Board of Directors Declares Quarterly Cash Dividend of $0.09 per Common Share
CORAL GABLES, Fla.–(BUSINESS WIRE)–Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today reported a net income attributable to the Company of $12.0 million in the first quarter of 2025, or $0.28 income per diluted share, compared to net income of $16.9 million, or $0.40 income per diluted share, in the fourth quarter of 2024.
“Our results for the first quarter showed solid deposit growth as well as strong pre-provision net revenue, as net interest income and net interest margin were higher than expected. In addition, we exercised prudent expense management, even while continuing to execute on our strategy to add new locations and business development and risk management team members” stated Jerry Plush, Chairman and CEO. “However, loans were relatively flat quarter over quarter, as a result of increased payoffs and paydowns offsetting production in the first quarter. While loan demand going into the second quarter remains strong, borrowers may take a cautious approach given recent market volatility and uncertainty.”
- Total assets were $10.2 billion, an increase of $268.0 million, or 2.7%, compared to $9.9 billion in 4Q24.
- Total gross loans were $7.2 billion, a decrease of $52.2 million, or 0.7%, compared to $7.3 billion in 4Q24.
- Cash and cash equivalents were $648.4 million, up $58.0 million, or 9.8%, compared to $590.4 million in 4Q24.
- Total deposits were $8.2 billion, up $300.4 million, or 3.8%, compared to $7.9 billion in 4Q24. Core deposits were $6.0 billion, up $372.9 million, or 6.6%, compared to $5.6 billion in 4Q24.
- Total advances from the Federal Home Loan Bank (“FHLB”) were $715.0 million, down $30.0 million, or 4.0%, compared to $745.0 million in 4Q24. The Bank had an aggregate borrowing capacity of $3.0 billion from the FED or FHLB as of March 31, 2025.
- Net Interest Margin (“NIM”) was 3.75%, unchanged from 4Q24.
- Average yield on loans was 6.84%, compared to 7.00% at 4Q24.
- Average cost of total deposits was 2.60%, compared to 2.77% in 4Q24.
- Loan to deposit ratio was 88.5%, compared to 92.6% in 4Q24.
- Total non-performing assets were $140.8 million, up $18.6 million, or 15.2%, compared to $122.2 million as of 4Q24. As of 1Q25, non-performing assets consist of $123.2 million in non-performing loans and $17.5 million in real estate owned. Non-performing loans increased by $19.1 million from $104.1 million as of 4Q24, while classified loans increased from $166.5 million as of 4Q24 to $206.1 million as of 1Q25. The Company has provided additional details regarding asset quality in the 1Q25 earnings presentation (https://investor.amerantbank.com).
- The allowance for credit losses (“ACL”) was $98.3 million, an increase of $13.3 million, or 15.7%, compared to $85.0 million as of 4Q24. The increase in the ACL was attributable to the macroeconomic environment and the addition of specific reserves for several commercial credits based on receipt of 2024 year end financials for these borrowers.
- Assets Under Management and custody (“AUM”) totaled $2.93 billion, up $42.6 million, 1.5% from $2.89 billion in 4Q24.
- Pre-provision net revenue (“PPNR”)(1) was $33.9 million, an increase of $5.9 million, or 21.3%, compared to PPNR of $27.9 million in 4Q24.
- Net Interest Income (“NII”) was $85.9 million, down $1.7 million, or 2.0%, from $87.6 million in 4Q24.
- Provision for credit losses was $18.4 million, up $8.5 million, or 86.1% compared to $9.9 million in 4Q24.
- Non-interest income was $19.5 million, a decrease of $4.2 million, or 17.6% from $23.7 million in 4Q24.
- Non-interest expense was $71.6 million, down $11.8 million, or 14.2% from $83.4 million in 4Q24.
- The efficiency ratio was 67.9%, compared to 74.9% in 4Q24.
- Return on average assets (“ROA”) was 0.48%, compared to 0.67% in 4Q24.
- Return on average equity (“ROE”) was 5.32%, compared to 7.38% in 4Q24.
- On April 23, 2025, the Company’s Board of Directors declared a cash dividend of $0.09 per share of common stock. The dividend is payable on May 30, 2025, to shareholders of record on May 15, 2025.
