Amerant Reports Fourth Quarter 2024 and Full-year 2024 Results

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Insights

Amerant Bancorp's Q4 2024 performance reveals a complex picture of recovery and ongoing challenges. The headline $16.9 million quarterly profit ($0.40 per share) marks a dramatic improvement from Q3's $48.2 million loss, but masks underlying trends that deserve closer scrutiny.

Core performance metrics show encouraging momentum:

Core PPNR increased 19% quarter-over-quarter to $37.2 million
Net Interest Margin expanded to 3.75% from 3.49% in Q3
Core efficiency ratio improved to 64.71% from 69.29%

However, asset quality trends warrant attention. Non-performing assets rose 123.8% year-over-year to $122.2 million, while classified loans increased significantly to $125.7 million. This deterioration in credit quality, though partially offset by declining special mention loans, suggests potential headwinds.

The bank's strategic transformation is evident in its balance sheet evolution. Total assets declined 4.40% to $9.9 billion, primarily due to the Houston franchise sale, but management's projection of returning to $10 billion+ in Q1 2025 signals confidence in their Florida-focused growth strategy. The robust loan pipeline mentioned suggests this isn't merely aspirational.

Funding costs show improvement, with average deposit costs declining to 2.77% from 2.99% in Q3. The loan-to-deposit ratio of 92.5% and $2.5 billion available borrowing capacity indicate healthy liquidity positioning.

The full-year 2024 loss of $15.8 million versus 2023's $32.5 million profit reflects the cost of strategic repositioning, but core metrics suggest the underlying business model remains sound, with potential for improved performance in 2025 as transformation initiatives bear fruit.

01/22/2025 - 05:01 PM

CORAL GABLES, Fla.--(BUSINESS WIRE)-- Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today reported a net income attributable to the Company of $16.9 million in the fourth quarter of 2024, or $0.40 per diluted share, compared to a net loss of $48.2 million, or $1.43 loss per diluted share, in the third quarter of 2024. Net loss attributable to the Company was $15.8 million for the full-year 2024, or $0.44 per diluted share, compared to net income of $32.5 million, or $0.96 per diluted share, for the full-year 2023.

“Our fourth quarter results show significant improvement in a number of areas,” stated Jerry Plush, Chairman and CEO. “Net interest income increased over 8% while provision for credit losses declined 48%, quarter over quarter. While our asset size declined primarily from the sale of our Houston Franchise in the fourth quarter, our loan pipeline is robust heading into 2025, and we expect to be back well over $10 billion in assets in the first quarter of 2025. This past year we focused on completing our transformation toward becoming the bank of choice in Florida – in 2025, our focus now is executing on our growth plan.”

Fourth Quarter Financial Highlights and Quarter-over-Quarter Changes:

Total assets were $9.9 billion, down $455.4 million, or 4.40%, compared to $10.4 billion as of 3Q24.
Total gross loans were $7.27 billion, a decrease of $294.7 million, or 3.90%, compared to $7.56 billion in 3Q24.
Cash and cash equivalents were $590.4 million, down $81.5 million, or 12.13%, compared to $671.8 million as of 3Q24.
Total deposits were $7.9 billion, down $256.9 million, or 3.17%, compared to $8.1 billion in 3Q24.
Total advances from Federal Home Loan Bank (“FHLB”) were $745.0 million, down $170.0 million, or 18.6%, compared to $915.0 million as of 3Q24. The Bank had an aggregate borrowing capacity of $2.5 billion from the FED or FHLB as of December 31, 2024.
Average yield on loans was 7.00%, down compared to 7.08% in 3Q24.
Total non-performing assets were $122.2 million, down $7.3 million, or 5.6%, compared to $129.4 million as of 3Q24.
Classified loans were $125.7 million, up by $11.5 million compared to $114.2 million as of 3Q24, while non-performing loans declined by $10.8 million to $104.1 million as of 4Q24 from $114.9 million as of 3Q24. Special mention loans also declined by $71.0 million to $5.4 million as of 4Q24 from $76.4 million as of 3Q24.
The allowance for credit losses ("ACL") was $85.0 million, an increase of $5.1 million, or 6.3%, compared to $79.9 million as of 3Q24.
Core deposits, which consist of total deposits excluding all time deposits, were $5.6 billion, down $87.7 million, or 1.5%, compared to $5.7 billion as of 3Q24.
Average cost of total deposits was 2.77% compared to 2.99% in 3Q24.
Loan to deposit ratio was 92.5% compared to 93.2% in 3Q24.
Assets Under Management and custody (“AUM”) totaled $2.9 billion as of 4Q24, an increase of $339.5 million, or 13.3%, compared to $2.6 billion as of 3Q24.
Pre-provision net revenue (“PPNR”)⁽¹⁾ was $27.9 million in 4Q24, an increase of $70.8 million, or 165.1%, compared to negative $42.9 million in 3Q24. Excluding non-routine items, PPNR⁽²⁾ in 4Q24 was $37.2 million, up $6.0 million, or 19.0%, compared to $31.3 million in 3Q24.
Net Interest Margin (“NIM”) was 3.75%, up compared to 3.49% in 3Q24.
Net Interest Income (“NII”) was $87.6 million, up $6.6 million, or 8.2%, compared to $81.0 million in 3Q24.
Provision for credit losses was $9.9 million, down $9.1 million, or 47.8%, compared to $19.0 million in 3Q24.
Non-interest income was $23.7 million, an increase of $71.4 million, or 149.7%, compared to negative $47.7 million in 3Q24. Excluding non-routine items, non-interest income⁽²⁾ was $17.8 million, a decrease of $3.0 million, or 14.3%, compared to $20.8 million in 3Q24.
Non-interest expense was $83.4 million, up $7.2 million, or 9.4%, compared to $76.2 million in 3Q24. Excluding non-routine items, non-interest expense⁽²⁾ was $68.2 million, a decrease of $2.3 million, or 3.3%, compared to $70.5 million in 3Q24.
The efficiency ratio was 74.91% in 4Q24, down compared to 228.74% in 3Q24. Excluding non-routine items, efficiency ratio⁽²⁾ was 64.71%, down compared to 69.29% in 3Q24.
Return on average assets (“ROA”) was 0.67% in 4Q24 compared to negative 1.92% in 3Q24. Excluding non-routine items, ROA⁽²⁾ was 0.83% compared to 0.37% in 3Q24.
Return on average equity (“ROE”) was 7.38% in 4Q24 compared to negative 24.98% in 3Q24. Excluding non-routine items, ROE⁽²⁾ was 9.25% compared to 4.80% in 3Q24.
The Company’s Board of Directors declared a cash dividend of $0.09 per share of common stock on January 22, 2025. The dividend is payable on February 28, 2025, to shareholders of record on February 14, 2025.

Full-year Financial Highlights and Year-on-Year Changes:

