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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): October 23, 2024
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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 classTrading SymbolsName of exchange on which registered
Class A Common StockAMTBNew 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 October 23, 2024, Amerant Bancorp Inc. (the "Company") issued a press release to report the Company’s financial results for the fiscal quarter ended September 30, 2024. 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 October 24, 2024, the Company will hold a live audio webcast to discuss its financial results for the fiscal quarter ended September 30, 2024. 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 8.01 Other Events.

On October 23, 2024, the Company announced that, on October 23, 2024, its Board of Directors declared a cash dividend of $0.09 per share of common stock. The dividend is payable on November 29, 2024 to shareholders of record at the close of business on November 14, 2024. A copy of the press release is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits
Number
Exhibit
99.1
99.2
99.3
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: October 23, 2024 Amerant Bancorp Inc.
    
  By: /s/ Julio V. Pena
    Name: Julio V. Pena
    Title:  Senior Vice President,
Associate General Counsel and Corporate Secretary

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CONTACTS:
Investors
Laura Rossi
InvestorRelations@amerantbank.com
(305) 460-8728
Media
Alexis Dominguez
MediaRelations@amerantbank.com
(305) 441-8412


AMERANT REPORTS THIRD QUARTER 2024 RESULTS
Board of Directors Declares Quarterly Cash Dividend of $0.09 per Common Share

CORAL GABLES, FLORIDA, October 23, 2024. Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today reported a net loss attributable to the Company of $48.2 million in the third quarter of 2024, or $1.43 loss per diluted share, compared to net income of $5.0 million, or $0.15 income per diluted share, in the second quarter of 2024.
On September 27, 2024, the Company completed a public offering of 8,684,210 shares of its Class A voting common stock, at a price to the public of $19.00 per share, which included 784,210 shares issued upon the exercise in full by the underwriters of their option to purchase additional shares of common stock. The total gross proceeds from the offer were approximately $165 million, with net proceeds of approximately $155.8 million, which the Company intends to use for general corporate purposes to support its continued organic growth, which may include, among other things, investments in its banking subsidiary and potential balance sheet optimization strategies.
Following the capital raise, the Company executed on the previously announced investment portfolio repositioning, which consisted in the sale of $551 million in securities with an average yield of 3.2%, including a portion of the $220 million in securities previously designated as held to maturity, all securities with yields below 2.75% and all corporate debt securities (including bank sub debt). This repositioning resulted in a pre-tax loss on the sale of securities of $68.5 million ($53.1 million after-tax) as of September 30, 2024. In addition, the Company also incurred a valuation expense of $5.7 million in connection with Other Real Estate Owned (“OREO”).

“As previously noted, the capital raise and follow-on investment portfolio repositioning this quarter completes the multi-year transformation we have undertaken here at Amerant,” stated Jerry Plush, Chairman and CEO. “We continued to see strong organic loan and deposit growth this quarter, which we believe evidences our intent and ability to achieve our strategic goal of becoming the bank of choice in the markets we serve.”




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Total assets were $10.4 billion, an increase of $634.2 million, compared to $9.7 billion in 2Q24.

Cash and cash equivalents were $671.8 million, up $361.5 million, compared to $310.3 million in 2Q24.

Total gross loans were $7.56 billion, an increase of $239.1 million, compared to $7.32 billion in 2Q24.

Average yield on loans remained at 7.08%, unchanged from 2Q24.

Total deposits were $8.11 billion, up $294.9 million, compared to $7.82 billion in 2Q24, driven by continued organic growth.

Core deposits were $5.71 billion, up $202.0 million, compared to $5.51 billion in 2Q24.

Average cost of total deposits increased slightly to 2.99%, compared to 2.98% in 2Q24.

Loan to deposit ratio was 93.23%, compared to 93.69% in 2Q24.

Total advances from Federal Home Loan Bank (“FHLB”) were $915.0 million, up $150.0 million, compared to $765.0 million in 2Q24. The Bank had $1.9 billion in availability remaining from the FHLB as of September 30, 2024.

Total non-performing loans (“NPL”) were $114.9 million, up $14.0 million, compared to $101.0 million as of 2Q24, while special mention loans declined to $76.4 million at September 30, 2024 compared to $95.3 million at June 30, 2024.

OREO was $14.5 million, a decrease of $5.7 million from 2Q24, primarily driven by the valuation expense recorded in the third quarter of 2024.

The allowance for credit losses ("ACL") was $79.9 million, a decrease of $14.5 million, compared to $94.4 million as of 2Q24. The Company charged off $17.3 million against previously established specific reserves as of quarter end September 30, 2024.

Assets Under Management and custody (“AUM”) totaled $2.55 billion, up $98.7 million, from $2.45 billion in 2Q24.

Pre-provision net revenue (“PPNR”)(1) was negative $42.9 million, compared to PPNR of $25.5 million in 2Q24. Excluding non-routine items in non-interest income and expense, PPNR(2) was $31.3 million, compared to $31.0 million in 2Q24.

Net Interest Margin (“NIM”) was 3.49%, down from 3.56% in 2Q24. The decrease in NIM was primarily driven by higher average balances in NPLs as well as higher average balances in interest bearing liabilities and cost of funds.

Net Interest Income (“NII”) was $81.0 million, up $1.6 million, from $79.4 million in 2Q24.

Provision for credit losses was $19.0 million, down $0.2 million, compared to $19.2 million in 2Q24.

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Non-interest income was negative $47.7 million due to the net loss recorded on the investment portfolio repositioning initiated during the quarter. Excluding non-routine items, non-interest income(2) was $20.8 million, compared to non-interest income of $19.4 million in 2Q24. Non-interest income in 3Q24 includes $1.6 million resulting from the unwinding of a swap related to the sale of a non-performing loan, which was offset by $1.6 million in non-interest expense (no impact to P&L).

Non-interest expense was $76.2 million, up $2.9 million, from $73.3 million in 2Q24. Excluding non-routine items, non-interest expense(2) was $70.5 million. Non-interest expense in 3Q24 includes $1.6 million resulting from the unwinding of a swap related to the sale of a non-performing loan, which was offset by of $1.6 million in non-interest income (no impact to P&L).

The efficiency ratio was 228.7%, compared to 74.2% in 2Q24. Excluding non-routine items in non-interest income and expense, the efficiency ratio(2) was 69.3%, compared to 68.6% in 2Q24.

Return on average assets (“ROA”) was negative 1.92%, compared to 0.21% in 2Q24. Excluding non-routine items in non-interest income and expense, ROA(2) was 0.37% compared to 0.38% in 2Q24.

Return on average equity (“ROE”) was negative 24.98%, compared to 2.68% in 2Q24. Excluding non-routine items in non-interest income and expense, ROE(2) was 4.80% compared to 5.03% in 2Q24.

The Company’s Board of Directors declared a cash dividend of $0.09 per share of common stock on October 23, 2024. The dividend is payable on November 29, 2024, to shareholders of record on November 14, 2024.

Additional details on third quarter 2024 results can be found in the Exhibits and Glossary of Terms and Definitions to this earnings release, and the earnings presentation available under the Investor Relations section of the Company’s website at https://investor.amerantbank.com. See Glossary of Terms and Definitions for definitions of financial terms.


1 Non-GAAP measure, see “Non-GAAP Financial Measures” for more information and Exhibit 2 for a reconciliation to GAAP measures.
2 Represents core PPNR, core noninterest income, core noninterest expense, core efficiency ratio, core ROA or Core ROE, as applicable, which are Non-GAAP measures. See “Non-GAAP Financial Measures” for more information and Exhibit 2 for a reconciliation to GAAP measures.


Third Quarter 2024 Earnings Conference Call

The Company will hold an earnings conference call on Thursday, October 24, 2024 at 9:00 a.m. (Eastern Time) to discuss its third quarter 2024 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
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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 26 banking centers – 19 in South Florida, 1 in Tampa, FL and 6 in the Houston, Texas area. For more information, visit investor.amerantbank.com.


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. Examples of forward-looking statements include but are not limited to: our future operating or financial performance, including revenues, expenses, expense savings, income or loss and earnings or loss per share, and other financial items; statements regarding expectations, plans or objectives for future operations, products or services, and our expectations on our investment portfolio repositioning and loan recoveries or reaching positive resolutions on problem loans. 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, 2023 filed on March 7, 2024, in our quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2024 filed on May 3, 2024 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, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, and the nine month periods ended September 30, 2024 and 2023 may not reflect our results of operations for our fiscal year ending, or financial condition, as of December 31, 2024, or any other period of time or date.
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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 expense”, “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”, “tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity”, and “tangible stockholders' equity (book value) per common share, adjusted for net unrealized accumulated 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 2024, including the effect of non-core banking activities such as the sale of loans and securities (including the investment portfolio repositioning initiated at the end of the third quarter of 2024) and other repossessed assets, the Houston Transaction, 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.


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Exhibit 1- Selected Financial Information
The following table sets forth selected financial information derived from our interim unaudited and annual audited consolidated financial statements.

(in thousands)
September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
Consolidated Balance Sheets(audited)
Total assets$10,381,961$9,747,738$9,817,772$9,716,327$9,345,700
Total investments1,542,5441,547,8641,578,5681,496,9751,314,367
Total gross loans (1)(2)
7,561,9637,322,9117,006,3837,264,9127,142,596
Allowance for credit losses79,89094,40096,05095,50498,773
Total deposits8,110,9447,816,0117,878,2437,894,8637,546,912
Core deposits (1)
5,707,3665,505,3495,633,1655,597,7665,244,034
Advances from the Federal Home Loan Bank915,000765,000715,000645,000595,000
Senior notes 59,76459,68559,60559,52659,447
Subordinated notes29,58229,53929,49729,45429,412
Junior subordinated debentures 64,17864,17864,17864,17864,178
Stockholders' equity (3)(4)(5)
902,888734,342738,085736,068719,787
Assets under management and custody (1)
2,550,5412,451,8542,357,6212,289,1352,092,200


