $ | 1,775 | $ | 367,505 | $ | — | $ | 387,829 | $ | (6,133 | ) | $ | 753,450 | ||||||||||||||||
Dividends | — | — | — | — | — | — | (40,000 | ) | — | (40,000 | ) | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | 9,429 | — | 9,429 | ||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | (10,607 | ) | (10,607 | ) | ||||||||||||||||||||||
Balance at March 31, 2018 | 24,737,470 | 17,751,053 | $ | 2,474 | $ | 1,775 | $ | 367,505 | $ | — | $ | 357,258 | $ | (16,740 | ) | $ | 712,272 | ||||||||||||||||
Balance at December 31, 2018 | 26,851,832 | 16,330,917 | $ | 2,686 | $ | 1,775 | $ | 385,367 | $ | (17,908 | ) | $ | 393,662 | $ | (18,164 | ) | $ | 747,418 | |||||||||||||||
Common stock issued | 2,132,865 | — | 213 | — | 29,005 | — | — | — | 29,218 | ||||||||||||||||||||||||
Repurchase of Class B common stock | — | (2,112,321 | ) | — | — | — | (28,465 | ) | — | — | (28,465 | ) | |||||||||||||||||||||
Restricted stock issued | 1,299 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 1,492 | — | — | — | 1,492 | ||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 13,071 | — | 13,071 | ||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | 16,015 | 16,015 | ||||||||||||||||||||||||
Balance at March 31, 2019 | 28,985,996 | 14,218,596 | $ | 2,899 | $ | 1,775 | $ | 415,864 | $ | (46,373 | ) | $ | 406,733 | $ | (2,149 | ) | $ | 778,749 |
Three Months Ended March 31, | |||||||
(in thousands) | 2019 | 2018 | |||||
Cash flows from operating activities | |||||||
Net income | $ | 13,071 | $ | 9,429 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Provision for loan losses | — | — | |||||
Net premium amortization on securities | 3,453 | 4,411 | |||||
Depreciation and amortization | 1,942 | 2,141 | |||||
Stock-based compensation expense | 1,492 | — | |||||
Increase in cash surrender value of bank owned life insurance | (1,404 | ) | (1,444 | ) | |||
Deferred taxes, securities net gains or losses and others | 1,238 | (5,349 | ) | ||||
Gain on early extinguishment of advances from the FHLB | (557 | ) | — | ||||
Net changes in operating assets and liabilities: | |||||||
Accrued interest receivable and other assets | 8,777 | (6,679 | ) | ||||
Account payable, accrued liabilities and other liabilities | (15,431 | ) | 11,132 | ||||
Net cash provided by operating activities | 12,581 | 13,641 | |||||
Cash flows from investing activities | |||||||
Purchases of investment securities: | |||||||
Available for sale | (110,170 | ) | (60,793 | ) | |||
Federal Home Loan Bank stock | (4,888 | ) | (6,802 | ) | |||
(115,058 | ) | (67,595 | ) | ||||
Maturities, sales and calls of investment securities: | |||||||
Available for sale | 162,796 | 57,028 | |||||
Held to maturity | 1,205 | 531 | |||||
Federal Home Loan Bank stock | 9,248 | 4,250 | |||||
173,249 | 61,809 | ||||||
Net decrease in loans | 22,173 | 108,571 | |||||
Proceeds from loan portfolio sales | 152,177 | 12,958 | |||||
Net purchases of premises and equipment, and others | (1,951 | ) | (1,904 | ) | |||
Net proceeds from sale of subsidiary | — | 7,500 | |||||
Net cash provided by investing activities | 230,590 | 121,339 | |||||
Cash flows from financing activities | |||||||
Net decrease in demand, savings and money market accounts | (116,499 | ) | (96,787 | ) | |||
Net (decrease) increase in time deposits | (27,999 | ) | 54,019 | ||||
Proceeds from Advances from the Federal Home Loan Bank and other borrowings | 170,000 | 430,000 | |||||
Repayments of Advances from the Federal Home Loan Bank and other borrowings | (265,447 | ) | (370,000 | ) | |||
Dividend paid | — | (40,000 | ) | ||||
Proceeds from common stock issued - Class A | 29,218 | — | |||||
