Amerant Reports Third Quarter 2026 Results
CORAL GABLES, Fla.--( BUSINESS WIRE)--Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today reported net income attributable to the Company of $25.7 million in the third quarter of 2026, or $0.65 earnings per diluted share, compared to net income of $21.0 million, or $0.53 earnings per diluted share, in the second quarter of 2026.
"Our third quarter results reflect meaningful progress in building a more profitable and resilient franchise," said Carlos Iafigliola, President and Chief Executive Officer. "Stronger net interest income and disciplined expense management drove improved profitability, net interest margin expansion, and higher net income. We also achieved solid loan growth, continued to reduce non-performing assets and classified loans, and achieved a noninterest bearing deposit mix that better reflects the underlying strength of our deposit base. With a stronger foundation now in place, our focus is increasingly shifting toward enhancing franchise value and delivering sustainable returns for our shareholders."
Below are the results for 3Q26 and their comparison to 2Q26:
Additional details on the third 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.
Third Quarter 2026 Earnings Conference Call
The Company will hold an earnings conference call on Friday, October 23, 2026 at 9:00 a.m. (Eastern Time) to discuss its third 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,” “outlook,” “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”), in our quarterly report on Form 10-Q for the quarter ended March 31, 2026, filed on May 1, 2026, 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 nine month periods ended September 30, 2026 and 2025, and the three month periods ended June 30, 2026, March 31, 2026, and December 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)
September 30,
2026
June 30, 2026
March 31, 2026
December 31,
2025
September 30,
2025
Consolidated Balance Sheets
(audited)
Total assets
$
10,211,645
$
10,294,247
$
9,903,514
$
9,777,018
$
10,410,199
Total investments
2,225,628
2,608,418
2,430,884
2,084,569
2,307,701
Total gross loans (1)
7,073,445
6,865,627
6,753,781
6,697,235
6,941,792
Allowance for credit losses
94,845
85,499
79,236
79,276
94,918
Total deposits
8,245,672
8,355,308
7,939,101
7,786,934
8,300,969
Core deposits (1)
6,318,465
6,444,271
5,891,689
5,790,895
6,203,038
Advances from the Federal Home Loan Bank
715,000
702,608
732,263
711,984
831,699
Senior notes
48,366
—
—
—
—
Subordinated notes
29,922
29,880
29,837
29,795
29,752
Junior subordinated debentures
64,178
64,178
64,178
64,178
64,178
Stockholders' equity
840,817
914,369
913,918
938,802
944,940
Assets under management and custody (1)
3,449,056
3,371,114
3,423,919
3,256,754
3,169,514
Three Months Ended
(in thousands, except percentages, share data and per share amounts)
September 30,
2026
June 30, 2026
March 31, 2026
December 31,
2025
September 30,
2025
Consolidated Results of Operations
Net interest income
$
90,464
$
82,575
$
80,281
$
90,150
$
94,152
Provision for credit losses (2)
6,200
4,750
7,800
3,490
14,600
Noninterest income
18,339
18,162
17,381
22,019
17,291
Noninterest expense
69,098
68,877
66,919
106,772
77,835
Net income attributable to Amerant Bancorp Inc.
