Amerant Bancorp Inc. (NYSE:AMTB) (the "Company" or "Amerant") today reported net income attributable to the Company of $17.9 million in the first quarter of 2026, or $0.44 earnings per diluted share, compared to net income of $2.7 million, or $0.07 earnings per diluted share, in the fourth quarter of 2025.
"Amerant's first quarter results reflect continued momentum in executing our strategic plan as we strengthen credit quality and position the bank for sustainable, long-term growth," stated Carlos Iafigliola, SEVP and Interim CEO. "During the quarter, we demonstrated proactive credit risk management, which led to balanced portfolio actions. We also continued to optimize our loan portfolio, including exiting certain large-exposure, out-of-footprint and criticized loans. In addition, we've maintained our focus on operational efficiency, delivering net income in line with our guidance, primarily driven by better than expected cost-savings and strong growth in lower-cost international deposits."
Mr. Iafigliola concluded, "We are keenly focused on the long-term health of the business and demonstrating our ongoing commitment to stability and predictability. With strong fundamentals, a clear path forward, and a highly capable team, we are confident in our ability to deliver sustainable value for our customers, communities, and shareholders."
Below are the results for 1Q26 and their comparison to 4Q25:
- Total assets were $9.9 billion, up by $126.5 million, or 1.3%, compared to $9.8 billion.
- Total gross loans, which includes all loans held for sale, were $6.8 billion, up by $56.5 million, or 0.8%, compared to $6.7 billion.
- Cash and cash equivalents were $188.7 million, down by $281.5 million, or 59.9%, compared to $470.2 million.
- Investment securities were $2.4 billion, up by $346.3 million, or 16.6%, compared to $2.1 billion.
- Total deposits were $7.9 billion, up by $152.2 million, or 2.0%, compared to $7.8 billion.
- Core deposits were $5.9 billion, up by $100.8 million, or 1.7%, compared to $5.8 billion.
- Total advances from the Federal Home Loan Bank ("FHLB") were $732.3 million, up by $20.3 million, or 2.8%, compared to $712.0 million.
- Net Interest Margin ("NIM") was 3.55%, compared to 3.78%.
- Average yield on loans was 6.38%, compared to 6.73%.
- Average cost of total deposits was 2.31%, compared to 2.34%.
- Loan to deposit ratio was 85.07%, compared to 86.01%.
- Asset Quality and Allowance for Credit Losses ("ACL"):
- Total non-performing assets were $191.6 million, up by $4.7 million, or 2.5%, compared to $186.9 million. As of 1Q26, non-performing assets consist of $176.1 million in non-performing loans and $15.5 million in Other Real Estate Owned ("OREO").
- The ACL was $79.2 million compared to $79.3 million.
- Classified loans were $320.3 million, down by $34.6 million, or 9.7%, compared to $354.8 million, while non-performing loans were $176.1 million, up $4.7 million, or 2.7%, compared to $171.4 million. The reduction in classified loans was primarily attributable to loan payoffs and sales of loans that had been classified as held for sale in the prior quarter. Special mention loans were $148.2 million, up $11.8 million, or 8.6%, compared to $136.5 million. The increase was primarily driven by downgrades while largely offset by upgrades during the period.
- The Company has provided additional details regarding asset quality in the 1Q26 earnings presentation (https://investor.amerantbank.com).
- Assets Under Management and custody ("AUM") totaled $3.4 billion, up by $148.6 million, or 4.6% from $3.3 billion.
- Pre-tax pre-provision net revenue ("PPNR")(1) was $30.7 million, up by $25.3 million, or 469.6%, compared to PPNR of $5.4 million.
- Net Interest Income ("NII") was $80.3 million, down by $9.9 million, or 11.0%, from $90.2 million.
- Provision for credit losses was $7.8 million, up by $4.3 million, or 123.5%, compared to $3.5 million.
- Noninterest income was $17.4 million, down by $4.6 million, or 21.1%, from $22.0 million. Noninterest income this quarter includes realized gains on the sale of available-for-sale securities of $0.5 million, while noninterest income in the fourth quarter included a gain of $3.3 million on the sale and leaseback of two banking centers and $2.2 million in realized gains on the sale of available-for-sale securities.
- Noninterest expense was $66.9 million, down by $39.9 million, or 37.3%, from $106.8 million. Noninterest expense this quarter includes $3.3 million in savings in vendor contract renegotiations, $1.7 million in a write-down of an equity investment carried at cost and $1.8 million in net losses on loans held for sale, while noninterest expense in the fourth quarter included $14.9 million in losses on loans held for sale, $7.5 million in contract termination costs, $3.8 million in staff separation costs, $2.5 million in an impairment charge on an investment carried at cost, and $0.5 million in an intangible asset impairment related to the downsizing of Amerant Mortgage.
- The efficiency ratio was 68.52%, compared to 95.19%.
- Return on average assets ("ROA") was 0.73%, compared to 0.10%.
- Return on average equity ("ROE") was 7.63%, compared to 1.12%.
- The Company repurchased an aggregate of 859,493 shares of Class A common stock at a weighted average price of $21.77 per share, or 0.97x of Tangible Book Value ("TBV")(1) and 0.95x of book value per share. The aggregate purchase price for these transactions was approximately $18.7 million which includes transaction costs.
- On April 22, 2026, the Company's Board of Directors declared a cash dividend of $0.09 per share of common stock. The dividend is payable on May 29, 2026, to shareholders of record on May 15, 2026.
Additional details on the first quarter 2026 results can be found in the Exhibits and Glossary of Terms and Definitions to this earnings release, and the earnings presentation available under the Investor Relations section of the Company's website at https://investor.amerantbank.com. See Glossary of Terms and Definitions for definitions of financial terms.
1 Non-GAAP measure, see "Non-GAAP Financial Measures" for more information and Exhibit 2 for a reconciliation to GAAP measures. |
First Quarter 2026 Earnings Conference Call
The Company will hold an earnings conference call on Friday, April 24, 2026 at 9:00 a.m. (Eastern Time) to discuss its first quarter 2026 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 subsidiary Amerant Investments, Inc. The Company provides individuals and businesses with deposit, credit and wealth management services. The Bank, which has operated for over 45 years, is headquartered in Florida and has a network of 23 banking centers – 21 in South Florida and 2 in Tampa, Florida. For more information, visit investor.amerantbank.com.
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. Examples of forward-looking statements include but are not limited to: our future operating or financial performance, including revenues, expenses, expense savings, income or loss and earnings or loss per share, and other financial items; statements regarding expectations, plans or objectives for future operations, products or services, and our expectations on loan recoveries, or reaching positive resolutions on problem loans, or significantly reducing special mention and/or non-performing loans. 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, 2025 filed on February 27, 2026 ("the 2025 Form 10-K"), 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 month periods ended March 31, 2026, December 31, 2025 and March 31, 2025, may not reflect our results of operations for our fiscal year ending, or financial condition, as of December 31, 2026, or any other period of time or date.
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-tax pre-provision net revenue (PPNR)", "tangible common equity ratio", and "tangible stockholders' equity (book value) per common share". 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".
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 business. Management believes that these supplementary 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. 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.