Repurchase of common stock - Class B | (28,465 | ) | — | ||||
Net cash used in financing activities | (239,192 | ) | (22,768 | ) | |||
Net increase in cash and cash equivalents | 3,979 | 112,212 | |||||
Cash and cash equivalents | |||||||
Beginning of period | 85,710 | 153,445 | |||||
End of period | $ | 89,689 | $ | 265,657 | |||
Three Months Ended March 31, | |||||||
(in thousands) | 2019 | 2018 | |||||
Supplemental disclosures of cash flow information | |||||||
Cash paid: | |||||||
Interest | $ | 24,086 | $ | 18,255 | |||
Income taxes | 385 | 81 |
1. | Business, Basis of Presentation and Summary of Significant Accounting Policies |
Three Months Ended March 31, 2018 | |||||||||||||||||||
(in thousands) | Real Estate | Commercial | Financial Institutions | Consumer and Others | Total | ||||||||||||||
Balances at beginning of the period | $ | 30,246 | $ | 33,731 | $ | 4,362 | $ | 3,661 | $ | 72,000 | |||||||||
(Reversal of) provision for loan losses | (864 | ) | 578 | (691 | ) | 977 | — | ||||||||||||
Loans charged-off | |||||||||||||||||||
Domestic | — | (382 | ) | — | (19 | ) | (401 | ) | |||||||||||
International | — | — | — | (400 | ) | (400 | ) | ||||||||||||
Recoveries | 34 | 832 | — | 53 | 919 | ||||||||||||||
Balances at end of the period | $ | 29,416 | $ | 34,759 | $ | 3,671 | $ | 4,272 | $ | 72,118 | |||||||||
Allowance for loan losses by impairment methodology | |||||||||||||||||||
Individually evaluated | $ | — | $ | 2,226 | $ | — | $ | — | $ | 2,226 | |||||||||
Collectively evaluated | 29,416 | 32,533 | 3,671 | 4,272 | 69,892 | ||||||||||||||
$ | 29,416 | $ | 34,759 | $ | 3,671 | $ | 4,272 | $ | 72,118 | ||||||||||
Investment in loans, net of unearned income | |||||||||||||||||||
Individually evaluated | $ | 11,238 | $ | 15,055 | $ | — | $ | 342 | $ | 26,635 | |||||||||
Collectively evaluated | 2,699,872 | 2,243,345 | 416,292 | 564,306 | 5,923,815 | ||||||||||||||
$ | 2,711,110 | $ | 2,258,400 | $ | 416,292 | $ | 564,648 | $ | 5,950,450 |
Three Months Ended March 31, 2018 | |||||||||||||||||||
(in thousands) | Real Estate | Commercial | Financial Institutions | Consumer and Others | Total | ||||||||||||||
Balances at beginning of the period | $ | 31,290 | $ | 32,687 | $ | 4,362 | $ | 3,661 | $ | 72,000 | |||||||||
(Reversal of) provision for loan losses | (821 | ) | 535 | (691 | ) | 977 | — | ||||||||||||
Loans charged-off | |||||||||||||||||||
Domestic | — | (382 | ) | — | (19 | ) | (401 | ) | |||||||||||
International | — | — | — | (400 | ) | (400 | ) | ||||||||||||
Recoveries | 34 | 832 | — | 53 | 919 | ||||||||||||||
Balances at end of the period | $ | 30,503 | $ | 33,672 | $ | 3,671 | $ | 4,272 | $ | 72,118 | |||||||||
Allowance for loan losses by impairment methodology | |||||||||||||||||||
Individually evaluated | $ | — | $ | 2,226 | $ | — | $ | — | $ | 2,226 | |||||||||
Collectively evaluated | 30,503 | 31,446 | 3,671 | 4,272 | 69,892 | ||||||||||||||
$ | 30,503 | $ | 33,672 | $ | 3,671 | $ | 4,272 | $ | 72,118 | ||||||||||
Investment in loans, net of unearned income | |||||||||||||||||||
Individually evaluated | $ | 11,238 | $ | 15,055 | $ | — | $ | 342 | $ | 26,635 | |||||||||
Collectively evaluated | 2,803,394 | 2,139,788 | 416,292 | 564,341 | 5,923,815 | ||||||||||||||
$ | 2,814,632 | $ | 2,154,843 | $ | 416,292 | $ | 564,683 | $ | 5,950,450 |
Three Months Ended March 31, 2018 | |||||||||||||||||||
(in thousands) | Real Estate | Commercial | Financial Institutions | Consumer and Others | Total | ||||||||||||||
Balances at beginning of the period | $ | 1,044 | $ | (1,044 | ) | $ | — | $ | — | $ | — | ||||||||
