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 ...

FORT LAUDERDALE, FL, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Amerant Bank, Florida’s bank of choice with a growing presence across South Florida, today announced a strategic partnership becoming the Official Bank of Fort Lauderdale United FC (FTL UTD) – the regions only professional women’s soccer team, that will participate in the USL Super League’s inaugural season beginning this month. “At Amerant Bank, we believe in the power of community and the importance of supporting initiatives that drive equality and op ...

Total Assets and Liabilities - Total assets increased to $9.747 billion as of June 30, 2024, compared to $9.716 billion at the end of 2023[6] - Loans held for investment decreased to $6.711 billion from $6.873 billion year-over-year[6] - Total deposits slightly decreased to $7.816 billion from $7.895 billion[6] - Advances from the Federal Home Loan Bank increased to $765 million from $645 million[6] - Securities portfolio increased to $1.548 billion from $1.497 billion[6] - Loans held for sale increased significantly to $551.8 million from $365.2 million[6] - Cash and cash equivalents decreased to $310.3 million from $321.9 million[6] - Operating lease right-of-use assets decreased to $100.6 million from $118.5 million[6] - Total stockholders' equity increased from $736.068 million at December 31, 2023, to $738.085 million at March 31, 2024, and then slightly decreased to $734.342 million at June 30, 2024[15] - Total stockholders' equity before noncontrolling interest was $731.390 million at March 31, 2023, and $723.552 million at June 30, 2023[19] Earnings and Income - Total interest income for Q2 2024 increased to $146.4 million, up from $138.5 million in Q2 2023[9] - Net interest income for Q2 2024 decreased to $79.4 million, down from $83.9 million in Q2 2023[9] - Provision for credit losses for Q2 2024 decreased to $19.2 million, down from $29.1 million in Q2 2023[9] - Noninterest income for Q2 2024 decreased to $19.4 million, down from $26.6 million in Q2 2023[9] - Net income attributable to Amerant Bancorp Inc. for Q2 2024 decreased to $4.96 million, down from $7.31 million in Q2 2023[9] - Basic earnings per common share for Q2 2024 decreased to $0.15, down from $0.22 in Q2 2023[12] - Total interest income for the first six months of 2024 increased to $291.0 million, up from $263.6 million in the same period of 2023[9] - Net interest income for the first six months of 2024 decreased to $157.3 million, down from $166.2 million in the same period of 2023[9] - Net income attributable to Amerant Bancorp Inc. for the first six months of 2024 decreased to $15.5 million, down from $27.5 million in the same period of 2023[9] - Basic earnings per common share for the first six months of 2024 decreased to $0.46, down from $0.82 in the same period of 2023[12] - Net income attributable to Amerant Bancorp Inc. was $10.568 million for the period ending March 31, 2024, and $4.963 million for the period ending June 30, 2024[15] - Net income before attribution of noncontrolling interest decreased to $15.531 million in the first half of 2024 from $26.988 million in the same period of 2023[22] Dividends and Stock Repurchases - Dividends paid were $3.011 million for the period ending March 31, 2024, and $3.023 million for the period ending June 30, 2024[15] - Repurchase of Class A common stock amounted to $4.448 million for the period ending June 30, 2024[15] - Stock-based compensation expense was $1.635 million for the period ending March 31, 2024, and $1.404 million for the period ending June 30, 2024[15] - Shares outstanding for Class A common stock increased from 33,603,242 at December 31, 2023, to 33,709,395 at March 31, 2024, and then decreased to 33,562,756 at June 30, 2024[15] - The company repurchased 200,652 shares of Class A common stock at a weighted average price of $22.17 per share, totaling $4.4 million, in the three and six months ended June 30, 2024[39] - The company declared and paid dividends of $0.09 per share, totaling $3.0 million, in both the three and six months ended June 30, 2024 and 2023[44] Credit Losses and Allowances - Provision for credit losses decreased to $31.550 million in the first half of 2024 from $40.777 million in the same period of 2023[22] - The Allowance for Credit Losses (ACL) for loans as of June 30, 2024, was $94,400 thousand, with a provision for credit losses of $17,650 thousand for the three months ended June 30, 2024[108] - The ACL (Allowance for Credit Losses) decreased by $1.1 million, or 1.2%, at June 30, 2024, compared to December 31, 2023[113] - The ACL as a percentage of total loans held for investment was 1.41% at June 30, 2024, compared to 1.39% at December 31, 2023[113] - In the second quarter of 2024, the provision for credit losses on loans included $12.8 million to cover charge-offs and $12.7 million in new specific reserves for non-performing loans[113] - The provision for credit losses on loans in the first half of 2024 included $24.5 million to cover charge-offs and $12.7 million in new specific reserves for non-performing loans[114] - The allowance for credit losses for