CORAL GABLES, Fla.--(BUSINESS WIRE)--July 23, 2026--
Amerant Bancorp Inc. (NYSE: AMTB) (the "Company" or "Amerant") today reported net income attributable to the Company of $21.0 million in the second quarter of 2026, or $0.53 earnings per diluted share, compared to net income of $17.9 million, or $0.44 earnings per diluted share, in the first quarter of 2026.
"We delivered a strong second quarter, with net income increasing to $21.0 million, or $0.53 per diluted share, supported by continued balance sheet growth, solid deposit generation and disciplined expense management," said Carlos Iafigliola, President and Chief Executive Officer. "Importantly, core deposits grew 9.4% from the prior quarter, particularly in non-interest bearing deposits, and profitability improved, with ROA and ROE increasing to 0.84% and 9.23%, respectively. We also continued to make progress on credit, with classified loans declining meaningfully, while maintaining strong capital levels and returning capital to shareholders through our share repurchase activity and quarterly dividend. These results reflect the ongoing execution of our strategic priorities and the strength of our franchise."
Below are the results for 2Q26 and their comparison to 1Q26:
-- Total assets were $10.3 billion, up by $390.7 million, or 3.9%,
compared to $9.9 billion.
-- Total gross loans, which includes all loans held for sale, were $6.9
billion, up by $111.8 million, or 1.7%, compared to $6.8 billion.
-- Cash and cash equivalents were $301.1 million, up by $112.4 million, or
59.6%, compared to $188.7 million.
-- Total investments were $2.6 billion, up by $177.5 million, or 7.3%,
compared to $2.4 billion.
-- Total deposits were $8.4 billion, up by $416.2 million, or 5.2%,
compared to $7.9 billion.
-- Core deposits were $6.4 billion, up by $552.6 million, or 9.4%,
compared to $5.9 billion.
-- Total advances from the Federal Home Loan Bank ("FHLB") were $702.6
million, down by $29.7 million, or 4.0%, compared to $732.3 million.
-- Net Interest Margin ("NIM") was 3.52%, compared to 3.55%.
-- Average yield on loans was 6.22%, compared to 6.38%.
-- Average cost of total deposits was 2.21%, compared to 2.31%.
-- Loan to deposit ratio was 82.17%, compared to 85.07%.
-- Asset Quality and Allowance for Credit Losses ("ACL"):
-- Total non-performing assets were $186.6 million, down by $5.0
million, or 2.6%, compared to $191.6 million. As of 2Q26,
non-performing assets consist of $171.1 million in non-performing
loans and $15.5 million in Other Real Estate Owned ("OREO").
-- The ACL was $85.5 million compared to $79.2 million.
-- Classified loans were $273.1 million, down by $47.2 million, or
14.7%, compared to $320.3 million, while non-performing loans were
$171.1 million, down $5.0 million, or 2.8%, compared to $176.1
million. The reduction in classified loans was primarily
attributable to loan sales during the quarter. Special mention
loans were $109.8 million, down $38.5 million, or 25.9%, compared
to $148.2 million. The decrease was primarily driven by loan sales
and payoffs during the quarter.
-- The Company has provided additional details regarding asset
quality in the 2Q26 earnings presentation
.
-- Assets Under Management and custody ("AUM") totaled $3.37 billion, down
by $52.8 million, or 1.5% from $3.42 billion.
-- Pre-tax pre-provision net revenue ("PPNR")(1) was $31.9 million, up by
$1.1 million, or 3.6%, compared to PPNR of $30.7 million.
-- Net Interest Income ("NII") was $82.6 million, up by $2.3 million, or
2.9%, from $80.3 million.
-- Provision for credit losses was $4.8 million, down by $3.1 million, or
39.1%, compared to $7.8 million.
-- Noninterest income was $18.2 million, up by $0.8 million, or 4.5%, from
$17.4 million.
-- Noninterest expense was $68.9 million, up by $2.0 million, or 2.9%,
from $66.9 million.
-- The efficiency ratio was 68.37%, compared to 68.52%.
-- Return on average assets ("ROA") was 0.84%, compared to 0.73%.
-- Return on average equity ("ROE") was 9.23%, compared to 7.63%.
-- The Company repurchased an aggregate of 690,000 shares of Class A
common stock at a weighted average price of $23.29 per share, or 1.02x of
Tangible Book Value ("TBV")(1) and 1.00x of book value per share. The
aggregate purchase price for these transactions was approximately $16.1
million.
