Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): July 24, 2024

Amerant Bancorp Inc.

(Exact name of registrant as specified in its charter)

Florida

001-38534

65-0032379

(State or other jurisdiction
of incorporation

(Commission
file number)

(IRS Employer
Identification Number)




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

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


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

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


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

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


Emerging growth company			☐

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

Item 2.02 Results of Operations and Financial Condition

On July 24, 2024, Amerant Bancorp Inc. (the "Company") issued a press release to report the Company’s financial results for the fiscal quarter ended June 30, 2024. The release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference to this Item 2.02.

In accordance with General Instruction B.2. of Form 8-K, the information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure

On July 25, 2024, the Company will hold a live audio webcast to discuss its financial results for the fiscal quarter ended June 30, 2024. In connection with the webcast, the Company is furnishing to the U.S. Securities and Exchange Commission the earnings slide presentation attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference to this Item 7.01.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 attached hereto, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 8.01 Other Events.

On July 24, 2024, the Company announced that, on July 24, 2024, its Board of Directors declared a cash dividend of $0.09 per share of common stock. The dividend is payable on August 30, 2024 to shareholders of record at the close of business on August 15, 2024. A copy of the press release is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits


Number			Exhibit
99.1			Press Release of Amerant Bancorp Inc., dated July 24, 2024
99.2			Earnings slide presentation of Amerant Bancorp Inc., dated Ju ly 25, 2024
99.3			Press Release of Amerant Bancorp Inc., dated July 24, 2024
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

Date: July 24, 2024

Amerant Bancorp Inc.

By:

/s/ Julio V. Pena

Name: Julio V. Pena

Title: Senior Vice President,
Securities Counsel and Corporate Secretary


						CONTACTS:
						Investors
						Laura Rossi
						InvestorRelations@amerantbank.com
						(305) 460-8728

						Media
						Alexis Dominguez
						MediaRelations@amerantbank.com
						(305) 441-8412

AMERANT REPORTS SECOND QUARTER 2024 RESULTS

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

CORAL GABLES, FLORIDA, July 24, 2024. Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today reported net income attributable to the Company of $5.0 million in the second quarter of 2024, or $0.15 per diluted share, compared to $10.6 million, or $0.31 per diluted share, in the first quarter of 2024.

“The Company had strong loan growth in the second quarter, as well as significantly higher pre-provision net revenue, excluding the impact of previously disclosed deal charges from the sale of our Houston franchise” stated Jerry Plush, Chairman and CEO. “However, the provision for credit losses was higher than the first quarter, primarily related to a legacy commercial credit that, while paying as agreed, was downgraded based on the receipt of updated financial information. We are actively working toward reaching a positive resolution on this credit, as we remain focused on executing on our strategic plan.”

•Total assets were $9.7 billion, a decrease of $70.0 million, or 0.7%, compared to $9.8 billion in 1Q24.

•Cash and cash equivalents were $310.3 million, down $349.4 million, or 53.0%, compared to $659.7 million in 1Q24.

•Total gross loans were $7.32 billion, an increase of $316.5 million, or 4.5%, compared to $7.01 billion in 1Q24, driven by organic production during the quarter.

•Average yield on loans increased to 7.08%, compared to 7.05% in 1Q24.

•Total deposits were $7.82 billion, down $62.2 million, or 0.8%, compared to $7.88 billion in 1Q24, as continued organic growth was offset by a reduction in higher-cost municipal and commercial deposits.

•Core deposits were $5.51 billion, down $127.8 million, or 2.3%, compared to $5.63 billion in 1Q24, driven by the previously referenced reduction in higher-cost municipal and commercial deposits.

•Average cost of total deposits slightly decreased to 2.98%, compared to 3.00% in 1Q24.

•Loan to deposit ratio was 93.69%, compared to 88.93% in 1Q24.

•Total advances from Federal Home Loan Bank (“FHLB”) were $765.0 million, up $50.0 million, or 7.0%, compared to $715.0 million in 1Q24. The Bank had $2.1 billion in availability remaining from the FHLB as of June 30, 2024.

•Total non-performing assets were $121.1 million, up $70.6 million, or 139.9%, compared to $50.5 million as of 1Q24. The increase was primarily driven by three credits previously classified as special mention and two newly downgraded loans to substandard based on receipt of updated financial information from borrowers in the second quarter.

•The allowance for credit losses ("ACL") was $94.4 million, a decrease of $1.7 million, or 1.7%, compared to $96.1 million as of 1Q24.

•Assets Under Management and custody (“AUM”) totaled $2.45 billion, up $94.2 million, or 4.0%, from $2.36 billion in 1Q24.

•Pre-provision net revenue (“PPNR”)(1) was $25.5 million, compared to $25.9 million in 1Q24. PPNR, excluding non-routine items in connection with the sale of the Company’s Houston franchise which were disclosed on a Form 8-K on July 1, 2024 (the “Houston Transaction”), was $31.0 million, compared to PPNR of $26.1 million in 1Q24, excluding non-routine items of non-interest income and expense(2).

•Net Interest Margin (“NIM”), was 3.56%, up compared to 3.51% in 1Q24

•Net Interest Income (“NII”) was $79.4 million, up $1.4 million, or 1.8%, from $78.0 million in 1Q24.

•Provision for credit losses was $19.2 million, up $6.8 million, or 54.4%, compared to $12.4 million in 1Q24.

•Non-interest income was $19.4 million, up $4.9 million, or 34.0%, from $14.5 million in 1Q24.

•Non-interest expense was $73.3 million, up $6.7 million, or 10.1%, from $66.6 million in 1Q24. Non-interest expense, excluding non-routine items in connection with the Houston Transaction(2) were $67.7 million.

•The efficiency ratio was 74.2%, compared to 72.0% in 1Q24. The efficiency ratio excluding non-routine items in connection with the Houston Transaction was 68.6%(2).

•Return on average assets (“ROA”) was 0.21%, compared to 0.44% in 1Q24. ROA excluding non-routine items in connection with the Houston Transaction was 0.38%(2).

•Return on average equity (“ROE”) was 2.68%, compared to 5.69% in 1Q24. ROE excluding non-routine items in connection with the Houston Transaction was 5.03%(2).

•The Company’s Board of Directors declared a cash dividend of $0.09 per share of common stock on July 24, 2024. The dividend is payable on August 30, 2024, to shareholders of record on August 15, 2024.

Additional details on second 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 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.

Second Quarter 2024 Earnings Conference Call

The Company will hold an earnings conference call on Thursday, July 25, 2024 at 9:00 a.m. (Eastern Time) to discuss its second 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 25 banking centers – 18 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 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 and six month periods ended June 30, 2024 and 2023, and the three months ended March 31, 2024 and December 31, 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, adjusted for unrealized losses on debt securities held to maturity”, and “tangible stockholders' equity (book value) per common share, adjusted for unrealized losses on debt securities held to maturity”. This supplemental information is not required by, or is not presented in accordance with GAAP. The Company refers to these financial measures and ratios as “non-GAAP financial measures” and they should not be considered in isolation or as a substitute for the GAAP measures presented herein.

We use certain non-GAAP financial measures, including those mentioned above, both to explain our results to shareholders and the investment community and in the internal evaluation and management of our businesses. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our past performance and prospects for future performance, especially in light of the additional costs we have incurred in connection with the Company’s restructuring activities that began in 2018 and continued in 2024, including the effect of non-core banking activities such as the sale of loans and securities 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)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Consolidated Balance Sheets					(audited)
Total assets	$	9,747,738	$	9,817,772	$	9,716,327	$	9,345,700	$	9,519,526
Total investments	1,547,864		1,578,568		1,496,975		1,314,367		1,315,303

Total gross loans (1)(2)	7,322,911		7,006,383		7,264,912		7,142,596		7,216,958
Allowance for credit losses	94,400		96,050		95,504		98,773		105,956
Total deposits	7,816,011		7,878,243		7,894,863		7,546,912		7,579,571
Core deposits (1)	5,505,349		5,633,165		5,597,766		5,244,034		5,498,017
Advances from the Federal Home Loan Bank	765,000		715,000		645,000		595,000		770,000
Senior notes	59,685		59,605		59,526		59,447		59,368
Subordinated notes	29,539		29,497		29,454		29,412		29,369
Junior subordinated debentures	64,178		64,178		64,178		64,178		64,178
Stockholders' equity (3)(4)	734,342		738,085		736,068		719,787		720,956
Assets under management and custody (1)	2,451,854		2,357,621		2,289,135		2,092,200		2,147,465


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

Consolidated Results of Operations
Net interest income	$	79,355	$	77,968	$	81,677	$	78,577	$	83,877
Provision for credit losses (5)	19,150		12,400		12,500		8,000		29,077
Noninterest income	19,420		14,488		19,613		21,921		26,619
Noninterest expense	73,302		66,594		109,702		64,420		72,500
Net income (loss) attributable to Amerant Bancorp Inc. (6)	4,963		10,568		(17,123)		22,119		7,308
Effective income tax rate	21.51%		21.50%		14.21%		22.57%		21.00%

Common Share Data
Stockholders' book value per common share	$	21.88	$	21.90	$	21.90	$	21.43	$	21.37
Tangible stockholders' equity (book value) per common share (7)	$	21.15	$	21.16	$	21.16	$	20.63	$	20.66
Tangible stockholders' equity (book value) per common share, adjusted for unrealized losses on debt securities held to maturity (7)	$	20.54	$	20.60	$	20.68	$	19.86	$	20.11
Basic earnings (loss) per common share	$	0.15	$	0.32	$	(0.51)	$	0.66	$	0.22
Diluted earnings (loss) per common share (8)	$	0.15	$	0.31	$	(0.51)	$	0.66	$	0.22
Basic weighted average shares outstanding	33,581,604		33,538,069		33,432,871		33,489,560		33,564,770
Diluted weighted average shares outstanding (8)	33,780,666		33,821,562		33,432,871		33,696,620		33,717,702
Cash dividend declared per common share (3)	$	0.09	$	0.09	$	0.09	$	0.09	$	0.09


	Three Months Ended
	June 30, 2024	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Other Financial and Operating Data (9)

Profitability Indicators (%)
Net interest income / Average total interest earning assets (NIM) (1)	3.56%	3.51%		3.72	%	3.57	%	3.83	%
Net income (loss)/ Average total assets (ROA)(1)	0.21%	0.44	%	(0.71)	%	0.92	%	0.31	%
Net income (loss) / Average stockholders' equity (ROE) (1)	2.68%	5.69	%	(9.22)	%	11.93	%	3.92	%
Noninterest income / Total revenue (1)	19.66%	15.67%		19.36%		21.81%		24.09%

Capital Indicators (%)
Total capital ratio (1)	12.00%	12.49%		12.12	%	12.70	%	12.39	%
Tier 1 capital ratio (1)	10.44%	10.87%		10.54	%	11.08	%	10.77	%
Tier 1 leverage ratio (1)	8.74%	8.73%		8.84	%	9.05	%	8.91	%
Common equity tier 1 capital ratio (CET1) (1)	9.70%	10.10%		9.79	%	10.30	%	10.00	%
Tangible common equity ratio (1)	7.30%	7.28%		7.34	%	7.44	%	7.34	%
Tangible common equity ratio, adjusted for unrealized losses on debt securities held to maturity (1)	7.11%	7.10%		7.18%		7.18%		7.16%

