Amerant Reports Fourth Quarter 2024 and Full-year 2024 Results

CORAL GABLES, Fla.--(BUSINESS WIRE)--Amerant Bancorp Inc. (NYSE: AMTB) (the “Company” or “Amerant”) today reported a net income attributable to the Company of $16.9 million in the fourth quarter of 2024, or $0.40 per diluted share, compared to a net loss of $48.2 million, or $1.43 loss per diluted share, in the third quarter of 2024. Net loss attributable to the Company was $15.8 million for the full-year 2024, or $0.44 per diluted share, compared to net income of $32.5 million, or $0.96 per diluted share, for the full-year 2023. “Our fourth quarter results show significant improvement in a number of areas,” stated Jerry Plush, Chairman and CEO. “Net interest income increased over 8% while provision for credit losses declined 48%, quarter over quarter. While our asset size declined primarily from the sale of our Houston Franchise in the fourth quarter, our loan pipeline is robust heading into 2025, and we expect to be back well over $10 billion in assets in the first quarter of 2025. This past year we focused on completing our transformation toward becoming the bank of choice in Florida – in 2025, our focus now is executing on our growth plan.” Fourth Quarter Financial Highlights and Quarter-over-Quarter Changes: Total assets were $9.9 billion, down $455.4 million, or 4.40%, compared to $10.4 billion as of 3Q24. Total gross loans were $7.27 billion, a decrease of $294.7 million, or 3.90%, compared to $7.56 billion in 3Q24. Cash and cash equivalents were $590.4 million, down $81.5 million, or 12.13%, compared to $671.8 million as of 3Q24. Total deposits were $7.9 billion, down $256.9 million, or 3.17%, compared to $8.1 billion in 3Q24. Total advances from Federal Home Loan Bank (“FHLB”) were $745.0 million, down $170.0 million, or 18.6%, compared to $915.0 million as of 3Q24. The Bank had an aggregate borrowing capacity of $2.5 billion from the FED or FHLB as of December 31, 2024. Average yield on loans was 7.00%, down compared to 7.08% in 3Q24. Total non-performing assets were $122.2 million, down $7.3 million, or 5.6%, compared to $129.4 million as of 3Q24. Classified loans were $125.7 million, up by $11.5 million compared to $114.2 million as of 3Q24, while non-performing loans declined by $10.8 million to $104.1 million as of 4Q24 from $114.9 million as of 3Q24. Special mention loans also declined by $71.0 million to $5.4 million as of 4Q24 from $76.4 million as of 3Q24. The allowance for credit losses ("ACL") was $85.0 million, an increase of $5.1 million, or 6.3%, compared to $79.9 million as of 3Q24. Core deposits, which consist of total deposits excluding all time deposits, were $5.6 billion, down $87.7 million, or 1.5%, compared to $5.7 billion as of 3Q24. Average cost of total deposits was 2.77% compared to 2.99% in 3Q24. Loan to deposit ratio was 92.5% compared to 93.2% in 3Q24. Assets Under Management and custody (“AUM”) totaled $2.9 billion as of 4Q24, an increase of $339.5 million, or 13.3%, compared to $2.6 billion as of 3Q24. Pre-provision net revenue (“PPNR”)(1) was $27.9 million in 4Q24, an increase of $70.8 million, or 165.1%, compared to negative $42.9 million in 3Q24. Excluding non-routine items, PPNR(2) in 4Q24 was $37.2 million, up $6.0 million, or 19.0%, compared to $31.3 million in 3Q24. Net Interest Margin (“NIM”) was 3.75%, up compared to 3.49% in 3Q24. Net Interest Income (“NII”) was $87.6 million, up $6.6 million, or 8.2%, compared to $81.0 million in 3Q24. Provision for credit losses was $9.9 million, down $9.1 million, or 47.8%, compared to $19.0 million in 3Q24. Non-interest income was $23.7 million, an increase of $71.4 million, or 149.7%, compared to negative $47.7 million in 3Q24. Excluding non-routine items, non-interest income(2) was $17.8 million, a decrease of $3.0 million, or 14.3%, compared to $20.8 million in 3Q24. Non-interest expense was $83.4 million, up $7.2 million, or 9.4%, compared to $76.2 million in 3Q24. Excluding non-routine items, non-interest expense(2) was $68.2 million, a decrease of $2.3 million, or 3.3%, compared to $70.5 million in 3Q24. The efficiency ratio was 74.91% in 4Q24, down compared to 228.74% in 3Q24. Excluding non-routine items, efficiency ratio(2) was 64.71%, down compared to 69.29% in 3Q24. Return on average assets (“ROA”) was 0.67% in 4Q24 compared to negative 1.92% in 3Q24. Excluding non-routine items, ROA(2) was 0.83% compared to 0.37% in 3Q24. Return on average equity (“ROE”) was 7.38% in 4Q24 compared to negative 24.98% in 3Q24. Excluding non-routine items, ROE(2) was 9.25% compared to 4.80% in 3Q24. The Company’s Board of Directors declared a cash dividend of $0.09 per share of common stock on January 22, 2025. The dividend is payable on February 28, 2025, to shareholders of record on February 14, 2025. Full-year Financial Highlights and Year-on-Year Changes: Total assets were $9.9 billion, up $0.2 billion, or 1.9%, compared to $9.7 billion as of 4Q23. Total gross loans were $7.27 billion, an increase of $2.4 million, or 0.03%, compared to $7.26 billion in 4Q23. Cash and cash equivalents were $590.4 million, up $268.5 million, or 83%, compared to $321.9 million as of 4Q23. Total deposits were $7.9 billion, down $40.8 million, or 0.5%, compared to $7.9 billion in 4Q23. Total advances from Federal Home Loan Bank (“FHLB”) were $745.0 million, up $100.0 million, or 15.5%, compared to $645.0 million as of 4Q23. Average yield on loans was 7.00%, down compared to 7.09% in 4Q23. Average yield on loans for the full-year 2024 was 7.06%, up compared to 6.78% for the full-year 2023. Total non-performing assets were $122.2 million, up $67.6 million or 123.8%, compared to $54.6 million to 4Q23. Classified loans were $125.7 million, up by $96.0 million compared to $29.7 million as of 4Q23 and non-performing loans increased by $69.7 million to $104.1 million as of 4Q24 from $34.4 million as of 4Q23, while special mention loans declined by $40.6 million to $5.4 million as of 4Q24 from $46.0 million as of 4Q23. The allowance for credit losses ("ACL") was $85.0 million, a decrease of $10.5 million, or 11.0%, compared to $95.5 million in 4Q23. Core deposits, which consist of total deposits excluding all time deposits, were $5.62 billion, up $21.9 million, or 0.4%, compared to $5.60 billion as of 4Q23. Average cost of total deposits was 2.77% compared to 2.88% in 4Q23. Average cost of total deposits for the full-year 2024 was 2.94% compared to 2.47% for the full-year 2023. Loan to deposit ratio was 92.53% compared to 92.02% in 4Q23. Assets Under Management and custody (“AUM”) totaled $2.9 billion as of 4Q24, an increase of $600.9 million, or 26.3%, compared to $2.3 billion in 4Q23. Pre-provision net revenue (“PPNR”)(1) was $27.9 million in 4Q24, an increase of $35.5 million, or 467.8%, compared to negative $7.6 million in 4Q23. PPNR was $36.4 million for the full-year 2024, a decrease of $67.9 million, or 65.1%, compared to $104.3 million for the full-year 2023. Excluding non-routine items, PPNR(2) for the full-year 2024 was $125.6 million, down $16.4 million, or 11.6%, compared to $142.0 million for the full-year 2023. Net Interest Margin (“NIM”) was 3.75%, up compared to 3.72% in 4Q23. NIM was 3.58% for the full-year 2024, down compared to 3.76% for the full-year 2023. Net Interest Income (“NII”) was $87.6 million, up $6.0 million, or 7.3%, compared to $81.7 million in 4Q23. NII was $326.0 million for the full-year 2024, down $0.5 million, or 0.16%, compared to $326.5 million for the full-year 2023. Provision for credit losses was $9.9 million, down compared to $12.5 million in 4Q23. Provision for credit losses was $60.5 million for the full-year 2024, compared to $61.3 million in the full-year 2023. Non-interest income was $23.7 million, an increase of $4.1 million, or 20.76%, compared to $19.6 million in 4Q23. Non-interest income was $9.9 million for the full-year 2024, a decrease of $77.6 million, or 88.7%, compared to $87.5 million for the full-year 2023. Excluding non-routine items, non-interest income(2) in 4Q24 was $17.8 million, an increase of $3.9 million, or 28.0%, compared to $13.9 million in 4Q23. For the full-year 2024, non-interest income(2) was $72.7 million, an increase of $13.7 million, or 23.2%, compared to $59.0 million for the full-year 2023. Non-interest expense was $83.4 million, down $26.3 million, or 24.0%, compared to $109.7 million in 4Q23. Non-interest expense was $299.5 million for the full-year 2024, down $11.9 million or 3.8%, compared to $311.4 million for the full-year 2023. Excluding non-routine items, non-interest expense(2) in 4Q24 was $68.2 million, an increase of $1.6 million, or 2.4%, compared to $66.6 million in 4Q23, while for the full-year 2024, non-interest expense(2) was $273.1 million, an increase of $27.9 million, or 11.38%, compared to $245.2 million for the full-year 2023. The efficiency ratio was 74.91% in 4Q24, down compared to 108.30% in 4Q23. The efficiency ratio was 89.17% for the full-year 2024 compared to 75.21% for the full-year 2023. Excluding non-routine items, efficiency ratio(2) in 4Q24 was 64.71%, down compared to 69.67% in 4Q23, while for the full-year 2024, the efficiency ratio(2) was 68.51%, up compared to 63.61% for the full-year 2023. Return on average assets (“ROA”) was 0.67% in 4Q24 compared to negative 0.71% in 4Q23. ROA was negative 0.16% for the full-year 2024 compared to 0.34% for the