Amerant Bancorp Inc. Reports Fourth Quarter and Full-Year Results
Amerant Bancorp Inc. reported a fourth quarter net income of $8.5 million, a significant increase from $1.7 million in the prior quarter, but down from $13.5 million year-over-year. The company faced a full-year net loss of $1.7 million due to $88.6 million in loan loss provisions. Operating income fell to $7.5 million from $11.5 million in Q3 2020. Although the net interest margin rose to 2.61%, total loans decreased by 1.4% from the previous quarter. Positive credit quality trends were noted, with no provisions for loan losses in Q4 2020.
- Fourth quarter net income increased to $8.5 million, a 397.8% increase from Q3 2020.
- No provision for loan losses recorded in Q4 2020, indicating improved credit quality.
- Net interest margin rose to 2.61%, reflecting better profitability.
- Full-year 2020 net loss of $1.7 million, down from net income of $51.3 million in 2019.
- Loan loss provisions of $88.6 million for the full year 2020 significantly impacted net income.
- Total loans decreased by $82.3 million or 1.4% from Q3 2020.
CORAL GABLES, Fla., Jan. 29, 2021 (GLOBE NEWSWIRE) -- Amerant Bancorp Inc. (NASDAQ: AMTB and AMTBB) (the “Company” or “Amerant”) today reported net income of
Annualized return on assets (“ROA”) and return on equity (“ROE”) were positive
Millar Wilson, Vice Chairman and Chief Executive Officer, remarked, “During the fourth quarter Amerant greatly capitalized on the momentum and strength built throughout the year. Our credit quality is most impressive, especially in light of the current operating environment, with no provision for loan losses recorded in the fourth quarter, and the lowest level of loan deferrals and forbearance in 2020. We also saw encouraging profitability recovery with a significant rebound on our net interest margin (“NIM”) from the third quarter of 2020. Backed by the strength of our capital and business, we successfully launched and completed a modified Dutch auction tender offer for Amerant’s shares of Class B common stock at the end of the fourth quarter. Also, to further support our profitability efforts going forward, in the fourth quarter we incorporated Amerant Mortgage, LLC, an entity led by a group of best-in-class real estate executives, where Amerant is the majority owner, that will allow us to better capture the growing nationwide demand for residential loans on a significantly larger scale.”
Mr. Wilson added, “While 2020 presented unique challenges for Amerant, our industry and the world, I am extraordinarily proud of the resilience demonstrated by our team during these times. At Amerant, we navigated a challenging market environment by adapting nimbly to continuous change, acting proactively across business initiatives and focusing on our long-term strategic plan. The continuity of our long-term plan positions Amerant for success in ramping up our relationship-driven customer strategy, driving digital transformation, improving profitability and efficiency, optimizing our core market footprint, and increasing shareholder value. Most importantly and core to Amerant’s role as a leading community bank, we were able to provide the banking support to our local communities when they needed us most, while ensuring the health and safety of employees and customers. Looking ahead, Amerant remains committed to our long-term strategic goals and I am confident we are well-positioned to enter 2021 with great impulse.”
Summary Results
The summary results of the fourth quarter and full-year 2020 include:
- Net income of
$8.5 million for the fourth quarter of 2020, up397.8% from$1.7 million in the third quarter of 2020 and down37.1% from$13.5 million in the fourth quarter of 2019. Net loss for the full-year 2020 was$1.7 million , down103.4% from net income of$51.3 million in the full-year 2019. Net loss for the full-year 2020 was primarily driven by$88.6 million in provision for loan losses during the period. Diluted earnings per share was$0.20 for the fourth quarter of 2020, compared to$0.04 in the third quarter of 2020 and$0.31 in the fourth quarter of 2019. Diluted loss per share was$0.04 in the full-year 2020, compared to diluted earnings per share of$1.20 in the full-year 2019. - Net interest income (“NII”) was
$48.7 million , up7.3% from$45.3 million in the third quarter of 2020, and down5.1% compared to$51.3 million in the fourth quarter of 2019. Net interest income for the full-year 2020 was$189.6 million , down11.0% compared to$213.1 million in 2019. The NIM for the fourth quarter was2.61% , up 22 basis points from2.39% in the third quarter of 2020 and down 13 basis points from2.74% in the fourth quarter of 2019. NIM for the full-year 2020 decreased to2.52% from2.85% . - There was no provision for loan losses recorded during the fourth quarter of 2020, compared to
$18.0 million in the third quarter of 2020, and a$0.3 million release in the fourth quarter of 2019. We recorded a provision for loan losses of$88.6 million in the full-year 2020 compared to a release of$3.2 million in the full-year 2019. The ratio of allowance for loan losses (“ALL”) to total loans was1.90% as of December 31, 2020, down from1.97% as of September 30, 2020, and up from0.91% at the end of 2019. The ratio of net charge-offs to average total loans in the fourth quarter of 2020 was0.40% , down from1.41% in the third quarter and up from0.08% in the fourth quarter of 2019. The ratio of net charge-offs to average total loans in the full-year 2020 was0.52% , up from0.11% in the full-year 2019. - Noninterest income was
$11.5 million for the fourth quarter of 2020, down43.3% from$20.3 million in the third quarter of 2020, and down27.9% compared to$16.0 million in the fourth quarter of 2019. Noninterest income was$73.5 million in the full-year 2020, an increase of$16.4 million , or28.6% , compared to$57.1 million in the full-year 2019. - Noninterest expense was
$51.6 million for the fourth quarter of 2020, up13.5% compared to$45.5 million in the third quarter of 2020, and virtually flat compared to$51.7 million in the fourth quarter of 2019. Noninterest expense was$178.7 million in the full-year 2020, a decrease of$30.6 million , or14.6% , compared to$209.3 million in the full-year 2019. Adjusted noninterest expense was$43.2 million in the fourth quarter of 2020, down1.0% from$43.7 million in the third quarter of 2020, and down16.3% from$51.6 million in the fourth quarter of 2019. Adjusted noninterest expense for the full-year 2020 was$166.8 million , down18.3% compared to$204.3 million for 2019. - The efficiency ratio was
85.8% (69.8% adjusted for selected items) in the fourth quarter of 2020, compared to69.3% (66.5% adjusted for selected items) during the third quarter of 2020, and76.9% (80.1% adjusted for selected items) for the same period of 2019. For the full-year 2020 the efficiency ratio was68.0% (63.0% adjusted for selected items), compared to77.5% (76.4% adjusted for selected items) for 2019. - Total loans were
$5.8 billion on December 31, 2020, down$82.3 million or1.4% , compared to September 30, 2020, and up$98.0 million or1.7% compared to December 31, 2019. Total deposits were$5.7 billion on December 31, 2020, down$145.9 million , or2.5% , from$5.9 billion as of September 30, 2020, and down$25.5 million , or0.4% from$5.8 billion at year-end 2019. - Stockholders’ book value per common share increased to
$20.70 at December 31, 2020, up5.2% from$19.68 at September 30, 2020, and up7.0% , from$19.35 at December 31, 2019. Tangible book value per common share rose to$20.13 at December 31, 2020, up5.0% from$19.17 at September 30, 2020, and up6.8% compared to$18.84 at year-end 2019, which includes accretion of$0.75 , or3.85% , to the Company’s tangible book value per common share at the close of 2020 as a result of the Tender Offer.
Update on Amerant’s Participation in Paycheck Protection Program (PPP) & Main Street Lending Program
The Company continued to process PPP loan forgiveness requests in the fourth quarter of 2020. As of December 31, 2020, total PPP loans outstanding were
Amerant also originated loans as part of the Main Street Lending Program in the fourth quarter of 2020. Under this program, which ran through January 8, 2021, the Federal Reserve purchased
Additionally, during January 2021, Amerant started to process new applications and obtain approvals from the SBA in round three of the PPP authorized under a new law enacted on December 27, 2020.
Credit Quality
The ALL was
The Company recorded no provisions for loan losses during the fourth quarter of 2020 mainly driven by the significant decline of the estimated allowance for loan losses associated with the COVID-19 pandemic reflecting lower-than-initially-estimated credit deterioration, as well as improvements in economic conditions. The ALL associated with the COVID-19 pandemic dropped to
As of December 31, 2020, the loan relationship with the Coffee Trader had an outstanding balance of approximately
Classified loans increased
In the fourth quarter of 2020, loans modified due to COVID-19 still under deferral and/or forbearance continued declining significantly. As of December 31, 2020,
Additionally,
The concentration of the loan portfolio remains stable compared to the third quarter of 2020. Except for loans to the real estate industry, the loan portfolio remains well diversified with the highest industry concentration representing
Loans and Deposits
Total loans as of December 31, 2020 were
As fourth quarter loan production across all segments continued to be challenged much like in previous quarters, Amerant continued to purchase higher yielding consumer loans. Consumer loans increased
Total deposits at December 31, 2020 were
The quarter-over-quarter decline in deposits is primarily attributable to a
Net Interest Income and Net Interest Margin
Fourth quarter 2020 net interest income was
Full year 2020 net interest income was
During the fourth quarter of 2020, Amerant continued to focus on growing interest income and offset ongoing NIM pressure by i) looking for additional opportunities through indirect lending programs; ii) proactively repricing customer time and relationship money market deposits at lower rates; and iii) proactive management of its professional funding sources as liquidity remained high during the period.
