Core Insights - Amerant Bank has partnered with Sedano's Supermarkets to distribute reusable bags designed by an Amerant team member, with proceeds benefiting Centro Mater, a nonprofit organization focused on underserved children and families [1][2]. Group 1: Partnership Details - The initiative will distribute over 40,000 artist-designed reusable shopping bags at Sedano's and Fresco y Más locations in Miami-Dade, Broward, and Tampa [2]. - Customers can receive a bag for free or purchase one with a donation of their choice, with all proceeds going to Centro Mater [2][4]. - The bags are designed to reflect the Hispanic influence in South Florida and Tampa, promoting cultural unity [2][3]. Group 2: Sustainability and Community Impact - The partnership emphasizes sustainability by promoting the use of eco-friendly bags to reduce single-use plastic [3]. - Both organizations are committed to community support and cultural unity, aiming to create a positive impact on local families and neighborhoods [4][5]. - The campaign will run through the holiday season while supplies last [5]. Group 3: Company Backgrounds - Amerant Bank has been serving clients in Florida for over 40 years and is recognized for its community involvement and support for nonprofit organizations [6]. - Sedano's Supermarkets, founded in 1962, is the largest independently owned Hispanic supermarket chain in the U.S., with over 3,000 employees and 32 stores [7].

Total Assets and Liabilities - Total assets increased to $10.35 billion as of September 30, 2024, compared to $9.72 billion as of December 31, 2023[5] - Total deposits grew to $8.11 billion from $7.89 billion year-over-year[5] - Loans held for investment, gross, rose to $6.96 billion from $6.87 billion year-over-year[5] - Interest earning deposits with banks surged to $614.35 million from $242.71 million year-over-year[5] - Debt securities available for sale increased to $1.48 billion from $1.22 billion year-over-year[5] - Advances from the Federal Home Loan Bank increased to $915 million from $645 million year-over-year[5] - Cash and cash equivalents increased to $671.84 million from $321.87 million year-over-year[5] - Total stockholders' equity increased to $902.9 million as of September 30, 2024, up from $736.1 million at the end of 2023[11] - Total liabilities held for sale as of September 30, 2024, amounted to $603.7 million, including $590.7 million in total deposits and $12.9 million in other liabilities[27] Income and Expenses - Net interest income for Q3 2024 was $80.999 million, compared to $78.577 million in Q3 2023, showing a 3.1% increase[7] - Total interest income for Q3 2024 was $151.637 million, up from $139.383 million in Q3 2023, reflecting an 8.8% increase[7] - Provision for credit losses in Q3 2024 was $19 million, significantly higher than $8 million in Q3 2023, indicating a 137.5% increase[7] - Noninterest income for Q3 2024 was a loss of $47.683 million, compared to a gain of $21.921 million in Q3 2023, marking a 317.6% decline[7] - Total noninterest expenses for Q3 2024 were $76.208 million, up from $64.420 million in Q3 2023, a 18.3% increase[7] - Net loss for Q3 2024 was $48.164 million, compared to a net income of $22.119 million in Q3 2023, a 317.8% decline[7] - Basic loss per common share for Q3 2024 was $1.43, compared to earnings of $0.66 per share in Q3 2023[9] - Comprehensive income for Q3 2024 was $17.790 million, up from $3.411 million in Q3 2023, a 421.5% increase[9] - Net unrealized holding gains on debt securities available for sale in Q3 2024 were $15.142 million, compared to a loss of $18.569 million in Q3 2023[9] - Reclassification adjustment for items included in net income in Q3 2024 was $51.017 million, compared to a loss of $268 thousand in Q3 2023[9] - Net loss attributable to Amerant Bancorp Inc. for the three months ended September 30, 2024, was $48.164 million, compared to a net income of $22.119 million for the same period in 2023[163] - Net loss before attribution of noncontrolling interest for the nine months ended September 30, 2024, was $32.6 million, compared to a net income of $48.7 million in the same period in 2023[16] - Provision for credit losses increased to $50.6 million in 2024 from $48.8 million in 2023[16] - Securities losses, net, significantly increased to $68.7 million in 2024 from $11.0 million in 2023[16] - Net cash provided by operating activities decreased to $4.7 million in 2024 from $41.0 million in 2023[16] - Net increase in loans was $788.6 million in 2024, compared to $271.0 million in 2023[16] Stockholders' Equity and Capital - Stockholders' equity rose to $902.89 million from $736.07 million year-over-year[5] - Retained earnings decreased to $569.13 million from $610.80 million year-over-year[5] - Accumulated other comprehensive loss improved to -$12.96 million from -$70.80 million year-over-year[5] - Common