Three Months Ended
(in thousands, except percentages, share data and per share amounts)
September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
Consolidated Results of Operations
Net interest income$80,999$79,355$77,968$81,677$78,577
Provision for credit losses (6)
19,00019,15012,40012,5008,000
Noninterest (loss) income(47,683)19,42014,48819,61321,921
Noninterest expense76,20873,30266,594109,70264,420
Net (loss) income attributable to Amerant Bancorp Inc. (7)
(48,164)4,96310,568(17,123)22,119
Effective income tax rate 22.18%21.51%21.50%14.21%22.57%
Common Share Data
Stockholders' book value per common share$21.44$21.88$21.90$21.90$21.43
Tangible stockholders' equity (book value) per common share (8)
$20.87$21.15$21.16$21.16$20.63
Tangible stockholders' equity (book value) per common share, adjusted for unrealized losses on debt securities held to maturity (8)
$20.87$20.54$20.60$20.68$19.86
Basic (loss) earnings per common share$(1.43)$0.15$0.32$(0.51)$0.66
Diluted (loss) earnings per common share (9)
$(1.43)$0.15$0.31$(0.51)$0.66
Basic weighted average shares outstanding 33,784,99933,581,60433,538,06933,432,87133,489,560
Diluted weighted average shares outstanding (9)
33,784,99933,780,66633,821,56233,432,87133,696,620
Cash dividend declared per common share (4)
$0.09$0.09$0.09$0.09$0.09
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Three Months Ended
September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
Other Financial and Operating Data (10)
Profitability Indicators (%)
Net interest income / Average total interest earning assets (NIM) (1)
3.49%3.56%3.51 %3.72 %3.57 %
Net (loss) income/ Average total assets (ROA)(1)
(1.92)%0.21 %0.44 %(0.71)%0.92 %
Net (loss) income/ Average stockholders' equity (ROE) (1)
(24.98)%2.68 %5.69 %(9.22)%11.93 %
Noninterest (loss) income / Total revenue (1)
(143.12)%19.66%15.67%19.36%21.81%
Capital Indicators (%)
Total capital ratio (1)
12.66%11.88%12.49 %12.12 %12.70 %
Tier 1 capital ratio (1)
11.31%10.34%10.87 %10.54 %11.08 %
Tier 1 leverage ratio (1)
9.56%8.74%8.73 %8.84 %9.05 %
Common equity tier 1 capital ratio (CET1) (1)
10.60%9.60%10.10 %9.79 %10.30 %
Tangible common equity ratio (1)
8.48%7.30%7.28 %7.34 %7.44 %
Tangible common equity ratio, adjusted for unrealized losses on debt securities held to maturity (1)
8.48%7.11%7.10%7.18%7.18%
Liquidity Ratios (%)
Loans to Deposits (1)
93.23%93.69%88.93 %92.02 %94.64 %
Asset Quality Indicators (%)
Non-performing assets / Total assets (1)
1.25%1.24%0.51 %0.56 %0.57 %
Non-performing loans / Total gross loans (1)
1.52%1.38%0.43 %0.47 %0.46 %
Allowance for credit losses / Total non-performing loans
69.51%93.51%317.01 %277.63 %297.55 %
Allowance for credit losses / Total loans held for investment1.15%1.41%1.38 %1.39 %1.40 %
Net charge-offs / Average total loans held for investment (1)(11)
1.90%1.13%0.69 %0.85 %0.82 %
Efficiency Indicators (% except FTE)
Noninterest expense / Average total assets3.04%3.03%2.75 %4.57 %2.69 %
Salaries and employee benefits / Average total assets1.39%1.40%1.36 %1.38 %1.31 %
Other operating expenses/ Average total assets (1)
1.64%1.63%1.39 %3.20 %1.38 %
Efficiency ratio (1)
228.74%74.21%72.03 %108.30 %64.10 %
Full-Time-Equivalent Employees (FTEs) (12)
735720696682700


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Three Months Ended
(in thousands, except percentages and per share amounts)
September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
Core Selected Consolidated Results of Operations and Other Data (8)
Pre-provision net revenue (loss) (PPNR)
$(42,892)$25,473 $25,862 $(7,595)$36,456 
Core pre-provision net revenue (Core PPNR)$31,264 $31,007 $26,068 $29,811 $35,880 
Core net income
$9,249 $9,307 $10,730 $15,272 $21,664 
Core basic earnings per common share
0.27 0.28 0.32 0.46 0.65 
Core earnings per diluted common share (9)
0.27 0.28 0.32 0.46 0.64 
Core net income / Average total assets (Core ROA) (1)
0.37%0.38%0.44 %0.64 %0.91 %
Core net income / Average stockholders' equity (Core ROE) (1)
4.80%5.03%5.78 %8.23 %11.69 %
Core efficiency ratio (13)
69.29%68.60%71.87 %69.67 %62.08 %

__________________
(1)     See Glossary of Terms and Definitions for definitions of financial terms.
(2) As of September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, mortgage loans held for sale carried at fair value totaled $43.9 million, $60.1 million, $48.9 million, $26.2 million and $26.0 million, respectively. In addition, September 30, 2024, June 30, 2024, December 31, 2023 and September 30, 2023, includes $553.9 million, $551.8 million, $365.2 million and $43.3 million, respectively, in loans held for sale carried at the lower of estimated cost or fair value.
(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 quarter of 2024 the Company repurchased an aggregate of 143,674 shares of Class A common stock at a weighted average price of $21.59 per share under the 2023 Class A Common Stock Repurchase Program. The aggregate purchase price for these transactions was approximately $3.1 million which includes transaction costs. For all other periods, see June 30, 2024 Form 10-Q, March 31, 2024 Form 10-Q and 2023 Form 10-K.
(4) For all periods shown, 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 third quarter of 2024 was paid on August 30, 2024 to shareholders of record at the close of business on August 15, 2024. See June 30, 2024 Form 10-Q, and 2023 Form 10-K for more information on dividend payments during the previous quarters.
(5) On September 27, 2024, the Company completed a public offering of 8,684,210 shares of its Class A voting common stock, at a price to the public of $19.00 per share.
(6) In the third, second and first quarter of 2024 and in the fourth and third quarter of 2023, includes $17.9 million, $17.7 million, $12.4 million, $12.0 million and $7.4 million of provision for credit losses on loans. Provision for unfunded commitments (contingencies) in the third and second quarter of 2024 and in the fourth and third quarter of 2023, were $1.1 million, $1.5 million, $0.5 million and $0.6 million, respectively, while there was none in the first quarter of 2024. For all other periods shown, includes provision for credit losses on loans.
(7)    In the three months ended December 31, 2023 and September 30, 2023, net income excludes losses of $0.8 million and $0.4 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 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.
(8) 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.
(9) See 2023 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation.
(10) Operating data for the periods presented have been annualized.
(11) See 2023 Form 10-K for more details on charge-offs for all previous periods.
(12) As of September 30, 2024, June 30, 2024, March 31, 2034, December 31, 2023 and September 30, 2023, includes 81, 83, 65, 67 and 98 FTEs for Amerant Mortgage, respectively.
(13) Core efficiency ratio is the efficiency ratio less the effect of restructuring costs and other non-routine items, described in Exhibit 2 - Non-GAAP Financial Measures Reconciliation.

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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 Houston Transaction, 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. The Company believes these adjusted numbers are useful to understand the Company’s performance absent these transactions and events.
    

Three Months Ended,
(in thousands)
September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
Net (loss) income attributable to Amerant Bancorp Inc.$(48,164)$4,963 $10,568 $(17,123)$22,119 
Plus: provision for credit losses (1)
19,000 19,150 12,400 12,500 8,000 
Plus: provision for income tax (benefit) expense(13,728)1,360 2,894 (2,972)6,337 
Pre-provision net revenue (loss) (PPNR)
(42,892)25,473 25,862 (7,595)36,456 
Plus: non-routine noninterest expense items5,672 5,562 — 43,094 6,303 
Plus (less): non-routine noninterest income items
68,484 (28)206 (5,688)(6,879)
Core pre-provision net revenue (Core PPNR)$31,264 $31,007 $26,068 $29,811 $35,880 
Total noninterest (loss) income
$(47,683)$19,420 $14,488 $19,613 $21,921 
Less: Non-routine noninterest (loss) income items:
Derivatives (losses) gains, net
— (44)(152)(151)(77)
Securities (losses) gains, net (2)
(68,484)(117)(54)33 (54)
Bank owned life insurance charge (3)
— — — (655)— 
Gains on early extinguishment of FHLB advances, net— 189 — 6,461 7,010 
Total non-routine noninterest (loss) income items$(68,484)$28 $(206)$5,688 $6,879 
Core noninterest income$20,801 $19,392 $14,694 $13,925 $15,042 
Total noninterest expense
$76,208 $73,302 $66,594 $109,702 $64,420 
Less: non-routine noninterest expense items
Restructuring costs (4):
Staff reduction costs (5)
— — — 1,120 489 
Contract termination costs (6)
— — — — — 
Consulting and other professional fees and software expenses(7)
— — — 1,629 — 
Branch closure expenses and related charges (8)
— — — — 252 
Total restructuring costs$— $— $— $2,749 $741 
Other non-routine noninterest expense items:
Losses on loans held for sale carried at the lower cost or fair value (9)(10)
— 1,258 — 37,495 5,562 
Other real estate owned valuation expense
5,672 — — — — 
Goodwill and intangible assets impairment (10)
— 300 — 1,713 — 
Fixed assets impairment (10)(11)
— 3,443 — — — 
Legal and broker fees (10)
— 561 — — — 
Bank owned life insurance enhancement costs (3)
— — — 1,137 — 
 Impairment charge on investment carried at cost— — — — — 
Total non-routine noninterest expense items$5,672 $5,562 $— $43,094 $6,303 
Core noninterest expense
$70,536 $67,740 $66,594 $66,608 $58,117 
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Three Months Ended,
(in thousands, except percentages and per share amounts)
September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
Net (loss) income attributable to Amerant Bancorp Inc.$(48,164)$4,963$10,568$(17,123)$22,119
Plus after-tax non-routine items in noninterest expense:
Non-routine items in noninterest expense before income tax effect5,6725,56243,0946,303
Income tax effect (12)
(1,332)(1,196)(8,887)(1,486)
Total after-tax non-routine items in noninterest expense4,3404,36634,2074,817
Plus (less) after-tax non-routine items in noninterest income:
Non-routine items in noninterest income before income tax effect68,484(28)206(5,688)(6,879)
Income tax effect (12)
(15,411)6(44)1,0321,607
Total after-tax non-routine items in noninterest income53,073(22)162(4,656)(5,272)
BOLI enhancement tax impact (2)
2,844
Core net income
$9,249$9,307$10,730$15,272$21,664
Basic (loss) earnings per share
$(1.43)$0.15$0.32$(0.51)$0.66
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (13)
0.130.131.110.14
Plus (less): after tax impact of non-routine items in noninterest income
1.57(0.14)(0.15)
Total core basic earnings per common share
$0.27$0.28$0.32$0.46$0.65
Diluted (loss) earnings per share (14)
$(1.43)$0.15$0.31$(0.51)$0.66
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (13)
0.130.131.110.14
Plus (less): after tax impact of non-routine items in noninterest income
1.570.01(0.14)(0.16)
Total core diluted earnings per common share
$0.27$0.28$0.32$0.46$0.64
Net (loss) income / Average total assets (ROA)(1.92)%0.21 %0.44 %(0.71)%0.92 %
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (13)
0.18 %0.17 %— %1.55 %0.20 %
Plus (less): after tax impact of non-routine items in noninterest income
2.11 %— %— %(0.20)%(0.21)%
Core net income / Average total assets (Core ROA)
0.37 %0.38 %0.44 %0.64 %0.91 %
Net (loss) income/ Average stockholders' equity (ROE)(24.98)%2.68 %5.69 %(9.22)%11.93 %
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (13)
2.25 %2.36 %— %19.96 %2.60 %
Plus (less): after tax impact of non-routine items in noninterest income
27.53 %(0.01)%0.09 %(2.51)%(2.84)%
Core net income / Average stockholders' equity (Core ROE)
4.80 %5.03 %5.78 %8.23 %11.69 %
Efficiency ratio228.74 %74.21 %72.03 %108.30 %64.10 %
Less: impact of non-routine items in noninterest expense and and noninterest income
(159.45)%(5.61)%(0.16)%(38.63)%(2.02)%
Core efficiency ratio69.29 %68.60 %71.87 %69.67 %62.08 %
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(in thousands, except percentages, share data and per share amounts)
September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
Stockholders' equity$902,888$734,342$738,085$736,068$719,787
Less: goodwill and other intangibles (15)
(24,366)(24,581)(24,935)(25,029)(26,818)
Tangible common stockholders' equity$878,522$709,761$713,150$711,039$692,969
Total assets10,381,9619,747,7389,817,7729,716,3279,345,700
Less: goodwill and other intangibles (15)
(24,366)(24,581)(24,935)(25,029)(26,818)
Tangible assets$10,357,595$9,723,157$9,792,837$9,691,298$9,318,882
Common shares outstanding42,103,62333,562,75633,709,39533,603,24233,583,621
Tangible common equity ratio8.48 %7.30 %7.28 %7.34 %7.44 %
Stockholders' book value per common share$21.44$21.88$21.90$21.90$21.43
Tangible stockholders' equity book value per common share$20.87$21.15$21.16$21.16$20.63
Tangible common stockholders' equity$878,522$709,761$713,150$711,039$692,969
Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (16)
— (20,304)(18,729)(16,197)(26,138)
Tangible common stockholders' equity, adjusted for net unrealized accumulated losses on debt securities held to maturity$878,522$689,457$694,421$694,842$666,831
Tangible assets$10,357,595$9,723,157$9,792,837$9,691,298$9,318,882
Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (16)
(20,304)(18,729)(16,197)(26,138)
Tangible assets, adjusted for net unrealized accumulated losses on debt securities held to maturity$10,357,595$9,702,853$9,774,108$9,675,101$9,292,744
Common shares outstanding42,103,62333,562,75633,709,39533,603,24233,583,621
Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity8.48 %7.11 %7.10 %7.18 %7.18 %
Tangible stockholders' book value per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity$20.87$20.54$20.60$20.68$19.86
____________
(1)     In the third, second and first quarter of 2024 and in the fourth and third quarter of 2023, includes $17.9 million, $17.7 million, $12.4 million, $12.0 million and $7.4 million of provision for credit losses on loans, respectively. Provision for unfunded commitments (contingencies) in the third and second quarter of 2024, and in the fourth and third quarter of 2023, were $1.1 million, $1.5 million, $0.5 million and $0.6 million, respectively, while there was none in the first quarter of 2024. For all other periods shown, includes provision for credit losses on loans.
(2) In the third quarter of 2024, the Company executed an investment portfolio repositioning which resulted in a total pre-tax net loss of $68.5 million during the same period.
(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, rolling out 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 ended December 31, 2023, includes an aggregate of $1.6 million 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, 2024, June 30, 2024, March 31, 2024 and September 30, 2023.
(8) In the three months ended September 30, 2023, consists of expenses in connection with the closure of a branch in Houston, Texas in 2023.
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(9) In the three months ended December 31, 2023, includes (i) 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 cost or fair value, and (ii) a loss on sale of $2.0 million related to a New York-based CRE loan previously carried at the lower of cost or fair value. In the three months ended September 30, 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 cost or fair value.
(10) In the three months ended June 30, 2024, amounts shown are in connection with the Houston Transaction.
(11) Related to Houston branches and included as part of occupancy and equipment expenses. See Exhibit 5 for additional information.
(12) In the three months ended March 31, 2024, amounts were calculated based upon the effective tax rate for the period of 21.50%. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect.
(13) In the three months 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 BOLI tax impact of $2.8 million in the same 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.
(14) See 2023 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation.
(15) At September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, other intangible assets primarily consist of naming rights of $2.1 million, $2.3 million, $2.4 million, $2.5 million and $2.7 million, respectively, and mortgage servicing rights (“MSRs”) of $1.4 million, $1.5 million, $1.4 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) There were no debt securities held to maturity at September 30, 2024. As of June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, amounts were calculated based upon the fair value on debt securities held to maturity, and assuming a tax rate of 25.38%, 25.40%, 25.36% and 25.51%, respectively.
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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, accounted for as yield adjustments. Average balances represent the daily average balances for the periods presented.
Three Months Ended
September 30, 2024June 30, 2024September 30, 2023
(in thousands, except percentages) Average
Balances
Income/
Expense
Yield/
Rates
Average BalancesIncome/ ExpenseYield/ RatesAverage
 Balances
Income/
Expense
Yield/
Rates
Interest-earning assets:
Loan portfolio, net (1)(2)$7,291,632 $129,752 7.08 %$7,049,109 $124,117 7.08 %$7,048,891 $120,244 6.77 %
Debt securities available for sale (3) (4)1,313,366 14,273 4.32 %1,267,828 14,104 4.47 %1,052,147 10,924 4.12 %
Debt securities held to maturity (5)205,958 1,752 3.38 %221,106 1,878 3.42 %232,146 1,958 3.35 %
Debt securities held for trading — — — %— — — %2,048 0.77 %
Equity securities with readily determinable fair value not held for trading2,525 19 2.99 %2,466 13 2.12 %2,479 21 3.36 %
Federal Reserve Bank and FHLB stock61,147 1,083 7.05 %54,664 955 7.03 %54,056 961 7.05 %
Deposits with banks344,469 4,670 5.39 %364,466 5,260 5.80 %344,015 5,248 6.05 %
Other short-term investments6,677 88 5.24 %6,399 82 5.15 %1,964 23 4.65 %
Total interest-earning assets9,225,774 151,637 6.54 %8,966,038 146,409 6.57 %8,737,746 139.383 6.33 %
Total non-interest-earning assets (6)760,198 763,628 756,141 
Total assets$9,985,972 $9,729,666 $9,493,887 

