Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 24, 2024

Amerant Bancorp Inc.

(Exact name of registrant as specified in its charter)

Florida

001-38534

65-0032379

(State or other jurisdiction
of incorporation

(Commission
file number)

(IRS Employer
Identification Number)




220 Alhambra Circle
Coral Gables, Florida						33134
(Address of principal executive offices)						(Zip Code)
(305) 460-8728 (Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbols	Name of exchange on which registered
Class A Common Stock	AMTB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On January 24, 2024, Amerant Bancorp Inc. (the "Company") issued a press release to report the Company’s financial results for the fiscal quarter and year ended December 31, 2023. The release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference to this Item 2.02.

In accordance with General Instruction B.2. of Form 8-K, the information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure

On January 25, 2024, the Company will hold a live audio webcast to discuss its financial results for the fiscal quarter and year ended December 31, 2023. In connection with the webcast, the Company is furnishing to the U.S. Securities and Exchange Commission the earnings slide presentation attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference to this Item 7.01.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 attached hereto, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits


Number			Exhibit
99.1			Press Release of Amerant Bancorp Inc., dated January 24, 2024
99.2			Earnings slide presentation of Amerant Bancorp Inc., dated January 2 5 , 2024
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 24, 2024

Amerant Bancorp Inc.

By:

/s/ Julio V. Pena

Name: Julio V. Pena

Title: Senior Vice President,
Securities Counsel and Corporate Secretary


						CONTACTS:
						Investors
						Laura Rossi
						InvestorRelations@amerantbank.com
						(305) 460-8728

						Media
						Alexis Dominguez
						MediaRelations@amerantbank.com
						(305) 441-8414

AMERANT REPORTS FOURTH QUARTER 2023 AND FULL-YEAR 2023 RESULTS

CORAL GABLES, FLORIDA, January 24, 2024. Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today reported a net loss attributable to the Company of $17.1 million in the fourth quarter of 2023, or $0.51 per diluted share. Net income attributable to the Company was $32.5 million for the full-year 2023, or $0.96 per diluted share.

“Strong organic loan and deposit growth were among the highlights of the quarter”, stated Jerry Plush, Chairman and CEO. “We completed our long-awaited conversion to new core systems as well and recently took a number of actions that, while resulting in a loss for the quarter, best position the Company for 2024 and the projected decline in interest rates. Our focus for 2024 now shifts to executing on our growth strategy.”

Results for the fourth quarter and for the year ended December 31, 2023 include a non-cash charge of $30.0 million before taxes on the sale of non-relationship, Houston-based commercial real estate loans with an estimated outstanding principal balance of $401 million, that was previously disclosed on January 16, 2024. These loans, of which $370 million were variable rate, were classified as held for sale as of December 31, 2023. The sale is expected to be completed on January 25, 2024.

Financial Highlights:

•Total assets increased to $9.7 billion, up $376.0 million, or 4.02%, compared to $9.3 billion as of 3Q23 and up $0.6 billion, or 6.5%, compared to $9.1 billion as of 4Q22.

•Total gross loans were $7.28 billion, an increase of $132.8 million, or 1.86%, compared to $7.1 billion in 3Q23 and an increase of $355.7 million, or 5.1%, compared to $6.9 billion in 4Q22.

•Cash and cash equivalents were $321.1 million, up $12.2 million or 3.94%, compared to $309.0 million as of 3Q23 and up $31 million, or 11%, compared to $290.6 million as of 4Q22.

•Total deposits were $7.9 billion, up $325.7 million, or 4.32%, compared to $7.5 billion in 3Q23 and up $828.4 million, or 11.8%, compared to $7.0 billion in 4Q22.

•Total advances from Federal Home Loan Bank (“FHLB”) were $645.0 million, up $50.0 million, or 8.4%, compared to $595.0 million as of 3Q23 and down $261.5 million, or 28.8%, compared to $906.5 million as of 4Q22. The Bank had an additional $2.2 billion in availability from the FHLB as of December 31, 2023.

•Average yield on loans was 7.09%, up compared to 6.77% and 5.85% in 3Q23 and 4Q22, respectively. Average yield on loans for the full-year 2023 was 6.78%, also up compared to 4.92% for the full-year 2022.

•Total non-performing assets were $54.6 million, down $1.2 million, or 2.3%, compared to $53.4 million as of 3Q23 and up $17.0 million or 45.2%, compared to $37.6 million to 4Q22.

•The allowance for credit losses ("ACL") was $95.5 million, a decrease of $3.3 million, or 3.3%, compared to $98.8 million as of 3Q23 and an increase of $12.0 million, or 14.4%, compared to $83.5 million in 4Q22.

•Core deposits, which consist of total deposits excluding all time deposits, were $5.6 billion, up $331.5 million, or 6.3%, compared to $5.2 billion as of 3Q23 and up $259.6 million, or 4.9%, compared to $5.3 billion as of 4Q22.

•Average cost of total deposits was 2.88% compared to 2.66% in 3Q23 and 1.38% in 4Q22. Average cost of total deposits for the full-year 2023 was 2.47% compared to 0.80% for the full-year 2022.

•Loan to deposit ratio was 92.41% compared to 94.64% and 98.23% in 3Q23 and 4Q22, respectively.

•Assets Under Management and custody (“AUM”) totaled $2.3 billion as of 4Q23, an increase of $196.9 million, or 9.4%, compared to $2.1 billion as of 3Q23 and an increase of $293.5 million, or 14.7%, compared to $2.0 billion in 4Q22.

•Pre-provision net revenue (“PPNR”)(1) was negative $7.6 million in 4Q23, a decrease of $44.1 million, or 120.8%, compared to $36.5 million in 3Q23, and a decrease of $52.1 million, or 117.1%, compared to $44.5 million in 4Q22. PPNR2 was $104.3 million for the full-year 2023, an increase of $10.4 million, or 11.1%, compared to $93.9 million for the full-year 2022. PPNR in 4Q23 and full year 2023 included the impact of a $35.5 million in valuation allowance on the loans held for sale at the end of the year recorded in noninterest expense.

•Net Interest Margin (“NIM”) was 3.72%, up compared to 3.57% and down compared to 3.96% in 3Q23 and 4Q22, respectively. NIM was 3.76% for the full-year 2023, an increase compared to 3.53% for the full-year 2022.

•Net Interest Income (“NII”) was $81.7 million, up $3.1 million, or 4.0%, compared to $78.6 million in 3Q23 and down $0.5 million, or 0.6%, compared to $82.2 million in 4Q22. NII was $326.5 million for the full-year 2023, up $59.8 million, or 22.42%, compared to $266.7 million for the full-year 2022.

•Provision for credit losses was $12.5 million, up compared to $8.0 million in 3Q23, and down compared to $16.9 million in 4Q22(2). Provision for credit losses was $61.3 million for the full-year 2023, compared to $13.9 million in the full-year 2022.

•Non-interest income was $19.6 million, a decrease of $2.3 million, or 10.5%, compared to $21.9 million in 3Q23 and a decrease of $4.8 million, or 19.50%, compared to $24.4 million in 4Q22. Non-interest income was $87.5 million for the full-year 2023, an increase of $20.2 million, or 30.1%, compared to $67.3 million for the full-year 2022.

•Non-interest expense was $109.7 million, up $45.3 million, or 70.3%, compared to $64.4 million in 3Q23 and up $47.5 million, or 76.3%, compared to $62.2 million in 4Q22. Non-interest expense was $311.4 million for the full-year 2023, up $69.9 million or 29.0%, compared to $241.4 million for the full-year 2022.

•The efficiency ratio was 108.30% in 4Q23, up compared to 64.1% in 3Q23 and up compared to 58.42% in 4Q22. The efficiency ratio was 75.21% for the full-year 2023 compared to 72.29% for the full-year 2022.

•Return on average assets (“ROA”) was negative 0.71% in 4Q23 compared to 0.92% and 0.97% in 3Q23 and 4Q22(2), respectively. ROA was 0.34% for the full-year 2023 compared to 0.77% for the full-year 2022.

•Return on average equity (“ROE”) was negative 9.22% in 4Q23 compared to 11.93% and 12.1% in 3Q23 and 4Q22(2), respectively. ROE was 4.39% for the full-year 2023 compared to 8.45% for the full-year 2022.

•Accumulated Other Comprehensive Loss (“AOCL”) decreased to $70.8 million as of 4Q23, an improvement of $34.8 million, or 33.0%, compared to $105.6 million as of 3Q23 and an improvement of $9.8 million, or 12.2%, compared to $80.6 million as of 4Q22.

•The Company’s Board of Directors declared a cash dividend of $0.09 per share of common stock on January 17, 2024. The dividend is payable on February 29, 2024, to shareholders of record on February 14, 2024.

Additional details on fourth quarter and full-year 2023 results can be found in the Exhibits to this earnings release, and the earnings presentation available under the Investor Relations section of the Company’s website at https://investor.amerantbank.com.

1 Non-GAAP measure, see “Non-GAAP Financial Measures” for more information and Exhibit 2 for a reconciliation to GAAP.

2 As previously disclosed, the Company adopted the new guidance on accounting for current expected credit losses on financial instruments (“CECL”) in the fourth quarter of 2022, effective as of January 1, 2022. See Form 10-K for more details of the CECL adoption and related effects to quarterly results for each quarter in the year ended December 31, 2022.

Fourth Quarter and Full Year 2023 Earnings Conference Call

The Company will hold an earnings conference call on Thursday, January 25, 2024 at 9:00 a.m. (Eastern Time) to discuss its fourth quarter and full-year 2023 results. The conference call and presentation materials can be accessed via webcast by logging on from the Investor Relations section of the Company’s website at https://investor.amerantbank.com. The online replay will remain available for approximately one month following the call through the above link.

About Amerant Bancorp Inc. (NYSE: AMTB)

Amerant Bancorp Inc. is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its main subsidiary, Amerant Bank, N.A. (the “Bank”), as well as its other subsidiaries: Amerant Investments, Inc., Elant Bank and Trust Ltd., and Amerant Mortgage, LLC. The Company provides individuals and businesses in the U.S. with deposit, credit and wealth management services. The Bank, which has operated for over 40 years, is the largest community bank headquartered in Florida. The Bank operates 22 banking centers – 16 in South Florida and 6 in the Houston, Texas area, as well as an LPO in Tampa, Florida. For more information, visit investor.amerantbank.com.

FIS® and any associated brand names/logos are the trademarks of FIS and/or its affiliates.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains “forward-looking statements” including statements with respect to the Company’s objectives, expectations and intentions and other statements that are not historical facts. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target,” “goals,” “outlooks,” “modeled,” “dedicated,” “create,” and other similar words and expressions of the future.

Forward-looking statements, including those relating to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the Company’s actual results, performance, achievements, or financial condition to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not rely on any forward-looking statements as predictions of future events. You should not expect us to update any forward-looking statements, except as required by law. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in “Risk factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2022 filed on March 1, 2023 (the “Form 10-K”), our quarterly report on Form 10-Q for the quarter ended March 31, 2023 filed on May 2, 2023, and in our other filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website www.sec.gov.

Interim Financial Information

Unaudited financial information as of and for interim periods, including the three month periods ended September 30, 2023, June 30, 2023, March 31, 2023, and the three and twelve month periods ended December 31, 2023, may not reflect our results of operations for our fiscal year ended, or financial condition as of December 31, 2023, or any other period of time or date.

As previously disclosed in the Form 10-K, the Company adopted the new guidance on accounting for current expected credit losses on financial instruments (“CECL”) effective as of January 1, 2022. Quarterly amounts previously reported on our quarterly reports on Form 10-Q for the periods ended March 31, 2022, June 30, 2022 and September 30, 2022 do not reflect the adoption of CECL. In the fourth quarter of 2022, the Company recorded a provision for credit losses totaling $20.9 million, including $11.1 million related to the retroactive effect of adopting CECL for all previous quarterly periods in the year ended December 31, 2022, including loan growth and changes to macro-economic conditions during the period. Quarterly amounts included in the Form 10-K and this earnings release and accompanying presentation reflect the impacts of the adoption of CECL on each interim period of 2022. See the Form 10-K for more details on the adoption of CECL.

Non-GAAP Financial Measures

The Company supplements its financial results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) with non-GAAP financial measures, such as “pre-provision net revenue (PPNR)”, “core pre-provision net revenue (Core PPNR)”, “core noninterest income”, “core noninterest expenses”, “core net income”, “core earnings per share (basic and diluted)”, “core return on assets (Core ROA)”, “core return on equity (Core ROE)”, “core efficiency ratio”, “tangible stockholders’ equity (book value) per common share”, “tangible common equity ratio, adjusted for unrealized losses on debt securities held to maturity”, and “tangible stockholders' equity (book value) per common share, adjusted for unrealized losses on debt securities held to maturity”. This supplemental information is not required by, or is not presented in accordance with GAAP. The Company refers to these financial measures and ratios as “non-GAAP financial measures” and they should not be considered in isolation or as a substitute for the GAAP measures presented herein.

We use certain non-GAAP financial measures, including those mentioned above, both to explain our results to shareholders and the investment community and in the internal evaluation and management of our businesses. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our past performance and prospects for future performance, especially in light of the additional costs we have incurred in connection with the Company’s restructuring activities that began in 2018 and continued in 2023, including the effect of non-core banking activities such as the sale of loans and securities and other repossessed assets, the valuation of securities, derivatives, loans held for sale and other real estate owned and repossessed assets, the early repayment of FHLB advances, impairment of investments, Bank owned life insurance restructure and other non-routine actions intended to improve customer service and operating performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

Exhibit 2 reconciles these non-GAAP financial measures to GAAP reported results.

Exhibit 1- Selected Financial Information

The following table sets forth selected financial information derived from our unaudited and audited consolidated financial statements.