In tomorrow’s earnings call, the Company will also provide an update on its decision to scale back its residential mortgage operations from a national origination platform to a Florida-focused business model.
Additional details on the first quarter 2025 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.
First Quarter 2025 Earnings Conference Call
The Company will hold an earnings conference call on Thursday, April 24, 2025 at 8:30 a.m. (Eastern Time) to discuss its first quarter 2025 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., and Amerant Mortgage, LLC. The Company provides individuals and businesses with deposit, credit and wealth management services. The Bank, which has operated for over 40 years, is headquartered in Florida and operates 20 banking centers – 19 in South Florida and 1 in Tampa, Florida. 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, 2024 filed on March 5, 2025, 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 March 31, 2025, December 31, 2024 and March 31, 2024 may not reflect our results of operations for our fiscal year ending, or financial condition, as of December 31, 2025, 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, 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”.
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 business. Management believes that these supplementary 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. 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) |
March 31, 2025 |
|
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|||||
|
Consolidated Balance Sheets |
|
|
(audited) |
|
|
|
|
|
|
|||||
|
Total assets |
$ |
10,169,688 |
|
$ |
9,901,734 |
|
$ |
10,353,127 |
|
$ |
9,747,738 |
|
$ |
9,817,772 |
|
Total investments |
|
1,761,678 |
|
|
1,497,925 |
|
|
1,542,544 |
|
|
1,547,864 |
|
|
1,578,568 |
|
Total gross loans (1)(2) |
|
7,219,162 |
|
|
7,271,322 |
|
|
7,561,963 |
|
|
7,322,911 |
|
|
7,006,383 |
|
Allowance for credit losses |
|
98,266 |
|
|
84,963 |
|
|
79,890 |
|
|
94,400 |
|
|
96,050 |
|
Total deposits |
|
8,154,978 |
|
|
7,854,595 |
|
|
8,110,944 |
|
|
7,816,011 |
|
|
7,878,243 |
|
Core deposits (1) |
|
5,993,055 |
|
|
5,620,150 |
|
|
5,707,366 |
|
|
5,505,349 |
|
|
5,633,165 |
|
Advances from the Federal Home Loan Bank |
|
715,000 |
|
|
745,000 |
|
|
915,000 |
|
|
765,000 |
|
|
715,000 |
|
Senior notes (3) |
|
59,922 |
|
|
59,843 |
|
|
59,764 |
|
|
59,685 |
|
|
59,605 |
|
Subordinated notes |
|
29,667 |
|
|
29,624 |
|
|
29,582 |
|
|
29,539 |
|
|
29,497 |
|
Junior subordinated debentures |
|
64,178 |
|
|
64,178 |
|
|
64,178 |
|
|
64,178 |
|
|
64,178 |
|
Stockholders’ equity (4)(5)(6) |
|
906,263 |
|
|
890,467 |
|
|
902,888 |
|
|
734,342 |
|
|
738,085 |
|
Assets under management and custody (1) |
|
2,932,602 |
|
|
2,890,048 |
|
|
2,550,541 |
|
|
2,451,854 |
|
|
2,357,621 |
|
|
Three Months Ended |
||||||||||||||||||
|
(in thousands, except percentages, share data and per share amounts) |
March 31, 2025 |
|
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
||||||||||
|
Consolidated Results of Operations |
|
|
|
|
|
|
|
|
|
||||||||||
|
Net interest income |
$ |
85,904 |
|
|
$ |
87,635 |
|
|
$ |
80,999 |
|
|
$ |
79,355 |
|
|
$ |
77,968 |
|
|
Provision for credit losses (7) |
|
18,446 |
|
|
|
9,910 |
|
|
|
19,000 |
|
|
|
19,150 |
