Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”)
today reported net income attributable to the Company of $22.1
million in the third quarter of 2023, or $0.66 per diluted share,
compared to net income attributable to the Company of $7.3 million,
or $0.22 per diluted share, in the second quarter of 2023.
“We are pleased to report significantly improved operating
results this quarter,” stated Jerry Plush, Chairman and CEO. “Our
team members continued to focus on “deposits first” as the top
strategic priority, and by originating strong organic deposit
growth again this quarter, that enabled us to further reduce higher
cost institutional deposits. In the fourth quarter, we look forward
to completing the long-awaited systems conversion and then being
able to fully focus our efforts on business development and
customer service.”
- Total assets were $9.3 billion, a decrease of $173.8 million,
or 1.8%, compared to 2Q23.
- Total gross loans were $7.14 billion, a decrease of $74.4
million, or 1.0%, compared to $7.22 billion in 2Q23. Total gross
loans includes $69.2 million in held for sale loans out of which
$43.3 million are related to a NYC commercial real estate loan
transferred in 3Q23 from loans held for investment at the lower of
its estimated fair value or cost, and mortgage loans at their
estimated fair value totaling $26.0 million.
- Cash and cash equivalents were
$309.0 million, down $136.1 million, or 30.6%, compared to $445.1
million in 2Q23.
- Total deposits were $7.55 billion, down $32.7 million, or 0.4%,
compared to $7.58 billion in 2Q23. Organic deposit growth was $208
million, which helped enable reductions in higher-cost
institutional deposits of $292 million. Time deposits increased
$221.3 million as customers continued to seek higher returns on
deposits. This includes an increase in brokered time deposits in
the amount of $92.4 million, a strategic move to obtain 2 to 5 year
funding, as part of asset/liability management.
- Total advances from Federal Home Loan Bank (“FHLB”) were $595.0
million, down $175.0 million, or 22.7%, compared to $770.0 million
in 2Q23, the result of early repayment of $225.0 million during the
quarter. The Bank had an additional $2.3 billion in availability
from the FHLB as of September 30, 2023.
- Average yield on loans decreased to
6.77% in 3Q23, compared to 6.79% in 2Q23.
- Total non-performing assets
decreased to $53.4 million, down $14.0 million, or 20.8%, compared
to $67.4 million as of 2Q23.
- The allowance for credit losses
("ACL") was $98.8 million, a decrease of $7.2 million, or 6.8%,
compared to $106.0 million as of 2Q23.
- Core deposits were $5.24 billion, down $254.0 million, or 4.6%,
compared to $5.50 billion in 2Q23. Non-interest bearing deposits
increased $76.6 million, or 5.9%, to $1.37 billion in 3Q23 compared
to $1.29 billion in 2Q23.
- Average cost of total deposits increased to 2.66% in 3Q23
compared to 2.40% in 2Q23.
- Loan to deposit ratio improved to 94.64% in 3Q23 compared to
95.22% in 2Q23.
- Assets Under Management and custody
(“AUM”) totaled $2.09 billion, down $55.3 million, or 2.6%, from
$2.15 billion in 2Q23.
- Pre-provision net revenue
(“PPNR”)(1) was $36.5 million in 3Q23, a decrease of $1.8 million
or 4.7%, compared to $38.3 million in 2Q23.
- Net Interest Margin (“NIM”) was
3.57% in 3Q23 compared to 3.83% in 2Q23.
- Net Interest Income (“NII”) was
$78.6 million, down $5.3 million, or 6.3%, from $83.9 million in
2Q23.
- Provision for credit losses was
$8.0 million in 3Q23, down $21.1 million, or 72.5%, compared to
$29.1 million in 2Q23. The provision for credit losses in 3Q23 was
comprised of $7.6 million to cover charge-offs,
$1.4 million due to loan composition and volume changes and
$0.6 million added to the provision for credit contingencies,
which is recorded in other liabilities. These provision
requirements were offset by a $0.4 million release due to
credit quality and factor updates and a $1.2 million release
due to recoveries.
- Non-interest income was $21.9
million in 3Q23, down $4.7 million, or 17.6%, from $26.6 million in
2Q23. 3Q23 included $6.9 million in non-routine net gains compared
to $12.4 million in 2Q23.
- Non-interest expense was $64.4
million, down $8.1 million, or 11.1%, from $72.5 million in 2Q23.
3Q23 included $6.3 million in non-routine non-interest expenses
compared to $13.4 million in 2Q23.
- The efficiency ratio was 64.1% in
3Q23 compared to 65.6% in 2Q23.
- Return on average assets (“ROA”)
was 0.92% in 3Q23 compared to 0.31% in 2Q23.
- Return on average equity (“ROE”)
was 11.93% in 3Q23 compared to 3.92% in 2Q23.
- Repurchased 142,888 shares for $2.7
million during 3Q23. As of September 30, 2023, repurchases totaled
259,853 shares for $4.9 million; $20 million remains available of
$25 million Class A common stock share repurchase program.
Additional details on third quarter 2023 results
can be found in the Exhibits to this earnings release, and the
earnings presentation available under the Investor Relations
section of the Company’s website at
https://investor.amerantbank.com.
On October 18, 2023, the Company’s board of
directors declared a quarterly cash dividend of $0.09 per common
share. The dividend is payable on November 30, 2023 to shareholders
of record on November 14, 2023.
1 Non-GAAP measure, see “Non-GAAP Financial
Measures” for more information and Exhibit 2 for a reconciliation
to GAAP measures.
Third Quarter 2023 Earnings Conference
Call
The Company will hold an earnings conference
call on Friday, October 20, 2023 at 9:00 a.m. (Eastern Time) to
discuss its third quarter 2023 results. The conference call and
presentation materials can be accessed via webcast by logging on
from the Investor Relations section of the Company’s website at
https://investor.amerantbank.com. The online replay will remain
available for approximately one month following the call through
the above link.
About Amerant Bancorp Inc. (NYSE:
AMTB)
Amerant Bancorp Inc. is a bank holding company
headquartered in Coral Gables, Florida since 1979. The Company
operates through its main subsidiary, Amerant Bank, N.A. (the
“Bank”), as well as its other subsidiaries: Amerant Investments,
Inc., Elant Bank and Trust Ltd., and Amerant Mortgage, LLC. The
Company provides individuals and businesses in the U.S. with
deposit, credit and wealth management services. The Bank, which has
operated for over 40 years, is the largest community bank
headquartered in Florida. The Bank operates 23 banking centers – 17
in South Florida and 6 in the Houston, Texas area, as well as an
LPO in Tampa, Florida. For more information, visit
investor.amerantbank.com.
FIS® and any associated brand names/logos are the trademarks of
FIS and/or its affiliates.
Cautionary Notice Regarding
Forward-Looking Statements
This press release contains “forward-looking
statements” including statements with respect to the Company’s
objectives, expectations and intentions and other statements that
are not historical facts. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as “may,” “will,” “anticipate,”
“assume,” “should,” “indicate,” “would,” “believe,” “contemplate,”
“expect,” “estimate,” “continue,” “plan,” “point to,” “project,”
“could,” “intend,” “target,” “goals,” “outlooks,” “modeled,”
“dedicated,” “create,” and other similar words and expressions of
the future.
Forward-looking statements, including those
relating to our beliefs, plans, objectives, goals, expectations,
anticipations, estimates and intentions, involve known and unknown
risks, uncertainties and other factors, which may be beyond our
control, and which may cause the Company’s actual results,
performance, achievements, or financial condition to be materially
different from future results, performance, achievements, or
financial condition expressed or implied by such forward-looking
statements. You should not rely on any forward-looking statements
as predictions of future events. You should not expect us to update
any forward-looking statements, except as required by law. All
written or oral forward-looking statements attributable to us are
expressly qualified in their entirety by this cautionary notice,
together with those risks and uncertainties described in “Risk
factors” in our annual report on Form 10-K for the fiscal year
ended December 31, 2022 filed on March 1, 2023 (the “Form 10-K”),
our quarterly report on Form 10-Q for the quarter ended March 31,
2023 filed on May 2, 2023, and in our other filings with the U.S.
Securities and Exchange Commission (the “SEC”), which are available
at the SEC’s website www.sec.gov.
Interim Financial
Information
Unaudited financial information as of and for
interim periods, including the three and nine month periods ended
September 30, 2023 and 2022, may not reflect our results of
operations for our fiscal year ending, or financial condition, as
of December 31, 2023, or any other period of time or date.
As previously disclosed in the Form 10-K, the
Company adopted the new guidance on accounting for current expected
credit losses on financial instruments (“CECL”) effective as of
January 1, 2022. 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 Form 10-K and this earnings release and
accompanying presentation reflect the impacts of the adoption of
CECL on each interim period of 2022. See the Form 10-K for more
details on the adoption of CECL.
The following table shows changes to
previously-reported amounts for the quarter ended December 31, 2022
versus the corresponding amounts reflecting the adoption of CECL in
2022:
(in thousands, except per
share amounts) |
As Reported |
|
As Recast |
|
Changes |
Total interest income |
$ |
113,374 |
|
|
$ |
113,374 |
|
|
$ |
— |
|
Total interest expense |
|
31,196 |
|
|
|
31,196 |
|
|
|
— |
|
Net interest income |
|
82,178 |
|
|
|
82,178 |
|
|
|
— |
|
Provision for credit
losses |
|
20,945 |
|
|
|
16,857 |
|
|
|
(4,088 |
) |
Net interest income after
provision for credit losses |
|
61,233 |
|
|
|
65,321 |
|
|
|
4,088 |
|
Total noninterest income |
|
24,365 |
|
|
|
24,365 |
|
|
|
— |
|
Total noninterest expense |
|
62,241 |
|
|
|
62,241 |
|
|
|
— |
|
Income before income
taxes |
|
23,357 |
|
|
|
27,445 |
|
|
|
4,088 |
|
Income tax expense |
|
(4,746 |
) |
|
|
(5,627 |
) |
|
|
(881 |
) |
Net income before attribution
of noncontrolling interest |
|
18,611 |
|
|
|
21,818 |
|
|
|
3,207 |
|
Noncontrolling interest |
|
(155 |
) |
|
|
(155 |
) |
|
|
— |
|
Net income attributable to
Amerant Bancorp Inc. |
$ |
18,766 |
|
|
$ |
21,973 |
|
|
$ |
3,207 |
|
Basic earnings per common
share |
$ |
0.56 |
|
|
$ |
0.66 |
|
|
$ |
0.10 |
|
Diluted earnings per common
share |
$ |
0.55 |
|
|
$ |
0.65 |
|
|
$ |
0.10 |
|
Cash dividends declared per
common share |
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
— |
|
Non-GAAP Financial Measures
The Company supplements its financial results
that are determined in accordance with accounting principles
generally accepted in the United States of America (“GAAP”) with
non-GAAP financial measures, such as “pre-provision net revenue
(PPNR)”, “core pre-provision net revenue (Core PPNR)”, “core
noninterest income”, “core noninterest expenses”, “core net
income”, “core earnings per share (basic and diluted)”, “core
return on assets (Core ROA)”, “core return on equity (Core ROE)”,
“core efficiency ratio”, “tangible stockholders’ equity (book
value) per common share”, “tangible common equity ratio, adjusted
for unrealized losses on debt securities held to maturity”, and
“tangible stockholders' equity (book value) per common share,
adjusted for unrealized losses on debt securities held to
maturity”. This supplemental information is not required by, or is
not presented in accordance with GAAP. The Company refers to these
financial measures and ratios as “non-GAAP financial measures” and
they should not be considered in isolation or as a substitute for
the GAAP measures presented herein.
We use certain non-GAAP financial measures,
including those mentioned above, both to explain our results to
shareholders and the investment community and in the internal
evaluation and management of our businesses. Our management
believes that these non-GAAP financial measures and the information
they provide are useful to investors since these measures permit
investors to view our performance using the same tools that our
management uses to evaluate our past performance and prospects for
future performance, especially in light of the additional costs we
have incurred in connection with the Company’s restructuring
activities that began in 2018 and continued in 2023, including the
effect of non-core banking activities such as the sale of loans and
securities and other repossessed assets, the valuation of
securities, derivatives, loans held for sale and other real estate
owned and repossessed assets, the early repayment of FHLB advances,
impairment of investments, and other non-routine actions intended
to improve customer service and operating performance. While we
believe that these non-GAAP financial measures are useful
in evaluating our performance, this information should be
considered as supplemental and not as a substitute for or superior
to the related financial information prepared in accordance with
GAAP. Additionally, these non-GAAP financial measures may
differ from similar measures presented by other companies.
