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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, 2024
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 | New York Stock Exchange |
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 July 29, 2024 |
Class A Common Stock, $0.10 par value per share | | 33,493,162 shares of Class A Common Stock |
AMERANT BANCORP INC. AND SUBSIDIARIES
FORM 10-Q
June 30, 2024
INDEX
Part 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Amerant Bancorp Inc. and Subsidiaries
Consolidated Balance Sheets
| | | | | | | | | | | |
(in thousands, except share data) | (Unaudited) June 30, 2024 | | December 31, 2023 |
| | | |
Assets | | | |
Cash and due from banks | $ | 32,762 | | | $ | 47,234 | |
Interest earning deposits with banks | 238,346 | | | 242,709 | |
Restricted cash | 32,430 | | | 25,849 | |
Other short-term investments | 6,781 | | | 6,080 | |
Cash and cash equivalents | 310,319 | | | 321,872 | |
Securities | | | |
Debt securities available for sale, at fair value | 1,269,356 | | | 1,217,502 | |
Debt securities held to maturity, at amortized cost (estimated fair value of $192,403 and $204,945 at June 30, 2024 and December 31, 2023, respectively) | 219,613 | | | 226,645 | |
| | | |
Equity securities with readily determinable fair value not held for trading | 2,483 | | | 2,534 | |
Federal Reserve Bank and Federal Home Loan Bank stock | 56,412 | | | 50,294 | |
Securities | 1,547,864 | | | 1,496,975 | |
Loans held for sale, at lower of cost or fair value | 551,828 | | | 365,219 | |
Mortgage loans held for sale, at fair value | 60,122 | | | 26,200 | |
Loans held for investment, gross | 6,710,961 | | | 6,873,493 | |
Less: Allowance for credit losses | 94,400 | | | 95,504 | |
Loans held for investment, net | 6,616,561 | | | 6,777,989 | |
Bank owned life insurance | 238,851 | | | 234,972 | |
Premises and equipment, net | 33,382 | | | 43,603 | |
Deferred tax assets, net | 48,779 | | | 55,635 | |
Operating lease right-of-use assets | 100,580 | | | 118,484 | |
Goodwill | 19,193 | | | 19,193 | |
Accrued interest receivable and other assets | 220,259 | | | 256,185 | |
| | | |
Total assets | $ | 9,747,738 | | | $ | 9,716,327 | |
Liabilities and Stockholders' Equity | | | |
Deposits | | | |
Demand | | | |
Noninterest bearing | $ | 1,465,140 | | | $ | 1,426,919 | |
Interest bearing | 2,316,976 | | | 2,560,629 | |
Savings and money market | 1,723,233 | | | 1,610,218 | |
Time | 2,310,662 | | | 2,297,097 | |
Total deposits | 7,816,011 | | | 7,894,863 | |
Advances from the Federal Home Loan Bank | 765,000 | | | 645,000 | |
Senior notes | 59,685 | | | 59,526 | |
Subordinated notes | 29,539 | | | 29,454 | |
Junior subordinated debentures held by trust subsidiaries | 64,178 | | | 64,178 | |
Operating lease liabilities | 105,861 | | | 123,167 | |
Accounts payable, accrued liabilities and other liabilities | 173,122 | | | 164,071 | |
| | | |
Total liabilities | 9,013,396 | | | 8,980,259 | |
Contingencies (Note 11) | | | |
| | | |
Stockholders’ equity | | | |
Class A common stock, $0.10 par value, 250 million shares authorized; 33,562,756 shares issued and outstanding at June 30, 2024 (33,603,242 shares issued and outstanding at December 31, 2023) | 3,357 | | | 3,361 | |
| | | |
Additional paid in capital | 189,601 | | | 192,701 | |
| | | |
Retained earnings | 620,299 | | | 610,802 | |
Accumulated other comprehensive loss | (78,915) | | | (70,796) | |
| | | |
| | | |
Total stockholders' equity | 734,342 | | | 736,068 | |
Total liabilities and stockholders' equity | $ | 9,747,738 | | | $ | 9,716,327 | |
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 (Loss) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
Interest income | | | | | | | |
Loans | $ | 124,117 | | | $ | 119,570 | | | $ | 246,822 | | | $ | 228,071 | |
Investment securities | 16,950 | | | 13,233 | | | 33,041 | | | 26,532 | |
Interest earning deposits with banks and other interest income | 5,342 | | | 5,694 | | | 11,171 | | | 9,024 | |
Total interest income | 146,409 | | | 138,497 | | | 291,034 | | | 263,627 | |
| | | | | | | |