-- On July 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
August 28, 2026, to shareholders of record on August 14, 2026.
Additional details on the second 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.
Second Quarter 2026 Earnings Conference Call
The Company will hold an earnings conference call on Friday, July 24, 2026, at 9:00 a.m. (Eastern Time) to discuss its second 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"), 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 six month periods ended June 30, 2026, and 2025, and the three month periods ended March 31, 2026, December 31, 2025, and September 30, 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.
June 30, March 31, December September June 30,
(in thousands) 2026 2026 31, 2025 30, 2025 2025
----------- ---------- ---------- ----------- -------------
Consolidated
Balance Sheets (audited)
Total assets $10,294,247 $9,903,514 $9,777,018 $10,410,199 $10,334,678
Total
investments 2,608,418 2,430,884 2,084,569 2,307,701 1,970,888
Total gross
loans (1) 6,865,627 6,753,781 6,697,235 6,941,792 7,189,196
Allowance for
credit losses 85,499 79,236 79,276 94,918 86,519
Total deposits 8,355,308 7,939,101 7,786,934 8,300,969 8,306,544
Core deposits
(1) 6,444,271 5,891,689 5,790,895 6,203,038 6,143,625
Advances from
the Federal
Home Loan
Bank 702,608 732,263 711,984 831,699 765,000
Subordinated
notes 29,880 29,837 29,795 29,752 29,710
Junior
subordinated
debentures 64,178 64,178 64,178 64,178 64,178
Stockholders'
equity 914,369 913,918 938,802 944,940 924,286
Assets under
management and
custody (1) 3,371,114 3,423,919 3,256,754 3,169,514 3,065,020
Three Months Ended
-----------------------------------------------------------------------------------
(in thousands,
except
percentages,
share data and
per share June 30, March 31, December 31, September 30, June 30,
amounts) 2026 2026 2025 2025 2025
--------------- --------------- --------------- --------------- ---------------
Consolidated
Results of
Operations
Net interest
income $ 82,575 $ 80,281 $ 90,150 $ 94,152 $ 90,479
Provision for
credit losses
(2) 4,750 7,800 3,490 14,600 6,060
Noninterest
income 18,162 17,381 22,019 17,291 19,778
Noninterest
expense 68,877 66,919 106,772 77,835 74,400
Net income
attributable
to Amerant
Bancorp Inc. 21,043 17,873 2,701 14,756 23,002
Pre-tax
pre-provision
net revenue
(PPNR) (3) 31,860 30,743 5,397 33,608 35,857
Effective
income tax
rate 22.38% 22.10% (41.64)% 22.37% 22.80%
Common Share
Data
Stockholders'
book value per
common share $ 23.33 $ 22.96 $ 23.13 $ 22.90 $ 22.14
Tangible
stockholders'
equity (book
value) per
common share
(3)(4) $ 22.78 $ 22.38 $ 22.56 $ 22.32 $ 21.56
Basic earnings
per common
share $ 0.54 $ 0.44 $ 0.07 $ 0.35 $ 0.55
Diluted
earnings per
common share
(4) $ 0.53 $ 0.44 $ 0.07 $ 0.35 $ 0.55
Basic weighted
average shares
outstanding 39,316,906 40,315,757 40,915,733 41,590,201 41,805,550
Diluted
weighted
average shares
outstanding
(4) 39,509,583 40,510,993 41,102,760 41,774,101 41,873,551
Cash dividend
declared per
common share
(5) $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.09
Three Months Ended
----------------------------------------------------------
June 30, March 31, December September June 30,
2026 2026 31, 2025 30, 2025 2025
---------- --------- ---------- ----------- ----------
Other Financial
and Operating
Data (6)
Profitability
Indicators (%)
Net interest
income /
Average total
interest
earning assets
$(NIM)$ (1) 3.52% 3.55% 3.78% 3.92% 3.81%
Net income /
Average total
assets
(ROA)(1) 0.84% 0.73% 0.10% 0.57% 0.90%
Net income /
Average
stockholders'
equity $(ROE)$
(1) 9.23% 7.63% 1.12% 6.21% 10.06%
Noninterest
income / Total
revenue (1) 18.03% 17.80% 19.63% 15.52% 17.94%