Exhibit 2 reconciles these non-GAAP financial
measures to GAAP reported results.
Exhibit 1- Selected Financial
Information
The following table sets forth selected financial information
derived from our interim unaudited and annual audited consolidated
financial statements.
(in thousands) |
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
Consolidated Balance
Sheets |
|
|
|
|
|
|
(audited) |
Total assets |
$ |
9,345,700 |
|
$ |
9,519,526 |
|
$ |
9,495,302 |
|
$ |
9,127,804 |
Total investments |
|
1,314,367 |
|
|
1,315,303 |
|
|
1,347,697 |
|
|
1,366,680 |
Total gross loans (1) |
|
7,142,596 |
|
|
7,216,958 |
|
|
7,115,035 |
|
|
6,919,632 |
Allowance for credit
losses |
|
98,773 |
|
|
105,956 |
|
|
84,361 |
|
|
83,500 |
Total deposits |
|
7,546,912 |
|
|
7,579,571 |
|
|
7,286,726 |
|
|
7,044,199 |
Core deposits (2) |
|
5,244,034 |
|
|
5,498,017 |
|
|
5,357,386 |
|
|
5,315,944 |
Advances from the Federal Home
Loan Bank |
|
595,000 |
|
|
770,000 |
|
|
1,052,012 |
|
|
906,486 |
Senior notes |
|
59,447 |
|
|
59,368 |
|
|
59,289 |
|
|
59,210 |
Subordinated notes |
|
29,412 |
|
|
29,369 |
|
|
29,326 |
|
|
29,284 |
Junior subordinated
debentures |
|
64,178 |
|
|
64,178 |
|
|
64,178 |
|
|
64,178 |
Stockholders' equity
(3)(4) |
|
719,787 |
|
|
720,956 |
|
|
729,056 |
|
|
705,726 |
Assets under management and
custody (5) |
|
2,092,200 |
|
|
2,147,465 |
|
|
2,107,603 |
|
|
1,995,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
(in thousands, except
percentages, share data and per share amounts) |
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
Consolidated Results
of Operations |
|
|
|
|
|
|
|
Net interest income |
$ |
78,577 |
|
|
$ |
83,877 |
|
|
$ |
82,333 |
|
|
$ |
82,178 |
|
Provision for credit losses
(6)(7) |
|
8,000 |
|
|
|
29,077 |
|
|
|
11,700 |
|
|
|
16,857 |
|
Noninterest income |
|
21,921 |
|
|
|
26,619 |
|
|
|
19,343 |
|
|
|
24,365 |
|
Noninterest expense |
|
64,420 |
|
|
|
72,500 |
|
|
|
64,733 |
|
|
|
62,241 |
|
Net income attributable to
Amerant Bancorp Inc. (6) (8) |
|
22,119 |
|
|
|
7,308 |
|
|
|
20,186 |
|
|
|
21,973 |
|
Effective income tax rate
(6) |
|
22.57% |
|
|
|
21.00% |
|
|
|
21.00% |
|
|
|
20.50% |
|
|
|
|
|
|
|
|
|
Common Share
Data |
|
|
|
|
|
|
|
Stockholders' book value per
common share |
$ |
21.43 |
|
|
$ |
21.37 |
|
|
$ |
21.56 |
|
|
$ |
20.87 |
|
Tangible stockholders' equity
(book value) per common share (9) |
$ |
20.63 |
|
|
$ |
20.66 |
|
|
$ |
20.84 |
|
|
$ |
20.19 |
|
Tangible stockholders' equity
(book value) per common share, adjusted for unrealized losses on
debt securities held to maturity (9) |
$ |
19.86 |
|
|
$ |
20.11 |
|
|
$ |
20.38 |
|
|
$ |
19.65 |
|
Basic earnings per common
share (6) |
$ |
0.66 |
|
|
$ |
0.22 |
|
|
$ |
0.60 |
|
|
$ |
0.66 |
|
Diluted earnings per common
share (6)(10) |
$ |
0.66 |
|
|
$ |
0.22 |
|
|
$ |
0.60 |
|
|
$ |
0.65 |
|
Basic weighted average shares
outstanding |
|
33,489,560 |
|
|
|
33,564,770 |
|
|
|
33,559,718 |
|
|
|
33,496,096 |
|
Diluted weighted average
shares outstanding (10) |
|
33,696,620 |
|
|
|
33,717,702 |
|
|
|
33,855,994 |
|
|
|
33,813,593 |
|
Cash dividend declared per
common share (4) |
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
Other Financial and
Operating Data (11) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profitability
Indicators (%) |
|
|
|
|
|
|
|
Net interest income / Average total interest earning assets (NIM)
(12) |
3.57% |
|
|
3.83% |
|
|
3.90% |
|
|
3.96% |
|
Net income / Average total
assets (ROA) (6) (13) |
0.92% |
|
|
0.31% |
|
|
0.88% |
|
|
0.97% |
|
Net income / Average
stockholders' equity (ROE) (6)(14) |
11.93% |
|
|
3.92% |
|
|
11.15% |
|
|
12.10% |
|
Noninterest income / Total
revenue (15) |
21.81% |
|
|
24.09% |
|
|
19.02% |
|
|
22.87% |
|
|
|
|
|
|
|
|
|
Capital Indicators
(%) |
|
|
|
|
|
|
|
Total capital ratio (16) |
12.70% |
|
|
12.39% |
|
|
12.36% |
|
|
12.39% |
|
Tier 1 capital ratio (17) |
11.08% |
|
|
10.77% |
|
|
10.88% |
|
|
10.89% |
|
Tier 1 leverage ratio
(18) |
9.05% |
|
|
8.91% |
|
|
9.04% |
|
|
9.18% |
|
Common equity tier 1 capital
ratio (CET1) (19) |
10.30% |
|
|
10.00% |
|
|
10.10% |
|
|
10.10% |
|
Tangible common equity ratio
(20) |
7.44% |
|
|
7.34% |
|
|
7.44% |
|
|
7.50% |
|
Tangible common equity ratio,
adjusted for unrealized losses on debt securities held to maturity
(21) |
7.18% |
|
|
7.16% |
|
|
7.29% |
|
|
7.31% |
|
|
|
|
|
|
|
|
|
Liquidity Ratios
(%) |
|
|
|
|
|
|
|
Loans to Deposits (22) |
94.64% |
|
|
95.22% |
|
|
97.64% |
|
|
98.23% |
|
|
|
|
|
|
|
|
|
Asset Quality
Indicators (%) |
|
|
|
|
|
|
|
Non-performing assets / Total
assets (23) |
0.57% |
|
|
0.71% |
|
|
0.51% |
|
|
0.41% |
|
Non-performing loans / Total
gross loans (1) (24) |
0.46% |
|
|
0.65% |
|
|
0.31% |
|
|
0.54% |
|
Allowance for credit losses /
Total non-performing loans (24) |
297.55% |
|
|
224.51% |
|
|
380.31% |
|
|
222.08% |
|
Allowance for credit losses /
Total loans held for investment |
1.40% |
|
|
1.48% |
|
|
1.20% |
|
|
1.22% |
|
Net charge-offs /
Average total loans held for investment (25) |
0.82% |
|
|
0.42% |
|
|
0.64% |
|
|
0.59% |
|
|
|
|
|
|
|
|
|
Efficiency Indicators
(% except FTE) |
|
|
|
|
|
|
|
Noninterest expense / Average
total assets |
2.69% |
|
|
3.06% |
|
|
2.82% |
|
|
2.75% |
|
Salaries and employee benefits
/ Average total assets |
1.31% |
|
|
1.45% |
|
|
1.52% |
|
|
1.45% |
|
Other operating expenses/
Average total assets (26) |
1.38% |
|
|
1.62% |
|
|
1.30% |
|
|
1.30% |
|
Efficiency ratio (27) |
64.10% |
|
|
65.61% |
|
|
63.67% |
|
|
58.42% |
|
Full-Time-Equivalent Employees
(FTEs) (28) |
700 |
|
|
710 |
|
|
722 |
|
|
692 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
(in thousands, except
percentages and per share amounts) |
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
Core Selected
Consolidated Results of Operations and Other Data (9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-provision net revenue (PPNR) |
$ |
36,456 |
|
|
$ |
38,258 |
|
|
$ |
37,187 |
|
|
$ |
44,457 |
|
Core pre-provision net revenue
(Core PPNR) |
$ |
35,880 |
|
|
$ |
39,196 |
|
|
$ |
37,103 |
|
|
$ |
37,838 |
|
Core net income (6) |
$ |
21,664 |
|
|
$ |
8,048 |
|
|
$ |
20,120 |
|
|
$ |
16,817 |
|
Core basic earnings per common
share (6) |
|
0.65 |
|
|
|
0.24 |
|
|
|
0.60 |
|
|
|
0.50 |
|
Core earnings per diluted
common share (6) (10) |
|
0.64 |
|
|
|
0.24 |
|
|
|
0.59 |
|
|
|
0.50 |
|
Core net income / Average
total assets (Core ROA) (6) (13) |
|
0.91% |
|
|
|
0.34% |
|
|
|
0.88% |
|
|
|
0.74% |
|
Core net income / Average
stockholders' equity (Core ROE) (6) (14) |
|
11.69% |
|
|
|
4.32% |
|
|
|
11.11% |
|
|
|
9.26% |
|
Core efficiency ratio
(29) |
|
62.08% |
|
|
|
60.29% |
|
|
|
62.47% |
|
|
|
61.34% |
|
__________________ |
(1) |
Total gross loans include loans held for investment net of
unamortized deferred loan origination fees and costs, as well as
loans held for sale. As of September 30, 2023, June 30, 2023, March
31, 2023 and December 31, 2022, mortgage loans held for sale
carried at fair value totaled $26.0 million, $49.9 million, $65.3
million and $62.4 million, respectively. In addition, as of
September 30, 2023, includes $43.3 million in loans held for sale
carried at the lower of estimated fair value or cost. |
(2) |
Core deposits consist of total
deposits excluding all time deposits. |
(3) |
In the fourth quarter of 2022,
the Company announced that the Board of Directors authorized a new
repurchase program pursuant to which the Company may purchase, from
time to time, up to an aggregate amount of $25 million of its
shares of Class A common stock (the “2023 Class A Common Stock
Repurchase Program”). In the third, second and first quarters of
2023, the Company repurchased an aggregate of 142,188 shares of
Class A common stock, 95,262 shares of Class A common stock and
22,403 shares of Class A common stock, respectively, at a weighted
average price of $19.05 per share, $17.42 per share and $25.25 per
share, respectively, under the 2023 Class A Common Stock Repurchase
Program. In the third, second and first quarters of 2023, the
aggregate purchase price for these transactions was approximately
$2.7 million, $1.7 million and $0.6 million, respectively,
including transaction costs. |
(4) |
For each of the third, second and
first quarters of 2023 and the fourth quarter of 2022, the
Company’s Board of Directors declared cash dividends of $0.09 per
share of the Company’s common stock and paid an aggregate amount of
$3.0 million per quarter in connection with these dividends. The
dividend declared in the third quarter of 2023 was paid on August
31, 2023 to shareholders of record at the close of business on
August 15, 2023. The dividend declared in the second quarter of
2023 was paid on May 31, 2023 to shareholders of record at the
close of business on May 15, 2023. The dividend declared in the
first quarter of 2023 was paid on February 28, 2023 to shareholders
of record at the close of business on February 13, 2023. The
dividend declared in the fourth quarter of 2022 was paid on
November 30, 2022 to shareholders of record at the close of
business on November 15, 2022. |
(5) |
Assets held for clients in an
agency or fiduciary capacity which are not assets of the Company
and therefore are not included in the consolidated financial
statements. |
(6) |
As previously disclosed, the
Company adopted CECL in the fourth quarter of 2022, effective as of
January 1, 2022. See Form 10-K for more details on the CECL
adoption and related effects to quarterly results for each quarter
in the year ended December 31, 2022. |
(7) |
In the third quarter of 2023,
includes $7.4 million and $0.6 million of provision for credit
losses on loans and unfunded commitments (contingencies),
respectively. For all other periods shown, includes provision for
credit losses on loans. There was no provision for credit losses on
unfunded commitments in the second quarter of 2023 and the fourth