|
|
|
12,400 |
|
|
Noninterest income (loss) |
|
19,525 |
|
|
|
23,684 |
|
|
|
(47,683 |
) |
|
|
19,420 |
|
|
|
14,488 |
|
|
Noninterest expense |
|
71,554 |
|
|
|
83,386 |
|
|
|
76,208 |
|
|
|
73,302 |
|
|
|
66,594 |
|
|
Net income (loss) attributable to Amerant Bancorp Inc. |
|
11,958 |
|
|
|
16,881 |
|
|
|
(48,164 |
) |
|
|
4,963 |
|
|
|
10,568 |
|
|
Effective income tax rate |
|
22.50 |
% |
|
|
6.34 |
% |
|
|
22.18 |
% |
|
|
21.51 |
% |
|
|
21.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Common Share Data |
|
|
|
|
|
|
|
|
|
||||||||||
|
Stockholders’ book value per common share |
$ |
21.60 |
|
|
$ |
21.14 |
|
|
$ |
21.44 |
|
|
$ |
21.88 |
|
|
$ |
21.90 |
|
|
Tangible stockholders’ equity (book value) per common share (8) |
$ |
21.03 |
|
|
$ |
20.56 |
|
|
$ |
20.87 |
|
|
$ |
21.15 |
|
|
$ |
21.16 |
|
|
Tangible stockholders’ equity (book value) per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity (8) |
$ |
21.03 |
|
|
$ |
20.56 |
|
|
$ |
20.87 |
|
|
$ |
20.54 |
|
|
$ |
20.60 |
|
|
Basic earnings (loss) per common share |
$ |
0.28 |
|
|
$ |
0.40 |
|
|
$ |
(1.43 |
) |
|
$ |
0.15 |
|
|
$ |
0.32 |
|
|
Diluted earnings (loss) per common share (9) |
$ |
0.28 |
|
|
$ |
0.40 |
|
|
$ |
(1.43 |
) |
|
$ |
0.15 |
|
|
$ |
0.31 |
|
|
Basic weighted average shares outstanding |
|
42,015,507 |
|
|
|
42,069,098 |
|
|
|
33,784,999 |
|
|
|
33,581,604 |
|
|
|
33,538,069 |
|
|
Diluted weighted average shares outstanding (9) |
|
42,186,759 |
|
|
|
42,273,778 |
|
|
|
33,784,999 |
|
|
|
33,780,666 |
|
|
|
33,821,562 |
|
|
Cash dividend declared per common share (5) |
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
$ |
0.09 |
|
|
|
Three Months Ended |
|||||||||||||
|
|
March 31, 2025 |
|
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
|||||
|
Other Financial and Operating Data (12) |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Profitability Indicators (%) |
|
|
|
|
|
|
|
|
|
|||||
|
Net interest income / Average total interest earning assets (NIM) (1) |
3.75 |
% |
|
3.75 |
% |
|
3.49 |
% |
|
3.56 |
% |
|
3.51 |
% |
|
Net income (loss)/ Average total assets (ROA)(1) |
0.48 |
% |
|
0.67 |
% |
|
(1.92 |
)% |
|
0.21 |
% |
|
0.44 |
% |
|
Net income (loss)/ Average stockholders’ equity (ROE) (1) |
5.32 |
% |
|
7.38 |
% |
|
(24.98 |
)% |
|
2.68 |
% |
|
5.69 |
% |
|
Noninterest income (loss) / Total revenue (1) |
18.52 |
% |
|
21.28 |
% |
|
(143.12 |
)% |
|
19.66 |
% |
|
15.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Capital Indicators (%) |
|
|
|
|
|
|
|
|
|
|||||
|
Total capital ratio (1) |
13.45 |
% |
|
13.43 |
% |
|
12.72 |
% |
|
11.88 |
% |
|
12.49 |
% |
|
Tier 1 capital ratio (1) |
11.84 |
% |
|
11.95 |
% |
|
11.36 |
% |
|
10.34 |
% |
|
10.87 |
% |
|
Tier 1 leverage ratio (1) |
9.73 |
% |
|
9.66 |
% |
|
9.56 |
% |
|
8.74 |
% |
|
8.73 |
% |
|
Common equity tier 1 capital ratio (CET1) (1) |
11.11 |
% |
|
11.21 |
% |
|
10.65 |
% |
|
9.60 |
% |
|
10.10 |
% |
|
Tangible common equity ratio (1)(8) |
8.69 |
% |
|
8.77 |
% |
|
8.51 |
% |
|
7.30 |
% |
|
7.28 |
% |
|
Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity (1)(8) |
8.69 |
% |
|
8.77 |
% |
|
8.51 |
% |
|
7.11 |
% |
|
7.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Liquidity Ratios (%) |
|
|
|
|
|
|
|
|
|
|||||
|
Loans to Deposits (1) |
88.52 |
% |
|
