Mercantil Bank Holding Corp (AMTB) 10-K Annual Report March 2020

CORAL GABLES, FLORIDA, January 30, 2020. Amerant Bancorp Inc. (NASDAQ: AMTB and AMTBB) (the “Company” or “Amerant”) today reported full-year 2019 net income of $51.3 million, or $1.20 per diluted share, compared to $45.8 million, or $1.08 per diluted share, for the full-year 2018. Net income in the fourth quarter of 2019 was $13.5 million, 6.6% lower than the $14.4 million reported in the fourth quarter of 2018. Net income per diluted share was $0.31 in the fourth quarter of 2019, down 8.8% compared to $0.34 per diluted share in the fourth quarter of 2018.

Return on assets (“ROA”) and return on equity (“ROE”) were 0.65% and 6.43% for the full-year 2019, respectively, compared to 0.55% and 6.29%, respectively, for the full-year 2018. Annualized ROA and ROE were 0.68% and 6.44%, respectively, in the fourth quarter of 2019, compared to 0.70% and 7.88%, respectively, in the fourth quarter of 2018.

Millar Wilson, Vice Chairman and Chief Executive Officer, remarked, “2019 was a milestone year as Amerant completed its first full year as a publicly-traded company. We began the year focused on carrying out a number of initiatives, including a broad transformation, rebranding, workforce realignment, and profitability and efficiency improvements, which I am proud to say have been successful. Our team also did a fantastic job this year in expanding Amerant’s footprint in South Florida, opening three new banking centers in vibrant communities, and readying the opening of another during the first quarter of 2020, adding to our stronghold in South Florida.”

Mr. Wilson added, “The fourth quarter capped off a solid year for Amerant. We saw strong credit quality and a double-digit increase in noninterest income in the fourth quarter of 2019 compared to the same period a year ago. Our business focus underwent a number of meaningful changes in 2019, notably the run-off of low-yielding foreign financial institution and non-relationship Shared National Credits, the phase out of Amerant’s legacy credit card product and introduction of credit card referral programs, and the streamlining of important processes such as account openings at our banking centers, commercial loan origination and online capture of certificate of deposits. Finally, we embarked on our digital evolution and started taking actions related to the use of technologies to support our business strategies, including preparing for the adoption of a new customer relationship management system and a more integrated loan origination solution. All of these realignments were made with the future of Amerant in mind.

The following information was filed by Mercantil Bank Holding Corp (AMTB) on Thursday, January 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Mercantil Bank Holding Corp provided additional information to their SEC Filing as exhibits

Exhibit 4.20: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: AMTB
CIK: 1734342
Form Type: 10-K Annual Report
Accession Number: 0001734342-20-000013
Submitted to the SEC: Fri Mar 13 2020 7:34:33 PM EST
Accepted by the SEC: Mon Mar 16 2020
Period: Tuesday, December 31, 2019
Industry: National Commercial Banks

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Amerant Bancorp Inc. (AMTB) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

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