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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 June 30, 2023
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ 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) | 460-4728 |
(Registrant’s telephone number, including area code) |
N/A |
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of exchange on which registered |
Class A Common Stock | AMTB | 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.
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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.
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Class | | Outstanding as of July 24, 2023 |
Class A Common Stock, $0.10 par value per share | | 33,696,505 shares of Class A Common Stock |
AMERANT BANCORP INC. AND SUBSIDIARIES
FORM 10-Q
June 30, 2023
INDEX
Part 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Amerant Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets
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(in thousands, except share data) | (Unaudited) June 30, 2023 | | December 31, 2022 |
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Assets | | | |
Cash and due from banks | $ | 45,184 | | | $ | 19,486 | |
Interest earning deposits with banks | 365,673 | | | 228,955 | |
Restricted cash | 34,204 | | | 42,160 | |
Cash and cash equivalents | 445,061 | | | 290,601 | |
Securities | | | |
Debt securities available for sale, at fair value | 1,027,676 | | | 1,057,621 | |
Debt securities held to maturity, at amortized cost (estimated fair value of $209,546 and $217,609 at June 30, 2023 and December 31, 2022, respectively) | 234,369 | | | 242,101 | |
Trading securities | 298 | | | — | |
Equity securities with readily determinable fair value not held for trading | 2,500 | | | 11,383 | |
Federal Reserve Bank and Federal Home Loan Bank stock | 50,460 | | | 55,575 | |
Securities | 1,315,303 | | | 1,366,680 | |
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Mortgage loans held for sale, at fair value | 49,942 | | | 62,438 | |
Loans held for investment, gross | 7,167,016 | | | 6,857,194 | |
Less: Allowance for credit losses | 105,956 | | | 83,500 | |
Loans held for investment, net | 7,061,060 | | | 6,773,694 | |
Bank owned life insurance | 231,253 | | | 228,412 | |
Premises and equipment, net | 43,714 | | | 41,772 | |
Deferred tax assets, net | 56,779 | | | 48,703 | |
Operating lease right-of-use assets | 116,161 | | | 139,987 | |
Goodwill | 20,525 | | | 19,506 | |
Accrued interest receivable and other assets | 179,728 | | | 156,011 | |
Total assets | $ | 9,519,526 | | | $ | 9,127,804 | |
Liabilities and Stockholders' Equity | | | |
Deposits | | | |
Demand | | | |
Noninterest bearing | $ | 1,293,522 | | | $ | 1,367,664 | |
Interest bearing | 2,773,120 | | | 2,300,469 | |
Savings and money market | 1,431,375 | | | 1,647,811 | |
Time | 2,081,554 | | | 1,728,255 | |
Total deposits | 7,579,571 | | | 7,044,199 | |
Advances from the Federal Home Loan Bank | 770,000 | | | 906,486 | |
Senior notes | 59,368 | | | 59,210 | |
Subordinated notes | 29,369 | | | 29,284 | |
Junior subordinated debentures held by trust subsidiaries | 64,178 | | | 64,178 | |
Operating lease liabilities | 119,921 | | | 140,147 | |
Accounts payable, accrued liabilities and other liabilities | 176,163 | | | 178,574 | |
Total liabilities | 8,798,570 | | | 8,422,078 | |
Contingencies (Note 16) | | | |
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Stockholders’ equity | | | |
