Board of Directors Declares Quarterly Cash
Dividend of $0.09 per Common Share
Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”)
today reported a net loss attributable to the Company of $48.2
million in the third quarter of 2024, or $1.43 loss per diluted
share, compared to net income of $5.0 million, or $0.15 income per
diluted share, in the second quarter of 2024.
On September 27, 2024, the Company completed a public offering
of 8,684,210 shares of its Class A voting common stock, at a price
to the public of $19.00 per share, which included 784,210 shares
issued upon the exercise in full by the underwriters of their
option to purchase additional shares of common stock. The total
gross proceeds from the offer were approximately $165 million, with
net proceeds of approximately $155.8 million, which the Company
intends to use for general corporate purposes to support its
continued organic growth, which may include, among other things,
investments in its banking subsidiary and potential balance sheet
optimization strategies.
Following the capital raise, the Company executed on the
previously announced investment portfolio repositioning, which
consisted in the sale of $551 million in securities with an average
yield of 3.2%, including a portion of the $220 million in
securities previously designated as held to maturity, all
securities with yields below 2.75% and all corporate debt
securities (including bank sub debt). This repositioning resulted
in a pre-tax loss on the sale of securities of $68.5 million ($53.1
million after-tax) as of September 30, 2024. In addition, the
Company also incurred a valuation expense of $5.7 million in
connection with Other Real Estate Owned (“OREO”).
“As previously noted, the capital raise and follow-on investment
portfolio repositioning this quarter completes the multi-year
transformation we have undertaken here at Amerant,” stated Jerry
Plush, Chairman and CEO. “We continued to see strong organic loan
and deposit growth this quarter, which we believe evidences our
intent and ability to achieve our strategic goal of becoming the
bank of choice in the markets we serve.”
- Total assets were $10.4 billion, an increase of $634.2 million,
compared to $9.7 billion in 2Q24.
- Cash and cash equivalents were $671.8 million, up $361.5
million, compared to $310.3 million in 2Q24.
- Total gross loans were $7.56 billion, an increase of $239.1
million, compared to $7.32 billion in 2Q24.
- Average yield on loans remained at 7.08%, unchanged from
2Q24.
- Total deposits were $8.11 billion, up $294.9 million, compared
to $7.82 billion in 2Q24, driven by continued organic growth.
- Core deposits were $5.71 billion, up $202.0 million, compared
to $5.51 billion in 2Q24.
- Average cost of total deposits increased slightly to 2.99%,
compared to 2.98% in 2Q24.
- Loan to deposit ratio was 93.23%, compared to 93.69% in
2Q24.
- Total advances from Federal Home Loan Bank (“FHLB”) were $915.0
million, up $150.0 million, compared to $765.0 million in 2Q24. The
Bank had $1.9 billion in availability remaining from the FHLB as of
September 30, 2024.
- Total non-performing loans (“NPL”) were $114.9 million, up
$14.0 million, compared to $101.0 million as of 2Q24, while special
mention loans declined to $76.4 million at September 30, 2024
compared to $95.3 million at June 30, 2024.
- OREO was $14.5 million, a decrease of $5.7 million from 2Q24,
primarily driven by the valuation expense recorded in the third
quarter of 2024.
- The allowance for credit losses ("ACL") was $79.9 million, a
decrease of $14.5 million, compared to $94.4 million as of 2Q24.
The Company charged off $17.3 million against previously
established specific reserves as of quarter end September 30,
2024.
- Assets Under Management and custody (“AUM”) totaled $2.55
billion, up $98.7 million, from $2.45 billion in 2Q24.
- Pre-provision net revenue (“PPNR”)(1) was negative $42.9
million, compared to PPNR of $25.5 million in 2Q24. Excluding
non-routine items in non-interest income and expense, PPNR(2) was
$31.3 million, compared to $31.0 million in 2Q24.
- Net Interest Margin (“NIM”) was 3.49%, down from 3.56% in 2Q24.
The decrease in NIM was primarily driven by higher average balances
in NPLs as well as higher average balances in interest bearing
liabilities and cost of funds.
- Net Interest Income (“NII”) was $81.0 million, up $1.6 million,
from $79.4 million in 2Q24.
- Provision for credit losses was $19.0 million, down $0.2
million, compared to $19.2 million in 2Q24.
- Non-interest income was negative $47.7 million due to the net
loss recorded on the investment portfolio repositioning initiated
during the quarter. Excluding non-routine items, non-interest
income(2) was $20.8 million, compared to non-interest income of
$19.4 million in 2Q24. Non-interest income in 3Q24 includes $1.6
million resulting from the unwinding of a swap related to the sale
of a non-performing loan, which was offset by $1.6 million in
non-interest expense (no impact to P&L).
- Non-interest expense was $76.2 million, up $2.9 million, from
$73.3 million in 2Q24. Excluding non-routine items, non-interest
expense(2) was $70.5 million. Non-interest expense in 3Q24 includes
$1.6 million resulting from the unwinding of a swap related to the
sale of a non-performing loan, which was offset by of $1.6 million
in non-interest income (no impact to P&L).
- The efficiency ratio was 228.7%, compared to 74.2% in 2Q24.
Excluding non-routine items in non-interest income and expense, the
efficiency ratio(2) was 69.3%, compared to 68.6% in 2Q24.
- Return on average assets (“ROA”) was negative 1.92%, compared
to 0.21% in 2Q24. Excluding non-routine items in non-interest
income and expense, ROA(2) was 0.37% compared to 0.38% in
2Q24.
- Return on average equity (“ROE”) was negative 24.98%, compared
to 2.68% in 2Q24. Excluding non-routine items in non-interest
income and expense, ROE(2) was 4.80% compared to 5.03% in
2Q24.
- The Company’s Board of Directors declared a cash dividend of
$0.09 per share of common stock on October 23, 2024. The dividend
is payable on November 29, 2024, to shareholders of record on
November 14, 2024.
Additional details on third quarter 2024 results can be found in
the Exhibits and Glossary of Terms and Definitions to this earnings
release, and the earnings presentation available under the Investor
Relations section of the Company’s website at
https://investor.amerantbank.com. See Glossary of Terms and
Definitions for definitions of financial terms.
1 Non-GAAP measure, see “Non-GAAP
Financial Measures” for more information and Exhibit 2 for a
reconciliation to GAAP measures.
2 Represents core PPNR, core noninterest
income, core noninterest expense, core efficiency ratio, core ROA
or Core ROE, as applicable, which are Non-GAAP measures. See
“Non-GAAP Financial Measures” for more information and Exhibit 2
for a reconciliation to GAAP measures.
Third Quarter 2024 Earnings Conference Call
The Company will hold an earnings conference call on Thursday,
October 24, 2024 at 9:00 a.m. (Eastern Time) to discuss its third
quarter 2024 results. The conference call and presentation
materials can be accessed via webcast by logging on from the
Investor Relations section of the Company’s website at
https://investor.amerantbank.com. The online replay will remain
available for approximately one month following the call through
the above link.
About Amerant Bancorp Inc. (NYSE: AMTB)
Amerant Bancorp Inc. is a bank holding company headquartered in
Coral Gables, Florida since 1979. The Company operates through its
main subsidiary, Amerant Bank, N.A. (the “Bank”), as well as its
other subsidiaries: Amerant Investments, Inc., Elant Bank and Trust
Ltd., and Amerant Mortgage, LLC. The Company provides individuals
and businesses in the U.S. with deposit, credit and wealth
management services. The Bank, which has operated for over 40
years, is the largest community bank headquartered in Florida. The
Bank operates 26 banking centers – 19 in South Florida, 1 in Tampa,
FL and 6 in the Houston, Texas area. For more information, visit
investor.amerantbank.com.
Cautionary Notice Regarding Forward-Looking
Statements
This press release contains “forward-looking statements”
including statements with respect to the Company’s objectives,
expectations and intentions and other statements that are not
historical facts. Examples of forward-looking statements include
but are not limited to: our future operating or financial
performance, including revenues, expenses, expense savings, income
or loss and earnings or loss per share, and other financial items;
statements regarding expectations, plans or objectives for future
operations, products or services, and our expectations on our
investment portfolio repositioning and loan recoveries or reaching
positive resolutions on problem loans. All statements other than
statements of historical fact are statements that could be
forward-looking statements. You can identify these forward-looking
statements through our use of words such as “may,” “will,”
“anticipate,” “assume,” “should,” “indicate,” “would,” “believe,”
“contemplate,” “expect,” “estimate,” “continue,” “plan,” “point
to,” “project,” “could,” “intend,” “target,” “goals,” “outlooks,”
“modeled,” “dedicated,” “create,” and other similar words and
expressions of the future.
Forward-looking statements, including those relating to our
beliefs, plans, objectives, goals, expectations, anticipations,
estimates and intentions, involve known and unknown risks,
uncertainties and other factors, which may be beyond our control,
and which may cause the Company’s actual results, performance,
achievements, or financial condition to be materially different
from future results, performance, achievements, or financial
condition expressed or implied by such forward-looking statements.
You should not rely on any forward-looking statements as
predictions of future events. You should not expect us to update
any forward-looking statements, except as required by law. All
written or oral forward-looking statements attributable to us are
expressly qualified in their entirety by this cautionary notice,
together with those risks and uncertainties described in “Risk
factors” in our annual report on Form 10-K for the fiscal year
ended December 31, 2023 filed on March 7, 2024, in our quarterly
report on Form 10-Q for the fiscal quarter ended March 31, 2024
filed on May 3, 2024 and in our other filings with the U.S.
