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Mar 31, 2022
Amerant Q1 2022 Earnings Report
Amerant reported a net income of $16.0 million for Q1 2022, with diluted earnings per share of $0.45.
Key Takeaways
Amerant Bancorp Inc. reported a net income attributable to the Company of $16.0 million in the first quarter of 2022, or $0.45 per diluted share. Total gross loans were $5.72 billion, up $153.6 million compared to 4Q21. Total deposits as of 1Q22 were $5.69 billion, up $60.8 million compared to 4Q21.
Net income attributable to Amerant was $16.0 million in the first quarter of 2022, up 10.3% from the first quarter of 2021.
Total gross loans were $5.72 billion, up $153.6 million, or 2.8%, compared to the close of the fourth quarter of 2021.
Total deposits were $5.69 billion, up by $60.8 million, or 1.08%, compared to the close of the fourth quarter of 2021.
The Company released $10.0 million from the allowance for loan losses during the first quarter of 2022.
Amerant
Amerant
Amerant Revenue by Geographic Location
Revenue by Geographic Location
Domestic Revenue
CapyFin.comVenezuela Revenue
CapyFin.comOthers Revenue
CapyFin.com Forward Guidance
The earnings report does not contain specific forward guidance. However, the CEO expressed optimism about achieving their goal of becoming a top quartile performing community bank.
Positive Outlook
- Solid loan and deposit growth in the quarter.
- Increasing momentum toward achieving goal of becoming a top quartile performing community bank.
- Significant progress in the transformation of Amerant.
- Actions taken to generate greater value for shareholders in coming quarters.
- Initiated the reorganization of lines of business to focus on commercial banking and consumer banking separately to drive performance in the geographies we serve.
Challenges Ahead
- First quarter results reflect a number of non-recurring items.
- Noninterest income was down 81.9% from 4Q21, as the fourth quarter of 2021 included a $62.4 million gain on the sale of the Company’s headquarters building.
- Noninterest expense was up 10.4% from 4Q21, as the first quarter of 2022 included $6.6 million in non-recurring noninterest expense charges.
- AUM totaled $2.13 billion, down $91.7 million, or 4.1%, from 4Q21, reflective of market decline in value.
- Stockholders’ book value per common share attributable to the Company was $21.82 at March 31, 2022, compared to $23.18 at December 31, 2021