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Core Insights - Amerant Bancorp Inc. reported revenue of $111.32 million for the quarter ended December 2024, reflecting a year-over-year increase of 9.9% and a surprise of +10.73% over the Zacks Consensus Estimate of $100.54 million [1] - The company's EPS for the quarter was $0.50, up from $0.46 in the same quarter last year, resulting in an EPS surprise of +85.19% compared to the consensus estimate of $0.27 [1] Financial Metrics - Net charge-offs as a percentage of average total loans held for investment were 0.3%, significantly lower than the average estimate of 0.9% from three analysts [4] - The efficiency ratio was reported at 74.9%, higher than the average estimate of 68.3% from three analysts [4] - The net interest margin stood at 3.8%, exceeding the average estimate of 3.6% from three analysts [4] - Average balances of total interest-earning assets were $9.30 billion, slightly below the average estimate of $9.35 billion from two analysts [4] - Total non-performing loans amounted to $104.10 million, higher than the average estimate of $83.80 million from two analysts [4] - Total non-performing assets were reported at $122.18 million, compared to the average estimate of $95.88 million from two analysts [4] - Noninterest income reached $23.68 million, surpassing the average estimate of $17.84 million from three analysts [4] - Net interest income was $87.63 million, exceeding the average estimate of $82.70 million from three analysts [4] Stock Performance - Shares of Amerant Bancorp have returned +0.5% over the past month, while the Zacks S&P 500 composite has changed by +2.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - Amerant Bancorp Inc. reported quarterly earnings of $0.50 per share, exceeding the Zacks Consensus Estimate of $0.27 per share, and showing an increase from $0.46 per share a year ago, resulting in an earnings surprise of 85.19% [1] - The company achieved revenues of $111.32 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 10.73% and increasing from $101.29 million year-over-year [2] - The stock has underperformed the market with a gain of about 1.4% since the beginning of the year, compared to the S&P 500's gain of 2.9% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.38 on revenues of $100.59 million, and for the current fiscal year, it is $2.06 on revenues of $424.58 million [7] - The estimate revisions trend for Amerant Bancorp is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Banks - Southeast industry, to which Amerant Bancorp belongs, is currently in the top 24% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - Net income attributable to the company was $16.9 million in Q4 2024, compared to a net loss of $48.2 million in Q3 2024[1] - Full-year 2024 net loss attributable to the company was $15.8 million, compared to net income of $32.5 million in 2023[1] - Net income attributable to Amerant Bancorp Inc. for 2024 was a loss of $15,752 thousand, compared to a profit of $32,490 thousand in 2023[22] - Net income attributable to Amerant Bancorp Inc. for Q4 2024 was $16.881 million, a significant improvement from a loss of $48.164 million in Q3 2024[30] - Net income attributable to Amerant Bancorp Inc. for Q4 2024 was $16.881 million, compared to a loss of $48.164 million in Q3 2024[32] - Core net income for Q4 2024 was $21.160 million, up from $9.249 million in Q3 2024[32] - Basic earnings per share for Q4 2024 was $0.40, compared to a loss of $1.43 in Q3 2024[32] - Core basic earnings per share for Q4 2024 was $0.50, up from $0.27 in Q3 2024[32] - Core ROA for Q4 2024 was 0.83%, compared to 0.37% in Q3 2024[32] - Core ROE for Q4 2024 was 9.25%, up from 4.80% in Q3 2024[32] - Efficiency ratio for Q4 2024 was 74.91%, compared to 228.74% in Q3 2024[32] - Core efficiency ratio for Q4 2024 was 64.71%, down from 69.29% in Q3 2024[32] - Total after-tax non-routine items in noninterest expense for Q4 2024 was $11.739 million, up from $4.340 million in Q3 2024[32] - Total after-tax non-routine items in noninterest income for Q4 2024 was a loss of $7.460 million, compared to a gain of $53.073 million in Q3 2024[32] - The company recorded a pre-tax net loss of $68.5 million in Q3 2024 due to an investment portfolio repositioning, with an additional $8.1 million loss in Q4 2024[35] - Securities losses in 2024 amounted to $76.86 million, primarily due to investment portfolio repositioning[55] Net Interest Income and Margin - Net interest income increased by 8% to $87.6 million in Q4 2024, while provision for credit losses declined by 48% to $9.9 million[2] - Net Interest Margin (NIM) improved to 3.75% in Q4 2024, up from 3.49% in Q3 2024[5] - Net interest margin (NIM) for Q4 2024 increased to 3.75%, up from 3.49% in Q3 2024[24] - Net interest income for the year ended December 31, 2024, was $325,957 thousand, slightly