Securities and Exchange Commission (the “SEC”), which are available
at the SEC’s website www.sec.gov.
Interim Financial Information
Unaudited financial information as of and for interim periods,
including the three month periods ended September 30, 2024, June
30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023,
and the nine month periods ended September 30, 2024 and 2023 may
not reflect our results of operations for our fiscal year ending,
or financial condition, as of December 31, 2024, or any other
period of time or date.
Non-GAAP Financial Measures
The Company supplements its financial results that are
determined in accordance with accounting principles generally
accepted in the United States of America (“GAAP”) with non-GAAP
financial measures, such as “pre-provision net revenue (PPNR)”,
“core pre-provision net revenue (Core PPNR)”, “core noninterest
income”, “core noninterest expense”, “core net income”, “core
earnings per share (basic and diluted)”, “core return on assets
(Core ROA)”, “core return on equity (Core ROE)”, “core efficiency
ratio”, “tangible stockholders’ equity (book value) per common
share”, “tangible common equity ratio”, “tangible common equity
ratio, adjusted for net unrealized accumulated losses on debt
securities held to maturity”, and “tangible stockholders' equity
(book value) per common share, adjusted for net unrealized
accumulated losses on debt securities held to maturity”. This
supplemental information is not required by, or is not presented in
accordance with GAAP. The Company refers to these financial
measures and ratios as “non-GAAP financial measures” and they
should not be considered in isolation or as a substitute for the
GAAP measures presented herein.
We use certain non-GAAP financial measures, including those
mentioned above, both to explain our results to shareholders and
the investment community and in the internal evaluation and
management of our businesses. Our management believes that these
non-GAAP financial measures and the information they provide are
useful to investors since these measures permit investors to view
our performance using the same tools that our management uses to
evaluate our past performance and prospects for future performance,
especially in light of the additional costs we have incurred in
connection with the Company’s restructuring activities that began
in 2018 and continued in 2024, including the effect of non-core
banking activities such as the sale of loans and securities
(including the investment portfolio repositioning initiated at the
end of the third quarter of 2024) and other repossessed assets, the
Houston Transaction, the valuation of securities, derivatives,
loans held for sale and other real estate owned and repossessed
assets, the early repayment of FHLB advances, impairment of
investments, Bank owned life insurance restructure and other
non-routine actions intended to improve customer service and
operating performance. While we believe that these non-GAAP
financial measures are useful in evaluating our performance, this
information should be considered as supplemental and not as a
substitute for or superior to the related financial information
prepared in accordance with GAAP. Additionally, these non-GAAP
financial measures may differ from similar measures presented by
other companies.
Exhibit 2 reconciles these non-GAAP financial measures to GAAP
reported results.
Exhibit 1- Selected Financial
Information
The following table sets forth selected financial information
derived from our interim unaudited and annual audited consolidated
financial statements.
(in thousands)
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Consolidated Balance Sheets
(audited)
Total assets
$
10,381,961
$
9,747,738
$
9,817,772
$
9,716,327
$
9,345,700
Total investments
1,542,544
1,547,864
1,578,568
1,496,975
1,314,367
Total gross loans (1)(2)
7,561,963
7,322,911
7,006,383
7,264,912
7,142,596
Allowance for credit losses
79,890
94,400
96,050
95,504
98,773
Total deposits
8,110,944
7,816,011
7,878,243
7,894,863
7,546,912
Core deposits (1)
5,707,366
5,505,349
5,633,165
5,597,766
5,244,034
Advances from the Federal Home Loan
Bank
915,000
765,000
715,000
645,000
595,000
Senior notes
59,764
59,685
59,605
59,526
59,447
Subordinated notes
29,582
29,539
29,497
29,454
29,412
Junior subordinated debentures
64,178
64,178
64,178
64,178
64,178
Stockholders' equity (3)(4)(5)
902,888
734,342
738,085
736,068
719,787
Assets under management and custody
(1)
2,550,541
2,451,854
2,357,621
2,289,135
2,092,200
Three Months Ended
(in thousands, except percentages, share
data and per share amounts)
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Consolidated Results of
Operations
Net interest income
$
80,999
$
79,355
$
77,968
$
81,677
$
78,577
Provision for credit losses (6)
19,000
19,150
12,400
12,500
8,000
Noninterest (loss) income
(47,683
)
19,420
14,488
19,613
21,921
Noninterest expense
76,208
73,302
66,594
109,702
64,420
Net (loss) income attributable to Amerant
Bancorp Inc. (7)
(48,164
)
4,963
10,568
(17,123
)
22,119
Effective income tax rate
22.18
%
21.51
%
21.50
%
14.21
%
22.57
%
Common Share Data
Stockholders' book value per common
share
$
21.44
$
21.88
$
21.90
$
21.90
$
21.43
Tangible stockholders' equity (book value)
per common share (8)
$
20.87
$
21.15
$
21.16
$
21.16
$
20.63
Tangible stockholders' equity (book value)
per common share, adjusted for unrealized losses on debt securities
held to maturity (8)
$
20.87
$
20.54
$
20.60
$
20.68
$
19.86
Basic (loss) earnings per common share
$
(1.43
)
$
0.15
$
0.32
$
(0.51
)
$
0.66
Diluted (loss) earnings per common share
(9)
$
(1.43
)
$
0.15
$
0.31
$
(0.51
)
$
0.66
Basic weighted average shares
outstanding
33,784,999
33,581,604
33,538,069
33,432,871
33,489,560
Diluted weighted average shares
outstanding (9)
33,784,999
33,780,666
33,821,562
33,432,871
33,696,620
Cash dividend declared per common share
(4)
$
0.09
$
0.09
$
0.09
$
0.09
$
0.09
Three Months Ended
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Other Financial and Operating Data
(10)
Profitability Indicators (%)
Net interest income / Average total
interest earning assets (NIM) (1)
3.49
%
3.56
%
3.51
%
3.72
%
3.57
%
Net (loss) income/ Average total assets
(ROA)(1)
(1.92
)%
0.21
%
0.44
%
(0.71
)%
0.92
%
Net (loss) income/ Average stockholders'
equity (ROE) (1)
(24.98
)%
2.68
%
5.69
%
(9.22
)%
11.93
%
Noninterest (loss) income / Total revenue
(1)
(143.12
)%
19.66
%
15.67
%
19.36
%
21.81
%
Capital Indicators (%)
Total capital ratio (1)
12.66
%
11.88
%
12.49
%
12.12
%
12.70
%
Tier 1 capital ratio (1)
11.31
%
10.34
%
10.87
%
10.54
%
11.08
%
Tier 1 leverage ratio (1)
9.56
%
8.74
%
8.73
%
8.84
%
9.05
%
Common equity tier 1 capital ratio (CET1)
(1)
10.60
%
9.60
%
10.10
%
9.79
%
10.30
%
Tangible common equity ratio (1)
8.48
%
7.30
%
7.28
%
7.34
%
7.44
%
Tangible common equity ratio, adjusted for
unrealized losses on debt securities held to maturity (1)
8.48
%
7.11
%
7.10
%
7.18
%
7.18
%
Liquidity Ratios (%)
Loans to Deposits (1)
93.23
%
93.69
%
88.93
%
92.02
%
94.64
%
Asset Quality Indicators (%)
Non-performing assets / Total assets
(1)
1.25
%
1.24
%
0.51
%
0.56
%
0.57
%
Non-performing loans / Total gross loans
(1)
1.52
%
1.38
%
0.43
%
0.47
%
0.46
%
Allowance for credit losses / Total
non-performing loans
69.51
%
93.51
%
317.01
%
277.63
%
297.55
%
Allowance for credit losses / Total loans
held for investment
1.15
%
1.41
%
1.38
%
1.39
%
1.40
%
Net charge-offs / Average total loans held
for investment (1)(11)
1.90
%
1.13
%
0.69
%
0.85
%
0.82
%
Efficiency Indicators (% except
FTE)
Noninterest expense / Average total
assets
3.04
%
3.03
%
2.75
%
4.57
%
2.69
%
Salaries and employee benefits / Average
total assets
1.39
%
1.40
%
1.36
%
1.38
%
1.31
%
Other operating expenses/ Average total
assets (1)
1.64
%
1.63
%
1.39
%
3.20
%
1.38
%
Efficiency ratio (1)
228.74
%
74.21
%
72.03
%
108.30
%
64.10
%
Full-Time-Equivalent Employees (FTEs)
(12)
735
720
696
682
700
Three Months Ended
(in thousands, except percentages and per
share amounts)
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Core Selected Consolidated Results of
Operations and Other Data (8)
Pre-provision net revenue (loss)
(PPNR)
$
(42,892
)
$
25,473
$
25,862
$
(7,595
)
$
36,456
Core pre-provision net revenue (Core
PPNR)
$
31,264
$
31,007
$
26,068
$
29,811
$
35,880
Core net income
$
9,249
$
9,307
$
10,730
$
15,272
$
21,664
Core basic earnings per common share
0.27
0.28
0.32
0.46
0.65
Core earnings per diluted common share
(9)
0.27
0.28
0.32
0.46
0.64
Core net income / Average total assets
(Core ROA) (1)
0.37
%
0.38
%
0.44
%
0.64
%
0.91
%
Core net income / Average stockholders'
equity (Core ROE) (1)
4.80
%
5.03
%
5.78
%
8.23
%
11.69
%
Core efficiency ratio (13)
69.29
%
68.60
%
71.87
%
69.67
%
62.08
%
___________________
(1)
See Glossary of Terms and Definitions for
definitions of financial terms.