Capital
Indicators (%)
Total capital
ratio (1) 14.34% 14.16% 14.10% 13.90% 13.49%
Tier 1 capital
ratio (1) 12.72% 12.62% 12.58% 12.28% 11.97%
Tier 1 leverage
ratio (1) 9.70% 9.91% 9.62% 9.73% 9.69%
Common equity
tier 1 capital
ratio (CET1)
(1) 11.94% 11.84% 11.80% 11.54% 11.24%
Tangible common
equity ratio
(1)(3)(4) 8.69% 9.02% 9.39% 8.87% 8.73%
Liquidity
Ratios (%)
Loans to
Deposits (1) 82.17% 85.07% 86.01% 83.63% 86.55%
Asset Quality
Indicators (%)
Non-performing
assets / Total
assets (1) 1.81% 1.93% 1.91% 1.34% 0.95%
Non-performing
loans / Total
gross loans
(1) 2.49% 2.61% 2.56% 1.79% 1.15%
Allowance for
credit losses /
Total
non-performing
loans 49.97% 45.01% 46.26% 76.37% 104.89%
Allowance for
credit losses /
Total loans
held for
investment 1.27% 1.21% 1.20% 1.37% 1.20%
Net charge-offs
/ Average total
loans held for
investment (1) 0.08% 0.45% 1.07% 0.39% 0.86%
Efficiency
Indicators (%
except FTE)
Noninterest
expense /
Average total
assets 2.73% 2.74% 4.14% 3.01% 2.91%
Salaries and
employee
benefits /
Average total
assets 1.41% 1.31% 1.50% 1.36% 1.41%
Other operating
expenses/
Average total
assets (1) 1.33% 1.43% 2.64% 1.66% 1.50%
Efficiency ratio
(1) 68.37% 68.52% 95.19% 69.84% 67.48%
FTEs 704 699 694 704 692
(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 second and first quarter of 2026, and fourth, third and second quarters of 2025, were ($1.0 million), $1.1 million, $0.7 million, ($0.7 million) and $2.5 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 $3.6 million in the second quarter, $3.7 million in 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
----------------------------------------------------
June March
30, 31, December September June 30,
(in thousands) 2026 2026 31, 2025 30, 2025 2025
------- ------- ---------- ----------- ---------
Net income
attributable
to Amerant
Bancorp Inc. $21,043 $17,873 $ 2,701 $ 14,756 $23,002
Plus: provision
for credit
losses (1) 4,750 7,800 3,490 14,600 6,060
Plus: provision
for income tax
expense
(benefit) 6,067 5,070 (794) 4,252 6,795
------ ------ ----- ------- ------
Pre-tax
pre-provision
net revenue
(PPNR) 31,860 30,743 5,397 33,608 35,857
====== ====== ===== ======= ======
(in thousands,
except
percentages,
share data and
per share June 30, March 31, December 31, September 30, June 30,
amounts) 2026 2026 2025 2025 2025
--------------- --------------- --------------- --------------- ---------------
Stockholders'
equity $ 914,369 $ 913,918 $ 938,802 $ 944,940 $ 924,286
Less: goodwill
and other
intangibles
(2) (21,522) (22,933) (23,103) (23,784) (24,016)
---------- ---------- ---------- ---------- ----------
Tangible common
stockholders'
equity $ 892,847 $ 890,985 $ 915,699 $ 921,156 $ 900,270
---------- ---------- ---------- ---------- ----------
Total assets 10,294,247 9,903,514 9,777,018 10,410,199 10,334,678
Less: goodwill
and other
intangibles
(2) (21,522) (22,933) (23,103) (23,784) (24,016)
---------- ---------- ---------- ---------- ----------
Tangible assets $10,272,725 $ 9,880,581 $ 9,753,915 $10,386,415 $10,310,662
---------- ---------- ---------- ---------- ----------
Common shares
outstanding 39,186,293 39,803,607 40,595,273 41,265,378 41,748,434
========== ========== ========== ========== ==========
Tangible common
equity ratio 8.69% 9.02% 9.39% 8.87% 8.73%
========== ========== ========== ========== ==========
Stockholders'
book value per
common share $ 23.33 $ 22.96 $ 23.13 $ 22.90 $ 22.14
========== ========== ========== ========== ==========
Tangible
stockholders'
equity book
value per
common share $ 22.78 $ 22.38 $ 22.56 $ 22.32 $ 21.56
========== ========== ========== ========== ==========
(1) Includes provision for credit losses on loans and provision for loan contingencies.
