Amerant Bancorp (US:AMTB)2020-07-24 15:59Financial Performance - Amerant reported a net loss of $153 million in 2Q20, compared to a net income of $34 million in 1Q20 and $129 million in 2Q19[19] - Operating income was $216 million in 2Q20, a 297% increase from $167 million in 1Q20, and a 538% increase from $140 million in 2Q19[19] - Noninterest income decreased by 98% over 1Q20 but increased by 396% compared to the same period last year, driven by increased net gain on the sale of debt securities[19] - Noninterest expense decreased 181% and 306% over 1Q20 and 2Q19, respectively, largely driven by lower salaries and employee benefits expenses[19] Balance Sheet - Total loans were $59 billion, up 36% from March 2020, driven by the funding of $2186 million in PPP loans[19] - Total deposits were $60 billion, up 31% from March 2020, driven by the funding of the PPP loans originated during 2Q20 into small business customer accounts, which have not been fully utilized, totaling $1327 million as of June 30, 2020[19] - Total cash and cash equivalents were $2173 million as of June 30, 2020, with an additional $14 billion available under the FHLB credit line[19] Credit Quality - Provision for loan losses was $486 million to account for estimated portfolio deterioration due to COVID-19, including $200 million for a Miami-based coffee trader[19] - The ratio of allowance for loan losses to total loans increased to 204% from 129% in 1Q20[41] - As of June 30, 2020, modified loans totaled $1128 million, representing 19% of total loans, with the forbearance period expired on $5195 million[10]