(in thousands)	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022
Consolidated Balance Sheets									(audited)
Total assets	$	9,721,741	$	9,345,700	$	9,519,526	$	9,495,302	$	9,127,804
Total investments	1,496,975		1,314,367		1,315,303		1,347,697		1,366,680

Total gross loans (1)	7,275,370		7,142,596		7,216,958		7,115,035		6,919,632
Allowance for credit losses	95,504		98,773		105,956		84,361		83,500
Total deposits	7,872,600		7,546,912		7,579,571		7,286,726		7,044,199
Core deposits (2)	5,575,503		5,244,034		5,498,017		5,357,386		5,315,944
Advances from the FHLB and other borrowings	645,000		595,000		770,000		1,052,012		906,486
Senior notes	59,526		59,447		59,368		59,289		59,210
Subordinated notes	29,454		29,412		29,369		29,326		29,284
Junior subordinated debentures	64,178		64,178		64,178		64,178		64,178
Stockholders' equity (3)(4)	736,068		719,787		720,956		729,056		705,726
Assets under management and custody (5)	2,289,135		2,092,200		2,147,465		2,107,603		1,995,666


	Three Months Ended															Years Ended December 31,
(in thousands, except percentages, share data and per share amounts)	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			2023			2022

Consolidated Results of Operations																			(audited)
Net interest income	$	81,677		$	78,577		$	83,877		$	82,333		$	82,178		$	326,464		$	266,665
Provision for credit losses (6)(7)	12,500			8,000			29,077			11,700			16,857			61,277			13,945
Noninterest income	19,613			21,921			26,619			19,343			24,365			87,496			67,277
Noninterest expense	109,702			64,420			72,500			64,733			62,241			311,355			241,413
Net (loss)income attributable to Amerant Bancorp Inc. (6)(8)	(17,123)			22,119			7,308			20,186			21,973			32,490			63,310
Effective income tax rate (6)	14.21		%	22.57		%	21.00		%	21.00		%	20.50		%	25.50		%	21.15		%

Common Share Data
Stockholders' book value per common share	$	21.90		$	21.43		$	21.37		$	21.56		$	20.87		$	21.90		$	20.87
Tangible stockholders' equity (book value) per common share (9)	$	21.16		$	20.63		$	20.66		$	20.84		$	20.19		$	21.16		$	20.19
Tangible stockholders’ equity (book value) per common share, adjusted for unrealized losses on debt securities held to maturity (9)	$	20.68		$	19.86		$	20.11		$	20.38		$	19.65		$	20.68		$	19.65
Basic (loss) earnings per common share (6)	$	(0.51)		$	0.66		$	0.22		$	0.60		$	0.66		$	0.97		$	1.87
Diluted (loss) earnings per common share (6)(10)	$	(0.51)		$	0.66		$	0.22		$	0.60		$	0.65		$	0.96		$	1.85
Basic weighted average shares outstanding	33,432,871			33,489,560			33,564,770			33,559,718			33,496,096			33,511,321			33,862,410
Diluted weighted average shares outstanding (10)	33,432,871			33,696,620			33,717,702			33,855,994			33,813,593			33,675,388			34,142,563
Cash dividend declared per common share (4)	$	0.09		$	0.09		$	0.09		$	0.09		$	0.09		$	0.36		$	0.36


	Three Months Ended										Years Ended December 31,
	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		2023		2022
Other Financial and Operating Data (11)													(audited)

Profitability Indicators (%)
Net interest income / Average total interest earning assets (NIM) (12)	3.72	%	3.57	%	3.83	%	3.90	%	3.96	%	3.76	%	3.53	%
Net (loss) income / Average total assets (ROA) (6)(13)	(0.71)	%	0.92	%	0.31	%	0.88	%	0.97	%	0.34	%	0.77	%
Net (loss) income / Average stockholders' equity (ROE) (6)(14)	(9.22)	%	11.93	%	3.92	%	11.15	%	12.10	%	4.39	%	8.45	%
Noninterest income / Total revenue (15)	19.36	%	21.81	%	24.09	%	19.02	%	22.87	%	21.14	%	20.15	%

Capital Indicators (%)
Total capital ratio (16)	12.19	%	12.70	%	12.39	%	12.36	%	12.39	%	12.19	%	12.39	%
Tier 1 capital ratio (17)	10.60	%	11.08	%	10.77	%	10.88	%	10.89	%	10.60	%	10.89	%
Tier 1 leverage ratio (18)	8.84	%	9.05	%	8.91	%	9.04	%	9.18	%	8.84	%	9.18	%
Common equity tier 1 capital ratio (CET1) (19)	9.84	%	10.30	%	10.00	%	10.10	%	10.10	%	9.84	%	10.10	%
Tangible common equity ratio (20)	7.33	%	7.44	%	7.34	%	7.44	%	7.50	%	7.33	%	7.50	%
Tangible common equity ratio, adjusted for unrealized losses on debt securities held to maturity (21)	7.18	%	7.18	%	7.16	%	7.29	%	7.31	%	7.18	%	7.31	%

Liquidity Ratios (%)
Loans to Deposits (22)	92.41	%	94.64	%	95.22	%	97.64	%	98.23	%	92.41	%	98.23	%

Asset Quality Indicators (%)
Non-performing assets / Total assets (23)	0.56	%	0.57	%	0.71	%	0.51	%	0.41	%	0.56	%	0.41	%
Non-performing loans / Total loans (1) (24)	0.47	%	0.46	%	0.65	%	0.31	%	0.54	%	0.47	%	0.54	%
Allowance for credit losses / Total non-performing loans (2)(24)	277.63	%	297.55	%	224.51	%	380.31	%	222.08	%	277.63	%	222.08	%
Allowance for loan credit losses / Total loans held for investment (1)(2)	1.39	%	1.40	%	1.48	%	1.20	%	1.22	%	1.39	%	1.22	%
Net charge-offs / Average total loans held for investment (25)	0.85	%	0.82	%	0.42	%	0.64	%	0.59	%	0.69	%	0.32	%

Efficiency Indicators (% except FTE)
Noninterest expense / Average total assets	4.57	%	2.69	%	3.06	%	2.82	%	2.75	%	3.29	%	2.95	%
Salaries and employee benefits / Average total assets	1.38	%	1.31	%	1.45	%	1.52	%	1.45	%	1.41	%	1.51	%
Other operating expenses/ Average total assets (26)	3.20	%	1.38	%	1.62	%	1.30	%	1.30	%	1.88	%	1.44	%
Efficiency ratio (27)	108.30	%	64.10	%	65.61	%	63.67	%	58.42	%	75.21	%	72.29	%
Full-Time-Equivalent Employees (FTEs) (28)	682		700		710		722		692		682		692


	Three Months Ended															Years Ended December 31,
(in thousands, except percentages and per share amounts)	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			2023			2022
Core Selected Consolidated Results of Operations and Other Data (9)																			(audited)

Pre-provision net revenue (PPNR)	$	(7,595)		$	36,456		$	38,258		$	37,187		$	44,457		$	104,306		$	93,876



Core pre-provision net revenue (Core PPNR)	$	29,811		$	35,880		$	39,196		$	37,103		$	37,838		$	141,990		$	105,479
Core net income (6)	$	15,272		$	21,664		$	8,048		$	20,120		$	16,817		$	65,104		$	72,459
Core basic earnings per common share (6)	0.46			0.65			0.24			0.60			0.50			1.94			2.14
Core earnings per diluted common share (6)(10)	0.46			0.64			0.24			0.59			0.50			1.93			2.12
Core net income / Average total assets (Core ROA) (6)(13)	0.64		%	0.91		%	0.34		%	0.88		%	0.74		%	0.69		%	0.88		%
Core net income / Average stockholders' equity (Core ROE) (6)(14)	8.23		%	11.69		%	4.32		%	11.11		%	9.26		%	8.79		%	9.67		%
Core efficiency ratio (29)	69.67		%	62.08		%	60.29		%	62.47		%	61.34		%	63.61		%	68.11		%

__________________

(1) Total gross loans include loans held for investment, net of unamortized deferred loan origination fees and costs, as well as loans held for sale. As of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, mortgage loans held for sale carried at fair value totaled $26.2 million, $26.0 million, $49.9 million, $65.3 million and $62.4 million, respectively. In addition, as of December 31, 2023 and September 30, 2023, includes $365.2 million and $43.3 million in loans held for sale carried at the lower of estimated fair value or cost.

(2) Core deposits consist of total deposits excluding all time deposits.

(3) In the fourth quarter of 2022, the Company announced that the Board of Directors authorized a new repurchase program pursuant to which the Company may purchase, from time to time, up to an aggregate amount of $25 million of its shares of Class A common stock (the “2023 Class A Common Stock Repurchase Program”). In the third, second and first quarters of 2023, the Company repurchased an aggregate of 142,188 shares of Class A common stock, 95,262 shares of Class A common stock and 22,403 shares of Class A common stock, respectively, at a weighted average price of $19.05 per share, $17.42 per share and $25.25 per share, respectively, under the 2023 Class A Common Stock Repurchase Program. In the third, second and first quarters of 2023, the aggregate purchase price for these transactions was approximately $2.7 million, $1.7 million and $0.6 million, respectively, including transaction costs. There were no repurchases of Class A common stock in the fourth quarter of 2023.

(4) For each of the fourth, third, second and first quarters of 2023 and the fourth quarter of 2022, the Company’s Board of Directors declared cash dividends of $0.09 per share of the Company’s common stock and paid an aggregate amount of $3.0 million per quarter in connection with these dividends. The dividend declared in the fourth quarter of 2023 was paid on November 30, 2023 to shareholders of record at the close of business on November 14, 2023. The dividend declared in the third quarter of 2023 was paid on August 31, 2023 to shareholders of record at the close of business on August 15, 2023. The dividend declared in the second quarter of 2023 was paid on May 31, 2023 to shareholders of record at the close of business on May 15, 2023. The dividend declared in the first quarter of 2023 was paid on February 28, 2023 to shareholders of record at the close of business on February 13, 2023. The dividend declared in the fourth quarter of 2022 was paid on November 30, 2022 to shareholders of record at the close of business on November 15, 2022.

(5) Assets held for clients in an agency or fiduciary capacity which are not assets of the Company and therefore are not included in the consolidated financial statements.

(6) As previously disclosed, the Company adopted CECL in the fourth quarter of 2022, effective as of January 1, 2022. See Form 10-K for more details on the CECL adoption and related effects to quarterly results for each quarter in the year ended December 31, 2022.

(7) In the fourth and third quarter of 2023, includes provision for credit losses on loans of $12.0 million and $7.4 million, respectively, and unfunded commitments (contingencies) of $0.5 million and $0.6 million, respectively. For all other periods shown, includes provision for credit losses on loans. There was no provision for credit losses on unfunded commitments in the

second quarter of 2023 and the fourth quarter of 2022. In the first quarter of 2023, the provision for credit losses on unfunded commitments was $0.3 million.

(8) In the three months ended December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023, and December 31, 2022, net income excludes losses of $0.8 million, $0.4 million, $0.3 million, $0.2 million and $0.2 million, respectively, attributable to a minority interest in Amerant Mortgage LLC. In the fourth quarter of 2023, the Company increased its ownership interest in Amerant Mortgage to 100% from 80% at September 30, 2023. This transaction had no material impact to the Company’s results of operations in the three months and year ended December 31, 2023. In connection with the change in ownership interest, which brought the minority interest share to zero, the Company derecognized the equity attributable to noncontrolling interest of $3.8 million at December 31, 2023, with a corresponding reduction to additional paid-in capital.

(9) This presentation contains adjusted financial information determined by methods other than GAAP. This adjusted financial information is reconciled to GAAP in Exhibit 2 - Non-GAAP Financial Measures Reconciliation.

(10)In all the periods shown, potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units and performance stock units. In the fourth quarter of 2023, potential dilutive instruments were excluded from the diluted earnings per share computation because the Company reported a net loss and their inclusion would have an anti-dilutive effect in per share earnings in that period. In all other periods shown, potential dilutive instruments were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share in all the periods shown, fewer shares would have been purchased than restricted shares assumed issued. Therefore, in those periods, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect in per share earnings.

(11) Operating data for the periods presented have been annualized.

(12) NIM is defined as NII divided by average interest-earning assets, which are loans, securities, deposits with banks and other financial assets which yield interest or similar income.

(13) Calculated based upon the average daily balance of total assets.

(14) Calculated based upon the average daily balance of stockholders’ equity.

(15) Total revenue is the result of net interest income before provision for credit losses plus noninterest income.

(16) Total stockholders’ equity divided by total risk-weighted assets, calculated according to the standardized regulatory capital ratio calculations.

(17) Tier 1 capital divided by total risk-weighted assets. Tier 1 capital is composed of Common Equity Tier 1 (CET1) capital plus outstanding qualifying trust preferred securities of $62.3 million at each of the dates presented.

(18) Tier 1 capital divided by quarter to date average assets.

(19) CET1 capital divided by total risk-weighted assets.

(20) Tangible common equity is calculated as the ratio of common equity less goodwill and other intangibles divided by total assets less goodwill and other intangible assets. Other intangible assets primarily consist of naming rights and mortgage servicing rights and are included in other assets in the Company’s consolidated balance sheets.

(21) Calculated in the same manner described in footnote 20 but also includes unrealized losses on debt securities held to maturity in the balance of common equity and total assets.

(22) Calculated as the ratio of total loans gross divided by total deposits.

(23) Non-performing assets include all accruing loans past due by 90 days or more, all nonaccrual loans and other real estate owned (“OREO”) properties acquired through or in lieu of foreclosure, and other repossessed assets.

(24) Non-performing loans include all accruing loans past due by 90 days or more and all nonaccrual loans.

(25) Calculated based upon the average daily balance of outstanding loan principal balance, net of unamortized deferred loan origination fees and costs, excluding the allowance for credit losses. During the fourth, third, second and first quarters of 2023, and in the fourth quarter of 2022, there were net charge offs of $15.3 million, $14.6 million, $7.5 million, $10.8 million, and $9.8 million, respectively. During the fourth quarter of 2023, the Company charged-off $10.3 million related to the NY CRE loan portfolio, $7.0 million related to indirect purchased consumer loans and $3.3 million related to multiple smaller business banking loans. During the third quarter of 2023, the Company charged-off $6.4 million related to multiple consumer loans, primarily purchased indirect consumer loans, and $9.3 million related to multiple commercial loans. During the second quarter of 2023, the Company charged-off $7.6 million related to multiple purchased indirect consumer loans and $1.5 million related to multiple commercial loans. During the first quarter of 2023, the Company charged-off $6.5 million in connection with a commercial loan relationship, $6.3 million related to multiple consumer loans and $1.5 million related to multiple commercial and real estate loans. During the fourth quarter of 2022, the Company charged-off $3.9 million related to a CRE loan, $5.5 million related to multiple consumer loans and $1.1 million related to multiple commercial loans.

(26) Other operating expenses is the result of total noninterest expense less salary and employee benefits.

(27) Efficiency ratio is the result of noninterest expense divided by the sum of noninterest income and NII.

(28) As of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, includes 67, 98, 93, 94 and 68 FTEs for Amerant Mortgage LLC, respectively.

(29) Core efficiency ratio is the efficiency ratio less the effect of restructuring costs and other adjustments, described in Exhibit 2 - Non-GAAP Financial Measures Reconciliation.

Exhibit 2- Non-GAAP Financial Measures Reconciliation

The following table sets forth selected financial information derived from the Company’s interim unaudited and annual audited consolidated financial statements, adjusted for certain costs incurred by the Company in the periods presented related to tax deductible restructuring costs, provision for (reversal of) credit losses, provision for income tax expense (benefit), the effect of non-core banking activities such as the sale of loans and securities and other repossessed assets, the valuation of securities, derivatives, loans held for sale and other real estate owned and repossessed assets, the early repayment of FHLB advances, impairment of investments, enhancement of the bank owned life insurance and other non-routine actions intended to improve customer service and operating performance. The Company believes these adjusted numbers are useful to understand the Company’s performance absent these transactions and events.


