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 20, 2023

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	NASDAQ

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 20, 2023, Amerant Bancorp Inc. (the "Company") issued a press release to report the Company’s financial results for the fiscal quarter ended June 30, 2023. 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 21, 2023, the Company will hold a live audio webcast to discuss its financial results for the fiscal quarter ended June 30, 2023. 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 20, 2023, the Company announced that, on July 19, 2023, its Board of Directors declared a cash dividend of $0.09 per share of common stock. The dividend is payable on August 31, 2023 to shareholders of record at the close of business on August 15, 2023. 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 20, 2023
99.2			Earnings slide presentation of Amerant Bancorp Inc., dated July 21, 2023
99.3			Press Release of Amerant Bancorp Inc., dated July 20, 2023
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 20, 2023

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
						Victoria Verdeja
						MediaRelations@amerantbank.com
						(305) 441-5541

AMERANT REPORTS SECOND QUARTER 2023 RESULTS

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

CORAL GABLES, FLORIDA, July 20, 2023. Amerant Bancorp Inc. (NASDAQ: AMTB) (the “Company” or “Amerant”) today reported net income attributable to the Company of $7.3 million in the second quarter of 2023, or $0.22 per diluted share, compared to net income attributable to the Company of $20.2 million, or $0.60 per diluted share, in the first quarter of 2023.

“Achieving strong organic deposit growth was a significant accomplishment this quarter” stated Jerry Plush, Chairman and CEO. “While elevated reserve coverage levels were needed related to a legacy NY based commercial real estate loan along with updated economic forecasts, we continued to show solid growth in pre-provision net revenue, driven primarily by a strong net interest margin. We remain keenly focused on driving profitable growth and achieving our goal of becoming the bank of choice in the markets we serve.”

•Total assets increased $24.2 million, or 0.3%, to $9.5 billion compared to 1Q23.

•Total gross loans increased $101.9 million, or 1.4%, to $7.22 billion compared to $7.12 billion in 1Q23.

•Cash and cash equivalents were $445.1 million, down $40.7 million, or 8.4%, compared to $485.8 million in 1Q23.

•Total deposits were $7.58 billion, up $292.8 million, or 4.0%, compared to $7.29 billion in 1Q23. Organic deposit growth in commercial, consumer and international banking was $432 million, which enabled reductions in brokered deposits and institutional deposits of $52 million and $136 million, respectively.

•Total advances from Federal Home Loan Bank (“FHLB”) were $770.0 million, down $282.0 million, or 26.8%, compared to $1.1 billion in 1Q23, the result of early repayments of $355 million in the quarter in connection with asset/liability management strategies. An additional $2.1 billion remained available from FHLB as of June 30, 2023.

•Average yield on loans increased to 6.79% in 2Q23, compared to 6.38% in 1Q23.

•Total non-performing assets increased to $67.4 million, up $18.7 million, or 38.3%, compared to $48.7 million as of 1Q23.

•The allowance for credit losses ("ACL") was $106.0 million, an increase of $21.6 million, or 25.6%, compared to $84.4 million as of 1Q23.

•Core deposits were $5.50 billion, up $140.6 million, or 2.6%, compared to $5.36 billion in 1Q23.

•Average cost of total deposits increased to 2.40% in 2Q23 compared to 1.91% in 1Q23.

•Loan to deposit ratio improved to 95.22% in 2Q23 compared to 97.64% in 1Q23.

•Assets Under Management and custody (“AUM”) totaled $2.15 billion, slightly up $39.9 million, or 1.9%, from $2.11 billion in 1Q23.

•Pre-provision net revenue (“PPNR”)(1) was $38.3 million in 2Q23, an increase of $1.1 million or 2.9%, compared to $37.2 million in 1Q23.

•Core Pre-Provision Net Revenue (“Core PPNR”)(1) was $39.2 million in 2Q23, up $2.1 million, or 5.6%, from $37.1 million in 1Q23.

•Net Interest Margin (“NIM”) was 3.83% in 2Q23 compared to 3.90% in 1Q23.

•Net Interest Income (“NII”) was $83.9 million, up $1.5 million, or 1.9%, from $82.3 million in 1Q23.

•Provision for credit losses was $29.1 million in 2Q23, up $17.4 million, or 148.5%, compared to $11.7 million in 1Q23. The provision for credit losses in 2Q23 was comprised of $15.7 million in connection with charge-offs and credit quality, $1.4 million related to loan growth and $12.0 million to reflect updated economic factors.

•Non-interest income was $26.6 million in 2Q23, up $7.3 million, or 37.6%, from $19.3 million in 1Q23. 2Q23 included $12.4 million in non-routine net gains.

•Non-interest expense was $72.5 million, up $7.8 million, or 12.0%, from $64.7 million in 1Q23. 2Q23 included $13.4 million in non-routine noninterest expenses.

•The efficiency ratio was 65.6% in 2Q23 compared to 63.7% in 1Q23.

•Return on average assets (“ROA”) was 0.31% in 2Q23 compared to 0.88% in 1Q23.

•Return on average equity (“ROE”) was 3.92% in 2Q23 compared to 11.15% in 1Q23.

Additional details on second quarter 2023 results can be found in 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.

On July 19, 2023, the Company’s board of directors declared a quarterly cash dividend of $0.09 per common share. The dividend is payable on August 31, 2023 to shareholders of record on August 15, 2023.

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

Second Quarter 2023 Earnings Conference Call

The Company will hold an earnings conference call on Friday, July 21, 2023 at 9:00 a.m. (Eastern Time) to discuss its second quarter 2023 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. (NASDAQ: 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 23 banking centers – 17 in South Florida and 6 in the Houston, Texas area, as well as an LPO in Tampa, Florida. For more information, visit investor.amerantbank.com.

FIS® and any associated brand names/logos are the trademarks of FIS and/or its affiliates.

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. 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, 2022 filed on March 1, 2023 (the “Form 10-K”), our quarterly report on Form 10-Q for the quarter ended March 31, 2023 filed on May 2, 2023, 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, 2023 and 2022 and the three months ended March 31, 2023 and December 31, 2022, may not reflect our results of operations for our fiscal year ending, or financial condition, as of December 31, 2023, or any other period of time or date.

