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Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest income    
Loans $ 108,501 $ 56,338
Investment securities 13,299 8,628
Interest earning deposits with banks 3,330 132
Total interest income 125,130 65,098
Interest expense    
Interest bearing demand deposits 12,855 290
Savings and money market deposits 7,927 745
Time deposits 12,834 4,281
Advances from the Federal Home Loan Bank 6,763 2,481
Senior notes 942 942
Subordinated notes 361 88
Junior subordinated debentures 1,115 626
Total interest expense 42,797 9,453
Net interest income 82,333 55,645
Provision for (reversal of) credit losses 11,700 (9,275)
Net interest income after provision for (reversal of) credit losses 70,633 64,920
Noninterest income    
Deposits and service fees 4,955 4,620
Brokerage, advisory and fiduciary activities 4,182 4,596
Loan-level derivative income 2,071 3,152
Change in cash surrender value of bank owned life insurance 1,412 1,342
Cards and trade finance servicing fees 533 590
Derivative gains (losses), net 14 (1,345)
Gain (loss) on early extinguishment of advances from the Federal Home Loan Bank, net 13,173 (714)
Securities (losses) gains, net (9,731) 769
Other noninterest income 2,734 1,015
Total noninterest income 19,343 14,025
Noninterest expense    
Salaries and employee benefits 34,876 30,403
Professional and other services fees 7,628 6,139
Occupancy and equipment 6,798 6,725
Telecommunication and data processing 3,064 4,038
FDIC assessments and insurance 2,737 1,396
Advertising expenses 2,586 2,972
Loan-level derivative expense 1,600 1,043
Depreciation and amortization 1,292 1,152
Loans held for sale valuation expense 0 459
Contract termination costs 0 4,012
Other operating expenses 4,152 2,479
Total noninterest expenses 64,733 60,818
Income before income tax expense 25,243 18,127
Income tax expense (5,301) (3,824)
Net income before attribution of noncontrolling interest 19,942 14,303
Noncontrolling interest (244) (1,076)
Net income attributable to Amerant Bancorp Inc. 20,186 15,379
Other comprehensive income (loss), net of tax    
Net unrealized holding gains (losses) on debt securities available for sale arising during the period 6,117 (39,637)
Net unrealized holding (losses) gains on cash flow hedges arising during the period (188) 124
Reclassification adjustment for items included in net income 387 (128)
Other comprehensive income (loss) 6,316 (39,641)
Comprehensive income (loss) $ 26,502 $ (24,262)
Earnings Per Share (Note 18):    
Basic earnings per common share (in dollars per share) $ 0.60 $ 0.44
Diluted earnings per common share (in dollars per share) $ 0.60 $ 0.44