Amerant Bancorp Q3 net income rises on solid loan growth
AMTB•Amerant Bancorp reported Q3 net income of $25.72 million and EPS of $0.65, both up from the prior quarter. Net interest income grew 9.6% quarter over quarter to $90.46 million, and the company repurchased $2 million of shares.
1. Quarterly results
Amerant Bancorp said Q3 net income and EPS rose from the prior quarter, reaching $25.72 million and $0.65, respectively. Net interest income increased 9.6% quarter over quarter to $90.46 million, driven by a higher net interest margin.
2. Loan growth and outlook
The company cited solid loan growth, lower non-performing and classified loans, and disciplined expense management as contributors to results. Higher net interest margin partly reflected $1.6 million in interest from repayments of loans previously in nonaccrual status. Amerant repurchased $2 million of shares in Q3 and said it is focusing on enhancing franchise value and sustainable returns, without providing specific future financial guidance.
