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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 March 31, 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
amtb-20210331_g1.jpg
Amerant Bancorp Inc.
(Exact Name of Registrant as Specified in Its Charter)
Florida65-0032379
(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 classTrading SymbolsName of exchange on which registered
Class A Common StockAMTBNASDAQ
Class B Common StockAMTBBNASDAQ
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  ý    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 ý 

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.
ClassOutstanding as of May 6, 2021
Class A Common Stock, $0.10 par value per share29,001,646 shares of Class A Common Stock
Class B Common Stock, $0.10 par value per share8,748,667 shares of Class B Common Stock
1


AMERANT BANCORP INC. AND SUBSIDIARIES
FORM 10-Q
March 31, 2021
INDEX
Page

2

Table of Contents


Part 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
Amerant Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share data)(Unaudited) March 31, 2021December 31, 2020
Assets
Cash and due from banks$37,744 $30,179 
Interest earning deposits with banks195,755 184,207 
Cash and cash equivalents233,499 214,386 
Securities
Debt securities available for sale1,190,201 1,225,083 
Debt securities held to maturity104,657 58,127 
Equity securities with readily determinable fair value not held for trading23,965 24,342 
Federal Reserve Bank and Federal Home Loan Bank stock56,469 65,015 
Securities1,375,292 1,372,567 
Loans held for sale1,044  
Loans held for investment, gross5,753,794 5,842,337 
Less: Allowance for loan losses110,940 110,902 
Loans held for investment, net5,642,854 5,731,435 
Bank owned life insurance218,903 217,547 
Premises and equipment, net109,071 109,990 
Deferred tax assets, net15,607 11,691 
Goodwill19,506 19,506 
Accrued interest receivable and other assets135,322 93,771 
Total assets$7,751,098 $7,770,893 
Liabilities and Stockholders' Equity
Deposits
Demand
Noninterest bearing$977,595 $872,151 
Interest bearing1,324,127 1,230,054 
Savings and money market1,494,227 1,587,876 
Time1,882,130 2,041,562 
Total deposits5,678,079 5,731,643 
Advances from the Federal Home Loan Bank 1,050,000 1,050,000 
Senior notes58,656 58,577 
Junior subordinated debentures held by trust subsidiaries64,178 64,178 
Accounts payable, accrued liabilities and other liabilities115,171 83,074 
Total liabilities6,966,084 6,987,472 
Contigencies (Note 16)
Stockholders’ equity
Class A common stock, $0.10 par value, 400 million shares authorized; 29,001,646 shares issued and outstanding (2020 - 28,806,344 shares issued and outstanding)
2,904 2,882 
Class B common stock, $0.10 par value, 100 million shares authorized; 8,920,315 shares issued and outstanding (2020: 9,036,352 shares issued and outstanding)
892 904 
Additional paid in capital304,448 305,569 
Retained earnings456,861 442,402 
Accumulated other comprehensive income19,909 31,664 
Total stockholders' equity785,014 783,421 
Total liabilities and stockholders' equity$7,751,098 $7,770,893 
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
3