	Three Months Ended,										Years Ended December 31,
(in thousands)	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		2023		2022 (audited)

Net (loss) income attributable to Amerant Bancorp Inc. (1)	$	(17,123)	$	22,119	$	7,308	$	20,186	$	21,973	$	32,490	$	63,310
Plus: provision for credit losses (1)(2)	12,500		8,000		29,077		11,700		16,857		61,277		13,945
Plus: provision for income tax (benefit) expense (1)	(2,972)		6,337		1,873		5,301		5,627		10,539		16,621
Pre-provision net revenue (PPNR)	(7,595)		36,456		38,258		37,187		44,457		104,306		93,876
Plus: non-routine noninterest expense items	43,094		6,303		13,383		3,372		2,447		66,152		18,970
(Less): non-routine noninterest income items	(5,688)		(6,879)		(12,445)		(3,456)		(9,066)		(28,468)		(7,367)
Core pre-provision net revenue (Core PPNR)	$	29,811	$	35,880	$	39,196	$	37,103	$	37,838	$	141,990	$	105,479

Total noninterest income	$	19,613	$	21,921	$	26,619	$	19,343	$	24,365	$	87,496	$	67,277
Less: Non-routine noninterest income items:
Derivative gains (losses), net	(151)		(77)		242		14		1,040		28		455
Securities gains (losses), net	33		(54)		(1,237)		(9,731)		(3,364)		(10,989)		(3,689)
Bank owned life insurance charge (3)	(655)		—		—		—		—		(655)		—
Gains on early extinguishment of FHLB advances, net	6,461		7,010		13,440		13,173		11,390		40,084		10,678
Loss on sale of loans	—		—		—		—		—		—		(77)
Total non-routine noninterest income items	$	5,688	$	6,879	$	12,445	$	3,456	$	9,066	$	28,468	$	7,367
Core noninterest income	$	13,925	$	15,042	$	14,174	$	15,887	$	15,299	$	59,028	$	59,910

Total noninterest expenses	$	109,702	$	64,420	$	72,500	$	64,733	$	62,241	$	311,355	$	241,413
Less: non-routine noninterest expense items
Restructuring costs (4)
Staff reduction costs (5)	1,120		489		2,184		213		1,221		4,006		3,018

Contract termination costs (6)	—		—		1,550		—		—		1,550		7,103
Consulting and other professional fees and software expenses (7)	1,629		—		2,060		2,690		1,226		6,379		3,625
Digital transformation expenses	—		—		—		—		—		—		45
Disposition of fixed assets (8)	—		—		1,419		—		—		1,419		—
Branch closure and related charges (9)	—		252		1,558		469		—		2,279		1,612
Total restructuring costs	$	2,749	$	741	$	8,771	$	3,372	$	2,447	$	15,633	$	15,403






Other non-routine noninterest expense items:
Losses on loans held for sale (10)	37,495		5,562		—		—		—		43,057		159
Loss on sale of repossessed assets and other real estate owned valuation expense (11)	—		—		2,649		—		—		2,649		3,408
Goodwill and intangible assets impairment	1,713		—		—		—		—		1,713		—
Bank owned life insurance enhancement costs (3)	1,137		—		—		—		—		1,137		—
Impairment charge on investment carried at cost	—		—		1,963		—		—		1,963		—
Total non-routine noninterest expense items	$	43,094	$	6,303	$	13,383	$	3,372	$	2,447	$	66,152	$	18,970
Core noninterest expenses	$	66,608	$	58,117	$	59,117	$	61,361	$	59,794	$	245,203	$	222,443


	Three Months Ended,															Years Ended December 31,


(in thousands, except percentages and per share data)	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			2023			2022 (audited)
Net (loss) income attributable to Amerant Bancorp Inc. (1)	$	(17,123)		$	22,119		$	7,308		$	20,186		$	21,973		$	32,490		$	63,310
Plus after-tax non-routine items in noninterest expense:
Non-routine items in noninterest expense before income tax effect	43,094			6,303			13,383			3,372			2,447			66,152			18,970
Income tax effect (12)	(8,887)			(1,486)			(2,811)			(708)			(460)			(13,892)			(4,012)
Total after-tax non-routine items in noninterest expense	34,207			4,817			10,572			2,664			1,987			52,260			14,958
Plus (less): before-tax non-routine items in noninterest income:
Non-routine items in noninterest income before income tax effect	(5,688)			(6,879)			(12,445)			(3,456)			(9,066)			(28,468)			(7,367)
Income tax effect (12)	1,032			1,607			2,613			726			1,923			5,978			1,558
Total after-tax non-routine items in noninterest income	(4,656)			(5,272)			(9,832)			(2,730)			(7,143)			(22,490)			(5,809)
BOLI enhancement tax impact (3)	2,844			—			—			—			—			2,844			—
Core net income (1)	$	15,272		$	21,664		$	8,048		$	20,120		$	16,817		$	65,104		$	72,459

Basic (loss) earnings per share (1)	$	(0.51)		$	0.66		$	0.22		$	0.60		$	0.66		$	0.97		$	1.87
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14)	1.11			0.14			0.31			0.08			0.06			1.64			0.44
(Less): after tax impact of non-routine items in noninterest income	(0.14)			(0.15)			(0.29)			(0.08)			(0.22)			(0.67)			(0.17)
Total core basic earnings per common share (1)	$	0.46		$	0.65		$	0.24		$	0.60		$	0.50		$	1.94		$	2.14

Diluted (loss) earnings per share (1)(13)	$	(0.51)		$	0.66		$	0.22		$	0.60		$	0.65		$	0.96		$	1.85
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14)	1.11			0.14			0.31			0.08			0.06			1.63			0.44
(Less): after tax impact of non-routine items in noninterest income	(0.14)			(0.16)			(0.29)			(0.09)			(0.21)			(0.66)			(0.17)
Total core diluted earnings per common share (1)	$	0.46		$	0.64		$	0.24		$	0.59		$	0.50		$	1.93		$	2.12

Net (loss) income / Average total assets (ROA) (1)	(0.71)		%	0.92		%	0.31		%	0.88		%	0.97		%	0.34		%	0.77		%
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14)	1.55		%	0.20		%	0.45		%	0.12		%	0.09		%	0.58		%	0.18		%
(Less): after tax impact of non-routine items in noninterest income	(0.20)		%	(0.21)		%	(0.42)		%	(0.12)		%	(0.32)		%	(0.23)		%	(0.07)		%
Core net income / Average total assets (Core ROA) (1)	0.64		%	0.91		%	0.34		%	0.88		%	0.74		%	0.69		%	0.88		%

Net (loss) income / Average stockholders' equity (ROE)	(9.22)		%	11.93		%	3.92		%	11.15		%	12.10		%	4.39		%	8.45		%
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14)	19.96		%	2.60		%	5.68		%	1.47		%	1.09		%	7.44		%	2.00		%
(Less): after tax impact of non-routine items in noninterest income	(2.51)		%	(2.84)		%	(5.28)		%	(1.51)		%	(3.93)		%	(3.04)		%	(0.78)		%
Core net income / Average stockholders' equity (Core ROE) (1)	8.23		%	11.69		%	4.32		%	11.11		%	9.26		%	8.79		%	9.67		%

























Efficiency ratio	108.30		%	64.10		%	65.61		%	63.67		%	58.42		%	75.21		%	72.29		%
(Less): impact of non-routine items in noninterest expense	(42.54)		%	(6.27)		%	(12.11)		%	(3.32)		%	(2.30)		%	(15.98)		%	(5.68)		%

Plus: impact of non-routine items in noninterest income	3.91		%	4.25		%	6.79		%	2.12		%	5.22		%	4.38		%	1.50		%
Core efficiency ratio	69.67		%	62.08		%	60.29		%	62.47		%	61.34		%	63.61		%	68.11		%


	Three Months Ended,															Years Ended December 31,



(in thousands, except percentages, share data and per share data)	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			2023			2022 (audited)
Stockholders' equity	$	736,068		$	719,787		$	720,956		$	729,056		$	705,726		$	736,068		$	705,726
Less: goodwill and other intangibles (15)	(25,029)			(26,818)			(24,124)			(24,292)			(23,161)			(25,029)			(23,161)
Tangible common stockholders' equity	$	711,039		$	692,969		$	696,832		$	704,764		$	682,565		$	711,039		$	682,565
Total assets	9,721,741			9,345,700			9,519,526			9,495,302			9,127,804			9,721,741			9,127,804
Less: goodwill and other intangibles (15)	(25,029)			(26,818)			(24,124)			(24,292)			(23,161)			(25,029)			(23,161)
Tangible assets	$	9,696,712		$	9,318,882		$	9,495,402		$	9,471,010		$	9,104,643		$	9,696,712		$	9,104,643
Common shares outstanding	33,603,242			33,583,621			33,736,159			33,814,260			33,815,161			33,603,242			33,815,161
Tangible common equity ratio	7.33		%	7.44		%	7.34		%	7.44		%	7.50		%	7.33		%	7.50		%
Stockholders' book value per common share	$	21.90		$	21.43		$	21.37		$	21.56		$	20.87		$	21.90		$	20.87
Tangible stockholders' book value per common share	$	21.16		$	20.63		$	20.66		$	20.84		$	20.19		$	21.16		$	20.19


Tangible common stockholders' equity	$	711,039		$	692,969		$	696,832		$	704,764		$	682,565		$	711,039		$	682,565
Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (16)	(16,197)			(26,138)			(18,503)			(15,542)			(18,234)			(16,197)			(18,234)
Tangible common stockholders' equity, adjusted for net unrealized accumulated losses on debt securities held to maturity	$	694,842		$	666,831		$	678,329		$	689,222		$	664,331		$	694,842		$	664,331
Tangible assets	$	9,696,712		$	9,318,882		$	9,495,402		$	9,471,010		$	9,104,643		$	9,696,712		$	9,104,643
Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (16)	$	(16,197)		(26,138)			(18,503)			(15,542)			(18,234)			$	(16,197)		(18,234)
Tangible assets, adjusted for net unrealized accumulated losses on debt securities held to maturity	$	9,680,515		$	9,292,744		$	9,476,899		$	9,455,468		$	9,086,409		$	9,680,515		$	9,086,409
Common shares outstanding	33,603,242			33,583,621			33,736,159			33,814,260			33,815,161			33,603,242			33,815,161

Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity	7.18		%	7.18		%	7.16		%	7.29		%	7.31		%	7.18		%	7.31		%
Tangible stockholders' book value per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity	$	20.68		$	19.86		$	20.11		$	20.38		$	19.65		$	20.68		$	19.65

____________

(1) As previously disclosed, the Company adopted CECL in the fourth quarter of 2022, effective as of January 1, 2022. See Form 10-K for more details of the CECL adoption and related effects to quarterly results for each quarter in the year ended December 31, 2022.

(2) In the fourth and third quarter of 2023, includes provision for credit losses on loans of $12.0 million and $7.4 million, respectively, and unfunded commitments (contingencies) of $0.5 million and $0.6 million, respectively. For all other periods shown, includes provision for credit losses on loans. There was no provision for credit losses on unfunded commitments in the second quarter of 2023 and the fourth quarter of 2022. In the first quarter of 2023, the provision for credit losses on unfunded commitments was $0.3 million.

(3) In the fourth quarter of 2023, the Company completed a restructuring of its bank-owned life insurance (“BOLI”) program. This was executed through a combination of a 1035 exchange and a surrender and reinvestment into higher-yielding general account with a new investment grade insurance carrier. This transaction allowed for higher team member participation through an enhanced split-dollar plan. Estimated improved yields resulting from the enhancement have an earn-back period of approximately 2 years. In the fourth quarter of 2023, we recorded total additional expenses and charges of $4.6 million in connection with this transaction, including: (i) a reduction of $0.7 million to the cash surrender value of BOLI; (ii) transaction costs of $1.1 million, and (iii) income tax expense of $2.8 million.

(4) Expenses incurred for actions designed to implement the Company’s business strategy. These actions include, but are not limited to reductions in workforce, streamlining operational processes, promoting the Amerant brand, implementation of new technology system applications, decommissioning of legacy technologies, enhanced sales tools and training, expanded product offerings and improved customer analytics to identify opportunities.

(5) Staff reduction costs consist of severance expenses related to organizational rationalization.

(6) Contract termination and related costs associated with third party vendors resulting from the Company’s engagement of FIS.

(7) In the three months and year ended December 31, 2023, includes an aggregate of $1.6 million and $6.4 million, respectively, of nonrecurrent expenses in connection with the engagement of FIS and, to a lesser extent, software expenses related to legacy applications running in parallel to new core banking applications. There were no significant nonrecurrent expenses in connection with engagement of FIS in the three months ended September 30, 2023. In the three months ended June 30, 2023, March 31, 2023 and December 31, 2022, and the year ended December 31, 2022, include expenses of $2.0 million, $2.6 million, $1.1 million and $2.9 million, respectively, in connection with engagement of FIS. In addition, includes $0.2 million in connection with certain search and recruitment expenses and $0.1 million of costs associated with the subleasing of the New York office space in the year ended December 31, 2022.

(8) Include expenses in connection with the disposition of fixed assets due to the write-off of in-development software in each of the three months ended June 30, 2023 and year ended December 31, 2023.

(9) In each of the three months ended September 30, 2023 and year ended December 31, 2023, include expenses of $0.3 million in connection with the closure of a branch in Houston, Texas in 2023. In addition, in each of the three months ended June 30, 2023 and year ended December 31, 2023, include $0.9 million of accelerated amortization of leasehold improvements and $0.6 million of right-of-use, or ROU asset impairment, associated with the closure of a branch in Miami, Florida in 2023. Also, in each of the three months ended March 31, 2023 and year ended December 31, 2023, include $0.5 million of ROU asset impairment associated with the closure of a branch in Houston, Texas in 2023. In the year ended December 31, 2022, includes $1.6 million of ROU asset impairment associated with the closure of a branch in Pembroke Pines, Florida in 2022.

(10) In each of the three months and year ended December 31, 2023, includes: (i) a fair value adjustment of $35.5 million related to an aggregate of $401 million in Houston-based CRE loans held for sale which are carried at the lower of fair value or cost, and (ii) a loss on sale of $2.0 million related to a New York-based CRE loan previously carried at the lower of fair value or cost. In each of the three months ended September 30, 2023 and the year ended December 31, 2023, includes a fair value adjustment of $5.6 million related to a New York-based CRE loan held for sale carried at the lower of fair value or cost. In the year ended December 31, 2022, amount represents the fair value adjustment related to the New York loan portfolio held for sale carried at the lower of cost or fair value.

(11) In each of the three months ended June 30, 2023 and year ended December 31, 2023, amount represents the loss on sale of repossessed assets in connection with our equipment-financing activities. In the year ended December 31, 2022, amount represents the fair value adjustment related to one OREO property in New York.

(12) In the year ended December 31, 2023, amounts were calculated using an estimated tax rate of 21.00%. In the year ended December 31, 2022 and the three months ended March 31, 2023, amounts were calculated based upon the effective tax rate for the periods of 21.15% and 21.00%, respectively. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect.

(13) Potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units and performance stock units. In all the periods presented, potential dilutive instruments were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share in those periods, fewer shares would have been purchased than restricted shares assumed issued. Therefore, in those periods, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect on per share earnings.

(14) In the three months and year ended December 31, 2023, per share amounts and percentages were calculated using the after-tax impact of non-routine items in noninterest expense of $34.2 million and $52.3 million, respectively, and BOLI tax impact of $2.8 million in each period. In all other periods shown, per share amounts and percentages were calculated using the after tax impact of non-routine items in noninterest expense.

(15) At December 31, 2023 and September 30, 2023, other intangible assets primarily consist of naming rights of $2.5 million and $2.7 million, respectively, and mortgage servicing rights (“MSRs”)of $1.4 million and $1.3 million, respectively. At June 30, 2023, March 31, 2023 and December 31, 2022, other intangible assets primarily consist of MSRs of $1.3 million, $1.4 million and $1.3 million, respectively. Other intangible assets are included in other assets in the Company’s consolidated balance sheets.

(16) As of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, amounts were calculated based upon the fair value on debt securities held to maturity, and assuming a tax rate of 25.36%, 25.51%, 25.46%, 25.53% and 25.55%, respectively.

Exhibit 3 - Average Balance Sheet, Interest and Yield/Rate Analysis

The following tables present average balance sheet information, interest income, interest expense and the corresponding average yields earned and rates paid for the periods presented. The average balances for loans include both performing and nonperforming balances. Interest income on loans includes the effects of discount accretion and the amortization of non-refundable loan origination fees, net of direct loan origination costs, as well as premiums paid on purchased loans, accounted for as yield adjustments. Average balances represent the daily average balances for the periods presented.