As of December 31, 2020, Amerant has a meaningful
Noninterest income
In the fourth quarter of 2020, noninterest income was
Noninterest income declined
In full-year 2020, noninterest income increased
The Company’s assets under management and custody (“AUM”) totaled
Adjusted noninterest income was
Noninterest expense
Fourth quarter 2020 noninterest expense was
Noninterest expense for the fourth quarter of 2020, slightly increased
Noninterest expense for the year ended December 31, 2020 decreased
Adjusted noninterest expense was
The efficiency ratio was
Capital Resources and Liquidity
The Company’s capital continues to be strong and well in excess of the minimum regulatory requirements to be considered “well-capitalized” at December 31, 2020.
Stockholders’ equity was
The decrease of
Amerant’s liquidity position continues to be strong and includes cash and cash equivalents of
Fourth Quarter 2020 Earnings Conference Call
As previously announced, the Company will hold an earnings conference call on Friday, January 29th, 2021 at 9:30 a.m. (Eastern Time) to discuss its fourth quarter and full-year 2020 results. The conference call and presentation materials can be accessed via webcast by logging on to 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.
The Company is a bank holding company headquartered in Coral Gables, Florida. The Company operates through its main subsidiaries, Amerant Bank, N.A. (the “Bank”), Amerant Investments, Inc., Amerant Trust, N.A. and Elant Bank and Trust Ltd. The Company provides individuals and businesses in the U.S., as well as select international clients, with deposit, credit and wealth management services. The Bank, which has operated for over 40 years, is the second largest community bank headquartered in Florida. The Bank operates 25 banking centers—18 in South Florida and 7 in the Houston, Texas area—and loan production offices in Dallas, Texas and New York, New York.
Zelle® is a registered trademark of Early Warning Services LLC, used in accordance with contractual terms.
Visit our investor relations page at https://investor.amerantbank.com for additional information.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, including statements with respect to our 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,” and other similar words and expressions of the future.
Forward-looking statements, including those as 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, 2019, in our quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2020 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 twelve month periods ended December 31, 2020 and the three month period ended December 31, 2019, may not reflect our results of operations for our fiscal year ended, or financial condition as of December 31, 2020, or any other period of time or date.
Explanation of Certain 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 “adjusted noninterest income”, “adjusted noninterest expense”, “adjusted net income (loss)”, “operating income”, “adjusted net income (loss) per share (basic and diluted)”, “adjusted return on assets (ROA)”, “adjusted return on equity (ROE)”, and other ratios. This supplemental information is not required by, or is not presented in accordance with, U.S. generally accepted accounting principles (“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 into 2020, the one-time loss on sale of the Beacon operations center in the fourth quarter of 2020, the one-time gain on sale of the vacant Beacon land in the fourth quarter of 2019, the Company’s increases of its allowance for loan losses and net gains on sales of securities in the first, second and third quarters of 2020. 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. See Appendix 1 “Non-GAAP Financial Measures Reconciliations” of the earnings presentation for a reconciliation of these non-GAAP financial measures to their GAAP counterparts.
Exhibit 2 reconciles these non-GAAP financial measures to reported results.
| CONTACTS: |
| Investors |
| InvestorRelations@amerantbank.com |
| (305) 460-8728 |
| Media |
| media@amerantbank.com |
| (305) 441-8414 |
Exhibit 1- Selected Financial Information
The following table sets forth selected financial information derived from our unaudited and audited consolidated financial statements.
| (in thousands) | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||
| Consolidated Balance Sheets | |||||||||||||||||||
| Total assets | $ | 7,770,893 | $ | 7,977,047 | $ | 8,130,723 | $ | 8,098,810 | $ | 7,985,399 | |||||||||
| Total investments | 1,372,567 | 1,468,796 | 1,674,811 | 1,769,987 | 1,739,410 | ||||||||||||||
| Total gross loans(1) | 5,842,337 | 5,924,617 | 5,872,271 | 5,668,327 | 5,744,339 | ||||||||||||||
| Allowance for loan losses | 110,902 | 116,819 | 119,652 | 72,948 | 52,223 | ||||||||||||||
| Total deposits | 5,731,643 | 5,877,546 | 6,024,702 | 5,842,212 | 5,757,143 | ||||||||||||||
| Advances from the FHLB and other borrowings | 1,050,000 | 1,050,000 | 1,050,000 | 1,265,000 | 1,235,000 | ||||||||||||||
| Senior notes (2) | 58,577 | 58,498 | 58,419 | — | — | ||||||||||||||
| Junior subordinated debentures(3) | 64,178 | 64,178 | 64,178 | 64,178 | 92,246 | ||||||||||||||
| Stockholders' equity (4) | 783,421 | 829,533 | 830,198 | 841,117 | 834,701 | ||||||||||||||
| Assets under management and custody (5) | 1,972,321 | 1,762,803 | 1,715,804 | 1,572,322 | 1,815,848 | ||||||||||||||
| Three Months Ended | Years Ended December 31, | ||||||||||||||||||||||||||
| (in thousands, except percentages and per share amounts) | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | 2020 | 2019 | ||||||||||||||||||||
| Consolidated Results of Operations | |||||||||||||||||||||||||||
| Net interest income | $ | 48,652 | $ | 45,348 | $ | 46,323 | $ | 49,229 | $ | 51,262 | $ | 189,552 | $ | 213,088 | |||||||||||||
| Provision for (reversal of) loan losses | — | 18,000 | 48,620 | 22,000 | (300 | ) | 88,620 | (3,150 | ) | ||||||||||||||||||
| Noninterest income | 11,515 | 20,292 | 19,753 | 21,910 | 15,971 | 73,470 | 57,110 | ||||||||||||||||||||
| Noninterest expense | 51,629 | 45,500 | 36,740 | 44,867 | 51,730 | 178,736 | 209,317 | ||||||||||||||||||||
| Net income (loss) | 8,473 | 1,702 | (15,279 | ) | 3,382 | 13,475 | (1,722 | ) | 51,334 | ||||||||||||||||||
| Effective income tax rate | 0.76 | % | 20.47 | % | 20.77 | % | 20.83 | % | 14.73 | % | 60.27 | % | 19.83 | % | |||||||||||||
| Common Share Data | |||||||||||||||||||||||||||
| Stockholders' book value per common share | $ | 20.70 | $ | 19.68 | $ | 19.69 | $ | 19.95 | $ | 19.35 | $ | 20.70 | $ | 19.35 | |||||||||||||
| Tangible stockholders' equity (book value) per common share(6) | $ | 20.13 | $ | 19.17 | $ | 19.18 | $ | 19.43 | $ | 18.84 | $ | 20.13 | $ | 18.84 | |||||||||||||
| Basic earnings (loss) per common share | $ | 0.21 | $ | 0.04 | $ | (0.37 | ) | $ | 0.08 | $ | 0.32 | $ | (0.04 | ) | $ | 1.21 | |||||||||||
| Diluted earnings (loss) per common share | $ | 0.20 | $ | 0.04 | $ | (0.37 | ) | $ | 0.08 | $ | 0.31 | $ | (0.04 | ) | $ | 1.20 | |||||||||||
| Basic weighted average shares outstanding | 41,326 | 41,722 | 41,720 | 42,185 | 42,489 | 41,737 | 42,543 | ||||||||||||||||||||
| Diluted weighted average shares outstanding(7) | 41,688 | 42,065 | 41,720 | 42,533 | 43,050 | 41,737 | 42,939 | ||||||||||||||||||||
| Three Months Ended, | Years Ended December 31, | ||||||||||||||||||||||||||
| December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | 2020 | 2019 | |||||||||||||||||||||
| Other Financial and Operating Data(8) | |||||||||||||||||||||||||||
| Profitability Indicators (%) | |||||||||||||||||||||||||||
| Net interest income / Average total interest earning assets (NIM)(9) | 2.61 | % | 2.39 | % | 2.44 | % | 2.65 | % | 2.74 | % | 2.52 | % | 2.85 | % | |||||||||||||