(2) As of 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
--------------------------------------------------------------------------------------------------
June 30, 2026 March 31, 2026 June 30, 2025
------------------------------- -------------------------------- -------------------------------
(in thousands, Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
except percentages) Balances Expense Rates Balances Expense Rates Balances Expense Rates
----------- -------- -------- ---------- -------- ---------- ----------- -------- --------
Interest-earning
assets:
Loan portfolio,
net (1) $ 6,674,563 $103,449 6.22% $6,523,493 $102,674 6.38% $ 7,118,087 $122,166 6.88%
Debt securities
available for
sale (2) (3) 2,344,767 28,302 4.84% 2,281,441 26,800 4.76% 1,769,440 21,931 4.97%
Debt securities
held for
trading 209 -- --% 333 -- --% 59,331 343 2.32%
Equity securities
with readily
determinable
fair value not
held for
trading 2,527 22 3.49% 2,553 14 2.22% 2,508 21 3.36%
Federal Reserve
Bank and FHLB
stock 57,054 888 6.24% 57,177 868 6.16% 57,072 917 6.44%
Deposits with
banks (4) 324,291 2,965 3.67% 291,145 2,598 3.62% 514,478 5,643 4.40%
Other short-term
investments 3,856 35 3.64% 7,182 63 3.56% 7,046 74 4.21%
---------- ------- --------- ------- ---------- -------
Total
interest-earning
assets 9,407,267 135,661 5.78% 9,163,324 133,017 5.89% 9,527,962 151,095 6.36%
------- ------- -------
Total
noninterest-earning
assets (5) 700,165 739,439 728,292
---------- --------- ----------
Total assets $10,107,432 $9,902,763 $10,256,254
========== ========= ==========
Three Months Ended
-----------------------------------------------------------------------------------------------------------
June 30, 2026 March 31, 2026 June 30, 2025
---------------------------------- ----------------------------------- ----------------------------------
(in thousands, Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
except percentages) Balances Expense Rates Balances Expense Rates Balances Expense Rates
--------------- ------- -------- -------------- ------- ---------- --------------- ------- --------
Interest-bearing
liabilities:
Checking and saving
accounts
Interest bearing
demand, savings,
and money market
deposits (6) 4,618,118 27,154 2.36% 4,429,327 26,365 2.41% 4,451,069 29,597 2.67%
Time deposits 1,995,007 17,682 3.55% 2,011,952 18,254 3.68% 2,149,861 22,285 4.16%
---------- ------ --------- ------ ---------- ------
Total deposits 6,613,125 44,836 2.72% 6,441,279 44,619 2.81% 6,600,930 51,882 3.15%
Securities sold
under agreements to
repurchase 95 1 4.22% -- -- --% 105 1 3.82%
Advances from the
FHLB (7) 712,801 6,935 3.90% 712,349 6,846 3.90% 717,260 7,230 4.04%
Senior notes -- -- --% -- -- --% -- 78 --%
Subordinated notes 29,859 362 4.86% 29,816 361 4.91% 29,689 361 4.88%
Junior subordinated
debentures 64,178 952 5.95% 64,178 910 5.75% 64,178 1,064 6.64%
---------- ------ --------- ------ ---------- ------
Total
interest-bearing
liabilities 7,420,058 53,086 2.87% 7,247,622 52,736 2.95% 7,412,162 60,616 3.28%
---------- ------ --------- ------ ---------- ------
Noninterest-bearing
liabilities:
Noninterest bearing
demand deposits 1,533,032 1,396,612 1,637,173
Accounts payable,
accrued liabilities
and other
liabilities 239,723 308,976 289,909
---------- --------- ----------
Total
noninterest-bearing
liabilities 1,772,755 1,705,588 1,927,082
---------- --------- ----------
Total liabilities 9,192,813 8,953,210 9,339,244
Stockholders' equity 914,619 949,553 917,010
---------- --------- ----------
Total liabilities
and stockholders'
equity $10,107,432 $9,902,763 $10,256,254
========== ========= ==========
Excess of average
interest-earning
assets over average
interest-bearing
liabilities $ 1,987,209 $1,915,702 $ 2,115,800
========== ========= ==========
Net interest income $82,575 $80,281 $90,479
====== ====== ======
Net interest rate