Beginning in the first quarter of 2026, the Company reviewed and updated its use of non‑GAAP financial measures and now presents a limited set of metrics that management uses to evaluate performance and make operating decisions. As part of this update, the Company discontinued the presentation of "Core PPNR", "core noninterest income", "core noninterest expense", "core net income", "core earnings per share (basic and diluted)", "core return on assets (Core ROA)", "core return on equity (Core ROE)", and "core efficiency ratio" as management determined these measures are no longer primary metrics used internally. This change does not reflect any change in the Company's underlying business, operations, or GAAP financial 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) |
March 31, 2026 |
|
December 31, 2025 |
|
September 30, 2025 |
|
June 30, 2025 |
|
March 31, 2025 |
|||||
Consolidated Balance Sheets |
|
|
(audited) |
|
|
|
|
|
|
|||||
Total assets |
$ |
9,903,514 |
|
$ |
9,777,018 |
|
$ |
10,410,199 |
|
$ |
10,334,678 |
|
$ |
10,169,688 |
Total investments |
|
2,430,884 |
|
|
2,084,569 |
|
|
2,307,701 |
|
|
1,970,888 |
|
|
1,761,678 |
Total gross loans (1) |
|
6,753,781 |
|
|
6,697,235 |
|
|
6,941,792 |
|
|
7,189,196 |
|
|
7,219,162 |
Allowance for credit losses |
|
79,236 |
|
|
79,276 |
|
|
94,918 |
|
|
86,519 |
|
|
98,266 |
Total deposits |
|
7,939,101 |
|
|
7,786,934 |
|
|
8,300,969 |
|
|
8,306,544 |
|
|
8,154,978 |
Core deposits (1) |
|
5,891,689 |
|
|
5,790,895 |
|
|
6,203,038 |
|
|
6,143,625 |
|
|
5,993,055 |
Advances from the Federal Home Loan Bank |
|
732,263 |
|
|
711,984 |
|
|
831,699 |
|
|
765,000 |
|
|
715,000 |
Senior notes |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
59,922 |
Subordinated notes |
|
29,837 |
|
|
29,795 |
|
|
29,752 |
|
|
29,710 |
|
|
29,667 |
Junior subordinated debentures |
|
64,178 |
|
|
64,178 |
|
|
64,178 |
|
|
64,178 |
|
|
64,178 |
Stockholders' equity |
|
913,918 |
|
|
938,802 |
|
|
944,940 |
|
|
924,286 |
|
|
906,263 |
Assets under management and custody (1) |
|
3,405,338 |
|
|
3,256,754 |
|
|
3,169,514 |
|
|
3,065,020 |
|
|
2,932,602 |
|
Three Months Ended |
||||||||||||||||||
(in thousands, except percentages, share data and per share amounts) |
March 31, 2026 |
|
December 31, 2025 |
|
September 30, 2025 |
|
June 30, 2025 |
|
March 31, 2025 |
||||||||||
Consolidated Results of Operations |
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
$ |
80,281 |
|
|
$ |
90,150 |
|
|
$ |
94,152 |
|
|
$ |
90,479 |
|
|
$ |
85,904 |
|
Provision for credit losses (2) |
|
7,800 |
|
|
|
3,490 |
|
|
|
14,600 |
|
|
|
6,060 |
|
|
|
18,446 |
|
Noninterest income |
|
17,381 |
|
|
|
22,019 |
|
|
|
17,291 |
|
|
|
19,778 |
|
|
|
19,525 |
|
Noninterest expense |
|
66,919 |
|
|
|
106,772 |
|
|
|
77,835 |
|
|
|
74,400 |
|
|
|
71,554 |
|
Net income attributable to Amerant Bancorp Inc. |
|
17,873 |
|
|
|
2,701 |
|
|
|
14,756 |
|
|
|
23,002 |
|
|
|
11,958 |
|
Pre-tax pre-provision net revenue (PPNR) (3) |
|
30,743 |
|
|
|
5,397 |
|
|
|
33,608 |
|
|
|
35,857 |
|
|
|
33,875 |
|
Effective income tax rate |
|
22.10 |
% |
|
|
(41.64 |
)% |
|
|
22.37 |
% |
|
|
22.80 |
% |
|
|
22.50 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Common Share Data |
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders' book value per common share |
$ |
22.96 |
|
|
$ |
23.13 |
|
|
$ |
22.90 |
|
|
$ |
22.14 |
|
|
$ |
21.60 |
|
Tangible stockholders' equity (book value) per common share (3)(4) |
$ |
22.38 |
|
|
$ |
22.56 |
|
|
$ |
22.32 |
|
|
$ |
21.56 |
|
|
$ |
21.03 |
|
Basic earnings per common share |
$ |
0.44 |
|
|
$ |
0.07 |
|
|
$ |
0.35 |
|
|
$ |
0.55 |
|
|
$ |
0.28 |
|
Diluted earnings per common share (4) |
$ |
0.44 |
|
|
$ |
0.07 |
|
|
$ |
0.35 |
|
|
$ |
0.55 |
|
|
$ |
0.28 |
|
Basic weighted average shares outstanding |
|
40,315,757 |
|
|
|
40,915,733 |
|
|
|
41,590,201 |
|
|
|
41,805,550 |
|
|
|
42,015,507 |
|
Diluted weighted average shares outstanding (4) |
|
40,510,993 |
|
|
|
41,102,760 |
|
|
|
41,774,101 |
|
|
|
41,873,551 |
|
|
|
42,186,759 |
|
Cash dividend declared per common share (5) |
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
Three Months Ended |
|||||||||||||
|
March 31, 2026 |
|
December 31, 2025 |
|
September 30, 2025 |
|
June 30, 2025 |
|
March 31, 2025 |
|||||
Other Financial and Operating Data (6) |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
Profitability Indicators (%) |
|
|
|
|
|
|
|
|
|
|||||
Net interest income / Average total interest earning assets (NIM) (1) |
3.55 |
% |
|
3.78 |
% |
|
3.92 |
% |
|
3.81 |
% |
|
3.75 |
% |
Net income / Average total assets (ROA)(1) |
0.73 |
% |
|
0.10 |
% |
|
0.57 |
% |
|
0.90 |
% |
|
0.48 |
% |
Net income / Average stockholders' equity (ROE) (1) |
7.63 |
% |
|
1.12 |
% |
|
6.21 |
% |
|
10.06 |
% |
|
5.32 |
% |
Noninterest income / Total revenue (1) |
17.80 |
% |
|
19.63 |
% |
|
15.52 |
% |
|
17.94 |
% |
|
18.52 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
Capital Indicators (%) |
|
|
|
|
|
|
|
|
|
|||||
Total capital ratio (1) |
14.16 |
% |
|
14.10 |
% |
|
13.90 |
% |
|
13.49 |
% |
|
13.45 |
% |
Tier 1 capital ratio (1) |
12.62 |
% |
|
12.58 |
% |
|
12.28 |
% |
|
11.97 |
% |
|
11.84 |
% |
Tier 1 leverage ratio (1) |
9.91 |
% |
|
9.62 |
% |
|
9.73 |
% |
|
9.69 |
% |
|
9.73 |
% |
Common equity tier 1 capital ratio (CET1) (1) |
11.84 |
% |
|
11.80 |
% |
|
11.54 |
% |
|
11.24 |
% |
|
11.11 |
% |
Tangible common equity ratio (1)(3)(4) |
9.02 |
% |
|
9.39 |
% |
|
8.87 |
% |
|
8.73 |
% |
|
8.69 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
Liquidity Ratios (%) |
|
|
|
|
|
|
|
|
|
|||||
Loans to Deposits (1) |
85.07 |
% |
|
86.01 |
% |
|
83.63 |
% |
|
86.55 |
% |
|
