Amerant Bancorp Inc. (AMBT) Q3 2024 Results Conference Call October 24, 2024 9:00 AM ET

Company Participants

Laura Rossi - Head of Investor Relations
Jerry Plush - Chairman and Chief Executive Officer
Sharymar Calderon - Executive Vice President and Chief Financial Officer

Conference Call Participants

Russell Gunther - Stephens
Joe Yanchunis - Raymond James
Woody Lay - KBW

Operator

Greetings, and welcome to the Amerant Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded.

I would now like to turn the call over to Laura Rossi, Head of Investor Relations and Strategy, Amerant Bank. Thank you, Laura. You may begin.

Laura Rossi

Thank you, Paul. Good morning, everyone, and thank you for joining us to review Amerant Bancorp's Third Quarter 2024 Results. On today's call are Jerry Plush, our Chairman and CEO; and Sharymar Calderon, our Executive Vice President and CFO.

As we begin, please note that discussions on today's call contain forward-looking statements within the meaning of the Securities Exchange Act. In addition, references will also be made to non-GAAP financial measures. Please refer to the company's earnings release for a statement regarding forward-looking statements as well as for information and reconciliation of non-GAAP financial measures to GAAP measures.

I will now turn it over to our Chairman and CEO, Jerry Plush.

Jerry Plush

Thank you, Laura. Good morning, everyone, and thank you for joining us today to discuss Amerant's third quarter 2024 results. But before we go through our financial results this quarter, I want to take a moment to acknowledge the devastating impact that Hurricanes Helene and Milton have had on so many people and businesses. Our thoughts and prayers are with those who are affected by these storms, including our team members, customers and partners.

We are committed to supporting our communities during this difficult time, and we are working diligently to provide assistance and resources to those in need. I'm pleased to report that our Tampa area facilities were spared from any significant damage. Our team members are all okay, and they are back to working with our customers.

So now we'll move on to quarter results. I'd like to address upfront that this quarter, given our strategic decision to reposition the investment portfolio in conjunction with our successful capital raise in late September, the company recorded a substantial charge to earnings as expected, leading to the loss of $48.2 million we recorded for the quarter. Excluding the losses from the securities repositioning as well as the write down on other real estate owned, which we'll cover in detail shortly, our core pre-provision net revenue was strong at $31.3 million.