(2)
As of September 30, 2024, June 30, 2024,
March 31, 2024, December 31, 2023 and September 30, 2023, mortgage
loans held for sale carried at fair value totaled $43.9 million,
$60.1 million, $48.9 million, $26.2 million and $26.0 million,
respectively. In addition, September 30, 2024, June 30, 2024,
December 31, 2023 and September 30, 2023, includes $553.9 million,
$551.8 million, $365.2 million and $43.3 million, respectively, in
loans held for sale carried at the lower of estimated cost or fair
value.
(3)
In the fourth quarter of 2022, the Company
announced that the Board of Directors authorized a new repurchase
program pursuant to which the Company may purchase, from time to
time, up to an aggregate amount of $25 million of its shares of
Class A common stock (the “2023 Class A Common Stock Repurchase
Program”). In the third quarter of 2024 the Company repurchased an
aggregate of 143,674 shares of Class A common stock at a weighted
average price of $21.59 per share under the 2023 Class A Common
Stock Repurchase Program. The aggregate purchase price for these
transactions was approximately $3.1 million which includes
transaction costs. For all other periods, see June 30, 2024 Form
10-Q, March 31, 2024 Form 10-Q and 2023 Form 10-K.
(4)
For all periods shown, the Company’s Board
of Directors declared cash dividends of $0.09 per share of the
Company’s common stock and paid an aggregate amount of $3.0 million
per quarter in connection with these dividends. The dividend
declared in the third quarter of 2024 was paid on August 30, 2024
to shareholders of record at the close of business on August 15,
2024. See June 30, 2024 Form 10-Q, and 2023 Form 10-K for more
information on dividend payments during the previous quarters.
(5)
On September 27, 2024, the Company
completed a public offering of 8,684,210 shares of its Class A
voting common stock, at a price to the public of $19.00 per
share.
(6)
In the third, second and first quarter of
2024 and in the fourth and third quarter of 2023, includes $17.9
million, $17.7 million, $12.4 million, $12.0 million and $7.4
million of provision for credit losses on loans. Provision for
unfunded commitments (contingencies) in the third and second
quarter of 2024 and in the fourth and third quarter of 2023, were
$1.1 million, $1.5 million, $0.5 million and $0.6 million,
respectively, while there was none in the first quarter of 2024.
For all other periods shown, includes provision for credit losses
on loans.
(7)
In the three months ended December 31,
2023 and September 30, 2023, net income excludes losses of $0.8
million and $0.4 million, respectively, attributable to a minority
interest in Amerant Mortgage LLC. In the fourth quarter of 2023,
the Company increased its ownership interest in Amerant Mortgage to
100% from 80% at September 30, 2023. This transaction had no
material impact to the Company’s results of operations in the three
months ended December 31, 2023. In connection with the change in
ownership interest, which brought the minority interest share to
zero, the Company derecognized the equity attributable to
noncontrolling interest of $3.8 million at December 31, 2023, with
a corresponding reduction to additional paid-in capital.
(8)
This presentation contains adjusted
financial information determined by methods other than GAAP. This
adjusted financial information is reconciled to GAAP in Exhibit 2 -
Non-GAAP Financial Measures Reconciliation.
(9)
See 2023 Form 10-K for more information on
potential dilutive instruments and its impact on diluted earnings
per share computation.
(10)
Operating data for the periods presented
have been annualized.
(11)
See 2023 Form 10-K for more details on
charge-offs for all previous periods.
(12)
As of September 30, 2024, June 30, 2024,
March 31, 2034, December 31, 2023 and September 30, 2023, includes
81, 83, 65, 67 and 98 FTEs for Amerant Mortgage, respectively.
(13)
Core efficiency ratio is the efficiency
ratio less the effect of restructuring costs and other non-routine
items, described in Exhibit 2 - Non-GAAP Financial Measures
Reconciliation.
Exhibit 2- Non-GAAP Financial Measures
Reconciliation
The following table sets forth selected financial information
derived from the Company’s interim unaudited and annual audited
consolidated financial statements, adjusted for certain costs
incurred by the Company in the periods presented related to tax
deductible restructuring costs, provision for (reversal of) credit
losses, provision for income tax expense (benefit), the effect of
non-core banking activities such as the sale of loans and
securities and other repossessed assets, the Houston Transaction,
the valuation of securities, derivatives, loans held for sale and
other real estate owned and repossessed assets, the early repayment
of FHLB advances, impairment of investments, Bank owned life
insurance restructure and other non-routine actions intended to
improve customer service and operating performance. The Company
believes these adjusted numbers are useful to understand the
Company’s performance absent these transactions and events.
Three Months Ended,
(in thousands)
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Net (loss) income attributable to Amerant
Bancorp Inc.
$
(48,164
)
$
4,963
$
10,568
$
(17,123
)
$
22,119
Plus: provision for credit losses (1)
19,000
19,150
12,400
12,500
8,000
Plus: provision for income tax (benefit)
expense
(13,728
)
1,360
2,894
(2,972
)
6,337
Pre-provision net revenue (loss)
(PPNR)
(42,892
)
25,473
25,862
(7,595
)
36,456
Plus: non-routine noninterest expense
items
5,672
5,562
—
43,094
6,303
Plus (less): non-routine noninterest
income items
68,484
(28
)
206
(5,688
)
(6,879
)
Core pre-provision net revenue (Core
PPNR)
$
31,264
$
31,007
$
26,068
$
29,811
$
35,880
Total noninterest (loss) income
$
(47,683
)
$
19,420
$
14,488
$
19,613
$
21,921
Less: Non-routine noninterest (loss)
income items:
Derivatives (losses) gains, net
—
(44
)
(152
)
(151
)
(77
)
Securities (losses) gains, net (2)
(68,484
)
(117
)
(54
)
33
(54
)
Bank owned life insurance charge (3)
—
—
—
(655
)
—
Gains on early extinguishment of FHLB
advances, net
—
189
—
6,461
7,010
Total non-routine noninterest (loss)
income items
$
(68,484
)
$
28
$
(206
)
$
5,688
$
6,879
Core noninterest income
$
20,801
$
19,392
$
14,694
$
13,925
$
15,042
Total noninterest expense
$
76,208
$
73,302
$
66,594
$
109,702
$
64,420
Less: non-routine noninterest expense
items
Restructuring costs (4):
Staff reduction costs (5)
—
—
—
1,120
489
Contract termination costs (6)
—
—
—
—
—
Consulting and other professional fees and
software expenses(7)
—
—
—
1,629
—
Branch closure expenses and related
charges (8)
—
—
—
—
252
Total restructuring costs
$
—
$
—
$
—
$
2,749
$
741
Other non-routine noninterest expense
items:
Losses on loans held for sale carried at
the lower cost or fair value (9)(10)
—
1,258
—
37,495
5,562
Other real estate owned valuation
expense
5,672
—
—
—
—
Goodwill and intangible assets impairment
(10)
—
300
—
1,713
—
Fixed assets impairment (10)(11)
—
3,443
—
—
—
Legal and broker fees (10)
—
561
—
—
—
Bank owned life insurance enhancement
costs (3)
—
—
—
1,137
—
Impairment charge on investment carried at
cost
—
—
—
—
—
Total non-routine noninterest expense
items
$
5,672
$
5,562
$
—
$
43,094
$
6,303
Core noninterest expense
$
70,536
$
67,740
$
66,594
$
66,608
$
58,117
Three Months Ended,
(in thousands, except percentages and per
share amounts)
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Net (loss) income attributable to Amerant
Bancorp Inc.
