Regional lender Amerant Bancorp Q2 net income rises
Overview
Amerant Bancorp Q2 net income rises to $23 mln, EPS at $0.55
Regional lender's net interest margin improves to 3.81%, reflecting better asset quality
Provision for credit losses drops 67% from previous quarter
Outlook
Company remains focused on strategic growth in served markets
Result Drivers
CORE REVENUE GROWTH - Higher core pre-provision net revenue contributed to improved financial results, according to CEO Jerry Plush
CREDIT LOSS REDUCTION - Provision for credit losses decreased by 67%, aiding profitability
ASSET QUALITY IMPROVEMENT - Non-performing assets fell by 30.5%, enhancing asset quality
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS |
| $0.55 |
|
Q2 Net Income |
| $23 mln |
|
Q2 Net Interest Income |
| $90.48 mln |
|
Q2 Dividend |
| $0.09 |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 3 "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 $22.00, about 9.3% above its July 22 closing price of $19.95
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago
Press Release: ID:nBw4fzVQJa
