The following is a summary of the Amerant Bancorp Inc. (AMTB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Amerant Bancorp Inc. reported a net interest margin of 3.51% for Q1 2024.

• Diluted income per share for was $0.31, an improvement over the prior quarter.

• Non-interest expense was $66.6 million, showing a reduction from $109.7 million in the fourth quarter.

• Total assets stood at $9.82 billion at the end of Q1 2024, slightly increased from $9.72 billion in the previous period.

• Gross loans decreased by $258.5 million to $7 billion while net charge offs were $11.9 million.

• Provision for credit losses decreased, ending at $12.4 million.

Business Progress:

• The company reported strong organic loan and deposit growth of $142.5 million and $331.8 million respectively in Q1 2024.

• Several new banking centers and regional offices were opened in Florida to support the company's growth drive.

• A multi-year partnership with Miami Marlins was announced in Q1 2024.

• Amerant Bancorp sold its Texas franchise to MidFirst Bank, a move that enables the company to concentrate on its Florida franchise.

• The company is set to accelerate growth plans in Florida and anticipates that the sale of the Texas franchise will positively impact earnings.

More details: Amerant Bancorp IR

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