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Three Months Ended
September 30, 2024June 30, 2024September 30, 2023
(in thousands, except percentages) Average
Balances
Income/
Expense
Yield/
Rates
Average BalancesIncome/ ExpenseYield/ RatesAverage
 Balances
Income/
Expense
Yield/
Rates
Interest-bearing liabilities:
Checking and saving accounts
Interest bearing DDA $2,294,323$15,345 2.66 %$2,408,979$16,779 2.80 %$2,523,092$16,668 2.62 %
Money market1,541,98716,804 4.34 %1,411,28714,973 4.27 %1,144,58011,013 3.82 %
Savings247,90326 0.04 %253,62526 0.04 %280,09632 0.05 %
Total checking and saving accounts4,084,21332,175 3.13 %4,073,89131,778 3.14 %3,947,76827,713 2.79 %
Time deposits2,324,69427,260 4.67 %2,258,97325,971 4.62 %2,201,13822,482 4.05 %
Total deposits6,408,90759,435 3.69 %6,332,86457,749 3.67 %6,148,90650,195 3.24 %
Securities sold under agreements to repurchase— — — %124 6.49 %3264.87 %
Advances from the FHLB (7)863,9138,833 4.07 %737,6586,946 3.79 %800,9788,207 4.07 %
Senior notes59,725942 6.27 %59,646941 6.35 %59,409942 6.29 %
Subordinated notes29,561361 4.86 %29,519361 4.92 %29,391361 4.87 %
Junior subordinated debentures64,1781,067 6.61 %64,1781,055 6.61 %64,1781,097 6.78 %
Total interest-bearing liabilities7,426,28470,638 3.78 %7,223,98967,054 3.73 %7,103,18860,806 3.40 %
Non-interest-bearing liabilities:
Non-interest bearing demand deposits1,491,406 1,452,921 1,335,041
Accounts payable, accrued liabilities and other liabilities301,373 309,298 320,369
Total non-interest-bearing liabilities1,792,779 1,762,219 1,655,410
Total liabilities9,219,063 8,986,208 8,758,598
Stockholders’ equity766,909 743,458 735,289
Total liabilities and stockholders' equity$9,985,972 $9,729,666 $9,493,887
Excess of average interest-earning assets over average interest-bearing liabilities$1,799,490 $1,742,049 $1,634,558
Net interest income$80,999 $79,355 $78,577 
Net interest rate spread2.76 %2.84 %2.93 %
Net interest margin (7)
3.49 %3.56 %3.57 %
Cost of total deposits (7)
2.99 %2.98 %2.66 %
Ratio of average interest-earning assets to average interest-bearing liabilities124.23 %124.11 %123.01 %
Average non-performing loans/ Average total loans1.54 %0.60 %— %


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Nine Months Ended
September 30, 2024September 30, 2023
(in thousands, except percentages) Average
Balances
Income/
Expense
Yield/
Rates
Average
 Balances
Income/
Expense
Yield/
Rates
Interest-earning assets:
Loan portfolio, net (1)(2)$7,102,716$376,574 7.08 %$7,006,633$348,315 6.65 %
Debt securities available for sale (3) (4)1,273,79741,562 4.36 %1,050,64831,494 4.01 %
Debt securities held to maturity (5)217,2725,597 3.44 %236,3256,046 3.42 %
Debt securities held for trading— — %7831.02 %
Equity securities with readily determinable fair value not held for trading2,49087 4.67 %2,45521 1.14 %
Federal Reserve Bank and FHLB stock55,3522,922 7.05 %54,9112,833 6.90 %
Deposits with banks377,13915,681 5.55 %342,12714,272 5.58 %
Other short-term investments6,337248 5.22 %66223 4.65 %
Total interest-earning assets9,035,103442,671 6.54 %8,694,544403,010 6.20 %
Total non-interest-earning assets (6)788,240735,943
Total assets$9,823,343$9,430,487
Interest-bearing liabilities:
Checking and saving accounts
Interest bearing DDA $2,382,548$49,860 2.80 %$2,503,147$46,201 2.47 %
Money market1,462,03446,611 4.26 %1,215,00528,295 3.11 %
Savings254,66179 0.04 %288,959114 0.05 %
Total checking and saving accounts4,099,24396,550 3.15 %4,007,11174,610 2.49 %
Time deposits2,291,53979,355 4.63 %2,006,41753,844 3.59 %
Total deposits6,390,782175,905 3.68 %6,013,528128,454 2.86 %
Securities sold under agreements to repurchase416.52 %1305.14 %
Advances from the FHLB (7)
749,19521,357 3.81 %862,31022,591 3.50 %
Senior notes59,6462,826 6.33 %59,3302,825 6.37 %
Subordinated notes29,5191,083 4.90 %29,3491,084 4.94 %
Junior subordinated debentures64,1783,176 6.61 %64,1783,264 6.80 %
Total interest-bearing liabilities7,293,361204,349 3.74 %7,028,825158,223 3.01 %
Non-interest-bearing liabilities:
Non-interest bearing demand deposits1,459,325 1,348,242
Accounts payable, accrued liabilities and other liabilities318,273 313,967
Total non-interest-bearing liabilities1,777,598 1,662,209
Total liabilities9,070,959 8,691,034
Stockholders’ equity752,384 739,453
Total liabilities and stockholders' equity$9,823,343 $9,430,487
Excess of average interest-earning assets over average interest-bearing liabilities$1,741,742 $1,665,719
Net interest income$238,322 $244,787 
Net interest rate spread2.80 %3.19 %
Net interest margin (7)
3.52 %3.76 %
Cost of total deposits (7)
2.99 %2.33 %
Ratio of average interest-earning assets to average interest-bearing liabilities123.88%123.70%
Average non-performing loans/ Average total loans0.93%0.48%
___________
(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 $92.1  million, $95.6 million, and $101.2 million in the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and $93.2 million and $89.1 million, in the nine months ended September 30, 2024 and September 30, 2023, respectively. The average balance of total loans held for sale was $612.9 million, $191.7 million and $58.8 million in the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and $352.8 million, and $70.1 million in the nine months period ended September 30, 2024 and September 30, 2023, respectively.
(2) Includes average non-performing loans of $113.5 million, $52.7 million and $39.8 million for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and $66.3 million and $34.1 million in the nine months ended September 30, 2024 and September 30, 2023, 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 $89.4 million, $115.8 million and $119.8 million in the three months ended
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September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and average net unrealized net losses of $102.2 million and $110.5 million in the nine months ended September 30, 2024 and September 30, 2023, respectively.
(4)    Includes nontaxable securities with average balances of $19.9 million, $18.8 million and $18.6 million for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and $19.9 million and $18.6 million, in the nine months ended September 30, 2024 and September 30, 2023, respectively. The tax equivalent yield for these nontaxable securities was 4.33%, 4.47%, 4.34% for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and 4.28% and 4.64% in the nine months ended September 30, 2024 and September 30, 2023, respectively. In 2024 and 2023, the tax equivalent yields were calculated assuming a 21% tax rate and dividing the actual yield by 0.79.
(5)    Includes nontaxable securities with average balances of $44.5 million, $47.8 million and $49.6 million for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and $47.8 million and $50.1 million in the nine months ended September 30, 2024 and September 30, 2023, respectively. The tax equivalent yield for these nontaxable securities was 4.43%, 4.23% and 4.26% for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and 4.23% and 4.21% in the nine months ended September 30, 2024 an September 30, 2023, respectively. As of September 30, 2024, the Company had no debt securities classified as held to maturity. In 2024 and 2023, 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) See Glossary of Terms and Definitions for definitions of financial terms.