	Three Months Ended
	December 31, 2023				September 30, 2023				December 31, 2022

(in thousands, except percentages)	Average Balances		Income/ Expense		Yield/ Rates		Average Balances		Income/ Expense		Yield/ Rates		Average Balances		Income/ Expense		Yield/ Rates
Interest-earning assets:
Loan portfolio, net (1)(2)	$	7,107,222	$	127,090	7.09	%	$	7,048,891	$	120,244	6.77	%	$	6,688,839	$	98,579	5.85	%
Debt securities available for sale (3)(4)	1,060,113		11,603		4.34	%	1,052,147		10,924		4.12	%	1,060,240		9,817		3.67	%
Debt securities held to maturity (5)	227,765		1,951		3.40	%	232,146		1,958		3.35	%	239,680		2,052		3.40	%
Debt securities held for trading	—		—		—	%	2,048		4		0.77	%	56		1		7.08	%
Equity securities with readily determinable fair value not held for trading	2,450		12		1.94	%	2,479		21		3.36	%	12,365		—		—	%
Federal Reserve Bank and FHLB stock	49,741		894		7.13	%	54,056		961		7.05	%	55,585		874		6.24	%
Deposits with banks	265,657		3,940		5.88	%	344,015		5,248		6.05	%	183,926		2,051		4.42	%
Other short-term investments	5,928		79		5.29	%	1,964		23		4.65	%	—		—		—	%
Total interest-earning assets	8,718,876		145,569		6.62	%	8,737,746		139,383		6.33	%	8,240,691		113,374		5.46	%
Total non-interest-earning assets (6)	794,844						756,141						731,685
Total assets	$	9,513,720					$	9,493,887					$	8,972,376


	Three Months Ended
	December 31, 2023					September 30, 2023					December 31, 2022

(in thousands, except percentages)	Average Balances			Income/ Expense		Yield/ Rates		Average Balances			Income/ Expense		Yield/ Rates		Average Balances			Income/ Expense		Yield/ Rates
Interest-bearing liabilities:
Checking and saving accounts -
Interest bearing DDA	$	2,435,871		$	16,350	2.66	%	$	2,523,092		$	16,668	2.62	%	$	2,178,106		$	8,860	1.61	%
Money market	1,259,859			13,917		4.38	%	1,144,580			11,013		3.82	%	1,412,033			6,034		1.70	%
Savings	271,307			30		0.04	%	280,096			32		0.05	%	313,688			55		0.07	%
Total checking and saving accounts	3,967,037			30,297		3.03	%	3,947,768			27,713		2.79	%	3,903,827			14,949		1.52	%
Time deposits	2,276,720			24,985		4.35	%	2,201,138			22,482		4.05	%	1,538,239			8,623		2.22	%
Total deposits	6,243,757			55,282		3.51	%	6,148,906			50,195		3.24	%	5,442,066			23,572		1.72	%
Securities sold under agreements to repurchase	106			2		7.49	%	326			4		4.87	%	68			1		5.83	%
Advances from the FHLB (7)	635,272			6,225		3.89	%	800,978			8,207		4.07	%	994,185			5,293		2.11	%
Senior notes	59,488			941		6.28	%	59,409			942		6.29	%	59,172			941		6.31	%
Subordinated notes	29,433			361		4.87	%	29,391			361		4.87	%	29,263			361		4.89	%
Junior subordinated debentures	64,178			1,081		6.68	%	64,178			1,097		6.78	%	64,178			1,028		6.35	%
Total interest-bearing liabilities	7,032,234			63,892		3.60	%	7,103,188			60,806		3.40	%	6,588,932			31,196		1.88	%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits	1,381,157							1,335,041							1,318,787
Accounts payable, accrued liabilities and other liabilities	363,711							320,369							343,923
Total non-interest-bearing liabilities	1,744,868							1,655,410							1,662,710
Total liabilities	8,777,102							8,758,598							8,251,642
Stockholders’ equity	736,618							735,289							720,734
Total liabilities and stockholders' equity	$	9,513,720						$	9,493,887						$	8,972,376
Excess of average interest-earning assets over average interest-bearing liabilities	$	1,686,642						$	1,634,558						$	1,651,759
Net interest income				$	81,677						$	78,577						$	82,178
Net interest rate spread						3.02	%						2.93	%						3.58	%
Net interest margin (8)						3.72	%						3.57	%						3.96	%
Cost of total deposits (9)						2.88	%						2.66	%						1.38	%
Ratio of average interest-earning assets to average interest-bearing liabilities	123.98		%					123.01		%					125.07		%
Average non-performing loans/ Average total loans	0.49		%					0.56		%					0.38		%


	Year Ended December 31,
	2023					2022 (audited)
(in thousands, except percentages)	Average Balances			Income/ Expense		Yield/ Rates		Average Balances			Income/ Expense		Yield/ Rates
Interest-earning assets:
Loan portfolio, net (1)(2)	$	7,006,919		$	475,405	6.78	%	$	5,963,190		$	293,210	4.92	%
Debt securities available for sale (3)(4)	1,053,034			43,096		4.09	%	1,112,590			33,187		2.98	%
Debt securities held to maturity (5)	234,168			7,997		3.42	%	192,397			5,657		2.94	%
Debt securities held for trading	586			7		1.19	%	64			4		6.25	%
Equity securities with readily determinable fair value not held for trading	2,454			33		1.34	%	9,560			—		—	%
Federal Reserve Bank and FHLB stock	53,608			3,727		6.95	%	51,496			2,565		4.98	%
Deposits with banks	322,853			18,212		5.64	%	231,402			4,153		1.79	%
Other short-term investments	2,115			102		4.80	%	—			—		—	%
Total interest-earning assets	8,675,737			548,579		6.32	%	7,560,699			338,776		4.48	%
Total non-interest-earning assets (6)	776,484							626,989
Total assets	$	9,452,221						$	8,187,688

Interest-bearing liabilities:
Checking and saving accounts -
Interest bearing DDA	$	2,486,190		$	62,551	2.52	%	$	1,872,100		$	15,118	0.81	%
Money market	1,226,311			42,212		3.44	%	1,323,563			11,673		0.88	%
Savings	284,510			144		0.05	%	319,631			135		0.04	%
Total checking and saving accounts	3,997,011			104,907		2.62	%	3,515,294			26,926		0.77	%
Time deposits	2,074,549			78,829		3.80	%	1,334,605			22,124		1.66	%
Total deposits	6,071,560			183,736		3.03	%	4,849,899			49,050		1.01	%
Securities sold under agreements to repurchase	124			7		5.65	%	32			1		3.13	%
Advances from the FHLB (7)	805,084			28,816		3.58	%	911,448			15,092		1.66	%
Senior notes	59,370			3,766		6.34	%	59,054			3,766		6.38	%
Subordinated notes	29,370			1,445		4.92	%	23,853			1,172		4.91	%
Junior subordinated debentures	64,178			4,345		6.77	%	64,178			3,030		4.72	%
Total interest-bearing liabilities	7,029,686			222,115		3.16	%	5,908,464			72,111		1.22	%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits	1,356,538							1,286,570
Accounts payable, accrued liabilities and other liabilities	325,367							243,105
Total non-interest-bearing liabilities	1,681,905							1,529,675
Total liabilities	8,711,591							7,438,139
Stockholders’ equity	740,630							749,549
Total liabilities and stockholders' equity	$	9,452,221						$	8,187,688
Excess of average interest-earning assets over average interest-bearing liabilities	$	1,646,051						$	1,652,235
Net interest income				$	326,464						$	266,665
Net interest rate spread						3.16	%						3.26	%
Net interest margin (8)						3.76	%						3.53	%
Cost of total deposits (9)						2.47	%						0.80	%
Ratio of average interest-earning assets to average interest-bearing liabilities	123.42		%					127.96		%
Average non-performing loans/ Average total loans	0.48		%					0.51		%

_______________

(1) Includes loans held for investment, net of the allowance for credit losses, and loans held for sale. The average balance of the allowance for credit losses was $92.7 million, $101.2 million and $54.9 million in the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively, and $90.0 million and $57.5 million in the years ended December 31, 2023 and 2022, respectively. The average balance of total loans held for sale was $100.7 million, $58.8 million and $78.3 million in the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively, and $77.8 million and $117.6 million in the years ended December 31, 2023 and 2022, respectively.

(2) Includes average non-performing loans of $35.1 million, $39.8 million and $25.5 million for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively, and $34.3 million and $30.7 million for the years ended December 31, 2023 and 2022, respectively.

(3) Includes the average balance of net unrealized gains and losses in the fair value of debt securities available for sale. The average balance includes average net unrealized losses of $142.1 million, $119.8 million and $120.1 million in the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively, and $118.5 million and $62.3 million in the years ended December 31, 2023 and 2022, respectively.

(4) Includes nontaxable securities with average balances of $17.8 million, $18.6 million and $19.8 million for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively, and $17.8 million and $18.4 million in the years ended December 31, 2023 and 2022, respectively. The tax equivalent yield for these nontaxable securities was 4.78%, 4.34% and 4.26% for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively, and 4.83% and 3.00% for the years ended December 31, 2023 and 2022, respectively. In 2023 and 2022, the tax equivalent yields were calculated by assuming a 21% tax rate and dividing the actual yield by 0.79.

(5) Includes nontaxable securities with average balances of $48.9 million, $49.6 million and $45.7 million for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively, and $49.8 million and $43.6 million in the years ended December 31, 2023 and 2022, respectively. The tax equivalent yield for these nontaxable securities was 4.26%, 4.26% and 3.88% for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively, and 4.22% and 3.46% for the years ended December 31, 2023 and 2022, respectively. In 2023 and 2022, the tax equivalent yields were calculated assuming a 21% tax rate and dividing the actual yield by 0.79.

(6) Excludes the allowance for credit losses.

(7) The terms of the FHLB advance agreements require the Bank to maintain certain investment securities or loans as collateral for these advances.

(8) NIM is defined as net interest income divided by average interest-earning assets, which are loans, securities, deposits with banks and other financial assets which yield interest or similar income.

(9) Calculated based upon the average balance of total noninterest bearing and interest bearing deposits.

Exhibit 4 - Noninterest Income

This table shows the amounts of each of the categories of noninterest income for the periods presented.


	Three Months Ended								Year Ended December 31,
	December 31, 2023				September 30, 2023					December 31, 2022	2023					2022
																					(audited)
(in thousands, except percentages)	Amount		%		Amount		%					Amount		%			Amount		%		Amount		%

Deposits and service fees	$	4,424	22.5	%	$	5,053	23.1	%				$	4,766	19.6	%		$	19,376	22.1	%	$	18,592	27.6	%
Brokerage, advisory and fiduciary activities	4,249		21.7	%	4,370		19.9	%				4,054		16.6	%		17,057		19.5	%	17,708		26.3	%
Change in cash surrender value of bank owned life insurance (“BOLI”)(1)	849		4.3	%	1,483		6.8	%				1,378		5.7	%		5,173		5.9	%	5,406		8.0	%
Cards and trade finance servicing fees	1,238		6.3	%	734		3.4	%				556		2.3	%		3,067		3.5	%	2,276		3.4	%
Gain (loss) on early extinguishment of FHLB advances, net	6,461		32.9	%	7,010		32.0	%				11,390		46.8	%		40,084		45.8	%	10,678		15.9	%


Securities gains (losses), net (2)	33		0.2	%	(54)		(0.3)	%				(3,364)		(13.8)	%		(10,989)		(12.6)	%	(3,689)		(5.5)	%
Derivative (losses) gains, net (3)	(151)		(0.8)	%	(77)		(0.4)	%				1,040		4.3	%		28		—	%	455		0.7	%
Loan-level derivative income (4)	837		4.3	%	1,196		5.5	%				3,413		14.0	%		4,580		5.2	%	10,360		15.4	%
Other noninterest income (5)	1,673		8.5	%	2,206		10.0	%				1,132		4.5	%		9,120		10.6	%	5,491		8.2	%
Total noninterest income	$	19,613	100.0	%	$	21,921	100.0	%				$	24,365	100.0	%		$	87,496	100.0	%	$	67,277	100.0	%

__________________

(1) Changes in cash surrender value of BOLI are not taxable. In the three months and year ended December 31, 2023, includes a charge of $0.7 million in connection with the enhancement/restructuring of BOLI in the fourth quarter of 2023.

(2) Includes: (i) net loss of $0.1 million and $2.5 million in the three months ended December 31, 2023 and December 31, 2022, respectively, and net loss of $10.8 million and $2.4 million in the years ended December 31, 2023 and 2022, respectively, in connection with the sale of debt securities available for sale. There were no significant gains and losses in connection with the sale of debt securities available for sale in the three months ended September 30, 2023. In addition, includes unrealized gains of $0.1 million and unrealized losses of $0.1 million and $0.8 million in the three months ended December 31, 2023, September 30, 2023, and December 31, 2022, respectively, and unrealized gains of $33 thousand and unrealized losses of $1.3 million in the years ended December 31, 2023 and 2022, respectively, related to the change in fair value of equity securities with readily available fair value not held for trading which are recorded in results of the period. Also, in the year ended December 31, 2023, the Company sold equity securities with readily available fair value not held for trading, with a total fair value of $11.2 million at the time of sale, and recognized a net loss of $0.2 million in connection with this transaction.

(3) Net unrealized gains and losses related to uncovered interest rate caps with clients.

(4) Income from interest rate swaps and other derivative transactions with customers. The Company incurred expenses related to derivative transactions with customers of $0.2 million, $18.0 thousand and $3.3 million in the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively, and $1.9 million and $8.1 million in the years ended December 31, 2023 and 2022, respectively, which are included as part of noninterest expenses under professional and other services fees.

(5) Includes mortgage banking income of $0.6 million, $0.5 million and $0.2 million in the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively, and $4.5 million and $3.4 million in the years ended December 31, 2023 and 2022, respectively, related to Amerant Mortgage. Other sources of income in the periods shown include from foreign currency exchange transactions with customers and valuation income on the investment balances held in the non-qualified deferred compensation plan.

Exhibit 5 - Noninterest Expense

This table shows the amounts of each of the categories of noninterest expense for the periods presented.


	Three Months Ended								Year Ended December 31,
	December 31, 2023				September 30, 2023					December 31, 2022	2023					2022
																					(audited)
(in thousands, except percentages)	Amount		%		Amount		%					Amount		%			Amount		%		Amount		%

Salaries and employee benefits (1)	$	33,049	30.1	%	$	31,334	48.6	%				$	32,786	52.7	%		$	133,506	42.9	%	$	123,510	51.2	%
Occupancy and equipment (2)	7,015		6.4	%	7,293		11.3	%				6,349		10.2	%		27,843		8.9	%	27,393		11.3	%
Professional and other services fees (3)	14,201		12.9	%	5,325		8.3	%				6,224		10.0	%		34,569		11.1	%	22,142		9.2	%
Loan-level derivative expense (4)	182		0.2	%	18		—	%				3,281		5.3	%		1,910		0.6	%	8,146		3.4	%
Telecommunications and data processing (5)	3,838		3.5	%	3,556		5.5	%				3,622		5.8	%		15,485		5.0	%	14,735		6.1	%
Depreciation and amortization (6)	1,480		1.3	%	1,795		2.8	%				1,956		3.1	%		6,842		2.2	%	5,883		2.4	%
FDIC assessments and insurance	2,535		2.3	%	2,590		4.0	%				1,930		3.1	%		10,601		3.4	%	6,598		2.7	%
Losses on loans held for sale (7)	37,495		34.2	%	5,562		8.6	%				—		—	%		43,057		13.8	%	159		0.1	%
Advertising expenses	3,169		2.9	%	2,724		4.2	%				3,329		5.3	%		12,811		4.1	%	11,620		4.8	%
Other real estate owned and repossessed assets (income) expense, net (8)(9)	(205)		(0.2)	%	(134)		(0.2)	%				—		—	%		2,092		0.7	%	3,408		1.4	%
Contract termination costs (10)	—		—	%	—		—	%				—		—	%		1,550		0.5	%	7,103		2.9	%
Other operating expenses (11)	6,943		6.4	%	4,357		6.9	%				2,764		4.5	%		21,089		6.8	%	10,716		4.5	%
Total noninterest expense (12)	$	109,702	100.0	%	$	64,420	100.0	%				$	62,241	100.0	%		$	311,355	100.0	%	$	241,413	100.0	%

__________

(1) Includes staff reduction costs of $1.1 million, $0.5 million and $1.2 million in the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively, and $4.0 million and $4.0 million in the years ended December 31, 2023 and 2022, respectively, which consist of severance expenses primarily related to organizational rationalization.

