Amerant Bancorp (AMTB) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $12.0 million, or$ 0.28 per diluted share, down from $16.9 million, or$ 0.40 per diluted share in Q4 2024[1] - Core net income for the same period was $10,153 thousand, down from$ 21,160 thousand in the previous quarter, indicating a decline of 52%[20] - In Q1 2025, the net income attributable to Amerant Bancorp Inc. was $11.958 million, compared to$ 16.881 million in Q4 2024 and a loss of $48.164 million in Q3 2024[25] - Basic earnings per common share decreased to$ 0.28 in Q1 2025 from $0.40 in Q4 2024, a decline of 30%[18] Assets and Deposits - Total assets increased by$ 268.0 million, or 2.7%, to $10.2 billion compared to Q4 2024[2] - Total deposits rose by$ 300.4 million, or 3.8%, to $8.2 billion, with core deposits increasing by$ 372.9 million, or 6.6%, to $6.0 billion[2] - Total assets increased to$ 10,169,688 thousand as of March 31, 2025, compared to $9,901,734 thousand on December 31, 2024, reflecting a growth of 2.7%[18] - Total deposits increased to$ 8,154,978 thousand as of March 31, 2025, compared to $7,854,595 thousand on December 31, 2024, reflecting a growth of 3.8%[18] Non-Performing Assets and Credit Losses - Non-performing assets increased by$ 18.6 million, or 15.2%, to $140.8 million, with non-performing loans rising to$ 123.2 million[3] - The allowance for credit losses increased by $13.3 million, or 15.7%, to$ 98.3 million due to macroeconomic factors[3] - The provision for credit losses increased to $18,446 thousand in Q1 2025, compared to$ 9,910 thousand in Q4 2024, representing an increase of 86%[18] - Non-performing assets as a percentage of total assets rose to 1.38% as of March 31, 2025, up from 1.23% in the previous quarter[19] Revenue and Income Sources - Pre-provision net revenue (PPNR) was $33.9 million, up$ 5.9 million, or 21.3%, from Q4 2024[3] - Total noninterest income for Q1 2025 was $19.525 million, down from$ 23.684 million in Q4 2024[25] - The loan portfolio generated interest income of $121,021,000 for the three months ended March 31, 2025, with a yield of 6.84%[35] Efficiency and Ratios - The efficiency ratio improved to 67.9%, down from 74.9% in Q4 2024[3] - The efficiency ratio improved to 67.87% in Q1 2025, down from 74.91% in Q4 2024, indicating better cost management[19] - The Tier 1 capital ratio was reported at 11.84% as of March 31, 2025, slightly down from 11.95% in the previous quarter[19] - The tangible common equity ratio was 8.69% as of March 31, 2025, slightly down from 8.77% in the previous quarter[27] Stockholder Equity and Dividends - Stockholders' equity increased to$ 906,263,000 as of March 31, 2025, up from $890,467,000 at December 31, 2024, representing a growth of 1.0%[27] - The company declared a cash dividend of$ 0.09 per common share for the last four quarters, maintaining consistency[18] - The Company declared cash dividends of $0.09 per share, resulting in an aggregate payment of$ 3.8 million per quarter[5] Operational Changes - The Company plans to scale back its residential mortgage operations to focus on a Florida-centric business model[4] - As of March 31, 2025, the Company had 77 full-time equivalents (FTEs) for Amerant Mortgage, a decrease from 80 FTEs as of December 31, 2024[11] - The company reported $3.2 million in expenses related to Amerant Mortgage for the three months ended March 31, 2025[54] Share Repurchase and Offerings - The Company repurchased 215,427 shares of Class A common stock at a weighted average price of$ 23.21 per share, totaling approximately $5.0 million[4] - A public offering of 8,684,210 shares of Class A voting common stock was completed at a price of$ 19.00 per share on September 27, 2024[6]