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Exhibit 4 - Noninterest Income
    This table shows the amounts of each of the categories of noninterest income for the periods presented.
Three Months Ended Nine Months Ended September 30,
September 30, 2024June 30, 2024September 30, 202320242023
(in thousands, except percentages)Amount % Amount % Amount%Amount%Amount%
Deposits and service fees$5,046 10.6 %$5,281 27.2 %$5,053 23.1 %$14,652 106.4 %$14,952 22.0 %
Brokerage, advisory and fiduciary activities4,466 9.4 %4,538 23.4 %4,370 19.9 %13,331 96.8 %12,808 18.9 %
Change in cash surrender value of bank owned life insurance (“BOLI”)(1)
2,332 4.9 %2,242 11.5 %1,483 6.8 %6,916 50.2 %4,324 6.4 %
Cards and trade finance servicing fees1,430 3.0 %1,331 6.9 %734 3.4 %3,984 28.9 %1,829 2.7 %
Gain on early extinguishment of FHLB advances, net— — %189 1.0 %7,010 32.0 %189 1.4 %33,623 49.5 %
Securities (losses) gains, net (2)
(68,484)(143.6)%(117)(0.6)%(54)(0.3)%(68,655)(498.4)%(11,022)(16.2)%
Loan-level derivative income (3)
3,515 7.4 %2,357 12.1 %1,196 5.5 %6,338 46.0 %3,743 5.5 %
Derivative (losses) gains, net (4)
— — %(44)(0.2)%(77)(0.4)%(196)(1.4)%179 0.3 %
Other noninterest income (5)
4,012 8.3 %3,643 18.7 %2,206 10.0 %9,666 70.1 %7,447 10.9 %
Total noninterest (loss) income$(47,683)(100.0)%$19,420 100.0 %$21,921 100.0 %$(13,775)(100.0)%$67,883 100.0 %
__________________
(1)    Changes in cash surrender value of BOLI are not taxable.
(2) Includes a total net loss of $68.5 million as a result of the investment portfolio repositioning initiated during the third quarter of 2024.
(3) Income from interest rate swaps and other derivative transactions with customers. The Company incurs expenses related to derivative transactions with customers which are included as part of noninterest expenses under loan-level derivative expense. See Exhibit 5 for more details.
(4) Net unrealized gains and losses related to uncovered interest rate caps with clients.
(5)    Includes mortgage banking income of $2.8 million, $1.9 million and $0.5 million in the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and $5.8 million and $3.9 million in the nine months ended September 30, 2024 and September 30, 2023, respectively, primarily consisting of net gains on sale, valuation and derivative transactions associated with mortgage loans held for sale activity, and other smaller sources of income related to the operations of Amerant Mortgage. In addition, includes $0.5 million BOLI death benefits received in the nine months ended September 30, 2024. Other sources of income in the periods shown include foreign currency exchange transactions with customers and valuation income on the investment balances held in the non-qualified deferred compensation plan.


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Exhibit 5 - Noninterest Expense

This table shows the amounts of each of the categories of noninterest expense for the periods presented.
Three Months Ended
Nine Months Ended September 30,
September 30, 2024June 30, 2024September 30, 202320242023
(in thousands, except percentages)Amount % Amount % Amount % Amount%Amount%
Salaries and employee benefits (1)
$34,979 45.9 %$33,857 46.2 %$31,334 48.6 %$101,794 47.1 %$100,457 49.8 %
Occupancy and equipment (2)
5,891 7.7 %9,041 12.3 %7,293 11.3 %21,408 9.9 %20,828 10.3 %
Professional and other services fees (3)
13,711 18.0 %12,110 16.5 %5,325 8.3 %36,784 17.0 %20,368 10.1 %
Loan-level derivative expense (4)
1,802 2.4 %580 0.8 %18 — %2,386 1.1 %1,728 0.9 %
Telecommunications and data processing (5)
2,991 3.9 %2,732 3.7 %3,556 5.5 %9,256 4.3 %11,647 5.8 %
Depreciation and amortization (6)
1,737 2.3 %1,652 2.3 %1,795 2.8 %4,866 2.3 %5,362 2.7 %
FDIC assessments and insurance2,863 3.8 %2,772 3.8 %2,590 4.0 %8,643 4.0 %8,066 4.0 %
Losses on loans held for sale carried at the lower cost or fair value (7)
— — %1,258 1.7 %5,562 8.6 %1,258 0.6 %5,562 2.8 %
Advertising expenses3,468 4.6 %4,243 5.8 %2,724 4.2 %10,789 5.0 %9,642 4.8 %
Other real estate owned and repossessed assets (income) expense, net (8)
5,535 7.3 %(148)(0.2)%(134)(0.2)%5,033 2.3 %2,297 1.1 %
Contract termination costs (9)
— — %— — %— — %— — %1,550 0.8 %
Other operating expenses (10)
3,231 4.1 %5,205 7.1 %4,357 6.9 %13,887 6.4 %14,146 6.9 %
Total noninterest expense (11)
$76,208 100.0 %$73,302 100.0 %$64,420 100.0 %$216,104 100.0 %$201,653 100.0 %

___
(1) Includes staff reduction costs of $0.5 million and $2.9 million in the three and nine months ended September 30, 2023, respectively, which consist of severance expenses primarily related to organizational rationalization.
(2) In the three month period ended June 30, 2024 and nine month period ended September 30, 2024, includes fixed assets impairment charge of $3.4 million in connection with the Houston Transaction. In each of the three and nine months ended September 30, 2023, includes a rent termination fee of $0.3 million in connection with the closure of a branch in Houston, Texas. In addition, in the nine months ended September 30, 2023, includes $0.6 million related to ROU asset impairment in connection with the closure of a branch in Miami, Florida in 2023 as well as $0.5 million related to ROU asset impairment in connection with the closure of a branch in Houston, Texas in 2023.
(3) Includes $0.3 million in legal expenses in connection with the Houston Transaction in the three months ended June 30, 2024 and nine months ended September 30, 2024. Additionally, includes additional non-routine expenses of $4.6 million in the nine months ended September 30, 2023, related to the engagement of FIS. Lastly, includes recurring service fees in connection with the engagement of FIS in the three months ended September 30, 2024 and June 30, 2024, and in the nine months ended September 30, 2024.
(4) Includes services fees in connection with our loan-level derivative income generation activities.
(5) Includes a charge of $1.4 million in the nine month periods ended September 30, 2023 related to the disposition of fixed assets due to the write off of in-development software.
(6) Includes a charge of $0.9 million in the nine month periods ended September 30, 2023 for the accelerated depreciation of leasehold improvements in connection with the closure of a branch in Miami, Florida in 2023.
(7) In each of the three months ended June 30, 2024, amounts shown are in connection with the Houston Transaction. In the three and nine month periods ended September 30, 2023, includes valuation allowance as a result of changes in the fair value of loans held for sale carried at the lower of cost or fair value.
(8) Includes OREO rental income of $0.5 million in the three months ended September 30, 2024 and $0.4 million in each of the three months ended June 30, 2024 and September 30, 2023, and $1.4 million and $0.9 million in the nine months ended September 30, 2024 and September 2023, respectively. In addition, in the nine months ended September 30, 2023, includes a loss on sale of repossessed assets in connection with our equipment-financing activities of $2.6 million. Additionally, includes $5.7 million of OREO valuation expense in the three months ended September 30, 2024.
(9) Contract termination and related costs associated with third party vendors resulting from the Company’s transition to our new technology provider.
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(10) In each of the three months ended June 30, 2024 and nine months ended September 30, 2024, includes broker fees of $0.3 million in connection with the Houston Transaction. Additionally, in the nine months ended September 30, 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 mortgage loan origination and servicing expenses, charitable contributions, community engagement, postage and courier expenses, 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 and other small expenses.
(11) Includes $3.9 million, $3.8 million, $3.0 million in the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and $10.5 million and $10.9 million in the nine months ended September 30, 2024 and September 30, 2023, related to Amerant Mortgage, primarily consisting of salaries and employee benefits, mortgage lending costs and professional and other services fees.