88.52 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
Asset Quality Indicators (%) |
|
|
|
|
|
|
|
|
|
|||||
Non-performing assets / Total assets (1) |
1.93 |
% |
|
1.91 |
% |
|
1.34 |
% |
|
0.95 |
% |
|
1.38 |
% |
Non-performing loans / Total gross loans (1) |
2.61 |
% |
|
2.56 |
% |
|
1.79 |
% |
|
1.15 |
% |
|
1.71 |
% |
Allowance for credit losses / Total non-performing loans |
45.01 |
% |
|
46.26 |
% |
|
76.37 |
% |
|
104.89 |
% |
|
79.75 |
% |
Allowance for credit losses / Total loans held for investment |
1.21 |
% |
|
1.20 |
% |
|
1.37 |
% |
|
1.20 |
% |
|
1.37 |
% |
Net charge-offs / Average total loans held for investment (1) |
0.45 |
% |
|
1.07 |
% |
|
0.39 |
% |
|
0.86 |
% |
|
0.22 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
Efficiency Indicators (% except FTE) |
|
|
|
|
|
|
|
|
|
|||||
Noninterest expense / Average total assets |
2.74 |
% |
|
4.14 |
% |
|
3.01 |
% |
|
2.91 |
% |
|
2.89 |
% |
Salaries and employee benefits / Average total assets |
1.31 |
% |
|
1.50 |
% |
|
1.36 |
% |
|
1.41 |
% |
|
1.35 |
% |
Other operating expenses/ Average total assets (1) |
1.43 |
% |
|
2.64 |
% |
|
1.66 |
% |
|
1.50 |
% |
|
1.54 |
% |
Efficiency ratio (1) |
68.52 |
% |
|
95.19 |
% |
|
69.84 |
% |
|
67.48 |
% |
|
67.87 |
% |
FTEs |
699 |
|
|
694 |
|
|
704 |
|
|
692 |
|
|
726 |
|
|
|
|
|
|
|
|
|
|
|
|||||
__________________
(1) See Glossary of Terms and Definitions for definitions of financial terms. |
(2) In all periods shown, includes reserves on loans and contingent loans. The provision for (reversal of) unfunded commitments (contingencies) in the first quarter of 2026, and fourth, third, second and first quarters of 2025, were $1.1 million, $0.7 million, ($0.7 million), $2.5 million and $1.3 million, respectively. |
(3) Non-GAAP measure. See "Non-GAAP Financial Measures" for more information and Exhibit 2 for a reconciliation to GAAP. |
(4) See 2025 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation. |
| (5) In all periods shown, the Company's Board of Directors declared and paid cash dividends of $0.09 per share of the Company's common stock. In connection with these dividends, the Company paid an aggregate amount of $3.7 million in each of the first quarter of 2026 and fourth quarter of 2025, and $3.8 million per quarter in all other periods. |
| (6) Operating data for the periods presented have been annualized. |
Exhibit 2- Non-GAAP Financial Measures Reconciliation
The following tables set forth selected financial information derived from the Company's interim unaudited and annual audited consolidated financial statements, adjusted for certain items, including the provision for credit losses, income taxes and goodwill and other intangible assets. The Company believes these adjusted numbers are useful to understand the Company's performance and underlying trends.
|
Three Months Ended, |
||||||||||||||
(in thousands) |
March 31, 2026 |
|
December 31, 2025 |
|
September 30, 2025 |
|
June 30, 2025 |
|
March 31, 2025 |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
||||||||||||
Net income attributable to Amerant Bancorp Inc. |
$ |
17,873 |
|
$ |
2,701 |
|
|
$ |
14,756 |
|
$ |
23,002 |
|
$ |
11,958 |
Plus: provision for credit losses (1) |
|
7,800 |
|
|
3,490 |
|
|
|
14,600 |
|
|
6,060 |
|
|
18,446 |
Plus: provision for income tax expense (benefit) |
|
5,070 |
|
|
(794 |
) |
|
|
4,252 |
|
|
6,795 |
|
|
3,471 |
Pre-tax pre-provision net revenue (PPNR) |
|
30,743 |
|
|
5,397 |
|
|
|
33,608 |
|
|
35,857 |
|
|
33,875 |
|
|
|
|
|
|
|
|
|
|
||||||
|
|
||||||||||||||||||
(in thousands, except percentages, share data and per share amounts) |
March 31, 2026 |
|
December 31, 2025 |
|
September 30, 2025 |
|
June 30, 2025 |
|
March 31, 2025 |
||||||||||
|
|
|
|
|
|
||||||||||||||
Stockholders' equity |
$ |
913,918 |
|
|
$ |
938,802 |
|
|
$ |
944,940 |
|
|
$ |
924,286 |
|
|
$ |
906,263 |
|
Less: goodwill and other intangibles (2) |
|
(22,933 |
) |
|
|
(23,103 |
) |
|
|
(23,784 |
) |
|
|
(24,016 |
) |
|
|
(24,135 |
) |
Tangible common stockholders' equity |
$ |
890,985 |
|
|
$ |
915,699 |
|
|
$ |
921,156 |
|
|
$ |
900,270 |
|
|
$ |
882,128 |
|
Total assets |
|
9,903,514 |
|
|
|
9,777,018 |
|
|
|
10,410,199 |
|
|
|
10,334,678 |
|
|
|
10,169,688 |
|
Less: goodwill and other intangibles (2) |
|
(22,933 |
) |
|
|
(23,103 |
) |
|
|
(23,784 |
) |
|
|
(24,016 |
) |
|
|
(24,135 |
) |
Tangible assets |
$ |
9,880,581 |
|
|
$ |
9,753,915 |
|
|
$ |
10,386,415 |
|
|
$ |
10,310,662 |
|
|
$ |
10,145,553 |
|
Common shares outstanding |
|
39,803,607 |
|
|
|
40,595,273 |
|
|
|
41,265,378 |
|
|
|
41,748,434 |
|
|
|
41,952,590 |
|
Tangible common equity ratio |
|
9.02 |
% |
|
|
9.39 |
% |
|
|
8.87 |
% |
|
|
8.73 |
% |
|
|
8.69 |
% |
Stockholders' book value per common share |
$ |
22.96 |
|
|
$ |
23.13 |
|
|
$ |
22.90 |
|
|
$ |
22.14 |
|
|
$ |
21.60 |
|
Tangible stockholders' equity book value per common share |
$ |
22.38 |
|
|
$ |
22.56 |
|
|
$ |
22.32 |
|
|
$ |
21.56 |
|
|
$ |
21.03 |
|
____________
(1) Includes provision for credit losses on loans and provision for loan contingencies. |
(2) Other intangible assets primarily consist of naming rights and mortgage servicing rights ("MSRs"). Other intangible assets are included in other assets in the Company's consolidated balance sheets. |
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 non-performing 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 |
|||||||||||||||||||
|
March 31, 2026 |
|
December 31, 2025 |
|
March 31, 2025 |
|||||||||||||||
(in thousands, except percentages) |
Average Balances |
Income/ Expense |
Yield/ Rates |
|
Average Balances |
Income/ Expense |
Yield/ Rates |
|
Average Balances |
Income/ Expense |