Total assets were $9.9 billion, up $0.2 billion, or 1.9%, compared to $9.7 billion as of 4Q23.
Total gross loans were $7.27 billion, an increase of $2.4 million, or 0.03%, compared to $7.26 billion in 4Q23.
Cash and cash equivalents were $590.4 million, up $268.5 million, or 83%, compared to $321.9 million as of 4Q23.
Total deposits were $7.9 billion, down $40.8 million, or 0.5%, compared to $7.9 billion in 4Q23.
Total advances from Federal Home Loan Bank (“FHLB”) were $745.0 million, up $100.0 million, or 15.5%, compared to $645.0 million as of 4Q23.
Average yield on loans was 7.00%, down compared to 7.09% in 4Q23. Average yield on loans for the full-year 2024 was 7.06%, up compared to 6.78% for the full-year 2023.
Total non-performing assets were $122.2 million, up $67.6 million or 123.8%, compared to $54.6 million to 4Q23.
Classified loans were $125.7 million, up by $96.0 million compared to $29.7 million as of 4Q23 and non-performing loans increased by $69.7 million to $104.1 million as of 4Q24 from $34.4 million as of 4Q23, while special mention loans declined by $40.6 million to $5.4 million as of 4Q24 from $46.0 million as of 4Q23.
The allowance for credit losses ("ACL") was $85.0 million, a decrease of $10.5 million, or 11.0%, compared to $95.5 million in 4Q23.
Core deposits, which consist of total deposits excluding all time deposits, were $5.62 billion, up $21.9 million, or 0.4%, compared to $5.60 billion as of 4Q23.
Average cost of total deposits was 2.77% compared to 2.88% in 4Q23. Average cost of total deposits for the full-year 2024 was 2.94% compared to 2.47% for the full-year 2023.
Loan to deposit ratio was 92.53% compared to 92.02% in 4Q23.
Assets Under Management and custody (“AUM”) totaled $2.9 billion as of 4Q24, an increase of $600.9 million, or 26.3%, compared to $2.3 billion in 4Q23.
Pre-provision net revenue (“PPNR”)⁽¹⁾ was $27.9 million in 4Q24, an increase of $35.5 million, or 467.8%, compared to negative $7.6 million in 4Q23. PPNRwas $36.4 million for the full-year 2024, a decrease of $67.9 million, or 65.1%, compared to $104.3 million for the full-year 2023. Excluding non-routine items, PPNR⁽²⁾ for the full-year 2024 was $125.6 million, down $16.4 million, or 11.6%, compared to $142.0 million for the full-year 2023.
Net Interest Margin (“NIM”) was 3.75%, up compared to 3.72% in 4Q23. NIM was 3.58% for the full-year 2024, down compared to 3.76% for the full-year 2023.
Net Interest Income (“NII”) was $87.6 million, up $6.0 million, or 7.3%, compared to $81.7 million in 4Q23. NII was $326.0 million for the full-year 2024, down $0.5 million, or 0.16%, compared to $326.5 million for the full-year 2023.
Provision for credit losses was $9.9 million, down compared to $12.5 million in 4Q23. Provision for credit losses was $60.5 million for the full-year 2024, compared to $61.3 million in the full-year 2023.
Non-interest income was $23.7 million, an increase of $4.1 million, or 20.76%, compared to $19.6 million in 4Q23. Non-interest income was $9.9 million for the full-year 2024, a decrease of $77.6 million, or 88.7%, compared to $87.5 million for the full-year 2023. Excluding non-routine items, non-interest income⁽²⁾ in 4Q24 was $17.8 million, an increase of $3.9 million, or 28.0%, compared to $13.9 million in 4Q23. For the full-year 2024, non-interest income⁽²⁾ was $72.7 million, an increase of $13.7 million, or 23.2%, compared to $59.0 million for the full-year 2023.
Non-interest expense was $83.4 million, down $26.3 million, or 24.0%, compared to $109.7 million in 4Q23. Non-interest expense was $299.5 million for the full-year 2024, down $11.9 million or 3.8%, compared to $311.4 million for the full-year 2023. Excluding non-routine items, non-interest expense⁽²⁾ in 4Q24 was $68.2 million, an increase of $1.6 million, or 2.4%, compared to $66.6 million in 4Q23, while for the full-year 2024, non-interest expense⁽²⁾ was $273.1 million, an increase of $27.9 million, or 11.38%, compared to $245.2 million for the full-year 2023.
The efficiency ratio was 74.91% in 4Q24, down compared to 108.30% in 4Q23. The efficiency ratio was 89.17% for the full-year 2024 compared to 75.21% for the full-year 2023. Excluding non-routine items, efficiency ratio⁽²⁾in 4Q24 was 64.71%, down compared to 69.67% in 4Q23, while for the full-year 2024, the efficiency ratio⁽²⁾ was 68.51%, up compared to 63.61% for the full-year 2023.
Return on average assets (“ROA”) was 0.67% in 4Q24 compared to negative 0.71% in 4Q23. ROA was negative 0.16% for the full-year 2024 compared to 0.34% for the full-year 2023. Excluding non-routine items, ROA⁽²⁾ in 4Q24 was 0.83% compared to 0.64% in 4Q23, while for the full-year 2024, ROA⁽²⁾ was 0.51% compared to 0.69% for the full-year 2023.
Return on average equity (“ROE”) was 7.38% in 4Q24 compared to negative 9.22% in 4Q23. ROE was negative 1.99% for the full-year 2024 compared to 4.39% for the full-year 2023. Excluding non-routine items, ROE⁽²⁾ was 9.25% in 4Q24 compared to 8.23% in 4Q23, while for the full-year 2024, ROE⁽²⁾ was 6.37% compared to 8.79% for the full-year 2023.

Additional details on fourth quarter and full-year 2024 results can be found in the Exhibits to this earnings release, and the earnings presentation available under the Investor Relations section of the Company’s website at https://investor.amerantbank.com.

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

²Represents 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.

Fourth Quarter and Full Year 2024 Earnings Conference Call

The Company will hold an earnings conference call on Thursday, January 23, 2025 at 9:00 a.m. (Eastern Time) to discuss its fourth quarter and full-year 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., and Amerant Mortgage, LLC. The Company provides individuals and businesses with deposit, credit and wealth management services. The Bank, which has operated for over 40 years, is headquartered in Florida and operates 19 banking centers – 18 in South Florida and 1 in Tampa, Florida. 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 securities repositioning and loan recoveries, reaching effective resolutions on problem loans, or significantly reducing special mention and/or non-performing 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 (the “Form 10-K”), our quarterly report on Form 10-Q for the quarter ended March 31, 2024 filed on May 3, 2024, our quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2024 filed on November 4, 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, and the three and twelve month periods ended December 31, 2024, may not reflect our results of operations for our fiscal year ended, 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 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 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.

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

Exhibit 1- Selected Financial Information

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

(in thousands)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Consolidated Balance Sheets									(audited)
Total assets	$	9,897,691	$	10,353,127	$	9,747,738	$	9,817,772	$	9,716,327
Total investments		1,497,925		1,542,544		1,547,864		1,578,568		1,496,975
Total gross loans ⁽¹⁾⁽²⁾		7,267,279		7,561,963		7,322,911		7,006,383		7,264,912
Allowance for credit losses		84,963		79,890		94,400		96,050		95,504
Total deposits		7,854,069		8,110,944		7,816,011		7,878,243		7,894,863
Core deposits⁽¹⁾		5,619,624		5,707,366		5,505,349		5,633,165		5,597,766
Advances from the Federal Home Loan Bank		745,000		915,000		765,000		715,000		645,000
Senior notes		59,843		59,764		59,685		59,605		59,526
Subordinated notes		29,624		29,582		29,539		29,497		29,454
Junior subordinated debentures		64,178		64,178		64,178		64,178		64,178
Stockholders' equity ^(3)(4)(5)		890,467		902,888		734,342		738,085		736,068
Assets under management and custody ⁽¹⁾		2,890,048		2,550,541		2,451,854		2,357,621		2,289,135

	Three Months Ended															Years Ended December 31,
(in thousands, except percentages, share data and per share amounts)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023				2024			2023
Consolidated Results of Operations																			(audited)
Net interest income	$	87,635		$	80,999		$	79,355		$	77,968		$	81,677		$	325,957		$	326,464
Provision for credit losses ⁽⁶⁾		9,910			19,000			19,150			12,400			12,500			60,460			61,277
Noninterest income		23,684			(47,683	)		19,420			14,488			19,613			9,909			87,496
Noninterest expense		83,386			76,208			73,302			66,594			109,702			299,490			311,355
Net income (loss) attributable to Amerant Bancorp Inc. ⁽⁷⁾		16,881			(48,164	)		4,963			10,568			(17,123	)		(15,752	)		32,490
Effective income tax rate		6.34	%		22.18	%		21.51	%		21.50	%		14.21	%		34.60	%		25.50	%

Common Share Data
Stockholders' book value per common share	$	21.14		$	21.44		$	21.88		$	21.90		$	21.90		$	21.14		$	21.90
Tangible stockholders' equity (book value) per common share ⁽⁸⁾	$	20.56		$	20.87		$	21.15		$	21.16		$	21.16		$	20.56		$	21.16
Tangible stockholders’ equity (book value) per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity ⁽⁸⁾	$	20.56		$	20.87		$	20.54		$	20.60		$	20.68		$	20.56		$	20.68
Basic earnings (loss) per common share	$	0.40		$	(1.43	)	$	0.15		$	0.32		$	(0.51	)	$	(0.44	)	$	0.97
Diluted earnings (loss) per common share⁽⁹⁾	$	0.40		$	(1.43	)	$	0.15		$	0.31		$	(0.51	)	$	(0.44	)	$	0.96
Basic weighted average shares outstanding		42,069,098			33,784,999			33,581,604			33,538,069			33,432,871			35,755,375			33,511,321
Diluted weighted average shares outstanding ⁽⁹⁾		42,273,778			33,784,999			33,780,666			33,821,562			33,432,871			35,755,375			33,675,388
Cash dividend declared per common share ⁽⁴⁾	$	0.09		$	0.09		$	0.09		$	0.09		$	0.09		$	0.36		$	0.36

	Three Months Ended										Years Ended December 31,
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		2024		2023
Other Financial and Operating Data ⁽¹²⁾													(audited)