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Exhibit 6 - Consolidated Balance Sheets
(in thousands, except share data)September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
Assets(audited)
Cash and due from banks$40,538 $32,762 $41,231 $47,234 $48,145 
Interest earning deposits with banks614,345 238,346 577,843 242,709 202,946 
Restricted cash10,087 32,430 33,897 25,849 51,837 
Other short-term investments6,871 6,781 6,700 6,080 6,024 
Cash and cash equivalents671,841 310,319 659,671 321,872 308,952 
Securities
Debt securities available for sale, at fair value1,476,378 1,269,356 1,298,073 1,217,502 1,033,797 
Debt securities held to maturity, at amortized cost (1)— 219,613 224,014 226,645 230,254 
Equity securities with readily determinable fair value not held for trading 2,562 2,483 2,480 2,534 2,438 
Federal Reserve Bank and Federal Home Loan Bank stock63,604 56,412 54,001 50,294 47,878 
Securities1,542,544 1,547,864 1,578,568 1,496,975 1,314,367 
Loans held for sale, at the lower of cost or fair value (2)553,941 551,828 — 365,219 43,257 
Mortgage loans held for sale, at fair value43,851 60,122 48,908 26,200 25,952 
Loans held for investment, gross6,964,171 6,710,961 6,957,475 6,873,493 7,073,387 
Less: Allowance for credit losses79,890 94,400 96,050 95,504 98,773 
Loans held for investment, net6,884,281 6,616,561 6,861,425 6,777,989 6,974,614 
Bank owned life insurance241,183 238,851 237,314 234,972 232,736 
Premises and equipment, net32,866 33,382 44,877 43,603 43,004 
Deferred tax assets, net41,138 48,779 48,302 55,635 63,501 
Operating lease right-of-use assets100,158 100,580 117,171 118,484 116,763 
Goodwill19,193 19,193 19,193 19,193 20,525 
Accrued interest receivable and other assets (3)(4)250,965 220,259 202,343 256,185 202,029 
Total assets$10,381,961 $9,747,738 $9,817,772 $9,716,327 $9,345,700 
Liabilities and Stockholders' Equity
Deposits
Demand
Noninterest bearing$1,482,061 $1,465,140 $1,397,331 $1,426,919 $1,370,157 
Interest bearing2,389,605 2,316,976 2,619,115 2,560,629 2,416,797 
Savings and money market1,835,700 1,723,233 1,616,719 1,610,218 1,457,080 
Time2,403,578 2,310,662 2,245,078 2,297,097 2,302,878 
Total deposits8,110,944 7,816,011 7,878,243 7,894,863 7,546,912 
Advances from the Federal Home Loan Bank 915,000 765,000 715,000 645,000 595,000 
Senior notes59,764 59,685 59,605 59,526 59,447 
Subordinated notes29,582 29,539 29,497 29,454 29,412 
Junior subordinated debentures held by trust subsidiaries64,178 64,178 64,178 64,178 64,178 
Operating lease liabilities (5)105,875 105,861 122,267 123,167 120,665 
Accounts payable, accrued liabilities and other liabilities (6)193,730 173,122 210,897 164,071 210,299 
Total liabilities9,479,073 9,013,396 9,079,687 8,980,259 8,625,913 
Stockholders’ equity
Class A common stock4,210 3,357 3,373 3,361 3,359 
Additional paid in capital342,508 189,601 192,237 192,701 194,103 
Retained earnings569,131 620,299 618,359 610,802 630,933 
Accumulated other comprehensive loss(12,961)(78,915)(75,884)(70,796)(105,634)
Total stockholders' equity before noncontrolling interest902,888 734,342 738,085 736,068 722,761 
Noncontrolling interest— — — — (2,974)
Total stockholders' equity902,888 734,342 738,085 736,068 719,787 
Total liabilities and stockholders' equity$10,381,961 $9,747,738 $9,817,772 $9,716,327 $9,345,700 

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__________
(1) Estimated fair value of $192,403, $198,909, $204,945 and $195,165 at June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively. During the third quarter of 2024, the Company executed an investment portfolio repositioning and transferred approximately $220 million in debt securities from held to maturity to the available for sale category.
(2) As of September 30, 2024 and June 30, 2024, includes loans held for sale and a valuation allowance of $1.3 million, in connection with the Houston Transaction. As of December 31, 2023 and September 30, 2023, includes a valuation allowance of $35.5 million and $5.6 million as a result of fair value adjustment.
(3) As of September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, includes derivative assets with a total fair value of $52.3 million, $64.0 million, $64.7 million, $59.9 million and $87.1 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, which were collected in the first quarter of 2024.
(4) As of September 30, 2024 and June 30, 2024, includes other assets for sale of approximately $21.4 million and $23.6 million, respectively, in connection with the Houston Transaction.
(5) Consists of total long-term lease liabilities. Total short-term lease liabilities are included in other liabilities.
(6) As of September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, includes derivatives liabilities with a total fair value of $51.3 million, $62.9 million, $63.8 million, $59.4 million and $85.6 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)September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Real estate loans(audited)
Commercial real estate
Non-owner occupied$1,709,911 $1,714,088 $1,672,470 $1,616,200 $1,593,571 
Multi-family residential343,012 359,257 349,917 407,214 771,654 
Land development and construction loans411,051 343,472 333,198 300,378 301,938 
2,463,974 2,416,817 2,355,585 2,323,792 2,667,163 
Single-family residential1,485,326 1,446,569 1,490,711 1,466,608 1,371,194 
Owner occupied1,013,682 981,405 1,193,909 1,175,331 1,129,921 
4,962,982 4,844,791 5,040,205 4,965,731 5,168,278 
Commercial loans1,630,309 1,521,533 1,550,140 1,503,187 1,452,759 
Loans to financial institutions and acceptances92,489 48,287 29,490 13,375 13,353 
Consumer loans and overdrafts (1)278,391 296,350 337,640 391,200 438,997 
Total loans$6,964,171 $6,710,961 $6,957,475 $6,873,493 $7,073,387 
__________________

(1) As of September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023 and includes $103.9 million, $131.9 million, $163.3 million, $210.9 million and $254.7 million, respectively, in consumer loans purchased under indirect lending programs.



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Loans by Type - Held For Sale

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

(in thousands)September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
Loans held for sale at the lower of cost or fair value(audited)
Real estate loans
Commercial real estate
Non-owner occupied$111,591 $112,002 $— $— $43,256 
Multi-family residential915 918 — 309,612 — 
Land development and construction loans35,020 29,923 — 55,607 — 
147,526 142,843 — 365,219 43,256 
Single-family residential86,905 88,507 — — — 
Owner occupied221,774 220,718 — — — 
456,205 452,068 — 365,219 43,256 
Commercial loans87,866 90,353 — — — 
Consumer loans9,870 9,407 — — — 
Total loans held for sale at the lower of cost or fair value (1)553,941 551,828 — 365,219 43,256 
Mortgage loans held for sale at fair value
Land development and construction loans (2)10,608 7,776 26,058 12,778 6,931 
Single-family residential (3)33,243 52,346 22,850 13,422 19,022 
Total mortgage loans held for sale at fair value (4)43,851 60,122 48,908 26,200 25,953 
Total loans held for sale (5)$597,792 $611,950 $48,908 $391,419 $69,209 
__________________
(1) As of September 30, 2024, includes $553.9 million in connection with the Houston Transaction. In the second quarter of 2024, the Company transferred an aggregate of $551.8 million in connection with the Houston Transaction, in which the Company recorded a valuation allowance of $1.3 million as a result of the transfer in the same period. 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. The Company subsequently sold these loans in the first quarter of 2024 and there was no material impact to the Company’s results of operations as a result of this transaction. 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 a 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 each of the fourth and third quarters of 2023, the Company transferred approximately $17 million, in single-family residential loans held for sale to the loans held for investment category. In the first quarter of 2024, there were no significant transfers of single-family residential loans from the 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) As of September 30, 2024, there were $0.6 million in loans between 60 and 90 days past due; all loans remain in accrual status at each of the periods shown.
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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)September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Non-Accrual Loans(audited)
Real Estate Loans
Commercial real estate (CRE)
Non-owner occupied$1,916 $— $— $— $— 
Multi-family residential— — 23,344 
1,916 — 23,344 
Single-family residential13,452 3,726 4,400 2,459 2,533 
Owner occupied29,240 26,309 1,958 3,822 2,100 
44,608 30,041 6,358 6,289 27,977 
Commercial loans 68,654 67,005 21,833 21,949 4,713 
Consumer loans and overdrafts— 45 38 
Total Non-Accrual Loans (1)
$113,262 $97,050 $28,236 $28,276 $32,691 
Past Due Accruing Loans(2)
Real Estate Loans
Owner occupied— 769 — — — 
Single-family residential1,129 2,656 1,149 5,218 — 
Commercial104 — 918 857 — 504 
Consumer loans and overdrafts434 477 — 49 — 
Total Past Due Accruing Loans$1,667 $3,902 $2,067 $6,124 $504 
Total Non-Performing Loans114,929 100,952 30,303 34,400 33,195 
Other Real Estate Owned14,509 20,181 20,181 20,181 20,181 
Total Non-Performing Assets$129,438 $121,133 $50,484 $54,581 $53,376 
    
__________________

(1)    See June 30, 2024 Form 10-Q, March 31, 2024 Form 10-Q and 2023 Form 10-K for more information about the activity of non-accrual loans in the second and first quarters of 2024 and all periods in 2023.
(2)    Loans past due 90 days or more but still accruing.

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Loans by Credit Quality Indicators

This table shows the Company’s loans by credit quality indicators. The Company has not purchased credit-deteriorated loans.
September 30, 2024June 30, 2024September 30, 2023
(in thousands)Special MentionSubstandardDoubtfulTotal (1)Special MentionSubstandardDoubtfulTotal (1)Special MentionSubstandardDoubtfulTotal (1)
Real Estate Loans
Commercial Real
Estate (CRE)
Non-owner
occupied
$34,374 $1,916 $— $36,290 $33,979 $— $— $33,979 $— $— $— $— 
Multi-family residential— — — — — — — 23,344 — 23,344 
Land development
and
construction
 loans
— — — — — — — — — — — — 
34,374 1,916 — 36,290 33,979 — 33,985 — 23,344 — 23,344 
Single-family residential— 9,637 — 9,637 — 3,684 — 3,684 — 3,085 — 3,085 
Owner occupied29,603 29,310 — 58,913 35,642 26,381 — 62,023 2,234 2,180 — 4,414 
63,977 40,863 — 104,840 69,621 30,071 — 99,692 2,234 28,609 — 30,843 
Commercial loans
12,442 66,212 — 78,654 25,671 67,836 — 93,507 26,975 5,732 32,710 
Consumer loans and
overdrafts
— — — — — — — — — — 
Totals$76,419 $107,075 $ $183,494 $95,292 $97,907 $ $193,199 $29,209 $34,342 $3 $63,554 
__________
(1) There were no loans categorized as “loss” as of the dates presented.



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)September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
(audited)
Domestic$5,553,336 $5,281,946 $5,288,702 $5,430,059 $5,067,937 
Foreign:
Venezuela1,887,282 1,918,134 1,988,470 1,870,979 1,892,453 
Others670,326 615,931 601,071 593,825 586,522 
Total foreign2,557,608 2,534,065 2,589,541 2,464,804 2,478,975 
Total deposits$8,110,944 $7,816,011 $7,878,243 $7,894,863 $7,546,912 

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Glossary of Terms and Definitions
Total gross loans: include loans held for investment net of unamortized deferred loan origination fees and costs, as well as loans held for sale.
Core deposits: consist of total deposits excluding all time deposits.
Assets under management and custody: consists of 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.
Net interest margin, or NIM: defined as net interest income, or NII, divided by average interest-earning assets, which are loans, securities, deposits with banks and other financial assets which yield interest or similar income.
ROA and Core ROA are calculated based upon the average daily balance of total assets.
ROE and Core ROE are calculated based upon the average daily balance of stockholders’ equity.
Total revenue is the result of net interest income before provision for credit losses plus noninterest income.
Total capital ratio: total stockholders’ equity divided by total risk-weighted assets, calculated according to the standardized regulatory capital ratio calculations.
Tier 1 capital ratio: 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 all the dates presented.
Tier 1 leverage ratio: Tier 1 capital divided by quarter to date average assets.
Common equity tier 1 capital ratio, CET1: Tier 1 capital divided by total risk-weighted assets.
Tangible common equity ratio: 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.
Tangible common equity ratio, adjusted for unrealized losses on debt securities held to maturity: calculated in the same manner described in tangible common equity but also includes unrealized losses on debt securities held to maturity in the balance of common equity and total assets.    
Loans to Deposits ratio: calculated as the ratio of total loans gross divided by total deposits.
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.
Non-performing loans include all accruing loans past due by 90 days or more and all nonaccrual loans
Ratio for net charge-offs/average total loans held for investments: 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.
Other operating expenses: total noninterest expense less salary and employee benefits.
Efficiency ratio: total noninterest expense divided by the sum of noninterest income and NII.
The terms of the FHLB advance agreements require the Bank to maintain certain investment securities or loans as collateral for these advances.
Cost of total deposits: calculated based upon the average balance of total noninterest bearing and interest bearing deposits, which includes time deposits.
AFS: Available-for-sale debt securities
HTM: Held-to-maturity debt securities

25
Third Quarter Earnings Presentation October 24, 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. Examples of forward- looking statements include but are not limited to: our future operating or financial performance, including revenues, expenses, expense savings, income or loss and earnings or loss per share, and other financial items; statements regarding expectations, plans or objectives for future operations, products or services, and our expectations on our investment portfolio repositioning and loan recoveries or reaching positive resolutions on problem loans. 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, 2023 filed on March 7, 2024, in our quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2024 filed on May 3, 2024, 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, 2024, June 30, 2024, March 31, 2024, December 31, 2023, and September 30, 2023, and the nine month periods ended September 30, 2024 and 2023 may not reflect our results of operations for our fiscal year ending, or financial condition as of December 31, 2024, or any other period of time or date. 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 2024, including the effect of non-core banking activities such as the sale of loans and securities (including the investment portfolio repositioning initiated in the third quarter of 2024 )and other repossessed assets, the sale of our Houston franchise, the valuation of securities, derivatives, loans held for sale and other real estate owned, impairment of investments, the early repayment of FHLB advances, 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. Appendix 1 reconciles these non-GAAP financial measures to reported results.