Table of Contents
Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income (Unaudited)
Three Months Ended March 31,
(in thousands)20212020
Interest income
Loans$52,771 $59,788 
Investment securities7,507 11,065 
Interest earning deposits with banks51 462 
Total interest income60,329 71,315 
Interest expense
Interest bearing demand deposits113 135 
Savings and money market deposits980 3,266 
Time deposits7,360 13,484 
Advances from the Federal Home Loan Bank2,758 4,412 
Senior notes942  
Junior subordinated debentures607 789 
Total interest expense12,760 22,086 
Net interest income47,569 49,229 
Provision for loan losses 22,000 
Net interest income after provision for loan losses47,569 27,229 
Noninterest income
Deposits and service fees4,106 4,290 
Brokerage, advisory and fiduciary activities4,603 4,133 
Change in cash surrender value of bank owned life insurance1,356 1,414 
Securities gains, net2,582 9,620 
Cards and trade finance servicing fees339 395 
Loss on early extinguishment of advances from the Federal Home Loan Bank, net (7)
Other noninterest income1,177 2,065 
Total noninterest income14,163 21,910 
Noninterest expense
Salaries and employee benefits26,427 29,326 
Occupancy and equipment4,488 3,803 
Telecommunication and data processing3,727 3,464 
Professional and other services fees3,784 2,954 
Depreciation and amortization1,786 1,959 
FDIC assessments and insurance1,755 1,118 
Other operating expenses1,658 2,243 
Total noninterest expenses43,625 44,867 
Income before income tax expense18,107 4,272 
Income tax expense(3,648)(890)
Net income $14,459 $3,382 
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
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Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income (Unaudited)
Three Months Ended March 31,
(in thousands, except per share data)20212020
Other comprehensive (loss) income, net of tax
Net unrealized holding (losses) gains on debt securities available for sale arising during the period$(9,466)$26,702 
Net unrealized holding gains (losses) on cash flow hedges arising during the period36 (1,514)
Reclassification adjustment for items included in net income(2,325)(7,305)
Other comprehensive (loss) income (11,755)17,883 
Comprehensive income$2,704 $21,265 
Earnings Per Share (Note 18):
Basic earnings per common share$0.38 $0.08 
Diluted earnings per common share$0.38 $0.08 

The accompanying notes are an integral part of these consolidated financial statements (unaudited).
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Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
Three Months Ended March 31, 2021 and 2020
Common StockAdditional
Paid
in Capital
Treasury StockRetained
Earnings
Accumulated Other Comprehensive IncomeTotal
Stockholders'
Equity
(in thousands, except share data)Shares OutstandingIssued Shares - Par Value
Class AClass BClass AClass B
Balance at December 31, 202028,806,344 9,036,352 $2,882 $904 $305,569 $ $442,402 $31,664 $783,421 
Repurchase of Class B common stock— (116,037)— — — (1,855)— — (1,855)
Treasury stock retired— — — (12)(1,843)1,855 — —  
Restricted stock issued196,015 — 22 — (22)— — —  
Restricted stock surrendered(713)— — — (13)— — — (13)
Stock-based compensation expense— — — — 757 — — — 757 
Net income— — — — — — 14,459 — 14,459 
Other comprehensive loss— — — — — — — (11,755)(11,755)
Balance at March 31, 202129,001,646 8,920,315 $2,904 $892 $304,448 $ $456,861 $19,909 $785,014 

Common StockAdditional
Paid
in Capital
Treasury StockRetained
Earnings
Accumulated Other Comprehensive Income Total
Stockholders'
Equity
(in thousands, except share data)Shares OutstandingIssued Shares - Par Value
Class AClass BClass AClass B
Balance at December 31, 2019
28,927,576 14,218,596 $2,893 $1,775 $419,048 $(46,373)$444,124 $13,234 $834,701 
Repurchase of Class B common stock— (932,459)— — — (15,239)— — (15,239)
Treasury stock retired— — — (446)(61,166)61,612 — —  
Restricted stock issued6,591 — 1 — (1)— — —  
Restricted stock surrendered(129)— — — (2)— — — (2)
Restricted stock forfeited(54,462)— (6)— 6 — — —  
Stock-based compensation expense— — — — 392 — — — 392 
Net income— — — — — — 3,382 — 3,382 
Other comprehensive income— — — — — — — 17,883 17,883 
Balance at March 31, 202028,879,576 13,286,137 $2,888 $1,329 $358,277 $ $447,506 $31,117 $841,117 