quarter of 2022. In the first quarter of 2023, the provision for
credit losses on unfunded commitments was $0.3 million. |
(8) |
In the three months ended
September 30, 2023, June 30, 2023, March 31, 2023, and
December 31, 2022, net income excludes losses of $0.4 million, $0.3
million, $0.2 million and $0.2 million, respectively, attributable
to a minority interest in Amerant Mortgage LLC. |
(9) |
This presentation contains
adjusted financial information determined by methods other than
GAAP. This adjusted financial information is reconciled to GAAP in
Exhibit 2 - Non-GAAP Financial Measures Reconciliation. |
(10) |
In all the periods shown,
potential dilutive instruments consisted of unvested shares of
restricted stock, restricted stock units and performance stock
units. Potential dilutive instruments were included in the diluted
earnings per share computation because, when the unamortized
deferred compensation cost related to these shares was divided by
the average market price per share in all the periods shown, fewer
shares would have been purchased than restricted shares assumed
issued. Therefore, in those periods, such awards resulted in higher
diluted weighted average shares outstanding than basic weighted
average shares outstanding, and had a dilutive effect in per share
earnings. |
(11) |
Operating data for the periods
presented have been annualized. |
(12) |
NIM is defined as NII divided by
average interest-earning assets, which are loans, securities,
deposits with banks and other financial assets which yield interest
or similar income. |
(13) |
Calculated based upon the average
daily balance of total assets. |
(14) |
Calculated based upon the average
daily balance of stockholders’ equity. |
(15) |
Total revenue is the result of
net interest income before provision for credit losses plus
noninterest income. |
(16) |
Total stockholders’ equity
divided by total risk-weighted assets, calculated according to the
standardized regulatory capital ratio calculations. |
(17) |
Tier 1 capital divided by total
risk-weighted assets. Tier 1 capital is composed of Common Equity
Tier 1 (CET1) capital plus outstanding qualifying trust preferred
securities of $62.3 million at each of all the dates
presented. |
(18) |
Tier 1 capital divided by quarter
to date average assets. |
(19) |
CET1 capital divided by total
risk-weighted assets. |
(20) |
Tangible common equity is
calculated as the ratio of common equity less goodwill and other
intangibles divided by total assetsless goodwill and other
intangible assets. Other intangible assets primarily consist of
naming rights and mortgage servicing rights and are included in
other assets in the Company’s consolidated balance sheets. |
(21) |
Calculated in the same manner
described in footnote 19 but also includes unrealized losses on
debt securities held to maturity in the balance of common equity
and total assets. |
(22) |
Calculated as the ratio of total
loans gross divided by total deposits. |
(23) |
Non-performing assets include all
accruing loans past due by 90 days or more, all nonaccrual loans
and other real estate owned (“OREO”) properties acquired through or
in lieu of foreclosure, and other repossessed assets. |
(24) |
Non-performing loans include all
accruing loans past due by 90 days or more and all nonaccrual
loans |
(25) |
Calculated based upon the average
daily balance of outstanding loan principal balance net of
unamortized deferred loan origination fees and costs, excluding the
allowance for credit losses. During the third, second and first
quarters of 2023, and in the fourth quarter of 2022, there were net
charge offs of $14.6 million, $7.5 million , $10.8 million,
and $9.8 million, respectively. During the third quarter of 2023,
the Company charged-off $6.4 million related to multiple
consumer loans, primarily purchased indirect consumer loans, and
$9.3 million related to multiple commercial loans. During the
second quarter of 2023, the Company charged-off $7.6 million
related to multiple purchased indirect consumer loans and $1.5
million related to multiple commercial loans. During the first
quarter of 2023, the Company charged-off $6.5 million in connection
with a commercial loan relationship, $6.3 million related to
multiple consumer loans and $1.5 million related to multiple
commercial and real estate loans. During the fourth quarter of
2022, the Company charged-off $3.9 million related to a CRE loan,
$5.5 million related to multiple consumer loans and $1.1 million
related to multiple commercial loans. |
(26) |
Other operating expenses is the
result of total noninterest expense less salary and employee
benefits. |
(27) |
Efficiency ratio is the result of
noninterest expense divided by the sum of noninterest income
and NII. |
(28) |
As of September 30, 2023,
June 30, 2023, March 31, 2023 and December 31, 2022, includes 98,
93, 94 and 68 FTEs for Amerant Mortgage LLC, respectively. |
(29) |
Core efficiency ratio is the
efficiency ratio less the effect of restructuring costs and other
non-routine items, described in Exhibit 2 - Non-GAAP Financial
Measures Reconciliation. |
|
|
Exhibit 2- Non-GAAP Financial Measures
Reconciliation
The following table sets forth selected financial information
derived from the Company’s interim unaudited and annual audited
consolidated financial statements, adjusted for certain costs
incurred by the Company in the periods presented related to tax
deductible restructuring costs, provision for (reversal of) credit
losses, provision for income tax expense (benefit), the effect of
non-core banking activities such as the sale of loans and
securities and other repossessed assets, the valuation of
securities, derivatives, loans held for sale and other real estate
owned and repossessed assets, the early repayment of FHLB advances,
impairment of investments and other non-routine actions intended to
improve customer service and operating performance. The Company
believes these adjusted numbers are useful to understand the
Company’s performance absent these transactions and events.
|
Three Months Ended, |
(in thousands) |
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Amerant Bancorp Inc. (1) |
$ |
22,119 |
|
|
$ |
7,308 |
|
|
$ |
20,186 |
|
|
$ |
21,973 |
|
Plus: provision for credit
losses (1)(2) |
|
8,000 |
|
|
|
29,077 |
|
|
|
11,700 |
|
|
|
16,857 |
|
Plus: provision for income tax
expense (1) |
|
6,337 |
|
|
|
1,873 |
|
|
|
5,301 |
|
|
|
5,627 |
|
Pre-provision net
revenue (PPNR) |
|
36,456 |
|
|
|
38,258 |
|
|
|
37,187 |
|
|
|
44,457 |
|
Plus: non-routine noninterest
expense items |
|
6,303 |
|
|
|
13,383 |
|
|
|
3,372 |
|
|
|
2,447 |
|
Less: non-routine noninterest
income items |
|
(6,879 |
) |
|
|
(12,445 |
) |
|
|
(3,456 |
) |
|
|
(9,066 |
) |
Core pre-provision net
revenue (Core PPNR) |
$ |
35,880 |
|
|
$ |
39,196 |
|
|
$ |
37,103 |
|
|
$ |
37,838 |
|
|
|
|
|
|
|
|
|
Total noninterest income |
$ |
21,921 |
|
|
$ |
26,619 |
|
|
$ |
19,343 |
|
|
$ |
24,365 |
|
Less: Non-routine noninterest
income items: |
|
|
|
|
|
|
|
Derivatives (losses) gains, net |
|
(77 |
) |
|
|
242 |
|
|
|
14 |
|
|
|
1,040 |
|
Securities losses, net |
|
(54 |
) |
|
|
(1,237 |
) |
|
|
(9,731 |
) |
|
|
(3,364 |
) |
Gains on early extinguishment of FHLB advances, net |
|
7,010 |
|
|
|
13,440 |
|
|
|
13,173 |
|
|
|
11,390 |
|
Total non-routine noninterest income items |
$ |
6,879 |
|
|
$ |
12,445 |
|
|
$ |
3,456 |
|
|
$ |
9,066 |
|
Core noninterest
income |
$ |
15,042 |
|
|
$ |
14,174 |
|
|
$ |
15,887 |
|
|
$ |
15,299 |
|
|
|
|
|
|
|
|
|
Total noninterest
expenses |
$ |
64,420 |
|
|
$ |
72,500 |
|
|
$ |
64,733 |
|
|
$ |
62,241 |
|
Less: non-routine noninterest expense items |
|
|
|
|
|
|
|
Restructuring costs (3): |
|
|
|
|
|
|
|
Staff reduction costs (4) |
|
489 |
|
|
|
2,184 |
|
|
|
213 |
|
|
|
1,221 |
|
Contract termination costs (5) |
|
— |
|
|
|
1,550 |
|
|
|
— |
|
|
|
— |
|
Consulting and other professional fees (6) |
|
— |
|
|
|
2,060 |
|
|
|
2,690 |
|
|
|
1,226 |
|
Disposition of fixed assets (7) |
|
— |
|
|
|
1,419 |
|
|
|
— |
|
|
|
— |
|
Branch closure expenses and related charges (8) |
|
252 |
|
|
|
1,558 |
|
|
|
469 |
|
|
|
— |
|
Total restructuring costs |
$ |
741 |
|
|
$ |
8,771 |
|
|
$ |
3,372 |
|
|
$ |
2,447 |
|
Other non-routine noninterest expense items: |
|
|
|
|
|
|
|
Loans held for sale valuation expense (9) |
|
5,562 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss on sale of repossessed assets (10) |
|
— |
|
|
|
2,649 |
|
|
|
— |
|
|
|
— |
|
Impairment charge on investment carried at cost |
|
— |
|
|
|
1,963 |
|
|
|
— |
|
|
|
— |
|
Total non-routine noninterest expense items |
$ |
6,303 |
|
|
$ |
13,383 |
|
|
$ |
3,372 |
|
|
$ |
2,447 |
|
Core noninterest
expenses |
$ |
58,117 |
|
|
$ |
59,117 |
|
|
$ |
61,361 |
|
|
$ |
59,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended, |
(in thousands, except
percentages and per share amounts) |
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
|
|
|
Net income attributable to
Amerant Bancorp Inc. (1) |
$ |
22,119 |
|
|
$ |
7,308 |
|
|
$ |
20,186 |
|
|
$ |
21,973 |
|
Plus after-tax non-routine
items in noninterest expense: |
|
|
|
|
|
|
|
Non-routine items in
noninterest expense before income tax effect |
|
6,303 |
|
|
|
13,383 |
|
|
|
3,372 |
|
|
|
2,447 |
|
Income tax effect (11) |
|
(1,486 |
) |
|
|
(2,811 |
) |
|
|
(708 |
) |
|
|
(460 |
) |
Total after-tax non-routine
items in noninterest expense |
|
4,817 |
|
|
|
10,572 |
|
|
|
2,664 |
|
|
|
1,987 |
|
Less after-tax non-routine
items in noninterest income: |
|
|
|
|
|
|
|
Non-routine items in
noninterest income before income tax effect |
|
(6,879 |
) |
|
|
(12,445 |
) |
|
|
(3,456 |
) |
|
|
(9,066 |
) |
Income tax effect (11) |
|
1,607 |
|
|
|
2,613 |
|
|
|
726 |
|
|
|
1,923 |
|
Total after-tax non-routine
items in noninterest income |
|
(5,272 |
) |
|
|
(9,832 |
) |
|
|
(2,730 |
) |
|
|
(7,143 |
) |
Core net income
(1) |
$ |
21,664 |
|
|
$ |
8,048 |
|
|
$ |
