Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): October 23, 2024

Amerant Bancorp Inc.

(Exact name of registrant as specified in its charter)

Florida

001-38534

65-0032379

(State or other jurisdiction
of incorporation

(Commission
file number)

(IRS Employer
Identification Number)




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

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


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

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


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

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


Emerging growth company			☐

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

Item 2.02 Results of Operations and Financial Condition

On 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			Press Release of Amerant Bancorp Inc., dated October 2 3 , 2024
99.2			Earnings slide presentation of Amerant Bancorp Inc., dated October 24, 2024
99.3			Press Release of Amerant Bancorp Inc., dated October 23, 2024
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

Date: 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


						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.”

•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.

•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

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.

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.

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, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Consolidated Balance Sheets							(audited)
Total assets	$	10,381,961	$	9,747,738	$	9,817,772	$	9,716,327	$	9,345,700
Total investments	1,542,544		1,547,864		1,578,568		1,496,975		1,314,367

Total gross loans (1)(2)	7,561,963		7,322,911		7,006,383		7,264,912		7,142,596
Allowance for credit losses	79,890		94,400		96,050		95,504		98,773
Total deposits	8,110,944		7,816,011		7,878,243		7,894,863		7,546,912
Core deposits (1)	5,707,366		5,505,349		5,633,165		5,597,766		5,244,034
Advances from the Federal Home Loan Bank	915,000		765,000		715,000		645,000		595,000
Senior notes	59,764		59,685		59,605		59,526		59,447
Subordinated notes	29,582		29,539		29,497		29,454		29,412
Junior subordinated debentures	64,178		64,178		64,178		64,178		64,178
Stockholders' equity (3)(4)(5)	902,888		734,342		738,085		736,068		719,787
Assets under management and custody (1)	2,550,541		2,451,854		2,357,621		2,289,135		2,092,200


	Three Months Ended
(in thousands, except percentages, share data and per share amounts)	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023

Consolidated Results of Operations
Net interest income	$	80,999	$	79,355	$	77,968	$	81,677	$	78,577
Provision for credit losses (6)	19,000		19,150		12,400		12,500		8,000
Noninterest (loss) income	(47,683)		19,420		14,488		19,613		21,921
Noninterest expense	76,208		73,302		66,594		109,702		64,420
Net (loss) income attributable to Amerant Bancorp Inc. (7)	(48,164)		4,963		10,568		(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	33,784,999		33,581,604		33,538,069		33,432,871		33,489,560
Diluted weighted average shares outstanding (9)	33,784,999		33,780,666		33,821,562		33,432,871		33,696,620
Cash dividend declared per common share (4)	$	0.09	$	0.09	$	0.09	$	0.09	$	0.09


	Three Months Ended
	September 30, 2024	June 30, 2024		March 31, 2024		December 31, 2023		September 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 investment	1.15%	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 assets	3.04%	3.03%		2.75	%	4.57	%	2.69	%
Salaries and employee benefits / Average total assets	1.39%	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)	735	720		696		682		700


	Three Months Ended
(in thousands, except percentages and per share amounts)	September 30, 2024		June 30, 2024		March 31, 2024			December 31, 2023			September 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.

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, 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

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


	Three Months Ended,

(in thousands, except percentages and per share amounts)	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		%






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		%








(in thousands, except percentages, share data and per share amounts)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 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 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


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

____________

(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.

(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.

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, 2024				June 30, 2024				September 30, 2023
(in thousands, except percentages)	Average Balances		Income/ Expense		Yield/ Rates		Average Balances		Income/ Expense		Yield/ Rates		Average Balances		Income/ Expense		Yield/ Rates
Interest-earning assets:
Loan portfolio, net (1)(2)	$	7,291,632	$	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		4		0.77	%
Equity securities with readily determinable fair value not held for trading	2,525		19		2.99	%	2,466		13		2.12	%	2,479		21		3.36	%
Federal Reserve Bank and FHLB stock	61,147		1,083		7.05	%	54,664		955		7.03	%	54,056		961		7.05	%
Deposits with banks	344,469		4,670		5.39	%	364,466		5,260		5.80	%	344,015		5,248		6.05	%
Other short-term investments	6,677		88		5.24	%	6,399		82		5.15	%	1,964		23		4.65	%
Total interest-earning assets	9,225,774		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


