Amerant Reports Q1 2022 Earnings, Highlighting Several Key Actions Taken Throughout Quarter
Quarter Marks One Year Since New CEO Took Office
Coral Gables, FL – Today, Amerant Bancorp Inc. (NASDAQ: AMTB), the bank holding company through which its main subsidiary, Amerant Bank, operates, released its Q1 2022 earnings, announcing increases in total gross loans and core deposits, which were both up just over $150 million.
Additionally, net income attributable to the company was $16.0 million, down 75.6% quarter over quarter. This decrease was primarily driven by the one-time gain on the sale of its headquarters building in Coral Gables.
“We are pleased to report both loan and deposit growth in the quarter, which reflects the increasing momentum we have toward achieving our end goal toward becoming a top quartile performing community bank.” said Jerry Plush, Amerant Vice Chairman, President & CEO. “We continued to make significant progress in the transformation of Amerant, and while our first quarter results reflect a number of offsetting non-recurring items, many of these were the result of positive steps taken to position us to generate greater value for our shareholders in coming quarters.”
During the earnings call, Plush also noted that: “The first quarter saw higher average yields and balances on loans, and lower average balances on customer CDs and brokered time deposits, which were replaced by higher average balances in core deposits.”
Other highlights from the earnings release include:
- “Well-Capitalized” – Amerant’s capital continued to be strong and well in excess of the minimum regulatory requirements to be considered “well-capitalized” as of March 31, 2022. In February, Amerant launched its Employee Stock Purchase Program, with over one third of team members participating. “We are delighted that so many of our team members want to participate in the ownership of the company,” Plush said during the earnings call.
- Local Partnerships – The company’s main subsidiary, Amerant Bank, was named the official “Hometown Bank” of the University of Miami athletics, a program with national prowess and media attention, further leveraging local partnerships to support its community, while driving brand awareness.
- Emphasizing Blockchain – Amerant was the 7th bank to join the USDF Consortium, a national association formed to provide a base source for banks’ digital asset and blockchain strategies. With this selection, Amerant is taking one step forward toward unlocking the financial opportunities that blockchain and digital transactions can provide to a greater network of users.
- ESG – Amerant issued its first ESG report demonstrating our commitment to being a sustainable institution. The report focuses on key pillars meant to inspire and lift the communities and people the Bank serves, which include building climate resilience, promoting economic mobility in communities and empowering people for shared success.
- Streamlining Business – Last quarter, Amerant initiated the internal process to reorganize lines of business and focus on commercial and consumer banking separately to drive performance in each area. As a result of this reorganization, teams have streamlined management layers in several areas during the month of April, which will positively impact personnel expenses going forward.
- Board Updates – Amerant announced the retirement of two long-time Board directors and the appointment of four new ones, all of whom are based in the company’s key markets (3 in South Florida and 1 in Houston). The new directors bring a combined 99 years of corporate and management experience that add depth and value to the Board of Directors.
To view the full earnings release, visit: https://investor.amerantbank.com/news-releases/news-release-details/amerant-reports-first-quarter-2022-net-income-160-million-or.
For investor relations, visit investor.amerantbank.com.
About Amerant Bank
Amerant Bank, N.A., is one of the largest community banks headquartered in Florida and main subsidiary of Amerant Bancorp Inc. (NASDAQ: AMTB), with 17 banking centers in South Florida and 7 in Houston, TX. The bank has been serving clients for over 40 years, both domestically and abroad, and comprises subsidiaries Amerant Investments and Amerant Mortgage. Rooted in the communities it serves, Amerant Bank supports numerous non-profit, charitable and arts organizations. For news and updates, visit the Amerant Newsroom.