$
(48,164
)
$
4,963
$
10,568
$
(17,123
)
$
22,119
Plus after-tax non-routine items in
noninterest expense:
Non-routine items in noninterest expense
before income tax effect
5,672
5,562
—
43,094
6,303
Income tax effect (12)
(1,332
)
(1,196
)
—
(8,887
)
(1,486
)
Total after-tax non-routine items in
noninterest expense
4,340
4,366
—
34,207
4,817
Plus (less) after-tax non-routine items in
noninterest income:
Non-routine items in noninterest income
before income tax effect
68,484
(28
)
206
(5,688
)
(6,879
)
Income tax effect (12)
(15,411
)
6
(44
)
1,032
1,607
Total after-tax non-routine items in
noninterest income
53,073
(22
)
162
(4,656
)
(5,272
)
BOLI enhancement tax impact (2)
—
—
—
2,844
—
Core net income
$
9,249
$
9,307
$
10,730
$
15,272
$
21,664
Basic (loss) earnings per share
$
(1.43
)
$
0.15
$
0.32
$
(0.51
)
$
0.66
Plus: after tax impact of non-routine
items in noninterest expense and BOLI tax impact (13)
0.13
0.13
—
1.11
0.14
Plus (less): after tax impact of
non-routine items in noninterest income
1.57
—
—
(0.14
)
(0.15
)
Total core basic earnings per common
share
$
0.27
$
0.28
$
0.32
$
0.46
$
0.65
Diluted (loss) earnings per share (14)
$
(1.43
)
$
0.15
$
0.31
$
(0.51
)
$
0.66
Plus: after tax impact of non-routine
items in noninterest expense and BOLI tax impact (13)
0.13
0.13
—
1.11
0.14
Plus (less): after tax impact of
non-routine items in noninterest income
1.57
—
0.01
(0.14
)
(0.16
)
Total core diluted earnings per common
share
$
0.27
$
0.28
$
0.32
$
0.46
$
0.64
Net (loss) income / Average total assets
(ROA)
(1.92
)%
0.21
%
0.44
%
(0.71
)%
0.92
%
Plus: after tax impact of non-routine
items in noninterest expense and BOLI tax impact (13)
0.18
%
0.17
%
—
%
1.55
%
0.20
%
Plus (less): after tax impact of
non-routine items in noninterest income
2.11
%
—
%
—
%
(0.20
)%
(0.21
)%
Core net income / Average total assets
(Core ROA)
0.37
%
0.38
%
0.44
%
0.64
%
0.91
%
Net (loss) income/ Average stockholders'
equity (ROE)
(24.98
)%
2.68
%
5.69
%
(9.22
)%
11.93
%
Plus: after tax impact of non-routine
items in noninterest expense and BOLI tax impact (13)
2.25
%
2.36
%
—
%
19.96
%
2.60
%
Plus (less): after tax impact of
non-routine items in noninterest income
27.53
%
(0.01
)%
0.09
%
(2.51
)%
(2.84
)%
Core net income / Average stockholders'
equity (Core ROE)
4.80
%
5.03
%
5.78
%
8.23
%
11.69
%
Efficiency ratio
228.74
%
74.21
%
72.03
%
108.30
%
64.10
%
Less: impact of non-routine items in
noninterest expense and noninterest income
(159.45
)%
(5.61
)%
(0.16
)%
(38.63
)%
(2.02
)%
Core efficiency ratio
69.29
%
68.60
%
71.87
%
69.67
%
62.08
%
(in thousands, except percentages, share
data and per share amounts)
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Stockholders' equity
$
902,888
$
734,342
$
738,085
$
736,068
$
719,787
Less: goodwill and other intangibles
(15)
(24,366
)
(24,581
)
(24,935
)
(25,029
)
(26,818
)
Tangible common stockholders' equity
$
878,522
$
709,761
$
713,150
$
711,039
$
692,969
Total assets
10,381,961
9,747,738
9,817,772
9,716,327
9,345,700
Less: goodwill and other intangibles
(15)
(24,366
)
(24,581
)
(24,935
)
(25,029
)
(26,818
)
Tangible assets
$
10,357,595
$
9,723,157
$
9,792,837
$
9,691,298
$
9,318,882
Common shares outstanding
42,103,623
33,562,756
33,709,395
33,603,242
33,583,621
Tangible common equity ratio
8.48
%
7.30
%
7.28
%
7.34
%
7.44
%
Stockholders' book value per common
share
$
21.44
$
21.88
$
21.90
$
21.90
$
21.43
Tangible stockholders' equity book
value per common share
$
20.87
$
21.15
$
21.16
$
21.16
$
20.63
Tangible common stockholders' equity
$
878,522
$
709,761
$
713,150
$
711,039
$
692,969
Less: Net unrealized accumulated losses on
debt securities held to maturity, net of tax (16)
—
(20,304
)
(18,729
)
(16,197
)
(26,138
)
Tangible common stockholders' equity,
adjusted for net unrealized accumulated losses on debt securities
held to maturity
$
878,522
$
689,457
$
694,421
$
694,842
$
666,831
Tangible assets
$
10,357,595
$
9,723,157
$
9,792,837
$
9,691,298
$
9,318,882
Less: Net unrealized accumulated losses on
debt securities held to maturity, net of tax (16)
—
(20,304
)
(18,729
)
(16,197
)
(26,138
)
Tangible assets, adjusted for net
unrealized accumulated losses on debt securities held to
maturity
$
10,357,595
$
9,702,853
$
9,774,108
$
9,675,101
$
9,292,744
Common shares outstanding
42,103,623
33,562,756
33,709,395
33,603,242
33,583,621
Tangible common equity ratio, adjusted
for net unrealized accumulated losses on debt securities held to
maturity
8.48
%
7.11
%
7.10
%
7.18
%
7.18
%
Tangible stockholders' book value per
common share, adjusted for net unrealized accumulated losses on
debt securities held to maturity
$
20.87
$
20.54
$
20.60
$
20.68
$
19.86
__________________
(1)
In the third, second and first quarter of
2024 and in the fourth and third quarter of 2023, includes $17.9
million, $17.7 million, $12.4 million, $12.0 million and $7.4
million of provision for credit losses on loans, respectively.
Provision for unfunded commitments (contingencies) in the third and
second quarter of 2024, and in the fourth and third quarter of
2023, were $1.1 million, $1.5 million, $0.5 million and $0.6
million, respectively, while there was none in the first quarter of
2024. For all other periods shown, includes provision for credit
losses on loans.
(2)
In the third quarter of 2024, the Company
executed an investment portfolio repositioning which resulted in a
total pre-tax net loss of $68.5 million during the same period.
(3)
In the fourth quarter of 2023, the Company
completed a restructuring of its bank-owned life insurance (“BOLI”)
program. This was executed through a combination of a 1035 exchange
and a surrender and reinvestment into higher-yielding general
account with a new investment grade insurance carrier. This
transaction allowed for higher team member participation through an
enhanced split-dollar plan. Estimated improved yields resulting
from the enhancement have an earn-back period of approximately 2
years. In the fourth quarter of 2023, we recorded total additional
expenses and charges of $4.6 million in connection with this
transaction, including: (i) a reduction of $0.7 million to the cash
surrender value of BOLI; (ii) transaction costs of $1.1 million,
and (iii) income tax expense of $2.8 million.
(4)
Expenses incurred for actions designed to
implement the Company’s business strategy. These actions include,
but are not limited to reductions in workforce, streamlining
operational processes, rolling out the Amerant brand,
implementation of new technology system applications,
decommissioning of legacy technologies, enhanced sales tools and
training, expanded product offerings and improved customer
analytics to identify opportunities.
(5)
Staff reduction costs consist of severance
expenses related to organizational rationalization.
(6)
Contract termination and related costs
associated with third party vendors resulting from the Company’s
engagement of FIS.
(7)
In the three months ended December 31,
2023, includes an aggregate of $1.6 million of nonrecurrent
expenses in connection with the engagement of FIS and, to a lesser
extent, software expenses related to legacy applications running in
parallel to new core banking applications. There were no
significant nonrecurrent expenses in connection with engagement of
FIS in the three months ended September 30, 2024, June 30, 2024,
March 31, 2024 and September 30, 2023.
(8)
In the three months ended September 30,
2023, consists of expenses in connection with the closure of a
branch in Houston, Texas in 2023.
(9)
In the three months ended December 31,
2023, includes (i) fair value adjustment of $35.5 million related
to an aggregate of $401 million in Houston-based CRE loans held for
sale which are carried at the lower of cost or fair value, and (ii)
a loss on sale of $2.0 million related to a New York-based CRE loan
previously carried at the lower of cost or fair value. In the three
months ended September 30, 2023, includes a fair value adjustment
of $5.6 million related to a New York-based CRE loan held for sale
carried at the lower of cost or fair value.
(10)
In the three months ended June 30, 2024,
amounts shown are in connection with the Houston Transaction.
(11)
Related to Houston branches and included
as part of occupancy and equipment expenses. See Exhibit 5 for
additional information.
(12)
In the three months ended March 31, 2024,
amounts were calculated based upon the effective tax rate for the
period of 21.50%. For all of the other periods shown, amounts
represent the difference between the prior and current period
year-to-date tax effect.
(13)
In the three months ended December 31,
2023, per share amounts and percentages were calculated using the
after-tax impact of non-routine items in noninterest expense of
$34.2 million and BOLI tax impact of $2.8 million in the same
period. In all other periods shown, per share amounts and
percentages were calculated using the after tax impact of
non-routine items in noninterest expense.
(14)
See 2023 Form 10-K for more information on
potential dilutive instruments and its impact on diluted earnings
per share computation.
(15)
At September 30, 2024, June 30, 2024,
March 31, 2024, December 31, 2023 and September 30, 2023, other
intangible assets primarily consist of naming rights of $2.1
million, $2.3 million, $2.4 million, $2.5 million and $2.7 million,
respectively, and mortgage servicing rights (“MSRs”) of $1.4
million, $1.5 million, $1.4 million, $1.4 million and $1.3 million,
respectively. Other intangible assets are included in other assets
in the Company’s consolidated balance sheets.
(16)
There were no debt securities held to
maturity at September 30, 2024. As of June 30, 2024, March 31,
2024, December 31, 2023 and September 30, 2023, amounts were
calculated based upon the fair value on debt securities held to
maturity, and assuming a tax rate of 25.38%, 25.40%, 25.36% and
25.51%, respectively.
Exhibit 3 - Average Balance Sheet, Interest
and Yield/Rate Analysis
The following tables present average balance sheet information,
interest income, interest expense and the corresponding average
yields earned and rates paid for the periods presented. The average
balances for loans include both performing and nonperforming
balances. Interest income on loans includes the effects of discount
accretion and the amortization of non-refundable loan origination
fees, net of direct loan origination costs, accounted for as yield
adjustments. Average balances represent the daily average balances
for the periods presented.
