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Amerant Reports Third Quarter 2024 Results

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Amerant Bancorp (NYSE: AMTB) reported a net loss of $48.2 million ($1.43 per diluted share) in Q3 2024, compared to net income of $5.0 million in Q2 2024. The company completed a public offering raising $165 million gross proceeds, selling 8.68 million shares at $19.00 per share. Following this, Amerant executed an investment portfolio repositioning, selling $551 million in securities resulting in a $68.5 million pre-tax loss. Total assets reached $10.4 billion, with gross loans at $7.56 billion and deposits at $8.11 billion. The Board declared a quarterly cash dividend of $0.09 per share.

Amerant Bancorp (NYSE: AMTB) ha riportato una perdita netta di 48,2 milioni di dollari (1,43 dollari per azione diluita) nel terzo trimestre del 2024, rispetto a un utile netto di 5,0 milioni di dollari nel secondo trimestre del 2024. L'azienda ha completato un'offerta pubblica raccogliendo proventi lordi di 165 milioni di dollari, vendendo 8,68 milioni di azioni a 19,00 dollari per azione. Successivamente, Amerant ha eseguito un riposizionamento del portafoglio investimenti, vendendo 551 milioni di dollari in titoli, il che ha comportato una perdita ante imposte di 68,5 milioni di dollari. Gli attivi totali hanno raggiunto i 10,4 miliardi di dollari, con prestiti lordi pari a 7,56 miliardi di dollari e depositi a 8,11 miliardi di dollari. Il Consiglio di amministrazione ha dichiarato un dividendo in contante trimestrale di 0,09 dollari per azione.

Amerant Bancorp (NYSE: AMTB) reportó una pérdida neta de 48.2 millones de dólares (1.43 dólares por acción diluida) en el tercer trimestre de 2024, en comparación con una ganancia neta de 5.0 millones de dólares en el segundo trimestre de 2024. La compañía completó una oferta pública recaudando 165 millones de dólares en ingresos brutos, vendiendo 8.68 millones de acciones a 19.00 dólares por acción. Después de esto, Amerant ejecutó un reposicionamiento de su cartera de inversiones, vendiendo 551 millones de dólares en valores, lo que resultó en una pérdida antes de impuestos de 68.5 millones de dólares. Los activos totales alcanzaron los 10.4 mil millones de dólares, con préstamos brutos de 7.56 mil millones de dólares y depósitos de 8.11 mil millones de dólares. La Junta declaró un dividendo en efectivo trimestral de 0.09 dólares por acción.

아메란트 뱅코프 (NYSE: AMTB)는 2024년 3분기에 4,820만 달러(희석 주당 1.43달러)의 순손실을 기록했으며, 이는 2024년 2분기의 500만 달러 순익과 비교됩니다. 이 회사는 1억 6,500만 달러의 총 수익을 올리는 공모를 완료했으며, 186만 주를 주당 19.00달러에 판매하였습니다. 이후 아메란트는 5억 5,100만 달러의 유가증권을 판매하여 6,850만 달러의 세전 손실을 입으면서 투자 포트폴리오를 재구성했습니다. 총 자산은 1,040억 달러에 도달했으며, 총 대출은 756억 달러, 예금액은 811억 달러에 달합니다. 이사회는 주당 0.09달러의 분기 현금 배당금을 선언하였습니다.

Amerant Bancorp (NYSE: AMTB) a annoncé une perte nette de 48,2 millions de dollars (1,43 dollar par action diluée) au troisième trimestre 2024, comparé à un bénéfice net de 5,0 millions de dollars au deuxième trimestre 2024. La société a réalisé une offre publique qui a permis de lever un produit brut de 165 millions de dollars, en vendant 8,68 millions d'actions à 19,00 dollars l'action. Suite à cela, Amerant a exécuté un repositionnement de son portefeuille d'investissement, vendant pour 551 millions de dollars de titres entraînant une perte avant impôts de 68,5 millions de dollars. Les actifs totaux ont atteint 10,4 milliards de dollars, avec des prêts bruts s'élevant à 7,56 milliards de dollars et des dépôts à 8,11 milliards de dollars. Le Conseil d'administration a déclaré un dividende en espèces trimestriel de 0,09 dollar par action.