spread 2.91% 2.94% 3.08%
==== ==== === ====
Net interest margin
(7) 3.52% 3.55% 3.81%
==== ==== === ====
Cost of total
deposits (7) 2.21% 2.31% 2.53%
==== ==== === ====
Ratio of average
interest-earning
assets to average
interest-bearing
liabilities 126.78% 126.43% 128.54%
========== ========= ==========
Average
non-performing
loans/ Average
total loans 2.55% 2.39% 1.35%
========== ========= ==========
Six Months Ended
--------------------------------------------------------------------------
June 30, 2026 June 30, 2025
----------------------------------- -------------------------------------
(in thousands, except Average Income/ Yield/ Average Income/ Yield/
percentages) Balances Expense Rates Balances Expense Rates
--------------- -------- -------- --------------- -------- ----------
Interest-earning
assets:
Loan portfolio, net
(1) $ 6,599,445 $206,123 6.30% $ 7,145,968 $243,187 6.86%
Debt securities
available for sale
(2) (3) 2,313,279 55,102 4.80% 1,622,123 39,895 4.96%
Debt securities
held for trading 271 -- --% 29,907 343 2.31%
Equity securities
with readily
determinable fair
value not held for
trading 2,540 36 2.86% 2,503 40 3.22%
Federal Reserve
Bank and FHLB
stock 57,115 1,756 6.20% 57,195 1,853 6.53%
Deposits with banks
(4) 307,810 5,563 3.64% 547,262 12,044 4.44%
Other short-term
investments 5,510 98 3.59% 6,742 141 4.23%
---------- ------- ---------- -------
Total
interest-earning
assets 9,285,970 268,678 5.83% 9,411,700 297,503 6.37%
------- -------
Total
non-interest-earning
assets (5) 719,693 738,283
---------- ----------
Total assets $10,005,663 $10,149,983
========== ==========
Interest-bearing
liabilities:
Checking and saving
accounts
Interest bearing
demand, savings,
and money market
deposits (6) 4,524,244 53,519 2.39% 4,318,144 56,726 2.65%
Time deposits 2,003,432 35,936 3.62% 2,188,681 46,143 4.25%
---------- ------- ---------- -------
Total deposits 6,527,676 89,455 2.76% 6,506,825 102,869 3.19%
Securities sold under
agreements to
repurchase 48 1 4.20% 53 1 3.80%
Advances from the
FHLB (7) 712,576 13,781 3.90% 720,446 14,430 4.04%
Senior notes -- -- --% 29,776 1,020 6.91%
Subordinated notes 29,839 723 4.89% 29,668 722 4.91%
Junior subordinated
debentures 64,178 1,862 5.85% 64,178 2,078 6.53%
---------- ------- ---------- -------
Total
interest-bearing
liabilities 7,334,317 105,822 2.91% 7,350,946 121,120 3.32%
---------- ------- ---------- -------
Non-interest-bearing
liabilities:
Non-interest bearing
demand deposits 1,465,199 1,591,227
Accounts payable,
accrued liabilities
and other
liabilities 274,158 293,677
---------- ----------
Total
non-interest-bearing
liabilities 1,739,357 1,884,904
---------- ----------
Total liabilities 9,073,674 9,235,850
Stockholders' equity 931,989 914,133
---------- ----------
Total liabilities and
stockholders'
equity $10,005,663 $10,149,983
========== ==========
Excess of average
interest-earning
assets over average
interest-bearing
liabilities $ 1,951,653 $ 2,060,754
========== ==========
Net interest income $162,856 $176,383
======= =======
Net interest rate
spread 2.92% 3.05%
==== ==== ===
Net interest margin
(7) 3.54% 3.78%
==== ==== ===
Cost of total
deposits (7) 2.26% 2.56%
==== ==== ===
Ratio of average
interest-earning
assets to average
interest-bearing
liabilities 126.61% 128.03%
========== ==========
Average
non-performing
loans/ Average total
loans 2.47% 1.39%
========== ==========
(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 $51.9 million, $52.9 million and $53.9 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively, and $52.7 million and $54.6 million in the six months ended June 30, 2026, and 2025, respectively. The tax equivalent yield for these nontaxable securities was 4.70%, 4.48%, and 4.81% for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively, and 4.66% and 4.75% in the six months ended June 30, 2026, and 2025. 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 six months ended June 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 Six Months Ended June 30,