25,716
21,043
17,873
2,701
14,756
Pre-tax pre-provision net revenue (PPNR) (3)
39,705
31,860
30,743
5,397
33,608
Effective income tax rate
23.25
%
22.38
%
22.10
%
(41.64
)%
22.37
%
Common Share Data
Stockholders' book value per common share
$
21.49
$
23.33
$
22.96
$
23.13
$
22.90
Tangible stockholders' equity (book value) per common share (3)(4)
$
20.94
$
22.78
$
22.38
$
22.56
$
22.32
Basic earnings per common share
$
0.66
$
0.54
$
0.44
$
0.07
$
0.35
Diluted earnings per common share (4)
$
0.65
$
0.53
$
0.44
$
0.07
$
0.35
Basic weighted average shares outstanding
39,164,732
39,316,906
40,315,757
40,915,733
41,590,201
Diluted weighted average shares outstanding (4)
39,444,784
39,509,583
40,510,993
41,102,760
41,774,101
Cash dividend declared per common share (5)
$
0.09
$
0.09
$
0.09
$
0.09
$
0.09
Three Months Ended
September 30,
2026
June 30, 2026
March 31, 2026
December 31,
2025
September 30,
2025
Other Financial and Operating Data (6)
Profitability Indicators (%)
Net interest income / Average total interest earning assets (NIM) (1)
3.77
%
3.52
%
3.55
%
3.78
%
3.92
%
Net income / Average total assets (ROA) (1)
1.00
%
0.84
%
0.73
%
0.10
%
0.57
%
Net income / Average stockholders' equity (ROE) (1)
11.29
%
9.23
%
7.63
%
1.12
%
6.21
%
Noninterest income / Total revenue (1)
16.86
%
18.03
%
17.80
%
19.63
%
15.52
%
Capital Indicators (%)
Total capital ratio (1)
14.48
%
14.34
%
14.16
%
14.10
%
13.89
%
Tier 1 capital ratio (1)
12.85
%
12.72
%
12.62
%
12.58
%
12.28
%
Tier 1 leverage ratio (1)
9.78
%
9.70
%
9.91
%
9.62
%
9.73
%
Common equity tier 1 capital ratio (CET1) (1)
12.07
%
11.94
%
11.84
%
11.80
%
11.53
%
Tangible common equity ratio (1)(3)
8.04
%
8.69
%
9.02
%
9.39
%
8.87
%
Liquidity Ratios (%)
Loans to Deposits (1)
85.78
%
82.17
%
85.07
%
86.01
%
83.63
%
Asset Quality Indicators (%)
Non-performing assets / Total assets (1)
1.56
%
1.81
%
1.93
%
1.91
%
1.34
%
Non-performing loans / Total gross loans (1)
2.11
%
2.49
%
2.61
%
2.56
%
1.79
%
Allowance for credit losses / Total non-performing loans
63.45
%
49.97
%
45.01
%
46.26
%
76.37
%
Allowance for credit losses / Total loans held for investment
1.36
%
1.27
%
1.21
%
1.20
%
1.37
%
Net charge-offs / Average total loans held for investment (1)
0.12
%
0.08
%
0.45
%
1.07
%
0.39
%
Efficiency Indicators (% except FTE)
Noninterest expense / Average total assets
2.68
%
2.73
%
2.74
%
4.14
%
3.01
%
Salaries and employee benefits / Average total assets
1.43
%
1.41
%
1.31
%
1.50
%
1.36
%
Other operating expenses/ Average total assets (1)
1.25
%
1.33
%
1.43
%
2.64
%
1.66
%
Efficiency ratio (1)
63.51
%
68.37
%
68.52
%
95.19
%
69.84
%
FTEs
687
704
699
694
704
__________________
(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 (reversal of) provision for unfunded commitments (contingencies) in the third, second and first quarters of 2026, and fourth and third quarters of 2025, were ($2.7 million), ($1.0 million), $1.1 million, $0.7 million and ($0.7 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 their 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 $3.5 million, $3.6 million, $3.7 million, $3.7 million, and $3.8 million, in the third, second, and first quarters of 2026, and fourth and third quarters of 2025, respectively.
(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)
September 30,
2026
June 30, 2026
March 31, 2026
December 31,
2025
September 30,
2025
Net income attributable to Amerant Bancorp Inc.