20,120 |
|
|
$ |
16,817 |
|
|
|
|
|
|
|
|
|
Basic earnings per share
(1) |
$ |
0.66 |
|
|
$ |
0.22 |
|
|
$ |
0.60 |
|
|
$ |
0.66 |
|
Plus: after tax impact of
non-routine items in noninterest expense |
|
0.14 |
|
|
|
0.31 |
|
|
|
0.08 |
|
|
|
0.06 |
|
Less: after tax impact of
non-routine items in noninterest income |
|
(0.15 |
) |
|
|
(0.29 |
) |
|
|
(0.08 |
) |
|
|
(0.22 |
) |
Total core basic
earnings per common share (1) |
$ |
0.65 |
|
|
$ |
0.24 |
|
|
$ |
0.60 |
|
|
$ |
0.50 |
|
|
|
|
|
|
|
|
|
Diluted earnings per share (1)
(12) |
$ |
0.66 |
|
|
$ |
0.22 |
|
|
$ |
0.60 |
|
|
$ |
0.65 |
|
Plus: after tax impact of
non-routine items in noninterest expense |
|
0.14 |
|
|
|
0.31 |
|
|
|
0.08 |
|
|
|
0.06 |
|
Less: after tax impact of
non-routine items in noninterest income |
|
(0.16 |
) |
|
|
(0.29 |
) |
|
|
(0.09 |
) |
|
|
(0.21 |
) |
Total core diluted
earnings per common share (1) |
$ |
0.64 |
|
|
$ |
0.24 |
|
|
$ |
0.59 |
|
|
$ |
0.50 |
|
|
|
|
|
|
|
|
|
Net income / Average total
assets (ROA) (1) |
|
0.92 |
% |
|
|
0.31 |
% |
|
|
0.88 |
% |
|
|
0.97 |
% |
Plus: after tax impact of
non-routine items in noninterest expense |
|
0.20 |
% |
|
|
0.45 |
% |
|
|
0.12 |
% |
|
|
0.09 |
% |
Less: after tax impact of
non-routine items in noninterest income |
(0.21)% |
|
(0.42)% |
|
(0.12)% |
|
(0.32)% |
Core net income /
Average total assets (Core ROA) (1) |
|
0.91 |
% |
|
|
0.34 |
% |
|
|
0.88 |
% |
|
|
0.74 |
% |
|
|
|
|
|
|
|
|
Net income / Average
stockholders' equity (ROE) (1) |
|
11.93 |
% |
|
|
3.92 |
% |
|
|
11.15 |
% |
|
|
12.10 |
% |
Plus: after tax impact of
non-routine items in noninterest expense |
|
2.60 |
% |
|
|
5.68 |
% |
|
|
1.47 |
% |
|
|
1.09 |
% |
Less: after tax impact of
non-routine items in noninterest income |
(2.84)% |
|
(5.28)% |
|
(1.51)% |
|
(3.93)% |
Core net income /
Average stockholders' equity (Core ROE) (1) |
|
11.69 |
% |
|
|
4.32 |
% |
|
|
11.11 |
% |
|
|
9.26 |
% |
|
|
|
|
|
|
|
|
Efficiency ratio |
|
64.10 |
% |
|
|
65.61 |
% |
|
|
63.67 |
% |
|
|
58.42 |
% |
Less: impact of non-routine
items in noninterest expense |
(6.27)% |
|
(12.11)% |
|
(3.32)% |
|
(2.30)% |
Plus: impact of non-routine
items in noninterest income |
|
4.25 |
% |
|
|
6.79 |
% |
|
|
2.12 |
% |
|
|
5.22 |
% |
Core efficiency
ratio |
|
62.08 |
% |
|
|
60.29 |
% |
|
|
62.47 |
% |
|
|
61.34 |
% |
|
Three Months Ended, |
(in thousands, except
percentages, share data and per share amounts) |
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
|
|
|
|
|
Stockholders' equity |
$ |
719,787 |
|
|
$ |
720,956 |
|
|
$ |
729,056 |
|
|
$ |
705,726 |
|
Less: goodwill and other
intangibles (13) |
|
(26,818 |
) |
|
|
(24,124 |
) |
|
|
(24,292 |
) |
|
|
(23,161 |
) |
Tangible common stockholders'
equity |
$ |
692,969 |
|
|
$ |
696,832 |
|
|
$ |
704,764 |
|
|
$ |
682,565 |
|
Total assets |
|
9,345,700 |
|
|
|
9,519,526 |
|
|
|
9,495,302 |
|
|
|
9,127,804 |
|
Less: goodwill and other
intangibles (13) |
|
(26,818 |
) |
|
|
(24,124 |
) |
|
|
(24,292 |
) |
|
|
(23,161 |
) |
Tangible assets |
$ |
9,318,882 |
|
|
$ |
9,495,402 |
|
|
$ |
9,471,010 |
|
|
$ |
9,104,643 |
|
Common shares outstanding |
|
33,583,621 |
|
|
|
33,736,159 |
|
|
|
33,814,260 |
|
|
|
33,815,161 |
|
Tangible common equity
ratio |
|
7.44 |
% |
|
|
7.34 |
% |
|
|
7.44 |
% |
|
|
7.50 |
% |
Stockholders' book
value per common share |
$ |
21.43 |
|
|
$ |
21.37 |
|
|
$ |
21.56 |
|
|
$ |
20.87 |
|
Tangible stockholders'
equity book value per common share |
$ |
20.63 |
|
|
$ |
20.66 |
|
|
$ |
20.84 |
|
|
$ |
20.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common stockholders'
equity |
$ |
692,969 |
|
|
$ |
696,832 |
|
|
$ |
704,764 |
|
|
$ |
682,565 |
|
Less: Net unrealized
accumulated losses on debt securities held to maturity, net of tax
(14) |
|
(26,138 |
) |
|
|
(18,503 |
) |
|
|
(15,542 |
) |
|
|
(18,234 |
) |
Tangible common stockholders'
equity, adjusted for net unrealized accumulated losses on debt
securities held to maturity |
$ |
666,831 |
|
|
$ |
678,329 |
|
|
$ |
689,222 |
|
|
$ |
664,331 |
|
Tangible assets |
$ |
9,318,882 |
|
|
$ |
9,495,402 |
|
|
$ |
9,471,010 |
|
|
$ |
9,104,643 |
|
Less: Net unrealized
accumulated losses on debt securities held to maturity, net of tax
(14) |
|
(26,138 |
) |
|
|
(18,503 |
) |
|
|
(15,542 |
) |
|
|
(18,234 |
) |
Tangible assets, adjusted for
net unrealized accumulated losses on debt securities held to
maturity |
$ |
9,292,744 |
|
|
$ |
9,476,899 |
|
|
$ |
9,455,468 |
|
|
$ |
9,086,409 |
|
Common shares outstanding |
|
33,583,621 |
|
|
|
33,736,159 |
|
|
|
33,814,260 |
|
|
|
33,815,161 |
|
|
|
|
|
|
|
|
|
Tangible common equity
ratio, adjusted for net unrealized accumulated losses on debt
securities held to maturity |
|
7.18 |
% |
|
|
7.16 |
% |
|
|
7.29 |
% |
|
|
7.31 |
% |
Tangible stockholders'
book value per common share, adjusted for net unrealized
accumulated losses on debt securities held to
maturity |
$ |
19.86 |
|
|
$ |
20.11 |
|
|
$ |
20.38 |
|
|
$ |
19.65 |
|
____________ |
(1) |
As previously disclosed, the Company adopted CECL in the fourth
quarter of 2022, effective as of January 1, 2022. See Form 10-K for
more details of the CECL adoption and related effects to quarterly
results for each quarter in the year ended December 31, 2022. |
(2) |
In the third quarter of 2023, includes $7.4 million and $0.6
million of provision for credit losses on loans and unfunded
commitments (contingencies), respectively. For all other periods
shown, includes provision for credit losses on loans. There was no
provision for credit losses on unfunded commitments in the second
quarter of 2023 and the fourth quarter of 2022. In the first
quarter of 2023, the provision for credit losses on unfunded
commitments was $0.3 million. |
(3) |
Expenses incurred for actions designed to implement the Company’s
business strategy. These actions include, but are not limited to
reductions in workforce, streamlining operational processes,
rolling out the Amerant brand, implementation of new technology
system applications, decommissioning of legacy technologies,
enhanced sales tools and training, expanded product offerings and
improved customer analytics to identify opportunities. |
(4) |
Staff reduction costs consist of severance expenses related to
organizational rationalization. |
(5) |
Contract termination and related costs associated with third party
vendors resulting from the Company’s engagement of FIS. |
(6) |
Includes expenses in connection with the engagement of FIS of $2.0
million, $2.6 million and $1.1 million in the three months ended
June 30, 2023, March 31, 2023 and December 31, 2022,
respectively. |
(7) |
Include expenses in connection with the disposition of fixed assets
due to the write off of in-development software in the three months
ended June 30, 2023. |
(8) |
In the three months ended September 30, 2023, consists of expenses
in connection with the closure of a branch in Houston, Texas in
2023. In the three months ended June 30, 2023, consists of expenses
associated with the closure of a branch in Miami, Florida in 2023,
including $0.9 million of accelerated amortization of leasehold
improvements and $0.6 million of right-of-use, or ROU asset
impairment. In the three months ended March 31, 2023, includes $0.5
million of ROU asset impairment associated with the closure of a
branch in Houston, Texas in 2023. |
(9) |
Fair value adjustment related to a New York-based CRE loan held for
sale carried at the lower of fair value or cost. |
(10) |
In the three months ended June 30, 2023, amount represents the loss
on sale of repossessed assets in connection with our
equipment-financing activities. |
(11) |
In the three months ended March 31, 2023, amounts were calculated
based upon the effective tax rate for the period of 21.00%. For all
of the other periods shown, amounts represent the difference
between the prior and current period year-to-date tax effect. |
(12) |
Potential dilutive instruments consisted of unvested shares of
restricted stock, restricted stock units and performance stock
units. In all the periods presented, potential dilutive instruments
were included in the diluted earnings per share computation
because, when the unamortized deferred compensation cost related to
these shares was divided by the average market price per share in
those periods, fewer shares would have been purchased than
restricted shares assumed issued. Therefore, in those periods, such
awards resulted in higher diluted weighted average shares
outstanding than basic weighted average shares outstanding, and had
a dilutive effect on per share earnings. |
(13) |
At September 30, 2023, other intangible assets primarily
consist of naming rights and mortgage servicing rights (“MSRs”) of
$2.7 million and $1.3 million, respectively. At June 30, 2023,
March 31, 2023 and December 31, 2022, other intangible assets
primarily consist of MSRs of $1.3 million, $1.4 million and $1.3
million, respectively. Other intangible assets are included in
other assets in the Company’s consolidated balance sheets. |
(14) |
In the three months ended September 30, 2023, June 30, 2023,
March 31, 2023 and December 31, 2022, amounts were calculated based
upon the fair value on debt securities held to maturity, and
assuming a tax rate of 25.51%, 25.46%, 25.53% and 25.55%,
respectively. |
|
|
Exhibit 3 - Average Balance
Sheet, Interest and Yield/Rate
Analysis
The following tables present average balance sheet information,
interest income, interest expense and the corresponding average
yields earned and rates paid for the periods presented. The average
balances for loans include both performing and nonperforming
balances. Interest income on loans includes the effects of discount
accretion and the amortization of non-refundable loan origination
fees, net of direct loan origination costs, accounted for as yield
adjustments. Average balances represent the daily average balances
for the periods presented.