 
3 3Q24 Highlights Balance Sheet • Total assets were $10.38 billion, up by $634.2 million, compared to $9.75 billion in 2Q24 • Cash and cash and equivalents were $671.8 million, up by $361.5 million, compared to $310.3 million in 2Q24 • Total investments remained unchanged at $1.54 billion • Total gross loans were $7.56 billion, up by $239.1 million, compared to $7.32 billion in 2Q24 • Total deposits were $8.11 billion, up by $294.9 million, compared to $7.82 billion in 2Q24, driven by continued organic deposit growth • FHLB advances were $915.0 million, up by $150.0 million, compared to $765.0 million in 2Q24 • Total Capital Ratio was 12.66% compared to 11.88% in 2Q24 • CET 1(1) was 10.60% compared to 9.60% in 2Q24 • Tier 1 Capital Ratio was 11.31% compared to 10.34% in 2Q24 • TCE Ratio(2) was 8.48% compared to 7.30% in 2Q24 (1) We expect our CET1 to be at approximately 11.20%, after we close on the Houston transaction and remain above 11% in 2025 as projected earnings support growth. (2) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP


 
4 3Q24 Highlights Income Statement • Net loss attributable to the Company was $48.2 million; Net Diluted loss per share was $1.43, compared to diluted earnings per share of $0.15 in 2Q24 • NIM was 3.49% down by 7 basis points compared to 3.56% in 2Q24 • Net Interest Income (“NII”) was $81.0 million, up $1.6 million, from $79.4 million in 2Q24 • Provision for credit losses was $19.0M down by $150.0 thousand, compared to $19.2M in 2Q24 • Recorded $1.6 million in non-interest income and non-interest expense (no impact on P&L) in connection with the unwinding of the swap on a non-performing loan sold (1) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP (2) Represents core non-interest income, core non-interest expense and core PPNR, which are Non-GAAP Financial Measures. See Appendix 1 for a reconciliation to GAAP As Reported Adjustments Adjusted(2) Securities Losses due to Repositioning OREO Valuation Expense Non-interest income $(47.7) $68.5 - $20.8 Non-interest expense $76.2 - $5.7 $70.5 PPNR(1) $(42.9) $68.5 $5.7 $31.3


 
5 3Q24 Highlights Other Items of Note • On September 27, 2024, the Company completed a public offering of 8,684,210 shares of its Class A voting common stock, at a price to the public of $19.00 per share, which included 784,210 shares issued upon the exercise in full by the underwriters of their option to purchase additional shares of common stock. The total gross proceeds from the offering were approximately $165 million, with net proceeds of $155.7 million. • Paid quarterly cash dividend of $0.09 per common share on August 30, 2024. • As of 3Q24 our borrowing capacity with either the FED or FHLB was $ 1.6 billion • Assets under management increased $98.7 million to $2.55 billion, compared to $2.45 billion in 2Q24, primarily driven by market valuations and net new assets


 
6 Shares Outstanding Changes in Shares Outstanding: Beginning Balance at June 30, 2024 33,562,756 Repurchases of Class A Common Stock (1) (143,674) Common stock issuance (2) 8,684,210 Net Issuances (3) 331 Balance at September 30, 2024 42,103,623 (1) Repurchases of Class A Common Stock under the Company's stock repurchase program. (2) On September 27, 2024, the Company completed a public offering of 8,684,210 shares of its Class A voting common stock, at a price to the public of $19.00 per share. (3) Net issuances of shares under the Company's equity compensation plan.


 
7 74.21% 228.74% 2Q24 3Q24 18.7% 18.3% 2Q24 3Q24 1.41% 1.15% 2Q24 3Q24 0.21% (1.92)% 2Q24 3Q24 2.68% (24.98)% 2Q24 3Q24 NIB Deposits/ Total Deposits Efficiency Ratio ACL / Total Loans held for investment ROA ROE Select Performance Metrics Excluding non-routine items ($5.7 million in non-routine noninterest expenses related to an OREO valuation expense and negative $68.5 million in non-routine noninterest income related to securities losses due to portfolio repositioning), these metrics were as follows as of 3Q24: • Efficiency Ratio(*) was 69.29% compared to 68.60% in 2Q24 • ROA(*) was 0.37% compared to 0.38% in 2Q24 • ROE(*) was 4.80% compared to 5.03% in 2Q24 (*) Represents core efficiency ratio, core ROA and core ROE, which are non-GAAP Financial Measures. See Appendix 1 for a reconciliation to GAAP.


 
8 85.7% 14.3% U.S. Gov't Sponsored Enterprises 56.3%U.S. Gov't Agency 34.1% U.S. Treasury Debt Securities 0.1% Corporate Debt 9.3% Other 0.2% $1,033.8 $1,269.4 $1,476.4 $230.3 $219.6 $—$2.4 $2.5 $2.6 3.98% 4.31% 4.19% 3Q23 2Q24 3Q24 0 500 1,000 1,500 2,000 87.1% 12.9% Balances and Yields (1) AFS HTM Fixed vs. Floating (2) September 2024 Floating rate Fixed rate Available for Sale Securities by Type September 30, 2024 5.3 yrs Effective Duration ($ 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 floating) (3) Based on estimated prepayment speeds Yield 4.9 yrs Effective Duration 33.5 35.3 35.9 49.7 4Q24 1Q25 2Q25 3Q25 0.0 25.0 50.0 75.0 ($ in millions) Expected Prepayments & Maturities Expected Prepayments & Maturities (3) Maturing Yield % Investment Portfolio 4.57% 4.67% 4.68% 4.83% June 2024 (1) As part of securities repositioning, sale of all corporate debt was completed in early October 2024 (1)


 
9 38.0% 37.2% 34.1% 35.0% 34.8% 20.5% 20.9% 22.5% 22.7% 23.9% 15.8% 16.2% 17.0% 16.4% 16.3% 19.5% 20.4% 21.6% 21.7% 21.2% 6.1% 5.4% 4.8% 4.2% 3.8% 6.77% 7.09% 7.05% 7.08% 7.08% 3Q23 4Q23 1Q24 2Q24 3Q24 72.1% 73.4% 78.2% 79.4% 80.3% 18.5% 17.3% 12.9% 11.6% 10.5% 3.4% 3.0% 3.3% 3.0% 2.9% 4.0% 4.5% 3.9% 4.2% 4.7% 2.0% 1.8% 1.7% 1.6% 1.5% 3Q23 4Q23 1Q24 2Q24 3Q24 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 and loans held for sale carried at fair value. 3Q24 and 2Q24 also includes loans held for sale carried at the lower of cost or fair value in connection with the Houston Transaction. 4Q23 also includes loans held for sale carried at the lower of cost and estimated fair value related to the sale of certain Houston-CRE loans, which closed in the first quarter of 2024. (2) Consists of international loans; residential loans with U.S. collateral Tampa Loan Portfolio Highlights


 
10 CRE Type FL TX NY Other Total % Total CRE % Total Loans (1) Income Producing (2) Land and Construction Retail $ 626 $ 23 $ 84 $ — $ 733 29.8 % 10.6 % $ 729 $ 4 Multifamily $ 322 $ 76 $ 84 $ — $ 482 19.5 % 6.9 % $ 373 $ 108 Office $ 344 $ 42 $ 40 $ 5 $ 431 17.5 % 6.2 % $ 432 $ — Hotels $ 248 $ 28 $ — $ 19 $ 295 12.0 % 4.2 % $ 287 $ 8 Industrial $ 56 $ — $ 15 $ — $ 71 2.8 % 1.0 % $ 71 $ — Specialty $ 180 $ — $ — $ 16 $ 196 8.0 % 2.8 % $ 159 $ 38 Land $ 236 $ 6 $ — $ 14 $ 256 10.4 % 3.7 % $ 2 $ 253 Total CRE $ 2,012 $ 175 $ 223 $ 54 $ 2,464 100.0 % 35.4 % $ 2,053 $ 411 Outstanding as of September 30, 2024 ($ 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 CRE Loans Held For Investment - Detail


 
11 0.46% 0.47% 0.43% 1.38% 1.52% 0.57% 0.56% 0.51% 1.24% 1.25% 3Q23 4Q23 1Q24 2Q24 3Q24 3.0x 2.8x 3.2x 0.9x 0.7x 3Q23 4Q23 1Q24 2Q24 3Q24 $98.8 $95.5 $96.1 $94.4 $79.9 1.40% 1.39% 1.38% 1.41% 1.15% 3Q23 4Q23 1Q24 2Q24 3Q24 0.82% 0.85% 0.69% 1.13% 1.90% 3Q23 4Q23 1Q24 2Q24 3Q24 Net Charge-Offs / Average Total Loans Held for Investment Allowance for Credit Losses ($ 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 $94.4 $(35.6) $3.2 $14.7 $0.9 $2.3 $79.9 2Q24 Gross Charge-offs Recoveries Requirement for Charge-offs Credit Quality and Macroeconomic Changes Loan Growth 3Q24 ($ in millions) Allowance for Credit Losses Remarks: Gross charge-off includes $17.3 million that was provisioned in the previous period.


 
13 Special Mention Loans $95.3 $5.5 $(2.9) $(18.2) $(3.3) $76.4 2Q24 Downgrades to Special Mention Upgrades to Pass Downgrades to Substandard Payoffs/Paydowns 3Q24 ($ in millions) Special Mention Loans Remarks: • The downgrade to Special Mention is one relationship with four owner-occupied loans totaling $5.5 million • The downgrades to Substandard consisted mainly of three owner-occupied loans and one commercial loan


 
14 Non-Performing Loans $101.0 $86.3 $(35.6) $(33.6) $(3.2) $114.9 2Q24 Downgrades to Substandard Charge-offs Sold Payoffs/Paydowns 3Q24 ($ in millions) Non-Performing Loans Remarks: • The downgrades to substandard are composed mainly of six commercial/owner-occupied loans and two CRE loan, in addition to downgrades to special mention described in the previous slide • The downgrades were not concentrated in a specific industry or geography. • Note sales included one owner-occupied loan totaling $28 million and two small real estate secured loans. All notes were sold at par.