Profitability Indicators (%)
Net interest income / Average total interest earning assets (NIM) ⁽¹⁾	3.75	%	3.49	%	3.56	%	3.51	%	3.72	%	3.58	%	3.76	%
Net income (loss) / Average total assets (ROA)⁽¹⁾	0.67	%	(1.92	)%	0.21	%	0.44	%	(0.71	)%	(0.16	)%	0.34	%
Net income(loss) / Average stockholders' equity (ROE) ⁽¹⁾	7.38	%	(24.98	)%	2.68	%	5.69	%	(9.22	)%	(1.99	)%	4.39	%
Noninterest income / Total revenue⁽¹⁾	21.28	%	(143.12	)%	19.66	%	15.67	%	19.36	%	2.95	%	21.14	%

Capital Indicators (%)
Total capital ratio⁽¹⁾	13.43	%	12.72	%	11.88	%	12.49	%	12.13	%	13.43	%	12.13	%
Tier 1 capital ratio⁽¹⁾	11.95	%	11.36	%	10.34	%	10.87	%	10.55	%	11.95	%	10.55	%
Tier 1 leverage ratio ⁽¹⁾	9.66	%	9.56	%	8.74	%	8.73	%	8.84	%	9.66	%	8.84	%
Common equity tier 1 capital ratio (CET1)⁽¹⁾	11.21	%	10.65	%	9.60	%	10.10	%	9.79	%	11.21	%	9.79	%
Tangible common equity ratio ⁽¹⁾⁽⁸⁾	8.77	%	8.51	%	7.30	%	7.28	%	7.34	%	8.77	%	7.34	%
Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity⁽¹⁾⁽⁸⁾	8.77	%	8.51	%	7.11	%	7.10	%	7.18	%	8.77	%	7.18	%

Liquidity Ratios (%)
Loans to Deposits⁽¹⁾	92.53	%	93.23	%	93.69	%	88.93	%	92.02	%	92.53	%	92.02	%

Asset Quality Indicators (%)
Non-performing assets / Total assets⁽¹⁾	1.23	%	1.25	%	1.24	%	0.51	%	0.56	%	1.23	%	0.56	%
Non-performing loans / Total loans ⁽¹⁾	1.43	%	1.52	%	1.38	%	0.43	%	0.47	%	1.43	%	0.47	%
Allowance for credit losses / Total non-performing loans	81.62	%	69.51	%	93.51	%	317.01	%	278.02	%	81.62	%	278.02	%
Allowance for credit losses / Total loans held for investment	1.18	%	1.15	%	1.41	%	1.38	%	1.39	%	1.18	%	1.39	%
Net charge-offs / Average total loans held for investment ^(1)(10)	0.26	%	1.90	%	1.13	%	0.69	%	0.85	%	0.99	%	0.69	%

Efficiency Indicators (% except FTE)
Noninterest expense / Average total assets	3.29	%	3.04	%	3.03	%	2.75	%	4.57	%	3.03	%	3.29	%
Salaries and employee benefits / Average total assets	1.39	%	1.39	%	1.40	%	1.36	%	1.38	%	1.39	%	1.41	%
Other operating expenses/ Average total assets ⁽¹⁾	1.90	%	1.64	%	1.63	%	1.39	%	3.20	%	1.64	%	1.88	%
Efficiency ratio⁽¹⁾	74.91	%	228.74	%	74.21	%	72.03	%	108.30	%	89.17	%	75.21	%
Full-Time-Equivalent Employees (FTEs) ⁽¹¹⁾	698		735		720		696		682		698		682

	Three Months Ended															Years Ended December 31,
(in thousands, except percentages and per share amounts)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023				2024			2023
Core Selected Consolidated Results of Operations and Other Data ⁽⁸⁾																			(audited)

Pre-provision net revenue (PPNR)	$	27,933		$	(42,892	)	$	25,473		$	25,862		$	(7,595	)	$	36,376		$	104,306
Core pre-provision net revenue (Core PPNR)	$	37,217		$	31,264		$	31,007		$	26,068		$	29,811		$	125,556		$	141,990
Core net income	$	21,160		$	9,249		$	9,307		$	10,730		$	15,272		$	50,446		$	65,104
Core basic earnings per common share		0.50			0.27			0.28			0.32			0.46			1.41			1.94
Core earnings per diluted common share⁽⁹⁾		0.50			0.27			0.28			0.32			0.46			1.41			1.93
Core net income / Average total assets (Core ROA) ⁽¹⁾		0.83	%		0.37	%		0.38	%		0.44	%		0.64	%		0.51	%		0.69	%
Core net income / Average stockholders' equity (Core ROE)⁽¹⁾		9.25	%		4.80	%		5.03	%		5.78	%		8.23	%		6.37	%		8.79	%
Core efficiency ratio		64.71	%		69.29	%		68.60	%		71.87	%		69.67	%		68.51	%		63.61	%

__________________

(1)		See Glossary of Terms and Definitions for definitions of financial terms.
(2)		All periods include mortgage loans held for sale carried at fair value, while September 30, 2024, June 30, 2024 and December 31 2023 also include loans held for sale carried at the lower of estimated cost or fair value. As of December 31, 2024, there were no loans carried at the lower 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”). There were no repurchases of Class A common stock in the fourth quarter of 2024. For repurchases during all other periods, see September 30, 2024 Form 10-Q, June 30, 2024 Form 10-Q, March 31, 2024 Form 10-Q and 2023 Form 10-K.
(4)		For the three months ended December 31, 2024, 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 $3.8 million in connection with these dividends. For all other periods shown, the Company paid $3.0 million per quarter in connection with these dividends. The dividend declared in the fourth quarter of 2024 was paid on November 29, 2024 to shareholders of record at the close of business on November 14, 2024. See September 30, 2024 Form 10-Q, 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 common stock, at a price to the public of $19.00 per share.
(6)		In the fourth, third, second and first quarter of 2024 and in the fourth quarter of 2023, includes $9.7 million, $17.9 million, $17.7 million, $12.4 million and $12.0 million of provision for credit losses on loans. Provision for unfunded commitments (contingencies) in the fourth, third and second quarter of 2024 and in the fourth quarter of 2023, were $0.2 million, $1.1 million, $1.5 million and $0.5 million, respectively, while there was none in the first quarter of 2024. The Provision for Loan Losses was $60.5 million and $61.3 million for the years ended December 31, 2024 and 2023, respectively. These amounts include the Provision for Losses on Loans of $57.7 million, $60.1 million in the years ended December 31, 2024 and 2023, respectively, and the Provision for unfunded commitments (contingencies) of $2.8 million, $1.2 million as of December 31, 2024 and 2023, respectively.
(7)		In the three months ended December 31, 2023, net income excludes losses of $0.8 million, 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)		See September 30, 2024 Form 10-Q, June 30, 2024 Form 10-Q, March 31, 2024 Form 10-Q and 2023 Form 10-K, for more details on charge-offs for all previous periods.
(11)		As of December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2034 and December 31, 2023, includes 80, 81, 83, 65 and 67 FTEs for Amerant Mortgage, respectively.
(12)		Operating data for the periods presented have been annualized.

Exhibit 2- Non-GAAP Financial Measures Reconciliation

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

	Three Months Ended,															Years Ended December 31,
(in thousands)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023				2024		2023 (audited)
Net income (loss) attributable to Amerant Bancorp Inc.	$	16,881		$	(48,164	)	$	4,963		$	10,568		$	(17,123	)	$	(15,752	)	$	32,490
Plus: provision for credit losses ⁽¹⁾		9,910			19,000			19,150			12,400			12,500			60,460			61,277
Plus: provision for income tax (benefit) expense		1,142			(13,728	)		1,360			2,894			(2,972	)		(8,332	)		10,539
Pre-provision net revenue (PPNR)		27,933			(42,892	)		25,473			25,862			(7,595	)		36,376			104,306
Plus: non-routine noninterest expense items		15,148			5,672			5,562			—			43,094			26,382			66,152
(Less) plus: non-routine noninterest income items		(5,864	)		68,484			(28	)		206			(5,688	)		62,798			(28,468	)
Core pre-provision net revenue (Core PPNR)	$	37,217		$	31,264		$	31,007		$	26,068		$	29,811		$	125,556		$	141,990

Total noninterest income	$	23,684		$	(47,683	)	$	19,420		$	14,488		$	19,613		$	9,909		$	87,496
Less: Non-routine noninterest income items:
Derivative (losses) gains, net		—			—			(44	)		(152	)		(151	)		(196	)		28
Securities (losses) gains, net⁽²⁾		(8,200	)		(68,484	)		(117	)		(54	)		33			(76,855	)		(10,989	)
Bank owned life insurance charge ⁽³⁾		—			—			—			—			(655	)		—			(655	)
Gain on sale of Houston Franchise ⁽¹¹⁾		12,636			—			—			—			—			12,636			—
Gains on early extinguishment of FHLB advances, net		1,428			—			189			—			6,461			1,617			40,084
Total non-routine noninterest income items	$	5,864		$	(68,484	)	$	28		$	(206	)	$	5,688		$	(62,798	)	$	28,468
Core noninterest income	$	17,820		$	20,801		$	19,392		$	14,694		$	13,925		$	72,707		$	59,028

