Mercantil Bank Holding Corp (AMTB) 10-Q Quarterly Report August 2020

CORAL GABLES, FLORIDA, July 24, 2020. Amerant Bancorp Inc. (NASDAQ: AMTB and AMTBB) (the “Company” or “Amerant”) today reported second quarter of 2020 net loss of $15.3 million, compared to net income of $3.4 million reported in the first quarter and net income of $12.9 million reported in the three months ended June 30, 2019. Net loss for the six months ended June 30, 2020 was $11.9 million, compared to net income of $25.9 million reported in the six months ended June 30, 2019. Net loss per share was $0.37 in the second quarter of 2020, compared to $0.08 net income per diluted share in the first quarter of 2020, and $0.30 net income per diluted share in the second quarter of 2019. Net loss per share for the six months ended June 30, 2020 was $0.28, compared to $0.60 net income per diluted share for the six months ended June 30, 2019. Operating income was $21.6 million in the second quarter of 2020, up 29.7% from $16.7 million in the first quarter of 2020, and up 53.8% from $14.0 million in the same period of 2019. Operating income was $38.3 million for the six months ended June 30, 2020, up 24.7% from $30.7 million in the six months ended June 30, 2019.

Annualized return on assets (“ROA”) and return on equity (“ROE”) were negative 0.75% and 7.21%, respectively, in the second quarter of 2020, compared to positive 0.17% and 1.61%, respectively, in the first quarter of 2020, and positive 0.66% and 6.56%, respectively, in the second quarter of 2019. ROA and ROE for the first six months of 2020 were negative 0.3% and 2.82%, respectively, compared to positive 0.66% and 6.76%, respectively, for the first six months of 2019.

Millar Wilson, Vice Chairman and Chief Executive Officer, said, “During the second quarter, we remained focused on driving excellence across our business, underscored by significant operating income, as we continue to navigate the unprecedented circumstances related to the COVID-19 pandemic. We continue to run our business while protecting the safety and well-being of our employees and customers. We bolstered our credit reserves to near-historic high coverage levels and continued to manage our balance sheet for long term success, selling select investment securities at attractive prices to help compensate for earnings declines associated with the current interest rate environment and incremental allowance for loan losses. Of note, in the second quarter we realized a gain of $7.5 million on the sale of 30-year Treasury securities, which we purchased in the first quarter of 2020 as a prepayment mitigation strategy.”

Mr. Wilson continued, “In the second quarter, we were excited to see our relationship-driven strategy and the hard work of our team pay-off. We had a surge in our domestic deposits and

The following information was filed by Mercantil Bank Holding Corp (AMTB) on Friday, July 24, 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.

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Exhibit 22: Published Report Regarding Matters Submitted To Vote Of Security Holders

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-Q Quarterly Report
Accession Number: 0001734342-20-000055
Submitted to the SEC: Fri Aug 07 2020 8:24:09 PM EST
Accepted by the SEC: Mon Aug 10 2020
Period: Tuesday, June 30, 2020
Industry: National Commercial Banks

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Amerant Bancorp Inc. (AMTB) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

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