$
25,716
$
21,043
$
17,873
$
2,701
$
14,756
Plus: provision for credit losses (1)
6,200
4,750
7,800
3,490
14,600
Plus: provision for income tax expense (benefit)
7,789
6,067
5,070
(794
)
4,252
Pre-tax pre-provision net revenue (PPNR)
39,705
31,860
30,743
5,397
33,608
(in thousands, except percentages, share data and per share amounts)
September 30, 2026
June 30, 2026
March 31, 2026
December 31, 2025
September 30, 2025
Stockholders' equity
$
840,817
$
914,369
$
913,918
$
938,802
$
944,940
Less: goodwill and other intangibles (2)
(21,389
)
(21,522
)
(22,933
)
(23,103
)
(23,784
)
Tangible common stockholders' equity
$
819,428
$
892,847
$
890,985
$
915,699
$
921,156
Total assets
10,211,645
10,294,247
9,903,514
9,777,018
10,410,199
Less: goodwill and other intangibles (2)
(21,389
)
(21,522
)
(22,933
)
(23,103
)
(23,784
)
Tangible assets
$
10,190,256
$
10,272,725
$
9,880,581
$
9,753,915
$
10,386,415
Common shares outstanding
39,127,237
39,186,293
39,803,607
40,595,273
41,265,378
Tangible common equity ratio
8.04
%
8.69
%
9.02
%
9.39
%
8.87
%
Stockholders' book value per common share
$
21.49
$
23.33
$
22.96
$
23.13
$
22.90
Tangible stockholders' equity book value per common share
$
20.94
$
22.78
$
22.38
$
22.56
$
22.32
__________________
(1) Includes provision for credit losses on loans and provision for loan contingencies.
(2) As of September 30, 2026 and June 30, 2026, other intangible assets primarily consist of naming rights. In prior periods, also includes 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
September 30, 2026
June 30, 2026
September 30, 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)
$
6,816,846
$
109,086
6.35
%
$
6,674,563
$
103,449
6.22
%
$
6,946,370
$
121,414
6.93
%
Debt securities available for sale (2) (3)
2,381,772
29,028
4.84
%
2,344,767
28,302
4.84
%
1,973,763
24,146
4.85
%
Debt securities held for trading
—
—
—
%
209
—
—
%
119,429
1,665
5.53
%
Equity securities with readily determinable fair value not held for trading
2,496
22
3.50
%
2,527
22
3.49
%
2,528
20
3.14
%
Federal Reserve Bank and FHLB stock
53,374
811
6.03
%
57,054
888
6.24
%
57,681
906
6.23
%
Deposits with banks (4)
253,782
2,455
3.84
%
324,291
2,965
3.67
%
413,522
4,516
4.33
%
Other short-term investments
—
—
—
%
3,856
35
3.64
%
7,122
76
4.23
%
Total interest-earning assets
9,508,270
141,402
5.90
%
9,407,267
135,661
5.78
%
9,520,415
152,743
6.37
%
Total noninterest-earning assets (5)
704,526
700,165
723,510
Total assets
$
10,212,796
$
10,107,432
$
10,243,925
Three Months Ended
September 30, 2026
June 30, 2026
September 30, 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 (6)
4,579,959
26,548
2.30
%
4,618,118
27,154
2.36
%
4,395,707
28,900
2.61
%
Time deposits
1,910,075
16,834
3.50
%
1,995,007
17,682
3.55
%
2,084,940
20,950
3.99
%
Total deposits
6,490,034
43,382
2.65
%
6,613,125
44,836
2.72
%
6,480,647
49,850
3.05
%
Securities sold under agreements to repurchase
—
—
—
%
95
1
4.22
%
—
—
—
%
Advances from the FHLB (7)
634,927
6,098
3.81
%
712,801
6,935
3.90
%
726,520
7,316
4.00
%
Senior notes
7,360
147
7.92
%
—
—
—
%
—
—
—
%
Subordinated notes
29,902
361
4.79
%
29,859
362
4.86
%
29,731
362
4.83
%
Junior subordinated debentures
64,178
950
5.87
%
64,178
952
5.95
%
64,178
1,063
6.57
%
Total interest-bearing liabilities
7,226,401
50,938
2.80
%
7,420,058
53,086
2.87
%
7,301,076
58,591
3.18
%
Noninterest-bearing liabilities:
Noninterest bearing demand deposits
1,828,805
1,533,032
1,726,507
Accounts payable, accrued liabilities and other liabilities
253,852
239,723
273,921
Total noninterest-bearing liabilities
2,082,657
1,772,755
2,000,428
Total liabilities
9,309,058
9,192,813
9,301,504
Stockholders’ equity
903,738
914,619
942,421
Total liabilities and stockholders' equity
