Amerant Bancorp Inc. (AMTB) came out with quarterly earnings of $0.28 per share, missing the Zacks Consensus Estimate of $0.35 per share. This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -20%. A quarter ago, it was expected that this company would post earnings of $0.36 per share when it actually produced earnings of $0.32, delivering a surprise of -11.11%.Over the last four quarters, the comp ...

Financial Performance - Net income attributable to the Company for Q2 2024 was $5.0 million, or $0.15 per diluted share, down from $10.6 million, or $0.31 per diluted share in Q1 2024[1]. - Non-interest income rose to $19.4 million, an increase of $4.9 million, or 34.0%, from $14.5 million in Q1 2024[5]. - Net income attributable to Amerant Bancorp Inc. was $4,963,000 for June 30, 2024, down from $10,568,000 in March 31, 2024[20]. - Core net income for June 30, 2024, was $9,307,000, down from $10,730,000 in the previous quarter[22]. - Basic earnings per common share decreased to $0.15 for June 30, 2024, compared to $0.32 for March 31, 2024[20]. Loan and Deposit Trends - Total gross loans increased to $7.32 billion, up $316.5 million, or 4.5%, compared to $7.01 billion in Q1 2024[3]. - Total deposits decreased to $7.82 billion, down $62.2 million, or 0.8%, compared to $7.88 billion in Q1 2024[3]. - Total deposits as of June 30, 2024, amounted to $7,816,011, a decrease from $7,878,243 on March 31, 2024[55]. - Non-interest bearing demand deposits increased to $1,465,140 thousand as of June 30, 2024, up from $1,397,331 thousand in March 31, 2024, reflecting a growth of about 4.9%[42]. Credit Quality and Loss Provisions - Provision for credit losses was $19.2 million, up $6.8 million, or 54.4%, compared to $12.4 million in Q1 2024[5]. - Total non-performing assets increased to $121.1 million, up $70.6 million, or 139.9%, compared to $50.5 million in Q1 2024[4]. - The allowance for credit losses was $94,400 thousand as of June 30, 2024, compared to $96,050 thousand in March 31, 2024, indicating a reduction of approximately 1.7%[42]. - Non-accrual loans totaled $97.05 million as of June 30, 2024, significantly up from $28.24 million in the previous quarter, marking a 243.5% increase[51]. Efficiency and Ratios - The efficiency ratio was 74.2%, compared to 72.0% in Q1 2024[5]. - The net interest margin (NIM) improved to 3.56% for June 30, 2024, from 3.51% in March 31, 2024[21]. - The total capital ratio decreased to 12.00% for June 30, 2024, from 12.49% in March 31, 2024[21]. - The efficiency ratio worsened to 74.21% for June 30, 2024, compared to 72.03% in March 31, 2024[21]. Asset Management - Assets Under Management and custody totaled $2.45 billion, up $94.2 million, or 4.0%, from $2.36 billion in Q1 2024[4]. - Total assets decreased to $9,747,738,000 as of June 30, 2024, from $9,817,772,000 on March 31, 2024[26]. - Stockholders' equity as of June 30, 2024, is $734,342,000, a slight decrease from $738,085,000 on March 31, 2024[26]. Shareholder Returns - The Company's Board of Directors declared a cash dividend of $0.09 per share of common stock[5]. - Cash dividends declared were $0.09 per share, with an aggregate payment of $3.0 million per quarter[22]. - The company repurchased 200,652 shares of Class A common stock at an average price of $22.17 per share, totaling approximately $4.4 million in the second quarter of 2024[22]. Strategic Initiatives - The company continues to focus on market expansion and new product development as part of its strategic initiatives[57]. - The company completed a restructuring of its bank-owned life insurance program in the fourth quarter of 2023, incurring additional expenses of $4.6 million[27].

Wall Street expects a year-over-year increase in earnings on lower revenues when Amerant Bancorp Inc. (AMTB) reports results for the quarter ended June 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 stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 2 ...

TAMPA, Fl, July 16, 2024 (GLOBE NEWSWIRE) -- Amerant Bank, Florida's bank of choice with a growing presence across the Greater Tampa area, today announced a multi-year strategic partnership with the Tampa Bay Rays making Amerant Bank the "Official Bank" of the team. This is the fourth major sports franchise that has partnered with Amerant – the Florida Panthers, the Miami Heat, the Miami Marlins, and now the Rays. Amerant Bank is headquartered in Coral Gables and has served the South Florida community for o ...

PALM BEACH, Fl, July 01, 2024 (GLOBE NEWSWIRE) -- Amerant Bank, Florida's bank of choice with a growing presence across South Florida, has named Jesse Flowers as EVP, Palm Beach Market President. Flowers, an integral part of the financial services industry in the Palm Beach market, brings over two decades of experience in banking, specializing in servicing clients seeking a true and authentic relationship with their bank. "We are excited to welcome Jesse as Amerant's new market president for Palm Beach Coun ...

PALM BEACH, Fl, July 01, 2024 (GLOBE NEWSWIRE) -- Amerant Bank, Florida’s bank of choice with a growing presence across South Florida, has named Jesse Flowers as EVP, Palm Beach Market President. Flowers, an integral part of the financial services industry in the Palm Beach market, brings over two decades of experience in banking, specializing in servicing clients seeking a true and authentic relationship with their bank. “We are excited to welcome Jesse as Amerant’s new market president for Palm Beach Coun ...

