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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