Amerant Reports First Quarter 2026 Results

Published: 2026-04-23 16:31:09 ET AMTB

Published on 04/23/2026 at 04:31 pm EDT

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:

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

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

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.

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

2.22

2,550

4.51

2,497

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

3.56

7,119

3.90

6,434

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

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

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

—

0.1

—

Securities gains, net (2)

516

3.0

2,054

9.3

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

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

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, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

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, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

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

—

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

15,606

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

—

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, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

(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

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