Liquidity Ratios (%)
Loans to Deposits (1)	93.69%	88.93%		92.02	%	94.64	%	95.22	%

Asset Quality Indicators (%)
Non-performing assets / Total assets (1)	1.24%	0.51%		0.56	%	0.57	%	0.71	%
Non-performing loans / Total gross loans (1)	1.38%	0.43%		0.47	%	0.46	%	0.65	%
Allowance for credit losses / Total non-performing loans	93.51%	317.01%		277.63	%	297.55	%	224.51	%
Allowance for credit losses / Total loans held for investment	1.41%	1.38%		1.39	%	1.40	%	1.48	%
Net charge-offs / Average total loans held for investment (1)(10)	1.13%	0.69%		0.85	%	0.82	%	0.42	%

Efficiency Indicators (% except FTE)
Noninterest expense / Average total assets	3.03%	2.75%		4.57	%	2.69	%	3.06	%
Salaries and employee benefits / Average total assets	1.40%	1.36%		1.38	%	1.31	%	1.45	%
Other operating expenses/ Average total assets (1)	1.63%	1.39%		3.20	%	1.38	%	1.62	%
Efficiency ratio (1)	74.21%	72.03%		108.30	%	64.10	%	65.61	%
Full-Time-Equivalent Employees (FTEs) (11)	720	696		682		700		710


	Three Months Ended
(in thousands, except percentages and per share amounts)	June 30, 2024		March 31, 2024		December 31, 2023			September 30, 2023			June 30, 2023
Core Selected Consolidated Results of Operations and Other Data (7)

Pre-provision net revenue (loss) (PPNR)	$	25,473	$	25,862	$	(7,595)		$	36,456		$	38,258



Core pre-provision net revenue (Core PPNR)	$	31,007	$	26,068	$	29,811		$	35,880		$	39,196
Core net income	$	9,307	$	10,730	$	15,272		$	21,664		$	8,048
Core basic earnings per common share	0.28		0.32		0.46			0.65			0.24
Core earnings per diluted common share (8)	0.28		0.32		0.46			0.64			0.24
Core net income / Average total assets (Core ROA) (1)	0.38%		0.44%		0.64		%	0.91		%	0.34		%
Core net income / Average stockholders' equity (Core ROE) (1)	5.03%		5.78%		8.23		%	11.69		%	4.32		%
Core efficiency ratio (12)	68.60%		71.87%		69.67		%	62.08		%	60.29		%

__________________

(1) See Glossary of Terms and Definitions for definitions of financial terms.

(2) As of June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, mortgage loans held for sale carried at fair value totaled $60.1 million, $48.9 million, $26.2 million, $26.0 million and $49.9 million, respectively. In addition, June 30, 2024, December 31, 2023 and September 30, 2023, includes $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 second quarter of 2024 the Company repurchased an aggregate of 200,652 shares of Class A common stock at a weighted average price of $22.17 per share under the 2023 Class A Common Stock Repurchase Program. The aggregate purchase price for this transactions was approximately $4.4 million which includes transaction costs. For all other periods, see March 31, 2024 Form 10-Q and 2023 Form 10-K.

(4) For the second and first quarters of 2024 as well as each of the fourth, third and second quarters of 2023, 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 second quarter of 2024 was paid on May 30, 2024 to shareholders of record at the close of business on May 15, 2024. See March 31, 2024 Form 10-Q and 2023 Form 10-K for more information on dividend payments during the previous quarters.

(5) In the second and first quarter of 2024 and in the fourth and third quarter of 2023, includes, $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 second quarter of 2024 and in the fourth and third quarter of 2023, were $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. There was no provision for credit losses on unfunded commitments in the second quarter of 2023.

(6) In the three months ended December 31, 2023, September 30, 2023 and June 30, 2023, net income excludes losses of $0.8 million, $0.4 million and $0.3 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.

(7) 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.

(8) See 2023 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation.

(9) Operating data for the periods presented have been annualized.

(10) See 2023 Form 10-K for more details on charge-offs for all previous periods.

(11) As of June 30, 2024, March 31, 2034, December 31, 2023, September 30, 2023 and June 30, 2023, includes 83, 65, 67, 98, and 93 FTEs for Amerant Mortgage LLC, respectively.

(12) 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)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023


Net income (loss) attributable to Amerant Bancorp Inc.	$	4,963	$	10,568	$	(17,123)	$	22,119	$	7,308
Plus: provision for credit losses (1)	19,150		12,400		12,500		8,000		29,077
Plus: provision for income tax (benefit) expense	1,360		2,894		(2,972)		6,337		1,873
Pre-provision net revenue (loss) (PPNR)	25,473		25,862		(7,595)		36,456		38,258
Plus: non-routine noninterest expense items	5,562		—		43,094		6,303		13,383

Less: non-routine noninterest income items	(28)		206		(5,688)		(6,879)		(12,445)
Core pre-provision net revenue (Core PPNR)	$	31,007	$	26,068	$	29,811	$	35,880	$	39,196

Total noninterest income	$	19,420	$	14,488	$	19,613	$	21,921	$	26,619
Less: Non-routine noninterest income items:

Derivatives (losses) gains, net	(44)		(152)		(151)		(77)		242
Securities (losses) gains, net	(117)		(54)		33		(54)		(1,237)
Bank owned life insurance charge (2)	—		—		(655)		—		—
Gains on early extinguishment of FHLB advances, net	189		—		6,461		7,010		13,440

Total non-routine noninterest income items	$	28	$	(206)	$	5,688	$	6,879	$	12,445
Core noninterest income	$	19,392	$	14,694	$	13,925	$	15,042	$	14,174

Total noninterest expense	$	73,302	$	66,594	$	109,702	$	64,420	$	72,500
Less: non-routine noninterest expense items
Restructuring costs (3):
Staff reduction costs (4)	—		—		1,120		489		2,184
Contract termination costs (5)	—		—		—		—		1,550
Consulting and other professional fees and software expenses(6)	—		—		1,629		—		2,060
Disposition of fixed assets (7)	—		—		—		—		1,419
Branch closure expenses and related charges (8)	—		—		—		252		1,558

Total restructuring costs	$	—	$	—	$	2,749	$	741	$	8,771
Other non-routine noninterest expense items:
Losses on loans held for sale carried at the lower cost or fair value (9)(11)	1,258		—		37,495		5,562		—
Loss on sale of repossessed assets and other real estate owned valuation expense (10)	—		—		—		—		2,649
Goodwill and intangible assets impairment (11)	300		—		1,713		—		—
Fixed assets impairment (11)(12)	3,443		—		—		—		—
Legal and broker fees (11)	561		—		—		—		—
Bank owned life insurance enhancement costs (2)	—		—		1,137		—		—
Impairment charge on investment carried at cost	—		—		—		—		1,963
Total non-routine noninterest expense items	$	5,562	$	—	$	43,094	$	6,303	$	13,383
Core noninterest expense	$	67,740	$	66,594	$	66,608	$	58,117	$	59,117


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

Net income (loss) attributable to Amerant Bancorp Inc.	$	4,963		$	10,568		$	(17,123)		$	22,119		$	7,308
Plus after-tax non-routine items in noninterest expense:
Non-routine items in noninterest expense before income tax effect	5,562			—			43,094			6,303			13,383
Income tax effect (13)	(1,196)			—			(8,887)			(1,486)			(2,811)
Total after-tax non-routine items in noninterest expense	4,366			—			34,207			4,817			10,572
Less after-tax non-routine items in noninterest income:
Non-routine items in noninterest income before income tax effect	(28)			206			(5,688)			(6,879)			(12,445)
Income tax effect (13)	6			(44)			1,032			1,607			2,613
Total after-tax non-routine items in noninterest income	(22)			162			(4,656)			(5,272)			(9,832)
BOLI enhancement tax impact (2)	—			—			2,844			—			—
Core net income	$	9,307		$	10,730		$	15,272		$	21,664		$	8,048

Basic earnings (loss) per share	$	0.15		$	0.32		$	(0.51)		$	0.66		$	0.22
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14)	0.13			—			1.11			0.14			0.31
(Less): after tax impact of non-routine items in noninterest income	—			—			(0.14)			(0.15)			(0.29)
Total core basic earnings per common share	$	0.28		$	0.32		$	0.46		$	0.65		$	0.24

Diluted earnings (loss) per share (15)	$	0.15		$	0.31		$	(0.51)		$	0.66		$	0.22
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14)	0.13			—			1.11			0.14			0.31
(Less): after tax impact of non-routine items in noninterest income	—			0.01			(0.14)			(0.16)			(0.29)
Total core diluted earnings per common share	$	0.28		$	0.32		$	0.46		$	0.64		$	0.24

Net income (loss) / Average total assets (ROA)	0.21		%	0.44		%	(0.71)		%	0.92		%	0.31		%
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14)	0.17		%	—		%	1.55		%	0.20		%	0.45		%
Plus (less): after tax impact of non-routine items in noninterest income	—		%	—		%	(0.20)		%	(0.21)		%	(0.42)		%
Core net income / Average total assets (Core ROA)	0.38		%	0.44		%	0.64		%	0.91		%	0.34		%






Net income (loss) / Average stockholders' equity (ROE)	2.68		%	5.69		%	(9.22)		%	11.93		%	3.92		%
Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14)	2.36		%	—		%	19.96		%	2.60		%	5.68		%
Plus (less): after tax impact of non-routine items in noninterest income	(0.01)		%	0.09		%	(2.51)		%	(2.84)		%	(5.28)		%
Core net income / Average stockholders' equity (Core ROE)	5.03		%	5.78		%	8.23		%	11.69		%	4.32		%

























Efficiency ratio	74.21		%	72.03		%	108.30		%	64.10		%	65.61		%
(Less): impact of non-routine items in noninterest expense	(5.63)		%	—		%	(42.54)		%	(6.27)		%	(12.11)		%

(Less) plus: impact of non-routine items in noninterest income	0.02		%	(0.16)		%	3.91		%	4.25		%	6.79		%
Core efficiency ratio	68.60		%	71.87		%	69.67		%	62.08		%	60.29		%







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










































































Stockholders' equity	$	734,342		$	738,085		$	736,068		$	719,787		$	720,956
Less: goodwill and other intangibles (16)	(24,581)			(24,935)			(25,029)			(26,818)			(24,124)
Tangible common stockholders' equity	$	709,761		$	713,150		$	711,039		$	692,969		$	696,832
Total assets	9,747,738			9,817,772			9,716,327			9,345,700			9,519,526
Less: goodwill and other intangibles (16)	(24,581)			(24,935)			(25,029)			(26,818)			(24,124)
Tangible assets	$	9,723,157		$	9,792,837		$	9,691,298		$	9,318,882		$	9,495,402
Common shares outstanding	33,562,756			33,709,395			33,603,242			33,583,621			33,736,159
Tangible common equity ratio	7.30		%	7.28		%	7.34		%	7.44		%	7.34		%
Stockholders' book value per common share	$	21.88		$	21.90		$	21.90		$	21.43		$	21.37
Tangible stockholders' equity book value per common share	$	21.15		$	21.16		$	21.16		$	20.63		$	20.66


Tangible common stockholders' equity	$	709,761		$	713,150		$	711,039		$	692,969		$	696,832
Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (17)	(20,304)			(18,729)			(16,197)			(26,138)			(18,503)
Tangible common stockholders' equity, adjusted for net unrealized accumulated losses on debt securities held to maturity	$	689,457		$	694,421		$	694,842		$	666,831		$	678,329
Tangible assets	$	9,723,157		$	9,792,837		$	9,691,298		$	9,318,882		$	9,495,402
Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (17)	(20,304)			(18,729)			(16,197)			(26,138)			(18,503)
Tangible assets, adjusted for net unrealized accumulated losses on debt securities held to maturity	$	9,702,853		$	9,774,108		$	9,675,101		$	9,292,744		$	9,476,899
Common shares outstanding	33,562,756			33,709,395			33,603,242			33,583,621			33,736,159

Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity	7.11		%	7.10		%	7.18		%	7.18		%	7.16		%
Tangible stockholders' book value per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity	$	20.54		$	20.60		$	20.68		$	19.86		$	20.11

____________

(1) In the second and first quarter of 2024 and in the fourth and third quarter of 2023, includes $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 second quarter of 2024, and in the fourth and third quarter of 2023, were $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. There was no provision for credit losses on unfunded commitments in the second quarter of 2023.