As previously disclosed in the Form 10-K, the Company adopted the new guidance on accounting for current expected credit losses on financial instruments (“CECL”) effective as of January 1, 2022. Quarterly amounts previously reported on our quarterly reports on Form 10-Q for the periods ended March 31, 2022, June 30, 2022 and September 30, 2022 do not reflect the adoption of CECL. In the fourth quarter of 2022, the Company recorded a provision for credit losses totaling $20.9 million, including $11.1 million related to the retroactive effect of adopting CECL for all previous quarterly periods in the year ended December 31, 2022, including loan growth and changes to macro-economic conditions during the period. Quarterly amounts included in the Form 10-K and this earnings release and accompanying presentation reflect the impacts of the adoption of CECL on each interim period of 2022. See the Form 10-K for more details on the adoption of CECL.

The following table shows changes to previously-reported amounts for the quarter ended December 31, 2022 versus the corresponding amounts reflecting the adoption of CECL in 2022:



(in thousands, except per share amounts)	As Reported		As Recast		Changes

Total interest income	$	113,374	$	113,374	$	—
Total interest expense	31,196		31,196		—
Net interest income	82,178		82,178		—
Provision for credit losses	20,945		16,857		(4,088)
Net interest income after provision for credit losses	61,233		65,321		4,088
Total noninterest income	24,365		24,365		—
Total noninterest expense	62,241		62,241		—
Income before income taxes	23,357		27,445		4,088
Income tax expense	(4,746)		(5,627)		(881)
Net income before attribution of noncontrolling interest	18,611		21,818		3,207
Noncontrolling interest	(155)		(155)		—
Net income attributable to Amerant Bancorp Inc.	$	18,766	$	21,973	$	3,207
Basic earnings per common share	$	0.56	$	0.66	$	0.10
Diluted earnings per common share	$	0.55	$	0.65	$	0.10
Cash dividends declared per common share	$	0.09	$	0.09	$	—

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 2023, including 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, 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 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, 2023		March 31, 2023		December 31, 2022
Consolidated Balance Sheets					(audited)
Total assets	$	9,519,526	$	9,495,302	$	9,127,804
Total investments	1,315,303		1,347,697		1,366,680

Total gross loans (1)	7,216,958		7,115,035		6,919,632
Allowance for credit losses	105,956		84,361		83,500
Total deposits	7,579,571		7,286,726		7,044,199
Core deposits (2)	5,498,017		5,357,386		5,315,944
Advances from the Federal Home Loan Bank	770,000		1,052,012		906,486
Senior notes	59,368		59,289		59,210
Subordinated notes	29,369		29,326		29,284
Junior subordinated debentures	64,178		64,178		64,178
Stockholders' equity (3)(4)	720,956		729,056		705,726
Assets under management and custody (5)	2,147,465		2,107,603		1,995,666


	Three Months Ended
(in thousands, except percentages, share data and per share amounts)	June 30, 2023		March 31, 2023		December 31, 2022

Consolidated Results of Operations
Net interest income	$	83,877	$	82,333	$	82,178
Provision for credit losses (6)	29,077		11,700		16,857
Noninterest income	26,619		19,343		24,365
Noninterest expense	72,500		64,733		62,241
Net income attributable to Amerant Bancorp Inc. (6) (7)	7,308		20,186		21,973
Effective income tax rate (6)	21.00%		21.00%		20.50%

Common Share Data
Stockholders' book value per common share	$	21.37	$	21.56	$	20.87
Tangible stockholders' equity (book value) per common share (8)	$	20.66	$	20.84	$	20.19
Tangible stockholders' equity (book value) per common share, adjusted for unrealized losses on debt securities held to maturity (8)	$	20.11	$	20.38	$	19.65
Basic earnings per common share (6)	$	0.22	$	0.60	$	0.66
Diluted earnings per common share (6)(9)	$	0.22	$	0.60	$	0.65
Basic weighted average shares outstanding	33,564,770		33,559,718		33,496,096
Diluted weighted average shares outstanding (9)	33,717,702		33,855,994		33,813,593
Cash dividend declared per common share (4)	$	0.09	$	0.09	$	0.09


	Three Months Ended
	June 30, 2023	March 31, 2023	December 31, 2022
Other Financial and Operating Data (10)

Profitability Indicators (%)
Net interest income / Average total interest earning assets (NIM) (11)	3.83%	3.90%	3.96	%
Net income / Average total assets (ROA) (6) (12)	0.31%	0.88%	0.97	%
Net income / Average stockholders' equity (ROE) (6)(13)	3.92%	11.15%	12.10	%
Noninterest income / Total revenue (14)	24.09%	19.02%	22.87%

Capital Indicators (%)
Total capital ratio (15)	12.41%	12.36%	12.39	%
Tier 1 capital ratio (16)	10.79%	10.88%	10.89	%
Tier 1 leverage ratio (17)	8.91%	9.04%	9.18	%
Common equity tier 1 capital ratio (CET1) (18)	10.02%	10.10%	10.10	%
Tangible common equity ratio (19)	7.34%	7.44%	7.50	%
Tangible common equity ratio, adjusted for unrealized losses on debt securities held to maturity (20)	7.16%	7.29%	7.31%

Liquidity Ratios (%)
Loans to Deposits (21)	95.22%	97.64%	98.23	%

Asset Quality Indicators (%)
Non-performing assets / Total assets (22)	0.71%	0.51%	0.41	%
Non-performing loans / Total gross loans (1) (23)	0.65%	0.31%	0.54	%
Allowance for credit losses / Total non-performing loans (23)	224.51%	380.31%	222.08	%
Allowance for credit losses / Total loans held for investment	1.48%	1.20%	1.22	%
Net charge-offs / Average total loans held for investment (24)	0.42%	0.64%	0.59	%

Efficiency Indicators (% except FTE)
Noninterest expense / Average total assets	3.06%	2.82%	2.75	%
Salaries and employee benefits / Average total assets	1.45%	1.52%	1.45	%
Other operating expenses/ Average total assets (25)	1.62%	1.30%	1.30	%
Efficiency ratio (26)	65.61%	63.67%	58.42	%
Full-Time-Equivalent Employees (FTEs) (27)	710	722	692