Three Months Ended
September 30, 2024
June 30, 2024
September 30, 2023
(in thousands, except percentages)
Average
Balances
Income/ Expense
Yield/ Rates
Average Balances
Income/ Expense
Yield/ Rates
Average
Balances
Income/ Expense
Yield/ Rates
Interest-earning assets:
Loan portfolio, net (1)(2)
$
7,291,632
$
129,752
7.08
%
$
7,049,109
$
124,117
7.08
%
$
7,048,891
$
120,244
6.77
%
Debt securities available for sale (3)
(4)
1,313,366
14,273
4.32
%
1,267,828
14,104
4.47
%
1,052,147
10,924
4.12
%
Debt securities held to maturity (5)
205,958
1,752
3.38
%
221,106
1,878
3.42
%
232,146
1,958
3.35
%
Debt securities held for trading
—
—
—
%
—
—
—
%
2,048
4
0.77
%
Equity securities with readily
determinable fair value not held for trading
2,525
19
2.99
%
2,466
13
2.12
%
2,479
21
3.36
%
Federal Reserve Bank and FHLB stock
61,147
1,083
7.05
%
54,664
955
7.03
%
54,056
961
7.05
%
Deposits with banks
344,469
4,670
5.39
%
364,466
5,260
5.80
%
344,015
5,248
6.05
%
Other short-term investments
6,677
88
5.24
%
6,399
82
5.15
%
1,964
23
4.65
%
Total interest-earning assets
9,225,774
151,637
6.54
%
8,966,038
146,409
6.57
%
8,737,746
139.383
6.33
%
Total non-interest-earning assets
(6)
760,198
763,628
756,141
Total assets
$
9,985,972
$
9,729,666
$
9,493,887
Three Months Ended
September 30, 2024
June 30, 2024
September 30, 2023
(in thousands, except percentages)
Average
Balances
Income/ Expense
Yield/ Rates
Average Balances
Income/ Expense
Yield/ Rates
Average
Balances
Income/ Expense
Yield/ Rates
Interest-bearing liabilities:
Checking and saving accounts
Interest bearing DDA
$
2,294,323
$
15,345
2.66
%
$
2,408,979
$
16,779
2.80
%
$
2,523,092
$
16,668
2.62
%
Money market
1,541,987
16,804
4.34
%
1,411,287
14,973
4.27
%
1,144,580
11,013
3.82
%
Savings
247,903
26
0.04
%
253,625
26
0.04
%
280,096
32
0.05
%
Total checking and saving accounts
4,084,213
32,175
3.13
%
4,073,891
31,778
3.14
%
3,947,768
27,713
2.79
%
Time deposits
2,324,694
27,260
4.67
%
2,258,973
25,971
4.62
%
2,201,138
22,482
4.05
%
Total deposits
6,408,907
59,435
3.69
%
6,332,864
57,749
3.67
%
6,148,906
50,195
3.24
%
Securities sold under agreements to
repurchase
—
—
—
%
124
2
6.49
%
326
4
4.87
%
Advances from the FHLB (7)
863,913
8,833
4.07
%
737,658
6,946
3.79
%
800,978
8,207
4.07
%
Senior notes
59,725
942
6.27
%
59,646
941
6.35
%
59,409
942
6.29
%
Subordinated notes
29,561
361
4.86
%
29,519
361
4.92
%
29,391
361
4.87
%
Junior subordinated debentures
64,178
1,067
6.61
%
64,178
1,055
6.61
%
64,178
1,097
6.78
%
Total interest-bearing
liabilities
7,426,284
70,638
3.78
%
7,223,989
67,054
3.73
%
7,103,188
60,806
3.40
%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits
1,491,406
1,452,921
1,335,041
Accounts payable, accrued liabilities and
other liabilities
301,373
309,298
320,369
Total non-interest-bearing liabilities
1,792,779
1,762,219
1,655,410
Total liabilities
9,219,063
8,986,208
8,758,598
Stockholders’ equity
766,909
743,458
735,289
Total liabilities and stockholders'
equity
$
9,985,972
$
9,729,666
$
9,493,887
Excess of average interest-earning assets
over average interest-bearing liabilities
$
1,799,490
$
1,742,049
$
1,634,558
Net interest income
$
80,999
$
79,355
$
78,577
Net interest rate spread
2.76
%
2.84
%
2.93
%
Net interest margin (7)
3.49
%
3.56
%
3.57
%
Cost of total deposits (7)
2.99
%
2.98
%
2.66
%
Ratio of average interest-earning assets
to average interest-bearing liabilities
124.23
%
124.11
%
123.01
%
Average non-performing loans/ Average
total loans
1.54
%
0.60
%
—
%
Nine Months Ended
September 30, 2024
September 30, 2023
(in thousands, except percentages)
Average
Balances
Income/ Expense
Yield/ Rates
Average
Balances
Income/ Expense
Yield/ Rates
Interest-earning assets:
Loan portfolio, net (1)(2)
$
7,102,716
$
376,574
7.08
%
$
7,006,633
$
348,315
6.65
%
Debt securities available for sale (3)
(4)
1,273,797
41,562
4.36
%
1,050,648
31,494
4.01
%
Debt securities held to maturity (5)
217,272
5,597
3.44
%
236,325
6,046
3.42
%
Debt securities held for trading
—
—
—
%
783
6
1.02
%
Equity securities with readily
determinable fair value not held for trading
2,490
87
4.67
%
2,455
21
1.14
%
Federal Reserve Bank and FHLB stock
55,352
2,922
7.05
%
54,911
2,833
6.90
%
Deposits with banks
377,139
15,681
5.55
%
342,127
14,272
5.58
%
Other short-term investments
6,337
248
5.22
%
662
23
4.65
%
Total interest-earning assets
9,035,103
442,671
6.54
%
8,694,544
403,010
6.20
%
Total non-interest-earning assets (6)
788,240
735,943
Total assets
$
9,823,343
$
9,430,487
Interest-bearing liabilities:
Checking and saving accounts
Interest bearing DDA
$
2,382,548
$
49,860
2.80
%
$
2,503,147
$
46,201
2.47
%
Money market
1,462,034
46,611
4.26
%
1,215,005
28,295
3.11
%
Savings
254,661
79
0.04
%
288,959
114
0.05
%
Total checking and saving accounts
4,099,243
96,550
3.15
%
4,007,111
74,610
2.49
%
Time deposits
2,291,539
79,355
4.63
%
2,006,417
53,844
3.59
%
Total deposits
6,390,782
175,905
3.68
%
6,013,528
128,454
2.86
%
Securities sold under agreements to
repurchase
41
2
6.52
%
130
5
5.14
%
Advances from the FHLB (7)
749,195
21,357
3.81
%
862,310
22,591
3.50
%
Senior notes
59,646
2,826
6.33
%
59,330
2,825
6.37
%
Subordinated notes
29,519
1,083
4.90
%
29,349
1,084
4.94
%
Junior subordinated debentures
64,178
3,176
6.61
%
64,178
3,264
6.80
%
Total interest-bearing
liabilities
7,293,361
204,349
3.74
%
7,028,825
158,223
3.01
%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits
1,459,325
1,348,242
Accounts payable, accrued liabilities and
other liabilities
318,273
313,967
Total non-interest-bearing liabilities
1,777,598
1,662,209
Total liabilities
9,070,959
8,691,034
Stockholders’ equity
752,384
739,453
Total liabilities and stockholders'
equity
$
9,823,343
$
9,430,487
Excess of average interest-earning assets
over average interest-bearing liabilities
$
1,741,742
$
1,665,719
Net interest income
$
238,322
$
244,787
Net interest rate spread
2.80
%
3.19
%
Net interest margin (7)
3.52
%
3.76
%
Cost of total deposits (7)
2.99
%
2.33
%
Ratio of average interest-earning assets
to average interest-bearing liabilities
123.88
%
123.70
%
Average non-performing loans/ Average
total loans
0.93
%
0.48
%
___________________
(1)
Includes loans held for investment net of
the allowance for credit losses, and loans held for sale. The
average balance of the allowance for credit losses was $92.1
million, $95.6 million, and $101.2 million in the three months
ended September 30, 2024, June 30, 2024 and September 30, 2023,
respectively, and $93.2 million and $89.1 million, in the nine
months ended September 30, 2024 and September 30, 2023,
respectively. The average balance of total loans held for sale was
$612.9 million, $191.7 million and $58.8 million in the three
months ended September 30, 2024, June 30, 2024 and September 30,
2023, respectively, and $352.8 million, and $70.1 million in the
nine months period ended September 30, 2024 and September 30, 2023,
respectively.
(2)
Includes average non-performing loans of
$113.5 million, $52.7 million and $39.8 million for the three
months ended September 30, 2024, June 30, 2024 and September 30,
2023, respectively, and $66.3 million and $34.1 million in the nine
months ended September 30, 2024 and September 30, 2023,
respectively.
(3)
Includes the average balance of net
unrealized gains and losses in the fair value of debt securities
available for sale. The average balance includes average net
unrealized losses of $89.4 million, $115.8 million and $119.8
million in the three months ended September 30, 2024, June 30, 2024
and September 30, 2023, respectively, and average net unrealized
net losses of $102.2 million and $110.5 million in the nine months
ended September 30, 2024 and September 30, 2023, respectively.