(2) 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.

(3) 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.

(4) Staff reduction costs consist of severance expenses related to organizational rationalization.

(5) Contract termination and related costs associated with third party vendors resulting from the Company’s engagement of FIS.

(6) 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 June 30, 2024, March 31, 2024 and September 30, 2023. In the three months ended June 30, 2023, includes expenses of $2.0 million in connection with the engagement of FIS.

(7) Includes expenses in connection with the disposition of fixed assets due to the write off of in-development software in the three months ended June 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. In addition, in the three months ended June 30, 2023 includes $0.9 million of accelerated amortization of leasehold improvements and $0.6 million of right-of-use, or ROU asset impairment, associated with the closure of a branch in Miami, FL 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, 2023, amount represents the loss on sale of repossessed assets in connection with our equipment-financing activities.

(11) In the three months ended June 30, 2024, amounts shown are in connection with the Houston Transaction.

(12) Related to Houston branches and included as part of occupancy and equipment expenses. See Exhibit 5 for additional information.

(13) In the three months ended March 31, 2024, amounts were calculated based upon the effective tax rate for the period of 21.51%. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect.

(14) 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.

(15) See 2023 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation.

(16) At June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, other intangible assets primarily consist of naming rights of $2.3 million, $2.4 million, $2.5 million and $2.7 million, respectively, and mortgage servicing rights (“MSRs”) of $1.5 million, $1.4 million, $1.4 million and $1.3 million, respectively. At June 30, 2023 and March 31, 2023, other intangible assets primarily consist of MSRs of $1.3 million and $1.4 million, respectively. Other intangible assets are included in other assets in the Company’s consolidated balance sheets.

(17) As of June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, amounts were calculated based upon the fair value on debt securities held to maturity, and assuming a tax rate of 25.38%, 25.40%, 25.36%, 25.51%, 25.46% and 25.53%, 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
	June 30, 2024				March 31, 2024				June 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)	$	7,049,109	$	124,117	7.08	%	$	6,995,974	$	122,705	7.05	%	$	7,068,034	$	119,570	6.79	%
Debt securities available for sale (3) (4)	1,267,828		14,104		4.47	%	1,239,762		13,186		4.28	%	1,041,039		10,397		4.01	%
Debt securities held to maturity (5)	221,106		1,878		3.42	%	224,877		1,967		3.52	%	236,297		1,976		3.35	%
Debt securities held for trading	—		—		—	%	—		—		—	%	262		3		4.59	%
Equity securities with readily determinable fair value not held for trading	2,466		13		2.12	%	2,477		55		8.93	%	27		—		—	%
Federal Reserve Bank and FHLB stock	54,664		955		7.03	%	50,180		883		7.08	%	52,917		857		6.50	%
Deposits with banks	364,466		5,260		5.80	%	422,841		5,751		5.47	%	379,123		5,694		6.02	%
Other short-term investments	6,399		82		5.15	%	5,932		78		5.29	%	—		—		—	%
Total interest-earning assets	8,966,038		146,409		6.57	%	8,942,043		144,625		6.50	%	8,777,699		138,497		6.33	%
Total non-interest-earning assets (6)	763,628						812,523						710,404
Total assets	$	9,729,666					$	9,754,566					$	9,488,103


	Three Months Ended
	June 30, 2024					March 31, 2024					June 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	$	2,408,979		$	16,779	2.80	%	$	2,445,362		$	17,736	2.92	%	$	2,641,746		$	16,678	2.53	%
Money market	1,411,287			14,973		4.27	%	1,431,949			14,833		4.17	%	1,169,047			9,401		3.23	%
Savings	253,625			26		0.04	%	262,528			28		0.04	%	287,493			36		0.05	%
Total checking and saving accounts	4,073,891			31,778		3.14	%	4,139,839			32,597		3.17	%	4,098,286			26,115		2.56	%
Time deposits	2,258,973			25,971		4.62	%	2,290,587			26,124		4.59	%	2,045,747			18,528		3.63	%
Total deposits	6,332,864			57,749		3.67	%	6,430,426			58,721		3.67	%	6,144,033			44,643		2.91	%
Securities sold under agreements to repurchase	124			2		6.49	%	—			—		—	%	60			1		6.68	%
Advances from the FHLB (7)	737,658			6,946		3.79	%	644,753			5,578		3.48	%	828,301			7,621		3.69	%
Senior notes	59,646			941		6.35	%	59,567			943		6.37	%	59,330			941		6.36	%
Subordinated notes	29,519			361		4.92	%	29,476			361		4.93	%	29,348			362		4.95	%
Junior subordinated debentures	64,178			1,055		6.61	%	64,178			1,054		6.61	%	64,178			1,052		6.57	%
Total interest-bearing liabilities	7,223,989			67,054		3.73	%	7,228,400			66,657		3.71	%	7,125,250			54,620		3.07	%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits	1,452,921							1,435,226							1,332,189
Accounts payable, accrued liabilities and other liabilities	309,298							344,197							283,653
Total non-interest-bearing liabilities	1,762,219							1,779,423							1,615,842
Total liabilities	8,986,208							9,007,823							8,741,092
Stockholders’ equity	743,458							746,743							747,011
Total liabilities and stockholders' equity	$	9,729,666						$	9,754,566						$	9,488,103
Excess of average interest-earning assets over average interest-bearing liabilities	$	1,742,049						$	1,713,643						$	1,652,449
Net interest income				$	79,355						$	77,968						$	83,877
Net interest rate spread						2.84	%						2.79	%						3.26	%
Net interest margin (7)						3.56	%						3.51	%						3.83	%
Cost of total deposits (7)						2.98	%						3.00	%						2.40	%
Ratio of average interest-earning assets to average interest-bearing liabilities	124.11		%					123.71		%					123.19		%
Average non-performing loans/ Average total loans	0.60		%					0.46		%					0.54		%


	Six Months Ended
	June 30, 2024				June 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)	$	7,018,015	$	246,822	7.07	%	$	6,985,153	$	228,071	6.58	%
Debt securities available for sale (3) (4)	1,253,795		27,290		4.38	%	1,049,886		20,568		3.95	%
Debt securities held to maturity (5)	222,992		3,845		3.47	%	238,450		4,088		3.46	%
Debt securities held for trading	—		—		—	%	141		4		5.72	%
Equity securities with readily determinable fair value not held for trading	2,472		68		5.53	%	2,443		—		—	%
Federal Reserve Bank and FHLB stock	52,422		1,838		7.05	%	55,346		1,872		6.82	%
Deposits with banks	393,654		11,011		5.63	%	341,168		9,024		5.33	%
Other short-term investments	6,165		160		5.22	%	—		—		—	%
Total interest-earning assets	8,949,515		291,034		6.54	%	8,672,587		263,627		6.13	%
Total non-interest-earning assets (6)	792,602						725,675
Total assets	$	9,742,117					$	9,398,262
Interest-bearing liabilities:
Checking and saving accounts
Interest bearing DDA	$	2,427,170	$	34,515	2.86	%	$	2,493,009	$	29,533	2.39	%
Money market	1,421,618		29,807		4.22	%	1,250,801		17,281		2.79	%
Savings	258,077		53		0.04	%	293,464		83		0.06	%
Total checking and saving accounts	4,106,865		64,375		3.15	%	4,037,274		46,897		2.34	%
Time deposits	2,274,780		52,095		4.61	%	1,907,443		31,362		3.32	%
Total deposits	6,381,645		116,470		3.67	%	5,944,717		78,259		2.65	%
Securities sold under agreements to repurchase	62		2		6.49	%	30		1		6.72	%
Advances from the FHLB (7)	691,206		12,524		3.64	%	893,484		14,384		3.25	%
Senior notes	59,606		1,883		6.35	%	59,290		1,883		6.40	%
Subordinated notes	29,497		723		4.93	%	29,327		723		4.97	%
Junior subordinated debentures	64,178		2,109		6.61	%	64,178		2,167		6.81	%
Total interest-bearing liabilities	7,226,194		133,711		3.72	%	6,991,026		97,417		2.81	%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits	1,444,073						1,354,951
Accounts payable, accrued liabilities and other liabilities	326,809						310,716
Total non-interest-bearing liabilities	1,770,882						1,665,667
Total liabilities	8,997,076						8,656,693
Stockholders’ equity	745,041						741,569
Total liabilities and stockholders' equity	$	9,742,117					$	9,398,262
Excess of average interest-earning assets over average interest-bearing liabilities	$	1,723,321					$	1,681,561
Net interest income			$	157,323					$	166,210
Net interest rate spread					2.82	%					3.32	%
Net interest margin (7)					3.54	%					3.86	%
Cost of total deposits (7)					2.99	%					2.16	%
Ratio of average interest-earning assets to average interest-bearing liabilities	123.85%						124.05%
Average non-performing loans/ Average total loans	0.61%						0.50%

___________

(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 $95.6 million, $92.3 million, and $84.6 million in the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and $94.0 million and $83.0 million, in the six months ended June 30, 2024 and June 30, 2023, respectively. The average balance of total loans held for sale was $191.7 million, $180.5 million and $85.1 million in the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and $90.0 million, and $75.8 million in the six months period ended June 30, 2024 and June 30, 2023, respectively.

(2) Includes average non-performing loans of $52.7 million, $32.6 million and $38.5 million for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and $42.7 million and $35.2 million in the six months ended June 30, 2024 and June 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 $115.8 million, $101.5 million and $106.7 million in the three months ended

June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and average net unrealized net losses of $108.6 million and $105.8 million in the six months ended June 30, 2024 and June 30, 2023, respectively.