(Reversal of) provision for loan losses | 43 | (43 | ) | — | — | — | |||||||||||||
Loans charged-off | |||||||||||||||||||
Domestic | — | — | — | — | — | ||||||||||||||
International | — | — | — | — | — | ||||||||||||||
Recoveries | — | — | — | — | — | ||||||||||||||
Balances at end of the period | $ | 1,087 | $ | (1,087 | ) | $ | — | $ | — | $ | — | ||||||||
Allowance for loan losses by impairment methodology | |||||||||||||||||||
Individually evaluated | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Collectively evaluated | 1,087 | (1,087 | ) | — | — | — | |||||||||||||
$ | 1,087 | $ | (1,087 | ) | $ | — | $ | — | $ | — | |||||||||
Investment in loans, net of unearned income | |||||||||||||||||||
Individually evaluated | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Collectively evaluated | 103,522 | (103,557 | ) | — | 35 | — | |||||||||||||
$ | 103,522 | $ | (103,557 | ) | $ | — | $ | 35 | $ | — |
2. | Securities |
March 31, 2019 | |||||||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair Value | |||||||||||||
(in thousands) | Gains | Losses | |||||||||||||
U.S. government sponsored enterprise debt securities | $ | 899,571 | $ | 4,687 | $ | (13,800 | ) | $ | 890,458 | ||||||
Corporate debt securities | 258,421 | 1,089 | (1,168 | ) | 258,342 | ||||||||||
U.S. government agency debt securities | 218,813 | 362 | (3,839 | ) | 215,336 | ||||||||||
Municipal bonds | 162,123 | 2,295 | (430 | ) | 163,988 | ||||||||||
Mutual funds | 24,267 | — | (800 | ) | 23,467 | ||||||||||
Commercial paper | — | — | — | — | |||||||||||
$ | 1,563,195 | $ | 8,433 | $ | (20,037 | ) | $ | 1,551,591 |
December 31, 2018 | |||||||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair Value | |||||||||||||
(in thousands) | Gains | Losses | |||||||||||||
U.S. government sponsored enterprise debt securities | $ | 840,760 | $ | 2,197 | $ | (22,178 | ) | $ | 820,779 | ||||||
Corporate debt securities | 357,602 | 139 | (5,186 | ) | 352,555 | ||||||||||
U.S. government agency debt securities | 221,682 | 187 | (4,884 | ) | 216,985 | ||||||||||
Municipal bonds | 162,438 | 390 | (2,616 | ) | 160,212 | ||||||||||
Mutual funds | 24,266 | — | (1,156 | ) | 23,110 | ||||||||||
Commercial paper | 12,448 | — | (38 | ) | 12,410 | ||||||||||
$ | 1,619,196 | $ | 2,913 | $ | (36,058 | ) | $ | 1,586,051 |
March 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 | $ | 74,413 | $ | (1,995 | ) | $ | 524,470 | $ | (11,805 | ) | $ | 598,883 | $ | (13,800 | ) | ||||||||
Corporate debt securities | 72,106 | (365 | ) | 75,776 | (803 | ) | 147,882 | (1,168 | ) | ||||||||||||||
Municipal bonds | — | — | 48,859 | (430 | ) | 48,859 | (430 | ) | |||||||||||||||
U.S. government agency debt securities | 43,198 | (436 | ) | 136,260 | (3,403 | ) | 179,458 | (3,839 | ) | ||||||||||||||
Mutual funds | — | — | 23,220 | (800 | ) | 23,220 | (800 | ) | |||||||||||||||
Commercial paper | — | — | — | — | — | — | |||||||||||||||||
$ | 189,717 | $ | (2,796 | ) | $ | 808,585 | $ | (17,241 | ) | $ | 998,302 | $ | (20,037 | ) |
December 31, 2018 | |||||||||||||||||||||||
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 | $ | 90,980 | $ | (2,995 | ) | $ | 608,486 | $ | (19,183 | ) | $ | 699,466 | $ | (22,178 | ) | ||||||||
Corporate debt securities | 243,667 | (3,800 | ) | 75,762 | (1,386 | ) | 319,429 | (5,186 | ) | ||||||||||||||
Municipal bonds | 63,580 | (939 | ) | 133,886 | (3,945 | ) | 197,466 | (4,884 | ) | ||||||||||||||
U.S. government agency debt securities | 1,449 | (6 | ) | 94,331 | (2,610 | ) | 95,780 | (2,616 | ) | ||||||||||||||
Mutual funds | — | — | 22,865 | (1,156 | ) | 22,865 | (1,156 | ) | |||||||||||||||