Yield/ Rates |
|||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loan portfolio, net (1) |
$ |
6,523,493 |
$ |
102,674 |
6.38 |
% |
|
$ |
6,770,724 |
$ |
114,824 |
6.73 |
% |
|
$ |
7,174,160 |
$ |
121,021 |
6.84 |
% |
Debt securities available for sale (2) (3) |
|
2,281,441 |
|
26,800 |
4.76 |
% |
|
|
2,039,573 |
|
24,916 |
4.85 |
% |
|
|
1,473,170 |
|
17,964 |
4.95 |
% |
Debt securities held for trading |
|
333 |
|
— |
— |
% |
|
|
61,478 |
|
1,134 |
7.32 |
% |
|
|
156 |
|
— |
— |
% |
Equity securities with readily determinable fair value not held for trading |
|
2,553 |
|
14 |
2.22 |
% |
|
|
2,550 |
|
29 |
4.51 |
% |
|
|
2,497 |
|
19 |
3.09 |
% |
Federal Reserve Bank and FHLB stock |
|
57,177 |
|
868 |
6.16 |
% |
|
|
59,605 |
|
965 |
6.42 |
% |
|
|
57,320 |
|
936 |
6.62 |
% |
Deposits with banks |
|
291,145 |
|
2,598 |
3.62 |
% |
|
|
531,010 |
|
5,244 |
3.92 |
% |
|
|
580,409 |
|
6,401 |
4.47 |
% |
Other short-term investments |
|
7,182 |
|
63 |
3.56 |
% |
|
|
7,119 |
|
70 |
3.90 |
% |
|
|
6,434 |
|
67 |
4.22 |
% |
Total interest-earning assets |
|
9,163,324 |
|
133,017 |
5.89 |
% |
|
|
9,472,059 |
|
147,182 |
6.16 |
% |
|
|
9,294,146 |
|
146,408 |
6.39 |
% |
Total noninterest-earning assets (4) |
|
739,439 |
|
|
|
|
763,723 |
|
|
|
|
748,385 |
|
|
||||||
Total assets |
$ |
9,902,763 |
|
|
|
$ |
10,235,782 |
|
|
|
$ |
10,042,531 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended |
||||||||||||||||||||||
|
March 31, 2026 |
|
December 31, 2025 |
|
March 31, 2025 |
||||||||||||||||||
(in thousands, except percentages) |
Average Balances |
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 demand, savings, and money market deposits (5) |
|
4,429,327 |
|
|
26,365 |
2.41 |
% |
|
|
4,452,931 |
|
|
28,387 |
2.53 |
% |
|
|
4,183,742 |
|
|
27,129 |
2.63 |
% |
Time deposits |
|
2,011,952 |
|
|
18,254 |
3.68 |
% |
|
|
2,050,101 |
|
|
19,798 |
3.83 |
% |
|
|
2,227,932 |
|
|
23,858 |
4.34 |
% |
Total deposits |
|
6,441,279 |
|
|
44,619 |
2.81 |
% |
|
|
6,503,032 |
|
|
48,185 |
2.94 |
% |
|
|
6,411,674 |
|
|
50,987 |
3.23 |
% |
Securities sold under agreements to repurchase |
|
— |
|
|
— |
— |
% |
|
|
102 |
|
|
1 |
3.89 |
% |
|
|
— |
|
|
— |
— |
% |
Advances from the FHLB (6) |
|
712,349 |
|
|
6,846 |
3.90 |
% |
|
|
765,225 |
|
|
7,518 |
3.90 |
% |
|
|
723,667 |
|
|
7,200 |
4.04 |
% |
Senior notes |
|
— |
|
|
— |
— |
% |
|
|
— |
|
|
— |
— |
% |
|
|
59,883 |
|
|
942 |
6.38 |
% |
Subordinated notes |
|
29,816 |
|
|
361 |
4.91 |
% |
|
|
29,774 |
|
|
361 |
4.81 |
% |
|
|
29,646 |
|
|
361 |
4.94 |
% |
Junior subordinated debentures |
|
64,178 |
|
|
910 |
5.75 |
% |
|
|
64,178 |
|
|
967 |
5.98 |
% |
|
|
64,178 |
|
|
1,014 |
6.41 |
% |
Total interest-bearing liabilities |
|
7,247,622 |
|
|
52,736 |
2.95 |
% |
|
|
7,362,311 |
|
|
57,032 |
3.07 |
% |
|
|
7,289,048 |
|
|
60,504 |
3.37 |
% |
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noninterest bearing demand deposits |
|
1,396,612 |
|
|
|
|
|
1,649,262 |
|
|
|
|
|
1,544,770 |
|
|
|
||||||
Accounts payable, accrued liabilities and other liabilities |
|
308,976 |
|
|
|
|
|
266,810 |
|
|
|
|
|
297,491 |
|
|
|
||||||
Total noninterest-bearing liabilities |
|
1,705,588 |
|
|
|
|
|
1,916,072 |
|
|
|
|
|
1,842,261 |
|
|
|
||||||
Total liabilities |
|
8,953,210 |
|
|
|
|
|
9,278,383 |
|
|
|
|
|
9,131,309 |
|
|
|
||||||
Stockholders' equity |
|
949,553 |
|
|
|
|
|
957,399 |
|
|
|
|
|
911,222 |
|
|
|
||||||
Total liabilities and stockholders' equity |
$ |
9,902,763 |
|
|
|
|
$ |
10,235,782 |
|
|
|
|
$ |
10,042,531 |
|
|
|
||||||
Excess of average interest-earning assets over average interest-bearing liabilities |
$ |
1,915,702 |
|
|
|
|
$ |
2,109,748 |
|
|
|
|
$ |
2,005,098 |
|
|
|
||||||
Net interest income |
|
$ |
80,281 |
|
|
|
$ |
90,150 |
|
|
|
$ |
85,904 |
|
|||||||||
Net interest rate spread |
|
|
2.94 |
% |
|
|
|
3.09 |
% |
|
|
|
3.02 |
% |
|||||||||
Net interest margin (6) |
|
|
3.55 |
% |
|
|
|
3.78 |
% |
|
|
|
3.75 |
% |
|||||||||
Cost of total deposits (6) |
|
|
2.31 |
% |
|
|
|
2.34 |
% |
|
|
|
2.60 |
% |
|||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities |
|
126.43 |
% |
|
|
|
|
128.66 |
% |
|
|
|
|
127.51 |
% |
|
|
||||||
Average non-performing loans/ Average total loans |
|
2.39 |
% |
|
|
|
|
1.90 |
% |
|
|
|
|
1.43 |
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
___________
(1) Includes loans held for investment net of the allowance for credit losses, and loans held for sale. Non-performing loans are included in the total loan portfolio balances. |
(2) Includes the average balance of net unrealized gains and losses in the fair value of debt securities available for sale. |
(3) Includes nontaxable securities with average balances of $52.9 million, $54.0 million and $54.3 million for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively. The tax equivalent yield for these nontaxable securities was 4.68%, 4.48%, and 4.77% for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively. In 2026 and 2025, the tax equivalent yields were calculated assuming a 21% tax rate and dividing the actual yield by 0.79. |
(4) Excludes the allowance for credit losses. |
(5) To emphasize material items, certain line items previously presented separately in prior periods have been aggregated into a single line item in this table. This includes interest-bearing demand, savings, and money market deposits. The presentation for the three months ended March 31, 2025 has been conformed accordingly for comparability. |
(6) See Glossary of Terms and Definitions for definitions of financial terms. |
Exhibit 4 - Noninterest Income
This table shows the amounts of each of the categories of noninterest income for the periods presented.