|
Three Months Ended |
|
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
(in thousands, except
percentages) |
AverageBalances |
Income/Expense |
Yield/Rates |
|
Average Balances |
Income/ Expense |
Yield/ Rates |
|
Average Balances |
Income/Expense |
Yield/ Rates |
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
Loan portfolio, net (1)(2) |
$ |
7,048,891 |
$ |
120,244 |
6.77 |
% |
|
$ |
7,068,034 |
$ |
119,570 |
6.79 |
% |
|
$ |
6,021,294 |
$ |
76,779 |
5.06 |
% |
Debt securities available for sale (3) (4) |
|
1,052,147 |
|
10,924 |
4.12 |
% |
|
|
1,041,039 |
|
10,397 |
4.01 |
% |
|
|
1,110,153 |
|
8,379 |
2.99 |
% |
Debt securities held to maturity (5) |
|
232,146 |
|
1,958 |
3.35 |
% |
|
|
236,297 |
|
1,976 |
3.35 |
% |
|
|
235,916 |
|
1,921 |
3.23 |
% |
Debt securities held for trading |
|
2,048 |
|
4 |
0.77 |
% |
|
|
262 |
|
3 |
4.59 |
% |
|
|
65 |
|
1 |
6.10 |
% |
Equity securities with readily determinable fair value not held for
trading |
|
2,479 |
|
21 |
3.36 |
% |
|
|
27 |
|
— |
— |
% |
|
|
12,018 |
|
— |
— |
% |
Federal Reserve Bank and FHLB stock |
|
54,056 |
|
961 |
7.05 |
% |
|
|
52,917 |
|
857 |
6.50 |
% |
|
|
49,398 |
|
605 |
4.86 |
% |
Deposits with banks |
|
344,015 |
|
5,248 |
6.05 |
% |
|
|
379,123 |
|
5,694 |
6.02 |
% |
|
|
258,237 |
|
1,452 |
2.23 |
% |
Other short-term investments |
|
1,964 |
|
23 |
4.65 |
% |
|
|
— |
|
— |
— |
% |
|
|
— |
|
— |
— |
% |
Total interest-earning assets |
|
8,737,746 |
|
139,383 |
6.33 |
% |
|
|
8,777,699 |
|
138,497 |
6.33 |
% |
|
|
7,687,081 |
|
89,137 |
4.60 |
% |
Total
non-interest-earning assets (6) |
|
756,141 |
|
|
|
|
710,404 |
|
|
|
|
639,118 |
|
|
Total assets |
$ |
9,493,887 |
|
|
|
$ |
9,488,103 |
|
|
|
$ |
8,326,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
(in thousands, except
percentages) |
AverageBalances |
Income/Expense |
Yield/Rates |
|
Average Balances |
Income/ Expense |
Yield/ Rates |
|
Average Balances |
Income/Expense |
Yield/ Rates |
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Checking and saving
accounts |
|
|
|
|
|
|
|
|
|
|
|
Interest bearing DDA |
$ |
2,523,092 |
|
$ |
16,668 |
2.62 |
% |
|
$ |
2,641,746 |
|
$ |
16,678 |
2.53 |
% |
|
$ |
2,077,321 |
|
$ |
4,934 |
0.94 |
% |
Money market |
|
1,144,580 |
|
|
11,013 |
3.82 |
% |
|
|
1,169,047 |
|
|
9,401 |
3.23 |
% |
|
|
1,363,799 |
|
|
3,555 |
1.03 |
% |
Savings |
|
280,096 |
|
|
32 |
0.05 |
% |
|
|
287,493 |
|
|
36 |
0.05 |
% |
|
|
320,861 |
|
|
54 |
0.07 |
% |
Total checking and saving
accounts |
|
3,947,768 |
|
|
27,713 |
2.79 |
% |
|
|
4,098,286 |
|
|
26,115 |
2.56 |
% |
|
|
3,761,981 |
|
|
8,543 |
0.90 |
% |
Time deposits |
|
2,201,138 |
|
|
22,482 |
4.05 |
% |
|
|
2,045,747 |
|
|
18,528 |
3.63 |
% |
|
|
1,247,084 |
|
|
4,717 |
1.50 |
% |
Total deposits |
|
6,148,906 |
|
|
50,195 |
3.24 |
% |
|
|
6,144,033 |
|
|
44,643 |
2.91 |
% |
|
|
5,009,065 |
|
|
13,260 |
1.05 |
% |
Securities sold under
agreements to repurchase |
|
326 |
|
|
4 |
4.87 |
% |
|
|
60 |
|
|
1 |
6.68 |
% |
|
|
— |
|
|
— |
— |
% |
Advances from the FHLB
(7) |
|
800,978 |
|
|
8,207 |
4.07 |
% |
|
|
828,301 |
|
|
7,621 |
3.69 |
% |
|
|
866,639 |
|
|
3,977 |
1.82 |
% |
Senior notes |
|
59,409 |
|
|
942 |
6.29 |
% |
|
|
59,330 |
|
|
941 |
6.36 |
% |
|
|
59,092 |
|
|
941 |
6.32 |
% |
Subordinated notes |
|
29,391 |
|
|
361 |
4.87 |
% |
|
|
29,348 |
|
|
362 |
4.95 |
% |
|
|
29,220 |
|
|
362 |
4.92 |
% |
Junior subordinated
debentures |
|
64,178 |
|
|
1,097 |
6.78 |
% |
|
|
64,178 |
|
|
1,052 |
6.57 |
% |
|
|
64,178 |
|
|
700 |
4.33 |
% |
Total interest-bearing
liabilities |
|
7,103,188 |
|
|
60,806 |
3.40 |
% |
|
|
7,125,250 |
|
|
54,620 |
3.07 |
% |
|
|
6,028,194 |
|
|
19,240 |
1.27 |
% |
Non-interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand
deposits |
|
1,335,041 |
|
|
|
|
|
1,332,189 |
|
|
|
|
|
1,316,988 |
|
|
|
Accounts payable, accrued
liabilities and other liabilities |
|
320,369 |
|
|
|
|
|
283,653 |
|
|
|
|
|
245,425 |
|
|
|
Total non-interest-bearing
liabilities |
|
1,655,410 |
|
|
|
|
|
1,615,842 |
|
|
|
|
|
1,562,413 |
|
|
|
Total liabilities |
|
8,758,598 |
|
|
|
|
|
8,741,092 |
|
|
|
|
|
7,590,607 |
|
|
|
Stockholders’ equity |
|
735,289 |
|
|
|
|
|
747,011 |
|
|
|
|
|
735,592 |
|
|
|
Total liabilities and
stockholders' equity |
$ |
9,493,887 |
|
|
|
|
$ |
9,488,103 |
|
|
|
|
$ |
8,326,199 |
|
|
|
Excess of average
interest-earning assets over average interest-bearing
liabilities |
$ |
1,634,558 |
|
|
|
|
$ |
1,652,449 |
|
|
|
|
$ |
1,658,887 |
|
|
|
Net interest
income |
|
$ |
78,577 |
|
|
|
$ |
83,877 |
|
|
|
$ |
69,897 |
|
Net interest rate spread |
|
|
2.93 |
% |
|
|
|
3.26 |
% |
|
|
|
3.33 |
% |
Net interest margin (8) |
|
|
3.57 |
% |
|
|
|
3.83 |
% |
|
|
|
3.61 |
% |
Cost of total deposits
(9) |
|
|
2.66 |
% |
|
|
|
2.40 |
% |
|
|
|
0.83 |
% |
Ratio of average
interest-earning assets to average interest-bearing
liabilities |
|
123.01 |
% |
|
|
|
|
123.19 |
% |
|
|
|
|
127.52 |
% |
|
|
Average non-performing loans/
Average total loans |
|
0.56 |
% |
|
|
|
|
0.54 |
% |
|
|
|
|
0.42 |
% |
|
|
|
Nine Months Ended |
|
September 30, 2023 |
|
September 30, 2022 |
(in thousands, except
percentages) |
AverageBalances |
Income/Expense |
Yield/Rates |
|
Average Balances |
Income/ Expense |
Yield/ Rates |
Interest-earning
assets: |
|
|
|
|
|
|
|
Loan portfolio, net (1)(2) |
$ |
7,006,633 |
|
$ |
348,315 |
6.65 |
% |
|
$ |
5,718,264 |
|
$ |
194,631 |
4.55 |
% |
Debt securities available for sale (3)(4) |
|
1,050,648 |
|
|
31,494 |
4.01 |
% |
|
|
1,130,231 |
|
|
23,371 |
2.76 |
% |
Debt securities held to maturity (5) |
|
236,325 |
|
|
6,046 |
3.42 |
% |
|
|
176,462 |
|
|
3,605 |
2.73 |
% |
Debt securities held for trading |
|
783 |
|
|
6 |
1.02 |
% |
|
|
67 |
|
|
3 |
5.99 |
% |
Equity securities with readily determinable fair value not held for
trading |
|
2,455 |
|
|
21 |
1.14 |
% |
|
|
8,615 |
|
|
— |
— |
% |
Federal Reserve Bank and FHLB stock |
|
54,911 |
|
|
2,833 |
6.90 |
% |
|
|
50,118 |
|
|
1,690 |
4.51 |
% |
Deposits with banks |
|
342,127 |
|
|
14,272 |
5.58 |
% |
|
|
247,401 |
|
|
2,102 |
1.14 |
% |
Other short-term investments |
|
662 |
|
|
23 |
4.65 |
% |
|
|
— |
|
|
— |
— |
% |
Total interest-earning assets (6) |
|
8,694,544 |
|
|
403,010 |
6.20 |
% |
|
|
7,331,158 |
|
|
225,402 |
4.11 |
% |
Total non-interest-earning
assets less allowance for loan losses |
|
735,943 |
|
|
|
|
|
592,087 |
|
|
|
Total assets |
$ |
9,430,487 |
|
|
|
|
$ |
7,923,245 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
Checking and saving accounts
- |
|
|
|
|
|
|
|
Interest bearing DDA |
$ |
2,503,147 |
|
$ |
46,201 |
2.47 |
% |
|
$ |
1,769,001 |
|
$ |
6,258 |
0.47 |
% |
Money market |
|
1,215,005 |
|
|
28,295 |
3.11 |
% |
|
|
1,293,748 |
|
|
5,639 |
0.58 |
% |
Savings |
|
288,959 |
|
|
114 |
0.05 |
% |
|
|
321,634 |
|
|
80 |
0.03 |
% |
Total checking and saving
accounts |
|
4,007,111 |
|
|
74,610 |
2.49 |
% |
|
|
3,384,383 |
|
|
11,977 |
0.47 |
% |
Time deposits |
|
2,006,417 |
|
|
53,844 |
3.59 |
% |
|
|
1,265,982 |
|
|
13,501 |
1.43 |
% |
Total deposits |
|
6,013,528 |
|
|
128,454 |
2.86 |
% |
|
|
4,650,365 |
|
|
25,478 |
0.73 |
% |
Securities sold under
agreements to repurchase |
|
130 |
|
|
5 |
5.14 |
% |
|
|
20 |
|
|
— |
— |
% |
Advances from the FHLB
(7) |
|
862,310 |
|
|
22,591 |
3.50 |
% |
|
|
883,566 |
|
|
9,799 |
1.48 |
% |
Senior notes |
|
59,330 |
|
|
2,825 |
6.37 |
% |
|
|
59,014 |
|
|
2,825 |
6.40 |
% |
Subordinated notes |
|
29,349 |
|
|
1,084 |
4.94 |
% |
|
|
22,030 |
|
|
811 |
4.92 |
% |
Junior subordinated
debentures |
|
64,178 |
|
|
3,264 |
6.80 |
% |
|
|
64,178 |
|
|
2,002 |
4.17 |
% |
Total interest-bearing
liabilities |
|
7,028,825 |
|
|
158,223 |
3.01 |
% |
|
|
5,679,173 |
|
|
40,915 |
0.96 |
% |
Non-interest-bearing
liabilities: |
|
|
|
|
|
|
|
Non-interest bearing demand
deposits |
|
1,348,242 |
|
|
|
|
|
1,275,689 |
|
|
|
Accounts payable, accrued
liabilities and other liabilities |
|
313,967 |
|
|
|
|
|
209,123 |
|
|
|
Total non-interest-bearing
liabilities |
|
1,662,209 |
|
|
|
|
|
1,484,812 |
|
|
|
Total liabilities |
|
8,691,034 |
|
|
|
|
|
7,163,985 |
|
|
|
Stockholders’ equity |
|
739,453 |
|
|
|
|
|
759,260 |
|
|
|
Total liabilities and
stockholders' equity |
$ |
9,430,487 |
|
|
|
|
$ |
7,923,245 |
|
|
|
Excess of average
interest-earning assets over average interest-bearing
liabilities |
$ |
1,665,719 |
|
|
|
|
$ |
1,651,985 |
|
|
|
Net interest
income |
|
$ |
244,787 |
|
|
|
$ |
184,487 |
|
Net interest rate spread |
|
|
3.19 |
% |
|
|
|
3.15 |
% |
Net interest margin (8) |
|
|
3.76 |
% |
|
|
|
3.36 |
% |
Cost of total deposits
(9) |
|
|
2.33 |
% |
|
|
|
0.57 |
% |
Ratio of average
interest-earning assets to average interest-bearing
liabilities |
|
123.70 |
% |
|
|
|
|
129.09 |
% |
|
|
Average non-performing loans/
Average total loans |
|
0.48 |
% |
|
|
|
|
0.56 |
% |
|
|
___________ |
(1) |
Includes loans held for investment net of the allowance for credit
losses, and loans held for sale. The average balance of the
allowance for credit losses was $101.2 million, $84.6 million,
and $51.9 million in the three months ended September 30,
2023, June 30, 2023 and September 30, 2022, respectively, and $89.1
million and $58.4 million in the nine months ended September 30,
2023 and 2022, respectively. The average balance of total loans
held for sale was $58.8 million, $85.1 million and $142.5 million
in the three months ended September 30, 2023, June 30, 2023
and September 30, 2022, respectively, and $70.1 million and $130.8
million in the nine months ended September 30, 2023 and 2022,
respectively. |
(2) |
Includes average non-performing loans of $39.8 million, $38.5
million and $25.3 million for the three months ended
September 30, 2023, June 30, 2023 and September 30, 2022,
respectively, $34.1 million and $32.4 million in the nine months
ended September 30, 2023 and 2022, respectively. |
(3) |
Includes the average balance of net unrealized gains and losses in
the fair value of debt securities available for sale. The average
balance includes average net unrealized losses of
$119.8 million, $106.7 million, and $72.4 million in the three
months ended September 30, 2023, June 30, 2023 and September
30, 2022, respectively, and $110.5 million and $42.9 million
in the nine months ended September 30, 2023 and 2022,
respectively. |
(4) |
Includes nontaxable securities with average balances of $18.6
million, $19.5 million and $17.1 million for the three months ended
September 30, 2023, June 30, 2023 and September 30, 2022,
respectively, and $18.6 million in each of the nine months
ended September 30, 2023 and 2022. The tax equivalent yield for
these nontaxable securities was 4.34%, 4.53% and 2.69% for the
three months ended September 30, 2023, June 30, 2023 and
September 30, 2022, respectively, and 4.64% and 3.67% in the nine
months ended September 30, 2023 and 2022, respectively. In 2023 and
2022, the tax equivalent yields were calculated assuming a 21% tax
rate and dividing the actual yield by 0.79. |
(5) |
Includes nontaxable securities with average balances of $49.6
million, $50.1 million and $41.9 million for the three months ended
September 30, 2023, June 30, 2023 and September 30, 2022,
respectively, and $50.1 million and $42.9 million for the nine
months ended September 30, 2023 and 2022, respectively. The tax
equivalent yield for these nontaxable securities was 4.26%, 4.16%
and 3.48% for the three months ended September 30, 2023, June
30, 2023 and September 30, 2022, respectively, and 4.21% and 3.31%
for the nine months ended September 30, 2023 and 2022,
respectively. In 2023 and 2022, the tax equivalent yields were
calculated assuming a 21% tax rate and dividing the actual yield by
0.79. |
(6) |
Excludes the allowance for credit losses. |
(7) |
The terms of the FHLB advance agreements require the Bank to
maintain certain investment securities or loans as collateral for
these advances. |
(8) |
NIM is defined as net interest income divided by average
interest-earning assets, which are loans, securities, deposits with
banks and other financial assets which yield interest or similar
income. |
(9) |
Calculated based upon the average balance of total noninterest
bearing and interest bearing deposits. |
|
|
Exhibit 4 - Noninterest
Income
This table shows
the amounts of each of the categories of noninterest income for the
periods presented.