92.57 |
% |
|
93.23 |
% |
|
93.69 |
% |
|
88.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Asset Quality Indicators (%) |
|
|
|
|
|
|
|
|
|
|||||
|
Non-performing assets / Total assets (1) |
1.38 |
% |
|
1.23 |
% |
|
1.25 |
% |
|
1.24 |
% |
|
0.51 |
% |
|
Non-performing loans / Total gross loans (1) |
1.71 |
% |
|
1.43 |
% |
|
1.52 |
% |
|
1.38 |
% |
|
0.43 |
% |
|
Allowance for credit losses / Total non-performing loans |
79.75 |
% |
|
81.62 |
% |
|
69.51 |
% |
|
93.51 |
% |
|
317.01 |
% |
|
Allowance for credit losses / Total loans held for investment |
1.37 |
% |
|
1.18 |
% |
|
1.15 |
% |
|
1.41 |
% |
|
1.38 |
% |
|
Net charge-offs / Average total loans held for investment (1)(10) |
0.22 |
% |
|
0.26 |
% |
|
1.90 |
% |
|
1.13 |
% |
|
0.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Efficiency Indicators (% except FTE) |
|
|
|
|
|
|
|
|
|
|||||
|
Noninterest expense / Average total assets |
2.89 |
% |
|
3.29 |
% |
|
3.04 |
% |
|
3.03 |
% |
|
2.75 |
% |
|
Salaries and employee benefits / Average total assets |
1.35 |
% |
|
1.39 |
% |
|
1.39 |
% |
|
1.40 |
% |
|
1.36 |
% |
|
Other operating expenses/ Average total assets (1) |
1.54 |
% |
|
1.90 |
% |
|
1.64 |
% |
|
1.63 |
% |
|
1.39 |
% |
|
Efficiency ratio (1) |
67.87 |
% |
|
74.91 |
% |
|
228.74 |
% |
|
74.21 |
% |
|
72.03 |
% |
|
Full-Time-Equivalent Employees (FTEs) (11) |
726 |
|
|
698 |
|
|
735 |
|
|
720 |
|
|
696 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
||||||||||||||||||
|
(in thousands, except percentages and per share amounts) |
March 31, 2025 |
|
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
||||||||||
|
Core Selected Consolidated Results of Operations and Other Data (8) |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Pre-provision net revenue (loss) (PPNR) |
$ |
33,875 |
|
|
$ |
27,933 |
|
|
$ |
(42,892 |
) |
|
$ |
25,473 |
|
|
$ |
25,862 |
|
|
Core pre-provision net revenue (Core PPNR) |
$ |
31,546 |
|
|
$ |
37,217 |
|
|
$ |
31,264 |
|
|
$ |
31,007 |
|
|
$ |
26,068 |
|
|
Core net income |
$ |
10,153 |
|
|
$ |
21,160 |
|
|
$ |
9,249 |
|
|
$ |
9,307 |
|
|
$ |
10,730 |
|
|
Core basic earnings per common share |
|
0.24 |
|
|
|
0.50 |
|
|
|
0.27 |
|
|
|
0.28 |
|
|
|
0.32 |
|
|
Core earnings per diluted common share (9) |
|
0.24 |
|
|
|
0.50 |
|
|
|
0.27 |
|
|
|
0.28 |
|
|
|
0.32 |
|
|
Core net income / Average total assets (Core ROA) (1) |
|
0.41 |
% |
|
|
0.83 |
% |
|
|
0.37 |
% |
|
|
0.38 |
% |
|
|
0.44 |
% |
|
Core net income / Average stockholders’ equity (Core ROE) (1) |
|
4.52 |
% |
|
|
9.25 |
% |
|
|
4.80 |
% |
|
|
5.03 |
% |
|
|
5.78 |
% |
|
Core efficiency ratio (1) |
|
69.24 |
% |
|
|
64.71 |
% |
|
|
69.29 |
% |
|
|
68.60 |
% |
|
|
71.87 |
% |
| __________________ | |
|
(1) |
See Glossary of Terms and Definitions for definitions of financial terms. |
|
(2) |
All periods include mortgage loans held for sale carried at fair value, while March 31, 2025, September 30, 2024 and June 30, 2024 also include loans held for sale carried at the lower of estimated cost or fair value. As of December 31, 2024, there were no loans carried at the lower cost or fair value. |
|
(3) |
On March 03, 2025, the Company gave notice of its election to redeem all outstanding Senior Notes and they were redeemed on April 1, 2025. |
|
(4) |