stock issuance in Q3 2024 raised $155.750 million, significantly boosting additional paid-in capital to $342.508 million[11] - Dividends paid totaled $9.038 million over the nine months ended September 30, 2024[11] - Stock-based compensation expense amounted to $4.245 million for the nine-month period[11] - Treasury stock repurchases totaled $7.556 million during the nine-month period[11] - Shares outstanding increased to 42,103,623 by September 30, 2024, up from 33,603,242 at the end of 2023[11] - Total stockholders' equity decreased from $705.7 million at December 31, 2022, to $719.8 million at September 30, 2023[14] - Net income attributable to Amerant Bancorp Inc. was $20.2 million for the three months ended March 31, 2023, $7.3 million for the three months ended June 30, 2023, and $22.1 million for the three months ended September 30, 2023[14] - Dividends paid totaled $3.0 million for each of the three months ended March 31, 2023, June 30, 2023, and September 30, 2023[14] - Stock-based compensation expense was $1.8 million for the three months ended March 31, 2023, $1.7 million for the three months ended June 30, 2023, and $1.5 million for the three months ended September 30, 2023[14] - Repurchase of Class A common stock totaled $566,000 for the three months ended March 31, 2023, $1.7 million for the three months ended June 30, 2023, and $2.7 million for the three months ended September 30, 2023[14] - Net loss attributable to noncontrolling interest shareholders was $244,000 for the three months ended March 31, 2023, $262,000 for the three months ended June 30, 2023, and $378,000 for the three months ended September 30, 2023[14] - Other comprehensive income was $6.3 million for the three months ended March 31, 2023, while other comprehensive loss was $12.6 million for the three months ended June 30, 2023, and $18.7 million for the three months ended September 30, 2023[14] Loans and Credit Quality - Loans held for investment, gross, increased to $6.964 billion as of September 30, 2024, from $6.873 billion as of December 31, 2023[5] - Loans pledged as collateral to secure advances from the FHLB amounted to $2.2 billion as of September 30, 2024 and December 31, 2023[71] - The company's securities pledged as collateral increased to $251.2 million as of September 30, 2024, up from $206.4 million as of December 31, 2023[68] - The company purchased single-family residential loans totaling $6.7 million in the three months ended September 30, 2024, and $17.9 million in the nine months ended September 30, 2024[74] - The company's international loans decreased to $41.7 million as of September 30, 2024, from $87.6 million as of December 31, 2023[73] - Total loans past due increased to $59.1 million as of September 30, 2024, compared to $67.3 million as of December 31, 2023[76][77] - Nonaccrual loans totaled $113.3 million as of September 30, 2024, up from $28.3 million as of December 31, 2023[79][80] - Loans held for sale increased to $597.8 million as of September 30, 2024, from $391.4 million as of December 31, 2023[82] - Commercial real estate loans held for investment were $2.0 billion in Florida, $175 million in Houston, $223 million in New York, and $54 million in other regions as of September 30, 2024[83] - Accrued interest receivable on total loans decreased to $41.6 million as of September 30, 2024, from $44.2 million as of December 31, 2023[84] - The ACL decreased by $15.6 million, or 16.3%, at September 30, 2024, compared to December 31, 2023, with the ACL as a percentage of total loans held for investment at 1.15%[90] - In the third quarter of 2024, the provision for credit losses on loans included $14.7 million to cover charge-offs, $2.3 million due to loan composition, and $0.8 million due to general credit quality and macroeconomic factor updates[91] - In the first nine months of 2024, the provision for credit losses on loans included $37.2 million to cover charge-offs, $14.6 million in new specific reserves for non-performing loans, and $6.5 million due to loan composition and volume changes[92] - Net proceeds from sales of loans held for investment in the three months ended September 30, 2024, were $35.6 million, with $28.7 million from Real Estate and $6.96 million from Commercial[93] - Net proceeds from sales of loans held for investment in the nine months ended September 30, 2024, were $103.0 million, with $30.4 million from Real Estate and $72.6 million from Commercial[93] - The ACL balance at the end of the period for the three months ended September 30, 2024, was $79.9 million, with $16.9 million in Real Estate, $38.9 million in Commercial, and $24.0 million in Consumer and Others[85] - The ACL balance at the end of the period for the nine months ended September 30, 2024, was $79.9 million, with $16.9 million in Real Estate, $38.9 million in Commercial, and $24.0 million in Consumer