$
10,212,796
$
10,107,432
$
10,243,925
Excess of average interest-earning assets over average interest-bearing liabilities
$
2,281,869
$
1,987,209
$
2,219,339
Net interest income
$
90,464
$
82,575
$
94,152
Net interest rate spread
3.10
%
2.91
%
3.19
%
Net interest margin (7)
3.77
%
3.52
%
3.92
%
Cost of total deposits (7)
2.07
%
2.21
%
2.41
%
Ratio of average interest-earning assets to average interest-bearing liabilities
131.58
%
126.78
%
130.40
%
Average non-performing loans/ Average total loans
2.30
%
2.55
%
1.30
%
Nine Months Ended
September 30, 2026
September 30, 2025
(in thousands, except percentages)
Average
Balances
Income/
Expense
Yield/
Rates
Average Balances
Income/ Expense
Yield/ Rates
Interest-earning assets:
Loan portfolio, net (1)
$
6,672,710
$
315,209
6.32
%
$
7,078,705
$
364,601
6.89
%
Debt securities available for sale (2)(3)
2,336,361
84,130
4.81
%
1,740,625
64,041
4.92
%
Debt securities held for trading
179
—
—
%
60,075
2,008
4.47
%
Equity securities with readily determinable fair value not held for trading
2,525
58
3.07
%
2,511
60
3.19
%
Federal Reserve Bank and FHLB stock
55,853
2,567
6.14
%
57,359
2,759
6.43
%
Deposits with banks (4)
289,603
8,018
3.70
%
502,191
16,560
4.41
%
Other short-term investments
3,653
98
3.59
%
6,870
217
4.22
%
Total interest-earning assets
9,360,884
410,080
5.86
%
9,448,336
450,246
6.37
%
Total non-interest-earning assets (5)
714,582
733,305
Total assets
$
10,075,466
$
10,181,641
Interest-bearing liabilities:
Checking and saving accounts
Interest bearing demand, savings, and money market deposits (6)
4,543,021
80,067
2.36
%
4,344,282
85,626
2.64
%
Time deposits
1,971,971
52,770
3.58
%
2,153,720
67,093
4.17
%
Total deposits
6,514,992
132,837
2.73
%
6,498,002
152,719
3.14
%
Securities sold under agreements to repurchase
32
1
4.18
%
35
1
3.82
%
Advances from the FHLB (7)
686,409
19,879
3.87
%
722,493
21,746
4.02
%
Senior notes
2,480
147
7.92
%
19,742
1,020
6.91
%
Subordinated notes
29,859
1,084
4.85
%
29,689
1,084
4.88
%
Junior subordinated debentures
64,178
2,812
5.86
%
64,178
3,141
6.54
%
Total interest-bearing liabilities
7,297,950
156,760
2.87
%
7,334,139
179,711
3.28
%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits
1,587,733
1,636,816
Accounts payable, accrued liabilities and other liabilities
267,314
287,021
Total non-interest-bearing liabilities
1,855,047
1,923,837
Total liabilities
9,152,997
9,257,976
Stockholders’ equity
922,469
923,665
Total liabilities and stockholders' equity
$
10,075,466
$
10,181,641
Excess of average interest-earning assets over average interest-bearing liabilities
$
2,062,934
$
2,114,197
Net interest income
$
253,320
$
270,535
Net interest rate spread
2.99
%
3.09
%
Net interest margin (7)
3.62
%
3.83
%
Cost of total deposits (7)
2.19
%
2.51
%
Ratio of average interest-earning assets to average interest-bearing liabilities
128.27
%
128.83
%
Average non-performing loans/ Average total loans
2.41
%
1.36
%
__________________
(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 $49.4 million, $51.9 million and $54.2 million for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively, and $50.4 million and $54.6 million in the nine months ended September 30, 2026 and 2025, respectively. The tax equivalent yield for these nontaxable securities was 4.75%, 4.70%, and 4.60% for the three months ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively, and 4.80% and 4.68% in the nine months ended September 30, 2026 and 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) Deposits with banks in this table include time deposits with banks maturing in more than three months that are not considered cash and cash equivalents in the Company's consolidated balance sheet.