Total noninterest expenses	$	83,386		$	76,208		$	73,302		$	66,594		$	109,702		$	299,490		$	311,355
Less: non-routine noninterest expense items
Restructuring costs ⁽⁴⁾
Staff reduction costs ⁽⁵⁾		—			—			—			—			1,120			—			4,006
Contract termination costs ⁽⁶⁾		—			—			—			—			—			—			1,550
Consulting and other professional fees and software expenses ⁽⁷⁾		—			—			—			—			1,629			—			6,379
Disposition of fixed assets ⁽⁸⁾		—			—			—			—			—			—			1,419
Branch closure and related charges ⁽⁹⁾		—			—			—			—			—			—			2,279
Total restructuring costs	$	—		$	—		$	—		$	—		$	2,749		$	—		$	15,633
Other non-routine noninterest expense items:
Losses on loans held for sale carried at the lower cost or fair value ^(10)(11)		12,642			—			1,258			—			37,495			13,900			43,057
Other real estate owned valuation expense⁽¹²⁾		—			5,672			—			—			—			5,672			2,649
Goodwill and intangible assets impairment ⁽¹¹⁾		—			—			300			—			1,713			300			1,713
Fixed assets impairment ^(11)(13)		—			—			3,443			—			—			3,443			—
Legal, broker fees, and other costs ⁽¹¹⁾		2,506			—			561			—			—			3,067			—
Bank owned life insurance enhancement costs ⁽³⁾		—			—			—			—			1,137			—			1,137
Impairment charge on investment carried at cost		—			—			—			—			—			—			1,963
Total non-routine noninterest expense items	$	15,148		$	5,672		$	5,562		$	—		$	43,094		$	26,382		$	66,152
Core noninterest expenses	$	68,238		$	70,536		$	67,740		$	66,594		$	66,608		$	273,108		$	245,203


(in thousands, except percentages and per share data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023				2024		2023 (audited)
Net income (loss) attributable to Amerant Bancorp Inc.	$	16,881		$	(48,164	)	$	4,963		$	10,568		$	(17,123	)	$	(15,752	)	$	32,490
Plus after-tax non-routine items in noninterest expense:
Non-routine items in noninterest expense before income tax effect		15,148			5,672			5,562			—			43,094			26,382			66,152
Income tax effect ⁽¹⁴⁾		(3,409	)		(1,332	)		(1,196	)		—			(8,887	)		(5,937	)		(13,892	)
Total after-tax non-routine items in noninterest expense		11,739			4,340			4,366			—			34,207			20,445			52,260
(Less) plus: before-tax non-routine items in noninterest income:
Non-routine items in noninterest income before income tax effect		(5,864	)		68,484			(28	)		206			(5,688	)		62,798			(28,468	)
Income tax effect ⁽¹⁴⁾		(1,596	)		(15,411	)		6			(44	)		1,032			(17,045	)		5,978
Total after-tax non-routine items in noninterest income		(7,460	)		53,073			(22	)		162			(4,656	)		45,753			(22,490	)
BOLI enhancement tax impact ⁽³⁾		—			—			—			—			2,844			—			2,844
Core net income	$	21,160		$	9,249		$	9,307		$	10,730		$	15,272		$	50,446		$	65,104

Basic earnings (loss) per share	$	0.40		$	(1.43	)	$	0.15		$	0.32		$	(0.51	)	$	(0.44	)	$	0.97
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact ⁽¹⁵⁾		0.28			0.13			0.13			—			1.11			0.57			1.64
(Less) plus: after tax impact of non-routine items in noninterest income		(0.18	)		1.57			—			—			(0.14	)		1.28			(0.67	)
Total core basic earnings per common share	$	0.50		$	0.27		$	0.28		$	0.32		$	0.46		$	1.41		$	1.94

Diluted earnings (loss) per share ⁽¹⁶⁾	$	0.40		$	(1.43	)	$	0.15		$	0.31		$	(0.51	)	$	(0.44	)	$	0.96
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact ⁽¹⁵⁾		0.28			0.13			0.13			—			1.11			0.57			1.63
(Less) plus: after tax impact of non-routine items in noninterest income		(0.18	)		1.57			—			0.01			(0.14	)		1.28			(0.66	)
Total core diluted earnings per common share	$	0.50		$	0.27		$	0.28		$	0.32		$	0.46		$	1.41		$	1.93

Net income (loss) / Average total assets (ROA)		0.67	%		(1.92	)%		0.21	%		0.44	%		(0.71	)%		(0.16	)%		0.34	%
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact ⁽¹⁵⁾		0.46	%		0.18	%		0.17	%		—	%		1.55	%		0.21	%		0.58	%
(Less) plus: after tax impact of non-routine items in noninterest income		(0.30	)%		2.11	%		—	%		—	%		(0.20	)%		0.46	%		(0.23	)%
Core net income / Average total assets (Core ROA)		0.83	%		0.37	%		0.38	%		0.44	%		0.64	%		0.51	%		0.69	%

Net income (loss) / Average stockholders' equity (ROE)		7.38	%		(24.98	)%		2.68	%		5.69	%		(9.22	)%		(1.99	)%		4.39	%
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact ⁽¹⁵⁾		5.13	%		2.25	%		2.36	%		—	%		19.96	%		2.58	%		7.44	%
(Less) plus: after tax impact of non-routine items in noninterest income		(3.26	)%		27.53	%		(0.01	)%		0.09	%		(2.51	)%		5.78	%		(3.04	)%
Core net income / Average stockholders' equity (Core ROE)		9.25	%		4.80	%		5.03	%		5.78	%		8.23	%		6.37	%		8.79	%

Efficiency ratio		74.91	%		228.74	%		74.21	%		72.03	%		108.30	%		89.17	%		75.21	%
(Less): impact of non-routine items in noninterest expense and noninterest income		(10.20	)%		(159.45	)%		(5.61	)%		(0.16	)%		(38.63	)%		(20.66	)%		(11.60	)%
Core efficiency ratio		64.71	%		69.29	%		68.60	%		71.87	%		69.67	%		68.51	%		63.61	%


(in thousands, except percentages, share data and per share data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023				2024		2023 (audited)
Stockholders' equity	$	890,467		$	902,888		$	734,342		$	738,085		$	736,068		$	890,467		$	736,068
Less: goodwill and other intangibles ⁽¹⁷⁾		(24,314	)		(24,366	)		(24,581	)		(24,935	)		(25,029	)		(24,314	)		(25,029	)
Tangible common stockholders' equity	$	866,153		$	878,522		$	709,761		$	713,150		$	711,039		$	866,153		$	711,039
Total assets		9,897,691			10,353,127			9,747,738			9,817,772			9,716,327			9,897,691			9,716,327
Less: goodwill and other intangibles ⁽¹⁷⁾		(24,314	)		(24,366	)		(24,581	)		(24,935	)		(25,029	)		(24,314	)		(25,029	)
Tangible assets	$	9,873,377		$	10,328,761		$	9,723,157		$	9,792,837		$	9,691,298		$	9,873,377		$	9,691,298
Common shares outstanding		42,127,316			42,103,623			33,562,756			33,709,395			33,603,242			42,127,316			33,603,242
Tangible common equity ratio		8.77	%		8.51	%		7.30	%		7.28	%		7.34	%		8.77	%		7.34	%
Stockholders' book value per common share	$	21.14		$	21.44		$	21.88		$	21.90		$	21.90		$	21.14		$	21.90
Tangible stockholders' book value per common share	$	20.56		$	20.87		$	21.15		$	21.16		$	21.16		$	20.56		$	21.16

Tangible common stockholders' equity	$	866,153		$	878,522		$	709,761		$	713,150		$	711,039		$	866,153		$	711,039
Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax ⁽¹⁸⁾		—			—			(20,304	)		(18,729	)		(16,197	)		—			(16,197	)
Tangible common stockholders' equity, adjusted for net unrealized accumulated losses on debt securities held to maturity	$	866,153		$	878,522		$	689,457		$	694,421		$	694,842		$	866,153		$	694,842
Tangible assets	$	9,873,377		$	10,328,761		$	9,723,157		$	9,792,837		$	9,691,298		$	9,873,377		$	9,691,298
Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax ⁽¹⁸⁾		—			—			(20,304	)		(18,729	)		(16,197	)		—			(16,197	)
Tangible assets, adjusted for net unrealized accumulated losses on debt securities held to maturity	$	9,873,377		$	10,328,761		$	9,702,853		$	9,774,108		$	9,675,101		$	9,873,377		$	9,675,101
Common shares outstanding		42,127,316			42,103,623			33,562,756,000			33,709,395,000			33,603,242			42,127,316			33,603,242

Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity		8.77	%		8.51	%		7.11	%		7.10	%		7.18	%		8.77	%		7.18	%
Tangible stockholders' book value per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity	$	20.56		$	20.87		$	20.54		$	20.60		$	20.68		$	20.56		$	20.68

____________

(1)		Includes provision for credit losses on loans and provision for loan contingencies. See Footnote 6 in Exhibit 1 - Selected Financial Information for more details.
(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. The investment portfolio repositioning was completed in early October 2024 resulting in an additional $8.1 million in losses in the fourth quarter of 2024.
(3)		In the fourth quarter of 2023, the Company completed a restructuring of its bank-owned life insurance (“BOLI”) program. This was executed through a combination of a 1035 exchange and a surrender and reinvestment into higher-yielding general account with a new investment grade insurance carrier. This transaction allowed for higher team member participation through an enhanced split-dollar plan. Estimated improved yields resulting from the enhancement have an earn-back period of approximately 2 years. In the fourth quarter of 2023, we recorded total additional expenses and charges of $4.6 million in connection with this transaction, including: (i) a reduction of $0.7 million to the cash surrender value of BOLI; (ii) transaction costs of $1.1 million, and (iii) income tax expense of $2.8 million.
(4)		Expenses incurred for actions designed to implement the Company’s business strategy. These actions include, but are not limited to reductions in workforce, streamlining operational processes, promoting the Amerant brand, implementation of new technology system applications, decommissioning of legacy technologies, enhanced sales tools and training, expanded product offerings and improved customer analytics to identify opportunities.
(5)		Staff reduction costs consist of severance expenses related to organizational rationalization.
(6)		Contract termination and related costs associated with third party vendors resulting from the Company’s engagement of FIS.
(7)		In the three months and year ended December 31, 2023, includes an aggregate of $1.6 million and $6.4 million, respectively, of nonrecurrent expenses in connection with the engagement of FIS and, to a lesser extent, software expenses related to legacy applications running in parallel to new core banking applications. The transition to FIS was completed in 2023, therefore, there were no significant nonrecurrent expenses in connection with engagement of FIS in all the other periods shown.
(8)		Includes expenses in connection with the disposition of fixed assets due to the write-off of in-development software in the year ended December 31, 2023.
(9)		In the year ended December 31, 2023, includes expenses of $0.3 million in connection with the closure of a branch in Houston, Texas in 2023. In addition, in the year ended December 31, 2023, includes $0.9 million of accelerated amortization of leasehold improvements and $0.6 million of right-of-use, or ROU asset impairment, associated with the closure of a branch in Miami, Florida in 2023. Also, in the year ended December 31, 2023, includes $0.5 million of ROU asset impairment associated with the closure of a branch in Houston, Texas in 2023.
(10)		In the three months and year ended December 31, 2024, includes loss on sale of $12.6 million, including transaction costs, related to the sale of a portfolio of 323 business-purpose, investment property, residential mortgage loans with a balance of approximately $71.4 million. In each of the three months and year ended December 31, 2023, includes: (i) a fair value adjustment of $35.5 million related to an aggregate of $401 million in Houston-based CRE loans held for sale which are carried at the lower of fair value or cost, and (ii) a loss on sale of $2.0 million related to a New York-based CRE loan previously carried at the lower of fair value or cost. In the year ended December 31, 2023, includes a fair value adjustment of $5.6 million related to a New York-based CRE loan held for sale carried at the lower of fair value or cost.
(11)		In the three months and year ended December 31, 2024, amounts shown are in connection with the Houston Transaction.
(12)		In the year ended December 31, 2023, amount represents the loss on sale of repossessed assets in connection with our equipment-financing activities.
(13)		Related to Houston branches and included as part of occupancy and equipment expenses. See Exhibit 5 for additional information.
(14)		In the year ended December 31, 2024, income tax effect amounts on nonroutine items of noninterest income and expense were calculated using estimated tax rates of 27.14% and 22.50%, respectively. In the year ended December 31, 2023, amounts were calculated using an estimated tax rate of 21.00%. 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 current and prior period year-to-date tax effect.
(15)		In the three months and year ended December 31, 2023, per share amounts and percentages were calculated using the after-tax impact of non- routine items in noninterest expense of $34.2 million and $52.3 million, respectively, and BOLI tax impact of $2.8 million in each period. In all other periods shown, per share amounts and percentages were calculated using the after tax impact of non-routine items in noninterest expense.
(16)		See 2023 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation.
(17)		At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, other intangible assets primarily consist of naming rights of $2.0 million, $2.1 million, $2.3 million, $2.4 million and $2.5 million, respectively, and mortgage servicing rights (“MSRs”) of $1.5 million, $1.4 million, $1.5 million, $1.4 million and $1.4 million, respectively. Other intangible assets are included in other assets in the Company’s consolidated balance sheets.
(18)		There were no debt securities held to maturity at December 31, 2024 and September 30, 2024. As of June 30, 2024, March 31, 2024 and December 31, 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% and 25.36%, respectively.

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

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

	Three Months Ended
	December 31, 2024						September 30, 2024						December 31, 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)	$	7,322,613	$	128,910	7.00	%	$	7,291,632	$	129,752	7.08	%	$	7,107,222	$	127,090	7.09	%
Debt securities available for sale (3)(4)		1,346,108		16,069	4.75	%		1,313,366		14,273	4.32	%		1,060,113		11,603	4.34	%
Debt securities held to maturity (5)		—		—	—	%		205,958		1,752	3.38	%		227,765		1,951	3.40	%
Debt securities held for trading		—		—	—	%		—		—	—	%		—		—	—	%
Equity securities with readily determinable fair value not held for trading		2,509		19	3.01	%		2,525		19	2.99	%		2,450		12	1.94	%
Federal Reserve Bank and FHLB stock		58,861		1,035	7.00	%		61,147		1,083	7.05	%		49,741		894	7.13	%
Deposits with banks		560,323		6,811	4.84	%		344,469		4,670	5.39	%		265,657		3,940	5.88	%
Other short-term investments		6,380		74	4.61	%		6,677		88	5.24	%		5,928		79	5.29	%
Total interest-earning assets		9,296,794		152,918	6.54	%		9,225,774		151,637	6.54	%		8,718,876		145,569	6.62	%
Total non-interest-earning assets (6)		798,113						760,198						794,844
Total assets	$	10,094,907					$	9,985,972					$	9,513,720

	Three Months Ended
	December 31, 2024							September 30, 2024							December 31, 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	$	2,233,157		$	12,859	2.29	%	$	2,294,323		$	15,345	2.66	%	$	2,435,871		$	16,350	2.66	%
Money market		1,622,240			15,696	3.85	%		1,541,987			16,804	4.34	%		1,259,859			13,917	4.38	%
Savings		242,589			24	0.04	%		247,903			26	0.04	%		271,307			30	0.04	%
Total checking and saving accounts		4,097,986			28,579	2.77	%		4,084,213			32,175	3.13	%		3,967,037			30,297	3.03	%
Time deposits		2,336,324			26,427	4.50	%		2,324,694			27,260	4.67	%		2,276,720			24,985	4.35	%
Total deposits		6,434,310			55,006	3.40	%		6,408,907			59,435	3.69	%		6,243,757			55,282	3.51	%
Securities sold under agreements to repurchase		115			1	3.46	%		—			—	—	%		106			2	7.49	%
Advances from the FHLB (7)		782,242			7,946	4.04	%		863,913			8,833	4.07	%		635,272			6,225	3.89	%
Senior notes		59,804			941	6.26	%		59,725			942	6.27	%		59,488			941	6.28	%
Subordinated notes		29,604			361	4.85	%		29,561			361	4.86	%		29,433			361	4.87	%
Junior subordinated debentures		64,178			1,030	6.38	%		64,178			1,067	6.61	%		64,178			1,081	6.68	%
Total interest-bearing liabilities		7,370,253			65,285	3.52	%		7,426,284			70,638	3.78	%		7,032,234			63,892	3.60	%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits		1,469,726							1,491,406							1,381,157
Accounts payable, accrued liabilities and other liabilities		344,770							301,373							363,711
Total non-interest-bearing liabilities		1,814,496							1,792,779							1,744,868
Total liabilities		9,184,749							9,219,063							8,777,102
Stockholders’ equity		910,158							766,909							736,618
Total liabilities and stockholders' equity	$	10,094,907						$	9,985,972						$	9,513,720
Excess of average interest-earning assets over average interest-bearing liabilities	$	1,926,541						$	1,799,490						$	1,686,642
Net interest income				$	87,633						$	80,999						$	81,677
Net interest rate spread						3.02	%						2.76	%						3.02	%
Net interest margin (7)						3.75	%						3.49	%						3.72	%
Cost of total deposits (7)						2.77	%						2.99	%						2.88	%
Ratio of average interest-earning assets to average interest-bearing liabilities		126.14	%						124.23	%						123.98	%
Average non-performing loans/ Average total loans		1.36	%						1.54	%						0.49	%