Amerant Bancorp (NYSE: AMTB) meldete im dritten Quartal 2024 einen Nettoverlust von 48,2 Millionen Dollar (1,43 Dollar pro verwässerter Aktie), verglichen mit einem Nettogewinn von 5,0 Millionen Dollar im zweiten Quartal 2024. Das Unternehmen schloss eine öffentliche Aktienausgabe ab und erzielte einen Bruttoerlös von 165 Millionen Dollar, indem es 8,68 Millionen Aktien zu einem Preis von 19,00 Dollar pro Aktie verkaufte. Danach führte Amerant eine Neupositionierung seines Anlageportfolios durch und verkaufte Wertpapiere im Wert von 551 Millionen Dollar, was zu einem steuerpflichtigen Verlust von 68,5 Millionen Dollar führte. Die Gesamtaktiva beliefen sich auf 10,4 Milliarden Dollar, wobei die Bruttokredite bei 7,56 Milliarden Dollar und die Einlagen bei 8,11 Milliarden Dollar lagen. Der Vorstand erklärte eine quartalsweise Bardividende von 0,09 Dollar pro Aktie.

Positive
  • Total assets increased by $634.2 million to $10.4 billion
  • Gross loans grew by $239.1 million to $7.56 billion
  • Total deposits increased by $294.9 million to $8.11 billion
  • Core deposits up by $202.0 million to $5.71 billion
  • Successfully raised $165 million through public offering
Negative
  • Net loss of $48.2 million in Q3 2024 vs $5.0 million profit in Q2
  • $68.5 million pre-tax loss from securities sale
  • Non-performing loans increased by $14.0 million to $114.9 million
  • Net Interest Margin decreased to 3.49% from 3.56%
  • Efficiency ratio deteriorated to 228.7% from 74.2%

Insights

This quarterly report reveals significant strategic moves but concerning financial performance. The $48.2 million net loss, primarily due to a $68.5 million pre-tax loss from securities repositioning, marks a substantial shift from the previous quarter's profit. While the $165 million capital raise strengthens the balance sheet, key metrics show mixed signals: loan growth of $239.1 million and deposit growth of $294.9 million demonstrate business expansion, but rising NPLs to $114.9 million and declining NIM to 3.49% raise credit quality concerns. The core efficiency ratio of 69.3% and core ROE of 4.80% suggest underlying operational challenges despite organic growth.

The asset quality trends warrant attention with NPLs increasing by $14 million and a significant $17.3 million charge-off against specific reserves. While special mention loans decreased to $76.4 million, the reduction in ACL to $79.9 million amid rising NPLs could indicate potential future credit stress. The investment portfolio repositioning, though costly upfront, strategically addresses interest rate risk by eliminating low-yielding securities. Liquidity appears adequate with $1.9 billion in FHLB availability and increased cash position of $671.8 million, providing a buffer against potential stress scenarios.

Board of Directors Declares Quarterly Cash Dividend of $0.09 per Common Share

CORAL GABLES, Fla.--(BUSINESS WIRE)-- 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 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

 

Investors

Laura Rossi

InvestorRelations@amerantbank.com

(305) 460-8728



Media

Alexis Dominguez

MediaRelations@amerantbank.com

(305) 441-8412

Source: Amerant Bancorp Inc.

FAQ

What was Amerant Bancorp's (AMTB) net loss in Q3 2024?

Amerant Bancorp reported a net loss of $48.2 million, or $1.43 loss per diluted share, in Q3 2024.

How much did Amerant (AMTB) raise in its public offering in September 2024?

Amerant raised approximately $165 million in gross proceeds through a public offering of 8,684,210 shares at $19.00 per share.

What is Amerant's (AMTB) quarterly dividend for Q3 2024?

Amerant's Board of Directors declared a quarterly cash dividend of $0.09 per share, payable on November 29, 2024.

What was the impact of Amerant's (AMTB) investment portfolio repositioning in Q3 2024?

The investment portfolio repositioning resulted in a pre-tax loss of $68.5 million ($53.1 million after-tax) from the sale of $551 million in securities.

Amerant Bancorp Inc.

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