Commercial paper | 12,410 | (38 | ) | — | — | 12,410 | (38 | ) | |||||||||||||||
$ | 412,086 | $ | (7,778 | ) | $ | 935,330 | $ | (28,280 | ) | $ | 1,347,416 | $ | (36,058 | ) |
March 31, 2019 | |||||||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair Value | |||||||||||||
(in thousands) | Gains | Losses | |||||||||||||
Securities Held to Maturity - | |||||||||||||||
U.S. government sponsored enterprise debt securities | $ | 81,088 | $ | 79 | $ | (1,635 | ) | $ | 79,532 | ||||||
U.S. Government agency debt securities | 2,821 | 22 | — | 2,843 | |||||||||||
$ | 83,909 | $ | 101 | $ | (1,635 | ) | $ | 82,375 |
December 31, 2018 | |||||||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair Value | |||||||||||||
(in thousands) | Gains | Losses | |||||||||||||
Securities Held to Maturity - | |||||||||||||||
U.S. government sponsored enterprise debt securities | $ | 82,326 | $ | — | $ | (3,889 | ) | $ | 78,437 | ||||||
U.S. Government agency debt securities | 2,862 | — | (49 | ) | 2,813 | ||||||||||
$ | 85,188 | $ | — | $ | (3,938 | ) | $ | 81,250 |
Available for Sale | Held to Maturity | ||||||||||||||
(in thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||
Within 1 year | $ | 34,856 | $ | 34,769 | $ | — | $ | — | |||||||
After 1 year through 5 years | 239,679 | 239,297 | — | — | |||||||||||
After 5 years through 10 years | 172,190 | 172,421 | — | — | |||||||||||
After 10 years | 1,092,203 | 1,081,637 | 83,909 | 82,375 | |||||||||||
No contractual maturities | 24,267 | 23,467 | — | — | |||||||||||
$ | 1,563,195 | $ | 1,551,591 | $ | 83,909 | $ | 82,375 |
3. | Loans |
(in thousands) | March 31, 2019 | December 31, 2018 | |||||
Real estate loans | |||||||
Commercial real estate | |||||||
Nonowner occupied | $ | 1,852,903 | $ | 1,809,356 | |||
Multi-family residential | 878,239 | 909,439 | |||||
Land development and construction loans | 291,416 | 326,644 | |||||
3,022,558 | 3,045,439 | ||||||
Single-family residential | 535,306 | 533,481 | |||||
Owner occupied | 801,856 | 777,022 | |||||
4,359,720 | 4,355,942 | ||||||
Commercial loans | 1,239,525 | 1,380,428 | |||||
Loans to financial institutions and acceptances | 27,985 | 68,965 | |||||
Consumer loans and overdrafts | 107,208 | 114,840 | |||||
$ | 5,734,438 | $ | 5,920,175 |
March 31, 2019 | |||||||||||
(in thousands) | Venezuela | Others (1) | Total | ||||||||
Real estate loans | |||||||||||
Single-family residential (2) | $ | 124,772 | $ | 6,525 | $ | 131,297 | |||||
Commercial loans | — | 63,061 | 63,061 | ||||||||
Loans to financial institutions and acceptances | — | 8,000 | 8,000 | ||||||||
Consumer loans and overdrafts (3) | 25,763 | 8,228 | 33,991 | ||||||||
$ | 150,535 | $ | 85,814 | $ | 236,349 |
(1) | Loans to borrowers in fifteen other countries which do not individually exceed 1% of total assets. |
(2) | Corresponds to mortgage loans secured by single-family residential properties located in the U.S. |
(3) | Mostly comprised of credit card extensions of credit to customers with deposits with the Bank. Charging privileges for Venezuela resident card holders are suspended when the cardholders’ average deposits decline below the outstanding credit balance. At the beginning of 2018, the Company changed the monitoring of such balances from quarterly to monthly. The Company determined to discontinue its international credit cards in April 2019. |
December 31, 2018 | ||||||||||||
(in thousands) | Venezuela | Others (1) | Total | |||||||||
Real estate loans | ||||||||||||
Single-family residential (2) | $ | 128,971 | $ | 6,467 | $ | 135,438 | ||||||