full-year 2023. Excluding non-routine items, ROA(2) in 4Q24 was 0.83% compared to 0.64% in 4Q23, while for the full-year 2024, ROA(2) was 0.51% compared to 0.69% for the full-year 2023. Return on average equity (“ROE”) was 7.38% in 4Q24 compared to negative 9.22% in 4Q23. ROE was negative 1.99% for the full-year 2024 compared to 4.39% for the full-year 2023. Excluding non-routine items, ROE(2) was 9.25% in 4Q24 compared to 8.23% in 4Q23, while for the full-year 2024, ROE(2) was 6.37% compared to 8.79% for the full-year 2023. Additional details on fourth quarter and full-year 2024 results can be found in the Exhibits to this earnings release, and the earnings presentation available under the Investor Relations section of the Company’s website at https://investor.amerantbank.com. 1 Non-GAAP measure, see “Non-GAAP Financial Measures” for more information and Exhibit 2 for a reconciliation to GAAP. 2 Represents core PPNR, core noninterest income, core noninterest expense, core efficiency ratio, core ROA or Core ROE, as applicable, which are Non-GAAP measures. See “Non-GAAP Financial Measures” for more information and Exhibit 2 for a reconciliation to GAAP measures. Fourth Quarter and Full Year 2024 Earnings Conference Call The Company will hold an earnings conference call on Thursday, January 23, 2025 at 9:00 a.m. (Eastern Time) to discuss its fourth quarter and full-year 2024 results. The conference call and presentation materials can be accessed via webcast by logging on from the Investor Relations section of the Company’s website at https://investor.amerantbank.com. The online replay will remain available for approximately one month following the call through the above link. About Amerant Bancorp Inc. (NYSE: AMTB) Amerant Bancorp Inc. is a bank holding company headquartered in Coral Gables, Florida since 1979. The Company operates through its main subsidiary, Amerant Bank, N.A. (the “Bank”), as well as its other subsidiaries: Amerant Investments, Inc., and Amerant Mortgage, LLC. The Company provides individuals and businesses with deposit, credit and wealth management services. The Bank, which has operated for over 40 years, is headquartered in Florida and operates 19 banking centers – 18 in South Florida and 1 in Tampa, Florida. For more information, visit investor.amerantbank.com. Cautionary Notice Regarding Forward-Looking Statements This press release contains “forward-looking statements” including statements with respect to the Company’s objectives, expectations and intentions and other statements that are not historical facts. Examples of forward-looking statements include but are not limited to: our future operating or financial performance, including revenues, expenses, expense savings, income or loss and earnings or loss per share, and other financial items; statements regarding expectations, plans or objectives for future operations, products or services, and our expectations on our securities repositioning and loan recoveries, reaching effective resolutions on problem loans, or significantly reducing special mention and/or non-performing loans. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target,” “goals,” “outlooks,” “modeled,” “dedicated,” “create,” and other similar words and expressions of the future. Forward-looking statements, including those relating to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the Company’s actual results, performance, achievements, or financial condition to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not rely on any forward-looking statements as predictions of future events. You should not expect us to update any forward-looking statements, except as required by law. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in “Risk factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2023 filed on March 7, 2024 (the “Form 10-K”), our quarterly report on Form 10-Q for the quarter ended March 31, 2024 filed on May 3, 2024, our quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2024 filed on November 4, 2024, and in our other filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website www.sec.gov. Interim Financial Information Unaudited financial information as of and for interim periods, including the three month periods ended September 30, 2024, June 30, 2024, March 31, 2024, and the three and twelve month periods ended December 31, 2024, may not reflect our results of operations for our fiscal year ended, or financial condition as of December 31, 2024, or any other period of time or date. Non-GAAP Financial Measures The Company supplements its financial results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) with non-GAAP financial measures, such as “pre-provision net revenue (PPNR)”, “core pre-provision net revenue (Core PPNR)”, “core noninterest income”, “core noninterest expenses”, “core net income”, “core earnings per share (basic and diluted)”, “core return on assets (Core ROA)”, “core return on equity (Core ROE)”, “core efficiency ratio”, “tangible stockholders’ equity (book value) per common share”, “tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity”, and “tangible stockholders' equity (book value) per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity”. This supplemental information is not required by, or is not presented in accordance with GAAP. The Company refers to these financial measures and ratios as “non-GAAP financial measures” and they should not be considered in isolation or as a substitute for the GAAP measures presented herein. We use certain non-GAAP financial measures, including those mentioned above, both to explain our results to shareholders and the investment community and in the internal evaluation and management of our businesses. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our past performance and prospects for future performance, especially in light of the additional costs we have incurred in connection with the Company’s restructuring activities that began in 2018 and continued in 2024, including the effect of non-core banking activities such as the sale of loans and securities (including the investment portfolio repositioning initiated in the third quarter of 2024) and other repossessed assets, the sale of our Houston franchise, the valuation of securities, derivatives, loans held for sale and other real estate owned, impairment of investments, the early repayment of FHLB advances, Bank owned life insurance restructure, and other non-routine actions intended to improve customer service and operating performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies. Exhibit 2 reconciles these non-GAAP financial measures to GAAP reported results. Exhibit 1- Selected Financial Information The following table sets forth selected financial information derived from our unaudited and audited consolidated financial statements. (in thousands) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Consolidated Balance Sheets (audited) Total assets $ 9,897,691 $ 10,353,127 $ 9,747,738 $ 9,817,772 $ 9,716,327 Total investments 1,497,925 1,542,544 1,547,864 1,578,568 1,496,975 Total gross loans (1)(2) 7,267,279 7,561,963 7,322,911 7,006,383 7,264,912 Allowance for credit losses 84,963 79,890 94,400 96,050 95,504 Total deposits 7,854,069 8,110,944 7,816,011 7,878,243 7,894,863 Core deposits (1) 5,619,624 5,707,366 5,505,349 5,633,165 5,597,766 Advances from the Federal Home Loan Bank 745,000 915,000 765,000 715,000 645,000 Senior notes 59,843 59,764 59,685 59,605 59,526 Subordinated notes 29,624 29,582 29,539 29,497 29,454 Junior subordinated debentures 64,178 64,178 64,178 64,178 64,178 Stockholders' equity (3)(4)(5) 890,467 902,888 734,342 738,085 736,068 Assets under management and custody (1) 2,890,048 2,550,541 2,451,854 2,357,621 2,289,135 Three Months Ended Years Ended December 31, (in thousands, except percentages, share data and per share amounts) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 2024 2023 Consolidated Results of Operations (audited) Net interest income $ 87,635 $ 80,999 $ 79,355 $ 77,968 $ 81,677 $ 325,957 $ 326,464 Provision for credit losses (6) 9,910 19,000 19,150 12,400 12,500 60,460 61,277 Noninterest income 23,684 (47,683 ) 19,420 14,488 19,613 9,909 87,496 Noninterest expense 83,386 76,208 73,302 66,594 109,702 299,490 311,355 Net income (loss) attributable to Amerant Bancorp Inc. (7) 16,881 (48,164 ) 4,963 10,568 (17,123 ) (15,752 ) 32,490 Effective income tax rate 6.34 % 22.18 % 21.51 % 21.50 % 14.21 % 34.60 % 25.50 % Common Share Data Stockholders' book value per common share $ 21.14 $ 21.44 $ 21.88 $ 21.90 $ 21.90 $ 21.14 $ 21.90 Tangible stockholders' equity (book value) per common share (8) $ 20.56 $ 20.87 $ 21.15 $ 21.16 $ 21.16 $ 20.56 $ 21.16 Tangible stockholders’ equity (book value) per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity (8) $ 20.56 $ 20.87 $ 20.54 $ 20.60 $ 20.68 $ 20.56 $ 20.68 Basic earnings (loss) per common share $ 0.40 $ (1.43 ) $ 0.15 $ 0.32 $ (0.51 ) $ (0.44 ) $ 0.97 Diluted earnings (loss) per common share (9) $ 0.40 $ (1.43 ) $ 0.15 $ 0.31 $ (0.51 ) $ (0.44 ) $ 0.96 Basic weighted average shares outstanding 42,069,098 33,784,999 33,581,604 33,538,069 33,432,871 35,755,375 33,511,321 Diluted weighted average shares outstanding (9) 42,273,778 33,784,999 33,780,666 33,821,562 33,432,871 35,755,375 33,675,388 Cash dividend declared per common share (4) $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.36 $ 0.36 Three Months Ended Years Ended December 31, December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 2024 2023 Other Financial and Operating Data (12) (audited) Profitability Indicators (%) Net interest income / Average total interest earning assets (NIM) (1) 3.75 % 3.49 % 3.56 % 3.51 % 3.72 % 3.58 % 3.76 % Net income (loss) / Average total assets (ROA) (1) 0.67 % (1.92 )% 0.21 % 0.44 % (0.71 )% (0.16 )% 0.34 % Net income(loss) / Average stockholders' equity (ROE) (1) 7.38 % (24.98 )% 2.68 % 5.69 % (9.22 )% (1.99 )% 4.39 % Noninterest income / Total revenue (1) 21.28 % (143.12 )% 19.66 % 15.67 % 19.36 % 2.95 % 21.14 % Capital Indicators (%) Total capital ratio (1) 13.43 % 12.72 % 11.88 % 12.49 % 12.13 % 13.43 % 12.13 % Tier 1 capital ratio (1) 11.95 % 11.36 % 10.34 % 10.87 % 10.55 % 11.95 % 10.55 % Tier 1 leverage ratio (1) 9.66 % 9.56 % 8.74 % 8.73 % 8.84 % 9.66 % 8.84 % Common equity tier 1 capital ratio (CET1) (1) 11.21 % 10.65 % 9.60 % 10.10 % 9.79 % 11.21 % 9.79 % Tangible common equity ratio (1)(8) 8.77 % 8.51 % 7.30 % 7.28 % 7.34 % 8.77 % 7.34 % Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity (1)(8) 8.77 % 8.51 % 7.11 % 7.10 % 7.18 % 8.77 % 7.18 % Liquidity Ratios (%) Loans to Deposits (1) 92.53 % 93.23 % 93.69 % 88.93 % 92.02 % 92.53 % 92.02 % Asset Quality Indicators (%) Non-performing assets / Total assets (1) 1.23 % 1.25 % 1.24 % 0.51 % 0.56 % 1.23 % 0.56 % Non-performing loans / Total loans (1) 1.43 % 1.52 % 1.38 % 0.43 % 0.47 % 1.43 % 0.47 % Allowance for credit losses / Total non-performing loans 81.62 % 69.51 % 93.51 % 317.01 % 278.02 % 81.62 % 278.02 % Allowance for credit losses / Total loans held for investment 1.18 % 1.15 % 1.41 % 1.38 % 1.39 % 1.18 % 1.39 % Net charge-offs / Average total loans held for investment (1)(10) 0.26 % 1.90 % 1.13 % 0.69 % 0.85 % 0.99 % 0.69 % Efficiency Indicators (% except FTE) Noninterest expense / Average total assets 3.29 % 3.04 % 3.03 % 2.75 % 4.57 % 3.03 % 3.29 % Salaries and employee benefits / Average total assets 1.39 % 1.39 % 1.40 % 1.36 % 1.38 % 1.39 % 1.41 % Other operating expenses/ Average total assets (1) 1.90 % 1.64 % 1.63 % 1.39 % 3.20 % 1.64 % 1.88 % Efficiency ratio (1) 74.91 % 228.74 % 74.21 % 72.03 % 108.30 % 89.17 % 75.21 % Full-Time-Equivalent Employees (FTEs) (11) 698 735 720 696 682 698 682 Three Months Ended Years Ended December 31, (in thousands, except percentages and per share amounts) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 2024 2023 Core Selected Consolidated Results of Operations and Other Data (8) (audited) Pre-provision net revenue (PPNR) $ 27,933 $ (42,892 ) $ 25,473 $ 25,862 $ (7,595 ) $ 36,376 $ 104,306 Core pre-provision net revenue (Core PPNR) $ 37,217 $ 31,264 $ 31,007 $ 26,068 $ 29,811 $ 125,556 $ 141,990 Core net income $ 21,160 $ 9,249 $ 9,307 $ 10,730 $ 15,272 $ 50,446 $ 65,104 Core basic earnings per common share 0.50 0.27 0.28 0.32 0.46 1.41 1.94 Core earnings per diluted common share (9) 0.50 0.27 0.28 0.32 0.46 1.41 1.93 Core net income / Average total assets (Core ROA) (1) 0.83 % 0.37 % 0.38 % 0.44 % 0.64 % 0.51 % 0.69 % Core net income / Average stockholders' equity (Core ROE)(1) 9.25 % 4.80 % 5.03 % 5.78 % 8.23 % 6.37 % 8.79 % Core efficiency ratio 64.71 % 69.29 % 68.60 % 71.87 % 69.67 % 68.51 % 63.61 % __________________ (1) See Glossary of Terms and Definitions for definitions of financial terms. (2) All periods include mortgage loans held for sale carried at fair value, while September 30, 2024, June 30, 2024 and December 31 2023 also include loans held for sale carried at the lower of estimated cost or fair value. As of December 31, 2024, there were no loans carried at the lower cost or fair value. (3) In the fourth quarter of 2022, the Company announced that the Board of Directors authorized a new repurchase program pursuant to which the Company may purchase, from time to time, up to an aggregate amount of $25 million of its shares of Class A common stock (the “2023 Class A Common Stock Repurchase Program”). There were no repurchases of Class A common stock in the fourth quarter of 2024. For repurchases during all other periods, see September 30, 2024 Form 10-Q, June 30, 2024 Form 10-Q, March 31, 2024 Form 10-Q and 2023 Form 10-K. (4) For the three months ended December 31, 2024, the Company’s Board of Directors declared cash dividends of $0.09 per share of the Company’s common stock and paid an aggregate amount of $3.8 million in connection with these dividends. For all other periods shown, the Company paid $3.0 million per quarter in connection with these dividends. The dividend declared in the fourth quarter of 2024 was paid on November 29, 2024 to shareholders of record at the close of business on November 14, 2024. See September 30, 2024 Form 10-Q, June 30, 2024 Form 10-Q, and 2023 Form 10-K for more information on dividend payments during the previous quarters. (5) On September 27, 2024, the Company completed a public offering of 8,684,210 shares of its Class A common stock, at a price to the public of $19.00 per share. (6) In the fourth, third, second and first quarter of 2024 and in the fourth quarter of 2023, includes $9.7 million, $17.9 million, $17.7 million, $12.4 million and $12.0 million of provision for credit losses on loans. Provision for unfunded commitments (contingencies) in the fourth, third and second quarter of 2024 and in the fourth quarter of 2023, were $0.2 million, $1.1 million, $1.5 million and $0.5 million, respectively, while there was none in the first quarter of 2024. The Provision for Loan Losses was $60.5 million and $61.3 million for the years ended December 31, 2024 and 2023, respectively. These amounts include the Provision for Losses on Loans of $57.7 million, $60.1 million in the years ended December 31, 2024 and 2023, respectively, and the Provision for unfunded commitments (contingencies) of $2.8 million, $1.2 million as of December 31, 2024 and 2023, respectively. (7) In the three months ended December 31, 2023, net income excludes losses of $0.8 million, attributable to a minority interest in Amerant Mortgage LLC. In the fourth quarter of 2023, the Company increased its ownership interest in Amerant Mortgage to 100% from 80% at September 30, 2023. This transaction had no material impact to the Company’s results of operations in the three months ended December 31, 2023. In connection with the change in ownership interest, which brought the minority interest share to zero, the Company derecognized the equity attributable to noncontrolling interest of $3.8 million at December 31, 2023, with a corresponding reduction to additional paid-in capital. (8) This presentation contains adjusted financial information determined by methods other than GAAP. This adjusted financial information is reconciled to GAAP in Exhibit 2 - Non-GAAP Financial Measures Reconciliation. (9) See 2023 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation. (10) See September 30, 2024 Form 10-Q, June 30, 2024 Form 10-Q, March 31, 2024 Form 10-Q and 2023 Form 10-K, for more details on charge-offs for all previous periods. (11) As of December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2034 and December 31, 2023, includes 80, 81, 83, 65 and 67 FTEs for Amerant Mortgage, respectively. (12) Operating data for the periods presented have been annualized. Exhibit 2- Non-GAAP Financial Measures Reconciliation The following table sets forth selected financial information derived from the Company’s interim unaudited and annual audited consolidated financial statements, adjusted for certain costs incurred by the Company in the periods presented related to tax deductible restructuring costs, provision for (reversal of) credit losses, provision for income tax expense (benefit), the effect of non-core banking activities such as the sale of loans and securities and other repossessed assets, the valuation of securities, derivatives, loans held for sale and other real estate owned and repossessed assets, the early repayment of FHLB advances, impairment of investments, enhancement of the bank owned life insurance and other non-routine actions intended to improve customer service and operating performance. The Company believes these adjusted numbers are useful to understand the Company’s performance absent these transactions and events. Three Months Ended, Years Ended December 31, (in thousands) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 2024 2023 (audited) Net income (loss) attributable to Amerant Bancorp Inc. $ 16,881 $ (48,164 ) $ 4,963 $ 10,568 $ (17,123 ) $ (15,752 ) $ 32,490 Plus: provision for credit losses (1) 9,910 19,000 19,150 12,400 12,500 60,460 61,277 Plus: provision for income tax (benefit) expense 1,142 (13,728 ) 1,360 2,894 (2,972 ) (8,332 ) 10,539 Pre-provision net revenue (PPNR) 27,933 (42,892 ) 25,473 25,862 (7,595 ) 36,376 104,306 Plus: non-routine noninterest expense items 15,148 5,672 5,562 — 43,094 26,382 66,152 (Less) plus: non-routine noninterest income items (5,864 ) 68,484 (28 ) 206 (5,688 ) 62,798 (28,468 ) Core pre-provision net revenue (Core PPNR) $ 37,217 $ 31,264 $ 31,007 $ 26,068 $ 29,811 $ 125,556 $ 141,990 Total noninterest income $ 23,684 $ (47,683 ) $ 19,420 $ 14,488 $ 19,613 $ 9,909 $ 87,496 Less: Non-routine noninterest income items: Derivative (losses) gains, net — — (44 ) (152 ) (151 ) (196 ) 28 Securities (losses) gains, net (2) (8,200 ) (68,484 ) (117 ) (54 ) 33 (76,855 ) (10,989 ) Bank owned life insurance charge (3) — — — — (655 ) — (655 ) Gain on sale of Houston Franchise (11) 12,636 — — — — 12,636 — Gains on early extinguishment of FHLB advances, net 1,428 — 189 — 6,461 1,617 40,084 Total non-routine noninterest income items $ 5,864 $ (68,484 ) $ 28 $ (206 ) $ 5,688 $ (62,798 ) $ 28,468 Core noninterest income $ 17,820 $ 20,801 $ 19,392 $ 14,694 $ 13,925 $ 72,707 $ 59,028 Total noninterest expenses $ 83,386 $ 76,208 $ 73,302 $ 66,594 $ 109,702 $ 299,490 $ 311,355 Less: non-routine noninterest expense items Restructuring costs (4) Staff reduction costs (5) — — — — 1,120 — 4,006 Contract termination costs (6) — — — — — — 1,550 Consulting and other professional fees and software expenses (7) — — — — 1,629 — 6,379 Disposition of fixed assets (8) — — — — — — 1,419 Branch closure and related charges (9) — — — — — — 2,279 Total restructuring costs $ — $ — $ — $ — $ 2,749 $ — $ 15,633 Other non-routine noninterest expense items: Losses on loans held for sale carried at the lower cost or fair value (10)(11) 12,642 — 1,258 — 37,495 13,900 43,057 Other real estate owned valuation expense(12) — 5,672 — — — 5,672 2,649 Goodwill and intangible assets impairment (11) — — 300 — 1,713 300 1,713 Fixed assets impairment (11)(13) — — 3,443 — — 3,443 — Legal, broker fees, and other costs (11) 2,506 — 561 — — 3,067 — Bank owned life insurance enhancement costs (3) — — — — 1,137 — 1,137 Impairment charge on investment carried at cost — — — — — — 1,963 Total non-routine noninterest expense items $ 15,148 $ 5,672 $ 5,562 $ — $ 43,094 $ 26,382 $ 66,152 Core noninterest expenses $ 68,238 $ 70,536 $ 67,740 $ 66,594 $ 66,608 $ 273,108 $ 245,203 (in thousands, except percentages and per share data) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 2024 2023 (audited) Net income (loss) attributable to Amerant Bancorp Inc. $ 16,881 $ (48,164 ) $ 4,963 $ 10,568 $ (17,123 ) $ (15,752 ) $ 32,490 Plus after-tax non-routine items in noninterest expense: Non-routine items in noninterest expense before income tax effect 15,148 5,672 5,562 — 43,094 26,382 66,152 Income tax effect (14) (3,409 ) (1,332 ) (1,196 ) — (8,887 ) (5,937 ) (13,892 ) Total after-tax non-routine items in noninterest expense 11,739 4,340 4,366 — 34,207 20,445 52,260 (Less) plus: before-tax non-routine items in noninterest income: Non-routine items in noninterest income before income tax effect (5,864 ) 68,484 (28 ) 206 (5,688 ) 62,798 (28,468 ) Income tax effect (14) (1,596 ) (15,411 ) 6 (44 ) 1,032 (17,045 ) 5,978 Total after-tax non-routine items in noninterest income (7,460 ) 53,073 (22 ) 162 (4,656 ) 45,753 (22,490 ) BOLI enhancement tax impact (3) — — — — 2,844 — 2,844 Core net income $ 21,160 $ 9,249 $ 9,307 $ 10,730 $ 15,272 $ 50,446 $ 65,104 Basic earnings (loss) per share $ 0.40 $ (1.43 ) $ 0.15 $ 0.32 $ (0.51 ) $ (0.44 ) $ 0.97 Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (15) 0.28 0.13 0.13 — 1.11 0.57 1.64 (Less) plus: after tax impact of non-routine items in noninterest income (0.18 ) 1.57 — — (0.14 ) 1.28 (0.67 ) Total core basic earnings per common share $ 0.50 $ 0.27 $ 0.28 $ 0.32 $ 0.46 $ 1.41 $ 1.94 Diluted earnings (loss) per share (16) $ 0.40 $ (1.43 ) $ 0.15 $ 0.31 $ (0.51 ) $ (0.44 ) $ 0.96 Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (15) 0.28 0.13 0.13 — 1.11 0.57 1.63 (Less) plus: after tax impact of non-routine items in noninterest income (0.18 ) 1.57 — 0.01 (0.14 ) 1.28 (0.66 ) Total core diluted earnings per common share $ 0.50 $ 0.27 $ 0.28 $ 0.32 $ 0.46 $ 1.41 $ 1.93 Net income (loss) / Average total assets (ROA) 0.67 % (1.92 )% 0.21 % 0.44 % (0.71 )% (0.16 )% 0.34 % Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (15) 0.46 % 0.18 % 0.17 % — % 1.55 % 0.21 % 0.58 % (Less) plus: after tax impact of non-routine items in noninterest income (0.30 )% 2.11 % — % — % (0.20 )% 0.46 % (0.23 )% Core net income / Average total assets (Core ROA) 0.83 % 0.37 % 0.38 % 0.44 % 0.64 % 0.51 % 0.69 % Net income (loss) / Average stockholders' equity (ROE) 7.38 % (24.98 )% 2.68 % 5.69 % (9.22 )% (1.99 )% 4.39 % Plus: after tax impact of non-routine items in noninterest expense and BOLI tax impact (15) 5.13 % 2.25 % 2.36 % — % 19.96 % 2.58 % 7.44 % (Less) plus: after tax impact of non-routine items in noninterest income (3.26 )% 27.53 % (0.01 )% 0.09 % (2.51 )% 5.78 % (3.04 )% Core net income / Average stockholders' equity (Core ROE) 9.25 % 4.80 % 5.03 % 5.78 % 8.23 % 6.37 % 8.79 % Efficiency ratio 74.91 % 228.74 % 74.21 % 72.03 % 108.30 % 89.17 % 75.21 % (Less): impact of non-routine items in noninterest expense and noninterest income (10.20 )% (159.45 )% (5.61 )% (0.16 )% (38.63 )% (20.66 )% (11.60 )% Core efficiency ratio 64.71 % 69.29 % 68.60 % 71.87 % 69.67 % 68.51 % 63.61 % (in thousands, except percentages, share data and per share data) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 2024 2023 (audited) Stockholders' equity $ 890,467 $ 902,888 $ 734,342 $ 738,085 $ 736,068 $ 890,467 $ 736,068 Less: goodwill and other intangibles (17) (24,314 ) (24,366 ) (24,581 ) (24,935 ) (25,029 ) (24,314 ) (25,029 ) Tangible common stockholders' equity $ 866,153 $ 878,522 $ 709,761 $ 713,150 $ 711,039 $ 866,153 $ 711,039 Total assets 9,897,691 10,353,127 9,747,738 9,817,772 9,716,327 9,897,691 9,716,327 Less: goodwill and other intangibles (17) (24,314 ) (24,366 ) (24,581 ) (24,935 ) (25,029 ) (24,314 ) (25,029 ) Tangible assets $ 9,873,377 $ 10,328,761 $ 9,723,157 $ 9,792,837 $ 9,691,298 $ 9,873,377 $ 9,691,298 Common shares outstanding 42,127,316 42,103,623 33,562,756 33,709,395 33,603,242 42,127,316 33,603,242 Tangible common equity ratio 8.77 % 8.51 % 7.30 % 7.28 % 7.34 % 8.77 % 7.34 % Stockholders' book value per common share $ 21.14 $ 21.44 $ 21.88 $ 21.90 $ 21.90 $ 21.14 $ 21.90 Tangible stockholders' book value per common share $ 20.56 $ 20.87 $ 21.15 $ 21.16 $ 21.16 $ 20.56 $ 21.16 Tangible common stockholders' equity $ 866,153 $ 878,522 $ 709,761 $ 713,150 $ 711,039 $ 866,153 $ 711,039 Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (18) — — (20,304 ) (18,729 ) (16,197 ) — (16,197 ) Tangible common stockholders' equity, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 866,153 $ 878,522 $ 689,457 $ 694,421 $ 694,842 $ 866,153 $ 694,842 Tangible assets $ 9,873,377 $ 10,328,761 $ 9,723,157 $ 9,792,837 $ 9,691,298 $ 9,873,377 $ 9,691,298 Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (18) — — (20,304 ) (18,729 ) (16,197 ) — (16,197 ) Tangible assets, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 9,873,377 $ 10,328,761 $ 9,702,853 $ 9,774,108 $ 9,675,101 $ 9,873,377 $ 9,675,101 Common shares outstanding 42,127,316 42,103,623 33,562,756,000 33,709,395,000 33,603,242 42,127,316 33,603,242 Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity 8.77 % 8.51 % 7.11 % 7.10 % 7.18 % 8.77 % 7.18 % Tangible stockholders' book value per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 20.56 $ 20.87 $ 20.54 $ 20.60 $ 20.68 $ 20.56 $ 20.68 ____________ (1) Includes provision for credit losses on loans and provision for loan contingencies. See Footnote 6 in Exhibit 1 - Selected Financial Information for more details. (2) In the third quarter of 2024, the Company executed an investment portfolio repositioning which resulted in a total pre-tax net loss of $68.5 million during the same period. The investment portfolio repositioning was completed in early October 2024 resulting in an additional $8.1 million in losses in the fourth quarter of 2024. (3) In the fourth quarter of 2023, the Company completed a restructuring of its bank-owned life insurance (“BOLI”) program. This was executed through a combination of a 1035 exchange and a surrender and reinvestment into higher-yielding general account with a new investment grade insurance carrier. This transaction allowed for higher team member participation through an enhanced split-dollar plan. Estimated improved yields resulting from the enhancement have an earn-back period of approximately 2 years. In the fourth quarter of 2023, we recorded total additional expenses and charges of $4.6 million in connection with this transaction, including: (i) a reduction of $0.7 million to the cash surrender value of BOLI; (ii) transaction costs of $1.1 million, and (iii) income tax expense of $2.8 million. (4) Expenses incurred for actions designed to implement the Company’s business strategy. These actions include, but are not limited to reductions in workforce, streamlining operational processes, promoting the Amerant brand, implementation of new technology system applications, decommissioning of legacy technologies, enhanced sales tools and training, expanded product offerings and improved customer analytics to identify opportunities. (5) Staff reduction costs consist of severance expenses related to organizational rationalization. (6) Contract termination and related costs associated with third party vendors resulting from the Company’s engagement of FIS. (7) In the three months and year ended December 31, 2023, includes an aggregate of $1.6 million and $6.4 million, respectively, of nonrecurrent expenses in connection with the engagement of FIS and, to a lesser extent, software expenses related to legacy applications running in parallel to new core banking applications. The transition to FIS was completed in 2023, therefore, there were no significant nonrecurrent expenses in connection with engagement of FIS in all the other