(5) Excludes the allowance for credit losses.
(6) 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 and nine months ended September 30, 2025 has been conformed accordingly for comparability.
(7) 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
Nine Months Ended September 30,
September 30, 2026
June 30, 2026
September 30, 2025
2026
2025
(in thousands, except percentages)
Amount
%
Amount
%
Amount
%
Amount
%
Amount
%
Deposits and service fees
$
6,184
33.7
%
$
5,419
29.8
%
$
5,056
29.2
%
$
16,475
30.6
%
$
15,161
26.8
%
Brokerage, advisory and fiduciary activities
5,746
31.3
%
5,630
31.0
%
4,995
28.9
%
16,837
31.2
%
14,717
26.0
%
Change in cash surrender value of bank owned life insurance (“BOLI”) (1)
2,690
14.7
%
2,629
14.5
%
2,554
14.8
%
7,883
14.6
%
7,494
13.2
%
Cards and trade finance servicing fees
1,556
8.5
%
1,432
7.9
%
1,321
7.6
%
4,427
8.2
%
4,517
8.0
%
Gain on early extinguishment of FHLB advances, net
621
3.4
%
54
0.3
%
—
—
%
675
1.3
%
—
—
%
Securities (losses) gains, net (2)
(26
)
(0.1
)%
408
2.2
%
1,203
7.0
%
898
1.7
%
3,046
5.4
%
Loan-level derivative income (3)
536
2.9
%
1,174
6.5
%
2,372
13.7
%
3,241
6.0
%
7,084
12.5
%
Derivative losses, net (4)
—
—
%
—
—
%
(1,383
)
(8.0
)%
—
—
%
(3,235
)
(5.7
)%
Other noninterest income (5)
1,032
5.6
%
1,416
7.8
%
1,173
6.8
%
3,446
6.4
%
7,810
13.8
%
Total noninterest income
$
18,339
100.0
%
$
18,162
100.0
%
$
17,291
100.0
%
$
53,882
100.0
%
$
56,594
100.0
%
__________________
(1) Changes in cash surrender value of BOLI are not taxable.
(2) There were insignificant gains on the sale of debt securities available for sale in the three months ended September 30, 2026. In the three months ended June 30, 2026, includes realized gains on the sale of debt securities available for sale of $0.4 million. In the nine months ended September 30, 2026, includes realized gains on the sale of debt securities available for sale of $0.9 million. In the three and nine months ended September 30, 2025, amounts are primarily in connection with gains on market valuation of trading securities.
(3) Income from interest rate swaps and other derivative transactions with customers.
(4) In the three and nine months ended September 30, 2025, includes net unrealized losses in connection with TBA MBS derivative contracts.
(5) Other sources of income in the periods shown include foreign currency exchange transactions with customers, mortgage banking income and loss and other smaller revenue streams.
Exhibit 5 - Noninterest Expense
This table shows the amounts of each of the categories of noninterest expense for the periods presented.