Interest expense | | | | | | | |
Interest bearing demand deposits | 16,779 | | | 16,678 | | | 34,515 | | | 29,533 | |
Savings and money market deposits | 14,999 | | | 9,437 | | | 29,860 | | | 17,364 | |
Time deposits | 25,971 | | | 18,528 | | | 52,095 | | | 31,362 | |
Advances from the Federal Home Loan Bank | 6,946 | | | 7,621 | | | 12,524 | | | 14,384 | |
Senior notes | 941 | | | 941 | | | 1,884 | | | 1,883 | |
Subordinated notes | 361 | | | 362 | | | 722 | | | 723 | |
Junior subordinated debentures | 1,055 | | | 1,052 | | | 2,109 | | | 2,167 | |
Securities sold under agreements to repurchase | 2 | | | 1 | | | 2 | | | 1 | |
Total interest expense | 67,054 | | | 54,620 | | | 133,711 | | | 97,417 | |
Net interest income | 79,355 | | | 83,877 | | | 157,323 | | | 166,210 | |
Provision for credit losses | 19,150 | | | 29,077 | | | 31,550 | | | 40,777 | |
Net interest income after provision for credit losses | 60,205 | | | 54,800 | | | 125,773 | | | 125,433 | |
| | | | | | | |
Noninterest income | | | | | | | |
Deposits and service fees | 5,281 | | | 4,944 | | | 9,606 | | | 9,899 | |
Brokerage, advisory and fiduciary activities | 4,538 | | | 4,256 | | | 8,865 | | | 8,438 | |
Change in cash surrender value of bank owned life insurance | 2,242 | | | 1,429 | | | 4,584 | | | 2,841 | |
Loan-level derivative income | 2,357 | | | 476 | | | 2,823 | | | 2,547 | |
Cards and trade finance servicing fees | 1,331 | | | 562 | | | 2,554 | | | 1,095 | |
Gain on early extinguishment of advances from the Federal Home Loan Bank, net | 189 | | | 13,440 | | | 189 | | | 26,613 | |
Derivative (losses) gains, net | (44) | | | 242 | | | (196) | | | 256 | |
Securities losses, net | (117) | | | (1,237) | | | (171) | | | (10,968) | |
Other noninterest income | 3,643 | | | 2,507 | | | 5,654 | | | 5,241 | |
Total noninterest income | 19,420 | | | 26,619 | | | 33,908 | | | 45,962 | |
| | | | | | | |
Noninterest expense | | | | | | | |
Salaries and employee benefits | 33,857 | | | 34,247 | | | 66,815 | | | 69,123 | |
Professional and other services fees | 12,110 | | | 7,415 | | | 23,073 | | | 15,043 | |
Occupancy and equipment | 9,041 | | | 6,737 | | | 15,517 | | | 13,535 | |
Telecommunication and data processing | 2,732 | | | 5,027 | | | 6,265 | | | 8,091 | |
Advertising expenses | 4,243 | | | 4,332 | | | 7,321 | | | 6,918 | |
FDIC assessments and insurance | 2,772 | | | 2,739 | | | 5,780 | | | 5,476 | |
Depreciation and amortization | 1,652 | | | 2,275 | | | 3,129 | | | 3,567 | |
Loan-level derivative expense | 580 | | | 110 | | | 584 | | | 1,710 | |
Other real estate owned and repossessed assets (income) expense, net | (148) | | | 2,431 | | | (502) | | | 2,431 | |
Contract termination costs | — | | | 1,550 | | | — | | | 1,550 | |
Losses on loans held for sale carried at the lower cost or fair value | 1,258 | | | — | | | 1,258 | | | — | |
Other operating expenses | 5,205 | | | 5,637 | | | 10,656 | | | 9,789 | |
Total noninterest expenses | 73,302 | | | 72,500 | | | 139,896 | | | 137,233 | |
Income before income tax expense | 6,323 | | | 8,919 | | | 19,785 | | | 34,162 | |
Income tax expense | (1,360) | | | (1,873) | | | (4,254) | | | (7,174) | |
Net income before attribution of noncontrolling interest | 4,963 | | | 7,046 | | | 15,531 | | | 26,988 | |
Noncontrolling interest | — | | | (262) | | | — | | | (506) | |
Net income attributable to Amerant Bancorp Inc. | $ | 4,963 | | | $ | 7,308 | | | $ | 15,531 | | | $ | 27,494 | |
| | | | | | | |
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 (Loss) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands, except per share data) | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | |
Other comprehensive loss, net of tax | | | | | | | |
Net unrealized holding losses on debt securities available for sale arising during the period | $ | (2,978) | | | $ | (13,487) | | | $ | (8,082) | | | $ | (7,370) | |
Net unrealized holding gains on cash flow hedges arising during the period | 70 | | | 276 | | | 297 | | | 88 | |
Reclassification adjustment for items included in net income | (123) | | | 604 | | | (334) | | | 991 | |