| Net income (loss) / Average total assets (ROA)(10) | 0.42 | % | 0.08 | % | (0.75 | )% | 0.17 | % | 0.68 | % | (0.02 | )% | 0.65 | % | |||||||||||||
| Net income (loss) / Average stockholders' equity (ROE)(11) | 4.09 | % | 0.81 | % | (7.21 | )% | 1.61 | % | 6.44 | % | (0.21 | )% | 6.43 | % | |||||||||||||
| Capital Indicators | |||||||||||||||||||||||||||
| Total capital ratio(12) | 13.96 | % | 14.56 | % | 14.34 | % | 14.54 | % | 14.78 | % | 13.96 | % | 14.78 | % | |||||||||||||
| Tier 1 capital ratio(13) | 12.71 | % | 13.30 | % | 13.08 | % | 13.38 | % | 13.94 | % | 12.71 | % | 13.94 | % | |||||||||||||
| Tier 1 leverage ratio(14) | 10.11 | % | 10.52 | % | 10.39 | % | 10.82 | % | 11.32 | % | 10.11 | % | 11.32 | % | |||||||||||||
| Common equity tier 1 capital ratio (CET1)(15) | 11.73 | % | 12.34 | % | 12.13 | % | 12.42 | % | 12.60 | % | 11.73 | % | 12.60 | % | |||||||||||||
| Tangible common equity ratio(16) | 9.83 | % | 10.16 | % | 9.97 | % | 10.14 | % | 10.21 | % | 9.83 | % | 10.21 | % | |||||||||||||
| Asset Quality Indicators (%) | |||||||||||||||||||||||||||
| Non-performing assets / Total assets(17) | 1.13 | % | 1.08 | % | 0.95 | % | 0.41 | % | 0.41 | % | 1.13 | % | 0.41 | % | |||||||||||||
| Non-performing loans /Total loans(1) (18) | 1.50 | % | 1.46 | % | 1.32 | % | 0.59 | % | 0.57 | % | 1.50 | % | 0.57 | % | |||||||||||||
| Allowance for loan losses / Total non-performing loans(19) | 126.46 | % | 135.09 | % | 154.87 | % | 218.49 | % | 158.60 | % | 126.46 | % | 158.60 | % | |||||||||||||
| Allowance for loan losses / Total loans(1) (19) | 1.90 | % | 1.97 | % | 2.04 | % | 1.29 | % | 0.91 | % | 1.90 | % | 0.91 | % | |||||||||||||
| Net charge-offs/ Average total loans(20) | 0.40 | % | 1.41 | % | 0.13 | % | 0.09 | % | 0.08 | % | 0.52 | % | 0.11 | % | |||||||||||||
| Efficiency Indicators | |||||||||||||||||||||||||||
| Noninterest expense / Average total assets (10) | 2.59 | % | 2.24 | % | 1.81 | % | 2.27 | % | 2.60 | % | 2.23 | % | 2.64 | % | |||||||||||||
| Salaries and employee benefits / Average total assets (10) | 1.62 | % | 1.39 | % | 1.06 | % | 1.48 | % | 1.81 | % | 1.39 | % | 1.73 | % | |||||||||||||
| Other operating expenses / Average total assets (10)(21) | 0.97 | % | 0.85 | % | 0.75 | % | 0.79 | % | 0.79 | % | 0.84 | % | 0.91 | % | |||||||||||||
| Efficiency ratio(22) | 85.81 | % | 69.32 | % | 55.60 | % | 63.07 | % | 76.94 | % | 67.95 | % | 77.47 | % | |||||||||||||
| Full-Time-Equivalent Employees (FTEs) | 713 | 807 | 825 | 825 | 829 | 713 | 829 | ||||||||||||||||||||
| Three Months Ended, | Years Ended December 31, | ||||||||||||||||||||||||||
| (in thousands, except percentages and per share amounts) | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | 2020 | 2019 | ||||||||||||||||||||
| Adjusted Selected Consolidated Results of Operations and Other Data(6) | |||||||||||||||||||||||||||
| Adjusted noninterest income | $ | 13,244 | $ | 20,292 | $ | 19,753 | $ | 21,910 | $ | 13,176 | $ | 75,199 | $ | 54,315 | |||||||||||||
| Adjusted noninterest expense | 43,222 | 43,654 | 35,422 | 44,513 | 51,616 | 166,811 | 204,271 | ||||||||||||||||||||
| Adjusted net income (loss) | 11,112 | 3,163 | (14,234 | ) | 3,662 | 11,407 | 3,703 | 53,138 | |||||||||||||||||||
| Operating income | 7,505 | 11,540 | 21,599 | 16,652 | 14,800 | 57,296 | 58,276 | ||||||||||||||||||||
| Adjusted earnings (loss) per common share | $ | 0.27 | $ | 0.08 | $ | (0.34 | ) | $ | 0.09 | $ | 0.27 | $ | 0.09 | $ | 1.25 | ||||||||||||
| Adjusted earnings (loss) per diluted common share(7) | $ | 0.27 | $ | 0.08 | $ | (0.34 | ) | $ | 0.09 | $ | 0.26 | $ | 0.09 | $ | 1.24 | ||||||||||||
| Adjusted net income (loss) / Average total assets (Adjusted ROA)(10) | 0.56 | % | 0.16 | % | (0.70 | )% | 0.19 | % | 0.57 | % | 0.05 | % | 0.67 | % | |||||||||||||
| Adjusted net income (loss)/ Average stockholders' equity (Adjusted ROE)(11) | 5.36 | % | 1.51 | % | (6.72 | )% | 1.74 | % | 5.45 | % | 0.44 | % | 6.66 | % | |||||||||||||
| Adjusted noninterest expense / Average total assets (10) | 2.16 | % | 2.15 | % | 1.75 | % | 2.25 | % | 2.59 | % | 2.08 | % | 2.57 | % | |||||||||||||
| Adjusted salaries and employee benefits / Average total assets (10) | 1.35 | % | 1.36 | % | 1.05 | % | 1.48 | % | 1.80 | % | 1.31 | % | 1.71 | % | |||||||||||||
| Adjusted other operating expenses / Average total assets(10)(21) | 0.94 | % | 0.79 | % | 0.70 | % | 0.77 | % | 0.79 | % | 0.80 | % | 0.86 | % | |||||||||||||
| Adjusted efficiency ratio(23) | 69.83 | % | 66.51 | % | 53.61 | % | 62.57 | % | 80.10 | % | 63.01 | % | 76.39 | % | |||||||||||||
_______
(1) Total gross loans are net of deferred loan fees and costs. There were no loans held for sale at any of the dates presented.
(2) During the second quarter of 2020, the Company completed a
(3) During the three months ended March 31, 2020, the Company redeemed
(4) During the first quarter of 2020, the Company repurchased an aggregate of 932,459 shares of its Class B common stock in two privately negotiated transactions for
(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) 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.
(7) As of December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, potential dilutive instruments consisted of unvested shares of restricted stock and restricted stock units mainly related to the Company’s IPO in 2018 totaling 248,750, 478,587, 491,360, 482,316, and 530,620, respectively. For the three months ended of June 30, 2020 and the year ended December 31, 2020, potential dilutive instruments were not included in the diluted earnings per share computation because the Company reported a net loss and their inclusion would have an antidilutive effect. For all other 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 in per share earnings.
(8) Operating data for the periods presented have been annualized.
(9) 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.
(10) Calculated based upon the average daily balance of total assets.
(11) Calculated based upon the average daily balance of stockholders’ equity.
(12) Total stockholders’ equity divided by total risk-weighted assets, calculated according to the standardized regulatory capital ratio calculations.
(13) Tier 1 capital divided by total risk-weighted assets.
(14) Tier 1 capital divided by quarter to date average assets. Tier 1 capital is composed of Common Equity Tier 1 (CET1) capital plus outstanding qualifying trust preferred securities of
(15) CET1 capital divided by total risk-weighted assets.
(16) Tangible common equity is calculated as the ratio of common equity less goodwill and other intangibles divided by total assets less goodwill and other intangible assets. Other intangibles assets are included in other assets in the Company’s consolidated balance sheets.
(17) Non-performing assets include all accruing loans past due by 90 days or more, all nonaccrual loans, restructured loans that are considered “troubled debt restructurings” or “TDRs”, and OREO properties acquired through or in lieu of foreclosure. Non-performing assets were
(18) Non-performing loans include all accruing loans past due by 90 days or more, all nonaccrual loans and restructured loans that are considered TDRs. Non-performing loans were
(19) Allowance for loan losses was
(20)Calculated based upon the average daily balance of outstanding loan principal balance net of deferred loan fees and costs, excluding the allowance for loan losses. During the third quarter of 2020, the Company charged off
(21) Other operating expenses is the result of total noninterest expense less salary and employee benefits.
(22) Efficiency ratio is the result of noninterest expense divided by the sum of noninterest income and net interest income.
