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Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income        
Loans $ 61,514 $ 53,612 $ 117,852 $ 106,383
Investment securities 9,135 7,499 17,763 15,006
Interest earning deposits with banks 518 62 650 113
Total interest income 71,167 61,173 136,265 121,502
Interest expense        
Interest bearing demand deposits 1,034 123 1,324 236
Savings and money market deposits 1,365 945 2,110 1,925
Time deposits 4,503 6,327 8,784 13,687
Advances from the Federal Home Loan Bank 3,341 2,255 5,822 5,013
Senior notes 942 942 1,884 1,884
Subordinated notes 361 0 449 0
Junior subordinated debentures 676 609 1,302 1,216
Securities sold under agreements to repurchase 0 1 0 1
Total interest expense 12,222 11,202 21,675 23,962
Net interest income 58,945 49,971 114,590 97,540
Provision for (reversal of) loan losses 0 (5,000) (10,000) (5,000)
Net interest income after provision for (reversal of) loan losses 58,945 54,971 124,590 102,540
Noninterest income        
Deposits and service fees 4,577 4,284 9,197 8,390
Brokerage, advisory and fiduciary activities 4,439 4,431 9,035 9,034
Loan-level derivative income 1,009 1,293 4,161 1,525
Change in cash surrender value of bank owned life insurance 1,334 1,368 2,676 2,724
Securities (losses) gains, net (2,602) 1,329 (1,833) 3,911
Cards and trade finance servicing fees 508 388 1,098 727
Gain (loss) on early extinguishment of advances from the Federal Home Loan Bank, net 2 (2,488) (712) (2,488)
Derivative gains (losses), net 855 0 (490) 0
Other noninterest income 2,809 5,129 3,824 6,074
Total noninterest income 12,931 15,734 26,956 29,897
Noninterest expense        
Salaries and employee benefits 30,212 30,796 60,615 57,223
Occupancy and equipment 7,760 5,342 14,485 9,830
Telecommunication and data processing 3,214 3,515 7,252 7,242
Professional and other services fees 6,746 4,693 13,928 8,477
Advertising expenses 3,253 827 6,225 1,143
Other real estate owned valuation expense 3,174 0 3,174 0
Depreciation and amortization 1,294 1,872 2,446 3,658
FDIC assessments and insurance 1,526 1,702 2,922 3,457
Loans held for sale valuation (reversal) expense (300) 0 159 0
Contract termination costs 2,802 0 6,814 0
Other operating expenses 2,560 2,378 5,039 3,720
Total noninterest expenses 62,241 51,125 123,059 94,750
Income before income tax expense 9,635 19,580 28,487 37,687
Income tax expense (2,033) (4,435) (6,011) (8,083)
Net income before attribution of noncontrolling interest 7,602 15,145 22,476 29,604
Noncontrolling interest (72) (817) (1,148) (817)
Net income attributable to Amerant Bancorp Inc. 7,674 15,962 23,624 30,421
Other comprehensive loss, net of tax        
Net unrealized holding (losses) gains on debt securities available for sale arising during the period (26,442) 4,937 (66,079) (4,529)
Net unrealized holding gains (losses) on cash flow hedges arising during the period 54 (29) 178 7
Reclassification adjustment for items included in net income (147) (1,059) (275) (3,384)
Other comprehensive (loss) income (26,535) 3,849 (66,176) (7,906)
Comprehensive (loss) income $ (18,861) $ 19,811 $ (42,552) $ 22,515
Earnings Per Share (Note 19):        
Basic earnings per common share (in dollars per share) $ 0.23 $ 0.43 $ 0.69 $ 0.81
Diluted earnings per common share (in dollars per share) $ 0.23 $ 0.42 $ 0.68 $ 0.81