Amerant Bancorp (US:AMTB)2023-10-26 16:00Financial Position - Total assets increased to $9,345,700 thousand as of September 30, 2023, compared to $9,127,804 thousand at December 31, 2022, reflecting a growth of 2.4%[6] - Total deposits reached $7,546,912 thousand, a rise of 7.1% from $7,044,199 thousand at the end of 2022[6] - The total liabilities increased to $8,625,913 thousand, up from $8,422,078 thousand, representing a growth of 2.4%[6] - The total stockholders' equity increased to $719,787 thousand from $705,726 thousand, reflecting a growth of 2.3%[6] - The company reported a decrease in accumulated other comprehensive loss to $(105,634) thousand from $(80,635) thousand[6] Loans and Credit Quality - Loans held for investment, gross, rose to $7,073,387 thousand, up from $6,857,194 thousand, indicating an increase of 3.1%[6] - The allowance for credit losses increased to $98,773 thousand from $83,500 thousand, reflecting a rise of 18.3%[6] - The total past due loans amounted to $46.5 million as of September 30, 2023, compared to $31.1 million as of December 31, 2022, indicating an increase in delinquency[101] - Nonaccrual loans totaled $32,691 thousand as of September 30, 2023, with $3,754 thousand related to loans with no related allowance[107] - The company believes the ACL is sufficient to absorb expected credit losses in the loan portfolio in accordance with GAAP[132] Income and Expenses - Total interest income for Q3 2023 was $139,383,000, a 56.4% increase from $89,137,000 in Q3 2022[8] - Net interest income after provision for credit losses was $70,577,000 for Q3 2023, compared to $62,583,000 in Q3 2022, reflecting a 24.5% year-over-year growth[8] - Total noninterest expenses increased to $64,420,000 in Q3 2023 from $56,113,000 in Q3 2022, representing a 14.5% rise[8] - Net income attributable to Amerant Bancorp Inc. for Q3 2023 was $22,119,000, a 26.5% increase from $17,534,000 in Q3 2022[8] - Basic earnings per share for Q3 2023 was $0.66, compared to $0.52 in Q3 2022, reflecting a 26.9% increase[11] Shareholder Activities - The company repurchased 142,188 shares of Class A common stock during the third quarter, totaling $2,708,000[14] - Dividends paid in the third quarter amounted to $3,015,000, slightly down from $3,023,000 in the previous quarter[14] - The Company declared a cash dividend of $0.09 per share on October 18, 2023, payable on November 30, 2023, totaling $3.0 million[38] Securities and Investments - The company held $6.0 million in US Treasury Bills with an average yield of 4.65% as of September 30, 2023[62] - The total debt securities available for sale as of September 30, 2023, amounted to $1,033,797 thousand, down from $1,169,578 thousand as of December 31, 2022[67] - The company reported unrealized losses of $10.3 million on U.S. government agency debt securities as of September 30, 2023, compared to unrealized losses of $24.8 million as of December 31, 2022[88] - The company does not intend to sell its investments in corporate debt securities, indicating a long-term holding strategy despite current unrealized losses[80] Deposits and Funding - Time deposits in denominations of $100,000 or more increased to approximately $1.3 billion at September 30, 2023, up from $928 million at December 31, 2022, reflecting a growth of about 40%[167] - The total amount of brokered time deposits rose to $723 million at September 30, 2023, from $609 million at December 31, 2022[167] - As of September 30, 2023, the company had total advances from the FHLB amounting to $595 million, down from $906.486 million at December 31, 2022, representing a decrease of approximately 34.3%[173] Risk Management - The company’s internal risk rating system categorizes loans on a scale from 1 (worst credit quality) to 10 (best credit quality) to monitor potential loss risks[133] - The company has maintained a focus on credit risk management, with a notable portion of loans classified as pass[151] - The company recorded a provision for credit losses totaling $3,000 thousand for the three months ended September 30, 2023, compared to a reversal of $7,314 thousand in the prior year[57] Acquisitions and Corporate Actions - The Company recorded preliminary goodwill of $1.0 million from the F&B Acquisition, representing the excess of the purchase price over the estimated fair value of acquired assets[39] - The Company has not completed its determination of the final allocation of the purchase price for the F&B Acquisition, expected to be finalized by December 31, 2023[39] - The company acquired exclusive naming rights to an arena in Broward County, Florida, recorded as an intangible asset[41]