Amerant Bancorp Inc. - AMTB STOCK NEWS

Amerant Bancorp reported net income of $16.0 million for Q1 2022, a decline from $65.5 million in Q4 2021 but an increase from $14.5 million in Q1 2021. Core Pre-Provision Net Revenue was $17.9 million, down from $18.9 million in Q4 2021. Total gross loans rose 2.8% to $5.72 billion, while total deposits increased by 1.08% to $5.69 billion. Non-interest income dropped 81.9% to $14.0 million, heavily impacted by the previous quarter's gain on the sale of headquarters. Amerant's stockholders’ equity decreased 9.9% to $749.4 million.

Amerant Bancorp Inc. (NASDAQ: AMTB) has declared a cash dividend of $0.09 per share of common stock. The dividend will be paid on May 31, 2022, to shareholders who are on record as of the close of business on May 13, 2022. Founded in 1979 and headquartered in Coral Gables, Florida, Amerant Bancorp operates mainly through its subsidiary, Amerant Bank, providing a range of financial services including deposit, credit, and wealth management services to both U.S. and select international clients.

Amerant Bancorp Inc. (NASDAQ: AMTB) will release its first quarter 2022 earnings results on April 20, 2022, after market close. Investors can access the results on the company’s investor relations website. A conference call discussing the financial results is scheduled for April 21, 2022, at 9:00 AM ET, hosted by CEO Jerry Plush and CFO Carlos Iafigliola. The call will be accessible via phone and webcast, with a replay available for one month. Amerant Bancorp is a leading bank holding company based in Coral Gables, Florida, operating primarily through Amerant Bank.

Amerant Bancorp Inc. (NASDAQ: AMTB) announced significant changes to its Board of Directors, effective from the upcoming annual meeting on June 8, 2022. Retiring members include Chairman Frederick C. Copeland, Jr. and Director J. Guillermo Villar. New appointees Orlando Ashford, Samantha Holroyd, John Quelch, and Oscar Suarez will join the board on April 1, 2022. Additionally, Jerry Plush will transition to Chairman, and Pamella J. Dana will be Lead Independent Director. The new directors bring diverse experiences, emphasizing growth in South Florida and Houston.

Amerant Bank, the second largest community bank in Florida, has joined the USDF Consortium, becoming the seventh bank nationally to do so. This consortium aims to enhance the adoption and interoperability of the USDF™ bank-minted tokenized deposit, facilitating value transfers on blockchain. Amerant Bank's involvement reflects its commitment to innovation in digital transactions, with a focus on safer and more reliable financial services for consumers. The consortium plans to establish standards for member banks, expanding services like mobile banking and crypto lending.

Amerant Bancorp Inc. announced the completion of a $30 million private placement of its 4.25% Fixed-to-Floating Rate Subordinated Notes due in 2032. The notes will carry an initial interest of 4.25% until March 2027, after which the rate will reset quarterly to a floating rate. Proceeds will be utilized for general corporate purposes, including capital for growth and debt repayment. The notes are guaranteed by Amerant Florida Bancorp Inc. and are not registered under the Securities Act, limiting their sale in the U.S. without registration or exemption.

Amerant Bank, the second largest community bank in Florida, has introduced the Amerant CoverMe program, which eliminates overdraft fees for amounts up to $100. The bank will also reduce overdraft fees from $35 to $10 by the end of Q2 2022 for consumer accounts. This initiative aims to help customers avoid declined transactions and overdrafts. Additionally, Amerant offers an Overdraft Protection program at no setup cost, helping customers manage their finances more effectively.

Amerant Bancorp Inc. (NASDAQ: AMTB) has successfully completed its previous $50 million share buyback program and announced a new $50 million repurchase program for Class A common stock. The decision reflects the board's confidence in the company's performance and commitment to enhancing shareholder value. Repurchases will occur based on market conditions and regulatory requirements. The bank, headquartered in Florida, is one of the largest community banks in the state, with 24 banking centers. These buyback initiatives, alongside recent cash dividends, aim to optimize capital management and returns for shareholders.