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 first quarter of 2025 the Company repurchased an aggregate of 215,427 shares of Class A common stock at a weighted average price of $23.21 per share under the 2023 Class A Common Stock Repurchase Program. The aggregate purchase price for these transactions was approximately $5.0 million which includes transaction costs. For all other periods, see December 31, 2024 Form 10-K, September 30, 2024 Form 10-Q, June 30, 2024 Form 10-Q and March 31, 2024 Form 10-Q. |
|
(5) |
For the three months ended March 31, 2025, and December 31, 2024, 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 $3.8 million per quarter in connection with these dividends. The dividend declared in the first quarter of 2025 was paid on February 28, 2025 to shareholders of record at the close of business on February 14, 2025. See December 31, 2024 Form 10-K for more information on dividend payments during the previous quarters. |
|
(6) |
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. |
|
(7) |
In all periods shown, includes reserves on loans and contingent loans. In the first quarter of 2025, and the fourth, third, second and first quarters of 2024, includes $17.2 million, $9.7 million, $17.9 million, $17.7 million, and $12.4 million of provision for credit losses on loans. Provision for unfunded commitments (contingencies) in the first quarter of 2025 and the fourth, third and second quarters of 2024, were $1.3 million, $0.2 million, $1.1 million, and $1.5 million, respectively, while there was none in the first quarter of 2024. |
|
(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 2024 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation. |
|
(10) |
See 2024 Form 10-K for more details on charge-offs for all previous periods. |
|
(11) |
As of March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, includes 77, 80, 81, 83 and 65 FTEs for Amerant Mortgage, respectively. |
|
(12) |
Operating data for the periods presented have been annualized. |
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 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, and other non-routine actions intended to improve customer service and operating performance. The Company believes these adjusted numbers are useful for understanding its performance excluding these transactions and events.
|
|
Three Months Ended, |
||||||||||||||||||
|
(in thousands) |
March 31, 2025 |
|
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
||||||||||||||||
|
Net income (loss) attributable to Amerant Bancorp Inc. |
$ |
11,958 |
|
|
$ |
16,881 |
|
|
$ |
(48,164 |
) |
|
$ |
4,963 |
|
|
$ |
10,568 |
|
|
Plus: provision for credit losses (1) |
|
18,446 |
|
|
|
9,910 |
|
|
|
19,000 |
|
|
|
19,150 |
|
|
|
12,400 |
|
|
Plus: provision for income tax expense (benefit) |
|
3,471 |
|
|
|
1,142 |
|
|
|
(13,728 |
) |
|
|
1,360 |
|
|
|
2,894 |
|
|
Pre-provision net revenue (loss) (PPNR) |
|
33,875 |
|
|
|
27,933 |
|
|
|
(42,892 |
) |
|
|
25,473 |
|
|
|
25,862 |
|
|
Plus: non-routine noninterest expense items |
|
534 |
|
|
|
15,148 |
|
|
|
5,672 |
|
|
|
5,562 |
|
|
|
— |
|
|
(Less) plus: non-routine noninterest income items |
|
(2,863 |
) |
|
|
(5,864 |
) |
|
|
68,484 |
|
|
|
(28 |
) |
|
|
206 |
|
|
Core pre-provision net revenue (Core PPNR) |
$ |
31,546 |
|
|
$ |