 
15 $7,547 $7,895 $7,878 $7,816 $8,111 $3,861 $4,153 $4,236 $4,040 $4,225 $1,580 $1,578 $1,595 $1,611 $1,702 $736 $737 $650 $700 $702 $1,370 $1,427 $1,397 $1,465 $1,482 2.66% 2.88% 3.00% 2.98% 2.99% 3Q23 4Q23 1Q24 2Q24 3Q24 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 $2,494 $2,423 $2,465 $2,558 2021 2022 2023 3Q24 1,000 2,000 3,000 $3,137 $4,621 $5,430 $5,553 2021 2022 2023 3Q24 2,500 5,000 Domestic Deposits ($ 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 32% of Total Deposits Approx. avg. acct balance: $45,000 68% of Total Deposits Approx. avg. acct balance: $110,000 Well Diversified and Stable Deposit Mix


 
16 $78.6 $81.7 $78.0 $79.4 $81.0 3.57% 3.72% 3.51% 3.56% 3.49% Net Interest Income NIM 3Q23 4Q23 1Q24 2Q24 3Q24 0 10 20 30 40 50 60 70 80 NII and NIM (%) 16 ($ in millions) 3Q23 4Q23 1Q24 2Q24 3Q24 Cost of Deposits (Domestic) 3.49 % 3.71 % 3.78 % 3.74 % 3.72 % Cost of Deposits (International) 0.94 % 1.14 % 1.39 % 1.42 % 1.41 % Cost of FHLB Advances 4.07 % 3.89 % 3.48 % 3.79 % 4.07 % Cost of Funds 2.86 % 3.01 % 3.09 % 3.11 % 3.15 % 1.04 0.43 0.47 0.49 0.49 0.54 3Q23 4Q23 1Q24 2Q24 3Q24 0.00 2.00 0.40 0.48 0.56 Quarterly Beta*Cumulative Beta Net Interest Income and NIM Total Deposits Beta Evolution Cost of Funds N/AN/A (0.02)


 
17 <1 year; 57% 1-3 years; 5% 4-5 years; 6% 5+ years; 32% 327 346 353 361 375 381 387 -200 bps -100 bps -50 bps BASE +50 bps +100 bps +200 bps 0 240 480 As of September 30, 2024 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 (2) Totals may not sum due to rounding Loan Portfolio Details Impact on NII from Interest Rate Change (1)(2) AFSChange from base ($ in M ill io n s) Fixed 48% UST 1% Prime 14% SOFR 37% As of September 30, 2024 Impact on AFS from Interest Rate Change (1) (9.4)% (4.1)% 0% 5.8%4.0% (2.0)% 7.4% No Floor; 51% 0.5-2%; 1% 2-3.5%; 16% 3.5-5%; 14% 5-6.75%; 17% By Floors 1,609 1,548 1,512 1,474 1,435 1,395 1,314 -200 bps -100 bps -50 bps MV +50 bps +100 bps +200 bps ($ in M ill io n s) 9.2% 5.0% 2.6% 0% (2.7)% (5.4)% (10.9)% Expected AOCL Improvement Change from MVNet Interest Income (18,802) (8,700) 3Q24 3Q25 (estimated) (20,000) (10,000) — approx. 23% drop in AOCL Interest Rate Sensitivity


 
18 $21.9 $19.5 $14.5 $19.4 $(47.7) $5.1 $4.4 $4.3 $5.3 $5.0 $4.4 $4.2 $4.3 $4.5 $4.5 $(68.5) $4.4 $3.8 $5.6 $7.2 $7.8$1.2 $0.8 $0.5 $2.4 $3.5$7.0 $6.5 3Q23 4Q23 1Q24 2Q24 3Q24 -75 -50 -25 0 25 50 19% 81% 17% 83% Non-Interest Income Mix Deposits and service fees Brokerage, advisory and fiduciary activities Other noninterest income DomesticInternational 3Q23 $2.6B ($ in millions) Securities losses, net Loan-related derivative income Derivative losses, net Gain on early extinguishment of FHLB advances, net Non-Interest Income Mix $2.1B Assets Under Management and Custody 3Q24 $(0.2) $(0.1) $(0.1) $(0.2) $(0.2) $0.2 $(0.1)


 
19 $64.4 $109.7 $66.6 $73.3 $76.2 $31.3 $33.0 $33.0 $33.9 $35.0 $33.1 $76.7 $33.6 $39.4 $41.2 700 682 696 720 735 3Q23 4Q23 1Q24 2Q24 3Q24 0 30 60 90 120 Non-Interest Expense Mix ($ in millions, except for FTEs) Non-routine Noninterest Expenses $6.3 $43.1 $0.0 $5.6 $5.7 $5.6$5.6 $37.5 3Q23 4Q23 1Q24 2Q24 3Q24 0 20 40 60 ($ in millions) Non-Interest Expense Salaries and employee benefits Other operating expenses FTEs Other non-routine noninterest expenses Losses on loans held for sale carried at the lower cost or fair value Fixed assets impairment $0.9 $1.3 $3.4 Noninterest expense $76.2 million OREO valuation expense ($5.7 million) Core noninterest expense (1) $70.5 million Unwinding of swap ($1.6 million) Normalized expenses $68.9 million (1) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP Losses on sale of repossessed assets and other real estate owned loss $0.7


 
20 Change in Diluted Earnings Per Common Share $0.15 $0.01 $(2.03) $0.45 $0.01 $(0.02) $(1.43) 2Q24 PPNR Net Non-routine Items Income Tax Expense Capital Raise Repurchases and Other 3Q24 $(2.50) $(2.00) $(1.50) $(1.00) $(0.50) $— $0.50 $1.00 EPS Trend (*) Refers to core PPNR which is a non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP. (*)


 
21 Closing Remarks • Signed LOI for a second banking center in Miami Beach (expected mid-2025 opening) • Signed agreement for second Tampa office in downtown Tampa (expected mid-2025 opening) • Hired new Market President for Broward County who will oversee Amerant’s ongoing expansion in this key market • Continue to actively recruit for additional commercial relationship bankers and private banking officers in Broward County, Palm Beach County and in the greater Tampa market • Loan production was strong in 3Q24 and the pipeline for 4Q24 is aligned with previous guidance • Deposits First - funding projected loan growth continues to be our top priority • Significant reduction in both special mention and non-performing loans expected in 4Q24 • It’s all about execution! Our focus remains on the execution of our strategic plan as we pursue our goal of being the bank of choice in the markets we serve.


 
Supplemental Loan Portfolio Information


 
23 Loans Held for Investment Portfolio by Industry • Diversified portfolio - highest sector concentration, other than real estate, at 13.9% of total loans • 71% of total loans secured by real estate • Main concentrations: – CRE or Commercial Real Estate – Wholesale - Food & Auto and and computer parts wholesalers – Retail - Gas stations – Services – Healthcare and Restaurants 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) $ 33 $ 447 $ 480 6.9 % Construction and Real Estate & Leasing: Commercial real estate loans 2,464 — 2,464 35.4 % Other real estate related services and equipment leasing (2) 120 165 285 4.1 % Total construction and real estate & leasing 2,584 165 2,749 39.5 % Manufacturing: Foodstuffs, Apparel 75 28 103 1.5 % Metals, Computer, Transportation and Other 35 45 80 1.2 % Chemicals, Oil, Plastics, Cement and Wood/Paper 3 8 11 0.2 % Total Manufacturing 113 81 194 2.8 % Wholesale (3) 102 183 285 4.1 % Retail Trade (4) 232 219 451 6.5 % Services: Non-Financial Public Sector — 6 6 0.1 % Communication, Transportation, Health and Other (5) 243 297 540 7.7 % Accommodation, Restaurants, Entertainment and other services (6) 147 227 374 5.4 % Electricity, Gas, Water, Supply and Sewage Services 5 47 52 0.7 % Total Services 395 577 972 14.0 % Primary Products: Agriculture, Livestock, Fishing and Forestry 3 3 6 0.1 % Mining — — — — % Total Primary Products 3 3 6 0.1 % Other Loans (7) 1,501 326 1,827 26.2 % Total Loans $ 4,963 $ 2,001 $ 6,964 100.0 % September 30, 2024


 
24 18% 33% 35% 14% —% 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 five loans in South Florida (Food and Health, Clothing and Car Wash). Highlights CRE Retail (1) Retail - LTV Food and Health Retail; 10% Clothing; 27% Car Wash; 24%Groceries; 6% Restaurant; 8% Tobacco & CBD; 25% CRE Retail - Single Tenant (1) (1) CRE retail loans held for investment above $3.0 million Total: $654 million Loan Portfolio Percentage: 9.4% Total: $50 million Loan Portfolio Percentage: 0.7% Neighborhood Center; 36% Single Tenant; 8% Strip/Convenience; 21% Community Center; 21% Theme/Festival Center; 11% Retail Storefront; 3% CRE Retail - Detail As of September 30, 2024


 
25 New York; 10% Texas; 10% South Florida; 80% 11% 34% 47% 8% —% 50% or less 51-60% 61-70% 71-80% 81% or more 0% 10% 20% 30% 40% 50% 60% CRE office above $3 million represent 27 loans totaling $412 million, or 96% of total CRE office with avg. debt-service coverage (DSCR) 1.8x and LTV 63% ◦ South Florida: 21 loans totaling $325 million with avg. DSCR 1.8x and LTV 62% (67% Miami-Dade, 27% Broward and 6% Palm Beach) ◦ New York: 2 loans totaling $40 million with avg. DSCR 1.2x and LTV 63% (52% Westchester and 48% Kings) ◦ Texas: 3 loans totaling $42 million with avg. DSCR 1.6x and LTV 66% (92% Dallas and 8% Houston) Highlights CRE Office (1) Office - LTV (1) CRE office loans held for investment above $3 million Total: $412 million Loan Portfolio Percentage: 5.9% CRE Office - Detail As of September 30, 2024


 
Appendices


 
27 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 (including the investment portfolio repositioning initiated at the end of the third quarter of 2024) and other repossessed assets, the Houston Transaction, 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. The Company believes these adjusted numbers are useful to understand the Company’s performance absent these transactions and events. Three Months Ended, ($ in thousands) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Net (loss) income attributable to Amerant Bancorp Inc. $ (48,164) $ 4,963 $ 10,568 $ (17,123) $ 22,119 Plus: provision for credit losses (1) 19,000 19,150 12,400 12,500 8,000 Plus: provision for income tax (benefit) expense (13,728) 1,360 2,894 (2,972) 6,337 Pre-provision net revenue (loss) (PPNR) (42,892) 25,473 25,862 (7,595) 36,456 Plus: non-routine noninterest expense items 5,672 5,562 — 43,094 6,303 Plus (less): non-routine noninterest income items 68,484 (28) 206 (5,688) (6,879) Core pre-provision net revenue (Core PPNR) $ 31,264 $ 31,007 $ 26,068 $ 29,811 $ 35,880 Total noninterest (loss) income $ (47,683) $ 19,420 $ 14,488 $ 19,613 $ 21,921 Less: Non-routine noninterest (loss) income items: Derivatives (losses) gains, net — (44) (152) (151) (77) Securities (losses) gains, net (2) (68,484) (117) (54) 33 (54) Bank owned life insurance charge (3) — — — (655) — Gains on early extinguishment of FHLB advances, net — 189 — 6,461 7,010 Total non-routine noninterest (loss) income items (68,484) 28 (206) 5,688 6,879 Core noninterest income $ 20,801 $ 19,392 $ 14,694 $ 13,925 $ 15,042