(4) Includes nontaxable securities with average balances of $18.8 million, $18.3 million and $19.5 million for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and$18.8 million and $19.4 million, in the six months ended June 30, 2024 and June 30, 2023, respectively. The tax equivalent yield for these nontaxable securities was 4.47%, 4.68%, 4.53% for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and 4.51% and 4.59% in the six months ended June 30, 2024 and June 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 $47.8 million, $48.5 million and $50.1 million for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and $48.1 million and $50.4 million in the six months ended June 30, 2024 and June 30, 2023, respectively. The tax equivalent yield for these nontaxable securities was 4.23%, 4.25% and 4.16% for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and 4.24% and 4.18% in the six months ended June 30, 2024 and June 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.

(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								Six Months Ended June 30,
	June 30, 2024				March 31, 2024					June 30, 2023	2024				2023
(in thousands, except percentages)	Amount		%		Amount		%				Amount		%			Amount		%		Amount		%

Deposits and service fees	$	5,281	27.2	%	$	4,325	29.9	%			$	4,944	18.6	%		$	9,606	28.3	%	$	9,899	21.5	%
Brokerage, advisory and fiduciary activities	4,538		23.4	%	4,327		29.9	%			4,256		16.0	%		8,865		26.1	%	8,438		18.4	%
Change in cash surrender value of bank owned life insurance (“BOLI”)(1)	2,242		11.5	%	2,342		16.2	%			1,429		5.4	%		4,584		13.5	%	2,841		6.2	%
Cards and trade finance servicing fees	1,331		6.9	%	1,223		8.4	%			562		2.1	%		2,554		7.5	%	1,095		2.4	%
Gain on early extinguishment of FHLB advances, net	189		1.0	%	—		—	%			13,440		50.5	%		189		0.6	%	26,613		57.9	%

Securities (losses) gains, net (2)	(117)		(0.6)	%	(54)		(0.4)	%			(1,237)		(4.7)	%		(171)		(0.5)	%	(10,968)		(23.9)	%
Loan-level derivative income (3)	2,357		12.1	%	466		3.2	%			476		1.8	%		2,823		8.3	%	2,547		5.5	%
Derivative (losses) gains, net (4)	(44)		(0.2)	%	(152)		(1.1)	%			242		0.9	%		(196)		(0.6)	%	256		0.6	%
Other noninterest income (5)	3,643		18.7	%	2,011		13.9	%			2,507		9.4	%		5,654		16.8	%	5,241		11.4	%
Total noninterest income	$	19,420	100.0	%	$	14,488	100.0	%			$	26,619	100.0	%		$	33,908	100.0	%	$	45,962	100.0	%

__________________

(1) Changes in cash surrender value of BOLI are not taxable.

(2) Includes net loss of $0.1 million in each of the three and six month periods ended June 30, 2024, and $1.2 million and $10.8 million in the three and six month periods ended June 30, 2023 ,respectively, in connection with the sale of debt securities available for sale. There were no sales of debt securities available for sale in the three months ended March 31, 2024. In addition, includes unrealized losses of $0.1 million in the three months ended March 31, 2024 and in the six months ended June 30, 2024, related to the change in fair value of equity securities with readily available fair value not held for trading which are recorded in results of the period. There were no significant unrealized losses related to equity securities with readily available fair value not held for trading in the three months ended June 30, 2024 and in the three and six month periods ended June 30, 2023.

(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 $1.9 million, $1.1 million and $1.6 million in the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and $3.0 million and $3.4 million in the six months ended June 30, 2024 and June 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 three and six months ended June 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								Six Months Ended June 30,
	June 30, 2024				March 31, 2024					June 30, 2023	2024					2023
(in thousands, except percentages)	Amount		%		Amount		%					Amount		%			Amount		%		Amount		%

Salaries and employee benefits (1)	$	33,857	46.2	%	$	32,958	49.5	%				$	34,247	47.2	%		$	66,815	47.8	%	$	69,123	50.4	%
Occupancy and equipment (2)	9,041		12.3	%	6,476		9.7	%				6,737		9.3	%		15,517		11.1	%	13,535		9.9	%
Professional and other services fees (3)	12,110		16.5	%	10,963		16.5	%				7,415		10.2	%		23,073		16.5	%	15,043		11.0	%
Loan-level derivative expense (4)	580		0.8	%	4		—	%				110		0.2	%		584		0.4	%	1,710		1.3	%
Telecommunications and data processing (5)	2,732		3.7	%	3,533		5.3	%				5,027		6.9	%		6,265		4.5	%	8,091		5.9	%
Depreciation and amortization (6)	1,652		2.3	%	1,477		2.2	%				2,275		3.1	%		3,129		2.2	%	3,567		2.6	%
FDIC assessments and insurance	2,772		3.8	%	3,008		4.5	%				2,739		3.8	%		5,780		4.1	%	5,476		4.0	%
Losses on loans held for sale carried at the lower cost or fair value (7)	1,258		1.7	%	—		—	%				—		—	%		1,258		0.9	%	—		—	%
Advertising expenses	4,243		5.8	%	3,078		4.6	%				4,332		6.0	%		7,321		5.2	%	6,918		5.0	%
Other real estate owned and repossessed assets (income) expense, net (8)(9)	(148)		(0.2)	%	(354)		(0.5)	%				2,431		3.4	%		(502)		(0.4)	%	2,431		1.8	%
Contract termination costs (9)(10)	—		—	%	—		—	%				1,550		2.1	%		—		—	%	1,550		1.1	%
Other operating expenses (11)	5,205		7.1	%	5,451		8.2	%				5,637		7.8	%		10,656		7.7	%	9,789		7.0	%
Total noninterest expense (12)	$	73,302	100.0	%	$	66,594	100.0	%				$	72,500	100.0	%		$	139,896	100.0	%	$	137,233	100.0	%

___

(1) Includes staff reduction costs of $2.2 million and $2.4 million in the three and six months ended June 30, 2023, respectively, which consist of severance expenses primarily related to organizational rationalization.

(2) In each of the three and six month periods ended June 30, 2024, includes fixed assets impairment charge of $3.4 million in connection with the Houston Transaction. In each of the three and six month periods ended June 30, 2023, includes $0.6 million related to ROU asset impairment in connection with the closure of branch in Miami, Florida in 2023.

(3) Includes $0.3 million in legal expenses in connection with the Houston Transaction in the three and six month periods ended June 30, 2024. Additionally, includes additional non-routine expenses of $2.0 million and $4.6 million in the three months and six months ended June 30, 2023, respectively, related to the engagement of FIS. Lastly, includes recurring service fees in connection with the engagement of FIS in the three months ended March 31, 2024 and June 30, 2024 and in the six months ended June 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 each of the three and six month periods ended June 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 each of the three and six month periods ended June 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 and six month periods ended, amounts shown are in connection with the Houston Transaction

(8) Includes OREO rental income of $0.4 million in the three months ended March 31, 2024, as well as in the three and six month periods ended June 30, 2023. In addition, in each of the three and six month periods ended June 30, 2023, includes a loss on sale of repossessed assets in connection with our equipment-financing activities of $2.6 million.

(9) Beginning in the three months ended June 30, 2023, OREO and repossessed assets expense is presented separately in the Company’s consolidated statement of operations and comprehensive (loss) income.

(10) Contract termination and related costs associated with third party vendors resulting from the Company’s transition to our new technology provider.

(11) In each of the three and six month periods ended June 30, 2024, includes broker fees of $0.3 million in connection with the Houston Transaction. Additionally, in each of the three and six month periods ended June 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.

(12) Includes $3.8 million, $3.1 million and $4.0 million in the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and $6.9 million and $7.9 million in the six months ended June 30, 2024 and June 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)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023

Assets					(audited)
Cash and due from banks	$	32,762	$	41,231	$	47,234	$	48,145	$	45,184
Interest earning deposits with banks	238,346		577,843		242,709		202,946		365,673
Restricted cash	32,430		33,897		25,849		51,837		34,204
Other short-term investments	6,781		6,700		6,080		6,024		—
Cash and cash equivalents	310,319		659,671		321,872		308,952		445,061
Securities
Debt securities available for sale, at fair value	1,269,356		1,298,073		1,217,502		1,033,797		1,027,676
Debt securities held to maturity, at amortized cost (1)	219,613		224,014		226,645		230,254		234,369
Trading securities	—		—		—		—		298
Equity securities with readily determinable fair value not held for trading	2,483		2,480		2,534		2,438		2,500
Federal Reserve Bank and Federal Home Loan Bank stock	56,412		54,001		50,294		47,878		50,460
Securities	1,547,864		1,578,568		1,496,975		1,314,367		1,315,303
Loans held for sale, at the lower of cost or fair value (2)	551,828		—		365,219		43,257		—
Mortgage loans held for sale, at fair value	60,122		48,908		26,200		25,952		49,942
Loans held for investment, gross	6,710,961		6,957,475		6,873,493		7,073,387		7,167,016
Less: Allowance for credit losses	94,400		96,050		95,504		98,773		105,956
Loans held for investment, net	6,616,561		6,861,425		6,777,989		6,974,614		7,061,060
Bank owned life insurance	238,851		237,314		234,972		232,736		231,253
Premises and equipment, net	33,382		44,877		43,603		43,004		43,714
Deferred tax assets, net	48,779		48,302		55,635		63,501		56,779
Operating lease right-of-use assets	100,580		117,171		118,484		116,763		116,161
Goodwill	19,193		19,193		19,193		20,525		20,525
Accrued interest receivable and other assets (3)(4)	220,259		202,343		256,185		202,029		179,728

Total assets	$	9,747,738	$	9,817,772	$	9,716,327	$	9,345,700	$	9,519,526
Liabilities and Stockholders' Equity
Deposits
Demand
Noninterest bearing	$	1,465,140	$	1,397,331	$	1,426,919	$	1,370,157	$	1,293,522
Interest bearing	2,316,976		2,619,115		2,560,629		2,416,797		2,773,120
Savings and money market	1,723,233		1,616,719		1,610,218		1,457,080		1,431,375
Time	2,310,662		2,245,078		2,297,097		2,302,878		2,081,554
Total deposits	7,816,011		7,878,243		7,894,863		7,546,912		7,579,571
Advances from the Federal Home Loan Bank	765,000		715,000		645,000		595,000		770,000
Senior notes	59,685		59,605		59,526		59,447		59,368
Subordinated notes	29,539		29,497		29,454		29,412		29,369
Junior subordinated debentures held by trust subsidiaries	64,178		64,178		64,178		64,178		64,178
Operating lease liabilities (5)	105,861		122,267		123,167		120,665		119,921
Accounts payable, accrued liabilities and other liabilities (6)	173,122		210,897		164,071		210,299		176,163
Total liabilities	9,013,396		9,079,687		8,980,259		8,625,913		8,798,570

Stockholders’ equity
Class A common stock	3,357		3,373		3,361		3,359		3,374

Additional paid in capital	189,601		192,237		192,701		194,103		195,275

Retained earnings	620,299		618,359		610,802		630,933		611,829
Accumulated other comprehensive loss	(78,915)		(75,884)		(70,796)		(105,634)		(86,926)
Total stockholders' equity before noncontrolling interest	734,342		738,085		736,068		722,761		723,552
Noncontrolling interest	—		—		—		(2,974)		(2,596)
Total stockholders' equity	734,342		738,085		736,068		719,787		720,956
Total liabilities and stockholders' equity	$	9,747,738	$	9,817,772	$	9,716,327	$	9,345,700	$	9,519,526

__________

(1) Estimated fair value of $192,403, $198,909, $204,945, $195,165 and $209,546 at June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, respectively.