Class A common stock, $0.10 par value, 250 million shares authorized; 33,736,159 shares issued and outstanding at June 30, 2023 (33,815,161 shares issued and outstanding at December 31, 2022) | 3,374 | | | 3,382 | |
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Additional paid in capital | 195,275 | | | 194,694 | |
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Retained earnings | 611,829 | | | 590,375 | |
Accumulated other comprehensive loss | (86,926) | | | (80,635) | |
Total stockholders' equity before noncontrolling interest | 723,552 | | | 707,816 | |
Noncontrolling interest | (2,596) | | | (2,090) | |
Total stockholders' equity | 720,956 | | | 705,726 | |
Total liabilities and stockholders' equity | $ | 9,519,526 | | | $ | 9,127,804 | |
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 (Loss) Income (Unaudited)
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| Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | 2023 | | 2022 | | 2023 | | 2022 |
Interest income | | | | | | | |
Loans | $ | 119,570 | | | $ | 61,514 | | | $ | 228,071 | | | $ | 117,852 | |
Investment securities | 13,233 | | | 9,135 | | | 26,532 | | | 17,763 | |
Interest earning deposits with banks | 5,694 | | | 518 | | | 9,024 | | | 650 | |
Total interest income | 138,497 | | | 71,167 | | | 263,627 | | | 136,265 | |
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Interest expense | | | | | | | |
Interest bearing demand deposits | 16,678 | | | 1,034 | | | 29,533 | | | 1,324 | |
Savings and money market deposits | 9,437 | | | 1,365 | | | 17,364 | | | 2,110 | |
Time deposits | 18,528 | | | 4,503 | | | 31,362 | | | 8,784 | |
Advances from the Federal Home Loan Bank | 7,621 | | | 3,341 | | | 14,384 | | | 5,822 | |
Senior notes | 941 | | | 942 | | | 1,883 | | | 1,884 | |
Subordinated notes | 362 | | | 361 | | | 723 | | | 449 | |
Junior subordinated debentures | 1,052 | | | 676 | | | 2,167 | | | 1,302 | |
Securities sold under agreements to repurchase | 1 | | | — | | | 1 | | | — | |
Total interest expense | 54,620 | | | 12,222 | | | 97,417 | | | 21,675 | |
Net interest income | 83,877 | | | 58,945 | | | 166,210 | | | 114,590 | |
Provision for (reversal of) credit losses | 29,077 | | | (951) | | | 40,777 | | | (10,226) | |
Net interest income after provision for (reversal of) credit losses | 54,800 | | | 59,896 | | | 125,433 | | | 124,816 | |
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Noninterest income | | | | | | | |
Deposits and service fees | 4,944 | | | 4,577 | | | 9,899 | | | 9,197 | |
Brokerage, advisory and fiduciary activities | 4,256 | | | 4,439 | | | 8,438 | | | 9,035 | |
Change in cash surrender value of bank owned life insurance | 1,429 | | | 1,334 | | | 2,841 | | | 2,676 | |
Cards and trade finance servicing fees | 562 | | | 508 | | | 1,095 | | | 1,098 | |
Loan-level derivative income | 476 | | | 1,009 | | | 2,547 | | | 4,161 | |
Gain (loss) on early extinguishment of advances from the Federal Home Loan Bank, net | 13,440 | | | 2 | | | 26,613 | | | (712) | |
Derivative gains (losses), net | 242 | | | 855 | | | 256 | | | (490) | |
Securities losses, net | (1,237) | | | (2,602) | | | (10,968) | | | (1,833) | |
Other noninterest income | 2,507 | | | 2,809 | | | 5,241 | | | 3,824 | |
Total noninterest income | 26,619 | | | 12,931 | | | 45,962 | | | 26,956 | |
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Noninterest expense | | | | | | | |
Salaries and employee benefits | 34,247 | | | 30,212 | | | 69,123 | | | 60,615 | |