Three Months Ended
Nine Months Ended September 30,
September 30, 2026
June 30, 2026
September 30, 2025
2026
2025
(in thousands, except percentages)
Amount
%
Amount
%
Amount
%
Amount
%
Amount
%
Salaries and employee benefits
$
36,895
53.4
%
$
35,446
51.5
%
$
35,094
45.1
%
$
104,381
50.9
%
$
104,477
46.7
%
Occupancy and equipment
5,899
8.5
%
4,995
7.3
%
5,211
6.7
%
16,317
8.0
%
16,838
7.5
%
Professional and other services fees
15,257
22.1
%
13,087
19.0
%
15,997
20.6
%
39,760
19.4
%
44,228
19.8
%
Telecommunications and data processing
3,428
5.0
%
3,627
5.3
%
3,155
4.1
%
10,592
5.2
%
9,559
4.3
%
Depreciation and amortization
1,397
2.0
%
1,472
2.1
%
1,487
1.9
%
4,386
2.1
%
4,626
2.1
%
FDIC assessments and insurance
2,701
3.9
%
2,472
3.6
%
2,549
3.3
%
8,023
3.9
%
8,681
3.9
%
(Reversals) losses on loans held for sale carried at the lower of cost or fair value, net (1)
(65
)
(0.1
)%
1,118
1.6
%
881
1.1
%
2,876
1.4
%
881
0.4
%
Advertising expenses
2,378
3.4
%
4,274
6.2
%
3,987
5.1
%
9,591
4.7
%
12,441
5.6
%
Other real estate owned and repossessed assets (income) expense, net
(1,308
)
(1.9
)%
(253
)
(0.4
)%
215
0.3
%
(1,793
)
(0.9
)%
980
0.4
%
Other operating expenses (2) (3)
2,516
3.7
%
2,639
3.8
%
9,259
11.8
%
10,761
5.3
%
21,078
9.3
%
Total noninterest expense
$
69,098
100.0
%
$
68,877
100.0
%
$
77,835
100.0
%
$
204,894
100.0
%
$
223,789
100.0
%
__________________
(1) Includes losses on sale and valuation allowance provisions and releases on losses on loans held for sale.
(2) 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.
(3) Loan-level derivative expenses previously presented separately for the three and nine month periods ended September 30, 2025, have been reclassified and are now included in this category.
Exhibit 6 - Consolidated Balance Sheets
(in thousands, except share data)
September 30,
2026
June 30, 2026
March 31, 2026
December 31,
2025
September 30,
2025
Assets
(audited)
Cash and due from banks and restricted cash
$
61,800
$
41,042
$
63,416
$
53,478
$
53,084
Interest earning deposits with banks
299,670
260,090
117,997
409,444
570,612
Other short-term investments
—
—
7,294
7,233
7,162
Cash and cash equivalents and restricted cash
361,470
301,132
188,707
470,155
630,858
Time deposits with other banks
500
500
—
—
—
Securities
Debt securities available for sale, at fair value
2,166,041
2,549,256
2,370,308
2,024,883
2,122,416
Trading securities
—
—
—
—
119,935
Equity securities with readily determinable fair value not held for trading
2,435
2,537
2,528
2,548
2,542
Federal Reserve Bank and Federal Home Loan Bank stock
57,152
56,625
58,048
57,138
62,808
Securities
2,225,628
2,608,418
2,430,884
2,084,569
2,307,701
Loans held for sale, at the lower of cost or fair value (1)
95,847
122,172
190,014
80,912
—
Mortgage loans held for sale, at fair value
737
389
895
2,932
—
Loans held for investment, gross
6,976,861
6,743,066
6,562,872
6,613,391
6,941,792
Less: Allowance for credit losses (2)
94,845
85,499
79,236
79,276
94,918
Loans held for investment, net
6,882,016
6,657,567
6,483,636
6,534,115
6,846,874
Bank owned life insurance
268,052
265,362
263,208
260,644
258,042
Deferred tax assets, net
78,120
47,656
42,532
35,566
46,881
Operating lease right-of-use assets
106,083
107,522
108,980
110,588
102,872
