AMERANT BANCORP INC. REPORTS FIRST QUARTER RESULTS AND
PROVIDES BUSINESS UPDATE IMPACT FROM COVID-19 PANDEMIC
CORAL GABLES, FLORIDA, April 28, 2020. Amerant Bancorp Inc. (NASDAQ: AMTB and AMTBB) (the “Company” or “Amerant”) today reported first quarter 2020 net income of $3.4 million, 74.9% lower than the $13.5 million reported in the three months ended December 31, 2019. Net income in the first quarter of 2020 was 74.1% lower than in the first quarter of 2019. Net income per diluted share was $0.08 in the first quarter of 2020, down 74.2% from $0.31 per diluted share in the fourth quarter of 2019, and down 73.3% from $0.30 per diluted share in the first quarter of 2019. Operating income was $16.7 million in the first quarter of 2020, up 12.5% from $14.8 million in the fourth quarter of 2019, and flat from $16.6 million in the same period of 2019.
Annualized return on assets (“ROA”) and return on equity (“ROE”) were 0.17% and 1.61%, respectively, in the first quarter of 2020, compared to 0.68% and 6.44%, respectively, in the fourth quarter of 2019, and 0.65% and 6.87%, respectively, in the first quarter of 2019.
Millar Wilson, Vice Chairman and Chief Executive Officer, commented, “Amerant began the year benefiting from strong macro-economic trends while navigating a low interest rate environment. Despite the challenges and uncertainties caused by the COVID-19 pandemic, we finished the quarter in a strong financial position demonstrating the resilience of our operations and the entire Amerant community, underscored by solid operating income growth.”
Mr. Wilson continued, “During these unprecedented times, Amerant quickly rose to the challenge. We successfully activated our Business Continuity Plan to ensure seamless and uninterrupted operations and services, while keeping our employees, customers and communities safe. This remains our top priority. We have now transitioned over 80% of employees to working remotely. Our relationship-centric model enabled us to respond in real time to the rapidly evolving needs of our customers and communities. In addition, Amerant began implementing the Small Business Administration’s assistance programs included in the CARES Act, temporarily eliminated ATM fees, waived late payment fees on business and consumer loans as well as deposit account fees and refrained from reporting negative information to credit bureaus, among other individualized account measures during these extraordinary times. We will continue to put our people and customers first, while also improving operational efficiency, effectively managing credit quality, and maximizing shareholder value.”
The following information was filed by Mercantil Bank Holding Corp (AMTB) on Tuesday, April 28, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.