Professional and other services fees | 7,415 | | | 4,734 | | | 15,043 | | | 10,873 | |
Occupancy and equipment | 6,737 | | | 7,760 | | | 13,535 | | | 14,485 | |
Telecommunication and data processing | 5,027 | | | 3,214 | | | 8,091 | | | 7,252 | |
Advertising expenses | 4,332 | | | 3,253 | | | 6,918 | | | 6,225 | |
FDIC assessments and insurance | 2,739 | | | 1,526 | | | 5,476 | | | 2,922 | |
Other real estate owned and repossessed assets expense, net | 2,431 | | | 3,174 | | | 2,431 | | | 3,174 | |
Depreciation and amortization | 2,275 | | | 1,294 | | | 3,567 | | | 2,446 | |
Contract termination costs | 1,550 | | | 2,802 | | | 1,550 | | | 6,814 | |
Loan-level derivative expense | 110 | | | 2,012 | | | 1,710 | | | 3,055 | |
Loans held for sale valuation expense (reversal) | — | | | (300) | | | — | | | 159 | |
Other operating expenses | 5,637 | | | 2,560 | | | 9,789 | | | 5,039 | |
Total noninterest expenses | 72,500 | | | 62,241 | | | 137,233 | | | 123,059 | |
Income before income tax expense | 8,919 | | | 10,586 | | | 34,162 | | | 28,713 | |
Income tax expense | (1,873) | | | (2,234) | | | (7,174) | | | (6,058) | |
Net income before attribution of noncontrolling interest | 7,046 | | | 8,352 | | | 26,988 | | | 22,655 | |
Noncontrolling interest | (262) | | | (72) | | | (506) | | | (1,148) | |
Net income attributable to Amerant Bancorp Inc. | $ | 7,308 | | | $ | 8,424 | | | $ | 27,494 | | | $ | 23,803 | |
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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 (Loss) Income (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands, except per share data) | 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | |
Other comprehensive loss, net of tax | | | | | | | |
Net unrealized holding losses on debt securities available for sale arising during the period | $ | (13,487) | | | $ | (26,442) | | | $ | (7,370) | | | $ | (66,079) | |
Net unrealized holding gains on cash flow hedges arising during the period | 276 | | | 54 | | | 88 | | | 178 | |
Reclassification adjustment for items included in net income | 604 | | | (147) | | | 991 | | | (275) | |
Other comprehensive loss | (12,607) | | | (26,535) | | | (6,291) | | | (66,176) | |
Comprehensive (loss) income | $ | (5,299) | | | $ | (18,111) | | | $ | 21,203 | | | $ | (42,373) | |
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Earnings Per Share (Note 18): | | | | | | | |
Basic earnings per common share | $ | 0.22 | | | $ | 0.25 | | | $ | 0.82 | | | $ | 0.70 | |
Diluted earnings per common share | $ | 0.22 | | | $ | 0.25 | | | $ | 0.81 | | | $ | 0.69 | |
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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 Six Month Periods Ended June 30, 2023
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| Common Stock | | Additional Paid in Capital | | Treasury Stock | | Retained Earnings | | Accumulated Other Comprehensive Income (loss) | | Total Stockholders' Equity Before Noncontrolling Interest | | Noncontrolling interest | | Total Stockholders' Equity |
(in thousands, except share data) | Shares Outstanding | | Issued Shares - Par Value | | | | | | | |
Class A | | | | | | | | | |
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Balance at December 31, 2022 | 33,815,161 | | | | | $ | 3,382 | | | | | $ | 194,694 | | | $ | — | | | $ | 590,375 | | | $ | (80,635) | | | $ | 707,816 | | | $ | (2,090) | | | $ | 705,726 | |