down from $326,464 thousand in 2023[22] - Net interest income grew to $87.63 million in Q4 2024, compared to $81.68 million in Q4 2023[46] - Net interest margin improved to 3.75% in Q4 2024, up from 3.72% in Q4 2023[46] - Net interest income slightly decreased to $325.96 million in 2024 from $326.46 million in 2023[49] - Net interest margin decreased to 3.58% in 2024 from 3.76% in 2023[49] Assets and Loans - Total assets decreased by 4.40% to $9.9 billion in Q4 2024, primarily due to the sale of the Houston Franchise[4] - Total gross loans decreased by 3.90% to $7.27 billion in Q4 2024, while total deposits decreased by 3.17% to $7.9 billion[4] - Total assets increased to $9,897,691 thousand as of December 31, 2024, compared to $9,716,327 thousand in December 2023[22] - Total deposits decreased to $7,854,069 thousand as of December 31, 2024, from $7,894,863 thousand in December 2023[22] - Core deposits stood at $5,619,624 thousand as of December 31, 2024, compared to $5,597,766 thousand in December 2023[22] - Total assets increased to $9,897.69 million as of December 31, 2024, compared to $9,716.33 million in 2023[34] - Total assets reached $10.09 billion in Q4 2024, up from $9.51 billion in Q4 2023[45] - Total assets decreased to $9,897.69 million as of December 31, 2024, compared to $10,353.13 million in September 2024, reflecting a 4.4% decline[68] - Loans held for investment increased to $7,224.37 million in December 2024, up from $6,964.17 million in September 2024, a 3.7% growth[68] - Commercial real estate loans (non-owner occupied) decreased slightly to $1,678.47 million in December 2024 from $1,688.31 million in September 2024[70] - Consumer loans and overdrafts decreased to $273.01 million in December 2024 from $278.39 million in September 2024, a 1.9% decline[70] - Loans held for sale at the lower of fair value or cost were $553.94 million in September 2024, but dropped to $0 in December 2024 due to the sale of the Houston franchise[73] - Mortgage loans held for sale at fair value increased to $42.91 million in December 2024 from $43.85 million in September 2024[73] - Total deposits decreased to $7,854.07 million in December 2024 from $8,110.94 million in September 2024, a 3.2% decline[68] - Advances from the Federal Home Loan Bank decreased to $745.00 million in December 2024 from $915.00 million in September 2024, an 18.6% reduction[68] - Retained earnings increased to $582.23 million in December 2024 from $569.13 million in September 2024, a 2.3% growth[68] - Accumulated other comprehensive loss worsened to $(39.81) million in December 2024 from $(12.96) million in September 2024[68] - Total Non-Accrual Loans increased to $100,022 thousand in December 2024 from $28,276 thousand in December 2023, showing a significant rise in non-performing loans[75] - Total Past Due Accruing Loans decreased to $4,079 thousand in December 2024 from $6,124 thousand in December 2023, indicating a reduction in overdue loans[75] - Total Non-Performing Assets stood at $122,175 thousand in December 2024, down from $129,438 thousand in September 2024[77] - Domestic deposits decreased to $5,277,763 thousand in December 2024 from $5,553,336 thousand in September 2024, reflecting a decline in domestic deposit base[82] - Foreign deposits, particularly from Venezuela, remained stable at $1,889,331 thousand in December 2024, compared to $1,887,282 thousand in September 2024[82] - Total deposits decreased to $7,854,069 thousand in December 2024 from $8,110,944 thousand in September 2024, showing a contraction in overall deposit base[82] - Commercial loans categorized as Substandard Doubtful increased to $66,605 thousand in December 2024 from $69,429 thousand in September 2024, indicating a slight improvement in credit quality[79] - Owner-occupied real estate loans in the Substandard Doubtful category increased to $24,097 thousand in December 2024 from $29,310 thousand in September 2024, showing a reduction in riskier loans[79] - Total loans categorized as Special Mention and Substandard Doubtful decreased to $131,105 thousand in December 2024 from $190,618 thousand in September 2024, reflecting an overall improvement in loan quality[79] - The company did not have any loans categorized as "Loss" as of December 2024, indicating no write-offs during the period[79] Credit Losses and Provisions - Provision for credit losses on loans in Q4 2024 was $9.7 million, compared to $17.9 million in Q3 2024, $17.7 million in Q2 2024, and $12.4 million in Q1 2024[27] - Provision for unfunded commitments (contingencies) in Q4 2024 was $0.2 million, compared to $1.1 million in Q3 2024 and $1.5 million in Q2 2024[27] - The Provision for Loan Losses for the year ended December 31, 2024, was $60.5 million, slightly lower than $61.3 million in 2023[27] - Allowance for credit losses increased to $84,963 thousand as of December 31, 