$AMTB

Amerant Bancorp Inc.

CIK:0001734342|SEC Filings

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Loans	$ 103,449	$ 122,166	$ 206,123	$ 243,187
Investment securities	29,212	23,212	56,894	42,131
Interest earning deposits with banks and other interest income	3,000	5,717	5,661	12,185
Total interest income	135,661	151,095	268,678	297,503
Interest expense
Interest bearing demand, savings and money market deposits	27,154	29,597	53,519	56,726
Time deposits	17,682	22,285	35,936	46,143
Advances from the Federal Home Loan Bank	6,935	7,230	13,781	14,430
Senior notes	0	78	0	1,020
Subordinated notes	362	361	723	722
Junior subordinated debentures	952	1,064	1,862	2,078
Securities sold under agreements to repurchase	1	1	1	1
Total interest expense	53,086	60,616	105,822	121,120
Net interest income	82,575	90,479	162,856	176,383
Provision for credit losses	4,750	6,060	12,550	24,506
Net interest income after provision for credit losses	77,825	84,419	150,306	151,877
Noninterest income
Brokerage, advisory and fiduciary activities	5,630	4,993	11,091	9,722
Deposits and service fees	5,419	4,968	10,291	10,105
Change in cash surrender value of bank owned life insurance	2,629	2,490	5,193	4,940
Cards and trade finance servicing fees	1,432	1,804	2,871	3,196
Loan-level derivative income	1,174	3,204	2,705	4,712
Securities gains, net	408	1,779	924	1,843
Gain on early extinguishment of advances from the Federal Home Loan Bank, net	54	0	54	0
Derivative losses, net	0	(1,852)	0	(1,852)
Other noninterest income	1,416	2,392	2,414	6,637
Total noninterest income	18,162	19,778	35,543	39,303
Noninterest expense
Salaries and employee benefits	35,446	36,036	67,486	69,383
Professional and other services fees	13,087	13,549	24,503	28,231
Occupancy and equipment	4,995	5,491	10,418	11,627
Advertising expenses	4,274	4,819	7,213	8,454
Telecommunication and data processing	3,627	2,929	7,164	6,404
FDIC assessments and insurance	2,472	2,896	5,322	6,132
Depreciation and amortization	1,472	1,551	2,989	3,139
Losses on loans held for sale carried at the lower of cost or fair value, net	1,118	0	2,941	0
Other real estate owned and repossessed assets (income) expense, net	(253)	601	(485)	765
Other operating expenses	2,639	6,528	8,245	11,819
Total noninterest expenses	68,877	74,400	135,796	145,954
Income before income tax expense	27,110	29,797	50,053	45,226
Income tax expense	(6,067)	(6,795)	(11,137)	(10,266)
Net income attributable to Amerant Bancorp Inc.	21,043	23,002	38,916	34,960
Other comprehensive income, net of tax
Net unrealized holding (losses) gains on debt securities available for sale arising during the period	(2,737)	1,784	(22,756)	14,476
Net unrealized holding gains on cash flow hedges arising during the period	475	173	656	186
Reclassification adjustment for items included in net income	(189)	(131)	(755)	(304)
Other comprehensive (loss) income	(2,451)	1,826	(22,855)	14,358
Comprehensive income	$ 18,592	$ 24,828	$ 16,061	$ 49,318
Earnings Per Share (Note 13):
Basic earnings per common share (in dollars per share)	$ 0.54	$ 0.55	$ 0.98	$ 0.83
Diluted earnings per common share (in dollars per share)	$ 0.53	$ 0.55	$ 0.97	$ 0.83