The accompanying notes are an integral part of these consolidated financial statements (unaudited).
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Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended March 31,
(in thousands)20212020
Cash flows from operating activities
Net income$14,459 $3,382 
Adjustments to reconcile net income to net cash provided by operating activities
Provision for loan losses 22,000 
Net premium amortization on securities3,591 3,775 
Depreciation and amortization1,786 1,959 
Stock-based compensation expense757 392 
Change in cash surrender value of bank owned life insurance(1,356)(1,414)
Securities gains, net(2,582)(9,620)
Deferred taxes and others(99)(5,255)
Loss on early extinguishment of advances from the FHLB, net 7 
Net changes in operating assets and liabilities:
Accrued interest receivable and other assets(3,229)(1,539)
Accounts payable, accrued liabilities and other liabilities(6,305)(10,509)
Net cash provided by operating activities7,022 3,178 
Cash flows from investing activities
Purchases of investment securities:
Available for sale(96,197)(197,522)
Held to maturity securities(50,274) 
Federal Home Loan Bank stock (8,538)
(146,471)(206,060)
Maturities, sales, calls and paydowns of investment securities:
Available for sale115,125 196,698 
Held to maturity3,578 3,382 
Federal Home Loan Bank stock8,547 7,349 
127,250 207,429 
Net decrease in loans86,376 61,641 
Proceeds from loan sales1,173 13,109 
Net purchases of premises and equipment and others(805)(1,321)
Net cash provided by investing activities67,523 74,798 
Cash flows from financing activities
Net increase (decrease) in demand, savings and money market accounts105,868 (36,038)
Net (decrease) increase in time deposits(159,432)121,107 
Proceeds from Advances from the Federal Home Loan Bank 280,000 
Repayments of Advances from the Federal Home Loan Bank  (250,007)
Redemption of junior subordinated debentures (28,068)
Repurchase of common stock - Class B(1,855)(15,239)
Common stock retired to cover tax withholding(13)(2)
Net cash (used in) provided by financing activities(55,432)71,753 
Net increase in cash and cash equivalents19,113 149,729 
Cash and cash equivalents
Beginning of period214,386 121,324 
End of period$233,499 $271,053 
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
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Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited) (continued)
Three Months Ended March 31,
(in thousands)20212020
Supplemental disclosures of cash flow information
Cash paid:
Interest$11,736 $21,890 
Income taxes324 295 
Initial recognition of operating lease right-of-use assets55,670  
Initial recognition of operating lease liabilities56,024  
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
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Amerant Bancorp Inc. and Subsidiaries
Notes to Interim Consolidated Financial Statements (Unaudited)
1.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. In December 2020, the Bank joined a third party to form Amerant Mortgage, LLC. (“Amerant Mortgage”). In March 2021, the Bank and Amerant Trust received authorization to merge Amerant Trust with and into the Bank, with the Bank as sole survivor, effective on April 1, 2021.
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.
Stock Repurchase Program
On March 10, 2021, the Company’s Board of Directors approved a stock repurchase program which provides for the potential repurchase of up to $40 million of shares of the Company’s Class B common stock (the “2021 Stock Repurchase Program”). For more information about the 2021 Stock Repurchase Program, see Note 15 to our unaudited interim financial statements in this Form 10-Q.
COVID-19 Pandemic
CARES Act
On March 11, 2020, the World Health Organization recognized an outbreak of a novel strain of the coronavirus, COVID-19, as a pandemic. The COVID-19 pandemic adversely affected the economy resulting in a 150-basis-point reduction in the federal funds rate, and the enactment of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act provided emergency economic relief to individuals, small businesses, mid-size companies, large corporations, hospitals and other public health facilities, and state and local governments, and 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. In early January 2021, a third round of PPP loans provided additional stimulus relief to small businesses and individuals who are self-employed or independent contractors. As of March 30, 2021, total PPP loans were $164.8 million, or 2.9% of total loans, compared to $198.5 million, or 3.4% of total loans as of December 31, 2020. The Company estimates as of March 31, 2021, there were $173.2 million of deposits related to the PPP compared to $95.4 million as of December 31, 2020. On May 4, 2021, the Company entered into an agreement to sell to a third party, in cash, PPP loans with an outstanding balance of approximately $95.1 million, and expects to realize a pre-tax gain on sale of approximately $3.8 million. The Company retained no loan servicing rights.
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Amerant Bancorp Inc. and Subsidiaries
Notes to Interim Consolidated Financial Statements (Unaudited)