	Three Months Ended
(in thousands, except percentages and per share amounts)	June 30, 2023		March 31, 2023		December 31, 2022
Core Selected Consolidated Results of Operations and Other Data (8)

Pre-provision net revenue (PPNR)	$	38,258	$	37,187	$	44,457



Core pre-provision net revenue (Core PPNR)	$	39,196	$	37,103	$	37,838
Core net income (6)	$	8,048	$	20,120	$	16,817
Core basic earnings per common share (6)	0.24		0.60		0.50
Core earnings per diluted common share (6) (9)	0.24		0.59		0.50
Core net income / Average total assets (Core ROA) (6) (12)	0.34%		0.88%		0.74		%
Core net income / Average stockholders' equity (Core ROE) (6) (13)	4.32%		11.11%		9.26		%
Core efficiency ratio (28)	60.29%		62.47%		61.34		%

__________________

(1) Total gross loans include loans held for investment net of unamortized deferred loan origination fees and costs, as well as mortgage loans held for sale carried at fair value. As of June 30, 2023, March 31, 2023 and December 31, 2022, mortgage loans held for sale carried at fair value totaled $49.9 million, $65.3 million and $62.4 million, respectively.

(2) Core deposits consist of total deposits excluding all time deposits.

(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 and first quarters of 2023, the Company repurchased an aggregate of 95,262 shares of Class A common stock and 22,403 shares of Class A common stock, respectively, at a weighted average price of $17.42 per share and $25.25 per share, respectively, under the 2023 Class A Common Stock Repurchase Program. In the second and first quarters of 2023, the aggregate purchase price for these transactions was approximately $1.7 million and $0.6 million, respectively, including transaction costs.

(4) For each of the second and first quarters of 2023 and the fourth quarter of 2022, the Company’s Board of Directors declared cash dividends of $0.09 per share of the Company’s common stock. The dividend declared in the second quarter of 2023 was paid on May 31, 2023 to shareholders of record at the close of business on May 15, 2023. The dividend declared in the first quarter of 2023 was paid on February 28, 2023 to shareholders of record at the close of business on February 13, 2023. The dividend declared in the fourth quarter of 2022 was paid on November 30, 2022 to shareholders of record at the close of business on November 15, 2022. For each of the second and first quarters of 2023 and the fourth quarter of 2022, the aggregate amount paid in connection with these dividends was $3.0 million.

(5) 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.

(6) As previously disclosed, the Company adopted CECL in the fourth quarter of 2022, effective as of January 1, 2022. See Form 10-K for more details on the CECL adoption and related effects to quarterly results for each quarter in the year ended December 31, 2022.

(7) In the three months ended June 30, 2023, March 31, 2023, and December 31, 2022, net income exclude losses of $0.3 million, $0.2 million and $0.2 million, respectively, attributable to a 20% minority interest of Amerant Mortgage LLC.

(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) In all the periods shown, potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units and performance stock units. Potential dilutive instruments were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share in all the periods shown, fewer shares would have been purchased than restricted shares assumed issued. Therefore, in those

periods, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect in per share earnings.

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

(11) NIM is defined as NII divided by average interest-earning assets, which are loans, securities, deposits with banks and other financial assets which yield interest or similar income.

(12) Calculated based upon the average daily balance of total assets.

(13) Calculated based upon the average daily balance of stockholders’ equity.

(14) Total revenue is the result of net interest income before provision for credit losses plus noninterest income.

(15) Total stockholders’ equity divided by total risk-weighted assets, calculated according to the standardized regulatory capital ratio

calculations.

(16) 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.

(17) Tier 1 capital divided by quarter to date average assets.

(18) CET1 capital divided by total risk-weighted assets.

(19) Tangible common equity is 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 mortgage servicing rights and are included in other assets in the Company’s consolidated balance sheets.

(20) Calculated in the same manner described in footnote 19 but also includes unrealized losses on debt securities held to maturity in the balance of common equity and total assets.

(21) Calculated as the ratio of total loans gross divided by total deposits.

(22) 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.

(23) Non-performing loans include all accruing loans past due by 90 days or more and all nonaccrual loans

(24) 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. During the second and first quarters of 2023, and in the fourth quarter of 2022, there were net charge offs of $7.5 million, $10.8 million, and $9.8 million, respectively. During the second quarter of 2023, the Company charged-off $7.6 million related to multiple purchased indirect consumer loans and $1.5 million related to multiple commercial loans. During the first quarter of 2023, the Company charged-off $6.5 million in connection with a commercial loan relationship, $6.3 million related to multiple consumer loans and $1.5 million related to multiple commercial and real estate loans. During the fourth quarter of 2022, the Company charged-off $3.9 million related to a CRE loan, $5.5 million related to multiple consumer loans and $1.1 million related to multiple commercial loans.

(25) Other operating expenses is the result of total noninterest expense less salary and employee benefits.

(26) Efficiency ratio is the result of noninterest expense divided by the sum of noninterest income and NII.

(27) As of June 30, 2023, March 31, 2023 and December 31, 2022, includes 93, 94 and 68 FTEs for Amerant Mortgage LLC, respectively.

(28) 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 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 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, 2023		March 31, 2023		December 31, 2022


Net income attributable to Amerant Bancorp Inc. (1)	$	7,308	$	20,186	$	21,973
Plus: provision for credit losses (1)	29,077		11,700		16,857
Plus: provision for income tax expense (1)	1,873		5,301		5,627
Pre-provision net revenue (PPNR)	38,258		37,187		44,457
Plus: non-routine noninterest expense items	13,383		3,372		2,447

Less: non-routine noninterest income items	(12,445)		(3,456)		(9,066)
Core pre-provision net revenue (Core PPNR)	$	39,196	$	37,103	$	37,838

Total noninterest income	$	26,619	$	19,343	$	24,365
Less: Non-routine noninterest income items:

Derivatives gains, net	242		14		1,040
Securities losses, net	(1,237)		(9,731)		(3,364)
Gains on early extinguishment of FHLB advances, net	13,440		13,173		11,390

Total non-routine noninterest income items	$	12,445	$	3,456	$	9,066
Core noninterest income	$	14,174	$	15,887	$	15,299