Other comprehensive loss | (3,031) | | | (12,607) | | | (8,119) | | | (6,291) | |
Comprehensive income (loss) | $ | 1,932 | | | $ | (5,299) | | | $ | 7,412 | | | $ | 21,203 | |
| | | | | | | |
Earnings Per Share (Note 13): | | | | | | | |
Basic earnings per common share | $ | 0.15 | | | $ | 0.22 | | | $ | 0.46 | | | $ | 0.82 | |
Diluted earnings per common share | $ | 0.15 | | | $ | 0.22 | | | $ | 0.46 | | | $ | 0.81 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
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, 2024
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Balance at December 31, 2023 | 33,603,242 | | | | | $ | 3,361 | | | | | $ | 192,701 | | | $ | — | | | $ | 610,802 | | | $ | (70,796) | | | | | | | $ | 736,068 | |
| | | | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Issuance of common shares for restricted stock unit vesting | 77,615 | | | | | 8 | | | | | (8) | | | — | | | — | | | — | | | | | | | — | |
Issuance of common shares for performance shares unit vesting | 125,271 | | | | | 13 | | | | | (13) | | | — | | | — | | | — | | | | | | | — | |
Restricted stock, restricted stock units and performance stock units surrendered | (92,830) | | | | | (9) | | | | | (2,078) | | | — | | | — | | | — | | | | | | | (2,087) | |
Restricted stock forfeited | (3,903) | | | | | — | | | | | — | | | — | | | — | | | — | | | | | | | — | |
| | | | | | | | | | | | | | | | | | | | | |
Stock-based compensation expense | — | | | | | — | | | | | 1,635 | | | — | | | — | | | — | | | | | | | 1,635 | |
Dividends paid | — | | | | | — | | | | | — | | | — | | | (3,011) | | | — | | | | | | | (3,011) | |
Net income attributable to Amerant Bancorp Inc. | — | | | | | — | | | | | — | | | — | | | 10,568 | | | — | | | | | | | 10,568 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Other comprehensive loss | — | | | | | — | | | | | — | | | — | | | — | | | (5,088) | | | | | | | (5,088) | |
Balance at March 31, 2024 | 33,709,395 | | | | | $ | 3,373 | | | | | $ | 192,237 | | | $ | — | | | $ | 618,359 | | | $ | (75,884) | | | | | | | $ | 738,085 | |
Repurchase of Class A common stock | (200,652) | | | | | — | | | | | — | | | (4,448) | | | — | | | — | | | | | | | (4,448) | |
Treasury stock retired | — | | | | | (20) | | | | | (4,428) | | | 4,448 | | | — | | | — | | | | | | | — | |
| | | | | | | | | | | | | | | | | | | | | |
Restricted stock and restricted stock units surrendered | (7,957) | | | | | (1) | | | | | (93) | | | — | | | — | | | — | | | | | | | (94) | |
Stock issued for employee stock purchase plan | 28,510 | | | | | 3 | | | | | 483 | | | — | | | — | | | — | | | | | | | 486 | |
Restricted stock forfeited | (15,043) | | | | | (2) | | | | | 2 | | | — | | | — | | | — | | | | | | | — | |
Restricted stock units vested | 48,503 | | | | | 4 | | | | | (4) | | | — | | | — | | | — | | | | | | | — | |
Stock-based compensation expense | — | | | | | — | | | | | 1,404 | | | — | | | — | | | — | | | | | | | 1,404 | |
Net income attributable to Amerant Bancorp Inc. | — | | | | | — | | | | | — | | | — | | | 4,963 | | | — | | | | | | | 4,963 | |
Dividends paid | — | | | | | — | | | | | — | | | — | | | (3,023) | | | — | | | | | | | (3,023) | |
| | | | | | | | | | | | | | | | | | | | | |
Other comprehensive loss | — | | | | | — | | | | | — | | | — | | | — | | | (3,031) | | | | | | | (3,031) | |
Balance at June 30, 2024 | 33,562,756 | | | | | $ | 3,357 | | | | | $ | 189,601 | | | $ | — | | | $ | 620,299 | | | $ | (78,915) | | | | | | | $ | 734,342 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
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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, 2023
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Balance at December 31, 2022 | 33,815,161 | | | | | $ | 3,382 | | | | | $ | 194,694 | | | $ | — | | | $ | 590,375 | | | $ | (80,635) | | | $ | 707,816 | | | $ | (2,090) | | | $ | 705,726 | |
| | | | | | | | | | | | | | | | | | | | | |
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 | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | |
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).