Loan Modification Programs
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. These programs continued in the second, third and fourth quarters of 2020, and first quarter of 2021. In the first quarter of 2021, the Company also began to selectively offer additional temporary loan modifications that allow it to extend the deferral and/or forbearance period beyond 180 days. Consistent with accounting and regulatory guidance, temporary modifications granted under these programs are not considered troubled debt restructurings, or TDRs. Loans which have been modified under these programs totaled $1.1 billion as of March 31, 2021. As of March 31, 2021, modified loans totaling $62.1 million, or 1.1% of total ($43.4 million, or 0.7%, at December 31, 2020), were still under the deferral and/or forbearance period.
b) Basis of Presentation and Summary of Significant Accounting Policies
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“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 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, 2020 and 2019 and for each of the three years in the period ended December 31, 2020 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 Company’s annual report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (“SEC”), on March 19, 2021 (the “Form 10-K”) .
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Amerant Bancorp Inc. and Subsidiaries
Notes to Interim Consolidated Financial Statements (Unaudited)

Estimates
The preparation of financial statements in conformity with 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 pandemic has severely restricted the level of economic activity in the U.S. and around the world since March 2020. Several states and cities across the U.S., including the States of Florida, New York and Texas and cities where we have banking centers, LPOs and where our principal place of business is located, have also implemented quarantines, restrictions on travel, “shelter at home” orders, and restrictions on types of business that may continue to operate or may be reinstated in the future. While some of these measures and restrictions have been lifted and most businesses have begun to reopen, the Company cannot predict when restrictions currently in place may be lifted, or whether restrictions that have been lifted will need to be imposed or tightened in the future if viewed as necessary due to public health concerns. Given the uncertainty regarding the spread and severity of the COVID-19 pandemic and its adverse effects on the U.S. and global economies, the impact to the Company’s financial statements cannot be accurately predicted at this time.

c) Recently Issued Accounting Pronouncements
Issued and 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 . 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 (“ROUA”) and a lease liability for most leases within the scope of the guidance. The Company adopted this standard on January 1, 2021 using the modified retrospective transition approach. Adoption of this standard resulted in a ROUA and a lease liability of $54.5 million and $55.0 million, respectively, which are presented in other assets and other liabilities, respectively, in the Company’s consolidated balance sheet at March 31, 2021.
The Company determines if an arrangement is or contains a lease at the inception of the contract. Operating lease ROUAs and liabilities are recognized at the inception date based on the present value of lease payments over the lease term. At lease inception, when the rate implicit in each lease is not readily available, the Company is required to apply an incremental borrowing rate to calculate the ROUA and lease liability. The incremental borrowing rate is based on factors including the lease term and various market rates. Additionally, the Company also considers lease renewal options reasonably certain of exercise for purposes of determining the lease term.
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Amerant Bancorp Inc. and Subsidiaries
Notes to Interim Consolidated Financial Statements (Unaudited)

The new leasing standard provides several optional expedients in transition. The Company elected certain practical expedients, which allows the Company to not reassess prior conclusions on lease classification, embedded leases and initial indirect costs. The Company elected to exclude short-term leases up to 12 months from the recognition of right-of-use assets and lease liabilities. Additionally, the Company elected to separate lease and non-lease cost and account for them separately.
Targeted Improvements to Accounting for Hedging Activities
In August 2017, the FASB issued targeted amendments to the guidance for recognition, presentation and disclosure of hedging activities. These targeted amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments also simplify the application of hedge accounting guidance. In June 2020, the FASB amended the effective date of the new guidance on hedging. This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years for public business entities. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The adoption of this guidance in the first quarter of 2021 did not have an effect on the Company’s consolidated financial statements.
d) Subsequent Events
The effects of significant subsequent events, if any, have been recognized or disclosed in these unaudited interim consolidated financial statements.