(2) In each of the three months ended September 30, 2023 and year ended December 31, 2023, includes a rent termination fee of $0.3 million in connection with the closure of a branch in Houston, Texas. In the year ended December 31, 2023, includes an aggregate of $1.1 million related to ROU asset impairments in connection with the closure of two branches in 2023 (one branch in Miami, Florida and another branch in Houston, Texas). In the year ended December 31, 2022, includes $1.6 million of ROU asset impairment in connection with the closure of a branch in Pembroke Pines, Florida in 2022.

(3) Includes additional, nonrecurrent expenses of $1.2 million, $1.1 million in the three months ended December 31, 2023 and 2022, respectively, and $5.8 million and $2.9 million in the years ended December 31, 2023 and 2022, respectively, related to the engagement of FIS. There were no significant nonrecurrent expenses related to the engagement of FIS in the three months ended September 30, 2023. In addition, includes $0.2 million in connection with certain search and recruitment expenses in the year ended December 31, 2022 and $0.1 million of costs associated with the subleasing of the New York office space in the year ended December 31, 2022.

(4) Includes services fees in connection with our loan-level derivative income generation activities.

(5) Includes a charge of $1.4 million in the year ended December 31, 2023 related to the disposition of fixed assets due to the write off of in-development software. In addition, in the three months and year ended December 31, 2023, includes $0.4 million of software expenses related to legacy applications running in parallel to new core banking applications.

(6) Includes a charge of $0.9 million in the year ended December 31, 2023 for the accelerated depreciation of leasehold improvements in connection with the closure of a branch in Miami, Florida in 2023.

(7) In the three months and year ended December 31, 2023, consists of losses on loans held for sale carried at the lower of fair value or cost, including valuation allowance as a result of changes in their fair value and losses on the sale of these loans. In the three months ended December 31, 2023 and year ended December 31, 2023, these amounts were $35.5 million, $2.0 million and $41.1 million, $2.0 million respectively. In the three months ended September 30, 2023 and the year ended December 31, 2022, represents the valuation allowance as a result of changes in the fair value of loans held for sale carried at the lower of fair value or cost of $5.6 million and $0.2 million, respectively.

(8) In the year ended December 31, 2023, includes a loss on sale of repossessed assets in connection with our equipment-financing activities of $2.6 million. In the year end December 31, 2022, includes $3.4 million related to the fair value adjustments of one other real estate owned (“OREO”) property in New York. In addition, includes OREO rental income of $0.4 million, $0.4 million and $1.3 million in the three months ended December 31, 2023, September 30, 2023 and year ended December 31, 2023, respectively. We had no OREO rental income in the three months and year ended December 31, 2022.

(9) Beginning in the three months ended June 30, 2023, OREO and repossessed assets expense is presented separately in the Company’s consolidated statement of operations and comprehensive (loss) income. In 2022, while OREO valuation expense was presented separately, all other OREO-related expenses were presented as part of other operating expenses in the Company’s consolidated statement of operations and comprehensive (loss) income. We had no other repossessed assets in 2022.

(10)Contract termination and related costs associated with third party vendors resulting from the Company’s transition to our new technology provider.

(11) In each of three months and the year ended December 31, 2023, includes goodwill and intangible assets impairments totaling $1.7 million related to two of our subsidiaries (Amerant Mortgage and Elant, a Cayman-based trust company). In addition, in each of three months and the year ended December 31, 2023, includes additional costs of $1.1 million in connection with the restructuring of the Company’s BOLI. Also,in the year ended December 31, 2023, includes an impairment charge of $2.0 million related to an investment carried at cost and included in other assets. In all of the periods shown, includes charitable contributions, community engagement, postage and courier expenses, provisions for possible losses on contingent loans, and debits which mirror the valuation income on the investment balances held in the non-qualified deferred compensation plan in order to adjust the liability to participants of the deferred compensation plan.

(12) Includes $3.5 million, $3.0 million, and $2.7 million in the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively, and $14.4 million and $12.5 million in the years ended December 31, 2023 and 2022, respectively, related to Amerant Mortgage, primarily consisting of salaries and employee benefits, mortgage lending costs and professional and other service fees.

Exhibit 6 - Consolidated Balance Sheets


(in thousands, except share data)	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022

Assets									(audited)
Cash and due from banks	$	43,966	$	48,145	$	45,184	$	41,489	$	19,486
Interest earning deposits with banks	245,233		202,946		365,673		411,747		228,955
Restricted cash	25,849		51,837		34,204		32,541		42,160
Other short-term investments	6,080		6,024		—		—		—
Cash and cash equivalents	321,128		308,952		445,061		485,777		290,601
Securities
Debt securities available for sale, at fair value	1,217,502		1,033,797		1,027,676		1,045,883		1,057,621
Debt securities held to maturity, at amortized cost (estimated fair value of $204,946, $195,165, $209,546, $218,388 and $217, 609 at December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively)	226,645		230,254		234,369		239,258		242,101
Trading securities	—		—		298		—		—
Equity securities with readily determinable fair value not held for trading	2,534		2,438		2,500		—		11,383
Federal Reserve Bank and Federal Home Loan Bank stock	50,294		47,878		50,460		62,556		55,575
Securities	1,496,975		1,314,367		1,315,303		1,347,697		1,366,680
Loans held for sale, at lower of cost or fair value (1)	365,219		43,257		—		—		—
Mortgage loans held for sale, at fair value	26,200		25,952		49,942		65,289		62,438
Loans held for investment, gross	6,883,951		7,073,387		7,167,016		7,049,746		6,857,194
Less: Allowance for credit losses	95,504		98,773		105,956		84,361		83,500
Loans held for investment, net	6,788,447		6,974,614		7,061,060		6,965,385		6,773,694
Bank owned life insurance	234,972		232,736		231,253		229,824		228,412
Premises and equipment, net	43,603		43,004		43,714		42,380		41,772
Deferred tax assets, net	55,635		63,501		56,779		46,112		48,703
Operating lease right-of-use assets	118,484		116,763		116,161		119,503		139,987
Goodwill	19,193		20,525		20,525		20,525		19,506
Accrued interest receivable and other assets (2)	251,885		202,029		179,728		172,810		156,011
Total assets	$	9,721,741	$	9,345,700	$	9,519,526	$	9,495,302	$	9,127,804
Liabilities and Stockholders' Equity
Deposits
Demand
Noninterest bearing	$	1,404,656	$	1,370,157	$	1,293,522	$	1,360,626	$	1,367,664
Interest bearing	2,560,629		2,416,797		2,773,120		2,489,565		2,300,469
Savings and money market	1,610,218		1,457,080		1,431,375		1,507,195		1,647,811
Time	2,297,097		2,302,878		2,081,554		1,929,340		1,728,255
Total deposits	7,872,600		7,546,912		7,579,571		7,286,726		7,044,199
Advances from the Federal Home Loan Bank	645,000		595,000		770,000		1,052,012		906,486
Senior notes	59,526		59,447		59,368		59,289		59,210
Subordinated notes	29,454		29,412		29,369		29,326		29,284
Junior subordinated debentures held by trust subsidiaries	64,178		64,178		64,178		64,178		64,178
Operating lease liabilities (3)	123,167		120,665		119,921		122,214		140,147
Accounts payable, accrued liabilities and other liabilities (4)	191,748		210,299		176,163		152,501		178,574
Total liabilities	8,985,673		8,625,913		8,798,570		8,766,246		8,422,078

Stockholders’ equity
Class A common stock	3,361		3,359		3,374		3,383		3,382

Additional paid in capital	192,701		194,103		195,275		194,782		194,694

Retained earnings	610,802		630,933		611,829		607,544		590,375
Accumulated other comprehensive loss	(70,796)		(105,634)		(86,926)		(74,319)		(80,635)
Total stockholders' equity before noncontrolling interest	736,068		722,761		723,552		731,390		707,816
Noncontrolling interest	—		(2,974)		(2,596)		(2,334)		(2,090)
Total stockholders' equity	736,068		719,787		720,956		729,056		705,726
Total liabilities and stockholders' equity	$	9,721,741	$	9,345,700	$	9,519,526	$	9,495,302	$	9,127,804

__________

(1) As of December 31, 2023 and September 30, 2023, includes a valuation allowance of $35.5 million and $5.6 million, respectively, as a result of fair value adjustment.

(2) As of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, include derivative assets with a total fair value of $59.9 million, $87.1 million, $75.8 million, $60.8 million and $78.3 million, respectively. As of December 31, 2023, includes a receivable from insurance carrier for $62.5 million in connection with the restructuring of the Company’s BOLI in the fourth quarter of 2023.

(3) Consists of total long-term lease liabilities. Total short-term lease liabilities are included in other liabilities.

(4) As of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, include derivatives liabilities with a total fair value of $59.4 million, $85.6 million, $74.5 million, $59.5 million and $77.2 million, respectively.

Exhibit 7 - Loans

Loans by Type - Held For Investment

The loan portfolio held for investment consists of the following loan classes:


(in thousands)	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022
Real estate loans									(audited)
Commercial real estate
Non-owner occupied	$	1,616,200	$	1,593,571	$	1,645,224	$	1,630,451	$	1,615,716
Multi-family residential	407,214		771,654		764,712		796,125		820,023
Land development and construction loans	304,037		301,938		314,010		303,268		273,174
	2,327,451		2,667,163		2,723,946		2,729,844		2,708,913
Single-family residential	1,461,640		1,371,194		1,285,857		1,189,045		1,102,845
Owner occupied	1,175,331		1,129,921		1,063,240		1,069,491		1,046,450
	4,964,422		5,168,278		5,073,043		4,988,380		4,858,208
Commercial loans (1)	1,503,187		1,452,759		1,577,209		1,497,649		1,381,234
Loans to financial institutions and acceptances	13,375		13,353		13,332		13,312		13,292
Consumer loans and overdrafts (2)	402,967		438,997		503,432		550,405		604,460
Total loans	$	6,883,951	$	7,073,387	$	7,167,016	$	7,049,746	$	6,857,194

__________________

(1) As of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, includes approximately $56.5 million, $49.3 million, $47.7 million, $46.7 million and $45.3 million, respectively, in commercial loans and leases originated under a white-label equipment financing solution launched in the second quarter of 2022.

(2) As of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, includes $210.9 million, $254.7 million, $312.3 million, $372.2 million and $433.3 million, respectively, in consumer loans purchased under indirect lending programs. In addition, as of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, includes $52.9 million, $57.5 million, $61.8 million, $62.1 million and $43.8 million, respectively, in consumer loans originated under a white-label program.

Loans by Type - Held For Sale

The loan portfolio held for sale consists of the following loan classes:


(in thousands)	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022
Loans held for sale at the lower of fair value or cost									(audited)
Real estate loans
Commercial real estate
Non-owner occupied	$	—	$	43,256	$	—	$	—	$	—
Multi-family residential	309,612		—		—		—		—
Land development and construction loans	55,607		—		—		—		—

Total loans held for sale at the lower of fair value or cost (1)	365,219		43,256		—		—		—
Mortgage loans held for sale at fair value
Land development and construction loans (2)	12,778		6,931		3,726		15,527		9,424
Single-family residential (3)	13,422		19,022		46,216		49,762		53,014
Total Mortgage loans held for sale, at fair value (4)	26,200		25,953		49,942		65,289		62,438
Total loans held for sale	$	391,419	$	69,209	$	49,942	$	65,289	$	62,438

__________________

(1) In the fourth quarter of 2023, the Company transferred an aggregate of $401 million in Houston-based CRE loans held for investment to the loans held for sale category, and recognized a valuation allowance of $35.5 million as a result of the fair value adjustment of these loans. In the third quarter of 2023, the Company transferred a New York-based CRE loan held for investment to the loans held for sale category, and recognized a valuation allowance of $5.6 million as a result of the fair value adjustment of this loan. In the fourth quarter of 2023, the Company sold this loan and there was no material impact to the Company’s results of operations as result of this transaction.

(2) In the second quarter of 2023, the Company transferred approximately $13 million in land development and construction loans held for sale to the loans held for investment category.

(3) In the fourth, third and second quarters of 2023, the Company transferred approximately $17 million, $17 million and $28 million, respectively, in single-family residential loans held for sale to the loans held for investment category.

(4) Loans held for sale in connection with Amerant Mortgage’s ongoing business.

(5) Remained current and in accrual status at each of the periods shown.

Non-Performing Assets

This table shows a summary of our non-performing assets by loan class, which includes non-performing loans, other real estate owned, or OREO, and other repossessed assets at the dates presented. Non-performing loans consist of (i) nonaccrual loans, and (ii) accruing loans 90 days or more contractually past due as to interest or principal.


(in thousands)	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022
Non-Accrual Loans(1)									(audited)
Real Estate Loans
Commercial real estate (CRE)
Non-owner occupied	$	—	$	—	$	1,696	$	—	$	20,057
Multi-family residential	8		23,344		24,306		—		—
	8		23,344		26,002		—		20,057
Single-family residential	2,459		2,533		1,681		1,367		1,526
Owner occupied (2)	3,822		2,100		6,890		7,118		6,270
	6,289		27,977		34,573		8,485		27,853
Commercial loans (2) (3)	21,949		4,713		12,241		13,643		9,271
Consumer loans and overdrafts (4)	38		1		1		1		4
Total Non-Accrual Loans	$	28,276	$	32,691	$	46,815	$	22,129	$	37,128

Past Due Accruing Loans(5)
Real Estate Loans
Commercial real estate (CRE)

Single-family residential	5,218		—		302		—		253

Commercial	857		504		—		—		183
Consumer loans and overdrafts	49		—		78		53		35
Total Past Due Accruing Loans	6,124		504		380		53		471
Total Non-Performing Loans	34,400		33,195		47,195		22,182		37,599
Other Real Estate Owned	20,181		20,181		20,181		26,534		—
Total Non-Performing Assets	$	54,581	$	53,376	$	67,376	$	48,716	$	37,599

__________________

(1) Prior to the first quarter of 2023, included loan modifications that met the definition of troubled debt restructurings, or TDR, which may be performing in accordance with their modified loan terms.

(2) In the third quarter of 2023, the Company sold a loan relationship in nonaccrual status and classified as Substandard with a total carrying value of $8.6 million at the time of sale. This loan relationship included a commercial loan of $4.6 million and multiple owner occupied loans totaling $4.0 million. The Company charged-off $2.1 million against the ACL in the third quarter of 2023 in connection with this sale, which had already been reserved in a prior period. Therefore, this transaction had no impact to the Company’s results of operations in the third quarter of 2023.

(3) In the second quarter of 2023, we collected $2.8 million in full satisfaction of a commercial loan relationship in nonaccrual status and classified as Substandard at March 31, 2023.

(4) In the fourth quarter of 2022, the Company changed its charge-off policy for unsecured consumer loans from 120 to 90 days past due. This change resulted in an additional $3.4 million in charge-offs for unsecured consumer loans in the fourth quarter of 2022.

(5) Loans past due 90 days or more but still accruing.

Loans by Credit Quality Indicators

This table shows the Company’s loans by credit quality indicators. We have not purchased credit-impaired loans.


	December 31, 2023								September 30, 2023								December 31, 2022
																	(audited)
(in thousands)	Special Mention		Substandard		Doubtful		Total (1)		Special Mention		Substandard		Doubtful		Total (1)		Special Mention		Substandard		Doubtful		Total (1)
Real Estate Loans
Commercial Real Estate (CRE)
Non-owner occupied	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	8,378	$	20,113	$	—	$	28,491
Multi-family residential	—		8		—		8		—		23,344		—		23,344		—		—		—		—

	—		8		—		8		—		23,344		—		23,344		8,378		20,113		—		28,491
Single-family residential	—		2,800		—		2,800		—		3,085		—		3,085		—		1,930		—		1,930
Owner occupied	15,723		3,890		—		19,613		2,234		2,180		—		4,414		—		6,356		—		6,356
	15,723		6,698		—		22,421		2,234		28,609		—		30,843		8,378		28,399		—		36,777
Commercial loans (2)(3)	30,261		22,971		—		53,232		26,975		5,732		3		32,710		1,749		10,446		3		12,198

Consumer loans and overdrafts	—		41		—		41		—		1		—		1		—		230		—		230
	$	45,984	$	29,710	$	—	$	75,694	$	29,209	$	34,342	$	3	$	63,554	$	10,127	$	39,075	$	3	$	49,205

__________

(1) There were no loans categorized as “Loss” as of the dates presented.