Commercial loans | — | 73,636 | 73,636 | |||||||||
Loans to financial institutions and acceptances | — | 49,000 | 49,000 | |||||||||
Consumer loans and overdrafts (3) | 28,191 | 13,494 | 41,685 | |||||||||
$ | 157,162 | $ | 142,597 | $ | 299,759 |
(1) | Loans to borrowers in seventeen other countries which do not individually exceed 1% of total assets. |
(2) | Corresponds to mortgage loans secured by single-family residential properties located in the U.S. |
(3) | Mostly comprised of credit card extensions of credit to customers with deposits with the Bank. Charging privileges for Venezuela resident card holders are suspended when the cardholders’ average deposits decline below the outstanding credit balance. At the beginning of 2018, the Company changed the monitoring of such balances from quarterly to monthly. |
March 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) | Current | 30-59 Days | 60-89 Days | Greater than 90 Days | Total Past Due | ||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||
Nonowner occupied | $ | 1,852,903 | $ | 1,852,903 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Multi-family residential | 878,239 | 877,574 | — | 665 | — | 665 | 665 | — | |||||||||||||||||||||||
Land development and construction loans | 291,416 | 291,416 | — | — | — | — | — | — | |||||||||||||||||||||||
3,022,558 | 3,021,893 | — | 665 | — | 665 | 665 | — | ||||||||||||||||||||||||
Single-family residential | 535,306 | 523,172 | 7,802 | 921 | 3,411 | 12,134 | 6,514 | — | |||||||||||||||||||||||
Owner occupied | 801,856 | 799,187 | 408 | 1,880 | 381 | 2,669 | 5,192 | — | |||||||||||||||||||||||
4,359,720 | 4,344,252 | 8,210 | 3,466 | 3,792 | 15,468 | 12,371 | — | ||||||||||||||||||||||||
Commercial loans | 1,239,525 | 1,234,890 | 3,151 | 399 | 1,085 | 4,635 | 7,361 | — | |||||||||||||||||||||||
Loans to financial institutions and acceptances | 27,985 | 27,985 | — | — | — | — | — | — | |||||||||||||||||||||||
Consumer loans and overdrafts | 107,208 | 105,434 | 587 | 434 | 753 | 1,774 | 37 | 749 | |||||||||||||||||||||||
$ | 5,734,438 | $ | 5,712,561 | $ | 11,948 | $ | 4,299 | $ | 5,630 | $ | 21,877 | $ | 19,769 | $ | 749 |
December 31, 2018 | |||||||||||||||||||||||||||||||
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) | Current | 30-59 Days | 60-89 Days | Greater than 90 Days | Total Past Due | ||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||
Nonowner occupied | $ | 1,809,356 | $ | 1,809,356 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Multi-family residential | 909,439 | 909,439 | — | — | — | — | — | — | |||||||||||||||||||||||
Land development and construction loans | 326,644 | 326,644 | — | — | — | — | — | — | |||||||||||||||||||||||
3,045,439 | 3,045,439 | — | — | — | — | — | — | ||||||||||||||||||||||||
Single-family residential | 533,481 | 519,730 | 7,910 | 2,336 | 3,505 | 13,751 | 6,689 | 419 | |||||||||||||||||||||||
Owner occupied | 777,022 | 773,876 | 2,800 | 160 | 186 | 3,146 | 4,983 | — | |||||||||||||||||||||||
4,355,942 | 4,339,045 | 10,710 | 2,496 | 3,691 | 16,897 | 11,672 | 419 | ||||||||||||||||||||||||
Commercial loans | 1,380,428 | 1,378,022 | 704 | 1,062 | 640 | 2,406 | 4,772 | — | |||||||||||||||||||||||
Loans to financial institutions and acceptances | 68,965 | 68,965 | — | — | — | — | — | — | |||||||||||||||||||||||
Consumer loans and overdrafts | 114,840 | 113,227 | 474 | 243 | 896 | 1,613 | 35 | 884 | |||||||||||||||||||||||
$ | 5,920,175 | $ | 5,899,259 | $ | 11,888 | $ | 3,801 | $ | 5,227 | $ | 20,916 | $ | 16,479 | $ | 1,303 |
4. | Allowance for Loan Losses |
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 |