(2) As of 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 June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, includes derivative assets with a total fair value of $64.0 million, $64.7 million, $59.9 million, $87.1 million and $75.8 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) Includes other assets for sale of $22.8 million 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 June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, includes derivatives liabilities with a total fair value of $62.9 million, $63.8 million, $59.4 million, $85.6 million and $74.5 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)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Real estate loans					(audited)
Commercial real estate
Non-owner occupied	$	1,714,088	$	1,672,470	$	1,616,200	$	1,593,571	$	1,645,224
Multi-family residential	359,257		349,917		407,214		771,654		764,712
Land development and construction loans	343,472		333,198		300,378		301,938		314,010
	2,416,817		2,355,585		2,323,792		2,667,163		2,723,946
Single-family residential	1,446,569		1,490,711		1,466,608		1,371,194		1,285,857
Owner occupied	981,405		1,193,909		1,175,331		1,129,921		1,063,240
	4,844,791		5,040,205		4,965,731		5,168,278		5,073,043
Commercial loans	1,521,533		1,550,140		1,503,187		1,452,759		1,577,209
Loans to financial institutions and acceptances	48,287		29,490		13,375		13,353		13,332
Consumer loans and overdrafts (1)	296,350		337,640		391,200		438,997		503,432
Total loans	$	6,710,961	$	6,957,475	$	6,873,493	$	7,073,387	$	7,167,016

__________________

(1) As of June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023 includes $131.9 million, $163.3 million, $210.9 million, $254.7 million and $312.3 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)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Loans held for sale at the lower of cost or fair value					(audited)
Real estate loans
Commercial real estate
Non-owner occupied	$	112,002	$	—	$	—	$	43,256	$	—
Multi-family residential	918		—		309,612		—		—
Land development and construction loans	29,923		—		55,607		—		—
	142,843		—		365,219		43,256		—
Single-family residential	88,507		—		—		—		—
Owner occupied	220,718		—		—		—		—
	452,068		—		365,219		43,256		—
Commercial loans	90,353		—		—		—		—
Consumer loans	9,407		—		—		—		—

Total loans held for sale at the lower of cost or fair value (1)	551,828		—		365,219		43,256		—

Mortgage loans held for sale at fair value
Land development and construction loans (2)	7,776		26,058		12,778		6,931		3,726
Single-family residential (3)	52,346		22,850		13,422		19,022		46,216

Total mortgage loans held for sale at fair value (4)	60,122		48,908		26,200		25,953		49,942




Total loans held for sale (5)	$	611,950	$	48,908	$	391,419	$	69,209	$	49,942

__________________

(1) In the second quarter of 2024, the Company transferred an aggregate of $551.8 million in connection with the Houston Transaction. 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 the fourth, third and second quarters of 2023, the Company transferred approximately $17 million, $17 million and $28 million, respectively, 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) Remained current and 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)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023			June 30, 2023
Non-Accrual Loans					(audited)
Real Estate Loans
Commercial real estate (CRE)
Non-owner occupied	$	—	$	—	$	—	$	—		$	1,696
Multi-family residential	6		—		8		23,344			24,306
	6		—		8		23,344			26,002
Single-family residential	3,726		4,400		2,459		2,533			1,681
Owner occupied	26,309		1,958		3,822		2,100			6,890
	30,041		6,358		6,289		27,977			34,573
Commercial loans	67,005		21,833		21,949		4,713			12,241
Consumer loans and overdrafts	4		45		38		1			1
Total Non-Accrual Loans (1)	$	97,050	$	28,236	$	28,276	$	32,691		$	46,815

Past Due Accruing Loans(2)
Real Estate Loans


Owner occupied	769		—		—		—			—
Single-family residential	2,656		1,149		5,218		—			302

Commercial	—		918		857		504		—	—
Consumer loans and overdrafts	477		—		49		—			78
Total Past Due Accruing Loans	$	3,902	$	2,067	$	6,124	$	504		$	380
Total Non-Performing Loans	100,952		30,303		34,400		33,195			47,195
Other Real Estate Owned	20,181		20,181		20,181		20,181			20,181
Total Non-Performing Assets	$	121,133	$	50,484	$	54,581	$	53,376		$	67,376

__________________

(1) See March 31, 2024 Form 10-Q and 2023 Form 10-K for more information about the activity of non-accrual loans in the first quarter 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-impaired loans.


	June 30, 2024								March 31, 2024								June 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	$	33,979	$	—	$	—	$	33,979	$	—	$	—	$	—	$	—	$	8,301	$	1,753	$	—	$	10,054
Multi-family residential	—		6		—		6		—		6		—		6		—		24,306		—		24,306
Land development and construction loans	—		—		—		—		—		—		—		—		6,497		—		—		6,497
	33,979		6		—		33,985		—		6		—		6		14,798		26,059		—		40,857
Single-family residential	—		3,684		—		3,684		—		3,715		—		3,715		—		2,154		—		2,154
Owner occupied	35,642		26,381		—		62,023		40,666		2,023		—		42,689		2,236		6,972		—		9,208
	69,621		30,071		—		99,692		40,666		5,744		—		46,410		17,034		35,185		—		52,219
Commercial loans	25,671		67,836		—		93,507		63,172		22,800		—		85,972		13,029		13,312		3		26,344

Consumer loans and overdrafts	—		—		—		—		—		36		—		36		—		70		—		70
Totals	$	95,292	$	97,907	$	—	$	193,199	$	103,838	$	28,580	$	—	$	132,418	$	30,063	$	48,567	$	3	$	78,633

__________

(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)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023

					(audited)
Domestic	$	5,281,946	$	5,288,702	$	5,430,059	$	5,067,937	$	5,113,604
Foreign:
Venezuela	1,918,134		1,988,470		1,870,979		1,892,453		1,912,994
Others	615,931		601,071		593,825		586,522		552,973
Total foreign	2,534,065		2,589,541		2,464,804		2,478,975		2,465,967
Total deposits	$	7,816,011	$	7,878,243	$	7,894,863	$	7,546,912	$	7,579,571

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.

Second Quarter Earnings July 25, 2024

2 Important Notices and Disclaimers Forward-Looking Statements This presentation contains “forward-looking statements” including statements with respect to the Company’s objectives, expectations and intentions and other statements that are not historical facts. Examples of forward- looking statements include but are not limited to: our future operating or financial performance, including revenues, expenses, expense savings, income or loss and earnings or loss per share, and other financial items; statements regarding expectations, plans or objectives for future operations, products or services, and our expectations on 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 and six month periods ended June 30, 2024 and 2023, and the three months ended March 31, 2024 and December 31, 2023, may not reflect our results of operations for our fiscal year ending, or financial condition as of December 31, 2024, or any other period of time or date. Non-GAAP Financial Measures The Company supplements its financial results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) with non-GAAP financial measures, such as “pre- provision net revenue (PPNR)”, “core pre-provision net revenue (Core PPNR)”, “core noninterest income”, “core noninterest expenses”, “core net income”, “core earnings per share (basic and diluted)”, “core return on assets (Core ROA)”, “core return on equity (Core ROE)”, “core efficiency ratio”, “tangible stockholders’ equity (book value) per common share”, “tangible common equity ratio, adjusted for unrealized losses on debt securities held to maturity”, and “tangible stockholders' equity (book value) per common share, adjusted for unrealized losses on debt securities held to maturity”. This supplemental information is not required by, or is not presented in accordance with GAAP. The Company refers to these financial measures and ratios as “non-GAAP financial measures” and they should not be considered in isolation or as a substitute for the GAAP measures presented herein. We use certain non-GAAP financial measures, including those mentioned above, both to explain our results to shareholders and the investment community and in the internal evaluation and management of our businesses. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our past performance and prospects for future performance, especially in light of the additional costs we have incurred in connection with the Company’s restructuring activities that began in 2018 and continued in 2024, including the effect of non-core banking activities such as the sale of loans and securities and other repossessed assets, the sale of our Houston franchise, the valuation of securities, derivatives, loans held for sale and other real estate owned, impairment of investments, the early repayment of FHLB advances, Bank owned life insurance restructure, and other non-routine actions intended to improve customer service and operating performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies. Appendix 1 reconciles these non-GAAP financial measures to reported results.

3 2Q24 In Review • Total loans increased by $316.5 million, driven by organic loan growth • Total deposits decreased by $62.2 million as organic deposit growth was offset by a reduction of higher-cost municipal and commercial deposits • FHLB advances increased by $50.0 million, as we added 3-year fixed rate funding as part of our ALM strategy • Assets under management increased $94.2 million to $2.45 billion, primarily driven by market valuations and net new assets • Non-interest income increased to $19.4 million, primarily driven by higher income from loan derivatives and the mortgage business • Non-interest expense increased to $73.3 million. However, excluding non-routine transaction costs in connection with the sale of our Houston franchise, non-interest expense increased $1.0 million to $67.7 million (1) • Officially opened our banking center in downtown Miami and hired Palm Beach and Central Florida Market Presidents • Signed agreements for Miami Beach banking center and new Palm Beach regional office and banking center; expected to open in 1Q25 • Repurchased an aggregate of 200,652 shares for $4.4 million (average price of $22.17 per share or 1X Price to Book Value); $15.6 million remains available in buy back program as of June 30, 2024 • Paid quarterly cash dividend of $0.09 per common share on May 30, 2024; declared cash dividend of $0.09 per common share payable on August 30, 2024 (1) Represents Core non-interest expense, which is a Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP

4 2Q24 Highlights Income Statement Balance Sheet Capital • Diluted earnings per share (1) - $0.15 • NIM - 3.56% • Provision for credit losses - $19.2M • Noninterest Income - $19.4M • Noninterest Expenses - $73.3M • Noninterest Expenses, excluding non- routine items related to the Houston Transaction (2) - $67.7M • Total Assets - $9.7B • Total Deposits - $7.8B • Loans Held for Investment , gross - $7.3B • Securities - $1.5B • Cash and cash equivalents - $310.3M • Total Capital Ratio - 12.00% • CET 1 - 9.70% • Tier 1 Capital Ratio - 10.44% • TCE Ratio (1) - 7.30% (1) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP (2) Non-routine items in connection with the sale of the Company’s Houston franchise as disclosed on Form 8-K on July 1, 2024 (the "Houston Transaction”)

5 72.03% 74.21% 1Q24 2Q24 17.7% 18.7% 1Q24 2Q24 10.87% 10.44% 1Q24 2Q24 3.51% 3.56% 1Q24 2Q24 1.38% 1.41% 1Q24 2Q24 0.44% 0.21% 1Q24 2Q24 5.69% 2.68% 1Q24 2Q24 NIB Deposits/Total Deposits Tier 1 Capital Ratio Net Interest Margin Efficiency Ratio ACL / Total Loans held for investment ROA ROE Key Performance Metrics Excluding non-routine items ($5.6 million in non-routine noninterest expenses related to the Houston Transaction and $28.0 thousand in non-routine noninterest income), these metrics were as follows during 2Q24: • Efficiency Ratio(*) was 68.60% compared to 71.87% in 1Q24 • ROA(*) was 0.38% compared to 0.44% in1Q24 • ROE(*) was 5.03% compared to 5.78% in 1Q24 (*) Represents core efficiency ratio, core ROA and core ROE, which are non-GAAP Financial Measures. See Appendix 1 for a reconciliation to GAAP.