(4)
Includes nontaxable securities with
average balances of $19.9 million, $18.8 million and $18.6 million
for the three months ended September 30, 2024, June 30, 2024 and
September 30, 2023, respectively, and $19.9 million and $18.6
million, in the nine months ended September 30, 2024 and September
30, 2023, respectively. The tax equivalent yield for these
nontaxable securities was 4.33%, 4.47%, 4.34% for the three months
ended September 30, 2024, June 30, 2024 and September 30, 2023,
respectively, and 4.28% and 4.64% in the nine months ended
September 30, 2024 and September 30, 2023, respectively. In 2024
and 2023, the tax equivalent yields were calculated assuming a 21%
tax rate and dividing the actual yield by 0.79.
(5)
Includes nontaxable securities with
average balances of $44.5 million, $47.8 million and $49.6 million
for the three months ended September 30, 2024, June 30, 2024 and
September 30, 2023, respectively, and $47.8 million and $50.1
million in the nine months ended September 30, 2024 and September
30, 2023, respectively. The tax equivalent yield for these
nontaxable securities was 4.43%, 4.23% and 4.26% for the three
months ended September 30, 2024, June 30, 2024 and September 30,
2023, respectively, and 4.23% and 4.21% in the nine months ended
September 30, 2024 an September 30, 2023, respectively. As of
September 30, 2024, the Company had no debt securities classified
as held to maturity. In 2024 and 2023, the tax equivalent yields
were calculated assuming a 21% tax rate and dividing the actual
yield by 0.79.
(6)
Excludes the allowance for credit
losses.
(7)
See Glossary of Terms and Definitions for
definitions of financial terms.
Exhibit 4 - Noninterest Income
This table shows the amounts of each of the categories of
noninterest income for the periods presented.
Three Months Ended
Nine Months Ended September
30,
September 30, 2024
June 30, 2024
September 30, 2023
2024
2023
(in thousands, except percentages)
Amount
%
Amount
%
Amount
%
Amount
%
Amount
%
Deposits and service fees
$
5,046
10.6
%
$
5,281
27.2
%
$
5,053
23.1
%
$
14,652
106.4
%
$
14,952
22.0
%
Brokerage, advisory and fiduciary
activities
4,466
9.4
%
4,538
23.4
%
4,370
19.9
%
13,331
96.8
%
12,808
18.9
%
Change in cash surrender value of bank
owned life insurance (“BOLI”)(1)
2,332
4.9
%
2,242
11.5
%
1,483
6.8
%
6,916
50.2
%
4,324
6.4
%
Cards and trade finance servicing fees
1,430
3.0
%
1,331
6.9
%
734
3.4
%
3,984
28.9
%
1,829
2.7
%
Gain on early extinguishment of FHLB
advances, net
—
—
%
189
1.0
%
7,010
32.0
%
189
1.4
%
33,623
49.5
%
Securities (losses) gains, net (2)
(68,484
)
(143.6
)%
(117
)
(0.6
)%
(54
)
(0.3
)%
(68,655
)
(498.4
)%
(11,022
)
(16.2
)%
Loan-level derivative income (3)
3,515
7.4
%
2,357
12.1
%
1,196
5.5
%
6,338
46.0
%
3,743
5.5
%
Derivative (losses) gains, net (4)
—
—
%
(44
)
(0.2
)%
(77
)
(0.4
)%
(196
)
(1.4
)%
179
0.3
%
Other noninterest income (5)
4,012
8.3
%
3,643
18.7
%
2,206
10.0
%
9,666
70.1
%
7,447
10.9
%
Total noninterest (loss) income
$
(47,683
)
(100.0
)%
$
19,420
100.0
%
$
21,921
100.0
%
$
(13,775
)
(100.0
)%
$
67,883
100.0
%
_________________
(1)
Changes in cash surrender value of BOLI
are not taxable.
(2)
Includes a total net loss of $68.5 million
as a result of the investment portfolio repositioning initiated
during the third quarter of 2024.
(3)
Income from interest rate swaps and other
derivative transactions with customers. The Company incurs expenses
related to derivative transactions with customers which are
included as part of noninterest expenses under loan-level
derivative expense. See Exhibit 5 for more details.
(4)
Net unrealized gains and losses related to
uncovered interest rate caps with clients.
(5)
Includes mortgage banking income of $2.8
million, $1.9 million and $0.5 million in the three months ended
September 30, 2024, June 30, 2024 and September 30, 2023,
respectively, and $5.8 million and $3.9 million in the nine months
ended September 30, 2024 and September 30, 2023, respectively,
primarily consisting of net gains on sale, valuation and derivative
transactions associated with mortgage loans held for sale activity,
and other smaller sources of income related to the operations of
Amerant Mortgage. In addition, includes $0.5 million BOLI death
benefits received in the nine months ended September 30, 2024.
Other sources of income in the periods shown include foreign
currency exchange transactions with customers and valuation income
on the investment balances held in the non-qualified deferred
compensation plan.
Exhibit 5 - Noninterest Expense
This table shows the amounts of each of the categories of
noninterest expense for the periods presented.
Three Months Ended
Nine Months Ended September
30,
September 30, 2024
June 30, 2024
September 30, 2023
2024
2023
(in thousands, except percentages)
Amount
%
Amount
%
Amount
%
Amount
%
Amount
%
Salaries and employee benefits (1)
$
34,979
45.9
%
$
33,857
46.2
%
$
31,334
48.6
%
$
101,794
47.1
%
$
100,457
49.8
%
Occupancy and equipment (2)
5,891
7.7
%
9,041
12.3
%
7,293
11.3
%
21,408
9.9
%
20,828
10.3
%
Professional and other services fees
(3)
13,711
18.0
%
12,110
16.5
%
5,325
8.3
%
36,784
17.0
%
20,368
10.1
%
Loan-level derivative expense (4)
1,802
2.4
%
580
0.8
%
18
—
%
2,386
1.1
%
1,728
0.9
%
Telecommunications and data processing
(5)
2,991
3.9
%
2,732
3.7
%
3,556
5.5
%
9,256
4.3
%
11,647
5.8
%
Depreciation and amortization (6)
1,737
2.3
%
1,652
2.3
%
1,795
2.8
%
4,866
2.3
%
5,362
2.7
%
FDIC assessments and insurance
2,863
3.8
%
2,772
3.8
%
2,590
4.0
%
8,643
4.0
%
8,066
4.0
%
Losses on loans held for sale carried at
the lower cost or fair value (7)
—
—
%
1,258
1.7
%
5,562
8.6
%
1,258
0.6
%
5,562
2.8
%
Advertising expenses
3,468
4.6
%
4,243
5.8
%
2,724
4.2
%
10,789
5.0
%
9,642
4.8
%
Other real estate owned and repossessed
assets (income) expense, net (8)
5,535
7.3
%
(148
)
(0.2
)%
(134
)
(0.2
)%
5,033
2.3
%
2,297
1.1
%
Contract termination costs (9)
—
—
%
—
—
%
—
—
%
—
—
%
1,550
0.8
%
Other operating expenses (10)
3,231
4.1
%
5,205
7.1
%
4,357
6.9
%
13,887
6.4
%
14,146
6.9
%
Total noninterest expense (11)
$
76,208
100.0
%
$
73,302
100.0
%
$
64,420
100.0
%
$
216,104
100.0
%
$
201,653
100.0
%
_________________
(1)
Includes staff reduction costs of $0.5
million and $2.9 million in the three and nine months ended
September 30, 2023, respectively, which consist of severance
expenses primarily related to organizational rationalization.
(2)
In the three month period ended June 30,
2024 and nine month period ended September 30, 2024, includes fixed
assets impairment charge of $3.4 million in connection with the
Houston Transaction. In each of the three and nine months ended
September 30, 2023, includes a rent termination fee of $0.3 million
in connection with the closure of a branch in Houston, Texas. In
addition, in the nine months ended September 30, 2023, includes
$0.6 million related to ROU asset impairment in connection with the
closure of a branch in Miami, Florida in 2023 as well as $0.5
million related to ROU asset impairment in connection with the
closure of a branch in Houston, Texas in 2023.
(3)
Includes $0.3 million in legal expenses in
connection with the Houston Transaction in the three months ended
June 30, 2024 and nine months ended September 30, 2024.
Additionally, includes additional non-routine expenses of $4.6
million in the nine months ended September 30, 2023, related to the
engagement of FIS. Lastly, includes recurring service fees in
connection with the engagement of FIS in the three months ended
September 30, 2024 and June 30, 2024, and in the nine months ended
September 30, 2024.
(4)
Includes services fees in connection with
our loan-level derivative income generation activities.
(5)
Includes a charge of $1.4 million in the
nine month periods ended September 30, 2023 related to the
disposition of fixed assets due to the write off of in-development
software.
(6)
Includes a charge of $0.9 million in the
nine month periods ended September 30, 2023 for the accelerated
depreciation of leasehold improvements in connection with the
closure of a branch in Miami, Florida in 2023.
(7)
In each of the three months ended June 30,
2024, amounts shown are in connection with the Houston Transaction.
In the three and nine month periods ended September 30, 2023,
includes valuation allowance as a result of changes in the fair
value of loans held for sale carried at the lower of cost or fair
value.
(8)
Includes OREO rental income of $0.5
million in the three months ended September 30, 2024 and $0.4
million in each of the three months ended June 30, 2024 and
September 30, 2023, and $1.4 million and $0.9 million in the nine
months ended September 30, 2024 and September 2023, respectively.