(3) In the second quarter of 2023, we collected $2.8 million in full satisfaction of a commercial loan relationship in nonaccrual status and classified as Substandard at March 31, 2023.

Exhibit 8 - Deposits by Country of Domicile

This table shows the Company’s deposits by country of domicile of the depositor as of the dates presented.


(in thousands)	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022

									(audited)
Domestic	$	5,407,796	$	5,067,937	$	5,113,604	$	4,891,873	$	4,620,906
Foreign:
Venezuela	1,870,979		1,892,453		1,912,994		1,897,199		1,911,551
Others	593,825		586,522		552,973		497,654		511,742
Total foreign	2,464,804		2,478,975		2,465,967		2,394,853		2,423,293
Total deposits	$	7,872,600	$	7,546,912	$	7,579,571	$	7,286,726	$	7,044,199

amerantbank.com Fourth Quarter Earnings January 25, 2024

2 Important Notices and Disclaimers Forward-Looking Statements This presentation contains “forward-looking statements” including statements with respect to the Company’s objectives, expectations and intentions and other statements that are not historical facts. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target,” “goals,” “outlooks,” “modeled,” “dedicated,” “create,” and other similar words and expressions of the future. Forward-looking statements, including those relating to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the Company’s actual results, performance, achievements, or financial condition to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not rely on any forward-looking statements as predictions of future events. You should not expect us to update any forward-looking statements, except as required by law. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in “Risk factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2022 filed on March 1, 2023 (the "Form 10-K"), our quarterly report on Form 10-Q for the quarter ended March 31, 2023 filed on May 2, 2023, and in our other filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website www.sec.gov. Interim Financial Information Unaudited financial information as of and for interim periods, including the three month periods ended September 30, 2023, June 30, 2023, March 31, 2023, and the three and twelve month periods ended December 31, 2023, may not reflect our results of operations for our fiscal year ended, or financial condition as of December 31, 2023, or any other period of time or date. As previously disclosed in the Form 10-K, the Company adopted the new guidance on accounting for current expected credit losses on financial instruments (“CECL”) effective as of January 1, 2022. Quarterly amounts previously reported on our quarterly reports on Form 10-Q for the periods ended March 31, 2022, June 30, 2022 and September 30, 2022 do not reflect the adoption of CECL. In the fourth quarter of 2022, the Company recorded a provision for credit losses totaling $20.9 million, including $11.1 million related to the retroactive effect of adopting CECL for all previous quarterly periods in the year ended December 31, 2022, including loan growth and changes to macro-economic conditions during the period. Recast amounts included in the earnings release and accompanying presentation reflect the impacts of the adoption of CECL on each interim period of 2022. See the Form 10-K for more details on the adoption of CECL and related effects to quarterly results for each quarter in the year ended December 31, 2022. Non-GAAP Financial Measures The Company supplements its financial results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) with non-GAAP financial measures, such as “pre- provision net revenue (PPNR)”, “core pre-provision net revenue (Core PPNR)”, “core noninterest income”, “core noninterest expenses”, “core net income”, “core earnings per share (basic and diluted)”, “core return on assets (Core ROA)”, “core return on equity (Core ROE)”, “core efficiency ratio”, “tangible stockholders’ equity (book value) per common share”, “tangible common equity ratio, adjusted for unrealized losses on debt securities held to maturity”, and “tangible stockholders' equity (book value) per common share, adjusted for unrealized losses on debt securities held to maturity”, and "tangible stockholders' book value per common share, adjusted for unrealized losses on securities held to maturity". This supplemental information is not required by, or is not presented in accordance with GAAP. The Company refers to these financial measures and ratios as “non-GAAP financial measures” and they should not be considered in isolation or as a substitute for the GAAP measures presented herein. We use certain non-GAAP financial measures, including those mentioned above, both to explain our results to shareholders and the investment community and in the internal evaluation and management of our businesses. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our past performance and prospects for future performance, especially in light of the additional costs we have incurred in connection with the Company’s restructuring activities that began in 2018 and continued in 2023, including the effect of non-core banking activities such as the sale of loans and securities and other repossessed assets, the valuation of securities, derivatives, loans held for sale and other real estate owned, impairment of investments, early repayment of FHLB advances, Bank owned life insurance restructure, and other non-recurring actions intended to improve customer service and operating performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies. Appendix 1 reconciles these non-GAAP financial measures to reported results.

3 4Q23 In Review • Total deposits increased $326 million, while total loans grew by $132 million • Reclassified $401 million of our Houston-based multifamily loans as held-for-sale; recorded non-cash charge of $30.0 million before taxes in 4Q23; sale expected to be completed on January 25, 2024 • Completed previously-announced NYC CRE loan sale • Restructured FHLB advances resulting in a reduced cost of funds from wholesale funding for 2024 • Acquired remaining ownership interest in Amerant Mortgage, which is now a wholly-owned subsidiary; rightsized staffing given current rate environment • Approved plan for dissolution of Elant Bank & Trust, our Cayman-based subsidiary • Further organizational rationalization resulting in reduction in FTEs and operational efficiencies • Completed FIS core conversion; digital transformation efforts accelerated post conversion • Restructured Bank-Owned Life Insurance (“BOLI”); benefits to be recorded in future periods

4 4Q23 Highlights Income Statement Balance Sheet Capital • Diluted loss per share (1) - $(0.51) • NIM - 3.72% • Provision for credit losses - $12.5M • Noninterest Income - $19.6M • Noninterest Expense - $109.7M • Total Assets - $9.7B • Total Deposits - $7.9B • Loans Held for Investment , gross - $6.9B • Securities - $1.5B • Cash and cash equivalents - $321.1M • Total Capital Ratio - 12.19% • CET 1 - 9.84% • Tier 1 Capital Ratio - 10.60% • TCE Ratio (2) - 7.33% (1) Reflects the impact of $37.4 million of net non-routine items ($5.7 million in non-routine noninterest income and $43.1 million in non-routine noninterest expenses) (2) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP. .

5 ($ in millions, except %) Change QTD Change YTD 4Q22 3Q23 4Q23 $ % $ % Relationship Deposits 5,658 6,474 6,839 365 6 % 1,181 21 % Institutional Deposits 757 337 297 (40) (12) % (460) (61) % Brokered Deposits 629 736 737 1 — % 108 17 % Total Deposits 7,044 7,547 7,873 326 4 % 829 12 % Total Gross Loans (1) 6,920 7,143 7,275 132 2 % 355 5 % Loan to Deposit Ratio 98.2 % 94.6 % 92.4 % Brokered Deposits/Total Deposits 8.9 % 9.8 % 9.4 % Noninterest Bearing Deposits/Total Deposits 19.4 % 18.2 % 17.8 % Strong organic deposit inflows with further reduction in non-relationship institutional deposits Deposit Details (1) Includes loans held for investment carried at amortized cost, loans held for sale carried at fair value, and loans held for sale carried at the lower of estimated fair value or cost

6 $7,044 $7,287 $7,580 $7,547 $7,873 $3,927 $3,984 $4,149 $3,861 $4,153 $1,120 $1,204 $1,451 $1,580 $1,578$629 $738 $686 $736 $737 $1,368 $1,361 $1,294 $1,370 $1,405 1.38% 1.91% 2.40% 2.66% 2.88% 4Q22 1Q23 2Q23 3Q23 4Q23 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 $2,529 $2,494 $2,423 $2,465 2020 2021 2022 4Q23 1,000 2,000 3,000 $3,203 $3,137 $4,621 $5,408 2020 2021 2022 4Q23 2,500 5,000 Domestic Deposits ($ in millions) Deposit Composition International Deposits ($ in millions) Mix by Country of Domicile Transaction Deposits Customer CDs Brokered Deposits Cost of total Deposits ($ in millions) Noninterest Bearing Demand Deposits 31% of Total Deposits Avg. account balance: $43,000 69% of Total Deposits Avg. account balance: $110,000 Well Diversified and Stable Deposit Mix

7 64.10% 108.30% 3Q23 4Q23 18.2% 17.8% 3Q23 4Q23 11.08% 10.60% 3Q23 4Q23 3.57% 3.72% 3Q23 4Q23 NIB Deposits/ Total Deposits Tier 1 Capital Ratio Higher Operating Profitability Rationalizing Cost Structure 1.40% 1.39% 3Q23 4Q23 ACL / Total Loans Held for Investment 0.92% 3Q23 4Q23 ROA 11.93% 3Q23 4Q23 NIB Deposits/Total Deposits Tier 1 Capital Ratio Net Interest Margin Efficiency Ratio ACL / Total Loans held for investment ROA ROE Excluding non-routine items ($43.1 million in non-routine expenses and $5.7 million in non-routine noninterest income), the core metrics were as follows during 4Q23: • Core Efficiency Ratio* was 69.67% compared to 62.08% in 3Q23 • Core ROA* was 0.64% compared to 0.91% in 3Q23 • Core ROE* was 8.23% compared to 11.69% in 3Q23 ROE Key Performance Metrics * Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP measures. (0.71)% (9.22)%

8 86.7% 13.3% U.S. Gov't sponsored enterprises 45.8% Collateralized loan obligations 0.4% U.S. Gov't agency 32.1% Corporate debt 21.4% Other 0.3% $1,057.6 $1,033.8 $1,217.5 $242.1 $230.3 $226.6 $11.4 $2.4 $2.5 3.59% 3.98% 4.17% 4Q22 3Q23 4Q23 0 500 1,000 1,500 84.6% 15.4% Balances and Yields (1) AFS HTM Fixed vs. Floating (2) September 2023 December 2023 Floating rate Fixed rate Available for Sale Securities by Type December 31, 2023 5.3 yrs Effective Duration ($ in millions) Marketable Equity Securities (2) (1) Excludes Federal Reserve Bank and FHLB stock (2) Hybrid investments are classified based on current rate (fixed or float) (3) Based on estimated prepayment speeds Yield 5.0 yrs Effective Duration 36.5 38.3 39.4 39.1 1Q24 2Q24 3Q24 4Q24 0.0 20.0 40.0 60.0 ($ in millions) Expected Prepayments & Maturities Expected Prepayments & Maturities (3) Maturing Yield % Investment Portfolio 4.34% 4.56% 4.65% 4.75%

9 39.3% 38.6% 37.8% 38.0% 37.2% 20.2% 21.3% 22.0% 20.5% 20.8% 15.1% 15.0% 14.7% 15.8% 16.2% 16.7% 17.4% 18.5% 19.5% 20.3% 8.7% 7.7% 7.0% 6.1% 5.5% 5.85% 6.38% 6.79% 6.77% 7.09% 4Q22 1Q23 2Q23 3Q23 4Q23 68.1% 69.7% 70.3% 72.1% 73.4% 20.8% 20.0% 19.6% 18.5% 17.3% 4.8% 4.4% 4.1% 3.4% 3.0% 2.3% 2.1% 2.1% 2.0% 1.8% 4.0% 3.8% 3.9% 4.0% 4.5% 4Q22 1Q23 2Q23 3Q23 4Q23 Consumer CRE Commercial and FI & Acceptances Owner Occupied Single Family Residential Loan Composition (1) Geographic Mix (Domestic) Geographic ix (1) South Florida Texas New York Average Loan Yield Other (2) (1) Includes loans held for investment carried at amortized cost, loans held for sale carried at fair value, and loans held for sale carried at the lower of estimated fair value or cost (2) Consists of international loans; residential loans with U.S. collateral and one commercial relationship Tampa Loan Portfolio Highlights

10 CRE Type FL TX NY Other Total % Total CRE % Total Loans (1) Income Producing (2) Land and Construction Retail $ 513 $ 134 $ 81 $ — $ 728 31.3 % 10.5 % $ 728 $ — Multifamily 345 87 90 35 $ 557 23.9 % 8.1 % 405 152 Office 278 46 30 — $ 354 15.2 % 5.1 % 349 5 Hotels 263 — — 19 $ 282 12.1 % 4.1 % 282 — Industrial 56 35 16 — $ 107 4.6 % 1.5 % 107 — Specialty 185 — — 7 $ 192 8.3 % 2.8 % 152 40 Land 88 15 — 4 $ 107 4.6 % 1.6 % — 107 Total CRE $ 1,728 $ 317 $ 217 $ 65 $ 2,327 100.0 % 33.7 % $ 2,023 $ 304 Outstanding as of December 31, 2023 ($ in millions) (1) Calculated as a percentage of loans held for investment only (2) Income producing properties include non-owner occupied and multi-family residential loans Commercial Real Estate (CRE) Held For Investment - Detail

11 0.54% 0.31% 0.65% 0.46% 0.47% 0.41% 0.51% 0.71% 0.57% 0.56% 4Q22 1Q23 2Q23 3Q23 4Q23 2.2x 3.8x 2.2x 3.0x 2.8x 4Q22 1Q23 2Q23 3Q23 4Q23 $83.5 $84.4 $106.0 $98.8 $95.5 1.22% 1.20% 1.48% 1.40% 1.39% 4Q22 1Q23 2Q23 3Q23 4Q23 0.59% 0.64% 0.42% 0.82% 0.85% 4Q22 1Q23 2Q23 3Q23 4Q23 Net Charge-Offs / Average Total Loans Held for Investment Allowance for Credit Losses ($ in millions) NPLs/ Total Loans and NPAs / Total Assets Allowance for Credit Losses / Total NPL Allowance for Credit Losses ACL as a % of Total Loans Held for Investment NPLs / Total Loans NPAs / Total Assets Credit Quality

12 $98.8 $12.1 $(20.6) $1.8 $2.6 $5.3 $(4.5) $95.5 3Q23 Requirement for Charge-offs Gross Charge-offs Loan Growth Requirements for Credit Quality, Factor Updates & Macroeconomic Changes Recoveries Houston Held-for- Sale Loans 4Q23 ($ in millions) Allowance for Credit Losses

13 Net Charge-Offs Composition $20.6 $(8.5) $(5.3) $6.8 Gross Charge-offs Specific Reserves Allocated in Previous Quarters Total Recoveries Net Incremental Charge-Offs Gross Charge-offs Gross Charge-offs Net of Previously Allocated Reserves Gross Charge-offs / Avg Total Loans HFI 1.16% 0.68% Net Charge-offs / Avg Total Loans HFI 0.85% 0.38% ($ in millions)

14 Criticized Loans $33.2 $18.4 $6.1 $(23.3) $34.4 3Q23 Downgrades to Non-Accrual Loans over 90 Days CRE NY Loan Exited 4Q23 Non Performing Loans Special Mention Loans $29.2 $34.8 $(17.0) $(1.0) $46.0 3Q23 Downgrades to Special Mention Downgrades to Non-Accrual Net Paydowns 4Q23 ($ in millions) ($ in millions)

15 $82.2 $82.3 $83.9 $78.6 $81.7 3.96% 3.90% 3.83% 3.57% 3.72% Net Interest Income NIM 4Q22 1Q23 2Q23 3Q23 4Q23 0 10 20 30 40 50 60 70 80 NII and NIM (%) 15 ($ in millions) 4Q22 1Q23 2Q23 3Q23 4Q23 Cost of Deposits (Domestic) 1.97 % 2.62 % 3.19 % 3.49 % 3.71 % Cost of Deposits (International) 0.34 % 0.53 % 0.74 % 0.94 % 1.14 % Cost of FHLB Advances 2.86 % 2.86 % 3.69 % 4.07 % 3.89 % Cost of Funds 1.57 % 2.11 % 2.59 % 2.86 % 3.01 % 0.44 1.06 1.96 1.04 0.23 0.32 0.40 0.43 0.47 4Q22 1Q23 2Q23 3Q23 4Q23 0.00 2.00 0.00 1.00 Quarterly BetaCumulative Beta Net Interest Income and NIM Total Deposits Beta Evolution Cost of Funds N/A