|
Three Months Ended |
|||||||||||||||||
|
March 31, 2026 |
|
December 31, 2025 |
|
March 31, 2025 |
|||||||||||||
(in thousands, except percentages) |
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
|||||||
|
|
|||||||||||||||||
Deposits and service fees |
$ |
4,872 |
|
28.0 |
% |
|
$ |
4,938 |
|
|
22.4 |
% |
|
$ |
5,137 |
|
26.3 |
% |
Brokerage, advisory and fiduciary activities |
|
5,461 |
|
31.4 |
% |
|
|
5,304 |
|
|
24.1 |
% |
|
|
4,729 |
|
24.2 |
% |
Change in cash surrender value of bank owned life insurance ("BOLI")(1) |
|
2,564 |
|
14.8 |
% |
|
|
2,602 |
|
|
11.9 |
% |
|
|
2,450 |
|
12.5 |
% |
Cards and trade finance servicing fees |
|
1,439 |
|
8.3 |
% |
|
|
1,505 |
|
|
6.8 |
% |
|
|
1,392 |
|
7.1 |
% |
Gain on early extinguishment of FHLB advances, net |
|
— |
|
— |
% |
|
|
12 |
|
|
0.1 |
% |
|
|
— |
|
— |
% |
Securities gains, net (2) |
|
516 |
|
3.0 |
% |
|
|
2,054 |
|
|
9.3 |
% |
|
|
64 |
|
0.3 |
% |
Loan-level derivative income (3) |
|
1,531 |
|
8.8 |
% |
|
|
1,398 |
|
|
6.4 |
% |
|
|
1,508 |
|
7.7 |
% |
Derivative losses, net |
|
— |
|
— |
% |
|
|
(120 |
) |
|
(0.5 |
)% |
|
|
— |
|
— |
% |
Other noninterest income (4) |
|
998 |
|
5.7 |
% |
|
|
4,326 |
|
|
19.6 |
% |
|
|
4,245 |
|
21.9 |
% |
Total noninterest income |
$ |
17,381 |
|
100.0 |
% |
|
$ |
22,019 |
|
|
100.0 |
% |
|
$ |
19,525 |
|
100.0 |
% |
__________________
(1) Changes in cash surrender value of BOLI are not taxable. |
(2) In the three months ended March 31, 2025 and December 31, 2025, include realized gains on the sale of debt securities available for sale of $0.5 million and $2.2 million, respectively. Additionally, the three months ended December 31, 2025, include trading securities valuation losses, partially offset by realized gains from the sale of the trading portfolio in the same period. |
(3) Income from interest rate swaps and other derivative transactions with customers. The Company incurs expenses related to derivative transactions with customers which are included as part of noninterest expenses under loan-level derivative expense. See Exhibit 5 for more details. |
(4) The three months ended December 31, 2025 include a gain of $3.3 million on the sale and leaseback of two banking centers located in South Florida. The three months ended March 31, 2025 include a gain of $2.8 million on the sale loans that were originated for investment. 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, and mortgage banking income and loss. |
Exhibit 5 - Noninterest Expense
This table shows the amounts of each of the categories of noninterest expense for the periods presented.
|
Three Months Ended |
|||||||||||||||
|
March 31, 2026 |
|
December 31, 2025 |
|
March 31, 2025 |
|||||||||||
(in thousands, except percentages) |
Amount |
% |
|
Amount |
% |
|
Amount |
% |
||||||||
|
|
|||||||||||||||
Salaries and employee benefits |
$ |
32,040 |
|
47.9 |
% |
|
$ |
38,757 |
|
36.3 |
% |
|
$ |
33,347 |
46.6 |
% |
Occupancy and equipment |
|
5,423 |
|
8.1 |
% |
|
|
5,809 |
|
5.4 |
% |
|
|
6,136 |
8.6 |
% |
Professional and other services fees |
|
11,416 |
|
17.1 |
% |
|
|
16,875 |
|
15.8 |
% |
|
|
14,682 |
20.5 |
% |
Loan-level derivative expense (1) |
|
1,042 |
|
1.6 |
% |
|
|
919 |
|
0.9 |
% |
|
|
360 |
0.5 |
% |
Telecommunications and data processing |
|
3,537 |
|
5.3 |
% |
|
|
3,569 |
|
3.3 |
% |
|
|
3,475 |
4.9 |
% |
Depreciation and amortization |
|
1,517 |
|
2.3 |
% |
|
|
2,060 |
|
1.9 |
% |
|
|
1,588 |
2.2 |
% |
FDIC assessments and insurance |
|
2,850 |
|
4.3 |
% |
|
|
2,746 |
|
2.6 |
% |
|
|
3,236 |
4.5 |
% |
Losses on loans held for sale carried at the lower of cost or fair value, net (2) |
|
1,823 |
|
2.7 |
% |
|
|
14,850 |
|
13.9 |
% |
|
|
— |
— |
% |
Advertising expenses |
|
2,939 |
|
4.4 |
% |
|
|
3,542 |
|
3.3 |
% |
|
|
3,635 |
5.1 |
% |
Other real estate owned and repossessed assets (income) expense, net |
|
(232 |
) |
(0.3 |
)% |
|
|
(129 |
) |
(0.1 |
)% |
|
|
164 |
0.2 |
% |
Contract termination costs (3) |
|
— |
|
— |
% |
|
|
7,483 |
|
7.0 |
% |
|
|
— |
— |
% |
Other operating expenses (4) |
|
4,564 |
|
6.6 |
% |
|
|
10,291 |
|
9.7 |
% |
|
|
4,931 |
6.9 |
% |
Total noninterest expense |
$ |
66,919 |
|
100.0 |
% |
|
$ |
106,772 |
|
100.0 |
% |
|
$ |
71,554 |
100.0 |
% |
___
(1) Includes service fees in connection with our loan-level derivative income generation activities. |
(2) Includes valuation allowances and releases of allowances on previous loans held for sale. |
(3) In the three months ended December 31, 2025, includes contract termination costs associated with certain advertising contracts and a third-party loan origination agreement under a white-label program. |
(4) For a detailed discussion of the key components of other operating expenses, see the Company's Form 10‑K for the year ended December 31, 2025. |
Exhibit 6 - Consolidated Balance Sheets
(in thousands, except share data) |
March 31, 2026 |
|
December 31, 2025 |
September 30, 2025 |
|
June 30, 2025 |
|
March 31, 2025 |
||||||||||
Assets |
|
|
(audited) |
|
|
|
|
|
||||||||||
Cash and due from banks and restricted cash |
$ |
63,416 |
|
|
$ |
53,478 |
|
$ |
53,084 |
|
|