	Three Months Ended
	September 30, 2024					June 30, 2024					September 30, 2023
(in thousands, except percentages)	Average Balances			Income/ Expense		Yield/ Rates		Average Balances			Income/ Expense		Yield/ Rates		Average Balances			Income/ Expense		Yield/ Rates
Interest-bearing liabilities:
Checking and saving accounts
Interest bearing DDA	$	2,294,323		$	15,345	2.66	%	$	2,408,979		$	16,779	2.80	%	$	2,523,092		$	16,668	2.62	%
Money market	1,541,987			16,804		4.34	%	1,411,287			14,973		4.27	%	1,144,580			11,013		3.82	%
Savings	247,903			26		0.04	%	253,625			26		0.04	%	280,096			32		0.05	%
Total checking and saving accounts	4,084,213			32,175		3.13	%	4,073,891			31,778		3.14	%	3,947,768			27,713		2.79	%
Time deposits	2,324,694			27,260		4.67	%	2,258,973			25,971		4.62	%	2,201,138			22,482		4.05	%
Total deposits	6,408,907			59,435		3.69	%	6,332,864			57,749		3.67	%	6,148,906			50,195		3.24	%
Securities sold under agreements to repurchase	—			—		—	%	124			2		6.49	%	326			4		4.87	%
Advances from the FHLB (7)	863,913			8,833		4.07	%	737,658			6,946		3.79	%	800,978			8,207		4.07	%
Senior notes	59,725			942		6.27	%	59,646			941		6.35	%	59,409			942		6.29	%
Subordinated notes	29,561			361		4.86	%	29,519			361		4.92	%	29,391			361		4.87	%
Junior subordinated debentures	64,178			1,067		6.61	%	64,178			1,055		6.61	%	64,178			1,097		6.78	%
Total interest-bearing liabilities	7,426,284			70,638		3.78	%	7,223,989			67,054		3.73	%	7,103,188			60,806		3.40	%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits	1,491,406							1,452,921							1,335,041
Accounts payable, accrued liabilities and other liabilities	301,373							309,298							320,369
Total non-interest-bearing liabilities	1,792,779							1,762,219							1,655,410
Total liabilities	9,219,063							8,986,208							8,758,598
Stockholders’ equity	766,909							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 spread						2.76	%						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 liabilities	124.23		%					124.11		%					123.01		%
Average non-performing loans/ Average total loans	1.54		%					0.60		%					—		%


	Nine Months Ended
	September 30, 2024				September 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)	1,273,797		41,562		4.36	%	1,050,648		31,494		4.01	%
Debt securities held to maturity (5)	217,272		5,597		3.44	%	236,325		6,046		3.42	%
Debt securities held for trading	—		—		—	%	783		6		1.02	%
Equity securities with readily determinable fair value not held for trading	2,490		87		4.67	%	2,455		21		1.14	%
Federal Reserve Bank and FHLB stock	55,352		2,922		7.05	%	54,911		2,833		6.90	%
Deposits with banks	377,139		15,681		5.55	%	342,127		14,272		5.58	%
Other short-term investments	6,337		248		5.22	%	662		23		4.65	%
Total interest-earning assets	9,035,103		442,671		6.54	%	8,694,544		403,010		6.20	%
Total non-interest-earning assets (6)	788,240						735,943
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 market	1,462,034		46,611		4.26	%	1,215,005		28,295		3.11	%
Savings	254,661		79		0.04	%	288,959		114		0.05	%
Total checking and saving accounts	4,099,243		96,550		3.15	%	4,007,111		74,610		2.49	%
Time deposits	2,291,539		79,355		4.63	%	2,006,417		53,844		3.59	%
Total deposits	6,390,782		175,905		3.68	%	6,013,528		128,454		2.86	%
Securities sold under agreements to repurchase	41		2		6.52	%	130		5		5.14	%
Advances from the FHLB (7)	749,195		21,357		3.81	%	862,310		22,591		3.50	%
Senior notes	59,646		2,826		6.33	%	59,330		2,825		6.37	%
Subordinated notes	29,519		1,083		4.90	%	29,349		1,084		4.94	%
Junior subordinated debentures	64,178		3,176		6.61	%	64,178		3,264		6.80	%
Total interest-bearing liabilities	7,293,361		204,349		3.74	%	7,028,825		158,223		3.01	%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits	1,459,325						1,348,242
Accounts payable, accrued liabilities and other liabilities	318,273						313,967
Total non-interest-bearing liabilities	1,777,598						1,662,209
Total liabilities	9,070,959						8,691,034
Stockholders’ equity	752,384						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 spread					2.80	%					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 liabilities	123.88%						123.70%
Average non-performing loans/ Average total loans	0.93%						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

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.

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, 2024				June 30, 2024					September 30, 2023	2024				2023
(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 activities	4,466		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 fees	1,430		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.

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, 2024				June 30, 2024					September 30, 2023	2024					2023
(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 insurance	2,863		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 expenses	3,468		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.

(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.