6 $7,580 $7,547 $7,895 $7,878 $7,816 $4,149 $3,861 $4,153 $4,236 $4,040 $1,451 $1,580 $1,578 $1,595 $1,611 $686 $736 $737 $650 $700 $1,294 $1,370 $1,427 $1,397 $1,465 2.40% 2.66% 2.88% 3.00% 2.98% 2Q23 3Q23 4Q23 1Q24 2Q24 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 $2,494 $2,423 $2,465 $2,534 2021 2022 2023 2Q24 1,000 2,000 3,000 $3,137 $4,621 $5,430 $5,282 2021 2022 2023 2Q24 2,500 5,000 Domestic Deposits ($ in millions) Deposit Composition International Deposits ($ in millions) Mix by Country of Domicile Transaction Deposits Customer CDs Brokered Deposits Cost of total Deposits ($ in millions) Noninterest Bearing Demand Deposits 32% of Total Deposits Approx. avg. acct balance: $45,000 68% of Total Deposits Approx. avg. acct balance: $110,000 Well Diversified and Stable Deposit Mix

7 87.1% 12.9% U.S. Gov't sponsored enterprises 46.3% Collateralized loan obligations 0.4% U.S. Gov't agency 32.4% Corporate debt 20.7% Other 0.2% $1,027.7 $1,298.1 $1,269.4 $234.4 $224.0 $219.6$2.5 $2.5 $2.5 3.89% 4.17% 4.31% 2Q23 1Q24 2Q24 0 500 1,000 1,500 2,000 87.1% 12.9% Balances and Yields (1) AFS HTM Fixed vs. Floating (2) June 2024 Floating rate Fixed rate Available for Sale Securities by Type June 30, 2024 5.2 yrs Effective Duration ($ in millions) Marketable Equity Securities (2) (1) Excludes Federal Reserve Bank and FHLB stock (2) Hybrid investments are classified based on current rate (fixed or floating) (3) Based on estimated prepayment speeds Yield 5.3 yrs Effective Duration 33.3 32.9 33.4 33.2 3Q24 4Q24 1Q25 2Q25 0.0 20.0 40.0 ($ in millions) Expected Prepayments & Maturities Expected Prepayments & Maturities (3) Maturing Yield % Investment Portfolio 4.40% 4.64% 4.78% 4.83% March 2024

8 37.8% 38.0% 37.2% 34.1% 35.0% 22.0% 20.5% 20.9% 22.5% 22.7% 14.7% 15.8% 16.2% 17.0% 16.4% 18.5% 19.5% 20.4% 21.6% 21.7% 7.0% 6.1% 5.4% 4.8% 4.2% 6.79% 6.77% 7.09% 7.05% 7.08% 2Q23 3Q23 4Q23 1Q24 2Q24 70.3% 72.1% 73.4% 78.2% 79.4% 19.6% 18.5% 17.3% 12.9% 11.6% 4.1% 3.4% 3.0% 3.3% 3.0% 3.9% 4.0% 4.5% 3.9% 4.2% 2.1% 2.0% 1.8% 1.7% 1.6% 2Q23 3Q23 4Q23 1Q24 2Q24 Consumer CRE Commercial and FI & Acceptances Owner Occupied Single Family Residential Loan Composition (1) Geographic Mix (Domestic) Geographic ix (1) South Florida Texas New York Average Loan Yield Other (2) (1) Includes loans held for investment carried at amortized cost and loans held for sale carried at fair value. 2Q24 also includes loans held for sale carried at the lower of cost or fair value in connection with the Houston Transaction. 4Q23 also includes loans held for sale carried at the lower of cost and estimated fair value related to the sale of certain Houston-CRE loans, which closed in the first quarter of 2024. (2) Consists of international loans; residential loans with U.S. collateral Tampa Loan Portfolio Highlights

9 CRE Type FL TX NY Other Total % Total CRE % Total Loans (1) Income Producing (2) Land and Construction Retail $ 610 $ 36 $ 78 $ 2 $ 726 30.1 % 10.7 % $ 721 $ 5 Multifamily $ 351 $ 61 $ 88 $ — $ 500 20.7 % 7.5 % $ 363 $ 137 Office $ 344 $ 42 $ 40 $ — $ 426 17.6 % 6.4 % $ 426 $ — Hotels $ 263 $ 28 $ — $ 19 $ 310 12.8 % 4.6 % $ 302 $ 8 Industrial $ 61 $ 28 $ 15 $ — $ 104 4.3 % 1.5 % $ 104 $ — Specialty $ 177 $ — $ — $ 16 $ 193 8.0 % 2.9 % $ 157 $ 36 Land $ 128 $ 20 $ — $ 10 $ 158 6.5 % 2.4 % $ — $ 158 Total CRE $ 1,934 $ 215 $ 221 $ 47 $ 2,417 100.0 % 36.0 % $ 2,073 $ 344 Outstanding as of June 30, 2024 ($ in millions) (1) Calculated as a percentage of loans held for investment only (2) Income producing properties include non-owner occupied and multi-family residential loans CRE Loans Held For Investment - Detail

10 0.65% 0.46% 0.47% 0.43% 1.38% 0.71% 0.57% 0.56% 0.51% 1.24% 2Q23 3Q23 4Q23 1Q24 2Q24 2.2x 3.0x 2.8x 3.2x 0.9x 2Q23 3Q23 4Q23 1Q24 2Q24 $106.0 $98.8 $95.5 $96.1 $94.4 1.48% 1.40% 1.39% 1.38% 1.41% 2Q23 3Q23 4Q23 1Q24 2Q24 0.42% 0.82% 0.85% 0.69% 1.13% 2Q23 3Q23 4Q23 1Q24 2Q24 Net Charge-Offs / Average Total Loans Held for Investment Allowance for Credit Losses ($ in millions) NPLs/ Total Loans and NPAs / Total Assets Allowance for Credit Losses / Total NPL Allowance for Credit Losses ACL as a % of Total Loans Held for Investment NPLs / Total Loans NPAs / Total Assets Credit Quality

11 Special Mention & Non-Performing Loans $103.8 $49.7 $(5.0) $(46.0) $(7.8) $(0.6) $1.2 $95.3 1Q24 Downgrades to Special Mention Upgrades to Pass Downgrades to Substandard Payoffs Paydowns Additional Disbursements 2Q24 ($ in millions) $30.3 $93.3 $0.4 $(20.2) $(1.3) $(1.5) $101.0 1Q24 Downgrades to Substandard Loans Over 90 Days Charge-offs Payoffs Paydowns 2Q24 ($ in millions) Special Mention Loans Non-Performing Loans

12 $96.1 $(20.2) $0.9 $12.8 $12.7 $(5.3) $1.8 $(4.4) $94.4 1Q24 Gross Charge- offs Recoveries Requirement for Charge-offs Specific Reserves Change Credit Quality and Macroeconomic Changes Loan Growth Release from TX Portfolio HFS 2Q24 ($ in millions) Allowance for Credit Losses

13 $83.9 $78.6 $81.7 $78.0 $79.4 3.83% 3.57% 3.72% 3.51% 3.56% Net Interest Income NIM 2Q23 3Q23 4Q23 1Q24 2Q24 0 10 20 30 40 50 60 70 80 NII and NIM (%) 13 ($ in millions) 2Q23 3Q23 4Q23 1Q24 2Q24 Cost of Deposits (Domestic) 3.19 % 3.49 % 3.71 % 3.78 % 3.74 % Cost of Deposits (International) 0.74 % 0.94 % 1.14 % 1.39 % 1.42 % Cost of FHLB Advances 3.69 % 4.07 % 3.89 % 3.48 % 3.79 % Cost of Funds 2.59 % 2.86 % 3.01 % 3.09 % 3.11 % 1.96 1.04 0.40 0.43 0.47 0.49 0.49 2Q23 3Q23 4Q23 1Q24 2Q24 0.00 2.00 0.00 1.00 Quarterly Beta*Cumulative Beta Net Interest Income and NIM Total Deposits Beta Evolution Cost of Funds N/AN/AN/A

14 Margin Bridge 3.51% 0.06% 0.04% (0.03)% (0.02)% 3.56% 1Q24 Loans Securities Other Earning Asset Mix Cost of Funds 2Q24 Net Interest Margin

15 <1 year; 58% 1-3 years; 4% 4-5 years; 6% 5+ years; 32% 323 338 343 347 357 358 359 -200 bps -100 bps -50 bps BASE +50 bps +100 bps +200 bps 0 200 400 As of June 30, 2024 Fixed 49% Adjustable 51% 15 By Interest TypeBy Rate Type By Repricing Term (1) NII and percentage change represents the base scenario of net interest income. The base scenario assumes (i) flat interest rates over the next 12 months, (ii) that total financial instrument balances are kept constant over time and (iii) that interest rate shocks are instant and parallel to the yield curve (2) Totals may not sum due to rounding Loan Portfolio Details Impact on NII from Interest Rate Change (1)(2) AFSChange from base ($ in M ill io n s) Fixed 49% UST 1% Prime 14% SOFR 36% As of June 30, 2024 Impact on AFS from Interest Rate Change (1) (6.8)% (2.5)% 0% 3.4%2.9% (1.2)% 3.6% No Floor; 51% 0.5-2%; 1% 2-3.5%; 16% 3.5-5%; 18% 5-6.75%; 14% By Floors 1,379 1,326 1,297 1,267 1,238 1,208 1,149 -200 bps -100 bps -50 bps MV +50 bps +100 bps +200 bps ($ in M ill io n s) 8.8% 4.6% 2.3% 0% (2.3)% (4.7)% (9.3)% Expected AOCL Improvement Change from MVNet Interest Income (108) (83) 2Q24 2Q25 (estimated) (100) (50) approx. 13% drop in AOCL Interest Rate Sensitivity

16 $26.6 $21.9 $19.5 $14.5 $19.4 $4.9 $5.1 $4.4 $4.3 $5.3 $4.3 $4.4 $4.2 $4.3 $4.5 $(1.2) $(0.1) $4.5 $4.4 $3.8 $5.6 $7.2$0.5 $1.2 $0.8 $0.5 $2.4 $0.2 $13.4 $7.0 $6.5 2Q23 3Q23 4Q23 1Q24 2Q24 0 10 20 30 20% 80% 17% 83% Non-Interest Income Mix Deposits and service fees Brokerage, advisory and fiduciary activities Other noninterest income DomesticInternational 2Q23 $2.5B ($ in millions) Securities gains (losses), net Loan-related derivative income Derivative (losses) gains, net Gain on early extinguishment of FHLB advances, net $0.2 Non-Interest Income Mix $2.1B Assets Under Management and Custody 2Q24 $(0.1) $(0.1) $(0.2) $(0.2) $(0.1) $0.2