$ |
56,381 |
|
|
$ |
53,629 |
|
Interest earning deposits with banks |
|
117,997 |
|
|
|
409,444 |
|
|
570,612 |
|
|
|
573,373 |
|
|
|
587,728 |
|
Other short-term investments |
|
7,294 |
|
|
|
7,233 |
|
|
7,162 |
|
|
|
7,083 |
|
|
|
7,010 |
|
Cash and cash equivalents |
|
188,707 |
|
|
|
470,155 |
|
|
630,858 |
|
|
|
636,837 |
|
|
|
648,367 |
|
Securities |
|
|
|
|
|
|
|
|
||||||||||
Debt securities available for sale, at fair value |
|
2,370,308 |
|
|
|
2,024,883 |
|
|
2,122,416 |
|
|
|
1,788,708 |
|
|
|
1,702,111 |
|
Trading securities |
|
— |
|
|
|
— |
|
|
119,935 |
|
|
|
120,226 |
|
|
|
— |
|
Equity securities with readily determinable fair value not held for trading |
|
2,528 |
|
|
|
2,548 |
|
|
2,542 |
|
|
|
2,525 |
|
|
|
2,523 |
|
Federal Reserve Bank and Federal Home Loan Bank stock |
|
58,048 |
|
|
|
57,138 |
|
|
62,808 |
|
|
|
59,429 |
|
|
|
57,044 |
|
Securities |
|
2,430,884 |
|
|
|
2,084,569 |
|
|
2,307,701 |
|
|
|
1,970,888 |
|
|
|
1,761,678 |
|
Loans held for sale, at the lower of cost or fair value (1) |
|
190,014 |
|
|
|
80,912 |
|
|
— |
|
|
|
— |
|
|
|
40,597 |
|
Mortgage loans held for sale, at fair value |
|
895 |
|
|
|
2,932 |
|
|
— |
|
|
|
6,073 |
|
|
|
20,728 |
|
Loans held for investment, gross |
|
6,562,872 |
|
|
|
6,613,391 |
|
|
6,941,792 |
|
|
|
7,183,123 |
|
|
|
7,157,837 |
|
Less: Allowance for credit losses (2) |
|
79,236 |
|
|
|
79,276 |
|
|
94,918 |
|
|
|
86,519 |
|
|
|
98,266 |
|
Loans held for investment, net |
|
6,483,636 |
|
|
|
6,534,115 |
|
|
6,846,874 |
|
|
|
7,096,604 |
|
|
|
7,059,571 |
|
Bank owned life insurance |
|
263,208 |
|
|
|
260,644 |
|
|
258,042 |
|
|
|
255,487 |
|
|
|
252,997 |
|
Deferred tax assets, net |
|
42,532 |
|
|
|
35,566 |
|
|
46,881 |
|
|
|
50,966 |
|
|
|
53,448 |
|
Operating lease right-of-use assets |
|
108,980 |
|
|
|
110,588 |
|
|
102,872 |
|
|
|
102,558 |
|
|
|
104,578 |
|
Accrued interest receivable and other assets |
|
194,658 |
|
|
|
197,537 |
|
|
216,971 |
|
|
|
215,265 |
|
|
|
227,724 |
|
Total assets |
$ |
9,903,514 |
|
|
$ |
9,777,018 |
|
$ |
10,410,199 |
|
|
$ |
10,334,678 |
|
|
$ |
10,169,688 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
||||||||||
Deposits |
|
|
|
|
|
|
|
|
||||||||||
Demand |
|
|
|
|
|
|
|
|
||||||||||
Noninterest bearing |
$ |
1,466,670 |
|
|
$ |
1,573,301 |
|
$ |
1,768,764 |
|
|
$ |
1,706,580 |
|
|
$ |
1,665,468 |
|
Interest bearing demand, savings and money market |
|
4,425,019 |
|
|
|
4,217,594 |
|
|
4,434,274 |
|
|
|
4,437,045 |
|
|
|
4,327,587 |
|
Time |
|
2,047,412 |
|
|
|
1,996,039 |
|
|
2,097,931 |
|
|
|
2,162,919 |
|
|
|
2,161,923 |
|
Total deposits |
|
7,939,101 |
|
|
|
7,786,934 |
|
|
8,300,969 |
|
|
|
8,306,544 |
|
|
|
8,154,978 |
|
Advances from the Federal Home Loan Bank |
|
732,263 |
|
|
|
711,984 |
|
|
831,699 |
|
|
|
765,000 |
|
|
|
715,000 |
|
Senior notes |
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
59,922 |
|
Subordinated notes |
|
29,837 |
|
|
|
29,795 |
|
|
29,752 |
|
|
|
29,710 |
|
|
|
29,667 |
|
Junior subordinated debentures held by trust subsidiaries |
|
64,178 |
|
|
|
64,178 |
|
|
64,178 |
|
|
|
64,178 |
|
|
|
64,178 |
|
Operating lease liabilities (3) |
|
116,456 |
|
|
|
117,456 |
|
|
109,726 |
|
|
|
109,226 |
|
|
|
110,999 |
|
Accounts payable, accrued liabilities and other liabilities |
|
107,761 |
|
|
|
127,869 |
|
|
128,935 |
|
|
|
135,734 |
|
|
|
128,681 |
|
Total liabilities |
|
8,989,596 |
|
|
|
8,838,216 |
|
|
9,465,259 |
|
|
|
9,410,392 |
|
|
|
9,263,425 |
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders' equity |
|
|
|
|
|
|
|
|
||||||||||
Class A common stock |
|
3,978 |
|
|
|
4,058 |
|
|
4,125 |
|
|
|
4,173 |
|
|
|
4,195 |
|
Additional paid in capital |
|
297,503 |
|
|
|
316,067 |
|
|
327,205 |
|
|
|
336,021 |
|
|
|
339,038 |
|
Retained earnings |
|
633,716 |
|
|
|
619,552 |
|
|
620,542 |
|
|
|
609,540 |
|
|
|
590,304 |
|
Accumulated other comprehensive loss |
|
(21,279 |
) |
|
|
(875 |
) |
|
(6,932 |
) |
|
|
(25,448 |
) |
|
|
(27,274 |
) |
Total stockholders' equity |
|
913,918 |
|
|
|
938,802 |
|
|
944,940 |
|
|
|
924,286 |
|
|
|
906,263 |
|
Total liabilities and stockholders' equity |
$ |
9,903,514 |
|
|
$ |
9,777,018 |
|
$ |
10,410,199 |
|
|
$ |
10,334,678 |
|
|
$ |
10,169,688 |
|
__________
(1) As of March 31, 2026 and December 31, 2025, includes a valuation allowance of $3.4 million and $13.8 million, respectively. |
(2) In the first quarter of 2026, the Company early adopted ASU 2025‑08, which expands the use of the gross‑up approach for certain purchased loans and eliminates Day 1 credit loss expense. As a result, the Company recorded an allowance for credit losses of $0.5 million on approximately $36.8 million of acquired loans, with no day 1 impact to earnings. |
(3) Consists of total long-term lease liabilities. Total short-term lease liabilities are included in other liabilities. |
Exhibit 7 - Loans
Loans by Type - Held For Investment
The loan portfolio held for investment consists of the following loan classes:
(in thousands) |
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|||||
Real estate loans |
|
|
(audited) |
|
|
|
|
|
|
|||||
Commercial real estate |