37,217 |
|
|
$ |
31,264 |
|
|
$ |
31,007 |
|
|
$ |
26,068 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total noninterest income (loss) |
$ |
19,525 |
|
|
$ |
23,684 |
|
|
$ |
(47,683 |
) |
|
$ |
19,420 |
|
|
$ |
14,488 |
|
|
Less (plus): Non-routine noninterest income (loss) items: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Derivatives (losses), net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(44 |
) |
|
|
(152 |
) |
|
Securities gains (losses), net (2) |
|
64 |
|
|
|
(8,200 |
) |
|
|
(68,484 |
) |
|
|
(117 |
) |
|
|
(54 |
) |
|
Gain on sale of loans (3) |
|
2,799 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Gain on sale of Houston Franchise (4) |
|
— |
|
|
|
12,636 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Gains on early extinguishment of FHLB advances, net |
|
— |
|
|
|
1,428 |
|
|
|
— |
|
|
|
189 |
|
|
|
— |
|
|
Total non-routine noninterest income (loss) items |
$ |
2,863 |
|
|
$ |
5,864 |
|
|
$ |
(68,484 |
) |
|
$ |
28 |
|
|
$ |
(206 |
) |
|
Core noninterest income |
$ |
16,662 |
|
|
$ |
17,820 |
|
|
$ |
20,801 |
|
|
$ |
19,392 |
|
|
$ |
14,694 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total noninterest expense |
$ |
71,554 |
|
|
$ |
83,386 |
|
|
$ |
76,208 |
|
|
$ |
73,302 |
|
|
$ |
66,594 |
|
|
Less: non-routine noninterest expense items |
|
|
|
|
|
|
|
|
|
||||||||||
|
Non-routine noninterest expense items: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Losses on loans held for sale carried at the lower cost or fair value (4)(5) |
|
— |
|
|
|
12,642 |
|
|
|
— |
|
|
|
1,258 |
|
|
|
— |
|
|
Other real estate owned valuation expense (6) |
|
534 |
|
|
|
— |
|
|
|
5,672 |
|
|
|
— |
|
|
|
— |
|
|
Goodwill and intangible assets impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
300 |
|
|
|
— |
|
|
Fixed assets impairment (4)(7) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,443 |
|
|
|
— |
|
|
Legal, broker fees and other costs (4) |
|
— |
|
|
|
2,506 |
|
|
|
— |
|
|
|
561 |
|
|
|
— |
|
|
Total non-routine noninterest expense items |
$ |
534 |
|
|
$ |
15,148 |
|
|
$ |
5,672 |
|
|
$ |
5,562 |
|
|
$ |
— |
|
|
Core noninterest expense |
$ |
71,020 |
|
|
$ |
68,238 |
|
|
$ |
70,536 |
|
|
$ |
67,740 |
|
|
$ |
66,594 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended, |
|||||||||||||||||||
|
(in thousands, except percentages and per share amounts) |
March 31, 2025 |
|
December 31, 2024 |
|
September 30, 2024 |
|
June 30, 2024 |
|
March 31, 2024 |
||||||||||
|
|
|
|
|
||||||||||||||||
|
Net income (loss) attributable to Amerant Bancorp Inc. |
$ |
11,958 |
|
|
$ |
16,881 |
|
|
$ |
(48,164 |
) |
|
$ |
4,963 |
|
|
$ |
10,568 |
|
|
Plus after-tax non-routine items in noninterest expense: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Non-routine items in noninterest expense before income tax effect |
|
534 |
|
|
|
15,148 |
|
|
|
5,672 |
|
|
|
5,562 |
|
|
|
— |
|
|
Income tax effect (8) |
|
(120 |
) |
|
|
(3,409 |
) |
|
|
(1,332 |
) |
|
|
(1,196 |
) |
|
|
— |
|
|
Total after-tax non-routine items in noninterest expense |
|
414 |
|
|
|
11,739 |
|
|
|
4,340 |
|
|
|
4,366 |
|
|
|
— |
|
|
(Less) plus after-tax non-routine items in noninterest income: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Non-routine items in noninterest income (loss) before income tax effect |