17 $72.5 $64.4 $109.7 $66.6 $73.3 $34.2 $31.3 $33.0 $33.0 $33.9 $38.3 $33.1 $76.7 $33.6 $39.4 710 700 682 696 720 2Q23 3Q23 4Q23 1Q24 2Q24 0 30 60 90 120 Non-Interest Expense Mix ($ in millions, except for FTEs) Non-routine Noninterest Expenses $13.4 $6.3 $43.1 $0.0 $5.6 $5.6 $5.6 $37.5 2Q23 3Q23 4Q23 1Q24 2Q24 0 10 20 30 40 50 ($ in millions) Non-Interest Expense Salaries and employee benefits Other operating expenses FTEs Other non-routine noninterest expenses Losses on loans held for sale carried at the lower cost or fair value $0.7 Fixed assets impairment $0.9 $1.3 $3.4

18 Change in Diluted Earnings Per Common Share $0.31 $0.15 $(0.16) $(0.20) $0.05 $0.15 1Q24 PPNR Net Non-routine Items Provision for Credit Losses Income Tax Expense 2Q24 $(0.30) $(0.20) $(0.10) $— $0.10 $0.20 $0.30 $0.40 EPS Trend (*) Refers to core PPNR which is a non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP. (*)

19 Closing Remarks • Loan production was strong in 2Q24 and the pipeline for 3Q24 is aligned with previous guidance of 10% annualized growth • Deposit growth to fund projected loan growth continues to be our top priority • We continue to actively recruit for additional commercial relationship bankers and private banking officers in Broward County, Palm Beach County and in the greater Tampa market • Several members of our new Palm Beach team have been onboarded and are temporarily headquartered in the same building where we will open in 1Q25 • We intend to open up to 5 additional banking centers over the next 24 months in the greater Tampa market; one location is currently in final negotiations Our focus remains on the execution of our strategic plan as we pursue our goal of being the bank of choice in the markets we serve.

Supplemental Loan Portfolio Information

21 Loans Held for Investment Portfolio by Industry • Diversified portfolio - highest sector concentration, other than real estate, at 12.2% of total loans • 72% of total loans secured by real estate • Main concentrations: – CRE or Commercial Real Estate – Wholesale - Food – Retail - Gas stations – Services – Healthcare and Restaurants Highlights (1) Consists primarily of finance facilities granted to non-bank financial companies. (2) Comprised mostly of construction and real estate related services and equipment rental and leasing activities (3) Food wholesalers represented approximately 38% (4) Gasoline stations represented approximately 50% (5) Healthcare represented approximately 66% (6) Other repair and maintenance services represented 31% (7) Primarily residential, consumer loans, and cash secured loans and loans belonging to industrial sectors not included in the above sectors, which do not individually represent more than 1 percent of the total loans portfolio ($ in millions) Real Estate Non-Real Estate Total % Total Loans Financial Sector (1) $ 21 $ 328 $ 349 5.2 % Construction and Real Estate & Leasing: Commercial real estate loans 2,417 — 2,417 36.0 % Other real estate related services and equipment leasing (2) 128 166 293 4.4 % Total construction and real estate & leasing 2,544 166 2,710 40.4 % Manufacturing: Foodstuffs, Apparel 76 29 105 1.6 % Metals, Computer, Transportation and Other 21 45 66 1.0 % Chemicals, Oil, Plastics, Cement and Wood/Paper 29 12 41 0.6 % Total Manufacturing 126 86 212 3.2 % Wholesale (3) 108 262 370 5.5 % Retail Trade (4) 240 220 460 6.9 % Services: Non-Financial Public Sector — 5 5 0.1 % Communication, Transportation, Health and Other (5) 210 246 456 6.8 % Accommodation, Restaurants, Entertainment and other services (6) 146 164 310 4.6 % Electricity, Gas, Water, Supply and Sewage Services 5 46 51 0.8 % Total Services 361 461 822 12.2 % Primary Products: Agriculture, Livestock, Fishing and Forestry 3 7 10 0.1 % Mining — — — — % Total Primary Products 3 7 10 0.1 % Other Loans (7) 1,441 337 1,778 26.5 % Total Loans $ 4,845 $ 1,866 $ 6,711 100.0 % June 30, 2024

22 16% 33% 38% 13% —% 50% or less 50- 60% 60- 70% 70- 80% 80% or more 0% 10% 20% 30% 40% 50% 60% • Florida and Texas primarily include neighborhood shopping centers or service centers with basic needs related anchor stores, as well as the retail corridor in Miami Beach • New York primarily includes high traffic retail corridors with proximity to public transportation services • Single-tenant consist of two loans located in the Fulton Mall corridor in Brooklyn, NY, and three loans in South Florida (Food and Health, Clothing and Car Wash). Highlights CRE Retail (1) Retail - LTV Food and Health Retail; 24% Clothing; 37% Car Wash; 32% Banking; 7% CRE Retail - Single Tenant (1) (1) CRE retail loans held for investment above $5 million Total: $726 million Loan Portfolio Percentage: 10.8% Total: $37 million Loan Portfolio Percentage: 0.5% Neighborhood Center; 35% Single Tenant; 10% Strip/Convenience; 33% Community Center; 12% Theme/Festival Center; 10% CRE Retail - Detail As of 06/30/2024

23 New York; 10% Texas; 10% South Florida; 80% 13% 42% 36% 9% —% 50% or less 51-60% 61-70% 71-80% 81% or more 0% 10% 20% 30% 40% 50% 60% CRE office above $5 million represent 20 loans totaling $384 million, or 89% of total CRE office with avg. debt-service coverage (DSCR) 1.7x and LTV 59% ◦ South Florida: 15 loans totaling $305 million with avg. DSCR 1.7x and LTV 59% (63% Miami-Dade, 32% Broward and 5% Palm Beach) ◦ New York: 2 loans totaling $40 million with avg. DSCR 1.5x and LTV 64% (52% Westchester and 48% Kings) ◦ Texas: 3 loans totaling $39 million with avg. DSCR 1.7x and LTV 57% (65% Dallas and 35% Houston) Highlights CRE Office (1) Office - LTV (1) CRE office loans held for investment above $5 million Total: $420 million Loan Portfolio Percentage: 6.4% CRE Office - Detail As of 06/30/2024

Appendices

25 Appendix 1 Non-GAAP Financial Measures Reconciliations The following table sets forth selected financial information derived from the Company’s interim unaudited and annual audited consolidated financial statements, adjusted for certain costs incurred by the Company in the periods presented related to tax deductible restructuring costs, provision for (reversal of) credit losses, provision for income tax expense (benefit), the effect of non-core banking activities such as the sale of loans and securities and other repossessed assets, the sale of our Houston franchise, the valuation of securities, derivatives, loans held for sale and other real estate owned, early repayment of FHLB advances, impairment of investments, 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) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Net income (loss) attributable to Amerant Bancorp Inc. $ 4,963 $ 10,568 $ (17,123) $ 22,119 $ 7,308 Plus: provision for credit losses (1) 19,150 12,400 12,500 8,000 29,077 Plus: provision for income tax (benefit) expense 1,360 2,894 (2,972) 6,337 1,873 Pre-provision net revenue (loss) (PPNR) 25,473 25,862 (7,595) 36,456 38,258 Plus: non-routine noninterest expense items 5,562 — 43,094 6,303 13,383 Less: non-routine noninterest income items (28) 206 (5,688) (6,879) (12,445) Core pre-provision net revenue (Core PPNR) $ 31,007 $ 26,068 $ 29,811 $ 35,880 $ 39,196 Total noninterest income $ 19,420 $ 14,488 $ 19,613 $ 21,921 $ 26,619 Less: Non-routine noninterest income items: Derivatives (losses) gains, net (44) (152) (151) (77) 242 Securities (losses) gains, net (117) (54) 33 (54) (1,237) Bank owned life insurance charge (2) — — (655) — — Gains on early extinguishment of FHLB advances, net 189 — 6,461 7,010 13,440 Total non-routine noninterest income items 28 (206) 5,688 6,879 12,445 Core noninterest income $ 19,392 $ 14,694 $ 13,925 $ 15,042 $ 14,174

26 Three Months Ended ($ in thousands) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Total noninterest expense $ 73,302 $ 66,594 $ 109,702 $ 64,420 $ 72,500 Less: non-routine noninterest expense items Restructuring costs (3): Staff reduction costs (4) — — 1,120 489 2,184 Contract termination costs (5) — — — — 1,550 Consulting and other professional fees and software expenses(6) — — 1,629 — 2,060 Disposition of fixed assets (7) — — — — 1,419 Branch closure expenses and related charges (8) — — — 252 1,558 Total restructuring costs $ — $ — $ 2,749 $ 741 $ 8,771 Other non-routine noninterest expense items: Losses on loans held for sale carried at the lower cost or fair value (9)(11) 1,258 — 37,495 5,562 — Loss on sale of repossessed assets and other real estate owned valuation expense (10) — — — — 2,649 Goodwill and intangible assets impairment (11) 300 — 1,713 — — Fixed assets impairment (11)(12) 3,443 — — — — Legal and broker fees (11) 561 — — — — Bank owned life insurance enhancement costs (2) — — 1,137 — — Impairment charge on investment carried at cost — — — — 1,963 Total non-routine noninterest expense items $ 5,562 $ — $ 43,094 $ 6,303 $ 13,383 Core noninterest expense $ 67,740 $ 66,594 $ 66,608 $ 58,117 $ 59,117 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd)

27 Three Months Ended, ($ in thousands, except percentages and per share data) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Net income (loss) attributable to Amerant Bancorp Inc. $ 4,963 $ 10,568 $ (17,123) $ 22,119 $ 7,308 Plus after-tax non-routine items in noninterest expense: Non-routine items in noninterest expense before income tax effect 5,562 — 43,094 6,303 13,383 Income tax effect (13) (1,196) — (8,887) (1,486) (2,811) Total after-tax non-routine items in noninterest expense 4,366 — 34,207 4,817 10,572 Less after-tax non-routine items in noninterest income: Non-routine items in noninterest income before income tax effect (28) 206 (5,688) (6,879) (12,445) Income tax effect (13) 6 (44) 1,032 1,607 2,613 Total after-tax non-routine items in noninterest income (22) 162 (4,656) (5,272) (9,832) BOLI enhancement tax impact (2) — — 2,844 — — Core net income $ 9,307 $ 10,730 $ 15,272 $ 21,664 $ 8,048 Basic earnings (loss) per share $ 0.15 $ 0.32 $ (0.51) $ 0.66 $ 0.22 Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14) 0.13 — 1.11 0.14 0.31 (Less): after tax impact of non-routine items in noninterest income — — (0.14) (0.15) (0.29) Total core basic earnings per common share $ 0.28 $ 0.32 $ 0.46 $ 0.65 $ 0.24 Diluted earnings (loss) per share (15) $ 0.15 $ 0.31 $ (0.51) $ 0.66 $ 0.22 Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14) 0.13 — 1.11 0.14 0.31 (Less): after tax impact of non-routine items in noninterest income — 0.01 (0.14) (0.16) (0.29) Total core diluted earnings per common share $ 0.28 $ 0.32 $ 0.46 $ 0.64 $ 0.24 Net income (loss) / Average total assets (ROA) 0.21 % 0.44 % (0.71) % 0.92 % 0.31 % Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14) 0.17 % — % 1.55 % 0.20 % 0.45 % Plus (less): after tax impact of non-routine items in noninterest income — % — % (0.20) % (0.21) % (0.42) % Core net income / Average total assets (Core ROA) 0.38 % 0.44 % 0.64 % 0.91 % 0.34 % Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd)