|
|
|
|
|
|
|
|
|
|||||
Non-owner occupied |
$ |
1,501,909 |
|
$ |
1,591,861 |
|
$ |
1,656,180 |
|
$ |
1,770,403 |
|
$ |
1,641,210 |
Multi-family residential |
|
261,332 |
|
|
322,447 |
|
|
361,650 |
|
|
371,692 |
|
|
400,371 |
Land development and construction loans |
|
505,007 |
|
|
534,028 |
|
|
544,727 |
|
|
543,697 |
|
|
499,663 |
|
|
2,268,248 |
|
|
2,448,336 |
|
|
2,562,557 |
|
|
2,685,792 |
|
|
2,541,244 |
Single-family residential |
|
1,680,768 |
|
|
1,515,181 |
|
|
1,550,724 |
|
|
1,542,447 |
|
|
1,549,356 |
Owner occupied |
|
790,445 |
|
|
809,336 |
|
|
900,596 |
|
|
983,090 |
|
|
951,311 |
|
|
4,739,461 |
|
|
4,772,853 |
|
|
5,013,877 |
|
|
5,211,329 |
|
|
5,041,911 |
Commercial loans |
|
1,485,438 |
|
|
1,446,406 |
|
|
1,519,778 |
|
|
1,566,420 |
|
|
1,714,583 |
Loans to financial institutions and acceptances |
|
112,667 |
|
|
148,602 |
|
|
164,974 |
|
|
156,918 |
|
|
153,345 |
Consumer loans and overdrafts |
|
225,306 |
|
|
245,530 |
|
|
243,163 |
|
|
248,456 |
|
|
247,998 |
Total loans |
$ |
6,562,872 |
|
$ |
6,613,391 |
|
$ |
6,941,792 |
|
$ |
7,183,123 |
|
$ |
7,157,837 |
|
|
|
|
|
|
|
|
|
|
|||||
Loans by Type - Held For Sale
The loan portfolio held for sale consists of the following loan classes:
(in thousands) |
March 31, 2026 |
|
December 31, 2025 |
|
September 30, 2025 |
|
June 30, 2025 |
|
March 31, 2025 |
|||||
Loans held for sale at the lower of fair value or cost |
|
|
(audited) |
|
|
|
|
|
|
|||||
Real estate loans |
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate |
|
|
|
|
|
|
|
|
|
|||||
Non-owner occupied |
$ |
63,908 |
|
$ |
43,406 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Multi-family residential |
|
60,794 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Land development and construction loans |
|
52,613 |
|
|
22,339 |
|
|
— |
|
|
— |
|
|
— |
|
|
177,315 |
|
|
65,745 |
|
|
— |
|
|
— |
|
|
— |
Single-family residential |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Owner occupied |
|
12,699 |
|
|
15,167 |
|
|
— |
|
|
— |
|
|
40,597 |
|
|
190,014 |
|
|
80,912 |
|
|
— |
|
|
— |
|
|
40,597 |
Commercial loans |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Consumer loans |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Total loans held for sale at the lower of fair value or cost |
|
190,014 |
|
|
80,912 |
|
|
— |
|
|
— |
|
|
40,597 |
|
|
|
|
|
|
|
|
|
|
|||||
Mortgage loans held for sale at fair value |
|
|
|
|
|
|
|
|
|
|||||
Land development and construction loans |
|
— |
|
|
— |
|
|
— |
|
|
2,056 |
|
|
7,475 |
Single-family residential |
|
895 |
|
|
2,932 |
|
|
— |
|
|
4,017 |
|
|
13,253 |
Total mortgage loans held for sale at fair value |
|
895 |
|
|
2,932 |
|
|
— |
|
|
6,073 |
|
|
20,728 |
Total loans held for sale |
$ |
190,909 |
|
$ |
83,844 |
|
$ |
— |
|
$ |
6,073 |
|
$ |
61,325 |
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) |
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|||||
Non-Accrual Loans |
|
|
(audited) |
|
|
|
|
|
|
|||||
Real Estate Loans |
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate (CRE) |
|
|
|
|
|
|
|
|
|
|||||
Non-owner occupied |
$ |
11,172 |
|
$ |
4,288 |
|
$ |
4,374 |
|
$ |
1,022 |
|
$ |
— |
Multi-family residential |
|
— |
|
|
— |
|
|
7,018 |
|
|
— |
|
|
— |
Land development and construction loans (1) |
|
— |
|
|
16,200 |
|
|
19,577 |
|
|
— |
|
|
— |
|
|
11,172 |
|
|
20,488 |
|
|
30,969 |
|
|
1,022 |
|
|
— |
Single-family residential |
|
27,346 |
|
|
26,082 |
|
|
8,838 |
|
|
7,421 |
|
|
15,048 |
Owner occupied |
|
40,745 |
|
|
28,733 |
|
|
15,287 |
|
|
21,027 |
|
|
22,249 |
|
|
79,263 |
|
|
75,303 |
|
|
55,094 |
|
|
29,470 |
|
|
37,297 |
Commercial loans |
|
85,481 |
|
|
83,761 |
|
|
67,081 |
|
|
51,157 |
|
|
84,907 |
Consumer loans and overdrafts |
|
8,969 |
|
|
9,204 |
|
|
725 |
|
|
666 |
|
|
— |
Total Non-Accrual Loans (1) |
$ |
173,713 |
|
$ |
168,268 |
|
$ |
122,900 |
|
$ |
81,293 |
|
$ |
122,204 |
|
|
|
|
|
|
|
|
|
|
|||||
Past Due Accruing Loans |
|
|
|
|
|
|
|
|
|
|||||
Real Estate Loans |
|
|
|
|
|
|
|
|
|
|||||
Single-family residential |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
886 |
Owner occupied |
|
— |
|
|
730 |
|
|
— |
|
|
— |
|
|
— |
Commercial |
|
2,337 |
|
|
2,372 |
|
|
1,392 |
|
|
1,192 |
— |
|
122 |
Consumer loans and overdrafts |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7 |
Total Past Due Accruing Loans (2) |
$ |
2,337 |
|
$ |
3,102 |
|
$ |
1,392 |
|
$ |
1,192 |
|
$ |
1,015 |
Total Non-Performing Loans |
|
176,050 |
|
|
171,370 |
|
|
124,292 |
|
|
82,485 |
|
|
123,219 |
Other Real Estate Owned |
|
15,542 |
|
|
15,542 |
|
|
15,606 |
|
|
15,389 |
|
|
17,541 |
Total Non-Performing Assets (1) |
$ |
191,592 |
|
$ |
186,912 |
|
$ |
139,898 |
|
$ |
97,874 |
|
$ |
140,760 |
|
|
|
|
|
|
|
|
|
|
|||||
__________________
(1) At December 31, 2025, balances included $16.2 million in land development and construction loans held for sale, which were sold in January 2026. There were no loans both classified as held for sale and in non-performing status in any of the other periods shown. |
(2) 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-deteriorated loans.