periods shown. (8) Includes expenses in connection with the disposition of fixed assets due to the write-off of in-development software in the year ended December 31, 2023. (9) In the year ended December 31, 2023, includes expenses of $0.3 million in connection with the closure of a branch in Houston, Texas in 2023. In addition, in the year ended December 31, 2023, includes $0.9 million of accelerated amortization of leasehold improvements and $0.6 million of right-of-use, or ROU asset impairment, associated with the closure of a branch in Miami, Florida in 2023. Also, in the year ended December 31, 2023, includes $0.5 million of ROU asset impairment associated with the closure of a branch in Houston, Texas in 2023. (10) In the three months and year ended December 31, 2024, includes loss on sale of $12.6 million, including transaction costs, related to the sale of a portfolio of 323 business-purpose, investment property, residential mortgage loans with a balance of approximately $71.4 million. In each of the three months and year ended December 31, 2023, includes: (i) a fair value adjustment of $35.5 million related to an aggregate of $401 million in Houston-based CRE loans held for sale which are carried at the lower of fair value or cost, and (ii) a loss on sale of $2.0 million related to a New York-based CRE loan previously carried at the lower of fair value or cost. In the year ended December 31, 2023, includes a fair value adjustment of $5.6 million related to a New York-based CRE loan held for sale carried at the lower of fair value or cost. (11) In the three months and year ended December 31, 2024, amounts shown are in connection with the Houston Transaction. (12) In the year ended December 31, 2023, amount represents the loss on sale of repossessed assets in connection with our equipment-financing activities. (13) Related to Houston branches and included as part of occupancy and equipment expenses. See Exhibit 5 for additional information. (14) In the year ended December 31, 2024, income tax effect amounts on nonroutine items of noninterest income and expense were calculated using estimated tax rates of 27.14% and 22.50%, respectively. In the year ended December 31, 2023, amounts were calculated using an estimated tax rate of 21.00%. In the three months ended March 31, 2024, amounts were calculated based upon the effective tax rate for the period of 21.50%. For all of the other periods shown, amounts represent the difference between the current and prior period year-to-date tax effect. (15) In the three months and year ended December 31, 2023, per share amounts and percentages were calculated using the after-tax impact of non- routine items in noninterest expense of $34.2 million and $52.3 million, respectively, and BOLI tax impact of $2.8 million in each period. In all other periods shown, per share amounts and percentages were calculated using the after tax impact of non-routine items in noninterest expense. (16) See 2023 Form 10-K for more information on potential dilutive instruments and its impact on diluted earnings per share computation. (17) At December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, other intangible assets primarily consist of naming rights of $2.0 million, $2.1 million, $2.3 million, $2.4 million and $2.5 million, respectively, and mortgage servicing rights (“MSRs”) of $1.5 million, $1.4 million, $1.5 million, $1.4 million and $1.4 million, respectively. Other intangible assets are included in other assets in the Company’s consolidated balance sheets. (18) There were no debt securities held to maturity at December 31, 2024 and September 30, 2024. As of June 30, 2024, March 31, 2024 and December 31, 2023, amounts were calculated based upon the fair value on debt securities held to maturity, and assuming a tax rate of 25.38%, 25.40% and 25.36%, respectively. Exhibit 3 - Average Balance Sheet, Interest and Yield/Rate Analysis The following tables present average balance sheet information, interest income, interest expense and the corresponding average yields earned and rates paid for the periods presented. The average balances for loans include both performing and nonperforming balances. Interest income on loans includes the effects of discount accretion and the amortization of non-refundable loan origination fees, net of direct loan origination costs, as well as premiums paid on purchased loans, accounted for as yield adjustments. Average balances represent the daily average balances for the periods presented. Three Months Ended December 31, 2024 September 30, 2024 December 31, 2023 (in thousands, except percentages) Average Balances Income/ Expense Yield/ Rates Average Balances Income/ Expense Yield/ Rates Average Balances Income/ Expense Yield/ Rates Interest-earning assets: Loan portfolio, net (1)(2) $ 7,322,613 $ 128,910 7.00 % $ 7,291,632 $ 129,752 7.08 % $ 7,107,222 $ 127,090 7.09 % Debt securities available for sale (3)(4) 1,346,108 16,069 4.75 % 1,313,366 14,273 4.32 % 1,060,113 11,603 4.34 % Debt securities held to maturity (5) — — — % 205,958 1,752 3.38 % 227,765 1,951 3.40 % Debt securities held for trading — — — % — — — % — — — % Equity securities with readily determinable fair value not held for trading 2,509 19 3.01 % 2,525 19 2.99 % 2,450 12 1.94 % Federal Reserve Bank and FHLB stock 58,861 1,035 7.00 % 61,147 1,083 7.05 % 49,741 894 7.13 % Deposits with banks 560,323 6,811 4.84 % 344,469 4,670 5.39 % 265,657 3,940 5.88 % Other short-term investments 6,380 74 4.61 % 6,677 88 5.24 % 5,928 79 5.29 % Total interest-earning assets 9,296,794 152,918 6.54 % 9,225,774 151,637 6.54 % 8,718,876 145,569 6.62 % Total non-interest-earning assets (6) 798,113 760,198 794,844 Total assets $ 10,094,907 $ 9,985,972 $ 9,513,720 Three Months Ended December 31, 2024 September 30, 2024 December 31, 2023 (in thousands, except percentages) Average Balances Income/ Expense Yield/ Rates Average Balances Income/ Expense Yield/ Rates Average Balances Income/ Expense Yield/ Rates Interest-bearing liabilities: Checking and saving accounts - Interest bearing DDA $ 2,233,157 $ 12,859 2.29 % $ 2,294,323 $ 15,345 2.66 % $ 2,435,871 $ 16,350 2.66 % Money market 1,622,240 15,696 3.85 % 1,541,987 16,804 4.34 % 1,259,859 13,917 4.38 % Savings 242,589 24 0.04 % 247,903 26 0.04 % 271,307 30 0.04 % Total checking and saving accounts 4,097,986 28,579 2.77 % 4,084,213 32,175 3.13 % 3,967,037 30,297 3.03 % Time deposits 2,336,324 26,427 4.50 % 2,324,694 27,260 4.67 % 2,276,720 24,985 4.35 % Total deposits 6,434,310 55,006 3.40 % 6,408,907 59,435 3.69 % 6,243,757 55,282 3.51 % Securities sold under agreements to repurchase 115 1 3.46 % — — — % 106 2 7.49 % Advances from the FHLB (7) 782,242 7,946 4.04 % 863,913 8,833 4.07 % 635,272 6,225 3.89 % Senior notes 59,804 941 6.26 % 59,725 942 6.27 % 59,488 941 6.28 % Subordinated notes 29,604 361 4.85 % 29,561 361 4.86 % 29,433 361 4.87 % Junior subordinated debentures 64,178 1,030 6.38 % 64,178 1,067 6.61 % 64,178 1,081 6.68 % Total interest-bearing liabilities 7,370,253 65,285 3.52 % 7,426,284 70,638 3.78 % 7,032,234 63,892 3.60 % Non-interest-bearing liabilities: Non-interest bearing demand deposits 1,469,726 1,491,406 1,381,157 Accounts payable, accrued liabilities and other liabilities 344,770 301,373 363,711 Total non-interest-bearing liabilities 1,814,496 1,792,779 1,744,868 Total liabilities 9,184,749 9,219,063 8,777,102 Stockholders’ equity 910,158 766,909 736,618 Total liabilities and stockholders' equity $ 10,094,907 $ 9,985,972 $ 9,513,720 Excess of average interest-earning assets over average interest-bearing liabilities $ 1,926,541 $ 1,799,490 $ 1,686,642 Net interest income $ 87,633 $ 80,999 $ 81,677 Net interest rate spread 3.02 % 2.76 % 3.02 % Net interest margin (7) 3.75 % 3.49 % 3.72 % Cost of total deposits (7) 2.77 % 2.99 % 2.88 % Ratio of average interest-earning assets to average interest-bearing liabilities 126.14 % 124.23 % 123.98 % Average non-performing loans/ Average total loans 1.36 % 1.54 % 0.49 % Year Ended December 31, 2024 2023 (audited) (in thousands, except percentages) Average Balances Income/ Expense Yield/ Rates Average Balances Income/ Expense Yield/ Rates Interest-earning assets: Loan portfolio, net (1)(2) $ 7,157,991 $ 505,484 7.06 % $ 7,006,919 $ 475,405 6.78 % Debt securities available for sale (3)(4) 1,291,974 57,631 4.46 % 1,053,034 43,096 4.09 % Debt securities held to maturity (5) 162,657 5,597 3.44 % 234,168 7,997 3.42 % Debt securities held for trading — — — % 586 7 1.19 % Equity securities with readily determinable fair value not held for trading 2,495 106 4.25 % 2,454 33 1.34 % Federal Reserve Bank and FHLB stock 56,234 3,957 7.04 % 53,608 3,727 6.95 % Deposits with banks 423,185 22,492 5.31 % 322,853 18,212 5.64 % Other short-term investments 6,348 322 5.07 % 2,115 102 4.80 % Total interest-earning assets 9,100,884 595,589 6.54 % 8,675,737 548,579 6.32 % Total non-interest-earning assets (6) 790,919 776,484 Total assets $ 9,891,803 $ 9,452,221 Interest-bearing liabilities: Checking and saving accounts Interest bearing DDA $ 2,345,193 $ 62,719 2.67 % $ 2,486,190 $ 62,551 2.52 % Money market 1,502,304 62,307 4.15 % 1,226,311 42,212 3.44 % Savings 251,626 103 0.04 % 284,510 144 0.05 % Total checking and saving accounts 4,099,123 125,129 3.05 % 3,997,011 104,907 2.62 % Time deposits 2,302,798 105,780 4.59 % 2,074,549 78,829 3.80 % Total deposits 6,401,921 230,909 3.61 % 