Core Insights - Amerant Bank has appointed Mike Nursey as EVP, Central Florida Market President to enhance its growth strategy in the Greater Tampa area and Central Florida [1][2] - Nursey brings over two decades of experience in building client relationships and driving growth for various companies, making him a suitable leader for Amerant Bank's strategic goals [2] - The bank's new regional headquarters and banking center in Tampa are part of its commitment to serve key markets in Central and South Florida [3][4] Company Overview - Amerant Bank is the largest community bank headquartered in Florida and a subsidiary of Amerant Bancorp Inc., with a presence in South Florida, Tampa, and Houston [5] - The bank has been operational for over 40 years and supports numerous non-profit and community organizations [5] - Amerant Bank was recognized as a Most Loved Workplace® in 2022 and 2023 by Best Practice Institute [5] Leadership and Community Engagement - Mike Nursey has previously served as North Florida Market President and Managing Director for Middle Market Florida at TD Bank, focusing on client acquisition and growth capital for companies with revenues between $20 million and $1 billion [2] - Nursey is actively involved in community service, serving on the Board of Directors for Special Olympics Florida and the American Cancer Society-Tampa Bay, aligning with Amerant Bank's values [3]

TAMPA, Fl, June 17, 2024 (GLOBE NEWSWIRE) -- Amerant Bank, Florida’s bank of choice with a growing presence across the Greater Tampa area, has named industry veteran, Mike Nursey, as EVP, Central Florida Market President. Nursey will be responsible for the strategic execution of Amerant Bank’s growth strategy in Hillsborough, Pinellas counties as well as other key markets throughout Central Florida. “We are delighted to welcome Mike to the Amerant Bank team. His expertise in leading high-performing teams a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-38534 Amerant Bancorp Inc. (Exact name of registrant as specified in its charter) Florida 65-0032379 (Sta ...

Financial Data and Key Metrics Changes - Diluted income per share for Q1 2024 was $0.31, an improvement over the prior quarter due to the impact of non-routine items in Q4 [10] - Net interest margin decreased to 3.51% in Q1 from 3.72% in Q4, influenced by the timing of the Houston multifamily portfolio sale and repayment of institutional deposits [10][12] - Total assets reached a record high of $9.82 billion, slightly up from $9.72 billion in the prior period [11] - Total deposits decreased slightly by $16.6 million to $7.88 billion compared to $7.89 billion in Q4 [11] - Total gross loans decreased by $258.5 million to $7 billion, down from $7.26 billion in Q4 [11] Business Line Data and Key Metrics Changes - Total loans decreased by $258.5 million due to the sale of a $401 million multifamily loan portfolio in Houston, but there was strong organic loan growth of $142.5 million [7] - Organic deposit growth was $331.8 million during Q1, offsetting planned reductions in institutional and broker deposits [7] - Noninterest income was $14.5 million, down $5.1 million from $19.6 million in Q4, primarily due to the absence of gains on early extinguishment of FHLB advances [35] - Noninterest expense was $66.6 million, down $43.1 million from $109.7 million in Q4, driven by the absence of non-routine items [36] Market Data and Key Metrics Changes - Domestic deposits accounted for 67% of total deposits, totaling $5.3 billion, down 2.6% compared to the prior quarter [14] - International deposits, which account for 33% of total deposits, totaled $2.6 billion, up 5.1% compared to the previous quarter [14] - The loan-to-deposit ratio temporarily decreased to 88.9% due to the Houston loan sale, expected to migrate closer to the target of 95% as loan demand increases [13] Company Strategy and Development Direction - The company is focusing on growing its Florida franchise and has exited the Houston market with the sale of its franchise there [5] - Plans include opening new banking centers in Greater Tampa and Miami, and enhancing visibility through partnerships [39] - The company aims to maintain a CET1 ratio around 10% and is considering capital deployment strategies including buybacks and growth funding [44] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in organic growth and expects loan production to increase as new hires begin contributing [46] - The company anticipates stable net interest margins in the upcoming quarters, with expectations of higher yielding loan production [32] - Management is monitoring credit quality closely, with expectations for charge-offs to decrease moving forward [50] Other Important Information - The allowance for credit losses at the end of Q1 was $96.1 million, an increase of 0.6% from the previous quarter [24] - The company opened new regional headquarters and banking centers in Florida to support growth efforts [8][9] Q&A Session Summary Question: Can you provide more details on the special mention loans and the covenant breaches? - Management indicated that some downgrades were related to financial metrics and leverage, but overall, they are not seeing pervasive issues [42] Question: How will the capital from the Houston sale be deployed? - Management plans to maintain a CET1 ratio around 10% and will consider buybacks and growth funding as part of capital deployment [44] Question: What are the expectations for loan growth moving forward? - Management expects loan growth to pick up throughout the year, with a target of 15% annualized growth [46] Question: Can you clarify the charge-offs related to the consumer book? - Charge-offs included $8.6 million related to indirect consumer loans, with expectations for lower future charge-offs [50] Question: What is the expected impact on margins from the Houston exit? - Management anticipates some improvement in net interest margin post-transaction, despite temporary losses in interest income [54]