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 38,916	$ 34,960
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses	12,550	24,506
Net premium amortization on securities	569	1,124
Depreciation and amortization	2,989	3,139
Stock-based compensation expense	2,037	2,415
Change in cash surrender value of bank owned life insurance	(5,193)	(4,940)
Securities gains, net	(924)	(1,843)
Derivative losses, net	0	1,852
Gains on sale of loans, net	(316)	(5,156)
Losses on loans held for sale carried at the lower of cost or fair value	2,941	0
Deferred taxes and others	(2,781)	98
Gain on early extinguishment of advances from the FHLB, net	(54)	0
Proceeds from sales and repayments of loans held for sale (at fair value)	12,582	126,549
Originations and purchases of loans held for sale (at fair value)	(9,723)	(95,713)
Net changes in operating assets and liabilities:
Accrued interest receivable and other assets	29	6,999
Accounts payable, accrued liabilities and other liabilities	(3,342)	(16,190)
Net cash provided by operating activities	50,280	77,800
Cash flows from investing activities
Placement of time deposits with other banks	(500)	0
Purchases of investment securities:
Available for sale	(807,622)	(425,291)
Trading securities	0	(118,444)
Federal Home Loan Bank stock	(1,004)	(2,575)
Purchases of investment securities	(808,626)	(546,310)
Maturities, sales, calls and paydowns of investment securities:
Available for sale	252,495	92,065
Federal Home Loan Bank stock	1,516	1,424
Maturities, sales, calls and paydowns of investment securities	254,011	93,489
Net (increase) decrease in loans	(335,273)	10,977
Proceeds from loan portfolio sales	155,120	24,583
Proceeds from sales of other real estate owned	0	2,661
Net purchases of premises and equipment and others	(778)	(3,551)
Proceeds from bank owned life insurance death benefit	916	0
Purchase of bank owned life insurance	0	(7,000)
Net cash used in investing activities	(735,130)	(425,151)
Cash flows from financing activities
Net increase in demand, savings and money market accounts	653,376	523,475
Net decrease in time deposits	(85,002)	(71,526)
Proceeds from advances from the Federal Home Loan Bank	20,000	50,000
Repayments of advances from the Federal Home Loan Bank	(29,882)	(30,000)
Redemption of senior notes	0	(60,000)
Repurchase of common stock - Class A	(35,067)	(10,000)
Dividend paid	(7,323)	(7,651)
Disbursements arising from stock-based compensation, net	(275)	(469)
Net cash provided by financing activities	515,827	393,829
Net (decrease) increase in cash and cash equivalents and restricted cash	(169,023)	46,478
Cash, cash equivalents and restricted cash
Beginning of period	470,155	590,359
End of period	$ 301,132	$ 636,837

Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks and restricted cash	$ 41,042,000	$ 53,478,000
Interest earning deposits with banks	260,090,000	409,444,000
Other short-term investments	0	7,233,000
Cash and cash equivalents and restricted cash	301,132,000	470,155,000
Time deposits with other banks	500,000	0
Securities
Debt securities available for sale	2,549,256,000	2,024,883,000
Equity securities with readily determinable fair value not held for trading	2,537,000	2,548,000
Federal Reserve Bank and Federal Home Loan Bank stock	56,625,000	57,138,000
Securities	2,608,418,000	2,084,569,000
Loans held for sale, at lower of cost or fair value	122,172,000	80,912,000
Mortgage loans held for sale, at fair value	389,000	2,932,000
Loans held for investment, gross	6,743,066,000	6,613,391,000
Less: allowance for credit losses	85,499,000	79,276,000
Loans held for investment, net	6,657,567,000	6,534,115,000
Bank owned life insurance	265,362,000	260,644,000
Deferred tax assets, net	47,656,000	35,566,000
Operating lease right-of-use assets	107,522,000	110,588,000
Goodwill	19,193,000	19,193,000
Accrued interest receivable and other assets	164,336,000	178,344,000
Total assets	10,294,247,000	9,777,018,000
Deposits
Noninterest bearing demand	1,708,111,000	1,573,301,000
Interest bearing demand, savings and money market deposits	4,736,160,000	4,217,594,000
Time	1,911,037,000	1,996,039,000
Total deposits	8,355,308,000	7,786,934,000
Advances from the Federal Home Loan Bank	702,608,000	711,984,000
Subordinated notes	29,880,000	29,795,000
Junior subordinated debentures held by trust subsidiaries	64,178,000	64,178,000
Operating lease liabilities	115,310,000	117,456,000
Accounts payable, accrued liabilities and other liabilities	112,594,000	127,869,000
Total liabilities	9,379,878,000	8,838,216,000
Commitments and Contingencies (Note 11)
Stockholders’ equity
Class A common stock, $0.10 par value, 250 million shares authorized; 39,186,293 shares issued and outstanding at June 30, 2026 (40,595,273 shares issued and outstanding at December 31, 2025)	3,917,000	4,058,000
Additional paid in capital	283,037,000	316,067,000
Retained earnings	651,145,000	619,552,000
Accumulated other comprehensive loss	(23,730,000)	(875,000)
Total stockholders' equity	914,369,000	938,802,000
Total liabilities and stockholders' equity	$ 10,294,247,000	$ 9,777,018,000