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Repurchase of Class A common stock | (22,403) | | | | | — | | | | | — | | | (566) | | | — | | | — | | | (566) | | | — | | | (566) | |
Treasury stock retired | — | | | | | (2) | | | | | (564) | | | 566 | | | — | | | — | | | — | | | — | | | — | |
Restricted stock issued | 10,440 | | | | | 1 | | | | | (1) | | | — | | | — | | | — | | | — | | | — | | | — | |
Restricted stock, restricted stock units and performance stock units surrendered | (44,896) | | | | | (4) | | | | | (1,166) | | | — | | | — | | | — | | | (1,170) | | | — | | | (1,170) | |
Restricted stock forfeited | (1,394) | | | | | — | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Performance stock units vested | 10,621 | | | | | 1 | | | | | (1) | | | — | | | — | | | — | | | — | | | — | | | — | |
Restricted stock units vested | 46,731 | | | | | 5 | | | | | (5) | | | — | | | — | | | — | | | — | | | — | | | — | |
Stock-based compensation expense | — | | | | | — | | | | | 1,825 | | | — | | | — | | | — | | | 1,825 | | | — | | | 1,825 | |
Net income attributable to Amerant Bancorp Inc. | — | | | | | — | | | | | — | | | — | | | 20,186 | | | — | | | 20,186 | | | — | | | 20,186 | |
Dividends paid | — | | | | | — | | | | | — | | | — | | | (3,017) | | | — | | | (3,017) | | | — | | | (3,017) | |
Net loss attributable to noncontrolling-interest shareholders | — | | | | | — | | | | | — | | | — | | | — | | | — | | | — | | | (244) | | | (244) | |
Other comprehensive income | — | | | | | — | | | | | — | | | — | | | — | | | 6,316 | | | 6,316 | | | — | | | 6,316 | |
Balance at March 31, 2023 | 33,814,260 | | | | | $ | 3,383 | | | | | $ | 194,782 | | | $ | — | | | $ | 607,544 | | | $ | (74,319) | | | $ | 731,390 | | | $ | (2,334) | | | $ | 729,056 | |
Repurchase of Class A common stock | (95,262) | | | | | — | | | | | — | | | (1,659) | | | — | | | — | | | (1,659) | | | — | | | (1,659) | |
Treasury stock retired | — | | | | | (10) | | | | | (1,649) | | | 1,659 | | | — | | | — | | | — | | | — | | | — | |
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Restricted stock and restricted stock units surrendered | (4,414) | | | | | (1) | | | | | (198) | | | — | | | — | | | — | | | (199) | | | — | | | (199) | |
Stock issued for employee stock purchase plan | 30,557 | | | | | 3 | | | | | 683 | | | — | | | — | | | — | | | 686 | | | — | | | 686 | |
Restricted stock forfeited | (26,432) | | | | | (3) | | | | | 3 | | | — | | | — | | | — | | | — | | | — | | | — | |
Restricted stock units vested | 17,450 | | | | | 2 | | | | | (2) | | | — | | | — | | | — | | | — | | | — | | | — | |
Stock-based compensation expense | — | | | | | — | | | | | 1,656 | | | — | | | — | | | — | | | 1,656 | | | — | | | 1,656 | |
Net income attributable to Amerant Bancorp Inc. | — | | | | | — | | | | | — | | | — | | | 7,308 | | | — | | | 7,308 | | | — | | | 7,308 | |
Dividends paid | — | | | | | — | | | | | — | | | — | | | (3,023) | | | — | | | (3,023) | | | — | | | (3,023) | |
Net loss attributable to noncontrolling-interest shareholders | — | | | | | — | | | | | — | | | — | | | — | | | — | | | — | | | (262) | | | (262) | |
Other comprehensive loss | — | | | | | — | | | | | — | | | — | | | — | | | (12,607) | | | (12,607) | | | — | | | (12,607) | |
Balance at June 30, 2023 | 33,736,159 | | | | | $ | 3,374 | | | | | $ | 195,275 | | | $ | — | | | $ | 611,829 | | | $ | (86,926) | | | $ | 723,552 | | | $ | (2,596) | | | $ | 720,956 | |
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The accompanying notes are an integral part of these consolidated financial statements (unaudited).