(23) Adjusted efficiency ratio is the efficiency ratio less the effect of restructuring costs and other adjustments, 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. These adjustments also reflect the after-tax loss of
| Three Months Ended, | Years Ended December 31, | ||||||||||||||||||||||||||
| (in thousands) | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | 2020 | 2019 | ||||||||||||||||||||
| Total noninterest income | $ | 11,515 | $ | 20,292 | $ | 19,753 | $ | 21,910 | $ | 15,971 | $ | 73,470 | $ | 57,110 | |||||||||||||
| Plus: loss on sale of the Beacon operations center (1) | 1,729 | — | — | — | — | 1,729 | — | ||||||||||||||||||||
| Less: gain on sale of vacant Beacon land | — | — | — | — | (2,795 | ) | — | (2,795 | ) | ||||||||||||||||||
| Adjusted noninterest income | $ | 13,244 | $ | 20,292 | $ | 19,753 | $ | 21,910 | $ | 13,176 | $ | 75,199 | $ | 54,315 | |||||||||||||
| Total noninterest expenses | $ | 51,629 | $ | 45,500 | $ | 36,740 | $ | 44,867 | $ | 51,730 | $ | 178,736 | $ | 209,317 | |||||||||||||
| Less: Restructuring costs (2): | |||||||||||||||||||||||||||
| Staff reduction costs (3) | 5,345 | 646 | 360 | 54 | 114 | 6,405 | 1,471 | ||||||||||||||||||||
| Branch closure expenses | 2,404 | — | — | — | — | 2,404 | — | ||||||||||||||||||||
| Digital transformation expenses | 658 | 1,200 | 958 | 300 | — | 3,116 | — | ||||||||||||||||||||
| Rebranding costs | — | — | — | — | — | — | 3,575 | ||||||||||||||||||||
| Total restructuring costs | $ | 8,407 | $ | 1,846 | $ | 1,318 | $ | 354 | $ | 114 | $ | 11,925 | $ | 5,046 | |||||||||||||
| Adjusted noninterest expenses | $ | 43,222 | $ | 43,654 | $ | 35,422 | $ | 44,513 | $ | 51,616 | $ | 166,811 | $ | 204,271 | |||||||||||||
| Net income (loss) | $ | 8,473 | $ | 1,702 | $ | (15,279 | ) | $ | 3,382 | $ | 13,475 | $ | (1,722 | ) | $ | 51,334 | |||||||||||
| Plus after-tax restructuring costs: | |||||||||||||||||||||||||||
| Restructuring costs before income tax effect | 8,407 | 1,846 | 1,318 | 354 | 114 | 11,925 | 5,046 | ||||||||||||||||||||
| Income tax effect | (6,455 | ) | (385 | ) | (273 | ) | (74 | ) | 59 | (7,187 | ) | (1,001 | ) | ||||||||||||||
| Total after-tax restructuring costs | 1,952 | 1,461 | 1,045 | 280 | 173 | 4,738 | 4,045 | ||||||||||||||||||||
| Less after-tax loss on sale of the Beacon operations center: | |||||||||||||||||||||||||||
| Loss on sale of the Beacon operations center before income tax effect | 1,729 | — | — | — | — | 1,729 | — | ||||||||||||||||||||
| Income tax effect | (1,042 | ) | — | — | — | — | (1,042 | ) | — | ||||||||||||||||||
| Total after-tax loss on sale of Beacon operations center | 687 | — | — | — | — | 687 | — | ||||||||||||||||||||
| Less after-tax gain on sale of vacant Beacon land: | |||||||||||||||||||||||||||
| Gain on sale of vacant Beacon land before income tax effect | — | — | — | — | (2,795 | ) | — | (2,795 | ) | ||||||||||||||||||
| Income tax effect | — | — | — | — | 554 | — | 554 | ||||||||||||||||||||
| Total after-tax gain on sale of vacant Beacon land | — | — | — | — | (2,241 | ) | — | (2,241 | ) | ||||||||||||||||||
| Adjusted net income (loss) | $ | 11,112 | $ | 3,163 | $ | (14,234 | ) | $ | 3,662 | $ | 11,407 | $ | 3,703 | $ | 53,138 | ||||||||||||
| Three Months Ended, | Years Ended December 31, | ||||||||||||||||||||||||||
| (in thousands, except percentages and per share amounts) | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | 2020 | 2019 | ||||||||||||||||||||
| Net Income (loss) | 8,473 | 1,702 | (15,279 | ) | 3,382 | 13,475 | (1,722 | ) | 51,334 | ||||||||||||||||||
| Plus: provision for income tax expense (benefit) | 65 | 438 | (4,005 | ) | 890 | 2,328 | (2,612 | ) | 12,697 | ||||||||||||||||||
| Plus: provision for (reversal of) loan losses | — | 18,000 | 48,620 | 22,000 | (300 | ) | 88,620 | (3,150 | ) | ||||||||||||||||||
| Less: securities gains, net | 1,033 | 8,600 | 7,737 | 9,620 | 703 | 26,990 | 2,605 | ||||||||||||||||||||
| Operating income | $ | 7,505 | $ | 11,540 | $ | 21,599 | $ | 16,652 | $ | 14,800 | $ | 57,296 | $ | 58,276 | |||||||||||||
| Basic earnings (loss) per share | $ | 0.21 | $ | 0.04 | $ | (0.37 | ) | $ | 0.08 | $ | 0.32 | $ | (0.04 | ) | $ | 1.21 | |||||||||||
| Plus: after tax impact of restructuring costs | 0.04 | 0.04 | 0.03 | 0.01 | — | 0.11 | 0.09 | ||||||||||||||||||||
| Plus: after tax loss on sale of the Beacon operations center | 0.02 | — | — | — | — | 0.02 | — | ||||||||||||||||||||
| Less: after tax gain on sale of vacant Beacon land | — | — | — | — | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||
| Total adjusted basic earnings (loss) per common share | $ | 0.27 | $ | 0.08 | $ | (0.34 | ) | $ | 0.09 | $ | 0.27 | $ | 0.09 | $ | 1.25 | ||||||||||||
| Diluted earnings (loss) per share (4) | $ | 0.20 | $ | 0.04 | $ | (0.37 | ) | $ | 0.08 | $ | 0.31 | $ | (0.04 | ) | $ | 1.20 | |||||||||||
| Plus: after tax impact of restructuring costs | 0.05 | 0.04 | 0.03 | 0.01 | — | 0.11 | 0.09 | ||||||||||||||||||||
| Plus: after tax loss on sale of the Beacon operations center | 0.02 | — | — | — | — | 0.02 | — | ||||||||||||||||||||
| Less: after tax gain on sale of vacant Beacon land | — | — | — | — | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||
| Total adjusted diluted earnings (loss) per common share | $ | 0.27 | $ | 0.08 | $ | (0.34 | ) | $ | 0.09 | $ | 0.26 | $ | 0.09 | $ | 1.24 | ||||||||||||
| Net income (loss) / Average total assets (ROA) | 0.42 | % | 0.08 | % | (0.75 | )% | 0.17 | % | 0.68 | % | (0.02 | )% | 0.65 | % | |||||||||||||
| Plus: after tax impact of restructuring costs | 0.11 | % | 0.08 | % | 0.05 | % | 0.02 | % | 0.01 | % | 0.06 | % | 0.05 | % | |||||||||||||
| Plus: after tax loss on sale of the Beacon operations center | 0.03 | % | — | % | — | % | — | % | — | % | 0.01 | % | — | % | |||||||||||||
| Less: after tax gain on sale of vacant Beacon land | — | % | — | % | — | % | — | % | (0.12 | )% | — | % | (0.03 | )% | |||||||||||||
| Adjusted net income (loss) / Average total assets (Adjusted ROA) | 0.56 | % | 0.16 | % | (0.70 | )% | 0.19 | % | 0.57 | % | 0.05 | % | 0.67 | % | |||||||||||||