In addition, in the nine months ended September 30, 2023, includes
a loss on sale of repossessed assets in connection with our
equipment-financing activities of $2.6 million. Additionally,
includes $5.7 million of OREO valuation expense in the three months
ended September 30, 2024.
(9)
Contract termination and related costs
associated with third party vendors resulting from the Company’s
transition to our new technology provider.
(10)
In each of the three months ended June 30,
2024 and nine months ended September 30, 2024, includes broker fees
of $0.3 million in connection with the Houston Transaction.
Additionally, in the nine months ended September 30, 2023, includes
an impairment charge of $2.0 million related to an investment
carried at cost and included in other assets. In all of the periods
shown, includes mortgage loan origination and servicing expenses,
charitable contributions, community engagement, postage and courier
expenses, and debits which mirror the valuation income on the
investment balances held in the non-qualified deferred compensation
plan in order to adjust the liability to participants of the
deferred compensation plan and other small expenses.
(11)
Includes $3.9 million, $3.8 million, $3.0
million in the three months ended September 30, 2024, June 30, 2024
and September 30, 2023, respectively, and $10.5 million and $10.9
million in the nine months ended September 30, 2024 and September
30, 2023, related to Amerant Mortgage, primarily consisting of
salaries and employee benefits, mortgage lending costs and
professional and other services fees.
Exhibit 6 - Consolidated
Balance Sheets
(in thousands, except share data)
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Assets
(audited)
Cash and due from banks
$
40,538
$
32,762
$
41,231
$
47,234
$
48,145
Interest earning deposits with banks
614,345
238,346
577,843
242,709
202,946
Restricted cash
10,087
32,430
33,897
25,849
51,837
Other short-term investments
6,871
6,781
6,700
6,080
6,024
Cash and cash equivalents
671,841
310,319
659,671
321,872
308,952
Securities
Debt securities available for sale, at
fair value
1,476,378
1,269,356
1,298,073
1,217,502
1,033,797
Debt securities held to maturity, at
amortized cost (1)
—
219,613
224,014
226,645
230,254
Equity securities with readily
determinable fair value not held for trading
2,562
2,483
2,480
2,534
2,438
Federal Reserve Bank and Federal Home Loan
Bank stock
63,604
56,412
54,001
50,294
47,878
Securities
1,542,544
1,547,864
1,578,568
1,496,975
1,314,367
Loans held for sale, at the lower of cost
or fair value (2)
553,941
551,828
—
365,219
43,257
Mortgage loans held for sale, at fair
value
43,851
60,122
48,908
26,200
25,952
Loans held for investment, gross
6,964,171
6,710,961
6,957,475
6,873,493
7,073,387
Less: Allowance for credit losses
79,890
94,400
96,050
95,504
98,773
Loans held for investment, net
6,884,281
6,616,561
6,861,425
6,777,989
6,974,614
Bank owned life insurance
241,183
238,851
237,314
234,972
232,736
Premises and equipment, net
32,866
33,382
44,877
43,603
43,004
Deferred tax assets, net
41,138
48,779
48,302
55,635
63,501
Operating lease right-of-use assets
100,158
100,580
117,171
118,484
116,763
Goodwill
19,193
19,193
19,193
19,193
20,525
Accrued interest receivable and other
assets (3)(4)
250,965
220,259
202,343
256,185
202,029
Total assets
$
10,381,961
$
9,747,738
$
9,817,772
$
9,716,327
$
9,345,700
Liabilities and Stockholders'
Equity
Deposits
Demand
Noninterest bearing
$
1,482,061
$
1,465,140
$
1,397,331
$
1,426,919
$
1,370,157
Interest bearing
2,389,605
2,316,976
2,619,115
2,560,629
2,416,797
Savings and money market
1,835,700
1,723,233
1,616,719
1,610,218
1,457,080
Time
2,403,578
2,310,662
2,245,078
2,297,097
2,302,878
Total deposits
8,110,944
7,816,011
7,878,243
7,894,863
7,546,912
Advances from the Federal Home Loan
Bank
915,000
765,000
715,000
645,000
595,000
Senior notes
59,764
59,685
59,605
59,526
59,447
Subordinated notes
29,582
29,539
29,497
29,454
29,412
Junior subordinated debentures held by
trust subsidiaries
64,178
64,178
64,178
64,178
64,178
Operating lease liabilities (5)
105,875
105,861
122,267
123,167
120,665
Accounts payable, accrued liabilities and
other liabilities (6)
193,730
173,122
210,897
164,071
210,299
Total liabilities
9,479,073
9,013,396
9,079,687
8,980,259
8,625,913
Stockholders’ equity
Class A common stock
4,210
3,357
3,373
3,361
3,359
Additional paid in capital
342,508
189,601
192,237
192,701
194,103
Retained earnings
569,131
620,299
618,359
610,802
630,933
Accumulated other comprehensive loss
(12,961
)
(78,915
)
(75,884
)
(70,796
)
(105,634
)
Total stockholders' equity before
noncontrolling interest
902,888
734,342
738,085
736,068
722,761
Noncontrolling interest
—
—
—
—
(2,974
)
Total stockholders' equity
902,888
734,342
738,085
736,068
719,787
Total liabilities and stockholders'
equity
$
10,381,961
$
9,747,738
$
9,817,772
$
9,716,327
$
9,345,700
___________________
(1)
Estimated fair value of $192,403,
$198,909, $204,945 and $195,165 at June 30, 2024, March 31, 2024,
December 31, 2023 and September 30, 2023, respectively. During the
third quarter of 2024, the Company executed an investment portfolio
repositioning and transferred approximately $220 million in debt
securities from held to maturity to the available for sale
category.
(2)
As of September 30, 2024 and June 30,
2024, includes loans held for sale and a valuation allowance of
$1.3 million, in connection with the Houston Transaction. As of
December 31, 2023 and September 30, 2023, includes a valuation
allowance of $35.5 million and $5.6 million as a result of fair
value adjustment.
(3)
As of September 30, 2024, June 30, 2024,
March 31, 2024, December 31, 2023, September 30, 2023, includes
derivative assets with a total fair value of $52.3 million, $64.0
million, $64.7 million, $59.9 million and $87.1 million,
respectively. As of December 31, 2023, includes a receivable from
insurance carrier for $62.5 million in connection with the
restructuring of the Company’s BOLI in the fourth quarter of 2023,
which were collected in the first quarter of 2024.
(4)
As of September 30, 2024 and June 30,
2024, includes other assets for sale of approximately $21.4 million
and $23.6 million, respectively, in connection with the Houston
Transaction.
(5)
Consists of total long-term lease
liabilities. Total short-term lease liabilities are included in
other liabilities.
(6)
As of September 30, 2024, June 30, 2024,
March 31, 2024, December 31, 2023 and September 30, 2023, includes
derivatives liabilities with a total fair value of $51.3 million,
$62.9 million, $63.8 million, $59.4 million and $85.6 million,
respectively.
Exhibit 7 - Loans
Loans by Type - Held For Investment
The loan portfolio held for investment consists of the following
loan classes:
(in thousands)
September 30,
2024
June 30, 2024
March 31, 2024
December 31,
2023
September 30,
2023
Real estate loans
(audited)
Commercial real estate
Non-owner occupied
$
1,709,911
$
1,714,088
$
1,672,470
$
1,616,200
$
1,593,571
Multi-family residential
343,012
359,257
349,917
407,214
771,654
Land development and construction
loans
411,051
343,472
333,198
300,378
301,938
2,463,974
2,416,817
2,355,585
2,323,792
2,667,163
Single-family residential
1,485,326
1,446,569
1,490,711
1,466,608
1,371,194
Owner occupied
1,013,682
981,405
1,193,909
1,175,331
1,129,921
4,962,982
4,844,791
5,040,205
4,965,731
5,168,278
Commercial loans
1,630,309
1,521,533
1,550,140
1,503,187
1,452,759
Loans to financial institutions and
acceptances
92,489
48,287
29,490
13,375
13,353
Consumer loans and overdrafts (1)
278,391
296,350
337,640
391,200
438,997
Total loans
$
6,964,171
$
6,710,961
$
6,957,475
$
6,873,493
$
7,073,387
__________________
(1)
As of September 30, 2024, June 30, 2024,
March 31, 2024, December 31, 2023 and September 30, 2023 and
includes $103.9 million, $131.9 million, $163.3 million, $210.9
million and $254.7 million, respectively, in consumer loans
purchased under indirect lending programs.
Loans by Type - Held For Sale
The loan portfolio held for sale consists of the following loan
classes:
(in thousands)
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Loans held for
sale at the lower of cost or fair value
(audited)
Real estate loans
Commercial real estate
Non-owner occupied
$
111,591
$
112,002
$
—
$
—
$
43,256
Multi-family residential
915
918
—
309,612
—
Land development and construction
loans
35,020
29,923
—
55,607
—
147,526
142,843
—
365,219
43,256
Single-family residential
86,905
88,507
—
—
—
Owner occupied
221,774
220,718
—
—
—
456,205
452,068
—
365,219
43,256
Commercial loans
87,866
90,353
—
—
—
Consumer loans
9,870
9,407
—
—
—
Total loans held for sale at the lower of
cost or fair value (1)
553,941
551,828
—
365,219
43,256
Mortgage loans
held for sale at fair value
Land development and construction loans
(2)
10,608
7,776
26,058
12,778
6,931
Single-family residential (3)
33,243
52,346
22,850
13,422
19,022
Total mortgage loans held for sale at fair
value (4)
43,851
60,122
48,908
26,200
25,953
Total loans held for sale (5)
$
597,792
$
611,950
$
48,908
$
391,419
$
69,209
___________________
(1)
As of September 30, 2024, includes $553.9
million in connection with the Houston Transaction. In the second
quarter of 2024, the Company transferred an aggregate of $551.8
million in connection with the Houston Transaction, in which the
Company recorded a valuation allowance of $1.3 million as a result
of the transfer in the same period. In the fourth quarter of 2023,
the Company transferred an aggregate of $401 million in
Houston-based CRE loans held for investment to the loans held for
sale category, and recognized a valuation allowance of $35.5
million as a result of the fair value adjustment of these loans.
