0001734342false00017343422024-10-232024-10-23
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
amerantimagea03.jpg 
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

amntrgba33a.jpg
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.”




1

amntrgba33a.jpg
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.

2

amntrgba33a.jpg
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
3

amntrgba33a.jpg
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.
4

amntrgba33a.jpg


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.


5

amntrgba33a.jpg
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
6

amntrgba33a.jpg
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


7

amntrgba33a.jpg


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.

8

amntrgba33a.jpg
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 
9

amntrgba33a.jpg

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 %
10

amntrgba33a.jpg

(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.
11

amntrgba33a.jpg
(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.
12

amntrgba33a.jpg
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 

13

amntrgba33a.jpg

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 %— %


14

amntrgba33a.jpg
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
15

amntrgba33a.jpg
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.


16

amntrgba33a.jpg
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.


17

amntrgba33a.jpg

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 %