|
(2,863 |
) |
|
|
(5,864 |
) |
|
|
68,484 |
|
|
|
(28 |
) |
|
|
206 |
|
|
Income tax effect (8) |
|
644 |
|
|
|
(1,596 |
) |
|
|
(15,411 |
) |
|
|
6 |
|
|
|
(44 |
) |
|
Total after-tax non-routine items in noninterest income (loss) |
|
(2,219 |
) |
|
|
(7,460 |
) |
|
|
53,073 |
|
|
|
(22 |
) |
|
|
162 |
|
|
Core net income |
$ |
10,153 |
|
|
$ |
21,160 |
|
|
$ |
9,249 |
|
|
$ |
9,307 |
|
|
$ |
10,730 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Basic earnings (loss) per share |
$ |
0.28 |
|
|
$ |
0.40 |
|
|
$ |
(1.43 |
) |
|
$ |
0.15 |
|
|
$ |
0.32 |
|
|
Plus: after tax impact of non-routine items in noninterest expense |
|
0.01 |
|
|
|
0.28 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
— |
|
|
(Less) plus: after tax impact of non-routine items in noninterest income (loss) |
|
(0.05 |
) |
|
|
(0.18 |
) |
|
|
1.57 |
|
|
|
— |
|
|
|
— |
|
|
Total core basic earnings per common share |
$ |
0.24 |
|
|
$ |
0.50 |
|
|
$ |
0.27 |
|
|
$ |
0.28 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Diluted earnings (loss) per share (9) |
$ |
0.28 |
|
|
$ |
0.40 |
|
|
$ |
(1.43 |
) |
|
$ |
0.15 |
|
|
$ |
0.31 |
|
|
Plus: after tax impact of non-routine items in noninterest expense |
|
0.01 |
|
|
|
0.28 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
— |
|
|
(Less) plus: after tax impact of non-routine items in noninterest income (loss) |
|
(0.05 |
) |
|
|
(0.18 |
) |
|
|
1.57 |
|
|
|
— |
|
|
|
0.01 |
|
|
Total core diluted earnings per common share |
$ |
0.24 |
|
|
$ |
0.50 |
|
|
$ |
0.27 |
|
|
$ |
0.28 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net income (loss) / Average total assets (ROA) |
|
0.48 |
% |
|
|
0.67 |
% |
|
|
(1.92 |
)% |
|
|
0.21 |
% |
|
|
0.44 |
% |
|
Plus: after tax impact of non-routine items in noninterest expense |
|
0.02 |
% |
|
|
0.46 |
% |
|
|
0.18 |
% |
|
|
0.17 |
% |
|
|
— |
% |
|
(Less) plus: after tax impact of non-routine items in noninterest income (loss) |
|
(0.09 |
)% |
|
|
(0.30 |
)% |
|
|
2.11 |
% |
|
|
— |
% |
|
|
— |
% |
|
Core net income / Average total assets (Core ROA) |
|
0.41 |
% |
|
|
0.83 |
% |
|
|
0.37 |
% |
|
|
0.38 |
% |
|
|
0.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net income (loss)/ Average stockholders’ equity (ROE) |
|
5.32 |
% |
|
|
7.38 |
% |
|
|
(24.98 |
)% |
|
|
2.68 |
% |
|
|
5.69 |
% |
|
Plus: after tax impact of non-routine items in noninterest expense |
|
0.19 |
% |
|
|
5.13 |
% |
|
|
2.25 |
% |
|
|
2.36 |
% |
|
|
— |
% |
|
(Less) plus: after tax impact of non-routine items in noninterest income (loss) |
|
(0.99 |
)% |
|
|
(3.26 |
)% |
|
|
27.53 |
% |
|
|
(0.01 |
)% |
|
|
0.09 |
% |
|
Core net income / Average stockholders’ equity (Core ROE) |
|
4.52 |
% |
|
|
9.25 |
% |
|
|
4.80 |
% |
|
|
5.03 |
% |
|
|
5.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Efficiency ratio |
|
67.87 |
% |
|
|
74.91 |
% |
|
|
228.74 |
% |
|
|
74.21 |
% |
|
|
72.03 |
% |
|
Less: impact of non-routine items in noninterest expense and noninterest income (loss) |
|
1.37 |
% |
|
|
(10.20 |
)% |
|
|
(159.45 |
)% |
|
|
(5.61 |
)% |
|
|
(0.16 |
)% |
|
Core efficiency ratio |
|
69.24 |
% |
|
64.71 |
% |
69.29 |
% |
68.60 |
% |
71.87 |
% |
|||||||
Contacts
Investors
Laura Rossi
[email protected]
(305) 460-8728
Media
Alexis Dominguez
[email protected]
(305) 441-8412
