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Earnings Call Summary | Amerant Bancorp(AMTB.US) Q1 2024 Earnings Conference

Futu News ·  Apr 26 01:15  · Conference Call

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

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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