Accrued interest receivable and other assets
193,192
183,529
194,658
197,537
216,971
Total assets
$
10,211,645
$
10,294,247
$
9,903,514
$
9,777,018
$
10,410,199
Liabilities and Stockholders' Equity
Deposits
Demand
Noninterest bearing
$
2,081,886
$
1,708,111
$
1,466,670
$
1,573,301
$
1,768,764
Interest bearing demand, savings and money market
4,236,579
4,736,160
4,425,019
4,217,594
4,434,274
Time
1,927,207
1,911,037
2,047,412
1,996,039
2,097,931
Total deposits
8,245,672
8,355,308
7,939,101
7,786,934
8,300,969
Advances from the Federal Home Loan Bank
715,000
702,608
732,263
711,984
831,699
Senior notes
48,366
—
—
—
—
Subordinated notes
29,922
29,880
29,837
29,795
29,752
Junior subordinated debentures held by trust subsidiaries
64,178
64,178
64,178
64,178
64,178
Operating lease liabilities (3)
113,939
115,310
116,456
117,456
109,726
Accounts payable, accrued liabilities and other liabilities
153,751
112,594
107,761
127,869
128,935
Total liabilities
9,370,828
9,379,878
8,989,596
8,838,216
9,465,259
Stockholders’ equity
Class A common stock
3,912
3,917
3,978
4,058
4,125
Additional paid in capital
282,446
283,037
297,503
316,067
327,205
Retained earnings
673,332
651,145
633,716
619,552
620,542
Accumulated other comprehensive loss
(118,873
)
(23,730
)
(21,279
)
(875
)
(6,932
)
Total stockholders' equity
840,817
914,369
913,918
938,802
944,940
Total liabilities and stockholders' equity
$
10,211,645
$
10,294,247
$
9,903,514
$
9,777,018
$
10,410,199
__________________
(1) As of September 30, 2026, June 30, 2026, March 31, 2026 and December 31, 2025, includes valuation allowances of $2.4 million, $2.7 million, $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, in the third, second and first quarters of 2026, the Company recorded an allowance for credit losses of $2.5 million, $1.9 million and $0.5 million, respectively, on approximately $190.6 million, $149.5 million and $36.8 million of acquired loans, respectively, 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)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Real estate loans
(audited)
Commercial real estate
Non-owner occupied
$
1,468,739
$
1,526,962
$
1,501,909
$
1,591,861
$
1,656,180
Multi-family residential
220,001
234,116
261,332
322,447
361,650
Land development and construction loans
500,872
512,272
505,007
534,028
544,727
2,189,612
2,273,350
2,268,248
2,448,336
2,562,557
Single-family residential
2,159,674
1,954,193
1,680,768
1,515,181
1,550,724
Owner occupied
710,758
732,190
790,445
809,336
900,596
5,060,044
4,959,733
4,739,461
4,772,853
5,013,877
Commercial loans
1,657,316
1,488,182
1,485,438
1,446,406
1,519,778
Loans to financial institutions and acceptances
49,502
85,492
112,667
148,602
164,974
Consumer loans and overdrafts
209,999
209,659
225,306
245,530
243,163
Total loans
$
6,976,861
$
6,743,066
$
6,562,872
$
6,613,391
$
6,941,792
Loans by Type - Held For Sale
The loan portfolio held for sale consists of the following loan classes:
(in thousands)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Loans held for sale at the lower of cost or fair value
(audited)
Real estate loans
Commercial real estate
Non-owner occupied
$
59,826
$
63,296
$
63,908
$
43,406
$
—
Multi-family residential
—
22,722
60,794
—
—
Land development and construction loans
23,626
23,639