6,071,560 183,736 3.03 % Securities sold under agreements to repurchase 60 3 5.00 % 124 7 5.65 % Advances from the FHLB (7) 757,502 29,303 3.87 % 805,084 28,816 3.58 % Senior notes 59,686 3,767 6.31 % 59,370 3,766 6.34 % Subordinated notes 29,540 1,444 4.89 % 29,370 1,445 4.92 % Junior subordinated debentures 64,178 4,206 6.55 % 64,178 4,345 6.77 % Total interest-bearing liabilities 7,312,887 269,632 3.69 % 7,029,686 222,115 3.16 % Non-interest-bearing liabilities: Non-interest bearing demand deposits 1,461,940 1,356,538 Accounts payable, accrued liabilities and other liabilities 324,932 325,367 Total non-interest-bearing liabilities 1,786,872 1,681,905 Total liabilities 9,099,759 8,711,591 Stockholders’ equity 792,044 740,630 Total liabilities and stockholders' equity $ 9,891,803 $ 9,452,221 Excess of average interest-earning assets over average interest-bearing liabilities $ 1,787,997 $ 1,646,051 Net interest income $ 325,957 $ 326,464 Net interest rate spread 2.85 % 3.16 % Net interest margin (7) 3.58 % 3.76 % Cost of total deposits (7) 2.94 % 2.47 % Ratio of average interest-earning assets to average interest-bearing liabilities 124.45 % 123.42 % Average non-performing loans/ Average total loans 1.03 % 0.48 % _______________ (1) Includes loans held for investment, net of the allowance for credit losses, and loans held for sale. The average balance of the allowance for credit losses was $80.5 million, $92.1 million and $92.7 million in the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $90.0 million and $90.0 million in the years ended December 31, 2024 and 2023, respectively. The average balance of total loans held for sale was $357.2 million, $612.9 million and $100.7 million in the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $353.9 million and $77.8 million in the years ended December 31, 2024 and 2023, respectively. (2) Includes average non-performing loans of $101.0 million, $113.5 million and $35.1 million for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $74.9 million and $34.3 million for the years ended December 31, 2024 and 2023, respectively. (3) Includes the average balance of net unrealized gains and losses in the fair value of debt securities available for sale. The average balance includes average net unrealized losses of $31.7 million, $89.4 million and $142.1 million in the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $84.5 million and $118.5 million in the years ended December 31, 2024 and 2023, respectively. (4) Includes nontaxable securities with average balances of $60.4 million, $19.9 million and $17.8 million for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $29.4 million and $17.8 million in the years ended December 31, 2024 and 2023, respectively. The tax equivalent yield for these nontaxable securities was 4.39%, 4.33% and 4.78% for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and 4.45% and 4.83% for the years ended December 31, 2024 and 2023, respectively. In 2024 and 2023, the tax equivalent yields were calculated by assuming a 21% tax rate and dividing the actual yield by 0.79. (5) Includes nontaxable securities with average balances of $44.5 million and $48.9 million for the three months ended September 30, 2024 and December 31, 2023, respectively. We had no average held to maturity balances at December 31, 2024. We had average balances of $35.2 million and $49.8 million in the years ended December 31, 2024 and 2023, respectively. The tax equivalent yield for these nontaxable securities was 4.43% and 4.26% for the quarter ended September 30, 2024 and December 31, 2023, respectively, and 4.29% and 4.22% for the years ended December 31, 2024 and 2023, respectively. In 2024 and 2023, the tax equivalent yields were calculated assuming a 21% tax rate and dividing the actual yield by 0.79. (6) Excludes the allowance for credit losses. (7) See Glossary of Terms and Definitions for definitions of financial terms. Exhibit 4 - Noninterest Income This table shows the amounts of each of the categories of noninterest income for the periods presented. Three Months Ended Year Ended December 31, December 31, 2024 September 30, 2024 December 31, 2023 2024 2023 (audited) (in thousands, except percentages) Amount % Amount % Amount % Amount % Amount % Deposits and service fees $ 5,501 23.2 % $ 5,046 10.6 % $ 4,424 22.5 % $ 20,153 203.4 % $ 19,376 22.1 % Brokerage, advisory and fiduciary activities 4,653 19.7 % 4,466 9.4 % 4,249 21.7 % 17,984 181.5 % 17,057 19.5 % Change in cash surrender value of bank owned life insurance (“BOLI”)(1) 2,364 10.0 % 2,332 4.9 % 849 4.3 % 9,280 93.7 % 5,173 5.9 % Cards and trade finance servicing fees 1,533 6.5 % 1,430 3.0 % 1,238 6.3 % 5,517 55.7 % 3,067 3.5 % Gain (loss) on early extinguishment of FHLB advances, net 1,428 6.0 % — — % 6,461 32.9 % 1,617 16.3 % 40,084 45.8 % Securities (losses) gains, net (2) (8,200 ) (34.6 )% (68,484 ) (143.6 )% 33 0.2 % (76,855 ) (775.6 )% (10,989 ) (12.6 )% Derivative (losses) gains, net (3) — — % — — % (151 ) (0.8 )% (196 ) (2.0 )% 28 — % Loan-level derivative income (4) 706 3.0 % 3,515 7.4 % 837 4.3 % 7,044 71.1 % 4,580 5.2 % Gain on sale of Houston Franchise 12,636 53.4 % — — % — — % 12,636 127.5 % — — % Other noninterest income (5) 3,063 12.8 % 4,012 8.3 % 1,673 8.5 % 12,729 128.4 % 9,120 10.6 % Total noninterest income $ 23,684 100.0 % $ (47,683 ) (100.0 )% $ 19,613 100.0 % $ 9,909 100.0 % $ 87,496 100.0 % __________________ (1) Changes in cash surrender value of BOLI are not taxable. In the three months and year ended December 31, 2023, includes a charge of $0.7 million in connection with the enhancement/restructuring of BOLI in the fourth quarter of 2023. (2) Amounts are primarily in connection with losses and gains on the sale of debt securities available for sale. In the three months ended December 31, 2024 and September 30, 2024, includes a total net loss of $8.1 million and $68.5 million, respectively, as a result of the investment portfolio repositioning. In the year ended December 31, 2024, includes $76.7 million as a result of the investment portfolio repositioning. (3) Net unrealized gains and losses related to uncovered interest rate caps with clients. (4) Income from interest rate swaps and other derivative transactions with customers. The Company incurs expenses related to derivative transactions with customers which are included as part of noninterest expenses under loan-level derivative expense. See Exhibit 5 for more details. (5) Includes mortgage banking income of $1.1 million, $2.8 million and $0.6 million in the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $6.9 million and $4.5 million in the years ended December 31, 2024 and 2023, respectively, primarily consisting of net gains on sale, valuation and derivative transactions associated with mortgage loans held for sale activity, and other smaller sources of income related to the operations of Amerant Mortgage. In addition, includes $0.5 million BOLI death benefits received in the year ended December 31, 2024. Other sources of income in the periods shown include foreign currency exchange transactions with customers and valuation income on the investment balances held in the non-qualified deferred compensation plan. Exhibit 5 - Noninterest Expense This table shows the amounts of each of the categories of noninterest expense for the periods presented. Three Months Ended Year Ended December 31, December 31, 2024 September 30, 2024 December 31, 2023 2024 2023 (audited) (in thousands, except percentages) Amount % Amount % Amount % Amount % Amount % Salaries and employee benefits (1) $ 35,284 42.3 % $ 34,979 45.9 % $ 33,049 30.1 % $ 137,078 45.8 % $ 133,506 42.9 % Occupancy and equipment (2) 5,719 6.9 % 5,891 7.7 % 7,015 6.4 % 27,127 9.1 % 27,843 8.9 % Professional and other services fees (3) 14,308 17.2 % 13,711 18.0 % 14,201 12.9 % 51,092 17.1 % 34,569 11.1 % Loan-level derivative expense (4) 34 — % 1,802 2.4 % 182 0.2 % 2,420 0.8 % 1,910 0.6 % Telecommunications and data processing (5) 2,967 3.6 % 2,991 3.9 % 3,838 3.5 % 12,223 4.1 % 15,485 5.0 % Depreciation and amortization (6) 1,734 2.1 % 1,737 2.3 % 1,480 1.3 % 6,600 2.2 % 6,842 2.2 % FDIC assessments and insurance 2,932 3.5 % 2,863 3.8 % 2,535 2.3 % 11,575 3.9 % 10,601 3.4 % Losses on loans held for sale carried at the lower cost or fair value (7) 12,642 15.2 % — — % 37,495 34.2 % 13,900 4.6 % 43,057 13.8 % Advertising expenses 3,703 4.4 % 3,468 4.6 % 3,169 2.9 % 14,492 4.8 % 12,811 4.1 % Other real estate owned and repossessed assets (income) expense, net (8) (196 ) (0.2 )% 5,535 7.3 % (205 ) (0.2 )% 4,837 1.6 % 2,092 0.7 % Contract termination costs (9) — — % — — % — — % — — % 1,550 0.5 % Other operating expenses (10) 4,259 5.0 % 3,231 4.1 % 6,943 6.4 % 18,146 6.0 % 21,089 6.8 % Total noninterest expense (11) $ 83,386 100.0 % $ 76,208 100.0 % $ 109,702 100.0 % $ 299,490 100.0 % $ 311,355 100.0 % __________ (1) Includes $1.4 million in expenses related to the Houston Transaction in the three months and year ended December 31, 2024. In addition, includes staff reduction costs of $1.1 million and $4.0 million in the three months and year ended December 31, 2023, respectively, which consist of severance expenses primarily related to organizational rationalization. (2) In the year ended December 31, 2024, includes fixed assets impairment charge of $3.4 million in connection with the Houston Transaction. In the year ended December 31, 