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Mar 31, 2021
Amerant Q1 2021 Earnings Report
Reported net income of $14.5 million and diluted earnings per share of $0.38.
Key Takeaways
Amerant Bancorp Inc. reported a net income of $14.5 million, or $0.38 per diluted share, for the first quarter of 2021. This represents an increase compared to both the previous quarter and the same quarter of the prior year. The positive results were primarily driven by higher non-interest income and lower expenses. The company originated $81.5 million in Paycheck Protection Program (“PPP”) loans and Reached $2 billion in Assets Under Management (“AUM”).
Net income was $14.5 million, up 70.7% from the previous quarter and 327.5% from Q1 2020.
Net Interest Income (NII) was $47.6 million, a decrease of 2.2% from the previous quarter and 3.4% from Q1 2020.
Noninterest income increased by 23.0% to $14.2 million compared to the fourth quarter of 2020.
Noninterest expense decreased by 15.5% to $43.6 million compared to the fourth quarter of 2020.
Amerant
Amerant
Forward Guidance
Amerant will focus on core deposit growth, building brand awareness, rationalizing business lines and geographies, driving cost efficiencies, and optimizing capital to improve performance.
Positive Outlook
- Focus on core deposit growth.
- Building brand awareness.
- Rationalizing business lines and geographies.
- Driving cost efficiencies across the business.
- Optimizing capital.