The Company subsequently sold these loans in the first quarter of
2024 and there was no material impact to the Company’s results of
operations as a result of this transaction. In the third quarter of
2023, the Company transferred a New York-based CRE loan held for
investment to the loans held for sale category, and recognized a
valuation allowance of $5.6 million as a result of the fair value
adjustment of this loan. In the fourth quarter of 2023, the Company
sold this loan and there was no material impact to the Company’s
results of operations as a result of this transaction.
(2)
In the second quarter of 2023, the Company
transferred approximately $13 million in land development and
construction loans held for sale to the loans held for investment
category.
(3)
In each of the fourth and third quarters
of 2023, the Company transferred approximately $17 million, in
single-family residential loans held for sale to the loans held for
investment category. In the first quarter of 2024, there were no
significant transfers of single-family residential loans from the
loans held for sale to the loans held for investment category.
(4)
Loans held for sale in connection with
Amerant Mortgage’s ongoing business.
(5)
As of September 30, 2024, there were $0.6
million in loans between 60 and 90 days past due; all loans remain
in accrual status at each of the periods shown.
Non-Performing Assets
This table shows a summary of our non-performing assets by loan
class, which includes non-performing loans, other real estate
owned, or OREO, and other repossessed assets at the dates
presented. Non-performing loans consist of (i) nonaccrual loans,
and (ii) accruing loans 90 days or more contractually past due as
to interest or principal.
(in thousands)
September 30,
2024
June 30, 2024
March 31, 2024
December 31,
2023
September 30,
2023
Non-Accrual Loans
(audited)
Real Estate Loans
Commercial real estate (CRE)
Non-owner occupied
$
1,916
$
—
$
—
$
—
$
—
Multi-family residential
—
6
—
8
23,344
1,916
6
—
8
23,344
Single-family residential
13,452
3,726
4,400
2,459
2,533
Owner occupied
29,240
26,309
1,958
3,822
2,100
44,608
30,041
6,358
6,289
27,977
Commercial loans
68,654
67,005
21,833
21,949
4,713
Consumer loans and overdrafts
—
4
45
38
1
Total Non-Accrual Loans (1)
$
113,262
$
97,050
$
28,236
$
28,276
$
32,691
Past Due Accruing Loans(2)
Real Estate Loans
Owner occupied
—
769
—
—
—
Single-family residential
1,129
2,656
1,149
5,218
—
Commercial
104
—
918
857
—
504
Consumer loans and overdrafts
434
477
—
49
—
Total Past Due Accruing Loans
$
1,667
$
3,902
$
2,067
$
6,124
$
504
Total Non-Performing Loans
114,929
100,952
30,303
34,400
33,195
Other Real Estate Owned
14,509
20,181
20,181
20,181
20,181
Total Non-Performing Assets
$
129,438
$
121,133
$
50,484
$
54,581
$
53,376
___________________
(1)
See June 30, 2024 Form 10-Q, March 31,
2024 Form 10-Q and 2023 Form 10-K for more information about the
activity of non-accrual loans in the second and first quarters of
2024 and all periods in 2023.
(2)
Loans past due 90 days or more but still
accruing.
Loans by Credit Quality Indicators
This table shows the Company’s loans by credit quality
indicators. The Company has not purchased credit-deteriorated
loans.
September 30, 2024
June 30, 2024
September 30, 2023
(in thousands)
Special Mention
Substandard
Doubtful
Total (1)
Special Mention
Substandard
Doubtful
Total (1)
Special Mention
Substandard
Doubtful
Total (1)
Real Estate Loans
Commercial Real
Estate (CRE)
Non-owner
occupied
$
34,374
$
1,916
$
—
$
36,290
$
33,979
$
—
$
—
$
33,979
$
—
$
—
$
—
$
—
Multi-family residential
—
—
—
—
—
6
—
6
—
23,344
—
23,344
Land development
and
construction
loans
—
—
—
—
—
—
—
—
—
—
—
—
34,374
1,916
—
36,290
33,979
6
—
33,985
—
23,344
—
23,344
Single-family residential
—
9,637
—
9,637
—
3,684
—
3,684
—
3,085
—
3,085
Owner occupied
29,603
29,310
—
58,913
35,642
26,381
—
62,023
2,234
2,180
—
4,414
63,977
40,863
—
104,840
69,621
30,071
—
99,692
2,234
28,609
—
30,843
Commercial loans
12,442
66,212
—
78,654
25,671
67,836
—
93,507
26,975
5,732
3
32,710
Consumer loans and
overdrafts
—
—
—
—
—
—
—
—
—
1
—
1
Totals
$
76,419
$
107,075
$
—
$
183,494
$
95,292
$
97,907
$
—
$
193,199
$
29,209
$
34,342
$
3
$
63,554
_________________
(1)
There were no loans categorized as “loss”
as of the dates presented.
Exhibit 8 - Deposits by Country of
Domicile
This table shows the Company’s deposits by country of domicile
of the depositor as of the dates presented.
(in thousands)
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
(audited)
Domestic
$
5,553,336
$
5,281,946
$
5,288,702
$
5,430,059
$
5,067,937
Foreign:
Venezuela
1,887,282
1,918,134
1,988,470
1,870,979
1,892,453
Others
670,326
615,931
601,071
593,825
586,522
Total foreign
2,557,608
2,534,065
2,589,541
2,464,804
2,478,975
Total deposits
$
8,110,944
$
7,816,011
$
7,878,243
$
7,894,863
$
7,546,912
Glossary of Terms and Definitions
- Total gross loans: include loans held for investment net of
unamortized deferred loan origination fees and costs, as well as
loans held for sale.
- Core deposits: consist of total deposits excluding all time
deposits.
- Assets under management and custody: consists of assets held
for clients in an agency or fiduciary capacity which are not assets
of the Company and therefore are not included in the consolidated
financial statements.
- Net interest margin, or NIM: defined as net interest income, or
NII, divided by average interest-earning assets, which are loans,
securities, deposits with banks and other financial assets which
yield interest or similar income.
- ROA and Core ROA are calculated based upon the average daily
balance of total assets.
- ROE and Core ROE are calculated based upon the average daily
balance of stockholders’ equity.
- Total revenue is the result of net interest income before
provision for credit losses plus noninterest income.
- Total capital ratio: total stockholders’ equity divided by
total risk-weighted assets, calculated according to the
standardized regulatory capital ratio calculations.
- Tier 1 capital ratio: Tier 1 capital divided by total
risk-weighted assets. Tier 1 capital is composed of Common Equity
Tier 1 (CET1) capital plus outstanding qualifying trust preferred
securities of $62.3 million at each of all the dates
presented.
- Tier 1 leverage ratio: Tier 1 capital divided by quarter to
date average assets.
- Common equity tier 1 capital ratio, CET1: Tier 1 capital
divided by total risk-weighted assets.
- Tangible common equity ratio: calculated as the ratio of common
equity less goodwill and other intangibles divided by total assets
less goodwill and other intangible assets. Other intangible assets
primarily consist of naming rights and mortgage servicing rights
and are included in other assets in the Company’s consolidated
balance sheets.
- Tangible common equity ratio, adjusted for unrealized losses on
debt securities held to maturity: calculated in the same manner
described in tangible common equity but also includes unrealized
losses on debt securities held to maturity in the balance of common
equity and total assets.
- Loans to Deposits ratio: calculated as the ratio of total loans
gross divided by total deposits.
- Non-performing assets include all accruing loans past due by 90
days or more, all nonaccrual loans and other real estate owned
(“OREO”) properties acquired through or in lieu of foreclosure, and
other repossessed assets.
- Non-performing loans include all accruing loans past due by 90
days or more and all nonaccrual loans
- Ratio for net charge-offs/average total loans held for
investments: calculated based upon the average daily balance of
outstanding loan principal balance net of unamortized deferred loan
origination fees and costs, excluding the allowance for credit
losses.
- Other operating expenses: total noninterest expense less salary
and employee benefits.
- Efficiency ratio: total noninterest expense divided by the sum
of noninterest income and NII.
- The terms of the FHLB advance agreements require the Bank to
maintain certain investment securities or loans as collateral for
these advances.
- Cost of total deposits: calculated based upon the average
balance of total noninterest bearing and interest bearing deposits,
which includes time deposits.
- AFS: Available-for-sale debt securities
- HTM: Held-to-maturity debt securities
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241023462069/en/
Investors Laura Rossi InvestorRelations@amerantbank.com (305)
460-8728 Media Alexis Dominguez MediaRelations@amerantbank.com
(305) 441-8412
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