Amerant Bancorp Q2 net income rises, core deposits up 9.4%
AMTB•Outlook and analyst view
The company did not provide specific guidance for the current quarter or full year.
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell." The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Amerant Bancorp Inc is $27.00, about 6.1% above its July 22 closing price of $25.45. The stock recently traded at 13 times the next 12-month earnings versus a P/E of 10 three months ago.
Quarterly results and drivers
Amerant Bancorp said second-quarter net income and earnings per share rose from the prior quarter as core deposits increased 9.4% and classified loans declined.
The US regional bank said core deposits rose 9.4% from the prior quarter, driven by growth in non-interest-bearing deposits. It also said classified loans and special mention loans declined, primarily due to loan sales and payoffs. The company said disciplined expense management contributed to improved profitability.
Key figures
| Metric | Actual |
|---|---|
| Q2 EPS | $0.53 |
| Q2 net income | $21.04 mln |
| Q2 net interest income | $82.58 mln |
| Q2 dividend | $0.09 |
Amerant repurchased 690,000 shares for $16.1 mln and kept its dividend at $0.09 per share.