| Net income (loss)/ Average stockholders' equity (ROE) | 4.09 | % | 0.81 | % | (7.21 | )% | 1.61 | % | 6.44 | % | (0.21 | )% | 6.43 | % | |||||||||||||
| Plus: after tax impact of restructuring costs | 0.94 | % | 0.70 | % | 0.49 | % | 0.13 | % | 0.08 | % | 0.57 | % | 0.51 | % | |||||||||||||
| Plus: after tax loss on sale of the Beacon operations center | 0.33 | % | — | % | — | % | — | % | — | % | 0.08 | % | — | % | |||||||||||||
| Less: after tax gain on sale of vacant Beacon land | — | % | — | % | — | % | — | % | (1.07 | )% | — | % | (0.28 | )% | |||||||||||||
| Adjusted net income (loss) / Average stockholders' equity (Adjusted ROE) | 5.36 | % | 1.51 | % | (6.72 | )% | 1.74 | % | 5.45 | % | 0.44 | % | 6.66 | % | |||||||||||||
| Efficiency ratio | 85.81 | % | 69.32 | % | 55.60 | % | 63.07 | % | 76.94 | % | 67.95 | % | 77.47 | % | |||||||||||||
| Less: impact of restructuring costs | (13.97 | )% | (2.81 | )% | (1.99 | )% | (0.50 | )% | (0.17 | )% | (4.51 | )% | (1.89 | )% | |||||||||||||
| Less: loss on sale of the Beacon operations center | (2.01 | )% | — | % | — | % | — | % | — | % | (0.43 | )% | — | % | |||||||||||||
| Plus: gain on sale of vacant Beacon land | — | % | — | % | — | % | — | % | 3.33 | % | — | % | 0.81 | % | |||||||||||||
| Adjusted efficiency ratio | 69.83 | % | 66.51 | % | 53.61 | % | 62.57 | % | 80.10 | % | 63.01 | % | 76.39 | % | |||||||||||||
| Noninterest expense / Average total assets | 2.59 | % | 2.24 | % | 1.81 | % | 2.27 | % | 2.60 | % | 2.23 | % | 2.64 | % | |||||||||||||
| Less: impact of restructuring costs | (0.43 | )% | (0.09 | )% | (0.06 | )% | (0.02 | )% | (0.01 | )% | (0.15 | )% | (0.07 | )% | |||||||||||||
| Adjusted noninterest expense / Average total assets | 2.16 | % | 2.15 | % | 1.75 | % | 2.25 | % | 2.59 | % | 2.08 | % | 2.57 | % | |||||||||||||
| Salaries and employee benefits / Average total assets | 1.62 | % | 1.39 | % | 1.06 | % | 1.48 | % | 1.81 | % | 1.39 | % | 1.73 | % | |||||||||||||
| Less: impact of restructuring costs | (0.27 | )% | (0.03 | )% | (0.01 | )% | — | % | (0.01 | )% | (0.08 | )% | (0.02 | )% | |||||||||||||
| Adjusted salaries and employee benefits / Average total assets | 1.35 | % | 1.36 | % | 1.05 | % | 1.48 | % | 1.80 | % | 1.31 | % | 1.71 | % | |||||||||||||
| Other operating expenses / Average total assets | 0.97 | % | 0.85 | % | 0.75 | % | 0.79 | % | 0.79 | % | 0.84 | % | 0.91 | % | |||||||||||||
| Less: impact of restructuring costs | (0.03 | )% | (0.06 | )% | (0.05 | )% | (0.02 | )% | — | % | (0.04 | )% | (0.05 | )% | |||||||||||||
| Adjusted other operating expenses / Average total assets | 0.94 | % | 0.79 | % | 0.70 | % | 0.77 | % | 0.79 | % | 0.80 | % | 0.86 | % | |||||||||||||
| Stockholders' equity | $ | 783,421 | $ | 829,533 | $ | 830,198 | $ | 841,117 | $ | 834,701 | $ | 783,421 | $ | 834,701 | |||||||||||||
| Less: goodwill and other intangibles | (21,561 | ) | (21,607 | ) | (21,653 | ) | (21,698 | ) | (21,744 | ) | (21,561 | ) | (21,744 | ) | |||||||||||||
| Tangible common stockholders' equity | $ | 761,860 | $ | 807,926 | $ | 808,545 | $ | 819,419 | $ | 812,957 | $ | 761,860 | $ | 812,957 | |||||||||||||
| Total assets | $ | 7,770,893 | $ | 7,977,047 | $ | 8,130,723 | $ | 8,098,810 | $ | 7,985,399 | $ | 7,770,893 | $ | 7,985,399 | |||||||||||||
| Less: goodwill and other intangibles | (21,561 | ) | (21,607 | ) | (21,653 | ) | (21,698 | ) | (21,744 | ) | (21,561 | ) | (21,744 | ) | |||||||||||||
| Tangible assets | $ | 7,749,332 | $ | 7,955,440 | $ | 8,109,070 | $ | 8,077,112 | $ | 7,963,655 | $ | 7,749,332 | $ | 7,963,655 | |||||||||||||
| Common shares outstanding | 37,843 | 42,147 | 42,159 | 42,166 | 43,146 | 37,843 | 43,146 | ||||||||||||||||||||
| Tangible common equity ratio | 9.83 | % | 10.16 | % | 9.97 | % | 10.14 | % | 10.21 | % | 9.83 | % | 10.21 | % | |||||||||||||
| Stockholders' book value per common share | $ | 20.70 | $ | 19.68 | $ | 19.69 | $ | 19.95 | $ | 19.35 | $ | 20.70 | $ | 19.35 | |||||||||||||
| Tangible stockholders' book value per common share | $ | 20.13 | $ | 19.17 | $ | 19.18 | $ | 19.43 | $ | 18.84 | $ | 20.13 | $ | 18.84 | |||||||||||||
__________________
(1) The Company leased-back the property for a 2-year term.
(2) Expenses incurred for actions designed to implement the Company’s strategy as a new independent company. 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, enhanced sales tools and training, expanded product offerings and improved customer analytics to identify opportunities.
(3) On October 9, 2020, the Board of Directors of the Company adopted a voluntary early retirement plan for certain eligible long-term employees and an involuntary severance plan for certain other positions consistent with the Company’s effort to streamline operations and better align its operating structure with its business activities. 31 employees elected to participate in the voluntary plan, all of whom retired on or before December 31, 2020. The involuntary plan impacted 31 employees most of whom no longer worked for the Company and/or its subsidiaries by December 31, 2020. On December 28, 2020, the Company determined the termination costs and annual savings related to the voluntary and involuntary plans. The Company incurred approximately
(4) As of December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, potential dilutive instruments consisted of unvested shares of restricted stock and restricted stock units mainly related to the Company’s IPO in 2018 totaling 248,750, 478,587, 491,360, 482,316, and 530,620, respectively. For the three months ended of June 30, 2020 and the year ended December 31, 2020, potential dilutive instruments were not included in the diluted earnings per share computation because the Company reported a net loss and their inclusion would have an antidilutive effect. For all other 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 in per share earnings.
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 net deferred loan origination costs accounted for as yield adjustments. Average balances represent the daily average balances for the periods presented.
