Amerant Bancorp (US:AMTB)2022-04-28 16:00Financial Performance - Net interest income after the reversal of provision for loan losses was $65,645 thousand for the three months ended March 31, 2022, up from $47,569 thousand in the same period of 2021, representing a year-over-year increase of 37.94%[8] - Net income attributable to Amerant Bancorp Inc. was $15,950 thousand for the three months ended March 31, 2022, compared to $14,459 thousand in the same period of 2021, an increase of 10.3%[8] - Basic earnings per common share increased to $0.46 for the three months ended March 31, 2022, compared to $0.38 in the same period of 2021, a growth of 21.05%[11] - The company reported a comprehensive loss of $23,691 thousand for the three months ended March 31, 2022, compared to a comprehensive income of $2,704 thousand in the same period of 2021[11] - The total liabilities increased to $7,056,440 thousand as of March 31, 2022, from $6,806,526 thousand at December 31, 2021, representing a growth of 3.67%[5] Asset and Equity Changes - Total assets increased to $7,805,836 thousand as of March 31, 2022, compared to $7,638,399 thousand at December 31, 2021, reflecting a growth of 2.19%[5] - Total stockholders' equity decreased to $749,396 thousand as of March 31, 2022, from $831,873 thousand at December 31, 2021, a decline of 9.87%[5] - The company’s retained earnings rose to $565,963 thousand as of March 31, 2022, compared to $553,167 thousand at December 31, 2021, reflecting an increase of 2.00%[5] Deposits and Loans - Total deposits rose to $5,691,701 thousand as of March 31, 2022, compared to $5,630,871 thousand at December 31, 2021, marking an increase of 1.08%[5] - As of March 31, 2022, the company had total loans held for investment of $5.64 billion, an increase from $5.41 billion as of December 31, 2021, representing a growth of approximately 4.2%[77] - The company reported a total of $4.04 billion in real estate loans held for investment as of March 31, 2022, up from $4.01 billion as of December 31, 2021[77] Expenses and Income - Total noninterest expenses increased to $60,818 thousand for the three months ended March 31, 2022, compared to $43,625 thousand in the same period of 2021, reflecting a significant rise of 39.5%[8] - Noninterest income for the three months ended March 31, 2022, was $14,025 thousand, slightly down from $14,163 thousand in the same period of 2021, a decrease of 0.97%[8] Loan Losses and Provisions - The allowance for loan losses decreased to $56,051 thousand as of March 31, 2022, from $69,899 thousand at December 31, 2021, indicating a reduction of 19.8%[5] - The provision for loan losses was $(5,594,000) for Real Estate, $(2,585,000) for Commercial, and $(1,820,000) for Consumer and Others, totaling $(10,000,000)[92] Stock and Shareholder Actions - The Company repurchased Class A common stock amounting to $54,820,000 during the three months ended March 31, 2022[18] - The Company declared a cash dividend of $0.09 per share, amounting to $3.2 million, which was paid on February 28, 2022[163] Cash Flow and Financing Activities - Cash flows from operating activities for the three months ended March 31, 2022, resulted in a net cash used of $12,118,000, compared to a net cash provided of $7,022,000 in the same period of 2021[18] - The company reported a net cash provided by financing activities of $200,292,000 for the three months ended March 31, 2022, compared to a net cash used of $55,432,000 in the same period of 2021[18] Securities and Investments - The total debt securities available for sale amounted to $1,183.1 million as of March 31, 2022, with an estimated fair value of $1,145.8 million[52] - The Company held corporate debt securities with a fair value of $170.0 million as of March 31, 2022, which had total unrealized losses of $6.9 million[61] Tax and Regulatory Matters - The effective combined federal and state tax rates for the three months ended March 31, 2022, was 21.10%, up from 20.15% in 2021[154] - The Company is reviewing new accounting guidance that may impact its consolidated financial statements, effective for fiscal years beginning after December 15, 2022[46]