Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Impact of Adopting CECL

The following table reflects the impact of adopting CECL on the allowance for credit losses (“ACL”) and other line items on the Company’s consolidated financial statements as of and for the three and six month periods ended June 30, 2022:

Consolidated Balance Sheets

	As of June 30, 2022
(in thousands)	As Reported		As Recast (1)		Changes
Assets
Allowance for credit losses	$	52,027	$	70,475	$	18,448
Deferred tax assets, net	33,265		38,009		4,744
Liabilities
Accounts payable, accrued liabilities and other liabilities	116,177		116,166		(11)
Stockholders’ Equity
Retained earnings	570,588		556,895		(13,693)

Consolidated Statements of Operations

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
(in thousands, except per share amounts)	As Reported		As Recast (1)		Changes		As Reported		As Recast (1)		Changes
Total interest income	$	71,167	$	71,167	$	—	$	136,265	$	136,265	$	—
Total interest expense	12,222		12,222		—		21,675		21,675		—
Net interest income	58,945		58,945		—		114,590		114,590		—
Reversal of credit losses	—		(951)		(951)		(10,000)		(10,226)		(226)
Net interest income after reversal of credit losses	58,945		59,896		951		124,590		124,816		226
Total noninterest income	12,931		12,931		—		26,956		26,956		—
Total noninterest expense	62,241		62,241		—		123,059		123,059		—
Income before income taxes	9,635		10,586		951		28,487		28,713		226
Income tax expense	(2,033)		(2,234)		(201)		(6,011)		(6,058)		(47)
Net income before attribution of noncontrolling interest	7,602		8,352		750		22,476		22,655		179
Noncontrolling interest	(72)		(72)		—		(1,148)		(1,148)		—
Net income attributable to Amerant Bancorp Inc.	$	7,674	$	8,424	$	750	$	23,624	$	23,803	$	179
Basic earnings per common share	$	0.23	$	0.25	$	0.02	$	0.69	$	0.70	$	0.01
Diluted earnings per common share	$	0.23	$	0.25	$	0.02	$	0.68	$	0.69	$	0.01
Cash dividends declared per common share	$	0.09	$	0.09	$	—	$	0.18	$	0.18	$	—

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(1)Quarterly amounts previously reported on our quarterly reports on Form 10-Q for the periods ended March 31, 2022 and June 30, 2022 do not reflect the adoption of CECL. In the fourth quarter of 2022, the Company recorded a provision for credit losses totaling $20.9 million, including $11.1 million related to the retroactive effect of adopting CECL for all previous quarterly periods in the year ended December 31, 2022, including loan growth and changes to macro-economic conditions during the period. Quarterly amounts included in the 2022 Form 10-K and in this Form 10-Q reflect the impacts of the adoption of CECL on each interim period of 2022. See the 2022 Form 10-K for more details on the adoption of CECL.

Dividends Declared

Set forth below are the details of dividends declared and paid by the Company in the three and six month periods ended June 30, 2023 and 2022:

Declaration Date	Record Date	Payment Date	Dividend Per Share	Dividend Amount
04/19/2023	05/15/2023	05/31/2023	$0.09	$3.0 million
01/18/2023	02/13/2023	02/28/2023	$0.09	$3.0 million
04/13/2022	05/13/2022	05/31/2022	$0.09	$3.0 million
01/19/2022	02/11/2022	02/28/2022	$0.09	$3.2 million