Amerant Bancorp Inc. reported a net income attributable to the company of $12.0 million, or $0.28 income per diluted share, for the first quarter of 2025. This compares to a net income of $16.9 million, or $0.40 income per diluted share, in the fourth quarter of 2024. The company highlighted solid deposit growth, strong pre-provision net revenue, and higher net interest income and net interest margin, which remained at 3.75%.
Despite prudent expense management, loan balances were relatively flat quarter-over-quarter due to increased payoffs and paydowns offsetting new production. Total assets increased to $10.169 billion at March 31, 2025, from $9.901 billion at December 31, 2024, while total deposits grew to $8.154 billion, with core deposits reaching $5.993 billion. The provision for credit losses increased to $18.446 million from $9.910 million in the prior quarter.
The company also announced its decision to scale back its residential mortgage operations from a national origination platform to a Florida-focused business model. This strategic restructuring aims to concentrate resources on its core in-footprint retail and private banking customer base. Additionally, Amerant repurchased 215,427 shares of Class A common stock for approximately $5.0 million during the quarter, and gave notice on March 3, 2025, to redeem all outstanding Senior Notes, which were redeemed on April 1, 2025.
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