Total noninterest expenses	$	72,500	$	64,733	$	62,241
Less: non-routine noninterest expense items
Restructuring costs (2):
Staff reduction costs (3)	2,184		213		1,221
Contract termination costs (4)	1,550		—		—
Consulting and other professional fees (5)	2,060		2,690		1,226
Disposition of fixed assets (6)	1,419		—		—
Branch closure expenses and related charges (7)	1,558		469		—

Total restructuring costs	$	8,771	$	3,372	$	2,447
Other non-routine noninterest expense items:
Loss on sale of repossessed assets (8)	2,649		—		—
Impairment charge on investment carried at cost	1,963		—		—
Total non-routine noninterest expense items	$	13,383	$	3,372	$	2,447
Core noninterest expenses	$	59,117	$	61,361	$	59,794


	Three Months Ended,
(in thousands, except percentages and per share amounts)	June 30, 2023			March 31, 2023			December 31, 2022

Net income attributable to Amerant Bancorp Inc. (1)	$	7,308		$	20,186		$	21,973
Plus after-tax non-routine items in noninterest expense:
Non-routine items in noninterest expense before income tax effect	13,383			3,372			2,447
Income tax effect (9)	(2,811)			(708)			(460)
Total after-tax non-routine items in noninterest expense	10,572			2,664			1,987
Less after-tax non-routine items in noninterest income:
Non-routine items in noninterest income before income tax effect	(12,445)			(3,456)			(9,066)
Income tax effect (9)	2,613			726			1,923
Total after-tax non-routine items in noninterest income	(9,832)			(2,730)			(7,143)
Core net income (1)	$	8,048		$	20,120		$	16,817

Basic earnings per share (1)	$	0.22		$	0.60		$	0.66
Plus: after tax impact of non-routine items in noninterest expense	0.31			0.08			0.06
Less: after tax impact of non-routine items in noninterest income	(0.29)			(0.08)			(0.22)
Total core basic earnings per common share (1)	$	0.24		$	0.60		$	0.50

Diluted earnings per share (1) (10)	$	0.22		$	0.60		$	0.65
Plus: after tax impact of non-routine items in noninterest expense	0.31			0.08			0.06
Less: after tax impact of non-routine items in noninterest income	(0.29)			(0.09)			(0.21)
Total core diluted earnings per common share (1)	$	0.24		$	0.59		$	0.50

Net income / Average total assets (ROA) (1)	0.31		%	0.88		%	0.97		%
Plus: after tax impact of non-routine items in noninterest expense	0.45		%	0.12		%	0.09		%
Less: after tax impact of non-routine items in noninterest income	(0.42)		%	(0.12)		%	(0.32)		%
Core net income / Average total assets (Core ROA) (1)	0.34		%	0.88		%	0.74		%






Net income / Average stockholders' equity (ROE) (1)	3.92		%	11.15		%	12.10		%
Plus: after tax impact of non-routine items in noninterest expense	5.68		%	1.47		%	1.09		%
Less: after tax impact of non-routine items in noninterest income	(5.28)		%	(1.51)		%	(3.93)		%
Core net income / Average stockholders' equity (Core ROE) (1)	4.32		%	11.11		%	9.26		%

























Efficiency ratio	65.61		%	63.67		%	58.42		%
Less: impact of non-routine items in noninterest expense	(12.11)		%	(3.32)		%	(2.30)		%

Plus: impact of non-routine items in noninterest income	6.79		%	2.12		%	5.22		%
Core efficiency ratio	60.29		%	62.47		%	61.34		%







	Three Months Ended,
(in thousands, except percentages, share data and per share amounts)	June 30, 2023			March 31, 2023			December 31, 2022










































































Stockholders' equity	$	720,956		$	729,056		$	705,726
Less: goodwill and other intangibles (11)	(24,124)			(24,292)			(23,161)
Tangible common stockholders' equity	$	696,832		$	704,764		$	682,565
Total assets	9,519,526			9,495,302			9,127,804
Less: goodwill and other intangibles (11)	(24,124)			(24,292)			(23,161)
Tangible assets	$	9,495,402		$	9,471,010		$	9,104,643
Common shares outstanding	33,736,159			33,814,260			33,815,161
Tangible common equity ratio	7.34		%	7.44		%	7.50		%
Stockholders' book value per common share	$	21.37		$	21.56		$	20.87
Tangible stockholders' equity book value per common share	$	20.66		$	20.84		$	20.19


Tangible common stockholders' equity	$	696,832		$	704,764		$	682,565
Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (12)	(18,503)			(15,542)			(18,234)
Tangible common stockholders' equity, adjusted for net unrealized accumulated losses on debt securities held to maturity	$	678,329		$	689,222		$	664,331
Tangible assets	$	9,495,402		$	9,471,010		$	9,104,643
Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (12)	(18,503)			(15,542)			(18,234)
Tangible assets, adjusted for net unrealized accumulated losses on debt securities held to maturity	$	9,476,899		$	9,455,468		$	9,086,409
Common shares outstanding	33,736,159			33,814,260			33,815,161

Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity	7.16		%	7.29		%	7.31		%
Tangible stockholders' book value per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity	$	20.11		$	20.38		$	19.65

____________

(1) As previously disclosed, the Company adopted CECL in the fourth quarter of 2022, effective as of January 1, 2022. See Form 10-K for more details of the CECL adoption and related effects to quarterly results for each quarter in the year ended December 31, 2022.

(2) 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.

(3) Staff reduction costs in the three months ended June 30, 2023, March 31, 2023 and December 31, 2022 consist of severance expenses related to organizational rationalization.

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

(5) Includes expenses in connection with the engagement of FIS of $2.0 million, $2.6 million and $1.1 million in the three months ended June 30, 2023, March 31, 2023 and December 31, 2022, respectively.

(6) Include 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.

(7) In the three months ended June 30, 2023, consists of expenses associated with the decision to close a branch in Miami, Florida in 2023, including $0.9 million of accelerated amortization of leasehold improvements and $0.6 million of right-of-use, or ROU asset impairment. In the three months ended March 31, 2023, includes $0.5 million of ROU asset impairment associated with the closure of a branch in Houston, Texas in 2023.

(8) In the three months ended June 30, 2023, amount represents the loss on sale of repossessed assets in connection with our equipment-financing activities.