2023, includes a rent termination fee of $0.3 million in connection with the closure of a branch in Houston, Texas, as well as an aggregate of $1.1 million related to ROU asset impairments in connection with the closure of two branches in 2023 (one branch in Miami, Florida and another branch in Houston, Texas). (3) Includes $0.1 million and $0.4 million, in legal expenses in connection with the Houston Transaction in the three months ended December 31, 2024 and year ended December 31, 2024, respectively. In addition, includes additional, nonrecurrent expenses of $1.2 million and $5.8 million in the three months and year ended December 31, 2023, respectively, related to the engagement of FIS. Lastly, includes recurring service fees in connection with the engagement of FIS in the three months ended December 31, 2024 and September 30, 2024, and December 31, 2023 and the years ended December 31, 2024 and 2023. (4) Includes services fees in connection with our loan-level derivative income generation activities. (5) Includes a charge of $1.4 million in the year ended December 31, 2023 related to the disposition of fixed assets due to the write off of in- development software. In addition, in the three months and year ended December 31, 2023, includes $0.4 million of software expenses related to legacy applications running in parallel to new core banking applications. (6) Includes a charge of $0.9 million in the year ended December 31, 2023 for the accelerated depreciation of leasehold improvements in connection with the closure of a branch in Miami, Florida in 2023. (7) In the three months ended December 31, 2024 and 2023 as well as years ended December 31, 2024 and 2023, consists of losses on loans held for sale carried at the lower of fair value or cost, including valuation allowance as a result of changes in their fair value and losses on the sale of these loans. (8) In the year ended December 31, 2023, includes a loss on sale of repossessed assets in connection with our equipment-financing activities of $2.6 million. (9) Contract termination and related costs associated with third party vendors resulting from the Company’s transition to our new technology provider. (10) In the three months and year ended December 31, 2024, includes broker fees of $1.0 million and $1.3 million in connection with the Houston Transaction. In each of the three months and the year ended December 31, 2023, includes goodwill and intangible assets impairments totaling $1.7 million related to two of our subsidiaries (Amerant Mortgage and Elant, a Cayman-based trust company). In addition, in each of the three months and the year ended December 31, 2023, includes additional costs of $1.1 million in connection with the restructuring of the Company’s BOLI. Also, in the year ended December 31, 2023, includes an impairment charge of $2.0 million related to an investment carried at cost and included in other assets. In all of the periods shown, includes mortgage loan origination and servicing expenses, charitable contributions, community engagement, postage and courier expenses, and debits which mirror the valuation income on the investment balances held in the non-qualified deferred compensation plan in order to adjust the liability to participants of the deferred compensation plan and other small expenses. (11) Includes $3.7 million, $3.9 million, and $3.5 million in the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and $14.1 million and $14.4 million in the years ended December 31, 2024 and 2023, respectively, related to Amerant Mortgage, primarily consisting of salaries and employee benefits, mortgage lending costs and professional and other service fees. Exhibit 6 - Consolidated Balance Sheets (in thousands, except share data) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Assets (audited) Cash and due from banks $ 39,197 $ 40,538 $ 32,762 $ 41,231 $ 47,234 Interest earning deposits with banks 519,853 614,345 238,346 577,843 242,709 Restricted cash 24,365 10,087 32,430 33,897 25,849 Other short-term investments 6,944 6,871 6,781 6,700 6,080 Cash and cash equivalents 590,359 671,841 310,319 659,671 321,872 Securities Debt securities available for sale, at fair value 1,437,170 1,476,378 1,269,356 1,298,073 1,217,502 Debt securities held to maturity, at amortized cost (1) — — 219,613 224,014 226,645 Equity securities with readily determinable fair value not held for trading 2,477 2,562 2,483 2,480 2,534 Federal Reserve Bank and Federal Home Loan Bank stock 58,278 63,604 56,412 54,001 50,294 Securities 1,497,925 1,542,544 1,547,864 1,578,568 1,496,975 Loans held for sale, at lower of cost or fair value (2) — 553,941 551,828 — 365,219 Mortgage loans held for sale, at fair value 42,911 43,851 60,122 48,908 26,200 Loans held for investment, gross 7,224,368 6,964,171 6,710,961 6,957,475 6,873,493 Less: Allowance for credit losses 84,963 79,890 94,400 96,050 95,504 Loans held for investment, net 7,139,405 6,884,281 6,616,561 6,861,425 6,777,989 Bank owned life insurance 243,547 241,183 238,851 237,314 234,972 Premises and equipment, net 31,814 32,866 33,382 44,877 43,603 Deferred tax assets, net 53,543 41,138 48,779 48,302 55,635 Operating lease right-of-use assets 100,028 100,158 100,580 117,171 118,484 Goodwill 19,193 19,193 19,193 19,193 19,193 Accrued interest receivable and other assets (3)(4) 178,966 222,131 220,259 202,343 256,185 Total assets $ 9,897,691 $ 10,353,127 $ 9,747,738 $ 9,817,772 $ 9,716,327 Liabilities and Stockholders' Equity Deposits Demand Noninterest bearing $ 1,504,229 $ 1,482,061 $ 1,465,140 $ 1,397,331 $ 1,426,919 Interest bearing 2,229,467 2,389,605 2,316,976 2,619,115 2,560,629 Savings and money market 1,885,928 1,835,700 1,723,233 1,616,719 1,610,218 Time 2,234,445 2,403,578 2,310,662 2,245,078 2,297,097 Total deposits 7,854,069 8,110,944 7,816,011 7,878,243 7,894,863 Advances from the Federal Home Loan Bank 745,000 915,000 765,000 715,000 645,000 Senior notes 59,843 59,764 59,685 59,605 59,526 Subordinated notes 29,624 29,582 29,539 29,497 29,454 Junior subordinated debentures held by trust subsidiaries 64,178 64,178 64,178 64,178 64,178 Operating lease liabilities (5) 106,071 105,875 105,861 122,267 123,167 Accounts payable, accrued liabilities and other liabilities (6) 148,439 164,896 173,122 210,897 164,071 Total liabilities 9,007,224 9,450,239 9,013,396 9,079,687 8,980,259 Stockholders’ equity Class A common stock 4,214 4,210 3,357 3,373 3,361 Additional paid in capital 343,830 342,508 189,601 192,237 192,701 Retained earnings 582,229 569,131 620,299 618,359 610,802 Accumulated other comprehensive loss (39,806 ) (12,961 ) (78,915 ) (75,884 ) (70,796 ) Total stockholders' equity 890,467 902,888 734,342 738,085 736,068 Total liabilities and stockholders' equity $ 9,897,691 $ 10,353,127 $ 9,747,738 $ 9,817,772 $ 9,716,327 __________ (1) Estimated fair value of $192,403, $198,909 and $204,945 at June 30, 2024, March 31, 2024 and December 31, 2023, respectively. During the third quarter of 2024, the Company executed an investment portfolio repositioning and transferred approximately $220 million in debt securities from held to maturity to the available for sale category. (2) As of September 30, 2024 and June 30, 2024, includes loans held for sale and a valuation allowance of $1.3 million, in connection with the Houston Transaction. As of December 31, 2023, includes a valuation allowance of $35.5 million as a result of fair value adjustment. (3) As of December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, includes derivative assets with a total fair value of $48.0 million, $52.3 million, $64.0 million, $64.7 million and $59.9 million, respectively. As of December 31, 2023, includes a receivable from insurance carrier for $62.5 million in connection with the restructuring of the Company’s BOLI in the fourth quarter of 2023, which were collected in the first quarter of 2024. (4) As of September 30, 2024 and June 30, 2024, includes other assets for sale of approximately $21.4 million and $23.6 million, respectively, in connection with the Houston Transaction. (5) Consists of total long-term lease liabilities. Total short-term lease liabilities are included in other liabilities. (6) As of December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, includes derivatives liabilities with a total fair value of $47.6 million, $51.3 million, $62.9 million, $63.8 million and $59.4 million, respectively. Exhibit 7 - Loans Loans by Type - Held For Investment The loan portfolio held for investment consists of the following loan classes: (in thousands) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Real estate loans (audited) Commercial real estate Non-owner occupied $ 1,678,473 $ 1,688,308 $ 1,714,088 $ 1,672,470 $ 1,616,200 Multi-family residential 336,229 351,815 359,257 349,917 407,214 Land development and construction loans 495,208 421,489 343,472 333,198 300,378 2,509,910 2,461,612 2,416,817 2,355,585 2,323,792 Single-family residential 1,516,082 1,499,599 1,446,569 1,490,711 1,466,608 Owner occupied 1,007,074 1,001,762 981,405 1,193,909 1,175,331 5,033,066 4,962,973 4,844,791 5,040,205 4,965,731 Commercial loans 1,747,859 1,630,018 1,521,533 1,550,140 1,503,187 Loans to financial institutions and acceptances 170,435 92,489 48,287 29,490 13,375 Consumer loans and overdrafts (1) 273,008 278,391 296,350 337,640 391,200 Total loans $ 7,224,368 $ 6,964,171 $ 6,710,961 $ 