|
Three Months Ended |
|
Nine Months Ended September 30, |
|
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|
|
2023 |
|
|
|
2022 |
|
(in thousands, except
percentages) |
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
% |
|
Amount |
% |
|
|
|
|
|
|
|
|
Deposits and service fees |
$ |
5,053 |
|
|
23.1 |
% |
|
$ |
4,944 |
|
|
18.6 |
% |
|
$ |
4,629 |
|
|
29.0 |
% |
|
$ |
14,952 |
|
22.0 |
% |
|
$ |
13,826 |
|
32.2 |
% |
Brokerage, advisory and
fiduciary activities |
|
4,370 |
|
|
19.9 |
% |
|
|
4,256 |
|
|
16.0 |
% |
|
|
4,619 |
|
|
29.0 |
% |
|
|
12,808 |
|
18.9 |
% |
|
|
13,654 |
|
31.8 |
% |
Change in cash surrender value
of bank owned life insurance (“BOLI”)(1) |
|
1,483 |
|
|
6.8 |
% |
|
|
1,429 |
|
|
5.4 |
% |
|
|
1,352 |
|
|
8.5 |
% |
|
|
4,324 |
|
6.4 |
% |
|
|
4,028 |
|
9.4 |
% |
Cards and trade finance
servicing fees |
|
734 |
|
|
3.4 |
% |
|
|
562 |
|
|
2.1 |
% |
|
|
622 |
|
|
3.9 |
% |
|
|
1,829 |
|
2.7 |
% |
|
|
1,720 |
|
4.0 |
% |
Gain (loss) on early
extinguishment of FHLB advances, net |
|
7,010 |
|
|
32.0 |
% |
|
|
13,440 |
|
|
50.5 |
% |
|
|
— |
|
|
— |
% |
|
|
33,623 |
|
49.5 |
% |
|
|
(712 |
) |
(1.7 |
)% |
Securities losses, net
(2) |
|
(54 |
) |
|
(0.3 |
)% |
|
|
(1,237 |
) |
|
(4.7 |
)% |
|
|
1,508 |
|
|
9.5 |
% |
|
|
(11,022 |
) |
(16.2 |
)% |
|
|
(325 |
) |
(0.8 |
)% |
Loan-level derivative income
(3) |
|
1,196 |
|
|
5.5 |
% |
|
|
476 |
|
|
1.8 |
% |
|
|
2,786 |
|
|
17.5 |
% |
|
|
3,743 |
|
5.5 |
% |
|
|
6,947 |
|
16.2 |
% |
Derivative (losses) gains, net
(4) |
|
(77 |
) |
|
(0.4 |
)% |
|
|
242 |
|
|
0.9 |
% |
|
|
(95 |
) |
|
(0.6 |
)% |
|
|
179 |
|
0.3 |
% |
|
|
(585 |
) |
(1.4 |
)% |
Other noninterest income
(5) |
|
2,206 |
|
|
10.0 |
% |
|
|
2,507 |
|
|
9.4 |
% |
|
|
535 |
|
|
3.2 |
% |
|
|
7,447 |
|
10.9 |
% |
|
|
4,359 |
|
10.3 |
% |
Total noninterest income |
$ |
21,921 |
|
|
100.0 |
% |
|
$ |
26,619 |
|
|
100.0 |
% |
|
$ |
15,956 |
|
|
100.0 |
% |
|
$ |
67,883 |
|
100.0 |
% |
|
$ |
42,912 |
|
100.0 |
% |
__________________ |
(1) |
Changes in cash surrender value of BOLI are not taxable. |
(2) |
Includes net loss of $1.2 million and net gains of $22 thousand in
the three months ended June 30, 2023 and September 30, 2022,
respectively, and net loss of $10.8 million and net gain of $0.1
million in the nine months ended September 30, 2023 and 2022,
respectively, in connection with the sale of debt securities
available for sale. There were no significant gains and losses in
connection with the sale of debt securities available for sale in
the three months ended September 30, 2023. In addition, includes
unrealized losses of $0.1 million and unrealized gains of
$1.5 million in the three months ended September 30, 2023 and
2022, respectively, and unrealized losses of $0.1 million and $0.4
million in the nine months ended September 30, 2023 and 2022,
respectively, related to the change in fair value of equity
securities with readily available fair value not held for trading
which are recorded in results of the period. There were no
significant unrealized losses related to equity securities with
readily available fair value not held for trading in the three
months ended June 30, 2023. Also, in the nine months ended
September 30, 2023, the Company sold equity securities with readily
available fair value not held for trading, with a total fair value
of $11.2 million at the time of sale, and recognized a net loss of
$0.2 million in connection with this transaction. |
(3) |
Income from interest rate swaps and other derivative transactions
with customers. The Company incurred expenses related to derivative
transactions with customers of $18.0 thousand, $0.1 million and
$1.8 million in the three months ended September 30, 2023,
June 30, 2023 and September 30, 2022, respectively, and $1.7
million and $4.9 million in the nine months ended
September 30, 2023 and 2022, respectively, which are included
as part of noninterest expenses under loan-level derivative
expense. |
(4) |
Net unrealized gains and losses related to uncovered interest rate
caps with clients. |
(5) |
Includes mortgage banking income of $0.5 million, $1.6 million and
$0.1 million in the three months ended September 30, 2023,
June 30, 2023 and September 30, 2022, respectively, and $3.9
million and $3.2 million in the nine months ended
September 30, 2023 and 2022, respectively, related to Amerant
Mortgage. In addition, includes rental income from operating leases
of $0.3 million and $0.4 million in the three months ended
September 30, 2023 and June 30, 2023, respectively, and $0.7
million in the nine months ended September 30, 2023. Other sources
of income in the periods shown include foreign currency exchange
transactions with customers and valuation income on the investment
balances held in the non-qualified deferred compensation plan. |
|
|
Exhibit 5 - Noninterest
Expense
This table shows the amounts of each of the categories of
noninterest expense for the periods presented.
|
Three Months Ended |
|
Nine Months Ended September 30, |
|
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|
|
2023 |
|
|
|
2022 |
|
(in thousands, except
percentages) |
Amount |
% |
|
Amount |
% |
|
Amount |
% |
|
Amount |
% |
|
Amount |
% |
|
|
|
|
|
|
|
|
Salaries and employee benefits (1) |
$ |
31,334 |
|
48.6 |
% |
|
$ |
34,247 |
47.2 |
% |
|
$ |
30,109 |
53.7 |
% |
|
$ |
100,457 |
49.8 |
% |
|
$ |
90,724 |
50.6 |
% |
Occupancy and equipment
(2) |
|
7,293 |
|
11.3 |
% |
|
|
6,737 |
9.3 |
% |
|
|
6,559 |
11.7 |
% |
|
|
20,828 |
10.3 |
% |
|
|
21,044 |
11.8 |
% |
Professional and other
services fees (3) |
|
5,325 |
|
8.3 |
% |
|
|
7,415 |
10.2 |
% |
|
|
5,045 |
9.0 |
% |
|
|
20,368 |
10.1 |
% |
|
|
15,918 |
8.9 |
% |
Loan-level derivative expense
(4) |
|
18 |
|
— |
% |
|
|
110 |
0.2 |
% |
|
|
1,810 |
3.2 |
% |
|
|
1,728 |
0.9 |
% |
|
|
4,865 |
2.7 |
% |
Telecommunications and data
processing (5) |
|
3,556 |
|
5.5 |
% |
|
|
5,027 |
6.9 |
% |
|
|
3,861 |
6.9 |
% |
|
|
11,647 |
5.8 |
% |
|
|
11,113 |
6.2 |
% |
Depreciation and amortization
(6) |
|
1,795 |
|
2.8 |
% |
|
|
2,275 |
3.1 |
% |
|
|
1,481 |
2.6 |
% |
|
|
5,362 |
2.7 |
% |
|
|
3,927 |
2.2 |
% |
FDIC assessments and
insurance |
|
2,590 |
|
4.0 |
% |
|
|
2,739 |
3.8 |
% |
|
|
1,746 |
3.1 |
% |
|
|
8,066 |
4.0 |
% |
|
|
4,668 |
2.6 |
% |
Loans held for sale valuation
expense (7) |
|
5,562 |
|
8.6 |
% |
|
|
— |
— |
% |
|
|
— |
— |
% |
|
|
5,562 |
2.8 |
% |
|
|
159 |
0.1 |
% |
Advertising expenses |
|
2,724 |
|
4.2 |
% |
|
|
4,332 |
6.0 |
% |
|
|
2,066 |
3.7 |
% |
|
|
9,642 |
4.8 |
% |
|
|
8,291 |
4.6 |
% |
Other real estate owned and
repossessed assets (income) expense, net (8)(9) |
|
(134 |
) |
(0.2 |
)% |
|
|
2,431 |
3.4 |
% |
|
|
234 |
0.4 |
% |
|
|
2,297 |
1.1 |
% |
|
|
3,408 |
1.9 |
% |
Contract termination costs
(10) |
|
— |
|
— |
% |
|
|
1,550 |
2.1 |
% |
|
|
289 |
0.5 |
% |
|
|
1,550 |
0.8 |
% |
|
|
7,103 |
4.0 |
% |
Other operating expenses
(11) |
|
4,357 |
|
6.9 |
% |
|
|
5,637 |
7.8 |
% |
|
|
2,913 |
5.2 |
% |
|
|
14,146 |
6.9 |
% |
|
|
7,952 |
4.4 |
% |
Total noninterest expense (12) |
$ |
64,420 |
|
100.0 |
% |
|
$ |
72,500 |
100.0 |
% |
|
$ |
56,113 |
100.0 |
% |
|
$ |
201,653 |
100.0 |
% |
|
$ |
179,172 |
100.0 |
% |
__________________ |
(1) |
Includes staff reduction costs of $0.5 million, $2.2 million and
$0.4 million in the three months ended September 30, 2023 June 30,
2023 and September 30, 2022, respectively, and $2.9 million and
$1.8 million in the nine months ended September 30, 2023 and
2022, respectively, which consist of severance expenses primarily
related to organizational rationalization. |
(2) |
In each of the three and the nine month periods ended September 30,
2023, includes a rent termination fee of $0.3 million in connection
with the closure of a branch in Houston, Texas. In each of the
three months ended June 30, 2023 and the nine months ended
September 30, 2023, includes $0.6 million related to ROU asset
impairment in connection with the closure of a branch in Miami,
Florida in 2023. In addition, in the nine months ended September
30, 2023, includes $0.5 million related to ROU asset impairment in
connection with the closure of a branch in Houston, Texas in 2023.