off-balance sheet exposures increased to $4,602 thousand as of June 30, 2024, up from $2,002 thousand in the same period in 2023[188] Loans and Loan Portfolio - Total loans held for investment, gross, were $6.711 billion as of June 30, 2024 and $6.873 billion as of December 31, 2023[88] - Loans with outstanding principal balances of $2.5 billion were pledged as collateral to secure advances from the FHLB as of June 30, 2024 and December 31, 2023[89] - International loans totaled $43.8 million as of June 30, 2024 and $87.6 million as of December 31, 2023[89] - Total past due loans were $65.337 million as of June 30, 2024, with $25.272 million greater than 90 days past due[93] - Total real estate loans as of December 31, 2023, amounted to $6,873,493 thousand, with $67,328 thousand past due[94] - Nonaccrual loans as of June 30, 2024, totaled $97,050 thousand, with $3,902 thousand past due over 90 days and still accruing[98] - Loans held for sale as of June 30, 2024, were $611,950 thousand, compared to $391,419 thousand as of December 31, 2023[103] - Commercial real estate loans held for investment were $1.9 billion in Florida, $215 million in Houston, $221 million in New York, and $47 million in other regions as of June 30, 2024[104] - Accrued interest receivable on total loans was $36.4 million as of June 30, 2024, down from $44.2 million as of December 31, 2023[105] - Net proceeds from sales of loans held for investment totaled $4.681 million in the three months ended June 30, 2024, compared to $4.462 million in the same period in 2023[115] - Net proceeds from sales of loans held for investment totaled $67.396 million in the six months ended June 30, 2024, compared to $14.462 million in the same period in 2023[115] - The Company had no new loan modifications to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 and 2023[117] - The Company's internal risk rating system categorizes loans into five master risk categories, with ratings updated continuously based on credit quality[118] - Loans classified as "Nonclassified" are considered of sufficient quality, while "Classified" loans indicate potential credit weaknesses[122][123] - Loans classified as "Substandard" and "Doubtful" have significant credit weaknesses, with the latter having a high probability of loss[124][125] - Commercial real estate loans classified as "Pass" increased to $214.64 million in 2024 from $145.70 million in 2023, representing a 47.3% growth[130] - Multi-family residential loans classified as "Pass" rose to $10.47 million in 2024 from $1.85 million in 2023, a significant 466.2% increase[130] - Land development and construction loans classified as "Pass" decreased to $50.87 million in 2024 from $96.59 million in 2023, a 47.3% decline[130] - Single-family residential loans classified as "Pass" dropped to $161.01 million in 2024 from $338.80 million in 2023, a 52.5% decrease[130] - Owner-occupied loans classified as "Pass" fell to $93.64 million in 2024 from $180.14 million in 2023, a 48.0% reduction[130] - Total nonowner-occupied real estate loans reached $1.68 billion in 2024, with $214.64 million classified as "Pass"[130] - Total multi-family residential loans amounted to $359.26 million in 2024, with $10.47 million classified as "Pass"[130] - Total land development and construction loans stood at $343.47 million in 2024, with $50.87 million classified as "Pass"[130] - Total single-family residential loans were $1.45 billion in 2024, with $161.01 million classified as "Pass"[130] - Total owner-occupied loans reached $981.41 million in 2024, with $93.64 million classified as "Pass"[130] - Total commercial loans increased to $1,521,533 thousand in 2024, up from $1,428,027 thousand in 2023, reflecting a growth of 6.5%[133] - Loans to financial institutions and acceptances totaled $48,287 thousand in 2024, with $33,714 thousand classified as "Pass" under nonclassified credit risk rating[133] - Consumer loans and overdrafts reached $296,350 thousand in 2024, a decrease from $130,264 thousand in 2022, indicating a significant shift in portfolio composition[133] - Total loans held for investment, gross, amounted to $6,710,961 thousand in 2024, showing a steady increase from $1,139,469 thousand in 2021[133] - Special mention loans in commercial loans decreased to $25,671 thousand in 2024 from $13,696 thousand in 2022, reflecting improved credit quality[133] - Substandard loans in commercial loans rose to $67,835 thousand in 2024, up from $7,962 thousand in 2022, indicating higher credit risk exposure[133] - Revolving loans under amortized cost basis totaled $1,273,422 thousand in 2024, contributing significantly to the overall loan portfolio[133] - Non-real estate loans, including commercial and consumer loans, dominated the portfolio with a combined total of $1,817,883 thousand in 2024[133] - Total non-real estate loans for 2023 amounted to $1,503,187 thousand, with commercial loans making up $1,449,955 thousand of that total[138] - Pass-rated commercial loans increased to $414,882 thousand in 2023, up from $280,911 thousand in 2022[138] - Total single-family residential loans reached $1,466,608 thousand, with pass-rated loans accounting