6,957,475 $ 6,873,493 __________________ (1) As of December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023 includes $83.5 million, $103.9 million, $131.9 million, $163.3 million and $210.9 million, respectively, in consumer loans purchased under indirect lending programs. Loans by Type - Held For Sale The loan portfolio held for sale consists of the following loan classes: (in thousands) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Loans held for sale at the lower of fair value or cost (audited) Real estate loans Commercial real estate Non-owner occupied $ — $ 111,591 $ 112,002 $ — $ — Multi-family residential — — 918 — 309,612 Land development and construction loans — 35,020 29,923 — 55,607 $ — $ 146,611 $ 142,843 $ — $ 365,219 Single-family residential — 87,820 88,507 — — Owner occupied — 221,774 220,718 — — — 456,205 452,068 — 365,219 Commercial loans — 87,866 90,353 — — Consumer loans — 9,870 9,407 — — Total loans held for sale at the lower of fair value or cost (1) — 553,941 551,828 — 365,219 Mortgage loans held for sale at fair value Land development and construction loans 10,768 10,608 7,776 26,058 12,778 Single-family residential 32,143 33,243 52,346 22,850 13,422 Total Mortgage loans held for sale, at fair value (2) 42,911 43,851 60,122 48,908 26,200 Total loans held for sale $ 42,911 $ 597,792 $ 611,950 $ 48,908 $ 391,419 __________________ (1) As of September 30, 2024 and June 30, 2024, includes loans transferred from the held for investment to the held for sale category in the second and third quarters of 2024 as a result of the Houston Transaction. In the fourth quarter of 2024, the Company completed the sale of the Houston franchise. As of December 31, 2023, includes Houston-based CRE loans transferred from the held for investment to the held for sale category in the fourth quarter of 2023. The Company subsequently sold these loans in the first quarter of 2024. See exhibit 2 for more information on valuation allowance recognized in 2024 and 2023 on loans held for sale carried at the lower of cost or fair value. (2) Loans held for sale in connection with Amerant Mortgage’s ongoing business. Non-Performing Assets This table shows a summary of our non-performing assets by loan class, which includes non-performing loans, other real estate owned, or OREO, and other repossessed assets at the dates presented. Non-performing loans consist of (i) nonaccrual loans, and (ii) accruing loans 90 days or more contractually past due as to interest or principal. (in thousands) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Non-Accrual Loans (audited) Real Estate Loans Commercial real estate (CRE) Non-owner occupied $ — $ 1,916 $ — $ — $ — Multi-family residential — — 6 — 8 — 1,916 6 — 8 Single-family residential 8,140 13,452 3,726 4,400 2,459 Land development and construction loans 4,119 — — — — Owner occupied 23,191 29,240 26,309 1,958 3,822 35,450 44,608 30,041 6,358 6,289 Commercial loans 64,572 68,654 67,005 21,833 21,949 Consumer loans and overdrafts — — 4 45 38 Total Non-Accrual Loans(1) $ 100,022 $ 113,262 $ 97,050 $ 28,236 $ 28,276 Past Due Accruing Loans Real Estate Loans Commercial real estate (CRE) Owner occupied 837 — 769 — — Single-family residential 1,201 1,129 2,656 1,149 5,218 Commercial 2,033 104 — 918 857 Consumer loans and overdrafts 8 434 477 — 49 Total Past Due Accruing Loans (2) 4,079 1,667 3,902 2,067 6,124 Total Non-Performing Loans 104,101 114,929 100,952 30,303 34,400 Other Real Estate Owned 18,074 14,509 20,181 20,181 20,181 Total Non-Performing Assets $ 122,175 $ 129,438 $ 121,133 $ 50,484 $ 54,581 __________________ (1) See September 30, 2024 Form 10-Q, June 30, 2024 Form 10-Q, March 31, 2024 Form 10-Q and 2023 Form 10-K for more information about the activity of non-accrual loans in the third, second and first quarters of 2024 and all periods in 2023. (2) Loans past due 90 days or more but still accruing. Loans by Credit Quality Indicators This table shows the Company’s loans by credit quality indicators. We have not purchased credit-impaired loans. December 31, 2024 September 30, 2024 December 31, 2023 (audited) (in thousands) Special Mention Substandard Doubtful Total (1) Special Mention Substandard Doubtful Total (1) Special Mention Substandard Doubtful Total (1) Real Estate Loans Commercial Real Estate (CRE) Non-owner occupied $ 361 $ 21,430 $ — $ 21,791 $ 34,374 $ 1,916 $ — $ 36,290 $ — $ — $ — $ — Multi-family residential — — — — — — — — — 8 — 8 Land development and construction loans — 4,119 — 4,119 — — — — — — — — 361 25,549 — 25,910 34,374 1,916 — 36,290 — 8 — 8 Single-family residential — 9,438 — 9,438 — 13,544 — 13,544 — 2,800 — 2,800 Owner occupied 5,047 24,097 — 29,144 29,603 29,310 — 58,913 15,723 3,890 — 19,613 5,408 59,084 — 64,492 63,977 44,770 — 108,747 15,723 6,698 — 22,421 Commercial loans — 66,605 — 66,605 12,442 69,429 — 81,871 30,261 22,971 — 53,232 Consumer loans and overdrafts — 8 — 8 — — — — — 41 — 41 $ 5,408 $ 125,697 $ — $ 131,105 $ 76,419 $ 114,199 $ — $ 190,618 $ 45,984 $ 29,710 $ — $ 75,694 __________ (1) There were no loans categorized as “Loss” as of the dates presented. Exhibit 8 - Deposits by Country of Domicile This table shows the Company’s deposits by country of domicile of the depositor as of the dates presented. (in thousands) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 (audited) Domestic $ 5,277,763 $ 5,553,336 $ 5,281,946 $ 5,288,702 $ 5,430,059 Foreign: Venezuela 1,889,331 1,887,282 1,918,134 1,988,470 1,870,979 Others 686,975 670,326 615,931 601,071 593,825 Total foreign 2,576,306 2,557,608 2,534,065 2,589,541 2,464,804 Total deposits $ 7,854,069 $ 8,110,944 $ 7,816,011 $ 7,878,243 $ 7,894,863 Glossary of Terms and Definitions Total gross loans: include loans held for investment net of unamortized deferred loan origination fees and costs, as well as loans held for sale. Core deposits: consist of total deposits excluding all time deposits. Assets under management and custody: consists of assets held for clients in an agency or fiduciary capacity which are not assets of the Company and therefore are not included in the consolidated financial statements. Net interest margin, or NIM: defined as net interest income, or NII, divided by average interest-earning assets, which are loans, securities, deposits with banks and other financial assets which yield interest or similar income. ROA and Core ROA are calculated based upon the average daily balance of total assets. ROE and Core ROE are calculated based upon the average daily balance of stockholders’ equity. Core efficiency ratio is the efficiency ratio less the effect of restructuring costs and other non-routine items, which are described in Exhibit 2 - Non-GAAP Financial Measures Reconciliation. Total revenue is the result of net interest income before provision for credit losses plus noninterest income. Total capital ratio: total stockholders’ equity divided by total risk-weighted assets, calculated according to the standardized regulatory capital ratio calculations. Tier 1 capital ratio: Tier 1 capital divided by total risk-weighted assets. Tier 1 capital is composed of Common Equity Tier 1 (CET1) capital plus outstanding qualifying trust preferred securities of $62.3 million at each of all the dates presented. Tier 1 leverage ratio: Tier 1 capital divided by quarter to date average assets. Common equity tier 1 capital ratio, CET1: Tier 1 capital divided by total risk-weighted assets. Tangible common equity ratio: calculated as the ratio of common equity less goodwill and other intangibles divided by total assets less goodwill and other intangible assets. Other intangible assets primarily consist of naming rights and mortgage servicing rights and are included in other assets in the Company’s consolidated balance sheets. Tangible common equity ratio, adjusted for unrealized losses on debt securities held to maturity: calculated in the same manner described in tangible common equity but also includes unrealized losses on debt securities held to maturity in the balance of common equity and total assets. Loans to Deposits ratio: calculated as the ratio of total loans gross divided by total deposits. Non-performing assets include all accruing loans past due by 90 days or more, all nonaccrual loans and other real estate owned (“OREO”) properties acquired through or in lieu of foreclosure, and other repossessed assets. Non-performing loans include all accruing loans past due by 90 days or more and all nonaccrual loans Ratio for net charge-offs/average total loans held for investments: calculated based upon the average daily balance of outstanding loan principal balance net of unamortized deferred loan origination fees and costs, excluding the allowance for credit losses. Other operating expenses: total noninterest expense less salary and employee benefits. Efficiency ratio: total noninterest expense divided by the sum of noninterest income and NII. The terms of the FHLB advance agreements require the Bank to maintain certain investment securities or loans as collateral for these advances. Cost of total deposits: calculated based upon the average balance of total noninterest bearing and interest bearing deposits, which includes time deposits. AFS: Available-for-sale debt securities HTM: Held-to-maturity debt securities

Amerant Reports Fourth Quarter 2024 and Full-year 2024 Results

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