In the nine months ended September 30, 2022, includes ROU asset
impairment charge of $1.6 million in connection with the closure of
a branch in Pembroke Pines, Florida in 2022. There were no ROU
asset impairment charges in connection with branch closures in the
three months ended September 30, 2023 and 2022. |
(3) |
Includes additional expenses of $2.0 million and $1.0 million in
the three months ended June 30, 2023 and September 30, 2022,
respectively, and $4.6 million and $1.8 million in the nine months
ended September 30, 2023 and 2022, respectively, related to
the engagement of FIS. |
(4) |
Includes services fees in connection with our loan-level derivative
income generation activities. |
(5) |
Includes a charge of $1.4 million in each of the three months ended
June 30, 2023 and the nine months ended September 30, 2023
related to the disposition of fixed assets due to the write off of
in-development software. |
(6) |
Includes a charge of $0.9 million in each of the three months ended
June 30, 2023 and the nine months ended September 30, 2023 for
the accelerated depreciation of leasehold improvements in
connection with the closure of a branch in Miami, Florida in
2023. |
(7) |
Valuation allowance as a result of changes in the fair value of
loans held for sale carried at the lower of cost or fair
value. |
(8) |
In each of the three months ended June 30, 2023 and the nine months
ended September 30, 2023, includes a loss on sale of
repossessed assets in connection with our equipment-financing
activities of $2.6 million. In the three and nine month periods
ended September 30, 2022, includes $0.2 million and $3.4
million, respectively, related to the fair value adjustment of one
other real estate owned (“OREO”) property in New York. In addition,
in the three months ended September 30, 2023 and June 30,
2023, and the nine months ended September 30, 2023, includes OREO
rental income of $0.4 million, $0.4 million, and $0.9 million,
respectively. We had no OREO rental income in the three and nine
month periods ended September 30, 2022. |
(9) |
Beginning in the three months ended June 30, 2023, OREO and
repossessed assets expense is presented separately in the Company’s
consolidated statement of operations and comprehensive (loss)
income. In 2022, while OREO valuation expense was presented
separately, all other OREO-related expenses were presented as part
of other operating expenses in the Company’s consolidated statement
of operations and comprehensive (loss) income. We had no other
repossessed assets in 2022. |
(10) |
Contract termination and related costs associated with third party
vendors resulting from the Company’s transition to our new
technology provider. |
(11) |
In each of the three months ended June 30, 2023 and the nine months
ended September 30, 2023, includes an impairment charge of
$2.0 million related to an investment carried at cost and included
in other assets. In addition, in all of the periods shown, includes
charitable contributions, community engagement, postage and courier
expenses and debits which mirror the valuation income on the
investment balances held in the non-qualified deferred compensation
plan in order to adjust the liability to participants of the
deferred compensation plan. |
(12) |
Includes $3.0 million, $4.0 million and $2.7 million in the three
months ended September 30, 2023, June 30, 2023 and September
30, 2022, respectively, and $10.9 million and $9.8 million in the
nine months ended September 30, 2023 and 2022, respectively,
related to Amerant Mortgage, primarily consisting of salaries and
employee benefits, mortgage lending costs and professional and
other services fees. |
|
|
Exhibit 6 - Consolidated Balance
Sheets
(in thousands, except share
data) |
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
|
|
(audited) |
Cash and due from banks |
$ |
48,145 |
|
|
$ |
45,184 |
|
|
$ |
41,489 |
|
|
$ |
19,486 |
|
Interest earning deposits with
banks |
|
202,946 |
|
|
|
365,673 |
|
|
|
411,747 |
|
|
|
228,955 |
|
Restricted cash |
|
51,837 |
|
|
|
34,204 |
|
|
|
32,541 |
|
|
|
42,160 |
|
Other short-term
investments |
|
6,024 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Cash and cash equivalents |
|
308,952 |
|
|
|
445,061 |
|
|
|
485,777 |
|
|
|
290,601 |
|
Securities |
|
|
|
|
|
|
|
Debt securities available for
sale, at fair value |
|
1,033,797 |
|
|
|
1,027,676 |
|
|
|
1,045,883 |
|
|
|
1,057,621 |
|
Debt securities held to
maturity, at amortized cost (estimated fair value of $195,165,
$209,546, $218,388 and $217,609 at September 30, 2023, June 30,
2023, March 31, 2023 and December 31, 2022, respectively) |
|
230,254 |
|
|
|
234,369 |
|
|
|
239,258 |
|
|
|
242,101 |
|
Trading securities |
|
— |
|
|
|
298 |
|
|
|
— |
|
|
|
— |
|
Equity securities with readily
determinable fair value not held for trading |
|
2,438 |
|
|
|
2,500 |
|
|
|
— |
|
|
|
11,383 |
|
Federal Reserve Bank and
Federal Home Loan Bank stock |
|
47,878 |
|
|
|
50,460 |
|
|
|
62,556 |
|
|
|
55,575 |
|
Securities |
|
1,314,367 |
|
|
|
1,315,303 |
|
|
|
1,347,697 |
|
|
|
1,366,680 |
|
Loans held for sale, at lower
of fair value or cost (1) |
|
43,257 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Mortgage loans held for sale,
at fair value |
|
25,952 |
|
|
|
49,942 |
|
|
|
65,289 |
|
|
|
62,438 |
|
Loans held for investment,
gross |
|
7,073,387 |
|
|
|
7,167,016 |
|
|
|
7,049,746 |
|
|
|
6,857,194 |
|
Less: Allowance for credit
losses |
|
98,773 |
|
|
|
105,956 |
|
|
|
84,361 |
|
|
|
83,500 |
|
Loans held for investment, net |
|
6,974,614 |
|
|
|
7,061,060 |
|
|
|
6,965,385 |
|
|
|
6,773,694 |
|
Bank owned life insurance |
|
232,736 |
|
|
|
231,253 |
|
|
|
229,824 |
|
|
|
228,412 |
|
Premises and equipment,
net |
|
43,004 |
|
|
|
43,714 |
|
|
|
42,380 |
|
|
|
41,772 |
|
Deferred tax assets, net |
|
63,501 |
|
|
|
56,779 |
|
|
|
46,112 |
|
|
|
48,703 |
|
Operating lease right-of-use
assets |
|
116,763 |
|
|
|
116,161 |
|
|
|
119,503 |
|
|
|
139,987 |
|
Goodwill |
|
20,525 |
|
|
|
20,525 |
|
|
|
20,525 |
|
|
|
19,506 |
|
Accrued interest receivable
and other assets (2) |
|
202,029 |
|
|
|
179,728 |
|
|
|
172,810 |
|
|
|
156,011 |
|
Total assets |
$ |
9,345,700 |
|
|
$ |
9,519,526 |
|
|
$ |
9,495,302 |
|
|
$ |
9,127,804 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
Demand |
|
|
|
|
|
|
|
Noninterest bearing |
$ |
1,370,157 |
|
|
$ |
1,293,522 |
|
|
$ |
1,360,626 |
|
|
$ |
1,367,664 |
|
Interest bearing |
|
2,416,797 |
|
|
|
2,773,120 |
|
|
|
2,489,565 |
|
|
|
2,300,469 |
|
Savings and money market |
|
1,457,080 |
|
|
|
1,431,375 |
|
|
|
1,507,195 |
|
|
|
1,647,811 |
|
Time |
|
2,302,878 |
|
|
|
2,081,554 |
|
|
|
1,929,340 |
|
|
|
1,728,255 |
|
Total deposits |
|
7,546,912 |
|
|
|
7,579,571 |
|
|
|
7,286,726 |
|
|
|
7,044,199 |
|
Advances from the Federal Home
Loan Bank |
|
595,000 |
|
|
|
770,000 |
|
|
|
1,052,012 |
|
|
|
906,486 |
|
Senior notes |
|
59,447 |
|
|
|
59,368 |
|
|
|
59,289 |
|
|
|
59,210 |
|
Subordinated notes |
|
29,412 |
|
|
|
29,369 |
|
|
|
29,326 |
|
|
|
29,284 |
|
Junior subordinated debentures
held by trust subsidiaries |
|
64,178 |
|
|
|
64,178 |
|
|
|
64,178 |
|
|
|
64,178 |
|
Operating lease liabilities
(3) |
|
120,665 |
|
|
|
119,921 |
|
|
|
122,214 |
|
|
|
140,147 |
|
Accounts payable, accrued
liabilities and other liabilities (4) |
|
210,299 |
|
|
|
176,163 |
|
|
|
152,501 |
|
|
|
178,574 |
|
Total liabilities |
|
8,625,913 |
|
|
|
8,798,570 |
|
|
|
8,766,246 |
|
|
|
8,422,078 |
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
Class A common stock |
|
3,359 |
|
|
|
3,374 |
|
|
|
3,383 |
|
|
|
3,382 |
|
Additional paid in
capital |
|
194,103 |
|
|
|
195,275 |
|
|
|
194,782 |
|
|
|
194,694 |
|
Retained earnings |
|
630,933 |
|
|
|
611,829 |
|
|
|
607,544 |
|
|
|
590,375 |
|
Accumulated other
comprehensive loss |
|
(105,634 |
) |
|
|
(86,926 |
) |
|
|
(74,319 |
) |
|
|
(80,635 |
) |
Total stockholders' equity before noncontrolling interest |
|
722,761 |
|
|
|
723,552 |
|
|
|
731,390 |
|
|
|
707,816 |
|
Noncontrolling interest |
|
(2,974 |
) |
|
|
(2,596 |
) |
|
|
(2,334 |
) |
|
|
(2,090 |
) |
Total stockholders' equity |
|
719,787 |
|
|
|
720,956 |
|
|
|
729,056 |
|
|
|
705,726 |
|
Total liabilities and stockholders' equity |
$ |
9,345,700 |
|
|
$ |
9,519,526 |
|
|
$ |
9,495,302 |
|
|
$ |
9,127,804 |
|
__________ |
(1) |
As of September 30, 2023, includes a valuation allowance of
$5.6 million as a result of fair value adjustment. |
(2) |
As of September 30, 2023, June 30, 2023, March 31, 2023 and
December 31, 2022, includes derivative assets with a total fair
value of $87.1 million, $75.8 million, $60.8 million and $78.3
million, respectively. |
(3) |
Consists of total long-term lease liabilities. Total short-term
lease liabilities are included in other liabilities. |
(4) |
As of September 30, 2023, June 30, 2023, March 31, 2023 and
December 31, 2022, includes derivatives liabilities with a total
fair value of $85.6 million, $74.5 million, $59.5 million and $77.2
million, respectively. |
|
|
Exhibit 7 - Loans
Loans by Type - Held For
Investment
The loan portfolio held for investment consists of the following
loan classes:
(in thousands) |
September 30,2023 |
|
June 30,2023 |
|
March 31,2023 |
|
December 31,2022 |
Real estate loans |
|
|
|
|
|
|
|
Commercial real estate |
|
|
|
|
|
|
|
Non-owner occupied |
$ |
1,593,571 |
|
$ |
1,645,224 |
|
$ |
1,630,451 |
|
$ |
1,615,716 |
Multi-family residential |
|
771,654 |
|
|
764,712 |
|
|
796,125 |
|
|
820,023 |
Land development and construction loans |
|
301,938 |
|
|
314,010 |
|
|
303,268 |
|
|
273,174 |
|
|
2,667,163 |
|
|
2,723,946 |
|
|
2,729,844 |
|
|
2,708,913 |
Single-family residential |
|
1,371,194 |
|
|
1,285,857 |
|
|
1,189,045 |
|
|
1,102,845 |
Owner occupied |
|
1,129,921 |
|
|
1,063,240 |
|
|
1,069,491 |
|
|
1,046,450 |
|
|
5,168,278 |
|
|
5,073,043 |
|
|
4,988,380 |
|
|
4,858,208 |
Commercial loans (1) |