(9) In the three months ended March 31, 2023, amounts were calculated based upon the effective tax rate for the period of 21.00%. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect.

(10) In the three months ended June 30, 2023, March 31, 2023 and December 31, 2022, potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units and performance stock units. In all the periods presented, potential dilutive instruments were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share in those periods, fewer shares would have been purchased than restricted shares assumed issued. Therefore, in those periods, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect on per share earnings.

(11) Other intangible assets primarily consist of mortgage servicing rights (“MSRs”) of $1.3 million, $1.4 million and $1.3 million at June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and are included in other assets in the Company’s consolidated balance sheets.

(12) In the three months ended June 30, 2023, March 31, 2023 and December 31, 2022, amounts were calculated based upon the fair value on debt securities held to maturity, and assuming a tax rate of 25.46%, 25.53% and 25.55%, 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, 2023				March 31, 2023				June 30, 2022
(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)	$	7,068,034	$	119,570	6.79	%	$	6,901,352	$	108,501	6.38	%	$	5,635,147	$	61,514	4.38	%
Debt securities available for sale (3) (4)	1,041,039		10,397		4.01	%	1,058,831		10,173		3.90	%	1,113,994		7,614		2.74	%
Debt securities held to maturity (5)	236,297		1,976		3.35	%	240,627		2,112		3.56	%	177,483		981		2.22	%
Debt securities held for trading	262		3		4.59	%	18		—		—	%	101		1		3.97	%
Equity securities with readily determinable fair value not held for trading	27		—		—	%	4,886		—		—	%	12,407		—		—	%
Federal Reserve Bank and FHLB stock	52,917		857		6.50	%	57,803		1,014		7.11	%	49,476		539		4.37	%
Deposits with banks	379,123		5,694		6.02	%	302,791		3,330		4.46	%	224,751		518		0.92	%
Total interest-earning assets	8,777,699		138,497		6.33	%	8,566,308		125,130		5.92	%	7,213,359		71,167		3.96	%
Total non-interest-earning assets (6)	710,404						739,522						635,871
Total assets	$	9,488,103					$	9,305,830					$	7,849,230


	Three Months Ended
	June 30, 2023					March 31, 2023					June 30, 2022
(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	$	2,641,746		$	16,678	2.53	%	$	2,342,620		$	12,855	2.23	%	$	1,654,232		$	1,034	0.25	%
Money market	1,169,047			9,401		3.23	%	1,333,465			7,881		2.40	%	1,262,566			1,351		0.43	%
Savings	287,493			36		0.05	%	299,501			46		0.06	%	318,967			14		0.02	%
Total checking and saving accounts	4,098,286			26,115		2.56	%	3,975,586			20,782		2.12	%	3,235,765			2,399		0.30	%
Time deposits	2,045,747			18,528		3.63	%	1,767,603			12,834		2.94	%	1,256,112			4,503		1.44	%
Total deposits	6,144,033			44,643		2.91	%	5,743,189			33,616		2.37	%	4,491,877			6,902		0.62	%
Securities sold under agreements to repurchase	60			1		6.68	%	—			—		—	%	60			—		—	%
Advances from the FHLB (7)	828,301			7,621		3.69	%	959,392			6,763		2.86	%	867,573			3,341		1.54	%
Senior notes	59,330			941		6.36	%	59,250			942		6.45	%	59,013			942		6.40	%
Subordinated notes	29,348			362		4.95	%	29,306			361		5.00	%	29,178			361		4.96	%
Junior subordinated debentures	64,178			1,052		6.57	%	64,178			1,115		7.05	%	64,178			676		4.22	%
Total interest-bearing liabilities	7,125,250			54,620		3.07	%	6,855,315			42,797		2.53	%	5,511,879			12,222		0.89	%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits	1,332,189							1,377,966							1,309,520
Accounts payable, accrued liabilities and other liabilities	283,653							338,351							283,721
Total non-interest-bearing liabilities	1,615,842							1,716,317							1,593,241
Total liabilities	8,741,092							8,571,632							7,105,120
Stockholders’ equity	747,011							734,198							744,110
Total liabilities and stockholders' equity	$	9,488,103						$	9,305,830						$	7,849,230
Excess of average interest-earning assets over average interest-bearing liabilities	$	1,652,449						$	1,710,993						$	1,701,480
Net interest income				$	83,877						$	82,333						$	58,945
Net interest rate spread						3.26	%						3.39	%						3.07	%
Net interest margin (8)						3.83	%						3.90	%						3.28	%
Cost of total deposits (9)						2.40	%						1.91	%						0.48	%
Ratio of average interest-earning assets to average interest-bearing liabilities	123.19		%					124.96		%					130.87		%
Average non-performing loans/ Average total loans	0.54		%					0.46		%					0.56		%


	Six Months Ended
	June 30, 2023					June 30, 2022
(in thousands, except percentages)	Average Balances			Income/ Expense		Yield/ Rates		Average Balances			Income/ Expense		Yield/ Rates
Interest-earning assets:
Loan portfolio, net (1)(2)	$	6,985,153		$	228,071	6.58	%	$	5,564,362		$	117,852	4.27	%
Debt securities available for sale (3)(4)	1,049,886			20,568		3.95	%	1,142,087			14,992		2.65	%
Debt securities held to maturity (5)	238,450			4,088		3.46	%	146,243			1,684		2.32	%
Debt securities held for trading	141			4		5.72	%	68			2		5.93	%
Equity securities with readily determinable fair value not held for trading	2,443			—		—	%	6,885			—		—	%
Federal Reserve Bank and FHLB stock	55,346			1,872		6.82	%	50,485			1,085		4.33	%
Deposits with banks	341,168			9,024		5.33	%	241,893			650		0.54	%
Total interest-earning assets (6)	8,672,587			263,627		6.13	%	7,152,023			136,265		3.84	%
Total non-interest-earning assets less allowance for loan losses	725,675							626,501
Total assets	$	9,398,262						$	7,778,524

