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Condensed Unconsolidated Holding Companies’ Financial Statements
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Condensed Unconsolidated Holding Companies’ Financial Statements Condensed Unconsolidated Holding Companies’ Financial Statements
The separate condensed unconsolidated financial statements of each of the Company and its wholly-owned subsidiary Amerant Florida have been prepared using the same basis of accounting that the Company used to prepare its consolidated financial statements described in Note 1, except for its investment in subsidiaries which is accounted for using the equity method. Under the equity method, investments in subsidiaries are initially recorded at cost, and they are periodically adjusted due to changes in the interest of the parent company over the net assets of the subsidiaries. The Company records in the results for the period, its participation in the profit or loss of the subsidiaries, and in AOCI its participation in the “Other comprehensive income account” of the subsidiary. In applying the equity method the Company uses the subsidiaries consolidated financial statements at the end of the period prepared under GAAP.
Condensed financial statements of Amerant Bancorp Inc. are presented below:
Condensed Balance Sheets:
December 31,
(in thousands)20212020
Assets
Cash and due from banks$23,810 $43,029 
Investments in subsidiaries870,560 798,339 
Other assets1,872 1,617 
$896,242 $842,985 
Liabilities and Stockholders' Equity
Senior notes$58,894 $58,577 
Other liabilities2,865 987 
Stockholders' equity 834,483 783,421 
$896,242 $842,985 
Condensed Statements of Income (Loss):
Years ended December 31
(in thousands)202120202019
Income:
Interest$117 $265 $40 
Equity in earnings of subsidiary120,253 2,520 56,755 
Total income120,370 2,785 56,795 
Expenses:
Interest expense3,766 1,968 — 
Other expenses (1)6,082 3,688 7,434 
Total expense9,848 5,656 7,434 
Income (loss) before income tax benefit110,522 (2,871)49,361 
Income tax benefit2,399 1,148 1,973 
Net income (loss) $112,921 $(1,723)$51,334 
__________________
(1)Other expenses mainly consist of professional and other service fees.


Condensed Statements of Cash Flows:
Years ended December 31,
(in thousands)202120202019
Cash flows from operating activities
Net income (loss) $112,921 $(1,723)$51,334 
Adjustments to reconcile net (loss) income to net cash used in operating activities - Equity in earnings of subsidiaries(120,253)(2,520)(56,755)
Stock-based compensation expense927 375 422 
Net change in other assets and liabilities(6,917)57 (1,339)
Net cash used in operating activities(13,322)(3,811)(6,338)
Cash flows from investing activities
Dividends from subsidiary40,000 — 61,500 
Net cash provided by investment activities40,000 — 61,500 
Cash flows from financing activities
Repurchase of common stock - Class A(36,332)— — 
Repurchase of common stock - Class B(9,563)(69,378)(28,465)
Common stock issued - Class A— — 29,218 
Proceeds from issuance of Senior Notes, net of issuance costs— 58,412 — 
Net cash (used in) provided by financing activities(45,845)(10,966)753 
Net (decrease) increase in cash and cash equivalents(19,167)(14,777)55,915 
Cash and cash equivalents
Beginning of year43,029 57,806 1,891 
End of year$23,862 $43,029 $57,806 
Condensed financial statements of Amerant Florida are presented below:
Condensed Balance Sheets:
December 31,
(in thousands)20212020
Assets
Cash and due from banks$6,340 $16,559 
Investments in subsidiaries918,212 840,866 
U.S. treasury securities2,502 2,512 
Other assets3,622 5,592 
$930,676 $865,529 
Liabilities and Stockholder’s Equity
Junior subordinated debentures held by trust subsidiaries$64,178 $64,178 
Other liabilities2,038 3,012 
Stockholder’s equity864,460 798,339 
$930,676 $865,529 
Condensed Statements of Income:
Years ended December 31
(in thousands)202120202019
Income:
Interest$41 $102 $152 
Equity in earnings of subsidiary122,311 4,810 62,979 
Other income— — 6 
Total income122,352 4,912 63,137 
Expenses:
Interest expense2,451 2,533 7,184 
Provision for loan losses— — — 
Other expenses263 444 726 
Total expenses2,714 2,977 7,910 
 Income before income tax benefit119,638 1,935 55,227 
Income tax benefit616 585 1,528 
Net income$120,254 $2,520 $56,755 

Condensed Statements of Cash Flows:
Years ended December 31,
(in thousands)202120202019
Cash flows from operating activities
Net income$120,254 $2,520 $56,755 
Adjustments to reconcile net income to net cash used in operating activities - Equity in earnings of subsidiaries(122,311)(1,433)(60,555)
Net change in other assets and liabilities1,838 (3,823)3,108 
Net cash used in operating activities(219)(2,736)(692)
Cash flows from investing activities
Dividends received from subsidiary30,000 — 105,000 
Dividends paid— — 
Purchases of available for sale securities— (3,505)(998)
Maturities of available for sale securities— 2,000 — 
Net cash (used in) provided by investing activities30,000 (1,505)104,002 
Cash flows from financing activities
Dividends paid(40,000)— (61,500)
Redemption of junior subordinated debentures— (28,068)(25,864)
Net cash used in financing activities(40,000)(28,068)(87,364)
Net (decrease) increase in cash and cash equivalents(10,219)(32,309)15,946 
Cash and cash equivalents
Beginning of year16,559 48,868 32,922 
End of year$6,340 $16,559 $48,868