	Year Ended December 31,
	2024							2023 (audited)
(in thousands, except percentages)	Average Balances			Income/ Expense		Yield/ Rates		Average Balances			Income/ Expense		Yield/ Rates
Interest-earning assets:
Loan portfolio, net (1)(2)	$	7,157,991		$	505,484	7.06	%	$	7,006,919		$	475,405	6.78	%
Debt securities available for sale (3)(4)		1,291,974			57,631	4.46	%		1,053,034			43,096	4.09	%
Debt securities held to maturity (5)		162,657			5,597	3.44	%		234,168			7,997	3.42	%
Debt securities held for trading		—			—	—	%		586			7	1.19	%
Equity securities with readily determinable fair value not held for trading		2,495			106	4.25	%		2,454			33	1.34	%
Federal Reserve Bank and FHLB stock		56,234			3,957	7.04	%		53,608			3,727	6.95	%
Deposits with banks		423,185			22,492	5.31	%		322,853			18,212	5.64	%
Other short-term investments		6,348			322	5.07	%		2,115			102	4.80	%
Total interest-earning assets		9,100,884			595,589	6.54	%		8,675,737			548,579	6.32	%
Total non-interest-earning assets (6)		790,919							776,484
Total assets	$	9,891,803						$	9,452,221
Interest-bearing liabilities:
Checking and saving accounts
Interest bearing DDA	$	2,345,193		$	62,719	2.67	%	$	2,486,190		$	62,551	2.52	%
Money market		1,502,304			62,307	4.15	%		1,226,311			42,212	3.44	%
Savings		251,626			103	0.04	%		284,510			144	0.05	%
Total checking and saving accounts		4,099,123			125,129	3.05	%		3,997,011			104,907	2.62	%
Time deposits		2,302,798			105,780	4.59	%		2,074,549			78,829	3.80	%
Total deposits		6,401,921			230,909	3.61	%		6,071,560			183,736	3.03	%
Securities sold under agreements to repurchase		60			3	5.00	%		124			7	5.65	%
Advances from the FHLB (7)		757,502			29,303	3.87	%		805,084			28,816	3.58	%
Senior notes		59,686			3,767	6.31	%		59,370			3,766	6.34	%
Subordinated notes		29,540			1,444	4.89	%		29,370			1,445	4.92	%
Junior subordinated debentures		64,178			4,206	6.55	%		64,178			4,345	6.77	%
Total interest-bearing liabilities		7,312,887			269,632	3.69	%		7,029,686			222,115	3.16	%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits		1,461,940							1,356,538
Accounts payable, accrued liabilities and other liabilities		324,932							325,367
Total non-interest-bearing liabilities		1,786,872							1,681,905
Total liabilities		9,099,759							8,711,591
Stockholders’ equity		792,044							740,630
Total liabilities and stockholders' equity	$	9,891,803						$	9,452,221
Excess of average interest-earning assets over average interest-bearing liabilities	$	1,787,997						$	1,646,051
Net interest income				$	325,957						$	326,464
Net interest rate spread						2.85	%						3.16	%
Net interest margin (7)						3.58	%						3.76	%
Cost of total deposits (7)						2.94	%						2.47	%
Ratio of average interest-earning assets to average interest-bearing liabilities		124.45	%						123.42	%
Average non-performing loans/ Average total loans		1.03	%						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 $80.5 million, $92.1 million and $92.7 million in the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $90.0 million and $90.0 million in the years ended December 31, 2024 and 2023, respectively. The average balance of total loans held for sale was $357.2 million, $612.9 million and $100.7 million in the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $353.9 million and $77.8 million in the years ended December 31, 2024 and 2023, respectively.
(2)		Includes average non-performing loans of $101.0 million, $113.5 million and $35.1 million for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $74.9 million and $34.3 million for the years ended December 31, 2024 and 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 $31.7 million, $89.4 million and $142.1 million in the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $84.5 million and $118.5 million in the years ended December 31, 2024 and 2023, respectively.
(4)		Includes nontaxable securities with average balances of $60.4 million, $19.9 million and $17.8 million for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $29.4 million and $17.8 million in the years ended December 31, 2024 and 2023, respectively. The tax equivalent yield for these nontaxable securities was 4.39%, 4.33% and 4.78% for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and 4.45% and 4.83% for the years ended December 31, 2024 and 2023, respectively. In 2024 and 2023, the tax equivalent yields were calculated by assuming a 21% tax rate and dividing the actual yield by 0.79.
(5)		Includes nontaxable securities with average balances of $44.5 million and $48.9 million for the three months ended September 30, 2024 and December 31, 2023, respectively. We had no average held to maturity balances at December 31, 2024. We had average balances of $35.2 million and $49.8 million in the years ended December 31, 2024 and 2023, respectively. The tax equivalent yield for these nontaxable securities was 4.43% and 4.26% for the quarter ended September 30, 2024 and December 31, 2023, respectively, and 4.29% and 4.22% for the years ended December 31, 2024 and 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.
(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															Year Ended December 31,
	December 31, 2024					September 30, 2024					December 31, 2023					2024					2023
																					(audited)
(in thousands, except percentages)	Amount			%		Amount			%		Amount			%		Amount			%		Amount			%

Deposits and service fees	$	5,501		23.2	%	$	5,046		10.6	%	$	4,424		22.5	%	$	20,153		203.4	%	$	19,376		22.1	%
Brokerage, advisory and fiduciary activities		4,653		19.7	%		4,466		9.4	%		4,249		21.7	%		17,984		181.5	%		17,057		19.5	%
Change in cash surrender value of bank owned life insurance (“BOLI”)⁽¹⁾		2,364		10.0	%		2,332		4.9	%		849		4.3	%		9,280		93.7	%		5,173		5.9	%
Cards and trade finance servicing fees		1,533		6.5	%		1,430		3.0	%		1,238		6.3	%		5,517		55.7	%		3,067		3.5	%
Gain (loss) on early extinguishment of FHLB advances, net		1,428		6.0	%		—		—	%		6,461		32.9	%		1,617		16.3	%		40,084		45.8	%
Securities (losses) gains, net ⁽²⁾		(8,200	)	(34.6	)%		(68,484	)	(143.6	)%		33		0.2	%		(76,855	)	(775.6	)%		(10,989	)	(12.6	)%
Derivative (losses) gains, net ⁽³⁾		—		—	%		—		—	%		(151	)	(0.8	)%		(196	)	(2.0	)%		28		—	%
Loan-level derivative income ⁽⁴⁾		706		3.0	%		3,515		7.4	%		837		4.3	%		7,044		71.1	%		4,580		5.2	%
Gain on sale of Houston Franchise		12,636		53.4	%		—		—	%		—		—	%		12,636		127.5	%		—		—	%
Other noninterest income ⁽⁵⁾		3,063		12.8	%		4,012		8.3	%		1,673		8.5	%		12,729		128.4	%		9,120		10.6	%
Total noninterest income	$	23,684		100.0	%	$	(47,683	)	(100.0	)%	$	19,613		100.0	%	$	9,909		100.0	%	$	87,496		100.0	%

__________________

(1)		Changes in cash surrender value of BOLI are not taxable. In the three months and year ended December 31, 2023, includes a charge of $0.7 million in connection with the enhancement/restructuring of BOLI in the fourth quarter of 2023.
(2)		Amounts are primarily in connection with losses and gains on the sale of debt securities available for sale. In the three months ended December 31, 2024 and September 30, 2024, includes a total net loss of $8.1 million and $68.5 million, respectively, as a result of the investment portfolio repositioning. In the year ended December 31, 2024, includes $76.7 million as a result of the investment portfolio repositioning.
(3)		Net unrealized gains and losses related to uncovered interest rate caps with clients.
(4)		Income from interest rate swaps and other derivative transactions with customers. The Company 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.
(5)		Includes mortgage banking income of $1.1 million, $2.8 million and $0.6 million in the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $6.9 million and $4.5 million in the years ended December 31, 2024 and 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 year ended December 31, 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														Year Ended December 31,
	December 31, 2024					September 30, 2024				December 31, 2023					2024				2023
																			(audited)
(in thousands, except percentages)	Amount			%		Amount		%		Amount			%		Amount		%		Amount		%