----------------------------------------------------------- ---------------------------------------
June 30, 2026 March 31, 2026 June 30, 2025 2026 2025
------------------ ------------------ ------------------- ------------------ -------------------
(in thousands,
except
percentages) Amount % Amount % Amount % Amount % Amount %
------- --------- ------- --------- -------- --------- ------- --------- -------- ---------
Deposits and
service fees $ 5,419 29.8% $ 4,872 28.0% $ 4,968 25.1% $10,291 29.0% $10,105 25.7%
Brokerage,
advisory and
fiduciary
activities 5,630 31.0% 5,461 31.4% 4,993 25.2% 11,091 31.2% 9,722 24.7%
Change in cash
surrender
value of bank
owned life
insurance
("BOLI")(1) 2,629 14.5% 2,564 14.8% 2,490 12.6% 5,193 14.6% 4,940 12.6%
Cards and trade
finance
servicing
fees 1,432 7.9% 1,439 8.3% 1,804 9.1% 2,871 8.1% 3,196 8.1%
Gain on early
extinguishment
of FHLB
advances, net 54 0.3% -- --% -- --% 54 0.2% -- --%
Securities
gains, net
(2) 408 2.2% 516 3.0% 1,779 9.0% 924 2.6% 1,843 4.7%
Loan-level
derivative
income (3) 1,174 6.5% 1,531 8.8% 3,204 16.2% 2,705 7.6% 4,712 12.0%
Derivative
losses, net
(4) -- --% -- --% (1,852) (9.4)% -- --% (1,852) (4.7)%
Other
noninterest
income (5) 1,416 7.8% 998 5.7% 2,392 12.2% 2,414 6.7% 6,637 16.9%
------ ----- ------ ----- ------ ----- ------ ----- ------ -----
Total
noninterest
income $18,162 100.0% $17,381 100.0% $19,778 100.0% $35,543 100.0% $39,303 100.0%
====== ===== ====== ===== ====== ===== ====== ===== ====== =====
(1) Changes in cash surrender value of BOLI are not taxable.
(2) In the three and six months ended June 30, 2026, includes realized gains on the sale of debt securities available for sale of $0.4 million and $0.9 million, respectively. In the three and six months ended June 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 six months ended June 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 Six Months Ended June 30,
------------------------------------------------------------ -----------------------------------------
June 30, 2026 March 31, 2026 June 30, 2025 2026 2025
------------------- ------------------- ------------------ -------------------- -------------------
(in thousands,
except
percentages) Amount % Amount % Amount % Amount % Amount %
-------- --------- -------- --------- ------- --------- --------- --------- -------- ---------
Salaries and
employee benefits $35,446 51.5% $32,040 47.9% $36,036 48.4% $ 67,486 49.7% $ 69,383 47.5%
Occupancy and
equipment 4,995 7.3% 5,423 8.1% 5,491 7.4% 10,418 7.7% 11,627 8.0%
Professional and
other services
fees 13,087 19.0% 11,416 17.1% 13,549 18.2% 24,503 18.0% 28,231 19.3%
Telecommunications
and data
processing 3,627 5.3% 3,537 5.3% 2,929 3.9% 7,164 5.3% 6,404 4.4%
Depreciation and
amortization 1,472 2.1% 1,517 2.3% 1,551 2.1% 2,989 2.2% 3,139 2.2%
FDIC assessments
and insurance 2,472 3.6% 2,850 4.3% 2,896 3.9% 5,322 3.9% 6,132 4.2%
Losses on loans
held for sale
carried at the
lower of cost or
fair value, net
(1) 1,118 1.6% 1,823 2.7% -- --% 2,941 2.2% -- --%
Advertising
expenses 4,274 6.2% 2,939 4.4% 4,819 6.5% 7,213 5.3% 8,454 5.8%
Other real estate
owned and
repossessed assets
(income) expense,
net (253) (0.4)% (232) (0.3)% 601 0.8% (485) (0.4)% 765 0.5%
Other operating
expenses (2) (3) 2,639 3.8% 5,606 8.2% 6,528 8.8% 8,245 6.1% 11,819 8.1%
------ ----- ------ ----- ------ ----- ------- ----- ------- -----
Total
noninterest
expense $68,877 100.0% $66,919 100.0% $74,400 100.0% $135,796 100.0% $145,954 100.0%
====== ===== ====== ===== ====== ===== ======= ===== ======= =====
(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 months ended March 31, 2026, and the three and six-month periods ended June 30, 2025, have been reclassified and are now included in this category.