Interest-bearing liabilities:
Checking and saving accounts -
Interest bearing DDA	$	2,493,009		$	29,533	2.39	%	$	1,605,626		$	1,324	0.17	%
Money market	1,250,801			17,281		2.79	%	1,257,955			2,084		0.33	%
Savings	293,464			83		0.06	%	322,027			26		0.02	%
Total checking and saving accounts	4,037,274			46,897		2.34	%	3,185,608			3,434		0.22	%
Time deposits	1,907,443			31,362		3.32	%	1,275,587			8,784		1.39	%
Total deposits	5,944,717			78,259		2.65	%	4,461,195			12,218		0.55	%
Securities sold under agreements to repurchase	30			1		6.72	%	30			—		—	%
Advances from the FHLB (7)	893,484			14,384		3.25	%	892,170			5,822		1.32	%
Senior notes	59,290			1,883		6.40	%	58,974			1,884		6.44	%
Subordinated notes	29,327			723		4.97	%	18,375			449		4.93	%
Junior subordinated debentures	64,178			2,167		6.81	%	64,178			1,302		4.09	%
Total interest-bearing liabilities	6,991,026			97,417		2.81	%	5,494,922			21,675		0.80	%
Non-interest-bearing liabilities:
Non-interest bearing demand deposits	1,354,951							1,254,948
Accounts payable, accrued liabilities and other liabilities	310,716							257,559
Total non-interest-bearing liabilities	1,665,667							1,512,507
Total liabilities	8,656,693							7,007,429
Stockholders’ equity	741,569							771,095
Total liabilities and stockholders' equity	$	9,398,262						$	7,778,524
Excess of average interest-earning assets over average interest-bearing liabilities	$	1,681,561						$1,657,101
Net interest income				$	166,210						$	114,590
Net interest rate spread						3.32	%						3.04	%
Net interest margin (8)						3.86	%						3.23	%
Cost of total deposits (9)						2.16	%						0.43	%
Ratio of average interest-earning assets to average interest-bearing liabilities	124.05		%					130.16		%
Average non-performing loans/ Average total loans	0.50		%					0.63		%

___________

(1) Includes loans held for investment net of the allowance for credit losses, and mortgage loans held for sale carried at fair value. The average balance of the allowance for credit losses was $84.6 million, $81.4 million and $55.9 million in the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively, and $83.0 million and $61.7 million in the six months ended June 30, 2023 and June 30, 2022, respectively. The average balance of mortgage loans held for sale carried at fair value was $85.1 million, $66.4 million and $112.2 million in the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively, and $75.8 million and $123.6 million in the six months ended June 30, 2023 and June 30, 2022, respectively.

(2) Includes average non-performing loans of $38.5 million, $31.8 million and $32.7 million for the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively, $35.2 million and $36.0 million in the six months ended June 30, 2023 and June 30, 2022, 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 unrealized net losses of $106.7 million, $104.9 million and $58.0 million in the three months ended June 30, 2023, March 31, 2023, and June 30, 2022, respectively, and average unrealized net losses of $105.8 million and $28.0 million in the six months ended June 30, 2023 and 2022, respectively.

(4) Includes nontaxable securities with average balances of $19.5 million, $19.7 million and $14.8 million for the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively, and $19.4 million and $15.7 million in the six months ended June 30, 2023 and June 30, 2022, respectively. The tax equivalent yield for these nontaxable securities was 4.53%, 4.56% and 2.97% for the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively, and 4.59% and 2.85% in the six months ended June 30, 2023 and June 30, 2022. In 2023 and 2022, 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 $50.1 million, $50.7 million and $42.7 million for the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively, and $50.4 million and $43.4 million in the six months ended June 30, 2023 and June 30, 2022, respectively. The tax equivalent yield for these nontaxable securities was 4.16%, 4.20% and 3.31% for the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively, and 4.18% and 3.22% in the six months ended June 30, 2023 and June 30, 2022. In 2023 and 2022, 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) The terms of the FHLB advance agreements require the Bank to maintain certain investment securities or loans as collateral for these advances.

(8) NIM is defined as net interest income divided by average interest-earning assets, which are loans, securities, deposits with banks and other financial assets which yield interest or similar income.

(9) Calculated based upon the average balance of total noninterest bearing and interest bearing deposits.

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, 2023				March 31, 2023				June 30, 2022			2023			2022
(in thousands, except percentages)	Amount		%		Amount		%			Amount			%			Amount		%		Amount		%

Deposits and service fees	$	4,944	18.6	%	$	4,955	25.6	%		$	4,577		35.4	%		9,899		21.5	%	$	9,197	34.1	%
Brokerage, advisory and fiduciary activities	4,256		16.0	%	4,182		21.6	%		4,439			34.3	%		8,438		18.4	%	9,035		33.5	%
Change in cash surrender value of bank owned life insurance (“BOLI”)(1)	1,429		5.4	%	1,412		7.3	%		1,334			10.3	%		2,841		6.2	%	2,676		9.9	%
Cards and trade finance servicing fees	562		2.1	%	533		2.8	%		508			3.9	%		1,095		2.4	%	1,098		4.1	%
Gain (loss) on early extinguishment of FHLB advances, net	13,440		50.5	%	13,173		68.1	%		2			—	%		26,613		57.9	%	(712)		(2.6)	%

Securities losses, net (2)	(1,237)		(4.7)	%	(9,731)		(50.3)	%		(2,602)			(20.1)	%		(10,968)		(23.9)	%	(1,833)		(6.8)	%
Loan-level derivative income (3)	476		1.8	%	2,071		10.7	%		1,009			7.8	%		2,547		5.5	%	4,161		15.4	%
Derivative gains (losses), net (4)	242		0.9	%	14		0.1	%		855			6.6	%		256		0.6	%	(490)		(1.8)	%
Other noninterest income (5)	2,507		9.4	%	2,734		14.1	%		2,809			21.8	%		5,241		11.4	%	3,824		14.2	%
Total noninterest income	$	26,619	100.0	%	$	19,343	100.0	%		$	12,931		100.0	%		$	45,962	100.0	%	$	26,956	100.0	%

__________________

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

(2) Includes net loss on sale of debt securities available for sale of $1.2 million and $9.5 million in the three months ended June 30, 2023 and March 31, 2023, respectively, and net loss and gain on the sale of debt securities available for sale of $10.8 million and $49 thousand in the six months ended June 30, 2023 and 2022, respectively. There were no gains or losses on the sale of debt securities available for sale in the three months ended June 30, 2022. In addition, includes unrealized losses of $2.6 million and $1.9 million in the three and six month periods ended June 30, 2022, respectively, 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 and six month periods ended June 30, 2023. Also, in the three months ended March 31, 2023, the Company sold all of its equity securities with readily available fair value not held for trading, with a total fair value of $11.2 million at the time of sale, and recognized a net loss of $0.2 million in connection with this transaction.

