Q3 2024 Amerant Bancorp Inc Earnings Call Transcript
Key Points
- Amerant Bancorp Inc (AMTB) achieved strong organic loan and deposit growth, with total gross loans increasing by $239.1 million and total deposits rising by $294.9 million in the third quarter.
- The company successfully crossed the $10 billion mark in total assets, reaching $10.38 billion by the end of the third quarter.
- Amerant Bancorp Inc (AMTB) completed a public offering, raising approximately $165 million in gross proceeds, which strengthened its capital position.
- The company reported a significant improvement in its total capital ratio, increasing to 12.66% from 11.88% in the previous quarter.
- Amerant Bancorp Inc (AMTB) is expanding its presence in Florida, with plans to open new banking centers in Miami Beach and downtown Tampa by mid-2025.
- Amerant Bancorp Inc (AMTB) recorded a substantial charge to earnings due to the repositioning of its investment portfolio, resulting in a loss of $48.2 million for the quarter.
- The company's net interest margin decreased to 3.49% from 3.56% in the previous quarter, primarily due to higher average balances in nonperforming loans and interest-bearing liabilities.
- Nonperforming loans increased, with the ratio of nonperforming loans to total loans rising to 162 basis points from 138 basis points in the previous quarter.
- The efficiency ratio significantly worsened to 228.74% in the third quarter, compared to 74.21% in the second quarter, due to securities losses and valuation expenses.
- Amerant Bancorp Inc (AMTB) experienced a decrease in noninterest income, which was negative $47.7 million, primarily due to the repositioning of the securities portfolio.
Greetings and welcome to the Amerant third quarter, 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded. I would now like to turn the call over to Laura Rossi, Head of Investor Relations and Strategy, Amerant Bank. Thank you, Laura. You may begin.
Thank you, Paul. Good morning, everyone and thank you for joining us to review Amerant Bank Corp's third quarter, 2024 results. On today's call are Jerry Plush, our Chairman and CEO; and Sharymar Calderon, our Executive Vice President and CFO.
As we begin, please note that discussions on today's call contain forward-looking statements within the meaning of the Securities Exchange Act. In addition, references will also be made to non-GAAP financial measures. Please refer to the company's earnings release for a statement regarding forward-looking statements as well as for information and reconciliation of non-GAAP financial measures to GAAP measures.
I will now turn it over to our Chairman and
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