 
28 Three Months Ended ($ in thousands) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Total noninterest expense $ 76,208 $ 73,302 $ 66,594 $ 109,702 $ 64,420 Less: non-routine noninterest expense items Restructuring costs (4): Staff reduction costs (5) — — — 1,120 489 Contract termination costs (6) — — — — — Consulting and other professional fees and software expenses(7) — — — 1,629 — Branch closure expenses and related charges (8) — — — — 252 Total restructuring costs $ — $ — $ — $ 2,749 $ 741 Other non-routine noninterest expense items: Losses on loans held for sale carried at the lower cost or fair value (9)(10) — 1,258 — 37,495 5,562 Other real estate owned valuation expense 5,672 — — — — Goodwill and intangible assets impairment (10) — 300 — 1,713 — Fixed assets impairment (10)(11) — 3,443 — — — Legal and broker fees (10) — 561 — — — Bank owned life insurance enhancement costs (3) — — — 1,137 — Impairment charge on investment carried at cost — — — — — Total non-routine noninterest expense items $ 5,672 $ 5,562 $ — $ 43,094 $ 6,303 Core noninterest expense $ 70,536 $ 67,740 $ 66,594 $ 66,608 $ 58,117 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd)


 
29 Three Months Ended, ($ in thousands, except percentages and per share data) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Net (loss) income attributable to Amerant Bancorp Inc. $ (48,164) $ 4,963 $ 10,568 $ (17,123) $ 22,119 Plus after-tax non-routine items in noninterest expense: Non-routine items in noninterest expense before income tax effect 5,672 5,562 — 43,094 6,303 Income tax effect (12) (1,332) (1,196) — (8,887) (1,486) Total after-tax non-routine items in noninterest expense 4,340 4,366 — 34,207 4,817 Plus (less) after-tax non-routine items in noninterest income: Non-routine items in noninterest income before income tax effect 68,484 (28) 206 (5,688) (6,879) Income tax effect (12) (15,411) 6 (44) 1,032 1,607 Total after-tax non-routine items in noninterest income 53,073 (22) 162 (4,656) (5,272) BOLI enhancement tax impact (2) — — — 2,844 — Core net income $ 9,249 $ 9,307 $ 10,730 $ 15,272 $ 21,664 Basic (loss) earnings per share $ (1.43) $ 0.15 $ 0.32 $ (0.51) $ 0.66 Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (13) 0.13 0.13 — 1.11 0.14 Plus (less): after tax impact of non-routine items in noninterest income 1.57 — — (0.14) (0.15) Total core basic earnings per common share $ 0.27 $ 0.28 $ 0.32 $ 0.46 $ 0.65 Diluted (loss) earnings per share (14) $ (1.43) $ 0.15 $ 0.31 $ (0.51) $ 0.66 Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (13) 0.13 0.13 — 1.11 0.14 Plus (less): after tax impact of non-routine items in noninterest income 1.57 — 0.01 (0.14) (0.16) Total core diluted earnings per common share $ 0.27 $ 0.28 $ 0.32 $ 0.46 $ 0.64 Net (loss) income / Average total assets (ROA) (1.92) % 0.21 % 0.44 % (0.71) % 0.92 % Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (13) 0.18 % 0.17 % — % 1.55 % 0.20 % Plus (less): after tax impact of non-routine items in noninterest income 2.11 % — % — % (0.20) % (0.21) % Core net income / Average total assets (Core ROA) 0.37 % 0.38 % 0.44 % 0.64 % 0.91 % Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd)


 
30 Three Months Ended, ($ in thousands, except percentages and per share data) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Net (loss) income/ Average stockholders' equity (ROE) (24.98) % 2.68 % 5.69 % (9.22) % 11.93 % Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (13) 2.25 % 2.36 % — % 19.96 % 2.60 % Plus (less): after tax impact of non-routine items in noninterest income 27.53 % (0.01) % 0.09 % (2.51) % (2.84) % Core net income / Average stockholders' equity (Core ROE) 4.80 % 5.03 % 5.78 % 8.23 % 11.69 % Efficiency ratio 228.74 % 74.21 % 72.03 % 108.30 % 64.10 % Less: impact of non-routine items in noninterest expense and and noninterest income (159.45) % (5.61) % (0.16) % (38.63) % (2.02) % Core efficiency ratio 69.29 % 68.60 % 71.87 % 69.67 % 62.08 % Stockholders' equity $ 902,888 $ 734,342 $ 738,085 $ 736,068 $ 719,787 Less: goodwill and other intangibles (15) (24,366) (24,581) (24,935) (25,029) (26,818) Tangible common stockholders' equity $ 878,522 $ 709,761 $ 713,150 $ 711,039 $ 692,969 Total assets 10,381,961 9,747,738 9,817,772 9,716,327 9,345,700 Less: goodwill and other intangibles (15) (24,366) (24,581) (24,935) (25,029) (26,818) Tangible assets $ 10,357,595 $ 9,723,157 $ 9,792,837 $ 9,691,298 $ 9,318,882 Common shares outstanding 42,103,623 33,562,756 33,709,395 33,603,242 33,583,621 Tangible common equity ratio 8.48 % 7.30 % 7.28 % 7.34 % 7.44 % Stockholders' book value per common share $ 21.44 $ 21.88 $ 21.90 $ 21.90 $ 21.43 Tangible stockholders' equity book value per common share $ 20.87 $ 21.15 $ 21.16 $ 21.16 $ 20.63 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd)


 
31 Three Months Ended, ($ in thousands, except percentages and per share data) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Tangible common stockholders' equity $ 878,522 $ 709,761 $ 713,150 $ 711,039 $ 692,969 Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (16) — (20,304) (18,729) (16,197) (26,138) Tangible common stockholders' equity, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 878,522 $ 689,457 $ 694,421 $ 694,842 $ 666,831 Tangible assets $ 10,357,595 $ 9,723,157 $ 9,792,837 $ 9,691,298 $ 9,318,882 Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (16) — (20,304) (18,729) (16,197) (26,138) Tangible assets, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 10,357,595 $ 9,702,853 $ 9,774,108 $ 9,675,101 $ 9,292,744 Common shares outstanding 42,103,623 33,562,756 33,709,395 33,603,242 33,583,621 Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity 8.48 % 7.11 % 7.10 % 7.18 % 7.18 % Tangible stockholders' book value per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 20.87 $ 20.54 $ 20.60 $ 20.68 $ 19.86 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd)


 
32 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd) (1) In the third, second and first quarter of 2024 and in the fourth and third quarter of 2023, includes $17.9 million, $17.7 million, $12.4 million, $12.0 million and $7.4 million of provision for credit losses on loans, respectively. Provision for unfunded commitments (contingencies) in the third and second quarter of 2024, and in the fourth and third quarter of 2023, were $1.1 million, $1.5 million, $0.5 million and $0.6 million, respectively, while there was none in the first quarter of 2024. For all other periods shown, includes provision for credit losses on loans. (2) In the third quarter of 2024, the Company executed an investment portfolio repositioning which resulted in a pre-tax loss of $68.5 million during the same period. (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, rolling out 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 ended December 31, 2023, includes an aggregate of $1.6 million 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, 2024, June 30, 2024, March 31, 2024 and September 30, 2023. (8) In the three months ended September 30, 2023, consists of expenses in connection with the closure of a branch in Houston, Texas in 2023. (9) In the three months ended December 31, 2023, includes (i) 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 cost or fair value, and (ii) a loss on sale of $2.0 million related to a New York-based CRE loan previously carried at the lower of cost or fair value. In the three months ended September 30, 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 cost or fair value. (10) In the three months ended June 30, 2024, amounts shown are in connection with the Houston Transaction. (11) Related to Houston branches and included as part of occupancy and equipment expenses. See Exhibit 5 for additional information. (12) In the three months ended March 31, 2024, amounts were calculated based upon the effective tax rate for the period of 21.50%. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect. (13) In the three months 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 BOLI tax impact of $2.8 million in the same 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. (14) See 2023 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation. (15) At September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, other intangible assets primarily consist of naming rights of $2.1 million, $2.3 million, $2.4 million, $2.5 million and $2.7 million, respectively, and mortgage servicing rights (“MSRs”) of $1.4 million, $1.5 million, $1.4 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) There were no debt securities held to maturity at September 30, 2024. As of June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, amounts were calculated based upon the fair value on debt securities held to maturity, and assuming a tax rate of 25.38%, 25.40%, 25.36% and 25.51%, respectively.


 
33 Income Statement Highlights - 3Q24 vs 2Q24 ($ in thousands) 3Q24 2Q24 Change Total Interest Income Loans $ 129,752 $ 124,117 $ 5,635 Investment securities 17,127 16,950 177 Interest earning deposits with banks and other interest income 4,758 5,342 (584) Total Interest Expense — Interest bearing demand deposits 15,345 16,779 (1,434) Savings and money market deposits 16,830 14,999 1,831 Time deposits 27,260 25,971 1,289 Advances from FHLB 8,833 6,946 1,887 Senior notes 942 941 1 Subordinated notes 361 361 — Junior subordinated debentures 1,067 1,055 12 Securities sold under agreements to repurchase — 2 (2) Total Provision for Credit Losses 19,000 19,150 (150) Total Noninterest Income (47,683) 19,420 (67,103) Total Noninterest Expense 76,208 73,302 2,906 Income Tax (Benefit) Expense (13,728) 1,360 (15,088) Net Income (Loss) Attributable to Amerant Bancorp Inc. $ (48,164) $ 4,963 $ (53,127)


 
34 • 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 • C&I - Commercial and Industrial • 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


 
35Glossary (cont'd) • TCE Ratio: 3Q24 includes $13.0 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 : there were no brokered transaction deposits in 3Q24, 2Q24 and 1Q24, while 4Q23 and 3Q23 include brokered transaction deposits of $17 million and $13 million, respectively. 3Q24, 2Q24, 1Q24, 4Q23 and 3Q23 brokered time deposits were $702 million, $700 million, $650 million and $720 million, respectively. • Cost of Total Deposits: annualized and calculated based upon the average daily balance of total deposits. • Average deposit account balances in Deposit Mix Slide calculated as of December 31, 2023 • 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 cost or fair value • 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, which includes time 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 • Quarterly beta (as shown in NII & NIM Slide): calculated based upon the change of the cost of deposit over the change of Federal funds rate (if any) during the quarter.


 
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CONTACTS:
Investors
Laura Rossi
InvestorRelations@amerantbank.com
(305) 460-8728
Media
Alexis Dominguez
MediaRelations@amerantbank.com
(305) 441-8412

AMERANT BANCORP INC. DECLARES DIVIDEND

CORAL GABLES, FLORIDA, October 23, 2024. Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today announced that, on October 23, 2024, the Company’s Board of Directors declared a cash dividend of $0.09 per-share of Amerant common stock. The dividend is payable on November 29, 2024, to shareholders of record at the close of business on November 14, 2024.

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 26 banking centers – 19 in South Florida, 1 in Tampa, FL and 6 in the Houston, Texas area. For more information, visit investor.amerantbank.com.
1
v3.24.3
Cover Page
Oct. 23, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 23, 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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