16 Margin Bridge 3.57% 0.15% 0.16% 0.03% (0.01)% (0.02)% (0.16)% 3.72% 3Q23 Loans Loan Recovery Securities Other Earning Asset Mix Funding Mix Cost of Funds 4Q23 Net Interest Margin

17 <1 year; 56% 1-3 years; 5% 4-5 years; 6% 5+ years; 33% 315 326 332 336 349 352 357 -200 bps -100 bps -50 bps BASE +50 bps +100 bps +200 bps As of December 31, 2023 Fixed 48% Adjustable 52% 17 By Interest TypeBy Rate Type By Repricing Term (1) NII and percentage change represents the base scenario of net interest income. The base scenario assumes (i) flat interest rates over the next 12 months, (ii) that total financial instrument balances are kept constant over time and (iii) that interest rate shocks are instant and parallel to the yield curve. Loan Portfolio Details Impact on NII from Interest Rate Change (1) AFSChange from base ($ in M ill io n s) Swap 0% Fixed 48% UST 2% Prime 14% SOFR 36% As of December 31, 2023 Impact on AFS from Interest Rate Change (1) -6.3% -3.1% 0% 4.6% 3.8% -1.2% 6.1% No Floor; 49% 0.5-2%; 1% 2-3.5%; 18% 3.5-5%; 22% 5-6.75%; 10% By Floors 1,328 1,271 1,250 1,216 1,189 1,161 1,104 -200 bps -100 bps -50 bps MV +50 bps +100 bps +200 bps ($ in M ill io n s) 9.3% 4.6% 2.9% 0% -2.2% -4.5% -9.2% Expected AOCL Improvement Change from MVNet Interest Income (97) (80) 4Q23 4Q24 (estimated) (100) (50) approx. 17% drop in AOCL Interest Rate Sensitivity

18 $24.4 $19.3 $26.6 $21.9 $19.5 $4.8 $5.0 $4.9 $5.1 $4.4 $4.1 $4.2 $4.3 $4.4 $4.2 $(3.4) $(9.7) $3.1 $4.5 $4.5 $4.4 $3.8 $3.4 $2.1 $0.5 $1.2 $0.8 $11.4 $13.2 $13.4 $7.0 $6.5 4Q22 1Q23 2Q23 3Q23 4Q23 0 10 20 30 18% 82% 17% 83% Non-Interest Income Mix (1) Deposits and service fees Brokerage, advisory and fiduciary activities Other noninterest income DomesticInternational 4Q22 $2.3B ($ in millions) Securities gains (losses), net Loan-related derivative income Derivative (losses) gains, net Gain on early extinguishment of FHLB advances, net $0.2 Non-Interest Income Mix $1.0 $(0.1) $(0.1)$(1.2) $2.0B Assets Under Management and Custody 4Q23 $(0.2) (1) Includes $5.7 million in non-routine noninterest income

19 $62.2 $64.7 $72.5 $64.4 $109.7 $32.8 $34.9 $34.2 $31.3 $33.0 $29.4 $29.8 $38.3 $33.1 $76.7 692 722 710 700 682 4Q22 1Q23 2Q23 3Q23 4Q23 0 30 60 90 120 Non-Interest Expense Mix ($ in millions, except for FTEs) Non-routine Noninterest Expenses $2.4 $3.4 $13.4 $6.3 $43.1 $5.6$5.6 $2.0 $35.5 4Q22 1Q23 2Q23 3Q23 4Q23 0 10 20 30 40 50 ($ in millions) Non-Interest Expense Salaries and employee benefits Other operating expenses FTEs Other non-routine noninterest expenses Losses on loans held for sale $0.7 Houston CRE loan valuation expense

20 Change in Diluted Earnings (Loss) Per Common Share 3Q23 Core PPNR Net Non-Routine Items Provision for Credit Losses Income Tax Benefit 4Q23 -1.5 -1 -0.5 0 0.5 1 EPS Trend $0.66 $(0.51)$(0.18) $(1.14) $(0.13) $0.28 Diluted Earnings Loss in 4Q23 reflects the impact of $37.4 million of net non-routine items ($5.7 million in non-routine noninterest income and $43.1 million in non-routine noninterest expenses). Excluding non-routine items, core diluted EPS was $0.46 during 4Q23

21 • Projected loan growth of approximately 15% (annualized) • Projected deposit growth expected to match loan growth; focus on improving ratio of noninterest bearing to total deposits • Loan to deposit target will remain at 95% • Net interest margin expected to be stable in the first half of 2024 and improve over the second half of the year • Higher expenses in first half of 2024 given investment in continued expansion; projecting to achieve 60% efficiency in second half of 2024 as we grow • Will continue execution of prudent capital management, balancing between retaining capital for growth, and buybacks and dividends to enhance returns 2024 Outlook

22 • 2024 is a significant year as the Company and Bank transition from a multi-year transformation to focusing on execution • With the FIS conversion and much of the physical infrastructure changes nearly complete, along with the executive leadership team now in place, our primary focus is on execution • The first two quarters of 2024 will reflect increased investment in business development personnel to drive incremental growth, for both commercial and consumer banking • The first half of 2024 will also reflect the incremental expense post conversion as we decommission previous systems • Emphasis now shifts from core conversion to accelerating digital transformation efforts • Opening in new locations (Downtown Miami, Ft. Lauderdale, Tampa) in 1Q24; new regional offices in Tampa and Plantation • In the second half of 2024, we expect improved growth and profitability that results from execution of our plan, and which we would expect to consistently be achieved in future periods • Firmly committed to being the bank of choice in the markets we serve 2024 Overview

Supplemental Loan Portfolio Information

24 Loans Held for Investment Portfolio by Industry • Diversified portfolio - highest sector concentration, other than real estate, at 9.4% of total loans • 72% of total loans secured by real estate • Main concentrations: – CRE or Commercial Real Estate – Wholesale - Food – Retail - Gas stations – Services – Healthcare, Repair and Maintenance Highlights (1) Consists primarily of finance facilities granted to non-bank financial companies. (2) Comprised mostly of construction and real estate related services and equipment rental and leasing activities (3) Food wholesalers represented approximately 38% (4) Gasoline stations represented approximately 50% (5) Healthcare represented approximately 66% (6) Other repair and maintenance services represented 31% (7) Primarily residential, consumer loans, and cash secured loans and loans belonging to industrial sectors not included in the above sectors, which do not individually represent more than 1 percent of the total loans portfolio ($ in millions) Real Estate Non-Real Estate Total % Total Loans Financial Sector (1) $ 6 $ 249 $ 255 3.7 % Construction and Real Estate & Leasing: Commercial real estate loans 2,328 — 2,328 33.8 % Other real estate related services and equipment leasing (2) 121 111 232 3.4 % Total construction and real estate & leasing 2,449 111 2,560 37.2 % Manufacturing: Foodstuffs, Apparel 77 32 109 1.6 % Metals, Computer, Transportation and Other 13 75 88 1.3 % Chemicals, Oil, Plastics, Cement and Wood/Paper 36 33 69 1.0 % Total Manufacturing 126 140 266 3.9 % Wholesale (3) 129 261 390 5.7 % Retail Trade (4) 306 115 421 6.1 % Services: Communication, Transportation, Health and Other (5) 330 315 645 9.4 % Accommodation, Restaurants, Entertainment and other services (6) 147 184 331 4.8 % Electricity, Gas, Water, Supply and Sewage Services 6 34 40 0.6 % Total Services 483 533 1,016 14.8 % Primary Products: Agriculture, Livestock, Fishing and Forestry 3 6 9 0.1 % Mining — 12 12 0.2 % Total Primary Products 3 18 21 0.3 % Other Loans (7) 1,462 493 1,955 28.4 % Total Loans $ 4,964 $ 1,920 $ 6,884 100.0 % (December 31, 2023)

25 19% 29% 36% 16% —% 50% or less 50- 60% 60- 70% 70- 80% 80% or more 0% 10% 20% 30% 40% 50% 60% • Florida and Texas primarily include neighborhood shopping centers or service centers with basic needs related anchor stores, as well as the retail corridor in Miami Beach • New York primarily includes high traffic retail corridors with proximity to public transportation services • Single-tenant consist of two loans located in the Fulton Mall corridor in Brooklyn, NY, and two loans in South Florida. Highlights CRE Retail (1) Retail - LTV Food and Health Retail; 25.0% Clothing; 39.0% Tobacco & CBD; 36.0% CRE Retail - Single Tenant (1) (1) CRE retail loans held for investment above $5 million Total: $546 million Loan Portfolio Percentage: 7.9% Total: $35 million Loan Portfolio Percentage: 0.5% Neighborhood Center; 39% Single Tenant; 7% Strip/Convenience; 26% Community Center; 16% Theme/Festival Center; 12% CRE Retail - Detail As of 12/31/2023

26 New York; 8% Texas; 11% South Florida; 68% Others less than $5M; 13.0% 16% 33% 42% 10% —% 50% or less 51-60% 61-70% 71-80% 81% or more 0% 10% 20% 30% 40% 50% 60% • CRE office above $5 million represent 16 loans totaling $303 million, or 86% of total CRE office with avg. debt-service coverage (DSCR) 1.8x and LTV 59% ◦ South Florida: 12 loans totaling $234 million with avg. DSCR 1.8x and LTV 57% (57% Miami-Dade, 35% Broward and 8% Palm Beach) ◦ New York: 2 loans totaling $30 million with avg. DSCR 1.5x and LTV 67% (65% Westchester and 35% Kings) ◦ Texas: 2 loans totaling $39 million with avg. DSCR 1.8x and LTV 59% (100% Dallas) Highlights CRE Office (1) Office - LTV (1) CRE office loans held for investment above $5 million Total: $353 million Loan Portfolio Percentage: 5.1% CRE Office - Detail As of 12/31/2023

Appendices

28 Appendix 1 Non-GAAP Financial Measures Reconciliations The following table sets forth selected financial information derived from the Company’s interim unaudited and annual audited consolidated financial statements, adjusted for certain costs incurred by the Company in the periods presented related to tax deductible restructuring costs, provision for (reversal of) credit losses, provision for income tax expense (benefit), the effect of non-core banking activities such as the sale of loans and securities and other repossessed assets, the valuation of securities, derivatives, loans held for sale and other real estate owned, early repayment of FHLB advances, impairment of investments, and other non-routine actions intended to improve customer service and operating performance. The Company believes these adjusted numbers are useful to understand the Company’s performance absent these transactions and events. Three Months Ended, Years Ended December 31, ($ in thousands) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 2023 2022 (audited) Net (loss) income attributable to Amerant Bancorp Inc. (1) $ (17,123) $ 22,119 $ 7,308 $ 20,186 $ 21,973 $ 32,490 $ 63,310 Plus: provision for credit losses (1)(2) 12,500 8,000 29,077 11,700 16,857 61,277 13,945 Plus: provision for income tax (benefit) expense (1) (2,972) 6,337 1,873 5,301 5,627 10,539 16,621 Pre-provision net revenue (PPNR) (7,595) 36,456 38,258 37,187 44,457 104,306 93,876 Plus: non-routine noninterest expense items 43,094 6,303 13,383 3,372 2,447 66,152 18,970 (Less): non-routine noninterest income items (5,688) (6,879) (12,445) (3,456) (9,066) (28,468) (7,367) Core pre-provision net revenue (Core PPNR) $ 29,811 $ 35,880 $ 39,196 $ 37,103 $ 37,838 $ 141,990 $ 105,479 Total noninterest income $ 19,613 $ 21,921 $ 26,619 $ 19,343 $ 24,365 $ 87,496 $ 67,277 Less: Non-routine noninterest income items: Derivative gains (losses), net (151) (77) 242 14 1,040 28 455 Securities gains (losses), net 33 (54) (1,237) (9,731) (3,364) (10,989) (3,689) Bank owned life insurance charge (3) (655) — — — — (655) — Gains on early extinguishment of FHLB advances, net 6,461 7,010 13,440 13,173 11,390 40,084 10,678 Loss on sale of loans — — — — — — (77) Total non-routine noninterest income items 5,688 6,879 12,445 3,456 9,066 28,468 7,367 Core noninterest income $ 13,925 $ 15,042 $ 14,174 $ 15,887 $ 15,299 $ 59,028 $ 59,910

29 Three Months Ended Years Ended December 31, ($ in thousands) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2023 2023 2022 (audited) Total noninterest expenses $ 109,702 $ 64,420 $ 72,500 $ 64,733 $ 62,241 $ 311,355 $ 241,413 Less: non-routine noninterest expense items Restructuring costs (4) Staff reduction costs (5) 1,120 489 2,184 213 1,221 4,006 3,018 Contract termination costs (6) — — 1,550 — — 1,550 7,103 Consulting and other professional fees and software expenses (7) 1,629 — 2,060 2,690 1,226 6,379 3,625 Digital transformation expenses — — — — — — 45 Disposition of fixed assets (8) — — 1,419 — — 1,419 — Branch closure and related charges (9) — 252 1,558 469 — 2,279 1,612 Total restructuring costs $ 2,749 $ 741 $ 8,771 $ 3,372 $ 2,447 $ 15,633 $ 15,403 Other non-routine noninterest expense items: Losses on loans held for sale (10) 37,495 5,562 — — — 43,057 159 Loss on sale of repossessed assets and other real estate owned valuation expense (11) — $ — $ 2,649 $ — $ — 2,649 $ 3,408 Goodwill and intangible assets impairment 1,713 $ — $ — $ — $ — 1,713 $ — Bank owned life insurance enhancement costs (3) 1,137 $ — $ — $ — $ — 1,137 $ — Impairment charge on investment carried at cost — $ — $ 1,963 $ — $ — 1,963 $ — Total non-routine noninterest expense items $ 43,094 $ 6,303 $ 13,383 $ 3,372 $ 2,447 $ 66,152 $ 18,970 Core noninterest expenses $ 66,608 $ 58,117 $ 59,117 $ 61,361 $ 59,794 $ 245,203 $ 222,443 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd)

