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Amerant Bancorp Inc. (NYSE: AMTB) is a renowned bank holding company headquartered in Coral Gables, Florida, operating since 1979. It primarily serves through its main subsidiary, Amerant Bank, N.A., the largest community bank headquartered in Florida. The company offers a comprehensive range of deposit, credit, and wealth management services to individuals and businesses across the United States and internationally.
Amerant provides various banking products, including checking and savings accounts, certificates of deposit, and money market accounts. It also offers a wide array of loan products such as variable and fixed-rate commercial real estate loans, loans secured by owner-occupied properties, working capital loans, asset-based lending, and small business administration loans. Additionally, the company extends consumer loans and overdrafts.
In terms of recent achievements, Amerant has strategically expanded its footprint in South Florida with the opening of a new banking center on Las Olas Blvd in Ft. Lauderdale. This move underlines their commitment to providing relationship-centric banking services. Furthermore, Amerant has entered into strategic partnerships with notable organizations like iCapital for enhanced wealth management offerings and the Miami Marlins, strengthening its community presence.
Financially, Amerant reported net income attributable to the company of $10.6 million for the first quarter of 2024, with total assets amounting to $9.8 billion. The company’s financial stability is further supported by robust non-performing asset management and strategic asset sales, such as the sale of its Houston-based operations to MidFirst Bank, allowing it to focus more on its core markets in Florida.
Amerant’s involvement in community initiatives is significant, highlighted by its “Saves for Vets” program in partnership with the Florida Panthers, which supports veteran-focused nonprofit organizations.
Amerant Bancorp Inc. continues to innovate and expand, ensuring its services meet the evolving needs of its diverse client base while maintaining a strong presence in the communities it serves.
Amerant Bancorp reported a substantial increase in net income for Q4 2021, reaching $65.5 million ($1.77 per share), compared to $17.0 million in Q3 2021. This improvement reflects a robust 284.4% quarter-over-quarter and a 672.7% year-over-year growth. Core pre-provision net revenue (Core PPNR) reached approximately $19 million, while total loans saw growth of $88.6 million during the same period. Additionally, non-performing loans decreased to 0.89% of total loans, and net interest margin improved to 3.17%.
Amerant Bancorp Inc. (NASDAQ: AMTB) has declared a cash dividend of $0.09 per share for its common stock. This dividend will be payable on February 28, 2022, to shareholders of record as of February 11, 2022. The announcement follows the company's reputation as the second largest community bank in Florida, providing a range of banking services through its subsidiary, Amerant Bank. The bank operates 24 centers, primarily in South Florida and Houston, Texas.
Amerant Bancorp Inc. (NASDAQ: AMTB) has announced it will report its fourth quarter 2021 earnings results before market opening on January 20, 2022. CEO Jerry Plush and CFO Carlos Iafigliola will conduct a conference call at 9:00 AM ET to discuss the financial outcomes. Interested parties can access the call via the company's website or dial in directly. The company, based in Coral Gables, Florida, operates as a significant community bank and provides various banking services across the U.S. and select international markets.
Amerant Bancorp Inc. has completed the sale of its headquarters in Coral Gables, FL, to FNLI Audax LLC for $135 million. This all-cash transaction is expected to yield a pre-tax gain of approximately $62.4 million and increase tangible book value per common share by about $1.22. As part of the deal, Amerant has entered an 18-year leaseback agreement at approximately $43 per square foot. This strategic move aims to enhance the company’s financial position by increasing the percentage of earning assets to total assets.
Amerant Bancorp Inc. (NASDAQ: AMTB) has declared a cash dividend of $0.06 per share, totaling approximately $2.2 million, payable by January 15, 2022, to shareholders on record by December 22, 2021. This decision reflects the company's commitment to enhancing shareholder returns and signals confidence in its financial position and future performance, according to CEO Jerry Plush.
Amerant Mortgage, a subsidiary of Amerant Bank, has announced the expansion of its wholesale division, onboarding 28 new team members focused on enhancing services for mortgage brokers. This move aims to accelerate growth in the wholesale sector, with the new team previously generating over $2 billion in gross loan volume. The wholesale division offers a mix of standardized agency and specialized bank portfolio products, providing mortgage brokers with greater options and flexibility. This strategic development is a response to evolving business opportunities within the mortgage market.
Amerant Bancorp Inc. (NASDAQ: AMTB) announced the completion of a clean-up merger on November 18, 2021, simplifying its capital structure. This involved converting all shares of Class B common stock into Class A common stock, with the last trading day for Class B being November 17, 2021. Shareholders with fractional shares post-merger will receive cash equal to their fractional shares multiplied by the Class A closing price of $30.10. The total outstanding shares of Class A after the merger are approximately 37,103,243.
Amerant Bancorp Inc. (NASDAQ: AMTB, AMTBB) announced that its shareholders approved a merger aimed at simplifying the company's capital structure. The merger will convert all Class B common stock into Class A common stock at a rate of 0.95 shares. Any shareholder exceeding an 8.9% ownership threshold in Class A stock will receive non-voting shares. The merger is set to take effect on November 18, 2021, and will result in only Class A shares being traded on NASDAQ.
CEO Jerry Plush highlighted the merger's potential to optimize capital costs and enhance shareholder returns.
Amerant Bank, one of Florida's largest community banks, has partnered with United Way Miami through 2024. This collaboration includes support for the United Way's annual 5K event in Coral Gables on January 23, 2022, aimed at enhancing access to quality education and promoting healthy living in Miami-Dade County. The partnership also features sponsorship of the Women United Let's Do Lunch Series to foster professional networking. Amerant's CEO Jerry Plush expressed pride in supporting a significant local organization committed to community improvement.
Raistone has successfully secured growth funding led by Amerant Bancorp Inc. (NASDAQ: AMTB, AMTBB) to support its expansion amid significant growth. The fintech firm, known for enhancing working capital access, will utilize this funding to develop its finance APIs and expand its suite of financial solutions like Supply Chain Finance and Buy Now, Pay Later. Raistone aims to improve cash flow for businesses worldwide, responding to supply chain challenges. Their innovative platform connects various financial entities, facilitating smooth transactions.
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