Salaries and employee benefits ⁽¹⁾	$	35,284		42.3	%	$	34,979	45.9	%	$	33,049		30.1	%	$	137,078	45.8	%	$	133,506	42.9	%
Occupancy and equipment ⁽²⁾		5,719		6.9	%		5,891	7.7	%		7,015		6.4	%		27,127	9.1	%		27,843	8.9	%
Professional and other services fees ⁽³⁾		14,308		17.2	%		13,711	18.0	%		14,201		12.9	%		51,092	17.1	%		34,569	11.1	%
Loan-level derivative expense ⁽⁴⁾		34		—	%		1,802	2.4	%		182		0.2	%		2,420	0.8	%		1,910	0.6	%
Telecommunications and data processing ⁽⁵⁾		2,967		3.6	%		2,991	3.9	%		3,838		3.5	%		12,223	4.1	%		15,485	5.0	%
Depreciation and amortization ⁽⁶⁾		1,734		2.1	%		1,737	2.3	%		1,480		1.3	%		6,600	2.2	%		6,842	2.2	%
FDIC assessments and insurance		2,932		3.5	%		2,863	3.8	%		2,535		2.3	%		11,575	3.9	%		10,601	3.4	%
Losses on loans held for sale carried at the lower cost or fair value ⁽⁷⁾		12,642		15.2	%		—	—	%		37,495		34.2	%		13,900	4.6	%		43,057	13.8	%
Advertising expenses		3,703		4.4	%		3,468	4.6	%		3,169		2.9	%		14,492	4.8	%		12,811	4.1	%
Other real estate owned and repossessed assets (income) expense, net ⁽⁸⁾		(196	)	(0.2	)%		5,535	7.3	%		(205	)	(0.2	)%		4,837	1.6	%		2,092	0.7	%
Contract termination costs ⁽⁹⁾		—		—	%		—	—	%		—		—	%		—	—	%		1,550	0.5	%
Other operating expenses ⁽¹⁰⁾		4,259		5.0	%		3,231	4.1	%		6,943		6.4	%		18,146	6.0	%		21,089	6.8	%
Total noninterest expense ⁽¹¹⁾	$	83,386		100.0	%	$	76,208	100.0	%	$	109,702		100.0	%	$	299,490	100.0	%	$	311,355	100.0	%

__________

(1)		Includes $1.4 million in expenses related to the Houston Transaction in the three months and year ended December 31, 2024. In addition, includes staff reduction costs of $1.1 million and $4.0 million in the three months and year ended December 31, 2023, respectively, which consist of severance expenses primarily related to organizational rationalization.
(2)		In the year ended December 31, 2024, includes fixed assets impairment charge of $3.4 million in connection with the Houston Transaction. In the year ended December 31, 2023, includes a rent termination fee of $0.3 million in connection with the closure of a branch in Houston, Texas, as well as an aggregate of $1.1 million related to ROU asset impairments in connection with the closure of two branches in 2023 (one branch in Miami, Florida and another branch in Houston, Texas).
(3)		Includes $0.1 million and $0.4 million, in legal expenses in connection with the Houston Transaction in the three months ended December 31, 2024 and year ended December 31, 2024, respectively. In addition, includes additional, nonrecurrent expenses of $1.2 million and $5.8 million in the three months and year ended December 31, 2023, respectively, related to the engagement of FIS. Lastly, includes recurring service fees in connection with the engagement of FIS in the three months ended December 31, 2024 and September 30, 2024, and December 31, 2023 and the years ended December 31, 2024 and 2023.
(4)		Includes services fees in connection with our loan-level derivative income generation activities.
(5)		Includes a charge of $1.4 million in the year ended December 31, 2023 related to the disposition of fixed assets due to the write off of in- development software. In addition, in the three months and year ended December 31, 2023, includes $0.4 million of software expenses related to legacy applications running in parallel to new core banking applications.
(6)		Includes a charge of $0.9 million in the year ended December 31, 2023 for the accelerated depreciation of leasehold improvements in connection with the closure of a branch in Miami, Florida in 2023.
(7)		In the three months ended December 31, 2024 and 2023 as well as years ended December 31, 2024 and 2023, consists of losses on loans held for sale carried at the lower of fair value or cost, including valuation allowance as a result of changes in their fair value and losses on the sale of these loans.
(8)		In the year ended December 31, 2023, includes a loss on sale of repossessed assets in connection with our equipment-financing activities of $2.6 million.
(9)		Contract termination and related costs associated with third party vendors resulting from the Company’s transition to our new technology provider.
(10)		In the three months and year ended December 31, 2024, includes broker fees of $1.0 million and $1.3 million in connection with the Houston Transaction. In each of the three months and the year ended December 31, 2023, includes goodwill and intangible assets impairments totaling $1.7 million related to two of our subsidiaries (Amerant Mortgage and Elant, a Cayman-based trust company). In addition, in each of the three months and the year ended December 31, 2023, includes additional costs of $1.1 million in connection with the restructuring of the Company’s BOLI. Also, in the year ended December 31, 2023, includes an impairment charge of $2.0 million related to an investment carried at cost and included in other assets. In all of the periods shown, includes 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 $3.7 million, $3.9 million, and $3.5 million in the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $14.1 million and $14.4 million in the years ended December 31, 2024 and 2023, respectively, related to Amerant Mortgage, primarily consisting of salaries and employee benefits, mortgage lending costs and professional and other service fees.

Exhibit 6 - Consolidated Balance Sheets

(in thousands, except share data)	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Assets													(audited)
Cash and due from banks	$	39,197		$	40,538		$	32,762		$	41,231		$	47,234
Interest earning deposits with banks		519,853			614,345			238,346			577,843			242,709
Restricted cash		24,365			10,087			32,430			33,897			25,849
Other short-term investments		6,944			6,871			6,781			6,700			6,080
Cash and cash equivalents		590,359			671,841			310,319			659,671			321,872
Securities
Debt securities available for sale, at fair value		1,437,170			1,476,378			1,269,356			1,298,073			1,217,502
Debt securities held to maturity, at amortized cost (1)		—			—			219,613			224,014			226,645
Equity securities with readily determinable fair value not held for trading		2,477			2,562			2,483			2,480			2,534
Federal Reserve Bank and Federal Home Loan Bank stock		58,278			63,604			56,412			54,001			50,294
Securities		1,497,925			1,542,544			1,547,864			1,578,568			1,496,975
Loans held for sale, at lower of cost or fair value (2)		—			553,941			551,828			—			365,219
Mortgage loans held for sale, at fair value		42,911			43,851			60,122			48,908			26,200
Loans held for investment, gross		7,224,368			6,964,171			6,710,961			6,957,475			6,873,493
Less: Allowance for credit losses		84,963			79,890			94,400			96,050			95,504
Loans held for investment, net		7,139,405			6,884,281			6,616,561			6,861,425			6,777,989
Bank owned life insurance		243,547			241,183			238,851			237,314			234,972
Premises and equipment, net		31,814			32,866			33,382			44,877			43,603
Deferred tax assets, net		53,543			41,138			48,779			48,302			55,635
Operating lease right-of-use assets		100,028			100,158			100,580			117,171			118,484
Goodwill		19,193			19,193			19,193			19,193			19,193
Accrued interest receivable and other assets (3)(4)		178,966			222,131			220,259			202,343			256,185
Total assets	$	9,897,691		$	10,353,127		$	9,747,738		$	9,817,772		$	9,716,327
Liabilities and Stockholders' Equity
Deposits
Demand
Noninterest bearing	$	1,504,229		$	1,482,061		$	1,465,140		$	1,397,331		$	1,426,919
Interest bearing		2,229,467			2,389,605			2,316,976			2,619,115			2,560,629
Savings and money market		1,885,928			1,835,700			1,723,233			1,616,719			1,610,218
Time		2,234,445			2,403,578			2,310,662			2,245,078			2,297,097
Total deposits		7,854,069			8,110,944			7,816,011			7,878,243			7,894,863
Advances from the Federal Home Loan Bank		745,000			915,000			765,000			715,000			645,000
Senior notes		59,843			59,764			59,685			59,605			59,526
Subordinated notes		29,624			29,582			29,539			29,497			29,454
Junior subordinated debentures held by trust subsidiaries		64,178			64,178			64,178			64,178			64,178
Operating lease liabilities (5)		106,071			105,875			105,861			122,267			123,167
Accounts payable, accrued liabilities and other liabilities (6)		148,439			164,896			173,122			210,897			164,071
Total liabilities		9,007,224			9,450,239			9,013,396			9,079,687			8,980,259

Stockholders’ equity
Class A common stock		4,214			4,210			3,357			3,373			3,361
Additional paid in capital		343,830			342,508			189,601			192,237			192,701
Retained earnings		582,229			569,131			620,299			618,359			610,802
Accumulated other comprehensive loss		(39,806	)		(12,961	)		(78,915	)		(75,884	)		(70,796	)
Total stockholders' equity		890,467			902,888			734,342			738,085			736,068
Total liabilities and stockholders' equity	$	9,897,691		$	10,353,127		$	9,747,738		$	9,817,772		$	9,716,327

__________

(1)		Estimated fair value of $192,403, $198,909 and $204,945 at June 30, 2024, March 31, 2024 and December 31, 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, includes a valuation allowance of $35.5 million as a result of fair value adjustment.
(3)		As of December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, includes derivative assets with a total fair value of $48.0 million, $52.3 million, $64.0 million, $64.7 million and $59.9 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 December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, includes derivatives liabilities with a total fair value of $47.6 million, $51.3 million, $62.9 million, $63.8 million and $59.4 million, respectively.

