Welcome to our dedicated page for Amerant Bancorp news (Ticker: AMTB), a resource for investors and traders seeking the latest updates and insights on Amerant Bancorp stock.
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 Inc. reported a fourth quarter net income of $8.5 million, a significant increase from $1.7 million in the prior quarter, but down from $13.5 million year-over-year. The company faced a full-year net loss of $1.7 million due to $88.6 million in loan loss provisions. Operating income fell to $7.5 million from $11.5 million in Q3 2020. Although the net interest margin rose to 2.61%, total loans decreased by 1.4% from the previous quarter. Positive credit quality trends were noted, with no provisions for loan losses in Q4 2020.
Amerant Bank has announced the formation of Amerant Mortgage, LLC, a joint venture aimed at capitalizing on the booming residential mortgage market in Florida. The bank retains majority ownership of the JV, which will leverage the expertise of seasoned executives from the residential mortgage sector, including Howard Levine and Tony Eelman. The venture aims to deliver exceptional client experiences and a range of mortgage products, amidst a favorable economic backdrop of low interest rates and increasing demand.
Amerant Bancorp Inc. has appointed Gerald P. Plush as its new Vice Chairman and Chief Executive Officer, effective after the filing of the 2020 Annual Report, expected in March. Plush, a seasoned financial services professional with over 30 years of experience, will lead the company into its next growth phase, focusing on profitability and shareholder value. He succeeds Millar Wilson, who will retire after a 12-year tenure, during which he significantly expanded Amerant’s assets from $6 billion to nearly $8 billion and oversaw its public offering in 2018.
Amerant Bancorp Inc. (NASDAQ: AMTB, AMTBB) is set to report its fourth quarter 2020 earnings on January 29, 2021, before market opening. CEO Millar Wilson and CFO Carlos Iafigliola will present the financial results during a conference call at 9:30 AM ET, which will be available through the company's website and via telephone. Investors can join by dialing 866-987-6807 domestically or 630-652-5946 internationally, using conference ID 9558279. The information may provide insights into Amerant's financial health and operational performance.
Amerant Bancorp Inc. (NASDAQ: AMTB, AMTBB) announced the results of its tender offer to buy up to $50 million of Class B common stock, which closed on December 18, 2020. The offer was oversubscribed with 4,940,037 shares tendered, and the company accepted 4,249,785 shares at $12.55 each, totaling approximately $53.3 million. This buyback represents about 32% of Class B shares and is expected to increase tangible book value per share by $0.74. Future repurchases may occur depending on market conditions.
Amerant Bancorp announced the preliminary results of its modified Dutch auction tender offer to repurchase up to $50 million of Class B common stock. The offer expired on December 18, 2020, and was oversubscribed, with 4,940,289 shares tendered. The company plans to purchase 4,249,785 shares at $12.55 each, for a total cost of approximately $53.3 million. This represents about 32% of the outstanding Class B shares. A preliminary proration rate of 86.07% was established, with final figures to be confirmed post-settlement.
Amerant Bancorp Inc. has announced an adjustment to the price range of its modified Dutch auction tender offer to buy up to $50 million of its Class B common stock. The new price range is between $11.05 and $12.55 per share. The tender offer is set to expire on December 18, 2020. If fully subscribed, this could result in a repurchase of 30% to 34% of the issued Class B shares, depending on the final purchase price. Shareholders must retender shares due to the price range change, and the offer is not contingent on financing.
Amerant Bancorp has initiated a modified “Dutch auction” tender offer to repurchase up to $50 million of its Class B common stock between $9.65 and $12.55 per share. This offer, set to expire on December 18, 2020, allows shareholders to indicate how many shares and at what price they wish to tender. If fully subscribed, the company could acquire 3,984,063 to 5,181,347 shares, representing 30% to 39% of outstanding shares as of November 12, 2020.
Amerant Bancorp reported a net income of $1.7 million for Q3 2020, a recovery from a net loss of $15.3 million in Q2 2020. However, net income for the first nine months of 2020 totaled a loss of $10.2 million, compared to $37.9 million in profit for the same period last year. Operating income decreased 46.6% from Q2 to $11.5 million and was down 9.8% year-over-year. The bank showed improved credit quality with loans under forbearance dropping significantly to $101.2 million. ROA and ROE improved from the previous quarter but remained negative for the first nine months of the year.
Amerant Bancorp Inc. (NASDAQ: AMTB, AMTBB) announced it will report its third-quarter 2020 earnings on October 29, before market opening. The conference call will be hosted by CEO Millar Wilson and CFO Carlos Iafigliola at 9:30 AM ET to discuss financial results. Investors can access the call via dial-in numbers or through a live webcast on the company's investor relations website. Amerant Bancorp is the largest community bank in Florida, operating 27 banking centers and providing various banking services to U.S. individuals and businesses.
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