and Others[86] - The ACL balance at the end of the period for the nine months ended September 30, 2023, was $98.8 million, with $39.1 million in Real Estate, $32.9 million in Commercial, and $26.8 million in Consumer and Others[87] - The provision for credit losses on loans in the nine months ended September 30, 2023, was $48.2 million, with $13.7 million in Real Estate, $20.6 million in Commercial, and $13.9 million in Consumer and Others[89] - The Company had no new loan modifications to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2024 and 2023[95] - Total non-owner occupied commercial real estate loans amounted to $1,688,308 thousand as of September 30, 2024, with $1,652,018 thousand classified as "Pass" and $34,374 thousand as "Special Mention"[104] - Multi-family residential loans totaled $351,815 thousand, all classified as "Pass" with no special mention or classified loans[104] - Land development and construction loans reached $421,489 thousand, with $100,245 thousand originated in 2024 and $131,974 thousand in revolving loans[104] - Single-family residential loans stood at $1,499,599 thousand, including $1,486,055 thousand classified as "Pass" and $13,544 thousand as "Substandard"[104] - Owner-occupied commercial real estate loans totaled $1,001,762 thousand, with $942,849 thousand classified as "Pass" and $29,603 thousand as "Special Mention"[104] - Total commercial loans amounted to $1,630,318 thousand, including $1,548,447 thousand classified as "Pass" and $69,429 thousand as "Substandard"[106] - Loans to financial institutions and acceptances totaled $92,489 thousand, all classified as "Pass" with no special mention or classified loans[106] - Total consumer loans and overdrafts amount to $278.391 million, with the largest portion being $107.835 million[107] - Total loans held for investment, gross, amount to $6.964 billion, with the largest portion being $1.374 billion[107] - Nonowner occupied commercial real estate loans classified as "Pass" total $1.616 billion, with the largest portion being $564.003 million[108] - Multi-family residential loans classified as "Pass" total $407.206 million, with the largest portion being $119.550 million[108] - Land development and construction loans classified as "Pass" total $300.378 million, with the largest portion being $141.466 million[108] - Single-family residential loans classified as "Pass" total $1.463 billion, with the largest portion being $454.011 million[108] - Owner occupied loans classified as "Pass" total $1.155 billion, with the largest portion being $414.263 million[108] - Special Mention loans for owner occupied properties total $15.723 million, with the largest portion being $7.926 million[108] - Classified Substandard loans for single-family residential properties total $2.8 million, with the largest portion being $2.416 million[108] - Total owner occupied loans, including all classifications, amount to $1.175 billion, with the largest portion being $424.719 million[108] - Total loans held for investment, gross amounted to $6,873,493 thousand, with commercial loans making up $1,503,187 thousand and consumer loans totaling $391,200 thousand[109] - Quarter-to-date gross charge-offs for commercial loans were $31,416 thousand, while consumer loans and overdrafts accounted for $4,175 thousand[110] - Year-to-date gross charge-offs for commercial loans reached $47,294 thousand, and consumer loans and overdrafts totaled $21,122 thousand[111] - Total commercial loans classified as "Pass" amounted to $661,979 thousand, while "Special Mention" and "Substandard" categories were $30,261 thousand and $22,971 thousand, respectively[109] - Consumer loans classified as "Pass" were $115,810 thousand, with only $41 thousand classified as "Substandard"[109] - Total loans to financial institutions and acceptances were $13,375 thousand, all classified as "Pass"[109] - Quarter-to-date gross charge-offs for real estate loans were minimal, with no significant amounts reported[110] - Year-to-date gross charge-offs for real estate loans were $591 thousand, primarily from multi-family residential loans[111] - Total year-to-date gross charge-offs across all loan categories were $69,007 thousand[111] - Total Quarter-To-Date Gross Charge-Offs for 2023 amounted to $15.819 million, with Commercial loans contributing $9.288 million and Consumer loans and overdrafts contributing $6.441 million[112] - Total Year-To-Date Gross Charge-Offs for 2023 reached $39.233 million, with Commercial loans accounting for $18.715 million and Consumer loans and overdrafts accounting for $20.389 million[113] - Collateral-dependent loans as of September 30, 2024, totaled $103.302 million, with Commercial real estate loans at $29.639 million and Commercial loans at $68.285 million[115] Deposits and Time Deposits - Time deposits in denominations of $100,000 or more increased