|
March 31, 2026 |
|
December 31, 2025 |
|
March 31, 2025 |
|||||||||||||||||||||
|
|
|
|
(audited) |
|
|
|
|||||||||||||||||||
(in thousands) |
Special Mention |
Substandard |
Doubtful |
Total (1) |
|
Special Mention |
Substandard |
Doubtful |
Total (1) |
|
Special Mention |
Substandard |
Doubtful |
Total (1) |
||||||||||||
Loans held for investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real Estate Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial Real Estate (CRE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-owner occupied |
$ |
51,392 |
$ |
32,416 |
$ |
— |
$ |
83,808 |
|
$ |
56,126 |
$ |
34,213 |
$ |
— |
$ |
90,339 |
|
$ |
40,391 |
$ |
42,317 |
$ |
— |
$ |
82,708 |
Multi-family residential |
|
— |
|
22,457 |
|
— |
|
22,457 |
|
|
31,704 |
|
22,435 |
|
— |
|
54,139 |
|
|
8,282 |
|
— |
|
— |
|
8,282 |
Land development and construction loans |
|
34,590 |
|
2,748 |
|
— |
|
37,338 |
|
|
— |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
— |
|
— |
|
|
85,982 |
|
57,621 |
|
— |
|
143,603 |
|
|
87,830 |
|
56,648 |
|
— |
|
144,478 |
|
|
48,673 |
|
42,317 |
|
— |
|
90,990 |
Single-family residential |
|
— |
|
43,985 |
|
— |
|
43,985 |
|
|
733 |
|
26,010 |
|
— |
|
26,743 |
|
|
— |
|
15,934 |
|
— |
|
15,934 |
Owner occupied |
|
— |
|
72,432 |
|
— |
|
72,432 |
|
|
12,485 |
|
51,965 |
|
— |
|
64,450 |
|
|
2,447 |
|
22,249 |
|
— |
|
24,696 |
|
|
85,982 |
|
174,038 |
|
— |
|
260,020 |
|
|
101,048 |
|
134,623 |
|
— |
|
235,671 |
|
|
51,120 |
|
80,500 |
|
— |
|
131,620 |
Commercial loans |
|
2,387 |
|
102,039 |
|
— |
|
104,426 |
|
|
35,408 |
|
129,610 |
|
459 |
|
165,477 |
|
|
48,600 |
|
85,029 |
|
— |
|
133,629 |
Loans to financial institutions and acceptances |
|
— |
|
35,210 |
|
— |
|
35,210 |
|
|
— |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
— |
|
— |
Consumer loans and overdrafts |
|
— |
|
8,969 |
|
— |
|
8,969 |
|
|
— |
|
9,204 |
|
— |
|
9,204 |
|
|
— |
|
7 |
|
— |
|
7 |
Total loans held for investment |
|
88,369 |
|
320,256 |
|
— |
|
408,625 |
|
|
136,456 |
|
273,437 |
|
459 |
|
410,352 |
|
|
99,720 |
|
165,536 |
|
— |
|
265,256 |
Loans held for sale at the lower of cost or fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-owner occupied |
|
— |
|
— |
|
— |
|
— |
|
|
— |
|
43,406 |
|
— |
|
43,406 |
|
|
— |
|
— |
|
— |
|
— |
Multi-family residential |
|
30,920 |
|
— |
|
— |
|
30,920 |
|
|
— |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
— |
|
— |
Land development and construction loans |
|
28,952 |
|
— |
|
— |
|
28,952 |
|
|
— |
|
22,339 |
|
— |
|
22,339 |
|
|
— |
|
— |
|
— |
|
— |
Owner occupied |
|
— |
|
— |
|
— |
|
— |
|
|
— |
|
15,167 |
|
— |
|
15,167 |
|
|
— |
|
40,597 |
|
— |
|
40,597 |
Total loans held for sale |
|
59,872 |
|
— |
|
— |
|
59,872 |
|
|
— |
|
80,912 |
|
— |
|
80,912 |
|
|
— |
|
40,597 |
|
— |
|
40,597 |
Total |
$ |
148,241 |
$ |
320,256 |
$ |
— |
$ |
468,497 |
|
$ |
136,456 |
$ |
354,349 |
$ |
459 |
$ |
491,264 |
|
$ |
99,720 |
$ |
206,133 |
$ |
— |
$ |
305,853 |
__________
(1) There were no loans categorized as "loss" as of the dates presented. |
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) |
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|||||
|
|
|
(audited) |
|
|
|
|
|
||||||
Domestic |
$ |
5,228,588 |
|
$ |
5,168,371 |
|
$ |
5,732,799 |
|
$ |
5,707,272 |
|
$ |
5,592,575 |
Foreign: |
|
|
|
|
|
|
|
|
|
|||||
Venezuela |
|
2,005,521 |
|
|
1,910,980 |
|
|
1,881,871 |
|
|
1,897,631 |
|
|
1,862,614 |
Others |
|
704,992 |
|
|
707,583 |
|
|
686,299 |
|
|
701,641 |
|
|
699,789 |
Total foreign |
|
2,710,513 |
|
|
2,618,563 |
|
|
2,568,170 |
|
|
2,599,272 |
|
|
2,562,403 |
Total deposits |
$ |
7,939,101 |
|
$ |
7,786,934 |
|
$ |
8,300,969 |
|
$ |
8,306,544 |
|
$ |
8,154,978 |
Glossary of Terms and Definitions
- Total gross loans: is the principal balance of outstanding loans, including loans held for investment, loans held for sale at the lower of cost or fair value, and mortgage loans held for sale, net of unamortized deferred nonrefundable loan origination fees and loan origination costs, and unamortized premiums paid on purchased loans, excluding the allowance credit loan losses.
- Core deposits: consist of total deposits excluding all time deposits.
- Assets under management and custody: consists of 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.
- Net interest margin, or NIM: defined as net interest income, or NII, divided by average interest-earning assets, which are loans, securities, deposits with banks and other financial assets which yield interest or similar income.
- ROA is calculated based upon the average daily balance of total assets.
- ROE is calculated based upon the average daily balance of stockholders' equity.
- Total revenue is the result of net interest income before provision for credit losses plus noninterest income.
- Total capital ratio: total stockholders' equity divided by total risk-weighted assets, calculated according to the standardized regulatory capital ratio calculations.
- Tier 1 capital ratio: 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.
- Tier 1 leverage ratio: Tier 1 capital divided by quarter to date average assets.
- Common equity tier 1 capital ratio, CET1: Tier 1 capital divided by total risk-weighted assets.
- Tangible common equity ratio: calculated as the ratio of common equity less goodwill and other intangibles divided by total assets less 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.
- Loans to Deposits ratio: calculated as the ratio of total gross loans divided by total deposits.
- 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.
- Non-performing loans include all accruing loans past due by 90 days or more and all nonaccrual loans
- Ratio for net charge-offs/average total loans held for investments: 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.
- Other operating expenses: total noninterest expense less salary and employee benefits.
- Efficiency ratio: total noninterest expense divided by the sum of noninterest income and NII.
- The terms of the FHLB advance agreements require the Bank to maintain certain investment securities or loans as collateral for these advances.
- Cost of total deposits: calculated based upon the average balance of total noninterest bearing and interest bearing deposits, which includes time deposits.
- FTEs: full-time equivalent employees
View source version on businesswire.com: https://www.businesswire.com/news/home/20260423171772/en/
Investors
Laura Rossi
[email protected]
(305) 460-8728
Media
Alexis Dominguez
[email protected]
(305) 441-8412