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Sep 30, 2023
Amerant Q3 2023 Earnings Report
Reported improved operating results driven by strong organic deposit growth and reduced higher cost institutional deposits.
Key Takeaways
Amerant Bancorp Inc. reported a significantly improved net income attributable to the Company of $22.1 million, or $0.66 per diluted share, in the third quarter of 2023, compared to $7.3 million, or $0.22 per diluted share, in the second quarter of 2023. The company focused on organic deposit growth, enabling a reduction in higher-cost institutional deposits.
Total assets decreased to $9.3 billion, a decrease of 1.8% compared to the previous quarter.
Total gross loans were $7.14 billion, a decrease of 1.0% compared to the previous quarter.
Total deposits were $7.55 billion, down 0.4% from the previous quarter, but included $208 million in organic deposit growth.
Net Interest Margin (NIM) was 3.57% in 3Q23, compared to 3.83% in 2Q23.
Amerant
Amerant
Amerant Revenue by Geographic Location
Revenue by Geographic Location
Domestic Revenue
CapyFin.com Forward Guidance
The Company looks forward to completing the systems conversion in the fourth quarter and focusing on business development and customer service.