2. Interest Earning Deposits with Banks
At March 31, 2021 and December 31, 2020, interest earning deposits with banks are mainly comprised of deposits with the Federal Reserve of approximately $196 million and $184 million, respectively. At March 31, 2021 and December 31, 2020, the average interest rate on these deposits was approximately 0.10% and 0.31%, respectively. These deposits mature within one year.

3.Securities
Amortized cost and approximate fair values of debt securities available for sale are summarized as follows:
March 31, 2021
Amortized
Cost
Gross UnrealizedEstimated
Fair Value
(in thousands)GainsLosses
U.S. government-sponsored enterprise debt securities$598,250 $15,090 $(2,637)$610,703 
Corporate debt securities338,473 8,903 (1,802)345,574 
U.S. government agency debt securities214,901 3,810 (2,636)216,075 
U.S. treasury securities2,504 6  2,510 
Municipal bonds14,243 1,096  15,339 
Total debt securities available for sale (1)$1,168,371 $28,905 $(7,075)$1,190,201 
__________________
(1)As of March 31, 2021, includes residential and commercial mortgage-backed securities with amortized cost of $624.0 million and $134.5 million, respectively, and fair value of $637.5 million and $135.8 million, respectively.
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Amerant Bancorp Inc. and Subsidiaries
Notes to Interim Consolidated Financial Statements (Unaudited)

December 31, 2020
Amortized
Cost
Gross UnrealizedEstimated
Fair Value
(in thousands)GainsLosses
U.S. government sponsored enterprise debt securities$640,796 $21,546 $(1,007)$661,335 
Corporate debt securities292,033 10,787 (1,106)301,714 
U.S. government agency debt securities202,135 4,458 (2,015)204,578 
U.S. treasury securities2,505 7  2,512 
Municipal bonds50,309 4,635  54,944 
Total debt securities available for sale (1)$1,187,778 $41,433 $(4,128)$1,225,083 
__________________
(1)As of December 31, 2020, includes residential and commercial mortgage-backed securities with amortized cost of $647.0 million and $123.9 million, respectively, and fair value of $666.7 million and $128.4 million, respectively.
The Company had investments in foreign corporate debt securities available for sale of $16.4 million and $17.1 million at March 31, 2021 and December 31, 2020, respectively. At March 31, 2021 and December 31, 2020, the Company had no foreign sovereign or foreign government agency debt securities available for sale.
In the three months ended March 31, 2021 and 2020, proceeds from sales, redemptions and calls, gross realized gains, gross realized losses of debt securities available for sale were as follows:
Three Months Ended March 31,
(in thousands)20212020
Proceeds from sales, redemptions and calls of debt securities available for sale$43,854 $139,072 
Gross realized gains$2,947 $9,266 
Gross realized losses (23)
Realized gains, net on sales of debt investment securities$2,947 $9,243 
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, 2021
Less Than 12 Months12 Months or MoreTotal
(in thousands)Estimated
Fair Value
Unrealized
Loss
Estimated
Fair Value
Unrealized
Loss
Estimated
Fair Value
Unrealized
Loss
U.S. government-sponsored enterprise debt securities$86,734 $(2,413)$8,364 $(224)$95,098 $(2,637)
Corporate debt securities63,290 (1,049)8,201 (753)71,491 (1,802)
U.S. government agency debt securities36,577 (792)80,582 (1,844)117,159 (2,636)
$186,601 $(4,254)$97,147 $(2,821)$283,748 $(7,075)

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Amerant Bancorp Inc. and Subsidiaries
Notes to Interim Consolidated Financial Statements (Unaudited)