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 ...

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 ...