Exhibit 6 - Consolidated Balance Sheets


(in thousands, except share data)	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023

Assets							(audited)
Cash and due from banks	$	40,538	$	32,762	$	41,231	$	47,234	$	48,145
Interest earning deposits with banks	614,345		238,346		577,843		242,709		202,946
Restricted cash	10,087		32,430		33,897		25,849		51,837
Other short-term investments	6,871		6,781		6,700		6,080		6,024
Cash and cash equivalents	671,841		310,319		659,671		321,872		308,952
Securities
Debt securities available for sale, at fair value	1,476,378		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 stock	63,604		56,412		54,001		50,294		47,878
Securities	1,542,544		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 value	43,851		60,122		48,908		26,200		25,952
Loans held for investment, gross	6,964,171		6,710,961		6,957,475		6,873,493		7,073,387
Less: Allowance for credit losses	79,890		94,400		96,050		95,504		98,773
Loans held for investment, net	6,884,281		6,616,561		6,861,425		6,777,989		6,974,614
Bank owned life insurance	241,183		238,851		237,314		234,972		232,736
Premises and equipment, net	32,866		33,382		44,877		43,603		43,004
Deferred tax assets, net	41,138		48,779		48,302		55,635		63,501
Operating lease right-of-use assets	100,158		100,580		117,171		118,484		116,763
Goodwill	19,193		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 bearing	2,389,605		2,316,976		2,619,115		2,560,629		2,416,797
Savings and money market	1,835,700		1,723,233		1,616,719		1,610,218		1,457,080
Time	2,403,578		2,310,662		2,245,078		2,297,097		2,302,878
Total deposits	8,110,944		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 notes	59,764		59,685		59,605		59,526		59,447
Subordinated notes	29,582		29,539		29,497		29,454		29,412
Junior subordinated debentures held by trust subsidiaries	64,178		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 liabilities	9,479,073		9,013,396		9,079,687		8,980,259		8,625,913

Stockholders’ equity
Class A common stock	4,210		3,357		3,373		3,361		3,359

Additional paid in capital	342,508		189,601		192,237		192,701		194,103

Retained earnings	569,131		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 interest	902,888		734,342		738,085		736,068		722,761
Noncontrolling interest	—		—		—		—		(2,974)
Total stockholders' equity	902,888		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

__________

(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 residential	343,012		359,257		349,917		407,214		771,654
Land development and construction loans	411,051		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 residential	1,485,326		1,446,569		1,490,711		1,466,608		1,371,194
Owner occupied	1,013,682		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 loans	1,630,309		1,521,533		1,550,140		1,503,187		1,452,759
Loans to financial institutions and acceptances	92,489		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.

Loans by Type - Held For Sale

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


(in thousands)	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 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 residential	915		918		—		309,612		—
Land development and construction loans	35,020		29,923		—		55,607		—
	147,526		142,843		—		365,219		43,256
Single-family residential	86,905		88,507		—		—		—
Owner occupied	221,774		220,718		—		—		—
	456,205		452,068		—		365,219		43,256
Commercial loans	87,866		90,353		—		—		—
Consumer loans	9,870		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.

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	—		6		—		8			23,344
	1,916		6		—		8			23,344
Single-family residential	13,452		3,726		4,400		2,459			2,533
Owner occupied	29,240		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	—		4		45		38			1
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 residential	1,129		2,656		1,149		5,218			—

Commercial	104		—		918		857		—	504
Consumer loans and overdrafts	434		477		—		49			—
Total Past Due Accruing Loans	$	1,667	$	3,902	$	2,067	$	6,124		$	504
Total Non-Performing Loans	114,929		100,952		30,303		34,400			33,195
Other Real Estate Owned	14,509		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.

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, 2024								June 30, 2024								September 30, 2023

(in thousands)	Special Mention		Substandard		Doubtful		Total (1)		Special Mention		Substandard		Doubtful		Total (1)		Special Mention		Substandard		Doubtful		Total (1)
Real Estate Loans
Commercial Real Estate (CRE)
Non-owner occupied	$	34,374	$	1,916	$	—	$	36,290	$	33,979	$	—	$	—	$	33,979	$	—	$	—	$	—	$	—
Multi-family residential	—		—		—		—		—		6		—		6		—		23,344		—		23,344
Land development and construction loans	—		—		—		—		—		—		—		—		—		—		—		—
	34,374		1,916		—		36,290		33,979		6		—		33,985		—		23,344		—		23,344
Single-family residential	—		9,637		—		9,637		—		3,684		—		3,684		—		3,085		—		3,085
Owner occupied	29,603		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		3		32,710

Consumer loans and overdrafts	—		—		—		—		—		—		—		—		—		1		—		1
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, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023

							(audited)
Domestic	$	5,553,336	$	5,281,946	$	5,288,702	$	5,430,059	$	5,067,937
Foreign:
Venezuela	1,887,282		1,918,134		1,988,470		1,870,979		1,892,453
Others	670,326		615,931		601,071		593,825		586,522
Total foreign	2,557,608		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

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

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.


						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.

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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