to $1.4 billion at September 30, 2024, from $1.3 billion at December 31, 2023[119] - Time deposits in denominations of more than $250,000 rose to $758 million at September 30, 2024, from $693 million at December 31, 2023[119] - Brokered time deposits decreased to $702 million at September 30, 2024, from $720 million at December 31, 2023[119] - Large time deposits maturing in less than 3 months increased to $403.429 million (28.8%) at September 30, 2024, from $178.102 million (13.7%) at December 31, 2023[120] - Large time deposits maturing in 3 to 6 months increased to $458.906 million (32.7%) at September 30, 2024, from $239.843 million (18.4%) at December 31, 2023[120] - Large time deposits maturing in 6 to 12 months decreased to $373.825 million (26.7%) at September 30, 2024, from $698.897 million (53.6%) at December 31, 2023[120] - Large time deposits maturing in 1 to 3 years decreased to $141.167 million (10.1%) at September 30, 2024, from $174.792 million (13.4%) at December 31, 2023[120] Securities and Investments - Securities held by the company totaled $1.543 billion as of September 30, 2024, compared to $1.497 billion as of December 31, 2023[5] - The company held $6.9 million in US Treasury Bills as of September 30, 2024, with an average yield of 5.22%[45] - Restricted cash balances decreased to $10.1 million as of September 30, 2024, from $25.8 million at December 31, 2023[46] - Total debt securities available for sale as of September 30, 2024, had an amortized cost of $1.495 billion and an estimated fair value of $1.476 billion, with unrealized losses of $26.5 million[48] - Residential mortgage-backed securities as of September 30, 2024, had an amortized cost of $1.2 billion and a fair value of $1.1 billion[48] - Commercial mortgage-backed

Financial Data and Key Metrics - The company recorded a substantial charge to earnings, leading to a loss of $48.2 million for the quarter, primarily due to the repositioning of the investment portfolio and write-downs on other real estate owned [4] - Core pre-provision net revenue (PPNR) was strong at $31.3 million, excluding non-routine items [4] - Total assets reached $10.38 billion, crossing the $10 billion mark, an increase from $9.75 billion in the previous quarter [6] - Total gross loans increased by $239.1 million to $7.56 billion, driven by organic loan growth [7] - Total deposits increased by $294.9 million to $8.11 billion, with strong organic deposit growth [7] - The total capital ratio improved to 12.66%, and CET1 ratio increased to 10.6% [8] - Diluted loss per share was $1.43, compared to $0.15 diluted income per share in the previous quarter [9] - Net interest margin decreased slightly to 3.49% from 3.56% in the previous quarter [9] - Provision for credit losses was $19 million, slightly down from $19.2 million in the previous quarter [10] Business Line Performance - The single-family residential portfolio increased by $125.4 million to $1.6 billion [18] - Consumer loans decreased by $18 million to $278.4 million, with a focus on higher-yielding indirect loans [18] - The CRE portfolio showed a conservative weighted average loan-to-value of 58% and strong sponsorship profiles [19] - Nonperforming loans increased to 152 basis points, up from 138 basis points in the previous quarter [20] - The allowance for credit losses decreased by $14.5 million to $79.9 million, with a coverage ratio of 0.7x for nonperforming loans [21] Market Performance - Domestic deposits increased by $271.4 million to $5.6 billion, while international deposits increased by $23.5 million to $2.6 billion [25] - Core deposits, excluding time deposits, increased by $202 million to $5.7 billion [26] - Assets under management increased by $98.7 million to $2.6 billion, driven by market valuations and net new assets [12] Strategic Direction and Industry Competition - The company is focused on achieving a 60% efficiency ratio, 1% ROA, and 12% ROE by the second half of 2025 [34] - Expansion in Florida includes new banking centers in Miami Beach and Tampa, with expected openings by mid-2025 [36] - The company is actively recruiting relationship officers in South Florida and Tampa to support growth [37] - The international banking segment is being separated from consumer banking to focus more on this important business area [37] Management Commentary on Operating Environment and Future Outlook - The company expects NIM to improve to the mid-3.50s in Q4 and between 3.55% and 3.60% in the first half of 2025 [42] - Core noninterest income is expected to be around $17.5 million to $18 million in Q4, with operating expenses remaining at approximately $68.5 million [33] - The company anticipates provision for credit losses to be around $8 million to $9 million in Q4, with asset growth driving at least $5 million of this amount [33] - The company is working on reducing nonperforming