(3) Income from interest rate swaps and other derivative transactions with customers. The Company incurred expenses related to derivative transactions with customers of $0.1 million, $1.6 million and $2.0 million in the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively, and $1.7 million and $3.1 million in the six months ended June 30, 2023 and 2022, respectively, which are included as part of noninterest expenses under loan-level derivative expense.

(4) Net unrealized gains and losses related to uncovered interest rate caps with clients.

(5) Includes mortgage banking income of $1.6 million, $1.8 million and $2.4 million in the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively, and $3.4 million and $3.1 million in the six months ended June 30, 2023 and 2022, respectively, related to Amerant Mortgage. 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, 2023				March 31, 2023				June 30, 2022				2023		2022
(in thousands, except percentages)	Amount		%		Amount		%				Amount		%			Amount		%		Amount		%

Salaries and employee benefits (1)	$	34,247	47.2	%	$	34,876	53.9	%			$	30,212	48.5	%		$	69,123	50.4	%	$	60,615	49.3	%
Occupancy and equipment (2)	6,737		9.3	%	6,798		10.5	%			7,760		12.5	%		13,535		9.9	%	14,485		11.8	%
Professional and other services fees (3)	7,415		10.2	%	7,628		11.8	%			4,734		7.6	%		15,043		11.0	%	10,873		8.8	%
Loan-level derivative expense (4)	110		0.2	%	1,600		2.5	%			2,012		3.2	%		1,710		1.3	%	3,055		2.5	%
Telecommunications and data processing (5)	5,027		6.9	%	3,064		4.7	%			3,214		5.2	%		8,091		5.9	%	7,252		5.9	%
Depreciation and amortization (6)	2,275		3.1	%	1,292		2.0	%			1,294		2.1	%		3,567		2.6	%	2,446		2.0	%
FDIC assessments and insurance	2,739		3.8	%	2,737		4.2	%			1,526		2.5	%		5,476		4.0	%	2,922		2.4	%
Loans held for sale valuation expense (reversal) (7)	—		—	%	—		—	%			(300)		(0.5)	%		—		—	%	159		0.1	%
Advertising expenses	4,332		6.0	%	2,586		4.0	%			3,253		5.2	%		6,918		5.0	%	6,225		5.1	%
Other real estate owned and repossessed assets expense, net (8)(9)	2,431		3.4	%	—		—	%			3,174		5.1	%		2,431		1.8	%	3,174		2.6	%
Contract termination costs (10)	1,550		2.1	%	—		—	%			2,802		4.5	%		1,550		1.1	%	6,814		5.5	%
Other operating expenses (11)	5,637		7.8	%	4,152		6.4	%			2,560		4.1	%		9,789		7.0	%	5,039		4.0	%
Total noninterest expense (12)	$	72,500	100.0	%	$	64,733	100.0	%			$	62,241	100.0	%		$	137,233	100.0	%	$	123,059	100.0	%

___

(1) Includes staff reduction costs of $2.2 million, $0.2 million and $0.7 million in the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively, and $2.4 million and $1.4 million in the six months ended June 30, 2023 and 2022, respectively, which consist of severance expenses primarily related to organizational rationalization.

(2) In the three months ended June 30, 2023, includes $0.6 million related to ROU asset impairment in connection with the decision to close a branch in Miami, Florida in 2023. In the three months ended March 31, 2023, includes $0.5 million related to ROU asset impairment in connection with the closure of a branch in Houston, Texas in 2023. In each of the three and six month periods ended June 30, 2022, includes ROU asset impairment changes of $1.6 million in connection with the closure of a branch in Pembroke Pines, Florida in 2022.

(3) Includes additional expenses of $2.0 million and $2.6 million in the three months ended June 30, 2023 and March 31, 2023, respectively, and $4.6 million and $0.8 million in the six months ended June 30, 2023 and 2022, respectively, related to the engagement of FIS. There were no additional expenses related to the engagement of FIS in the three months ended June 30, 2022.

(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 decision to close a branch in Miami, Florida in 2023.

(7) Valuation allowance as a result of changes in the fair value of loans held for sale carried at the lower of cost or fair value.

(8) 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. In each of the the three and six month periods ended June 30, 2022, includes $3.2 million related to the fair value adjustment of one OREO property in New York. In addition, in each of the three and six month periods ended June 30, 2023, includes OREO rental income of $0.4 million. We had no OREO rental income in the three months ended March 31, 2023 and June 30, 2022 and in the six months ended June 30, 2022.

(9) In the three months ended June 30, 2023, other real estate owned (“OREO”) and repossessed assets expense is presented separately in the Company’s consolidated statement of operations and comprehensive (loss) income. In 2022, while OREO valuation expense was presented separately, all other OREO-related expenses were presented as part of other operating expenses in the Company’s consolidated statement of operations and comprehensive (loss) income. We had no other repossessed assets in 2022.

(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, 2023, includes an impairment charge of $2.0 million related to an investment carried at cost and included in other assets. In addition, in all of the periods shown, includes 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.