|
1,452,759 |
|
|
1,577,209 |
|
|
1,497,649 |
|
|
1,381,234 |
Loans to financial
institutions and acceptances |
|
13,353 |
|
|
13,332 |
|
|
13,312 |
|
|
13,292 |
Consumer loans and overdrafts
(2) |
|
438,997 |
|
|
503,432 |
|
|
550,405 |
|
|
604,460 |
Total loans |
$ |
7,073,387 |
|
$ |
7,167,016 |
|
$ |
7,049,746 |
|
$ |
6,857,194 |
__________________ |
(1) |
As of September 30, 2023, June 30, 2023, March 31, 2023 and
December 31, 2022, includes approximately $49.3 million, $47.7
million, $46.7 million and $45.3 million, respectively, in
commercial loans and leases originated under a white-label
equipment financing solution launched in the second quarter of
2022. |
(2) |
As of September 30, 2023, June 30, 2023, March 31, 2023 and
December 31, 2022, includes $254.7 million, $312.3 million, $372.2
million and $433.3 million, respectively, in consumer loans
purchased under indirect lending programs. In addition, as of
September 30, 2023, June 30, 2023, March 31, 2023 and December
31, 2022, includes $57.5 million, $61.8 million, $62.1 million and
$43.8 million, respectively, in consumer loans originated under a
white-label program. |
|
|
Loans by Type - Held For Sale
The loan portfolio held for sale consists of the following loan
classes:
(in thousands) |
September 30,2023 |
|
June 30,2023 |
|
March 31,2023 |
|
December 31,2022 |
Loans held for sale at
the lower of fair value or cost |
|
|
|
|
|
|
(audited) |
Real estate loans |
|
|
|
|
|
|
|
Commercial real estate |
|
|
|
|
|
|
|
Non-owner occupied |
$ |
43,256 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Total loans held for sale at
the lower of fair value or cost (1) |
|
43,256 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
Loans held for sale at
fair value |
|
|
|
|
|
|
|
Land development and construction loans (2) |
|
6,931 |
|
|
3,726 |
|
|
15,527 |
|
|
9,424 |
Single-family residential (3) |
|
19,022 |
|
|
46,216 |
|
|
49,762 |
|
|
53,014 |
Total loans held for sale at
fair value (4) |
|
25,953 |
|
|
49,942 |
|
|
65,289 |
|
|
62,438 |
Total loans held for sale
(5) |
$ |
69,209 |
|
$ |
49,942 |
|
$ |
65,289 |
|
$ |
62,438 |
__________________ |
(1) |
In the third quarter of 2023, the Company transferred a New
York-based CRE loan held for investment to the loans held for sale
category, and recognized a valuation allowance of $5.6 million as a
result of the fair value adjustment of this loan. |
(2) |
In the second quarter of 2023, the Company transferred
approximately $13 million in land development and construction
loans held for sale to the loans held for investment category. |
(3) |
In the third and second quarters of 2023, the Company transferred
approximately $17 million and $28 million, respectively, in
single-family residential loans held for sale to the loans held for
investment category. |
(4) |
Loans held for sale in connection with Amerant Mortgage’s ongoing
business. |
(5) |
Remained current and in accrual status at each of the periods
shown. |
|
|
Non-Performing Assets
This table shows a summary of our non-performing assets by loan
class, which includes non-performing loans, other real estate
owned, or OREO, and other repossessed assets at the dates
presented. Non-performing loans consist of (i) nonaccrual
loans, and (ii) accruing loans 90 days or more contractually
past due as to interest or principal.
(in thousands) |
September 30,2023 |
|
June 30,2023 |
|
March 31,2023 |
|
December 31,2022 |
Non-Accrual
Loans(1) |
|
|
|
|
|
|
(audited) |
Real Estate Loans |
|
|
|
|
|
|
|
Commercial real estate (CRE) |
|
|
|
|
|
|
|
Non-owner occupied |
$ |
— |
|
$ |
1,696 |
|
$ |
— |
|
$ |
20,057 |
Multi-family residential |
|
23,344 |
|
|
24,306 |
|
|
— |
|
|
— |
|
|
23,344 |
|
|
26,002 |
|
|
— |
|
|
20,057 |
Single-family residential |
|
2,533 |
|
|
1,681 |
|
|
1,367 |
|
|
1,526 |
Owner occupied (2) |
|
2,100 |
|
|
6,890 |
|
|
7,118 |
|
|
6,270 |
|
|
27,977 |
|
|
34,573 |
|
|
8,485 |
|
|
27,853 |
Commercial loans (2)(3) |
|
4,713 |
|
|
12,241 |
|
|
13,643 |
|
|
9,271 |
Consumer loans and overdrafts
(4) |
|
1 |
|
|
1 |
|
|
1 |
|
|
4 |
Total Non-Accrual
Loans |
$ |
32,691 |
|
$ |
46,815 |
|
$ |
22,129 |
|
$ |
37,128 |
|
|
|
|
|
|
|
|
Past Due Accruing
Loans(5) |
|
|
|
|
|
|
|
Real Estate Loans |
|
|
|
|
|
|
|
Commercial real estate (CRE) |
|
|
|
|
|
|
|
Single-family residential |
|
— |
|
|
302 |
|
|
— |
|
|
253 |
Commercial |
|
504 |
|
|
— |
|
|
— |
|
|
183 |
Consumer loans and
overdrafts |
|
— |
|
|
78 |
|
|
53 |
|
|
35 |
Total Past Due
Accruing Loans |
$ |
504 |
|
$ |
380 |
|
|
53 |
|
$ |
471 |
Total Non-Performing
Loans |
|
33,195 |
|
|
47,195 |
|
|
22,182 |
|
|
37,599 |
OREO and other
repossessed assets |
|
20,181 |
|
|
20,181 |
|
|
26,534 |
|
|
— |
Total Non-Performing
Assets |
$ |
53,376 |
|
$ |
67,376 |
|
$ |
48,716 |
|
$ |
37,599 |
__________________ |
(1) |
Prior to the first quarter of 2023, included loan modifications
that met the definition of troubled debt restructurings, or TDR,
which may be performing in accordance with their modified loan
terms. |
(2) |
In the third quarter of 2023, the
Company sold a loan relationship in nonaccrual status and
classified as Substandard with a total carrying value of $8.6
million at the time of sale. This loan relationship included a
commercial loan of $4.6 million and multiple owner occupied loans
totaling $4.0 million. The Company charged-off $2.1 million against
the ACL in the third quarter of 2023 in connection with this sale,
which had already been reserved in a prior period. Therefore, this
transaction had no impact to the Company’s results of operations in
the third quarter of 2023. |
(3) |
In the second quarter of 2023, we
collected $2.8 million in full satisfaction of a commercial loan
relationship in nonaccrual status and classified as Substandard at
March 31, 2023. |
(4) |
In the fourth quarter of 2022,
the Company changed its charge-off policy for unsecured consumer
loans from 120 to 90 days past due. This change resulted in an
additional $3.4 million in charge-offs for unsecured consumer loans
in the fourth quarter of 2022. |
(5) |
Loans past due 90 days or more
but still accruing. |
|
|
Loans by Credit Quality Indicators
This table shows the Company’s loans by credit quality
indicators. The Company has not purchased credit-impaired
loans.
|
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|
|
|
|
|
|
|
|
|
(in thousands) |
Special Mention |
Substandard |
Doubtful |
Total (1) |
|
Special Mention |
Substandard |
Doubtful |
Total (1) |
|
Special Mention |
Substandard |
Doubtful |
Total (1) |
Real Estate Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Real Estate (CRE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-owner occupied |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
|
$ |
8,301 |
$ |
1,753 |
$ |
— |
$ |
10,054 |
|
$ |
37,364 |
$ |
— |
$ |
— |
$ |
37,364 |
Multi-family residential |
|
— |
|
23,344 |
|
— |
|
23,344 |
|
|
— |
|
24,306 |
|
— |
|
24,306 |
|
|
— |
|
— |
|
— |
|
— |
Land development and construction loans |
|
— |
|
— |
|
— |
|
— |
|
|
6,497 |
|
— |
|
— |
|
6,497 |
|
|
— |
|
— |
|
— |
|
— |
|
|
— |
|
23,344 |
|
— |
|
23,344 |
|
|
14,798 |
|
26,059 |
|
— |
|
40,857 |
|
|
37,364 |
|
— |
|
— |
|
37,364 |
Single-family residential |
|
— |
|
3,085 |
|
— |
|
3,085 |
|
|
— |
|
2,154 |
|
— |
|
2,154 |
|
|
— |
|
1,717 |
|
— |
|
1,717 |
Owner occupied (2) |
|
2,234 |
|
2,180 |
|
— |
|
4,414 |
|
|
2,236 |
|
6,972 |
|
— |
|
9,208 |
|
|
— |
|
6,445 |
|
— |
|
6,445 |
|
|
2,234 |
|
28,609 |
|
— |
|
30,843 |
|
|
17,034 |
|
35,185 |
|
— |
|
52,219 |
|
|
37,364 |
|
8,162 |
|
— |
|
45,526 |
Commercial loans (2)(3) |
|
26,975 |
|
5,732 |
|
3 |
|
32,710 |
|
|
13,029 |
|
13,312 |
|
3 |
|
26,344 |
|
|
1,800 |
|
10,942 |
|
3 |
|
12,745 |
Consumer loans
and overdrafts |
|
— |
|
1 |
|
— |
|
1 |
|
|
— |
|
70 |
|
— |
|
70 |
|
|
— |
|
947 |
|
— |
|
947 |
Totals |
$ |
29,209 |
$ |
34,342 |
$ |
3 |
$ |
63,554 |
|
$ |
30,063 |
$ |
48,567 |
$ |
3 |
$ |
78,633 |
|
$ |
39,164 |
$ |
20,051 |
$ |
3 |
$ |
59,218 |
__________________ |
(1) |
There were no loans categorized as “loss” as of the dates
presented. |
(2) |
In the third quarter of 2023, the Company sold a loan relationship
in nonaccrual status and classified as Substandard with a total
carrying value of $8.6 million at the time of sale. This loan
relationship included a commercial loan of $4.6 million and
multiple owner occupied loans totaling $4.0 million. The Company
charged-off $2.1 million against the ACL in the third quarter of
2023 in connection with this sale, which had already been reserved
in a prior period. Therefore, this transaction had no impact to the
Company’s results of operations in the third quarter of 2023. |
(3) |
In the second quarter of 2023, we collected $2.8 million in full
satisfaction of a commercial loan relationship in nonaccrual status
and classified as Substandard at March 31, 2023. |
|
|
Exhibit 8 - Deposits by Country of
Domicile
This table shows the Company’s deposits by country of domicile
of the depositor as of the dates presented.
(in thousands) |
September 30, 2023 |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
|
|
|
|
|
|
|
(audited) |
|
Domestic |
$ |
5,067,937 |
|
$ |
5,113,604 |
|
$ |
4,891,873 |
|
$ |
4,620,906 |
|
Foreign: |
|
|
|
|
|
|
|
|
Venezuela |
|
1,892,453 |
|
|
1,912,994 |
|
|
1,897,199 |
|
|
1,911,551 |
|
Others |
|
586,522 |
|
|
552,973 |
|
|
497,654 |
|
|
511,742 |
|
Total foreign |
|
2,478,975 |
|
|
2,465,967 |
|
|
2,394,853 |
|
|
2,423,293 |
|
Total deposits |
$ |
7,546,912 |
|
$ |
7,579,571 |
|
$ |
7,286,726 |
|
$ |
7,044,199 |
|
|
CONTACTS: |
Investors |
Laura Rossi |
InvestorRelations@amerantbank.com |
(305) 460-8728 |
|
Media |
Victoria Verdeja |
MediaRelations@amerantbank.com |
(305) 441-5541 |
Amerant Bancorp (NYSE:AMTB)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Amerant Bancorp (NYSE:AMTB)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024