Exhibit 7 - Loans

Loans by Type - Held For Investment

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

(in thousands)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Real estate loans									(audited)
Commercial real estate
Non-owner occupied	$	1,678,473	$	1,688,308	$	1,714,088	$	1,672,470	$	1,616,200
Multi-family residential		336,229		351,815		359,257		349,917		407,214
Land development and construction loans		495,208		421,489		343,472		333,198		300,378
		2,509,910		2,461,612		2,416,817		2,355,585		2,323,792
Single-family residential		1,516,082		1,499,599		1,446,569		1,490,711		1,466,608
Owner occupied		1,007,074		1,001,762		981,405		1,193,909		1,175,331
		5,033,066		4,962,973		4,844,791		5,040,205		4,965,731
Commercial loans		1,747,859		1,630,018		1,521,533		1,550,140		1,503,187
Loans to financial institutions and acceptances		170,435		92,489		48,287		29,490		13,375
Consumer loans and overdrafts (1)		273,008		278,391		296,350		337,640		391,200
Total loans	$	7,224,368	$	6,964,171	$	6,710,961	$	6,957,475	$	6,873,493

__________________

(1)

As of December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023 includes $83.5 million, $103.9 million, $131.9 million, $163.3 million and $210.9 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)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Loans held for sale at the lower of fair value or cost									(audited)
Real estate loans
Commercial real estate
Non-owner occupied	$	—	$	111,591	$	112,002	$	—	$	—
Multi-family residential		—		—		918		—		309,612
Land development and construction loans		—		35,020		29,923		—		55,607
	$	—	$	146,611	$	142,843	$	—	$	365,219
Single-family residential		—		87,820		88,507		—		—
Owner occupied		—		221,774		220,718		—		—
		—		456,205		452,068		—		365,219
Commercial loans		—		87,866		90,353		—		—
Consumer loans		—		9,870		9,407		—		—
Total loans held for sale at the lower of fair value or cost (1)		—		553,941		551,828		—		365,219

Mortgage loans held for sale at fair value
Land development and construction loans		10,768		10,608		7,776		26,058		12,778
Single-family residential		32,143		33,243		52,346		22,850		13,422
Total Mortgage loans held for sale, at fair value (2)		42,911		43,851		60,122		48,908		26,200
Total loans held for sale	$	42,911	$	597,792	$	611,950	$	48,908	$	391,419

__________________

(1)		As of September 30, 2024 and June 30, 2024, includes loans transferred from the held for investment to the held for sale category in the second and third quarters of 2024 as a result of the Houston Transaction. In the fourth quarter of 2024, the Company completed the sale of the Houston franchise. As of December 31, 2023, includes Houston-based CRE loans transferred from the held for investment to the held for sale category in the fourth quarter of 2023. The Company subsequently sold these loans in the first quarter of 2024. See exhibit 2 for more information on valuation allowance recognized in 2024 and 2023 on loans held for sale carried at the lower of cost or fair value.
(2)		Loans held for sale in connection with Amerant Mortgage’s ongoing business.

Non-Performing Assets

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

(in thousands)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Non-Accrual Loans									(audited)
Real Estate Loans
Commercial real estate (CRE)
Non-owner occupied	$	—	$	1,916	$	—	$	—	$	—
Multi-family residential		—		—		6		—		8
		—		1,916		6		—		8
Single-family residential		8,140		13,452		3,726		4,400		2,459
Land development and construction loans		4,119		—		—		—		—
Owner occupied		23,191		29,240		26,309		1,958		3,822
		35,450		44,608		30,041		6,358		6,289
Commercial loans		64,572		68,654		67,005		21,833		21,949
Consumer loans and overdrafts		—		—		4		45		38
Total Non-Accrual Loans⁽¹⁾	$	100,022	$	113,262	$	97,050	$	28,236	$	28,276

Past Due Accruing Loans
Real Estate Loans
Commercial real estate (CRE)
Owner occupied		837		—		769		—		—
Single-family residential		1,201		1,129		2,656		1,149		5,218
Commercial		2,033		104		—		918		857
Consumer loans and overdrafts		8		434		477		—		49
Total Past Due Accruing Loans ⁽²⁾		4,079		1,667		3,902		2,067		6,124
Total Non-Performing Loans		104,101		114,929		100,952		30,303		34,400
Other Real Estate Owned		18,074		14,509		20,181		20,181		20,181
Total Non-Performing Assets	$	122,175	$	129,438	$	121,133	$	50,484	$	54,581

__________________

(1)		See September 30, 2024 Form 10-Q, 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 third, 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. We have not purchased credit-impaired loans.

	December 31, 2024								September 30, 2024								December 31, 2023
																	(audited)
(in thousands)	Special Mention		Substandard		Doubtful		Total (1)		Special Mention		Substandard		Doubtful		Total (1)		Special Mention		Substandard		Doubtful		Total (1)
Real Estate Loans
Commercial Real Estate (CRE)
Non-owner occupied	$	361	$	21,430	$	—	$	21,791	$	34,374	$	1,916	$	—	$	36,290	$	—	$	—	$	—	$	—
Multi-family residential		—		—		—		—		—		—		—		—		—		8		—		8
Land development and construction loans		—		4,119		—		4,119		—		—		—		—		—		—		—		—
		361		25,549		—		25,910		34,374		1,916		—		36,290		—		8		—		8
Single-family residential		—		9,438		—		9,438		—		13,544		—		13,544		—		2,800		—		2,800
Owner occupied		5,047		24,097		—		29,144		29,603		29,310		—		58,913		15,723		3,890		—		19,613
		5,408		59,084		—		64,492		63,977		44,770		—		108,747		15,723		6,698		—		22,421
Commercial loans		—		66,605		—		66,605		12,442		69,429		—		81,871		30,261		22,971		—		53,232
Consumer loans and overdrafts		—		8		—		8		—		—		—		—		—		41		—		41
	$	5,408	$	125,697	$	—	$	131,105	$	76,419	$	114,199	$	—	$	190,618	$	45,984	$	29,710	$	—	$	75,694

__________

(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)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
									(audited)
Domestic	$	5,277,763	$	5,553,336	$	5,281,946	$	5,288,702	$	5,430,059
Foreign:
Venezuela		1,889,331		1,887,282		1,918,134		1,988,470		1,870,979
Others		686,975		670,326		615,931		601,071		593,825
Total foreign		2,576,306		2,557,608		2,534,065		2,589,541		2,464,804
Total deposits	$	7,854,069	$	8,110,944	$	7,816,011	$	7,878,243	$	7,894,863

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.
Core efficiency ratio is the efficiency ratio less the effect of restructuring costs and other non-routine items, which are described in Exhibit 2 - Non-GAAP Financial Measures Reconciliation.
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

View source version on businesswire.com: https://www.businesswire.com/news/home/20250122971702/en/

Investors

Laura Rossi

InvestorRelations@amerantbank.com

(305) 460-8728

Media

Alexis Dominguez

MediaRelations@amerantbank.com

(305) 441-8414

Source: Amerant Bancorp Inc.

FAQ

What was Amerant Bancorp's (AMTB) net income for Q4 2024?

Amerant Bancorp reported net income of $16.9 million ($0.40 per diluted share) in Q4 2024.

How much did AMTB's total assets decrease in Q4 2024?

Total assets decreased by $455.4 million (4.40%) to $9.9 billion compared to Q3 2024.

What dividend did AMTB declare for Q4 2024?

AMTB declared a cash dividend of $0.09 per share, payable on February 28, 2025.

How did AMTB's net interest margin (NIM) change in Q4 2024?

Net interest margin improved to 3.75% in Q4 2024 from 3.49% in Q3 2024.

What was AMTB's efficiency ratio in Q4 2024?

The efficiency ratio was 74.91% in Q4 2024, improved from 228.74% in Q3 2024.

Amerant Reports Fourth Quarter 2024 and Full-year 2024 Results

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