for $410,185 thousand in 2023[135] - Owner-occupied real estate loans totaled $1,175,331 thousand, with pass-rated loans at $221,137 thousand in 2023[135] - Multi-family residential loans stood at $407,214 thousand, with pass-rated loans at $1,860 thousand in 2023[135] - Land development and construction loans amounted to $300,378 thousand, with pass-rated loans at $71,157 thousand in 2023[135] - Special mention loans in the commercial category increased to $30,261 thousand in 2023, up from $28,205 thousand in 2022[138] - Substandard loans in the commercial category totaled $22,971 thousand in 2023, compared to $19,248 thousand in 2022[138] - Loans to financial institutions and acceptances remained stable at $13,375 thousand in 2023[138] - Total real estate loans, including nonowner-occupied, multi-family, and single-family, reached $1,616,200 thousand in 2023[135] - Total consumer loans and overdrafts amount to $391.2 million, with nonclassified loans making up $391.16 million and substandard loans at $41,000[139] - Total loans held for investment, gross, stand at $6.87 billion[139] - Quarter-to-date gross charge-offs for consumer loans and overdrafts total $6.76 million, with $4.59 million from 2022 and $1.45 million from 2021[141] - Year-to-date gross charge-offs for consumer loans and overdrafts reach $16.95 million, with $11.42 million from 2022 and $3.93 million from 2021[142] - Quarter-to-date gross charge-offs for commercial loans amount to $13.45 million, with $12.44 million from 2022 and $189,000 from 2021[141] - Year-to-date gross charge-offs for commercial loans total $15.88 million, with $14.28 million from 2022 and $237,000 from 2021[142] - Total quarter-to-date gross charge-offs across all loan categories are $20.21 million[141] - Total year-to-date gross charge-offs across all loan categories reach $33.42 million[142] - Quarter-to-date gross charge-offs for consumer loans and overdrafts in 2023 amount to $7.63 million, with $3.17 million from 2022 and $3.36 million from 2021[144] - Total quarter-to-date gross charge-offs for all loan categories in 2023 are $9.09 million[144] - Year-To-Date Gross Charge-Offs for consumer loans and overdrafts reached $13,948 thousand, with $399 thousand in 2023 and $6,062 thousand in 2022[145] - Total Year-To-Date Gross Charge-Offs amounted to $23,414 thousand, with $399 thousand in 2023 and $14,836 thousand in 2022[145] - Collateral-dependent loans totaled $98,536 thousand as of June 30, 2024, with specific reserves of $17,330 thousand[148] Deposits and Borrowings - Time deposits in denominations of $100,000 or more amounted to approximately $1.3 billion at June 30, 2024[151] - Brokered time deposits amounted to $700 million at June 30, 2024, down from $720 million at December 31, 2023[151] - Large time deposits maturing in less than 3 months increased to $433,791 thousand (32.7%) at June 30, 2024, up from $178,102 thousand (13.7%) at December 31, 2023[153] - Advances from the Federal Home Loan Bank totaled $765,000 thousand at June 30, 2024, up from $645,000 thousand at December 31, 2023[157] Derivatives and Hedging - Interest rate swaps designated as cash flow hedges have a notional amount of $114.2 million with 6 contracts, resulting in unrealized gains of $0.2 million in Q2 2024 and $0.4 million in the first six months of 2024[163] - The company entered into an interest rate swap contract with a notional amount of $50.0 million in Q2 2023 to manage interest rate risk on variable rate loans[164] - Total derivatives not designated as hedging instruments amount to $3.23 billion with 479 contracts, including $2.36 billion in interest rate swaps and $651.99 million in interest rate caps[161] - The company terminated 16 interest rate swaps in 2019, recognizing cumulative net unrealized gains of $8.9 million over the remaining life of the swaps[164] - In April 2022, the company entered into four interest rate cap contracts with a total notional amount of $140.0 million, which were partially offset by third-party broker contracts[169] - Mortgage derivatives, including interest rate lock commitments and forward contracts, had a notional amount of $112.4 million with 147 contracts, resulting in an unrealized gain of $0.2 million in Q2 2024[170] - The company held $31.5 million in cash as collateral for derivative arrangements as of June 30, 2024, up from $25.0 million at the end of 2023[172] Investments and Securities - Debt securities available for sale had an amortized cost of $1,377,134,000 and an estimated fair value of $1,269,356,000 at June 30, 2024[59] - Investments in foreign corporate debt securities available for sale were $10.4 million at June 30, 2024, primarily in Canada[61] - Proceeds from sales, redemptions, and calls of debt securities available for sale were $2.88 million for the three months ended June 30, 2024, compared to $765 thousand in the same period in 2023[62] - Gross realized losses for the six months ended June 30, 2024, were $120 thousand, significantly lower than the $10.76 million in the same period in 202

