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Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income        
Loans $ 120,244 $ 76,779 $ 348,315 $ 194,631
Investment securities 13,868 10,906 40,400 28,669
Interest earning deposits with banks and other interest income 5,271 1,452 14,295 2,102
Total interest income 139,383 89,137 403,010 225,402
Interest expense        
Interest bearing demand deposits 16,668 4,934 46,201 6,258
Savings and money market deposits 11,045 3,609 28,409 5,719
Time deposits 22,482 4,717 53,844 13,501
Advances from the Federal Home Loan Bank 8,207 3,977 22,591 9,799
Senior notes 942 941 2,825 2,825
Subordinated notes 361 362 1,084 811
Junior subordinated debentures 1,097 700 3,264 2,002
Securities sold under agreements to repurchase 4 0 5 0
Total interest expense 60,806 19,240 158,223 40,915
Net interest income 78,577 69,897 244,787 184,487
Provision for (reversal of) credit losses 8,000 7,314 48,777 (2,912)
Net interest income after provision for (reversal of) credit losses 70,577 62,583 196,010 187,399
Noninterest income        
Deposits and service fees 5,053 4,629 14,952 13,826
Brokerage, advisory and fiduciary activities 4,370 4,619 12,808 13,654
Change in cash surrender value of bank owned life insurance 1,483 1,352 4,324 4,028
Loan-level derivative income 1,196 2,786 3,743 6,947
Cards and trade finance servicing fees 734 622 1,829 1,720
Gain (loss) on early extinguishment of advances from the Federal Home Loan Bank, net 7,010 0 33,623 (712)
Derivative (losses) gains, net (77) (95) 179 (585)
Securities (losses) gains, net (54) 1,508 (11,022) (325)
Other noninterest income 2,206 535 7,447 4,359
Total noninterest income 21,921 15,956 67,883 42,912
Noninterest expense        
Salaries and employee benefits 31,334 30,109 100,457 90,724
Occupancy and equipment 7,293 6,559 20,828 21,044
Professional and other services fees 5,325 5,045 20,368 15,918
Telecommunication and data processing 3,556 3,861 11,647 11,113
Advertising expenses 2,724 2,066 9,642 8,291
FDIC assessments and insurance 2,590 1,746 8,066 4,668
Depreciation and amortization 1,795 1,481 5,362 3,927
Loan-level derivative expense 18 1,810 1,728 4,865
Other real estate owned and repossessed assets (income) expense, net (134) 234 2,297 3,408
Contract termination costs 0 289 1,550 7,103
Loans held for sale valuation expense 5,562 0 5,562 159
Other operating expenses 4,357 2,913 14,146 7,952
Total noninterest expenses 64,420 56,113 201,653 179,172
Income before income tax expense 28,078 22,426 62,240 51,139
Income tax expense (6,337) (4,936) (13,511) (10,994)
Net income before attribution of noncontrolling interest 21,741 17,490 48,729 40,145
Noncontrolling interest (378) (44) (884) (1,192)
Net income attributable to Amerant Bancorp Inc. 22,119 17,534 49,613 41,337
Other comprehensive loss, net of tax        
Net unrealized holding losses on debt securities available for sale arising during the period (18,569) (34,959) (25,939) (101,038)
Net unrealized holding gains (losses) on cash flow hedges arising during the period 129 (16) 217 162
Reclassification adjustment for items included in net income (268) (274) 723 (549)
Other comprehensive loss (18,708) (35,249) (24,999) (101,425)
Comprehensive income (loss) $ 3,411 $ (17,715) $ 24,614 $ (60,088)
Earnings Per Share (Note 18):        
Basic earnings per common share (in dollars per share) $ 0.66 $ 0.52 $ 1.48 $ 1.22
Diluted earnings per common share (in dollars per share) $ 0.66 $ 0.52 $ 1.47 $ 1.21