Exhibit 6- Consolidated Balance Sheets
(in thousands,
except share June 30, March 31, December September June 30,
data) 2026 2026 31, 2025 30, 2025 2025
------------ ----------- ----------- ------------ --------------
Assets (audited)
Cash and due from
banks and
restricted cash $ 41,042 $ 63,416 $ 53,478 $ 53,084 $ 56,381
Interest earning
deposits with
banks 260,090 117,997 409,444 570,612 573,373
Other short-term
investments -- 7,294 7,233 7,162 7,083
---------- --------- --------- ---------- ----------
Cash and cash
equivalents 301,132 188,707 470,155 630,858 636,837
Time deposits
with other banks 500 -- -- -- --
Securities
Debt securities
available for
sale, at fair
value 2,549,256 2,370,308 2,024,883 2,122,416 1,788,708
Trading
securities -- -- -- 119,935 120,226
Equity securities
with readily
determinable
fair value not
held for
trading 2,537 2,528 2,548 2,542 2,525
Federal Reserve
Bank and Federal
Home Loan Bank
stock 56,625 58,048 57,138 62,808 59,429
---------- --------- --------- ---------- ----------
Securities 2,608,418 2,430,884 2,084,569 2,307,701 1,970,888
---------- --------- --------- ---------- ----------
Loans held for
sale, at the
lower of cost or
fair value (1) 122,172 190,014 80,912 -- --
Mortgage loans
held for sale,
at fair value 389 895 2,932 -- 6,073
Loans held for
investment,
gross 6,743,066 6,562,872 6,613,391 6,941,792 7,183,123
Less: Allowance
for credit
losses (2) 85,499 79,236 79,276 94,918 86,519
---------- --------- --------- ---------- ----------
Loans held for
investment,
net 6,657,567 6,483,636 6,534,115 6,846,874 7,096,604
---------- --------- --------- ---------- ----------
Bank owned life
insurance 265,362 263,208 260,644 258,042 255,487
Deferred tax
assets, net 47,656 42,532 35,566 46,881 50,966
Operating lease
right-of-use
assets 107,522 108,980 110,588 102,872 102,558
Accrued interest
receivable and
other assets 183,529 194,658 197,537 216,971 215,265
---------- --------- --------- ---------- ----------
Total assets $10,294,247 $9,903,514 $9,777,018 $10,410,199 $10,334,678
========== ========= ========= ========== ==========
Liabilities and
Stockholders'
Equity
Deposits
Demand
Noninterest
bearing $ 1,708,111 $1,466,670 $1,573,301 $ 1,768,764 $ 1,706,580
Interest bearing
demand, savings
and money
market 4,736,160 4,425,019 4,217,594 4,434,274 4,437,045
Time 1,911,037 2,047,412 1,996,039 2,097,931 2,162,919
---------- --------- --------- ---------- ----------
Total deposits 8,355,308 7,939,101 7,786,934 8,300,969 8,306,544
Advances from the
Federal Home
Loan Bank 702,608 732,263 711,984 831,699 765,000
Subordinated
notes 29,880 29,837 29,795 29,752 29,710
Junior
subordinated
debentures held
by trust
subsidiaries 64,178 64,178 64,178 64,178 64,178
Operating lease
liabilities (3) 115,310 116,456 117,456 109,726 109,226
Accounts payable,
accrued
liabilities and
other
liabilities 112,594 107,761 127,869 128,935 135,734
---------- --------- --------- ---------- ----------
Total
liabilities 9,379,878 8,989,596 8,838,216 9,465,259 9,410,392
---------- --------- --------- ---------- ----------
Stockholders'
equity
Class A common
stock 3,917 3,978 4,058 4,125 4,173
Additional paid
in capital 283,037 297,503 316,067 327,205 336,021
Retained earnings 651,145 633,716 619,552 620,542 609,540
Accumulated other
comprehensive
loss (23,730) (21,279) (875) (6,932) (25,448)
---------- --------- --------- ---------- ----------
Total
stockholders'
equity 914,369 913,918 938,802 944,940 924,286
---------- --------- --------- ---------- ----------
Total
liabilities
and
stockholders'
equity $10,294,247 $9,903,514 $9,777,018 $10,410,199 $10,334,678
========== ========= ========= ========== ==========
(1) As of June 30, 2026, March 31, 2026, and December 31, 2025, includes valuation allowances of $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 second and first quarters of 2026, the Company recorded an allowance for credit losses of $1.9 million and $0.5 million, respectively, on approximately $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:
June 30, March 31, December September June 30,
(in thousands) 2026 2026 31, 2025 30, 2025 2025
---------- ---------- ---------- ---------- ------------
Real estate loans (audited)
Commercial real
estate
Non-owner
occupied $1,526,962 $1,501,909 $1,591,861 $1,656,180 $1,770,403
Multi-family
residential 234,116 261,332 322,447 361,650 371,692
Land
development
and
construction
loans 512,272 505,007 534,028 544,727 543,697
--------- --------- --------- --------- ---------
2,273,350 2,268,248 2,448,336 2,562,557 2,685,792
Single-family
residential 1,954,193 1,680,768 1,515,181 1,550,724 1,542,447
Owner occupied 732,190 790,445 809,336 900,596 983,090
--------- --------- --------- --------- ---------
4,959,733 4,739,461 4,772,853 5,013,877 5,211,329
Commercial loans 1,488,182 1,485,438 1,446,406 1,519,778 1,566,420
Loans to financial
institutions and
acceptances 85,492 112,667 148,602 164,974 156,918
Consumer loans and
overdrafts 209,659 225,306 245,530 243,163 248,456
--------- --------- --------- --------- ---------
Total loans $6,743,066 $6,562,872 $6,613,391 $6,941,792 $7,183,123
========= ========= ========= ========= =========
Loans by Type - Held For Sale
The loan portfolio held for sale consists of the following loan classes:
March
June 30, 31, December September June 30,
(in thousands) 2026 2026 31, 2025 30, 2025 2025
-------- -------- ----------- ----------- --------
Loans held for sale
at the lower of
fair value or cost (audited)
-------------------
Real estate loans
Commercial real
estate
Non-owner
occupied $ 63,296 $ 63,908 $ 43,406 $ -- $ --
Multi-family
residential 22,722 60,794 -- -- --
Land
development
and
construction
loans 23,639 52,613 22,339 -- --
------- ------- --- ------ ---- ----- -----
109,657 177,315 65,745 -- --
Owner occupied 12,515 12,699 15,167 -- --
------- ------- --- ------ ---- ----- -----
122,172 190,014 80,912 -- --
------- ------- --- ------ ---- ----- -----
Total loans held
for sale at the
lower of fair
value or cost 122,172 190,014 80,912 -- --
------- ------- --- ------ ---- ----- -----
Mortgage loans held
for sale at fair
value
-------------------
Land development
and
construction
loans -- -- -- -- 2,056
Single-family
residential 389 895 2,932 -- 4,017
------- ------- --- ------ ---- ----- -----
Total mortgage
loans held for
sale at fair
value 389 895 2,932 -- 6,073
------- ------- --- ------ ---- ----- -----
Total loans held
for sale $122,561 $190,909 $ 83,844 $ -- $6,073
======= ======= === ====== ==== ===== =====
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.
March
June 30, 31, December September June 30,
(in thousands) 2026 2026 31, 2025 30, 2025 2025
-------- -------- ----------- ----------- ---------
Non-Accrual Loans (audited)
Real Estate Loans
Commercial real
estate $(CRE)$
Non-owner
occupied $ 9,386 $ 11,172 $ 4,288 $ 4,374 $ 1,022
Multi-family
residential 429 -- -- 7,018 --
Land
development
and
construction
loans (1) -- -- 16,200 19,577 --
------- ------- ------- ------- ------
9,815 11,172 20,488 30,969 1,022
Single-family
residential 31,180 27,346 26,082 8,838 7,421
Owner occupied 40,506 40,745 28,733 15,287 21,027
------- ------- ------- ------- ------
81,501 79,263 75,303 55,094 29,470
Commercial loans 79,020 85,481 83,761 67,081 51,157
Consumer loans and
overdrafts 8,317 8,969 9,204 725 666
------- ------- ------- ------- ------
Total Non-Accrual
Loans (1) $168,838 $173,713 $ 168,268 $ 122,900 $81,293
------- ------- ------- ------- ------
Past Due Accruing
Loans
Real Estate Loans
Single-family
residential -- -- -- -- --
Owner occupied -- -- 730 -- --
Commercial 2,252 2,337 2,372 1,392 1,192
Consumer loans and
(MORE TO FOLLOW) Dow Jones Newswires
July 23, 2026 16:00 ET