52,613
22,339
—
83,452
109,657
177,315
65,745
—
Owner occupied
12,395
12,515
12,699
15,167
—
95,847
122,172
190,014
80,912
—
Total loans held for sale at the lower of cost or fair value
95,847
122,172
190,014
80,912
—
Mortgage loans held for sale at fair value
Single-family residential
737
389
895
2,932
—
Total mortgage loans held for sale at fair value
737
389
895
2,932
—
Total loans held for sale
$
96,584
$
122,561
$
190,909
$
83,844
$
—
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)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Non-Accrual Loans
(audited)
Real Estate Loans
Commercial real estate (CRE)
Non-owner occupied
$
4,677
$
9,386
$
11,172
$
4,288
$
4,374
Multi-family residential
377
429
—
—
7,018
Land development and construction loans (1)
—
—
—
16,200
19,577
5,054
9,815
11,172
20,488
30,969
Single-family residential
31,077
31,180
27,346
26,082
8,838
Owner occupied
24,833
40,506
40,745
28,733
15,287
60,964
81,501
79,263
75,303
55,094
Commercial loans
79,452
79,020
85,481
83,761
67,081
Consumer loans and overdrafts
7,667
8,317
8,969
9,204
725
Total Non-Accrual Loans (1)
$
148,083
$
168,838
$
173,713
$
168,268
$
122,900
Past Due Accruing Loans
Real Estate Loans
Commercial real estate (CRE)
Single-family residential
179
—
—
—
—
Owner occupied
1,220
—
—
730
—
Commercial
—
2,252
2,337
2,372
1,392
Consumer loans and overdrafts
—
—
—
—
—
Total Past Due Accruing Loans (2)
$
1,399
$
2,252
$
2,337
$
3,102
$
1,392
Total Non-Performing Loans
149,482
171,090
176,050
171,370
124,292
Other Real Estate Owned
10,044
15,542
15,542
15,542
15,606
Total Non-Performing Assets (1)
$
159,526
$
186,632
$
191,592
$
186,912
$
139,898
__________________
(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.
September 30, 2026
June 30, 2026
September 30, 2025
(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)
Non-owner
occupied
$
75,800
$
20,454
$
—
$
96,254
$
67,222
$
25,211
$
—
$
92,433
$
53,284
$
42,406
$
—
$
95,690
Multi-family residential
—
377
—
377
—
429
—
429
—
29,430
—
29,430
Land development
and
construction
loans
35,901
—
—
35,901
35,939
—
—
35,939
3,959
19,577
—
23,536
111,701
20,831
—
132,532
103,161
25,640
—
128,801
57,243
91,413
—
148,656
Single-family residential
2,500
31,077
—
33,577
—
31,229
31,229
738
8,717
—
9,455
Owner occupied
4,964
61,478
—
66,442
4,985
77,964
—
82,949
45,365
35,085
—
80,450
119,165
113,386
—
232,551
108,146
134,833
—
242,979
103,346
135,215
—
238,561
Commercial loans
1,555
91,917
—
93,472
1,634
95,741
—
97,375
120,997
105,905
—
226,902
Loans to financial institutions and acceptances
—
—
—
—
—
34,210
—
34,210
—
—
—
Consumer loans and
overdrafts
—
7,667
—
7,667
—
8,317
—
8,317
—
725
725
Total
$
120,720
$
212,970
$
—
$
333,690
$
109,780
$
273,101
$
—
$
382,881
$
224,343
$
241,845
$
—
$
466,188
__________________
(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)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
(audited)
Domestic
$
5,033,484
$
5,133,588
$
5,228,588
$
5,168,371
$
5,732,799
Foreign:
Venezuela
2,395,066
2,491,875
2,005,521
1,910,980
1,881,871
Others
817,122
729,845
704,992
707,583
686,299
Total foreign
3,212,188
3,221,720
2,710,513
2,618,563
2,568,170
Total deposits
$
8,245,672
$
8,355,308
$
7,939,101
$
7,786,934
$
8,300,969
Glossary of Terms and Definitions