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

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Dividends Declared

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

Declaration Date	Record Date	Payment Date	Dividend Per Share	Dividend Amount
07/19/2023	08/15/2023	08/31/2023	$0.09	$3.0 million
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
07/20/2022	08/17/2022	08/31/2022	$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

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 nine month periods ended September 30, 2022:

Consolidated Balance Sheets

	As of September 30, 2022
(in thousands)	As Reported		As Recast (1)		Changes
Assets
Allowance for credit losses	$	53,711	$	76,473	$	22,762
Deferred tax assets, net	45,791		51,644		5,853
Liabilities
Accounts payable, accrued liabilities and other liabilities	181,693		181,863		170
Stockholders’ Equity
Retained earnings	588,495		571,416		(17,079)

Consolidated Statements of Operations

	Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
(in thousands, except per share amounts)	As Reported		As Recast (1)		Changes		As Reported		As Recast (1)		Changes
Total interest income	$	89,137	$	89,137	$	—	$	225,402	$	225,402	$	—
Total interest expense	19,240		19,240		—		40,915		40,915		—
Net interest income	69,897		69,897		—		184,487		184,487		—
Provision for (reversal of) credit losses	3,000		7,314		4,314		(7,000)		(2,912)		4,088
Net interest income after provision for (reversal of) credit losses	66,897		62,583		(4,314)		191,487		187,399		(4,088)
Total noninterest income	15,956		15,956		—		42,912		42,912		—
Total noninterest expense	56,113		56,113		—		179,172		179,172		—
Income before income taxes	26,740		22,426		(4,314)		55,227		51,139		(4,088)
Income tax expense	(5,864)		(4,936)		928		(11,875)		(10,994)		881
Net income before attribution of noncontrolling interest	20,876		17,490		(3,386)		43,352		40,145		(3,207)
Noncontrolling interest	(44)		(44)		—		(1,192)		(1,192)		—
Net income attributable to Amerant Bancorp Inc.	$	20,920	$	17,534	$	(3,386)	$	44,544	$	41,337	$	(3,207)
Basic earnings per common share	$	0.62	$	0.52	$	(0.10)	$	1.31	$	1.22	$	(0.09)
Diluted earnings per common share	$	0.62	$	0.52	$	(0.10)	$	1.30	$	1.21	$	(0.09)
Cash dividends declared per common share	$	0.09	$	0.09	$	—	$	0.27	$	0.27	$	—

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(1)Quarterly amounts previously reported on our quarterly reports on Form 10-Q for the periods ended March 31, 2022, June 30, 2022 and September 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.