Amerant Bancorp Inc. reported a net loss attributable to the company of $48.2 million, or $1.43 loss per diluted share, for the third quarter of 2024. This contrasts with a net income of $5.0 million, or $0.15 income per diluted share, in the second quarter of 2024. Net interest income for the quarter was $80.999 million.
The significant loss was primarily driven by a pre-tax loss of $68.5 million, or $53.1 million after-tax, resulting from the strategic sale of $551 million in securities. These securities had an average yield of 3.2%, and the repositioning included all securities with yields below 2.75% and all corporate debt securities. Additionally, the company incurred a $5.7 million valuation expense related to Other Real Estate Owned (OREO).
Chairman and CEO Jerry Plush stated that the capital raise and subsequent investment portfolio repositioning completed the multi-year transformation. He also noted strong organic loan and deposit growth during the quarter, which supports the company's strategic goal of becoming the bank of choice in its markets.
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