| Three Months Ended | ||||||||||||||||||||||||||
| December 31, 2020 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||
| (in thousands, except percentages) | Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||
| Balances | Expense | Rates | Balances | Expense | Rates | Balances | Expense | Rates | ||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||
| Loan portfolio, net(1) | $ | 5,809,246 | $ | 54,891 | 3.76 | % | $ | 5,768,471 | $ | 52,736 | 3.64 | % | $ | 5,627,641 | $ | 63,370 | 4.47 | % | ||||||||
| Securities available for sale(2) | 1,274,493 | 7,126 | 2.22 | % | 1,409,768 | 8,096 | 2.28 | % | 1,528,916 | 9,814 | 2.55 | % | ||||||||||||||
| Securities held to maturity(3) | 60,084 | 311 | 2.06 | % | 63,844 | 324 | 2.02 | % | 75,989 | 419 | 2.19 | % | ||||||||||||||
| Equity securities with readily determinable fair value not held for trading | 24,354 | 96 | 1.57 | % | 24,447 | 103 | 1.68 | % | 23,912 | 141 | 2.34 | % | ||||||||||||||
| Federal Reserve Bank and FHLB stock | 65,426 | 677 | 4.12 | % | 64,998 | 597 | 3.65 | % | 71,902 | 1,044 | 5.76 | % | ||||||||||||||
| Deposits with banks | 195,347 | 54 | 0.11 | % | 225,320 | 61 | 0.11 | % | 105,060 | 449 | 1.70 | % | ||||||||||||||
| Total interest-earning assets | 7,428,950 | $ | 63,155 | 3.38 | % | 7,556,848 | $ | 61,917 | 3.26 | % | 7,433,420 | $ | 75,237 | 4.02 | % | |||||||||||
| Total non-interest-earning assets less allowance for loan losses | 516,346 | 526,065 | 472,556 | |||||||||||||||||||||||
| Total assets | $ | 7,945,296 | $ | 8,082,913 | $ | 7,905,976 | ||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||
| Checking and saving accounts: | ||||||||||||||||||||||||||
| Interest bearing demand | $ | 1,218,536 | $ | 103 | 0.03 | % | $ | 1,193,920 | $ | 97 | 0.03 | % | $ | 1,098,532 | $ | 159 | 0.06 | % | ||||||||
| Money market | 1,257,239 | 1,001 | 0.32 | % | 1,154,795 | 1,190 | 0.41 | % | 1,147,539 | 3,802 | 1.31 | % | ||||||||||||||
| Savings | 322,077 | 14 | 0.02 | % | 321,657 | 88 | 0.11 | % | 337,338 | 16 | 0.02 | % | ||||||||||||||
| Total checking and saving accounts | 2,797,852 | 1,118 | 0.16 | % | 2,670,372 | 1,375 | 0.20 | % | 2,583,409 | 3,977 | 0.61 | % | ||||||||||||||
| Time deposits | 2,131,085 | 9,001 | 1.68 | % | 2,367,534 | 10,874 | 1.83 | % | 2,317,052 | 13,180 | 2.26 | % | ||||||||||||||
| Total deposits | 4,928,937 | 10,119 | 0.82 | % | 5,037,906 | 12,249 | 0.97 | % | 4,900,461 | 17,157 | 1.39 | % | ||||||||||||||
| Securities sold under agreements to repurchase | 533 | 1 | 0.75 | % | — | — | — | % | 497 | 2 | 1.60 | % | ||||||||||||||
| Advances from the FHLB and other borrowings(4) | 1,060,217 | 2,826 | 1.06 | % | 1,050,000 | 2,820 | 1.07 | % | 1,214,728 | 5,575 | 1.82 | % | ||||||||||||||
| Senior notes | 58,539 | 942 | 6.40 | % | 58,460 | 942 | 6.41 | % | — | — | — | % | ||||||||||||||
| Junior subordinated debentures | 64,178 | 615 | 3.81 | % | 64,178 | 558 | 3.46 | % | 92,246 | 1,241 | 5.34 | % | ||||||||||||||
| Total interest-bearing liabilities | 6,112,404 | 14,503 | 0.94 | % | 6,210,544 | 16,569 | 1.06 | % | 6,207,932 | 23,975 | 1.53 | % | ||||||||||||||
| Non-interest-bearing liabilities: | ||||||||||||||||||||||||||
| Non-interest bearing demand deposits | 902,799 | 936,349 | 788,666 | |||||||||||||||||||||||
| Accounts payable, accrued liabilities and other liabilities | 105,160 | 102,864 | 79,804 | |||||||||||||||||||||||
| Total non-interest-bearing liabilities | 1,007,959 | 1,039,213 | 868,470 | |||||||||||||||||||||||
| Total liabilities | 7,120,363 | 7,249,757 | 7,076,402 | |||||||||||||||||||||||
| Stockholders' equity | 824,933 | 833,156 | 829,574 | |||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 7,945,296 | $ | 8,082,913 | $ | 7,905,976 | ||||||||||||||||||||
| Excess of average interest-earning assets over average interest-bearing liabilities | $ | 1,316,546 | $ | 1,346,304 | $ | 1,225,488 | ||||||||||||||||||||
| Net interest income | $ | 48,652 | $ | 45,348 | $ | 51,262 | ||||||||||||||||||||
| Net interest rate spread | 2.44 | % | 2.20 | % | 2.49 | % | ||||||||||||||||||||
| Net interest margin(5) | 2.61 | % | 2.39 | % | 2.74 | % | ||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 121.54 | % | 121.68 | % | 119.74 | % | ||||||||||||||||||||
| Years Ended December 31, | |||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||
| (in thousands, except percentages) | Average Balances | Income/ Expense | Yield/ Rates | Average Balances | Income/ Expense | Yield/ Rates | |||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||
| Loan portfolio, net(1) | $ | 5,716,371 | $ | 220,898 | 3.86 | % | $ | 5,658,196 | $ | 263,011 | 4.65 | % | |||||||||
| Securities available for sale(2) | 1,444,213 | 34,001 | 2.35 | % | 1,508,203 | 40,420 | 2.68 | % | |||||||||||||
| Securities held to maturity(3) | 66,136 | 1,343 | 2.03 | % | 80,761 | 1,946 | 2.41 | % | |||||||||||||
| Equity securities with readily determinable fair value not held for trading | 24,290 | 452 | 1.86 | % | 23,611 | 558 | 2.36 | % | |||||||||||||
| Federal Reserve Bank and FHLB stock | 67,840 | 3,227 | 4.76 | % | 68,525 | 4,286 | 6.25 | % | |||||||||||||
| Deposits with banks | 202,026 | 633 | 0.31 | % | 125,671 | 2,753 | 2.19 | % | |||||||||||||
| Total interest-earning assets | 7,520,876 | $ | 260,554 | 3.46 | % | 7,464,967 | $ | 312,974 | 4.19 | % | |||||||||||
| Total non-interest-earning assets less allowance for loan losses | 510,673 | 473,412 | |||||||||||||||||||
| Total assets | $ | 8,031,549 | $ | 7,938,379 | |||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||
| Checking and saving accounts: | |||||||||||||||||||||
| Interest bearing demand | $ | 1,154,166 | $ | 439 | 0.04 | % | $ | 1,177,031 | $ | 925 | 0.08 | % | |||||||||
| Money market | 1,165,447 | 7,070 | 0.61 | % | 1,150,459 | 15,625 | 1.36 | % | |||||||||||||
| Savings | 321,766 | 58 | 0.02 | % | 361,069 | 65 | 0.02 | % | |||||||||||||
| Total checking and saving accounts | 2,641,379 | 7,567 | 0.29 | % | 2,688,559 | 16,615 | 0.62 | % | |||||||||||||
| Time deposits | 2,360,367 | 45,765 | 1.94 | % | 2,344,587 | 51,757 | 2.21 | % | |||||||||||||
| Total deposits | 5,001,746 | 53,332 | 1.07 | % | 5,033,146 | 68,372 | 1.36 | % | |||||||||||||
| Securities sold under agreements to repurchase | 252 | 1 | 0.40 | % | 220 | 5 | 2.27 | % | |||||||||||||
| Advances from the FHLB and other borrowings(4) | 1,116,899 | 13,168 | 1.18 | % | 1,134,551 | 24,325 | 2.14 | % | |||||||||||||
| Senior notes | 30,686 | 1,968 | 6.41 | % | — | — | — | % | |||||||||||||
| Junior subordinated debentures | 66,402 | 2,533 | 3.81 | % | 108,765 | 7,184 | 6.61 | % | |||||||||||||
| Total interest-bearing liabilities | 6,215,985 | 71,002 | 1.14 | % | 6,276,682 | 99,886 | 1.59 | % | |||||||||||||
| Non-interest-bearing liabilities: | |||||||||||||||||||||
| Non-interest bearing demand deposits | 876,393 | 791,239 | |||||||||||||||||||
| Accounts payable, accrued liabilities and other liabilities | 100,932 | 72,558 | |||||||||||||||||||
| Total non-interest-bearing liabilities | 977,325 | 863,797 | |||||||||||||||||||
| Total liabilities | 7,193,310 | 7,140,479 | |||||||||||||||||||
| Stockholders' equity | 838,239 | 797,900 | |||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 8,031,549 | $ | 7,938,379 | |||||||||||||||||
| Excess of average interest-earning assets over average interest-bearing liabilities | $ | 1,304,891 | $ | 1,188,285 | |||||||||||||||||
| Net interest income | $ | 189,552 | $ | 213,088 | |||||||||||||||||
| Net interest rate spread | 2.32 | % | 2.60 | % | |||||||||||||||||
| Net interest margin(5) | 2.52 | % | 2.85 | % | |||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 120.99 | % | 118.93 | % | |||||||||||||||||
____________
(1) Average non-performing loans of
(2) Includes nontaxable securities with average balances of
(3) Includes nontaxable securities with average balances of
(4) The terms of the FHLB advance agreements require the Bank to maintain certain investment securities or loans as collateral for these advances.
(5) 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.