2024, from $79,890 thousand in September 2024[22] - Allowance for credit losses to total non-performing loans decreased to 81.62% in Q4 2024, down from 93.51% in Q2 2024[24] Noninterest Income and Expenses - Noninterest income for 2024 was $9,909 thousand, a significant drop from $87,496 thousand in 2023[22] - Total noninterest income for Q4 2024 was $23.684 million, compared to a loss of $47.683 million in Q3 2024[30] - Core noninterest income for Q4 2024 was $17.820 million, slightly lower than $20.801 million in Q3 2024[30] - Core noninterest expenses for Q4 2024 were $68.238 million, down from $70.536 million in Q3 2024[30] - Total noninterest income for 2024 was $9.91 million, a significant drop from $87.5 million in 2023[54] - Gain on sale of Houston Franchise contributed $12.64 million to noninterest income in 2024[54] - Mortgage banking income for Q4 2024 was $1.1 million, compared to $2.8 million in Q3 2024 and $0.6 million in Q4 2023[56] - Total noninterest expense for Q4 2024 was $83.4 million, a 9.4% increase from Q3 2024 ($76.2 million) and a 24% decrease from Q4 2023 ($109.7 million)[59] - Salaries and employee benefits accounted for 42.3% of total noninterest expense in Q4 2024, totaling $35.3 million[59] - Losses on loans held for sale were $12.6 million in Q4 2024, compared to $37.5 million in Q4 2023, representing a 66.4% decrease[59] - Professional and other services fees increased to $14.3 million in Q4 2024, up 4.4% from Q3 2024 and 0.8% from Q4 2023[59] - The company incurred $1.4 million in expenses related to the Houston Transaction in Q4 2024[60] - Fixed assets impairment charge of $3.4 million was recorded in 2024 in connection with the Houston Transaction[61] - Legal expenses related to the Houston Transaction totaled $0.1 million in Q4 2024 and $0.4 million for the full year 2024[62] - Broker fees associated with the Houston Transaction were $1.0 million in Q4 2024 and $1.3 million for the full year 2024[66] - Amerant Mortgage-related expenses were $3.7 million in Q4 2024, compared to $3.5 million in Q4 2023[66] Dividends and Shareholder Equity - The company declared a cash dividend of $0.09 per share, payable on February 28, 2025[7] - Cash dividend declared per common share remained steady at $0.36 for both 2024 and 2023[22] - The company declared cash dividends of $0.09 per share in Q4 2024, totaling $3.8 million, compared to $3.0 million per quarter in previous periods[27] - Tangible common stockholders' equity rose to $866.15 million in December 2024, up from $711.04 million in December 2023[34] - Tangible common equity ratio improved to 8.77% in December 2024 from 7.34% in December 2023[34] - Stockholders' equity increased to $910.16 million in Q4 2024, compared to $736.62 million in Q4 2023[46] Non-GAAP Measures and Forward-Looking Statements - The company uses non-GAAP financial measures such as "pre-provision net revenue (PPNR)", "core pre-provision net revenue (Core PPNR)", and "core earnings per share" to evaluate performance and provide supplemental information to investors[17][18] - Non-GAAP measures are used to account for restructuring activities, non-core banking activities, and other non-routine actions aimed at improving customer service and operating performance[18] - The company's unaudited financial information for interim periods may not reflect the full fiscal year results or financial condition[16] - Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from projected outcomes[14] - The company's forward-looking statements are qualified by cautionary notices and risk factors detailed in SEC filings[14][15] Loan Portfolio and Yield - Loan portfolio net income increased to $128.91 million with a yield of 7.00% in Q4 2024, compared to $127.09 million and 7.09% yield in Q4 2023[45] - Debt securities available for sale income rose to $16.07 million with a yield of 4.75% in Q4 2024, up from $11.60 million and 4.34% yield in Q4 2023[45] - Total interest-earning assets reached $9.30 billion with a yield of 6.54% in Q4 2024, compared to $8.72 billion and 6.62% yield in Q4 2023[45] - Loan portfolio net income increased to $505.5 million in 2024 from $475.4 million in 2023, with a yield rise from 6.78% to 7.06%[49] - Total interest-earning assets grew to $9.1 billion in 2024, up from $8.68 billion in 2023, with a yield increase from 6.32% to 6.54%[49] - Non-performing loans averaged $101.0 million in Q4 2024, up from $35.1 million in Q4 2023[51] - Average non-performing loans to total loans ratio increased to 1.03% in 2024 from 0.48% in 2023[49] Restructuring and Non-Routine Items - Restructuring of the BOLI program in Q4 2023 resulted in $4.6 million in additional expenses, including a $0.7 million reduction in cash surrender value and $2.8 million in income tax expense[36] - Nonrecurrent expenses related to the engagement of FIS totaled $1.6 million in Q4 2023 and $6.4 million for the full year 2023[39] - The company incurred $12.6 million in losses on the sale of a portfolio of 323 business-purpose residential mortgage loans in 2024[43] - Fair value adjustments of $35.5 million were recorded in 2023 for Houston-based CRE loans held for sale[43] - Income tax effect on nonroutine items was calculated using estimated tax rates of 27.14% and 22.50% for 2024[43] - Other intangible assets primarily consist of naming rights and mortgage servicing rights, totaling $2.0 million and $1.5 million, respectively, as of December 31, 2024[43] Capital and Liquidity - Total capital ratio increased to 13.43% in Q4 2024, up from 12.72% in Q3 2024[24] - Excess of average interest-earning assets over average interest-bearing liabilities grew to $1.93 billion in Q4 2024, up from $1.69 billion in Q4 2023[46] - The company completed a public offering of 8,684,210 shares of Class A common stock at $19.00 per share on September 27, 2024[27]

Core Viewpoint - Amerant Bancorp Inc. (AMTB) is expected to report a quarterly earnings per share (EPS) of $0.27, indicating a 41.3% decline year-over-year, with revenues projected at $100.54 million, a decrease of 0.7% compared to the previous year [1] Earnings Estimates - The consensus EPS estimate has been revised upward by 2.7% over the past 30 days, indicating analysts have reassessed their projections [2] - Revisions to earnings estimates are significant indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock price performance [3] Key Metrics Forecast - Analysts predict the 'Efficiency Ratio' will reach 68.3%, a significant improvement from 108.3% a year ago [5] - The 'Net Interest Margin' is expected to be 3.6%, slightly down from 3.7% reported in the same quarter last year [5] - 'Average Balances - Total Interest-Earning Assets' are forecasted to be $9.35 billion, up from $8.72 billion in the same quarter last year [6] - 'Total Non-Performing Loans' are expected to be $83.80 million, compared to $34.40 million reported in the same quarter last year [6] - 'Total Non-Performing Assets' are projected at $95.88 million, up from $54.58 million in the same quarter last year [7] - 'Noninterest Income' is estimated at $17.84 million, down from $19.61 million reported in the same quarter last year [7] - 'Net Interest Income' is forecasted to reach $82.70 million, compared to $81.68 million in the same quarter last year [8] Stock Performance - Amerant Bancorp shares have experienced a -0.5% change over the past month, compared to a -0.4% change in the Zacks S&P 500 composite [8] - The company holds a Zacks Rank 3 (Hold), indicating it is expected to closely follow overall market performance in the near term [8]

Core Viewpoint - Amerant Bancorp Inc. (AMTB) is anticipated to report a year-over-year decline in earnings due to lower revenues, with the actual results being a significant factor that could influence its near-term stock price [1][2]. Earnings Expectations - The upcoming earnings report is scheduled for January 22, 2025, with a consensus estimate of $0.27 per share, reflecting a year-over-year decrease of 41.3%. Revenues are projected to be $100.54 million, down 0.7% from the previous year [3][2]. Estimate Revisions - Over the last 30 days, the consensus EPS estimate has been revised 2.7% higher, indicating a reassessment by analysts [4]. However, the Most Accurate Estimate matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [10][11]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive or negative reading indicates the potential deviation of actual earnings from the consensus estimate, with a strong predictor of an earnings beat being a positive Earnings ESP combined with a favorable Zacks Rank [6][8]. Historical Performance - In the last reported quarter, Amerant Bancorp exceeded the expected earnings of $0.23 per share, achieving $0.27, which was a surprise of +17.39%. However, the company has only beaten consensus EPS estimates once in the last four quarters [12][13]. Industry Comparison - In contrast, Pinnacle Financial (PNFP), another player in the Zacks Banks - Southeast industry, is expected to report earnings of $1.80 per share, indicating a year-over-year increase of 7.1%, with revenues expected to rise by 16.9% to $463.47 million [17][18].

MIAMI, FL, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Amerant Bank, Florida’s bank of choice with a growing presence throughout the state, announced an exciting new partnership with Sedano’s Supermarkets, one of Florida's leading supermarket chains serving Hispanic communities. Starting the first week of December, the reusable bags created by Alexis Dominguez, an Amerant Bank team member, will be distributed at all Sedano’s and Fresco y Más locations throughout Miami-Dade, Broward, and Tampa. Proceeds from this init ...

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 ...