Amerant Bancorp Inc. reported a net income attributable to the company of $16.9 million, or $0.40 per diluted share, for the fourth quarter of 2024. This marks a significant improvement from the net loss of $48.2 million, or $1.43 loss per diluted share, reported in the third quarter of 2024. For the full-year 2024, the company recorded a net loss of $15.8 million, or $0.44 per diluted share, compared to a net income of $32.5 million, or $0.96 per diluted share, in 2023.
Key financial highlights for the fourth quarter included an over 8% increase in net interest income quarter-over-quarter and a 48% decline in the provision for credit losses. The Net Interest Margin (NIM) improved to 3.75% in Q4 2024 from 3.49% in Q3 2024. Return on average assets (ROA) rose to 0.67% from (1.92)%, and return on average equity (ROE) improved to 7.38% from (24.98)% in the prior quarter. The efficiency ratio also saw a substantial improvement, reaching 74.91% from 228.74%.
Total assets stood at $9.897 billion at December 31, 2024, a decrease from $10.353 billion at September 30, 2024, primarily due to the sale of the Houston Franchise. Total deposits were $7.854 billion and total gross loans were $7.267 billion at year-end. Chairman and CEO Jerry Plush stated that the company expects to exceed $10 billion in assets again in the first quarter of 2025, with a robust loan pipeline heading into the new year.
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