30 Three Months Ended, Years Ended December 31, ($ in thousands, except percentages and per share data) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 2023 2022 (audited) Net (loss) income attributable to Amerant Bancorp Inc. (1) $ (17,123) $ 22,119 $ 7,308 $ 20,186 $ 21,973 $ 32,490 $ 63,310 Plus after-tax non-routine items in noninterest expense: Non-routine items in noninterest expense before income tax effect 43,094 6,303 13,383 3,372 2,447 66,152 18,970 Income tax effect (12) (8,887) (1,486) (2,811) (708) (460) (13,892) (4,012) Total after-tax non-routine items in noninterest expense 34,207 4,817 10,572 2,664 1,987 52,260 14,958 Plus (less): before-tax non-routine items in noninterest income: Non-routine items in noninterest income before income tax effect (5,688) (6,879) (12,445) (3,456) (9,066) (28,468) (7,367) Income tax effect (12) 1,032 1,607 2,613 726 1,923 5,978 1,558 Total after-tax non-routine items in noninterest income (4,656) (5,272) (9,832) (2,730) (7,143) (22,490) (5,809) BOLI enhancement tax impact (3) $ 2,844 $ — $ — $ — $ — $ 2,844 $ — Core net income (1) $ 15,272 $ 21,664 $ 8,048 $ 20,120 $ 16,817 $ 65,104 $ 72,459 Basic (loss) earnings per share (1) $ (0.51) $ 0.66 $ 0.22 $ 0.60 $ 0.66 $ 0.97 $ 1.87 Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14) 1.11 0.14 0.31 0.08 0.06 1.64 0.44 (Less): after tax impact of non-routine items in noninterest income (0.14) (0.15) (0.29) (0.08) (0.22) (0.67) (0.17) Total core basic earnings per common share (1) $ 0.46 $ 0.65 $ 0.24 $ 0.60 $ 0.50 $ 1.94 $ 2.14 Diluted (loss) earnings per share (1)(13) $ (0.51) $ 0.66 $ 0.22 $ 0.60 $ 0.65 $ 0.96 $ 1.85 Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14) 1.11 0.14 0.31 0.08 0.06 1.63 0.44 (Less): after tax impact of non-routine items in noninterest income (0.14) (0.16) (0.29) (0.09) (0.21) (0.66) (0.17) Total core diluted earnings per common share (1) $ 0.46 $ 0.64 $ 0.24 $ 0.59 $ 0.50 $ 1.93 $ 2.12 Net (loss) income / Average total assets (ROA) (1) (0.71) % 0.92 % 0.31 % 0.88 % 0.97 % 0.34 % 0.77 % Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14) 1.55 % 0.20 % 0.45 % 0.12 % 0.09 % 0.58 % 0.18 % (Less): after tax impact of non-routine items in noninterest income (0.20) % (0.21) % (0.42) % (0.12) % (0.32) % (0.23) % (0.07) % Core net income / Average total assets (Core ROA) (1) 0.64 % 0.91 % 0.34 % 0.88 % 0.74 % 0.69 % 0.88 % Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd)

31 Three Months Ended, Years Ended December 31, ($ in thousands, except percentages and per share data) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2023 2023 2022 (audited) Net (loss) income / Average stockholders' equity (ROE) (9.22) % 11.93 % 3.92 % 11.15 % 12.1 % 4.39 % 8.45 % Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14) 19.96 % 2.60 % 5.68 % 1.47 % 1.09 % 7.44 % 2.00 % (Less): after tax impact of non-routine items in noninterest income (2.51) % (2.84) % (5.28) % (1.51) % (3.93) % (3.04) % (0.78) % Core net income / Average stockholders' equity (Core ROE) (1) 8.23 % 11.69 % 4.32 % 11.11 % 9.26 % 8.79 % 9.67 % Efficiency ratio 108.30 % 64.10 % 65.61 % 63.67 % 58.42 % 75.21 % 72.29 % (Less): impact of non-routine items in noninterest expense (42.54) % (6.27) % (12.11) % (3.32) % (2.30) % (15.98) % (5.68) % Plus: impact of non-routine items in noninterest income 3.91 % 4.25 % 6.79 % 2.12 % 5.22 % 4.38 % 1.50 % Core efficiency ratio 69.67 % 62.08 % 60.29 % 62.47 % 61.34 % 63.61 % 68.11 % Stockholders' equity $ 736,068 $ 719,787 $ 720,956 $ 729,056 $ 705,726 $ 736,068 $ 705,726 Less: goodwill and other intangibles (15) (25,029) (26,818) (24,124) (24,292) (23,161) (25,029) (23,161) Tangible common stockholders' equity $ 711,039 $ 692,969 $ 696,832 $ 704,764 $ 682,565 $ 711,039 $ 682,565 Total assets 9,721,741 9,345,700 9,519,526 9,495,302 9,127,804 9,721,741 9,127,804 Less: goodwill and other intangibles (15) (25,029) (26,818) (24,124) (24,292) (23,161) (25,029) (23,161) Tangible assets $ 9,696,712 $ 9,318,882 $ 9,495,402 $ 9,471,010 $ 9,104,643 $ 9,696,712 $ 9,104,643 Common shares outstanding 33,603,242 33,583,621 33,736,159 33,814,260 33,815,161 33,603,242 33,815,161 Tangible common equity ratio 7.33 % 7.44 % 7.34 % 7.44 % 7.50 % 7.33 % 7.50 % Stockholders' book value per common share $ 21.90 $ 21.43 $ 21.37 $ 21.56 $ 20.87 $ 21.90 $ 20.87 Tangible stockholders' book value per common share $ 21.16 $ 20.63 $ 20.66 $ 20.84 $ 20.19 $ 21.16 $ 20.19 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd)

32 Three Months Ended, Years Ended December 31, ($ in thousands, except percentages and per share data) December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 2023 2022 (audited) Tangible common stockholders' equity $ 711,039 $ 692,969 $ 696,832 $ 704,764 $ 682,565 $ 711,039 $ 682,565 Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (16) (16,197) (26,138) (18,503) (15,542) (18,234) (16,197) (18,234) Tangible common stockholders' equity, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 694,842 $ 666,831 $ 678,329 $ 689,222 $ 664,331 $ 694,842 $ 664,331 Tangible assets $ 9,696,712 $ 9,318,882 $ 9,495,402 $ 9,471,010 $ 9,104,643 $ 9,696,712 $ 9,104,643 Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (16) $ (16,197) (26,138) (18,503) (15,542) (18,234) (16,197) (18,234) Tangible assets, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 9,680,515 $ 9,292,744 $ 9,476,899 $ 9,455,468 $ 9,086,409 $ 9,680,515 $ 9,086,409 Common shares outstanding 33,603,242 33,583,621 33,736,159 33,814,260 33,815,161 33,603,242 33,815,161 Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity Tangible stockholders' book value per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity 7.18 % 7.18 % 7.16 % 7.29 % 7.31 % 7.18 % 7.31 % Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd)

33 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd) (1) As previously disclosed, the Company adopted CECL in the fourth quarter of 2022, effective as of January 1, 2022. See Form 10-K for more details of the CECL adoption and related effects to quarterly results for each quarter in the year ended December 31, 2022. (2) In the fourth and third quarter of 2023, includes provision for credit losses on loans of $12.0 million and $7.4 million, respectively, and unfunded commitments (contingencies) of $0.5 million and $0.6 million, respectively. For all other periods shown, includes provision for credit losses on loans. There was no provision for credit losses on unfunded commitments in the second quarter of 2023 and the fourth quarter of 2022. In the first quarter of 2023, the provision for credit losses on unfunded commitments was $0.3 million. (3) In the fourth quarter of 2023, the Company completed a restructuring of its bank-owned life insurance (“BOLI”) program. This was executed through a combination of a 1035 exchange and a surrender and reinvestment into higher-yielding general account with a new investment grade insurance carrier. This transaction allowed for higher team member participation through an enhanced split-dollar plan. Estimated improved yields resulting from the enhancement have an earn- back period of approximately 2 years. In the fourth quarter of 2023, we recorded total additional expenses and charges of $4.6 million in connection with this transaction, including: (i) a reduction of $0.7 million to the cash surrender value of BOLI; (ii) transaction costs of $1.1 million, and (iii) income tax expense of $2.8 million. (4) Expenses incurred for actions designed to implement the Company’s business strategy. These actions include, but are not limited to reductions in workforce, streamlining operational processes, promoting the Amerant brand, implementation of new technology system applications, decommissioning of legacy technologies, enhanced sales tools and training, expanded product offerings and improved customer analytics to identify opportunities. (5) Staff reduction costs consist of severance expenses related to organizational rationalization. (6) Contract termination and related costs associated with third party vendors resulting from the Company’s engagement of FIS. (7) In the three months and year ended December 31, 2023, includes an aggregate of $1.6 million and $6.4 million, respectively, of nonrecurrent expenses in connection with the engagement of FIS and, to a lesser extent, software expenses related to legacy applications running in parallel to new core banking applications. There were no significant nonrecurrent expenses in connection with engagement of FIS in the three months ended September 30, 2023. In the three months ended June, 30, 2023, March 31, 2023 and December 31, 2022, and the year ended December 31, 2022, include expenses of $2.0 million, $2.6 million, $1.1 million and $2.9 million, respectively, in connection with engagement of FIS. In addition, includes $0.2 million in connection with certain search and recruitment expenses and $0.1 million of costs associated with the subleasing of the New York office space in the year ended December 31, 2022. (8) Include expenses in connection with the disposition of fixed assets due to the write-off of in-development software in each of the three months ended June 30, 2023 and year ended December 31, 2023. (9) In each of the three months ended September 30, 2023 and year ended December 31, 2023, include expenses of $0.3 million in connection with the closure of a branch in Houston, Texas in 2023. In addition, in each of the three months ended June 30, 2023 and year ended December 31, 2023, include $0.9 million of accelerated amortization of leasehold improvements and $0.6 million of right-of-use, or ROU asset impairment, associated with the closure of a branch in Miami, Florida in 2023. Also, in each of the three months ended March 31, 2023 and year ended December 31, 2023, include $0.5 million of ROU asset impairment associated with the closure of a branch in Houston, Texas in 2023. In the year ended December 31, 2022, includes $1.6 million of ROU asset impairment associated with the closure of a branch in Pembroke Pines, Florida in 2022. (10) In each of the three months and year ended December 31, 2023, includes: (i) a fair value adjustment of $35.5 million related to an aggregate of $401 million in Houston-based CRE loans held for sale which are carried at the lower of fair value or cost, and (ii) a loss on sale of $2.0 million related to a New York-based CRE loan previously carried at the lower of fair value or cost. In each of the three months ended September 30, 2023 and the year ended December 31, 2023, includes a fair value adjustment of $5.6 million related to a New York-based CRE loan held for sale carried at the lower of fair value or cost. In the year ended December 31, 2022, amount represents the fair value adjustment related to the New York loan portfolio held for sale carried at the lower of cost or fair value. (11) In each of the three months ended June 30, 2023 and year ended December 31, 2023, amount represents the loss on sale of repossessed assets in connection with our equipment-financing activities. In the year ended December 31, 2022, amount represents the fair value adjustment related to one OREO property in New York. (12) In the year ended December 31, 2023, amounts were calculated using an estimated tax rate of 21.00%. In the year ended December 31, 2022 and the three months ended March 31, 2023, amounts were calculated based upon the effective tax rate for the periods of 21.15% and 21.00%, respectively. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect. (13) Potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units and performance stock units. In all the periods presented, potential dilutive instruments were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share in those periods, fewer shares would have been purchased than restricted shares assumed issued. Therefore, in those periods, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect on per share earnings. (14) In the three months and year ended December 31, 2023, per share amounts and percentages were calculated using the after-tax impact of non-routine items in noninterest expense of $34.2 million and $52.3 million, respectively, and BOLI tax impact of $2.8 million in each period. In all other periods shown, per share amounts and percentages were calculated using the after tax impact of non-routine items in noninterest expense. (15) At December 31, 2023 and September 30, 2023, other intangible assets primarily consist of naming rights of $2.5 million and $2.7 million, respectively, and mortgage servicing rights (“MSRs”)of $1.4 million and $1.3 million, respectively. At June 30, 2023, March 31, 2023 and December 31, 2022, other intangible assets primarily consist of MSRs of $1.3 million, $1.4 million and $1.3 million, respectively. Other intangible assets are included in other assets in the Company’s consolidated balance sheets. (16) As of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, amounts were calculated based upon the fair value on debt securities held to maturity, and assuming a tax rate of 25.36%, 25.51%, 25.46%, 25.53% and 25.55%, respectively.

34 Income Statement Highlights - 4Q23 vs 3Q23 ($ in thousands) 4Q23 3Q23 Change Total Interest Income Loans $ 127,090 $ 120,244 $ 6,846 Investment securities 14,460 13,868 592 Interest earning deposits with banks and other interest income 4,019 5,271 (1,252) Total Interest Expense Interest bearing demand deposits 16,350 16,668 (318) Savings and money market deposits 13,947 11,045 2,902 Time deposits 24,985 22,482 2,503 Advances from FHLB 6,225 8,207 (1,982) Senior notes 941 942 (1) Subordinated notes 361 361 — Junior subordinated debentures 1,081 1,097 (16) Securities sold under agreements to repurchase 2 4 (2) Total Provision for Credit Losses 12,500 8,000 4,500 Total Noninterest Income 19,613 21,921 (2,308) Total Noninterest Expense 109,702 64,420 45,282 Income Tax (Benefit) Expense (2,972) 6,337 (9,309) Net (loss) income before attribution of noncontrolling interest $ (17,940) $ 21,741 $ (39,681) Less: noncontrolling interest $ (817) $ (378) $ (439) Net Income Attributable to Amerant Bancorp Inc. $ (17,123) $ 22,119 $ (39,242)

35 • ACL - Allowance for Credit Losses • AFS - Available for Sale • AOCI - Accumulated Other Comprehensive Income • CET 1 - Common Equity Tier 1 capital ratio • CRE - Commercial Real Estate • Customer CDs - Customer certificate of deposits • EPS – Earnings per Share • FHLB - Federal Home Loan Bank • FTE - Full Time Equivalent • HTM - Held to Maturity • MV - Market Value • NPL - Non-Performing Loans • NPA - Non-Performing Assets • NIB - Noninterest Bearing • NII - Net Interest Income • NIM – Net Interest Margin • ROA - Return on Assets • ROE - Return on Equity • SOFR - Secured Overnight Financing Rate • TCE ratio – Tangible Common Equity ratio Glossary

36Glossary (cont'd) • TCE Ratio - 4Q23 includes $70.8 million accumulated unrealized losses net of taxes primarily related to the decline in the fair value of debt securities available for sale, which are carried at fair value, as a result of increases in market rates. • Total Gross Loans - includes loans held for investment carried at amortized cost, loans held for sale carried at fair value, and loans held for sale carried at the lower of estimated fair value or cost • Brokered Deposits - 4Q23, 3Q23, 2Q23, 1Q23, and 4Q22 include brokered transaction deposits of $17 million, $13 million, $55 million, $13 million, and $21 million , respectively, and brokered time deposits of $720 million, $723 million, $631 million , $725 million and $609 million, respectively. • Cost of Total Deposits - Annualized and calculated based upon the average daily balance of total deposits. • ROA- calculated based upon the average daily balance of total assets • ROE - calculated based upon the average daily balance of stockholders' equity • Loans Held for Investment - excludes loans held for sale carried at fair value and loans held for sale carried at the lower of estimated fair value or cost • Non-performing loans include accruing loans past due by 90 days or more and all nonaccrual loans. Non-performing assets include accruing loans past due by 90 days or more, all nonaccrual loans, other real estate owned ("OREO") properties acquired through or in lieu of foreclosure and other repossessed assets. • Net Charge Offs/Average Total Loans Held for Investment – Annualized and calculated based upon the average daily balance of outstanding loan principal balance net of unamortized deferred loan fees and costs, excluding the allowance for credit losses – Total loans exclude loans held for sale • Cost of Deposits - Calculated based upon the average balance of total noninterest bearing and interest bearing deposits. • Cost of Funds - Calculated based upon the average balance of total financial liabilities which include total interest bearing liabilities and noninterest bearing demand deposits • Loan level derivative income - income from interest rate swaps and other derivative transactions with customers. In 4Q23, 3Q23, 2Q23, 1Q23 and 4Q22, the Company incurred expenses related to derivative transactions with customers of $0.2 million, $18.0 thousand, $0.1 million, $1.6 million and $3.3 million , respectively. • Derivative gains/losses - unrealized gains (losses) related to the valuation of uncovered interest rate swaps with clients. In 4Q23 and 3Q23, we had derivative losses of $0.2 million and $77 thousand, respectively, compared to derivative gains of $0.2 million in 2Q23.

Cover Page	Jan. 24, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 24, 2024
Entity Registrant Name	Amerant Bancorp Inc.
Entity Incorporation, State or Country Code	FL
Entity File Number	001-38534
Entity Tax Identification Number	65-0032379
Entity Address, Address Line One	220 Alhambra Circle
Entity Address, City or Town	Coral Gables
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33134
City Area Code	305
Local Phone Number	460-8728
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock
Trading Symbol	AMTB
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001734342
Amendment Flag	false

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