28 Three Months Ended, ($ in thousands, except percentages and per share data) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Net income (loss) / Average stockholders' equity (ROE) 2.68 % 5.69 % (9.22) % 11.93 % 3.92 % Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (14) 2.36 % — % 19.96 % 2.60 % 5.68 % Plus (less): after tax impact of non-routine items in noninterest income (0.01) % 0.09 % (2.51) % (2.84) % (5.28) % Core net income / Average stockholders' equity (Core ROE) 5.03 % 5.78 % 8.23 % 11.69 % 4.32 % Efficiency ratio 74.21 % 72.03 % 108.30 % 64.10 % 65.61 % (Less): impact of non-routine items in noninterest expense (5.63) % — % (42.54) % (6.27) % (12.11) % (Less) plus: impact of non-routine items in noninterest income 0.02 % (0.16) % 3.91 % 4.25 % 6.79 % Core efficiency ratio 68.60 % 71.87 % 69.67 % 62.08 % 60.29 % Stockholders' equity $ 734,342 $ 738,085 $ 736,068 $ 719,787 $ 720,956 Less: goodwill and other intangibles (16) (24,581) (24,935) (25,029) (26,818) (24,124) Tangible common stockholders' equity $ 709,761 $ 713,150 $ 711,039 $ 692,969 $ 696,832 Total assets 9,747,738 9,817,772 9,716,327 9,345,700 9,519,526 Less: goodwill and other intangibles (16) (24,581) (24,935) (25,029) (26,818) (24,124) Tangible assets $ 9,723,157 $ 9,792,837 $ 9,691,298 $ 9,318,882 $ 9,495,402 Common shares outstanding 33,562,756 33,709,395 33,603,242 33,583,621 33,736,159 Tangible common equity ratio 7.30 % 7.28 % 7.34 % 7.44 % 7.34 % Stockholders' book value per common share $ 21.88 $ 21.90 $ 21.90 $ 21.43 $ 21.37 Tangible stockholders' equity book value per common share $ 21.15 $ 21.16 $ 21.16 $ 20.63 $ 20.66 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd)

29 Three Months Ended, ($ in thousands, except percentages and per share data) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Tangible common stockholders' equity $ 709,761 $ 713,150 $ 711,039 $ 692,969 $ 696,832 Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (17) (20,304) (18,729) (16,197) (26,138) (18,503) Tangible common stockholders' equity, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 689,457 $ 694,421 $ 694,842 $ 666,831 $ 678,329 Tangible assets $ 9,723,157 $ 9,792,837 $ 9,691,298 $ 9,318,882 $ 9,495,402 Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (17) (20,304) (18,729) (16,197) (26,138) (18,503) Tangible assets, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 9,702,853 $ 9,774,108 $ 9,675,101 $ 9,292,744 $ 9,476,899 Common shares outstanding 33,562,756 33,709,395 33,603,242 33,583,621 33,736,159 Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity 7.11 % 7.10 % 7.18 % 7.18 % 7.16 % Tangible stockholders' book value per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 20.54 $ 20.60 $ 20.68 $ 19.86 $ 20.11 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd)

30 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont'd) (1) In the second and first quarter of 2024 and in the fourth and third quarter of 2023, includes $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 second quarter of 2024, and in the fourth and third quarter of 2023, were $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. There was no provision for credit losses on unfunded commitments in the second quarter of 2023. (2) 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. (3) 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. (4) Staff reduction costs consist of severance expenses related to organizational rationalization. (5) Contract termination and related costs associated with third party vendors resulting from the Company’s engagement of FIS. (6) 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 June 30, 2024, March 31, 2024 and September 30, 2023. In the three months ended June 30, 2023, includes expenses of $2.0 million in connection with the engagement of FIS. (7) Includes expenses in connection with the disposition of fixed assets due to the write off of in-development software in the three months ended June 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. In addition, in the three months ended June 30, 2023 includes $0.9 million of accelerated amortization of leasehold improvements and $0.6 million of right-of-use, or ROU asset impairment, associated with the closure of a branch in Miami, FL 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, 2023, amount represents the loss on sale of repossessed assets in connection with our equipment-financing activities. (11) In the three months ended June 30, 2024, amounts shown are in connection with the Houston Transaction. (12) Related to Houston branches and included as part of occupancy and equipment expenses. (13) In the three months ended March 31, 2024, amounts were calculated based upon the effective tax rate for the period of 21.51%. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect. (14) 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. (15) See 2023 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation. (16) At June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, other intangible assets primarily consist of naming rights of $2.3 million, $2.4 million, $2.5 million and $2.7 million, respectively, and mortgage servicing rights (“MSRs”) of $1.5 million, $1.4 million, $1.4 million and $1.3 million, respectively. At June 30, 2023 and March 31, 2023, other intangible assets primarily consist of MSRs of $1.3 million and $1.4 million, respectively. Other intangible assets are included in other assets in the Company’s consolidated balance sheets. (17) As of June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, amounts were calculated based upon the fair value on debt securities held to maturity, and assuming a tax rate of 25.38%, 25.40%, 25.36%, 25.51%, 25.46% and 25.53%, respectively.

31 Income Statement Highlights - 2Q24 vs 1Q24 ($ in thousands) 2Q24 1Q24 Change Total Interest Income Loans $ 124,117 $ 122,705 $ 1,412 Investment securities 16,950 16,091 859 Interest earning deposits with banks and other interest income 5,342 5,829 (487) Total Interest Expense — Interest bearing demand deposits 16,779 17,736 (957) Savings and money market deposits 14,999 14,861 138 Time deposits 25,971 26,124 (153) Advances from FHLB 6,946 5,578 1,368 Senior notes 941 943 (2) Subordinated notes 361 361 — Junior subordinated debentures 1,055 1,054 1 Securities sold under agreements to repurchase 2 — 2 Total Provision for Credit Losses 19,150 12,400 6,750 Total Noninterest Income 19,420 14,488 4,932 Total Noninterest Expense 73,302 66,594 6,708 Income Tax (Benefit) Expense 1,360 2,894 (1,534) Net Income (Loss) Attributable to Amerant Bancorp Inc. $ 4,963 $ 10,568 $ (5,605)

32 • ACL - Allowance for Credit Losses • AFS - Available for Sale • AOCI - Accumulated Other Comprehensive Income • CET 1 - Common Equity Tier 1 capital ratio • CRE - Commercial Real Estate • Customer CDs - Customer certificate of deposits • C&I - Commercial and Industrial • EPS – Earnings per Share • FHLB - Federal Home Loan Bank • FTE - Full Time Equivalent • HTM - Held to Maturity • MV - Market Value • NPL - Non-Performing Loans • NPA - Non-Performing Assets • NIB - Noninterest Bearing • NII - Net Interest Income • NIM – Net Interest Margin • ROA - Return on Assets • ROE - Return on Equity • SOFR - Secured Overnight Financing Rate • TCE ratio – Tangible Common Equity ratio Glossary

33Glossary (cont'd) • TCE Ratio: 2Q24 includes $78.9 million accumulated unrealized losses net of taxes primarily related to the decline in the fair value of debt securities available for sale, which are carried at fair value, as a result of increases in market rates. • Total gross loans: includes loans held for investment carried at amortized cost, loans held for sale carried at fair value, and loans held for sale carried at the lower of estimated fair value or cost • Brokered Deposits : there were no brokered transaction deposits in 2Q24 and 1Q24. 4Q23. 3Q23 and 2Q23 include brokered transaction deposits of $17 million, $13 million, and $55 million, respectively. 2Q24, 1Q24, 4Q23, 3Q23 and 2Q23 brokered time deposits were $700 million, $650 million, $720 million, $723 million and $631 million, respectively. • Cost of Total Deposits: annualized and calculated based upon the average daily balance of total deposits. • Average deposit account balances calculated as of December 31, 2023 • ROA: calculated based upon the average daily balance of total assets • ROE: calculated based upon the average daily balance of stockholders' equity • Loans Held for Investment: excludes loans held for sale carried at fair value and loans held for sale carried at the lower of cost or fair value • Non-performing loans include accruing loans past due by 90 days or more and all nonaccrual loans. Non-performing assets include accruing loans past due by 90 days or more, all nonaccrual loans, other real estate owned ("OREO") properties acquired through or in lieu of foreclosure and other repossessed assets. • Net Charge Offs/Average Total Loans Held for Investment: – Annualized and calculated based upon the average daily balance of outstanding loan principal balance net of unamortized deferred loan fees and costs, excluding the allowance for credit losses – Total loans exclude loans held for sale • Cost of Deposits: calculated based upon the average balance of total noninterest bearing and interest bearing deposits, which includes time deposits. • Cost of Funds: calculated based upon the average balance of total financial liabilities which include total interest bearing liabilities and noninterest bearing demand deposits • Loan level derivative income: income from interest rate swaps and other derivative transactions with customers. In 2Q24, 1Q24, 4Q23, 3Q23 and 2Q23 and the Company incurred expenses related to derivative transactions with customers of $2.4 million, $0.5 million, $0.2 million, $18.0 thousand and $0.1 million, respectively. • Derivative gains/losses: unrealized gains (losses) related to the valuation of uncovered interest rate swaps with clients. In 2Q24, 1Q24, 4Q23 and 3Q23, we had derivative losses of $44.0 thousand, $0.2 million, $0.2 million and $77 thousand, respectively, compared to derivative gains of $0.2 million in 2Q23. • Quarterly beta: calculated based upon the change of the cost of deposit over the change of Federal funds rate (if any) during the quarter.


						CONTACTS:
						Investors
						Laura Rossi
						InvestorRelations@amerantbank.com
						(305) 460-8728

						Media
						Alexis Dominguez
						MediaRelations@amerantbank.com
						(305) 441-8412

AMERANT BANCORP INC. DECLARES DIVIDEND

CORAL GABLES, FLORIDA, July 24, 2024. Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today announced that, on July 24, 2024, the Company’s Board of Directors declared a cash dividend of $0.09 per-share of Amerant common stock. The dividend is payable on August 30, 2024, to shareholders of record at the close of business on August 15, 2024.

About Amerant Bancorp Inc. (NYSE: AMTB)

Cover Page	Jul. 24, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 24, 2024
Entity Registrant Name	Amerant Bancorp Inc.
Entity Incorporation, State or Country Code	FL
Entity File Number	001-38534
Entity Tax Identification Number	65-0032379
Entity Address, Address Line One	220 Alhambra Circle
Entity Address, City or Town	Coral Gables
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33134
City Area Code	305
Local Phone Number	460-8728
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common Stock
Trading Symbol	AMTB
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001734342
Amendment Flag	false

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