7
Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
| | | | | | | | | | | |
| Six Months Ended June 30, |
(in thousands) | 2024 | | 2023 |
Cash flows from operating activities | | | |
Net income before attribution of noncontrolling interest | $ | 15,531 | | | $ | 26,988 | |
| | | |
| | | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | | | |
Provision for credit losses | 31,550 | | | 40,777 | |
Net premium amortization on securities | 2,586 | | | 2,440 | |
Depreciation and amortization | 3,129 | | | 3,567 | |
Stock-based compensation expense | 3,039 | | | 3,481 | |
Change in cash surrender value of bank owned life insurance | (4,584) | | | (2,841) | |
Securities losses, net | 171 | | | 10,968 | |
Derivative losses (gains), net | 196 | | | (256) | |
Gains on sale of loans, net | (2,294) | | | (2,509) | |
Losses on loans held for sale carried at the lower cost or fair value | 1,258 | | | — | |
Loss on sale of other repossessed assets | — | | | 2,649 | |
Impairment on investment carried at cost | — | | | 1,963 | |
Deferred taxes and others | 12,018 | | | (3,309) | |
Gain on early extinguishment of advances from the FHLB, net | (189) | | | (26,613) | |
Proceeds from sales and repayments of loans held for sale (at fair value) | 113,481 | | | 128,478 | |
Originations and purchases of loans held for sale (at fair value) | (168,016) | | | (189,943) | |
Net changes in operating assets and liabilities: | | | |
Accrued interest receivable and other assets | (15,009) | | | (8,025) | |
Accounts payable, accrued liabilities and other liabilities | 7,580 | | | 4,346 | |
Net cash provided by (used in) operating activities | 447 | | | (7,839) | |
| | | |
Cash flows from investing activities | | | |
Purchases of investment securities: | | | |
Available for sale | (115,935) | | | (36,658) | |
| | | |
Equity securities with readily determinable fair value not held for trading | — | | | (2,500) | |
Federal Home Loan Bank stock | (36,343) | | | (38,660) | |
| (152,278) | | | (77,818) | |
Maturities, sales, calls and paydowns of investment securities: | | | |
Available for sale | 50,941 | | | 46,093 | |
Held to maturity | 6,729 | | | 7,373 | |
Federal Home Loan Bank stock | 30,226 | | | 43,775 | |
Equity securities with readily determinable fair value not held for trading | — | | | 11,168 | |
| 87,896 | | | 108,409 | |
Net increase in loans | (470,074) | | | (291,759) | |
Proceeds from loan sales | 434,318 | | | 14,462 | |
Cash paid in business acquisition | — | | | (1,970) | |
Net purchases of premises and equipment and others | (4,995) | | | (7,247) | |
Proceeds from surrender of bank owned life insurance | 62,741 | | | — | |
Proceeds from bank owned life insurance death benefit | 1,232 | | | — | |
Proceeds from sale of repossessed assets | — | | | 2,464 | |
Net cash used in investing activities | (41,160) | | | (253,459) | |
| | | |
Cash flows from financing activities | | | |
Net (decrease) increase in demand, savings and money market accounts | (92,417) | | | 182,073 | |
Net increase in time deposits | 13,565 | | | 353,299 | |
| | | |
Proceeds from Advances from the Federal Home Loan Bank | 1,212,500 | | | 1,130,000 | |
Repayments of Advances from the Federal Home Loan Bank | (1,092,311) | | | (1,240,448) | |
| | | |
Repurchase of common stock - Class A | (4,448) | | | (2,225) | |
| | | |
Dividend paid | (6,034) | | | (6,040) | |
| | | |
| | | |
| | | |
Disbursements arising from stock-based compensation, net | (1,695) | | | (901) | |
Net cash provided by financing activities | 29,160 | | | 415,758 | |
Net (decrease) increase in cash and cash equivalents and restricted cash | (11,553) | | | 154,460 | |
| | | |
Cash, cash equivalents and restricted cash | | | |
Beginning of period | 321,872 | | | 290,601 | |
End of period | $ | 310,319 | | | $ | 445,061 | |
| | | |
| | | |
| | | |
The accompanying notes are an integral part of these consolidated financial statements (unaudited).
8
Amerant Bancorp Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited) (continued)
| | | | | | | | | | | |
| Six Months Ended June 30, 2024 |
(in thousands) | 2024 | | 2023 |
Supplemental disclosures of cash flow information | | | |
Cash paid: | | | |
Interest | $ | 133,977 | | | $ | 90,207 | |
Income taxes | 4,751 | | | 13,874 | |
Right-of-use assets obtained in exchange for new lease obligations | — | | | 6,233 | |
| | | |
| | | |
Noncash investing activities: | | | |
Mortgage loans held for sale (at fair value) transferred to loans held for investment | 23,365 | | | 77,702 | |
Loans transferred to other assets | — | | | 26,534 | |
Loans held for investment (at lower of cost or fair value) transferred to loans held for sale | 553,085 | | | — | |
| | | |
Premises and equipment transferred to other assets | 11,405 | | | — | |
Right-of-use assets transferred to other assets | 15,368 | | | |