Exhibit 4 - Noninterest Income
This table shows the amounts of each of the categories of noninterest income for the periods presented.
| Three Months Ended | Years Ended December 31, | |||||||||||||||||||||||||||||||
| December 31, 2020 | September 30, 2020 | December 31, 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||
| (in thousands, except percentages) | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||||||
| Deposits and service fees | $ | 4,173 | 36.2 | % | $ | 3,937 | 19.4 | % | $ | 4,274 | 26.8 | % | $ | 15,838 | 21.6 | % | $ | 17,067 | 29.9 | % | ||||||||||||
| Brokerage, advisory and fiduciary activities | 4,219 | 36.6 | % | 4,272 | 21.1 | % | 3,865 | 24.2 | % | 16,949 | 23.1 | % | 14,936 | 26.2 | % | |||||||||||||||||
| Change in cash surrender value of bank owned life insurance (“BOLI”)(1) | 1,417 | 12.3 | % | 1,437 | 7.1 | % | 1,438 | 9.0 | % | 5,695 | 7.8 | % | 5,710 | 10.0 | % | |||||||||||||||||
| Cards and trade finance servicing fees | 333 | 2.9 | % | 345 | 1.7 | % | 557 | 3.5 | % | 1,346 | 1.8 | % | 3,925 | 6.9 | % | |||||||||||||||||
| (Loss) gain on early extinguishment of FHLB advances, net | — | — | % | — | — | % | (1,443 | ) | (9.0 | )% | (73 | ) | (0.1 | )% | (886 | ) | (1.6 | )% | ||||||||||||||
| Data processing and fees for other services | — | — | % | — | — | % | — | — | % | — | — | % | 955 | 1.7 | % | |||||||||||||||||
| Securities gains (losses), net (2) | 1,033 | 9.0 | % | 8,600 | 42.4 | % | 703 | 4.4 | % | 26,990 | 36.7 | % | 2,605 | 4.6 | % | |||||||||||||||||
| Other noninterest income (3) | 340 | 3.0 | % | 1,701 | 8.3 | % | 6,577 | 41.1 | % | 6,725 | 9.1 | % | 12,798 | 22.3 | % | |||||||||||||||||
| Total noninterest income | $ | 11,515 | 100.0 | % | $ | 20,292 | 100.0 | % | $ | 15,971 | 100.0 | % | $ | 73,470 | 100.0 | % | $ | 57,110 | 100.0 | % | ||||||||||||
__________________
(1) Changes in cash surrender value of BOLI are not taxable.
(2) Includes net gain on sale of securities of
(3) Includes a loss of
Exhibit 5 - Noninterest Expense
This table shows the amounts of each of the categories of noninterest expense for the periods presented.
| Three Months Ended | Years Ended December 31, | ||||||||||||||||||||||||||||
| December 31, 2020 | September 30, 2020 | December 31, 2019 | 2020 | 2019 | |||||||||||||||||||||||||
| (in thousands, except percentages) | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||||
| Salaries and employee benefits (1) | $ | 32,305 | 62.6 | % | $ | 28,268 | 62.1 | % | $ | 36,024 | 69.6 | % | $ | 111,469 | 62.4 | % | $ | 137,380 | 65.6 | % | |||||||||
| Occupancy and equipment (2) | 5,320 | 10.3 | % | 4,281 | 9.4 | % | 4,042 | 7.8 | % | 17,624 | 9.9 | % | 16,194 | 7.7 | % | ||||||||||||||
| Professional and other services fees(3) | 3,137 | 6.1 | % | 3,403 | 7.5 | % | 4,430 | 8.6 | % | 13,459 | 7.5 | % | 16,123 | 7.7 | % | ||||||||||||||
| Telecommunications and data processing | 3,082 | 6.0 | % | 3,228 | 7.1 | % | 3,396 | 6.6 | % | 12,931 | 7.2 | % | 13,063 | 6.2 | % | ||||||||||||||
| Depreciation and amortization(4) | 3,473 | 6.7 | % | 1,993 | 4.4 | % | 1,214 | 2.3 | % | 9,385 | 5.3 | % | 7,094 | 3.4 | % | ||||||||||||||
| FDIC assessments and insurance | 1,885 | 3.7 | % | 1,898 | 4.2 | % | 876 | 1.7 | % | 6,141 | 3.4 | % | 4,043 | 1.9 | % | ||||||||||||||
| Other operating expenses(5) | 2,427 | 4.6 | % | 2,429 | 5.3 | % | 1,748 | 3.4 | % | 7,727 | 4.3 | % | 15,420 | 7.5 | % | ||||||||||||||
| Total noninterest expenses | $ | 51,629 | 100.0 | % | $ | 45,500 | 100.0 | % | $ | 51,730 | 100.0 | % | $ | 178,736 | 100.0 | % | $ | 209,317 | 100.0 | % | |||||||||
___________
(1) Includes
(2) Includes an additional expense of
(3) Other services fees include expenses on derivative contracts.
(4) Includes a charge of
(5) Includes advertising, marketing, charitable contributions, community engagement, postage and courier expenses, provisions for possible losses on contingent loans, 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 non-qualified deferred compensation plan.
Exhibit 6 - Consolidated Balance Sheets
| (in thousands, except share data) | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||
| Assets | |||||||||||||||||||
| Cash and due from banks | $ | 30,179 | $ | 34,091 | $ | 35,651 | $ | 22,303 | $ | 28,035 | |||||||||
| Interest earning deposits with banks | 184,207 | 193,069 | 181,698 | 248,750 | 93,289 | ||||||||||||||
| Cash and cash equivalents | 214,386 | 227,160 | 217,349 | 271,053 | 121,324 | ||||||||||||||
| Securities | |||||||||||||||||||
| Debt securities available for sale | 1,225,083 | 1,317,724 | 1,519,784 | 1,601,303 | 1,568,752 | ||||||||||||||
| Debt securities held to maturity | 58,127 | 61,676 | 65,616 | 70,336 | 73,876 | ||||||||||||||
| Equity securities with readily determinable fair value not held for trading | 24,342 | 24,381 | 24,425 | 24,225 | 23,848 | ||||||||||||||
| Federal Reserve Bank and Federal Home Loan Bank stock | 65,015 | 65,015 | 64,986 | 74,123 | 72,934 | ||||||||||||||
| Securities | 1,372,567 | 1,468,796 | 1,674,811 | 1,769,987 | 1,739,410 | ||||||||||||||
| Loans held for sale | — | — | — | — | — | ||||||||||||||
| Loans held for investment, gross | 5,842,337 | 5,924,617 | 5,872,271 | 5,668,327 | 5,744,339 | ||||||||||||||
| Less: Allowance for loan losses | 110,902 | 116,819 | 119,652 | 72,948 | 52,223 | ||||||||||||||
| Loans held for investment, net | 5,731,435 | 5,807,798 | 5,752,619 | 5,595,379 | 5,692,116 | ||||||||||||||
| Bank owned life insurance | 217,547 | 216,130 | 214,693 | 213,266 | 211,852 | ||||||||||||||
| Premises and equipment, net | 109,990 | 126,895 | 128,327 | 128,232 | 128,824 | ||||||||||||||
| Deferred tax assets, net | 11,691 | 16,206 | 15,647 | 4,933 | 5,480 | ||||||||||||||
| Goodwill | 19,506 | 19,506 | 19,506 | 19,506 | 19,506 | ||||||||||||||
| Accrued interest receivable and other assets | 93,771 | 94,556 | 107,771 | 96,454 | 66,887 | ||||||||||||||
| Total assets | $ | 7,770,893 | $ | 7,977,047 | $ | 8,130,723 | $ | 8,098,810 | $ | 7,985,399 | |||||||||
| Liabilities and Stockholders' Equity | |||||||||||||||||||
| Deposits | |||||||||||||||||||
| Demand | |||||||||||||||||||
| Noninterest bearing | $ | 872,151 | $ | 916,889 | $ | 956,351 | $ | 779,842 | $ | 763,224 | |||||||||
| Interest bearing | 1,230,054 | 1,210,639 | 1,186,613 | 1,088,033 | 1,098,323 | ||||||||||||||
| Savings and money market | 1,587,876 | 1,496,119 | 1,447,661 | 1,432,891 | 1,475,257 | ||||||||||||||
| Time | 2,041,562 | 2,253,899 | 2,434,077 | 2,541,446 | 2,420,339 | ||||||||||||||
| Total deposits | 5,731,643 | 5,877,546 | 6,024,702 | 5,842,212 | 5,757,143 | ||||||||||||||
| Advances from the Federal Home Loan Bank and other borrowings | 1,050,000 | 1,050,000 | 1,050,000 | 1,265,000 | 1,235,000 | ||||||||||||||
| Senior notes | 58,577 | 58,498 | 58,419 | — | — | ||||||||||||||
| Junior subordinated debentures held by trust subsidiaries | 64,178 | 64,178 | 64,178 | 64,178 | 92,246 | ||||||||||||||
| Accounts payable, accrued liabilities and other liabilities | 83,074 | 97,292 | 103,226 | 86,303 | 66,309 | ||||||||||||||
| Total liabilities | 6,987,472 | 7,147,514 | 7,300,525 | 7,257,693 | 7,150,698 | ||||||||||||||
| Stockholders’ equity | |||||||||||||||||||
| Class A common stock | 2,882 | 2,886 | 2,887 | 2,888 | 2,893 | ||||||||||||||
| Class B common stock | 904 | 1,329 | 1,329 | 1,329 | 1,775 | ||||||||||||||
| Additional paid in capital | 305,569 | 359,553 | 359,028 | 358,277 | 419,048 | ||||||||||||||
| Treasury stock | — | — | — | — | (46,373 | ) | |||||||||||||
| Retained earnings | 442,402 | 433,929 | 432,227 | 447,506 | 444,124 | ||||||||||||||
| Accumulated other comprehensive income | 31,664 | 31,836 | 34,727 | 31,117 | 13,234 | ||||||||||||||
| Total stockholders' equity | 783,421 | 829,533 | 830,198 | 841,117 | 834,701 | ||||||||||||||
| Total liabilities and stockholders' equity | $ | 7,770,893 | $ | 7,977,047 | $ | 8,130,723 | $ | 8,098,810 | $ | 7,985,399 | |||||||||
Exhibit 7 - Loans
Loans by Type
The loan portfolio consists of the following loan classes:
| (in thousands) | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||
| Real estate loans | |||||||||||||||||||
| Commercial real estate (“CRE”) | |||||||||||||||||||
| Nonowner occupied | $ | 1,749,839 | $ | 1,797,230 | $ | 1,841,075 | $ | 1,875,293 | $ | 1,891,802 | |||||||||
| Multi-family residential | 737,696 | 853,159 | 823,450 | 834,016 | 801,626 | ||||||||||||||
| Land development and construction loans | 349,800 | 335,184 | 284,766 | 225,179 | 278,688 | ||||||||||||||
| 2,837,335 | 2,985,573 | 2,949,291 | 2,934,488 | 2,972,116 | |||||||||||||||
| Single-family residential | 639,569 | 597,280 | 589,713 | 569,340 | 539,102 | ||||||||||||||
| Owner occupied | 947,127 | 937,946 | 938,511 | 923,260 | 894,060 | ||||||||||||||
| 4,424,031 | 4,520,799 | 4,477,515 | 4,427,088 | 4,405,278 | |||||||||||||||
| Commercial loans | 1,154,550 | 1,197,156 | 1,247,455 | 1,084,751 | 1,234,043 | ||||||||||||||
| Loans to financial institutions and acceptances | 16,636 | 16,623 | 16,597 | 16,576 | 16,552 | ||||||||||||||
| Consumer loans and overdrafts | 247,120 | 190,039 | 130,704 | 139,912 | 88,466 | ||||||||||||||
| Total loans | $ | 5,842,337 | $ | 5,924,617 | $ | 5,872,271 | $ | 5,668,327 | $ | 5,744,339 | |||||||||
Non-Performing Assets
This table shows a summary of our non-performing assets by loan class, which includes non-performing loans and other real estate owned, or OREO, at the dates presented. Non-performing loans consist of (i) nonaccrual loans; (ii) accruing loans 90 days or more contractually past due as to interest or principal; and (iii) restructured loans that are considered TDRs.