6
Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
Three and Six Month Periods Ended June 30, 2022
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| Common Stock | | Additional Paid in Capital | | Treasury Stock | | Retained Earnings | | Accumulated Other Comprehensive Income (loss) | | Total Stockholders' Equity Before Noncontrolling Interest | | Noncontrolling interest | | Total Stockholders' Equity |
(in thousands, except share data) | Shares Outstanding | | Issued Shares - Par Value | | | | | | | |
Class A | | | | | | | | | |
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Balance at December 31, 2021 | 35,883,320 | | | | | $ | 3,589 | | | | | $ | 262,510 | | | $ | — | | | $ | 553,167 | | | $ | 15,217 | | | $ | 834,483 | | | $ | (2,610) | | | $ | 831,873 | |
Cumulative effect of adoption of accounting principle, net of tax | — | | | | | — | | | | | — | | | — | | | (13,872) | | | — | | | (13,872) | | | — | | | (13,872) | |
Repurchase of Class A common stock | (1,643,480) | | | | | — | | | | | — | | | (54,820) | | | — | | | — | | | (54,820) | | | — | | | (54,820) | |
Treasury stock retired | — | | | | | (165) | | | | | (54,655) | | | 54,820 | | | — | | | — | | | — | | | — | | | — | |
Restricted stock issued | 104,762 | | | | | 10 | | | | | (10) | | | — | | | — | | | — | | | — | | | — | | | — | |
Restricted stock surrendered | (15,174) | | | | | (2) | | | | | (994) | | | — | | | — | | | — | | | (996) | | | — | | | (996) | |
Restricted stock forfeited | (1,000) | | | | | — | | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Restricted stock units vested | 22,394 | | | | | 2 | | | | | (2) | | | — | | | — | | | — | | | — | | | — | | | — | |
Stock-based compensation expense | — | | | | | — | | | | | 1,260 | | | — | | | — | | | — | | | 1,260 | | | — | | | 1,260 | |
Net income attributable to Amerant Bancorp Inc. | — | | | | | — | | | | | — | | | — | | | 15,379 | | | — | | | 15,379 | | | — | | | 15,379 | |
Dividends paid | — | | | | | — | | | | | — | | | — | | | (3,154) | | | — | | | (3,154) | | | — | | | (3,154) | |
Net loss attributable to noncontrolling-interest shareholders | — | | | | | — | | | | | — | | | — | | | — | | | — | | | — | | | (1,076) | | | (1,076) | |
Other comprehensive loss | — | | | | | — | | | | | — | | | — | | | — | | | (39,641) | | | (39,641) | | | — | | | (39,641) | |
Balance at March 31, 2022 | 34,350,822 | | | | | $ | 3,434 | | | | | $ | 208,109 | | | $ | — | | | $ | 551,520 | | | $ | (24,424) | | | $ | 738,639 | | | $ | (3,686) | | | $ | 734,953 | |
Repurchase of Class A common stock | (611,525) | | | | | — | | | | | — | | | (17,240) | | | — | | | — | | | (17,240) | | | — | | | (17,240) | |
Treasury stock retired | — | | | | | (61) | | | | | (17,179) | | | 17,240 | | | — | | | — | | | — | | | — | | | — | |
Restricted stock issued | 37,938 | | | | | 4 | | | | | (4) | | | — | | | — | | | — | | | — | | | — | | | — | |
Restricted stock forfeited | (28,586) | | | | | (3) | | | | | 3 | | | — | | | — | | | — | | | — | | | — | | | — | |
Restricted stock units vested | 10,955 | | | | | 1 | | | | | (1) | | | — | | | — | | | — | | | — | | | — | | | — | |
Stock-based compensation expense | — | | | | | — | | | | | 1,276 | | | — | | | — | | | — | | | 1,276 | | | — | | | 1,276 | |
Net income attributable to Amerant Bancorp Inc. | — | | | | | — | | | | | — | | | — | | | 8,424 | | | — | | | 8,424 | | | — | | | 8,424 | |
Dividends paid | — | | | | | — | | | | | — | | | — | | | (3,049) | | | — | | | (3,049) | | | — | | | (3,049) | |
Transfer of subsidiary shares from noncontrolling interest | — | | | | | — | | | | | (1,867) | | | — | | | — | | | — | | | (1,867) | | | 1,867 | | | — | |
Net loss attributable to noncontrolling-interest shareholders | — | | | | | — | | | | | — | | | — | | | — | | | — | | | — | | | (72) | | | (72) | |
Other comprehensive loss | — | | | | | — | | | | | — | | | — | | | — | | | (26,535) | | | (26,535) | | | — | | | (26,535) | |
Balance at June 30, 2022 | 33,759,604 | | | | | $ | 3,375 | | | | | $ | 190,337 | | | $ | — | | | $ | 556,895 | | | $ | (50,959) | | | $ | 699,648 | | | $ | (1,891) | | | $ | 697,757 | |
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The accompanying notes are an integral part of these consolidated financial statements (unaudited).
7
Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
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| Six Months Ended June 30, |
(in thousands) | 2023 | | 2022 |
Cash flows from operating activities | | | |
Net income before attribution of noncontrolling interest | $ | 26,988 | | | $ | 22,655 | |
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Adjustments to reconcile net income to net cash used in operating activities | | | |