Financial Data and Key Metrics - Core business demonstrated strong performance with solid loan growth, improved net interest margin (NIM), and higher non-interest income (NII) [6] - Total deposits declined by $62.2 million, but organic deposit growth nearly offset the runoff of higher-cost municipal deposits and reductions in two large corporate deposit relationships [6] - Total loans increased by $316.5 million, driven by organic loan growth, with a strong pipeline for Q3 2024 [9] - Non-interest income increased to $19.4 million, primarily driven by higher income from loan derivatives in the mortgage business [10] - Non-interest expenses increased to $73.3 million, but excluding non-routine transaction costs, they remained at $67.7 million, comparable to the prior quarter [10] - Diluted income per share for Q2 was $0.15 compared to $0.31 in Q1, primarily due to increased provision for credit losses [12] - Net interest margin (NIM) improved to 3.56% in Q2 from 3.51% in Q1, driven by higher-yielding loan production and lower deposit costs [12] - Provision for credit losses was $19.2 million, up $6.8 million from Q1, with one legacy credit accounting for $8 million of the increase [13] - Total assets were $9.75 billion at the end of Q2, slightly down from $9.82 billion in Q1 [13] - Total capital ratio at the end of Q2 was 12%, down from 12.49% in Q1, with CET1 at 9.7% compared to 10.10% in Q1 [14] Business Line Performance - Loan portfolio growth was driven by organic, relationship-driven growth, with single-family residential loans increasing by $107.4 million to $1.6 billion in Q2 [21] - Consumer loans decreased by $41.3 million or 12.2% quarter-over-quarter, with indirect consumer loans expected to mostly run off by Q1 2025 [22] - Commercial real estate (CRE) portfolio has a conservative weighted average loan-to-value of 58% and debt service coverage of 1.3x, with 30% of the portfolio in top-tier borrowers [23] - Non-performing loans increased to 438 basis points compared to 43 basis points in Q1, primarily due to downgrades of larger commercial loans [23] Market Performance - Domestic deposits accounted for 68% of total deposits, totaling $5.3 billion, slightly down by $6.8 million or 0.1% compared to Q1 [18] - International deposits accounted for 32% of total deposits, totaling $2.5 billion, down $55.5 million or 2.1% compared to Q1 [18] - Core deposits, excluding time deposits, were $5.5 billion, a decrease of $127.8 million or 2.3% compared to Q1 [19] Company Strategy and Industry Competition - The company is focused on executing its strategic plan, including the sale of its Houston franchise, expected to close in Q4 2024 [9] - Expansion in Florida includes the opening of a new banking center in Downtown Miami and hiring new market presidents for Palm Beach and Central Florida [11] - The company is positioning its balance sheet for potential interest rate cuts, with 51% of loans having floating rate structures and 58% repricing within a year [32] - The company expects to achieve a 1% ROA and 12% ROE target, with the efficiency ratio potentially sliding to 60% by Q1 2025 [37] Management Commentary on Operating Environment and Future Outlook - Management remains optimistic about resolving downgraded credits, particularly a $26.8 million C&I legacy loan and a $28.2 million owner-occupied loan [7][8] - The company expects NIM to remain stable in Q3, with non-interest income around $17 million and operating expenses at $68 million [36] - Management anticipates charge-offs to normalize to around 30 basis points by early 2025, excluding indirect consumer loans [44] Other Important Information - The company repurchased 200,652 shares for $4.4 million in Q2 at an average price of $22.17 per share [11] - The Board of Directors approved a dividend of $0.09 per share payable on August 30, 2024 [15] Q&A Session Summary Credit Quality and Charge-offs - Management discussed the downgraded credits, expressing confidence in positive outcomes for the larger commercial loans [42][43] - Charge-offs are expected to be around 25-30 basis points excluding indirect consumer loans, with normalization expected by early 2025 [44] Loan and Deposit Growth - The company targets a 95% loan-to-deposit ratio, with loan growth driven by organic production and new business development personnel [46][48] - Deposit growth is expected to pick up to fund projected loan growth, with a focus on maintaining the 95% target [46] Houston Sale and Cost Savings - The Houston sale is expected to close in Q4 2024, with potential cost savings from redeploying team members to focus on Florida growth [57][59] - Expenses are expected to normalize around $68 million post-Houston transaction, with reinvestment in Florida expansion [61][62] Interest Rate Sensitivity and NIM - The company is preparing for a downward rate trend by incorporating floor rates in loan production and using hedging strategies [72] - NIM was slightly impacted by interest accrual reversals due to non-accrual loans, but the impact was not significant [73] Share Buybacks - The company repurchased shares in Q2 and has $15.6 million remaining under the current authorization, with plans to continue buybacks based on capital needs and growth plans [76][77]

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 ...