loans and special mention loans by the end of Q4 [38] Other Important Information - The company completed a public offering of 8,684,210 shares of Class A voting common stock, raising approximately $165 million in gross proceeds [11] - The company paid a quarterly cash dividend of $0.09 per common share and approved another dividend of $0.09 per share payable in November 2024 [12] - The company increased its borrowing capacity to $2.6 billion after transferring additional loan collateral [12] Q&A Session Summary Question: Loan Growth Expectations - The company expects strong loan growth in Q4, driven by organic relationship-driven growth and new hires across various business lines [39][40] - The loan pipeline for Q4 is aligned with previous guidance of 10%+ annualized growth [37] Question: Net Interest Margin (NIM) and Deposit Beta - The company expects NIM to improve to the mid-3.50s in Q4 and between 3.55% and 3.60% in the first half of 2025, driven by new loan production and securities repositioning [41][42] - Deposit beta is expected to be around 40 to 45 basis points in the short term, with international deposits less impacted by rate cuts [46] Question: International Banking Strategy - The company is focusing more on international banking as a key source of funding, with plans to grow both domestic and international AUM [44][48] Question: Expense Growth and Credit Trends - Core expense growth into 2025 is expected to be reallocated towards business growth in Florida, with a normalized charge-off rate of 30 to 40 basis points in 2025 [51][53] Question: Payoffs and Prepayment Penalties - The company has not seen significant payoffs, with prepayment penalties generally applied within the first year of loan contracts [49][50]

Amerant Bancorp Inc. (AMTB) reported $101.8 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 1.3%. EPS of $0.27 for the same period compares to $0.64 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $99.39 million, representing a surprise of +2.43%. The company delivered an EPS surprise of +17.39%, with the consensus EPS estimate being $0.23.While investors scrutinize revenue and earnings changes year-over-year and how they compare ...

Amerant Bancorp Inc. (AMTB) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.23 per share. This compares to earnings of $0.64 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 17.39%. A quarter ago, it was expected that this company would post earnings of $0.35 per share when it actually produced earnings of $0.28, delivering a surprise of -20%.Over the last four quarters, the compa ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Amerant Bancorp Inc. (AMTB) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on October 23, 2024, might help the stock move higher if these key numbers are bett ...

Here are three stocks added to the Zacks Rank #24 (Strong Sell) List today:Amerant Bancorp Inc. (AMTB) is the bank holding company for Amerant Bank. The Zacks Consensus Estimate for its current year earnings has been 13.5% downward over the last 60 days.Avis Budget Group, Inc. (CAR) is a car and truck rental company. The Zacks Consensus Estimate for its current year earnings has been revised 12.7% downward over the last 60 days.Bassett Furniture Industries, Incorporated (BSET) is a home furnishings company. ...

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:Carter Bankshares (CARE) is a bank holding company which offer checking, savings, retirement, money market accounts, longer-term certificates of deposit as well as loans. The Zacks Consensus Estimate for its current year earnings has been revised almost 68.6% downward over the last 60 days.Amerant Bancorp (AMTB) is a bank holding company which provides deposit, credit and wealth management services to individuals and businesses primar ...

Plantation, FL, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Amerant Bank announced today that Sterling Harrell has joined the Bank as EVP, Broward Market President. Harrell brings a wealth of experience and a proven track record in commercial banking and financial management, making him a valuable addition to Amerant Bank in Broward County. He will be based in Amerant's recently opened Planation, FL regional headquarters. Harrell's most recent role was as the Managing Director - Middle Market Florida for TD Bank, whe ...

Here are three stocks added to the Zacks Rank #24 (Strong Sell) List today:Amerant Bancorp Inc. (AMTB) is a bank holding company for Amerant Bank. The Zacks Consensus Estimate for its current year earnings has been nearly 7% downward over the last 60 days.Beazer Homes USA, Inc. (BZH) is a home-builder that constructs single and multi-family homes. The Zacks Consensus Estimate for its current year earnings has been revised 9.5% downward over the last 60 days.CONMED Corporation (CNMD) is a medical technology ...