| (in thousands) | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||
| Non-Accrual Loans(1) | |||||||||||||||||||
| Real Estate Loans | |||||||||||||||||||
| Commercial real estate (CRE) | |||||||||||||||||||
| Nonowner occupied | $ | 8,219 | $ | 8,289 | $ | 8,426 | $ | 1,936 | $ | 1,936 | |||||||||
| Multi-family residential | 11,340 | 1,484 | — | — | — | ||||||||||||||
| 19,559 | 9,773 | 8,426 | 1,936 | 1,936 | |||||||||||||||
| Single-family residential | 10,667 | 11,071 | 7,975 | 7,077 | 7,291 | ||||||||||||||
| Owner occupied | 12,815 | 14,539 | 11,828 | 13,897 | 14,130 | ||||||||||||||
| 43,041 | 35,383 | 28,229 | 22,910 | 23,357 | |||||||||||||||
| Commercial loans (2) | 44,205 | 50,991 | 48,961 | 9,993 | 9,149 | ||||||||||||||
| Consumer loans and overdrafts | 233 | 104 | 70 | 467 | 416 | ||||||||||||||
| Total-Non-Accrual Loans | $ | 87,479 | $ | 86,478 | $ | 77,260 | $ | 33,370 | $ | 32,922 | |||||||||
| Past Due Accruing Loans(3) | |||||||||||||||||||
| Real Estate Loans | |||||||||||||||||||
| Single-family residential | $ | — | $ | 1 | $ | — | $ | 5 | $ | — | |||||||||
| Owner occupied | 220 | — | — | — | — | ||||||||||||||
| Consumer loans and overdrafts | 1 | 1 | — | 12 | 5 | ||||||||||||||
| Total Past Due Accruing Loans | 221 | 2 | — | 17 | 5 | ||||||||||||||
| Total Non-Performing Loans | 87,700 | 86,480 | 77,260 | 33,387 | 32,927 | ||||||||||||||
| Other Real Estate Owned | 427 | 42 | 42 | 42 | 42 | ||||||||||||||
| Total Non-Performing Assets | $ | 88,127 | $ | 86,522 | $ | 77,302 | $ | 33,429 | $ | 32,969 | |||||||||
__________________
(1) Includes loan modifications that meet the definition of TDRs which may be performing in accordance with their modified loan terms. As of December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, non-performing TDRs include
(2) As of December 31, 2020, September 30, 2020 and June 30, 2020, includes
(3) Loans past due 90 days or more but still accruing.
Loans by Credit Quality Indicators
This tables shows the Company’s loans by credit quality indicators. We have no purchased credit-impaired loans.
| December 31, 2020 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||
| (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) | ||||||||||||||||||||||||||||||||||||||
| Nonowner occupied | $ | 16,991 | $ | 7,234 | $ | 1,729 | $ | 25,954 | $ | 16,780 | $ | 7,236 | $ | 1,798 | $ | 25,814 | $ | 9,324 | $ | 762 | $ | 1,936 | $ | 12,022 | ||||||||||||||
| Multi-family residential | — | 11,340 | — | 11,340 | — | 1,484 | — | 1,484 | — | — | — | — | ||||||||||||||||||||||||||
| Land development and construction loans | 7,164 | — | — | 7,164 | 7,201 | — | — | 7,201 | 9,955 | — | — | 9,955 | ||||||||||||||||||||||||||
| 24,155 | 18,574 | 1,729 | 44,458 | 23,981 | 8,720 | 1,798 | 34,499 | 19,279 | 762 | 1,936 | 21,977 | |||||||||||||||||||||||||||
| Single-family residential | — | 10,667 | — | 10,667 | — | 11,072 | — | 11,072 | — | 7,291 | — | 7,291 | ||||||||||||||||||||||||||
| Owner occupied | 22,343 | 12,917 | — | 35,260 | 34,556 | 14,643 | — | 49,199 | 8,138 | 14,240 | — | 22,378 | ||||||||||||||||||||||||||
| 46,498 | 42,158 | 1,729 | 90,385 | 58,537 | 34,435 | 1,798 | 94,770 | 27,417 | 22,293 | 1,936 | 51,646 | |||||||||||||||||||||||||||
| Commercial loans(2) | 42,434 | 36,156 | 8,252 | 86,842 | 27,111 | 37,338 | 13,856 | 78,305 | 5,569 | 8,406 | 2,669 | 16,644 | ||||||||||||||||||||||||||
| Consumer loans and overdrafts | — | 238 | — | 238 | — | 111 | — | 111 | — | 67 | 357 | 424 | ||||||||||||||||||||||||||
| $ | 88,932 | $ | 78,552 | $ | 9,981 | $ | 177,465 | $ | 85,648 | $ | 71,884 | $ | 15,654 | $ | 173,186 | $ | 32,986 | $ | 30,766 | $ | 4,962 | $ | 68,714 | |||||||||||||||
__________
(1) There were no loans categorized as “Loss” at any of the dates presented.
(2) As of December 31, 2020 and September 30, 2020, includes
Exhibit 8 - Deposits by Country of Domicile
This tables shows the Company’s deposits by country of domicile of the depositor as of the dates presented.
| (in thousands) | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||
| Domestic | $ | 3,202,936 | $ | 3,310,343 | $ | 3,432,971 | $ | 3,253,972 | $ | 3,121,827 | |||||||||
| Foreign: | |||||||||||||||||||
| Venezuela | 2,119,412 | 2,169,621 | 2,202,340 | 2,224,353 | 2,270,970 | ||||||||||||||
| Others | 409,295 | 397,582 | 389,391 | 363,887 | 364,346 | ||||||||||||||
| Total foreign | 2,528,707 | 2,567,203 | 2,591,731 | 2,588,240 | 2,635,316 | ||||||||||||||
| Total deposits | $ | 5,731,643 | $ | 5,877,546 | $ | 6,024,702 | $ | 5,842,212 | $ | 5,757,143 | |||||||||
FAQ
What was Amerant Bancorp's net income for the fourth quarter of 2020?
How did Amerant's net loss for 2020 compare to 2019?
What was the net interest margin for Amerant in Q4 2020?
Did Amerant record any provisions for loan losses in Q4 2020?
What contributed to Amerant's loan loss provisions in 2020?