(12) Includes $4.0 million, $3.9 million and $3.7 million in the three months ended June 30, 2023, March 31, 2023 and June 30, 2022, respectively, and $7.9 million and $7.1 million in the six months ended June 30, 2023 and 2022, respectively, 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, 2023		March 31, 2023		December 31, 2022

Assets					(audited)
Cash and due from banks	$	45,184	$	41,489	$	19,486
Interest earning deposits with banks	365,673		411,747		228,955
Restricted cash	34,204		32,541		42,160
Cash and cash equivalents	445,061		485,777		290,601
Securities
Debt securities available for sale, at fair value	1,027,676		1,045,883		1,057,621
Debt securities held to maturity, at amortized cost (estimated fair value of 209,546, 218,388 and 217,609 at June 30, 2023, March 31, 2023 and December 31, 2022, respectively)	234,369		239,258		242,101
Trading securities	298		—		—
Equity securities with readily determinable fair value not held for trading	2,500		—		11,383
Federal Reserve Bank and Federal Home Loan Bank stock	50,460		62,556		55,575
Securities	1,315,303		1,347,697		1,366,680

Mortgage loans held for sale, at fair value	49,942		65,289		62,438
Loans held for investment, gross	7,167,016		7,049,746		6,857,194
Less: Allowance for credit losses	105,956		84,361		83,500
Loans held for investment, net	7,061,060		6,965,385		6,773,694
Bank owned life insurance	231,253		229,824		228,412
Premises and equipment, net	43,714		42,380		41,772
Deferred tax assets, net	56,779		46,112		48,703
Operating lease right-of-use assets	116,161		119,503		139,987
Goodwill	20,525		20,525		19,506
Accrued interest receivable and other assets (1)	179,728		172,810		156,011
Total assets	$	9,519,526	$	9,495,302	$	9,127,804
Liabilities and Stockholders' Equity
Deposits
Demand
Noninterest bearing	$	1,293,522	$	1,360,626	$	1,367,664
Interest bearing	2,773,120		2,489,565		2,300,469
Savings and money market	1,431,375		1,507,195		1,647,811
Time	2,081,554		1,929,340		1,728,255
Total deposits	7,579,571		7,286,726		7,044,199
Advances from the Federal Home Loan Bank	770,000		1,052,012		906,486
Senior notes	59,368		59,289		59,210
Subordinated notes	29,369		29,326		29,284
Junior subordinated debentures held by trust subsidiaries	64,178		64,178		64,178
Operating lease liabilities (2)	119,921		122,214		140,147
Accounts payable, accrued liabilities and other liabilities (3)	176,163		152,501		178,574
Total liabilities	8,798,570		8,766,246		8,422,078

Stockholders’ equity
Class A common stock	3,374		3,383		3,382

Additional paid in capital	195,275		194,782		194,694

Retained earnings	611,829		607,544		590,375
Accumulated other comprehensive loss	(86,926)		(74,319)		(80,635)
Total stockholders' equity before noncontrolling interest	723,552		731,390		707,816
Noncontrolling interest	(2,596)		(2,334)		(2,090)
Total stockholders' equity	720,956		729,056		705,726
Total liabilities and stockholders' equity	$	9,519,526	$	9,495,302	$	9,127,804

__________

(1) As of June 30, 2023, March 31, 2023 and December 31, 2022, include derivative assets with a total fair value of $75.8 million, $60.8 million and $78.3 million, respectively.

(2) Consists of total long-term lease liabilities. Total short-term lease liabilities are included in other liabilities.

(3) As of June 30, 2023, March 31, 2023 and December 31, 2022, include derivatives liabilities with a total fair value of $74.5 million, $59.5 million and $77.2 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, 2023		March 31, 2023		December 31, 2022
Real estate loans
Commercial real estate
Non-owner occupied	$	1,645,224	$	1,630,451	$	1,615,716
Multi-family residential	764,712		796,125		820,023
Land development and construction loans	314,010		303,268		273,174
	2,723,946		2,729,844		2,708,913
Single-family residential	1,285,857		1,189,045		1,102,845
Owner occupied	1,063,240		1,069,491		1,046,450
	5,073,043		4,988,380		4,858,208
Commercial loans (1)	1,577,209		1,497,649		1,381,234
Loans to financial institutions and acceptances	13,332		13,312		13,292
Consumer loans and overdrafts (2)	503,432		550,405		604,460
Total loans	$	7,167,016	$	7,049,746	$	6,857,194

__________________

(1) As of June 30, 2023, March 31, 2023 and December 31, 2022, includes approximately $47.7 million, $46.7 million and $45.3 million, respectively, in commercial loans and leases originated under a white-label equipment financing solution launched in the second quarter of 2022.

(2) As of June 30, 2023, March 31, 2023 and December 31, 2022, includes $312.3 million, $372.2 million and $433.3 million, respectively, in consumer loans purchased under indirect lending programs. In addition, as of June 30, 2023, March 31, 2023 and December 31, 2022, includes $61.8 million, $62.1 million and $43.8 million, respectively, in consumer loans originated under a white-label program.

Loans by Type - Held For Sale

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


(in thousands)	June 30, 2023		March 31, 2023		December 31, 2023












					(audited)
Loans held for sale at fair value
Land development and construction loans (1)	3,726		15,527		9,424
Single-family residential (2)	46,216		49,762		53,014

Total loans held for sale at fair value (3)(4)	$	49,942	$	65,289	$	62,438

__________________

(1) 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.

(2) In the second quarter of 2023, the Company transferred approximately $28 million in single-family residential loans held for sale to the loans held for investment category.

(3) Loans held for sale in connection with Amerant Mortgage ongoing business.

(4) 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, 2023		March 31, 2023		December 31, 2022
Non-Accrual Loans(1)					(audited)
Real Estate Loans
Commercial real estate (CRE)
Non-owner occupied	$	1,696	$	—	$	20,057
Multi-family residential	24,306		—		—
	26,002		—		20,057
Single-family residential	1,681		1,367		1,526
Owner occupied	6,890		7,118		6,270
	34,573		8,485		27,853
Commercial loans (2)	12,241		13,643		9,271
Consumer loans and overdrafts (3)	1		1		4
Total Non-Accrual Loans	$	46,815	$	22,129	$	37,128

Past Due Accruing Loans(4)
Real Estate Loans
Commercial real estate (CRE)

Single-family residential	302		—		253

Commercial	—		—		183
Consumer loans and overdrafts	78		53		35
Total Past Due Accruing Loans	$	380	$	53	$	471
Total Non-Performing Loans	47,195		22,182		37,599
OREO and other repossessed assets	20,181		26,534		—
Total Non-Performing Assets	$	67,376	$	48,716	$	37,599

__________________

(1) Prior to the first quarter of 2023, included loan modifications that met the definition of troubled debt restructurings, or TDR, which may be performing in accordance with their modified loan terms.

(2) In the second quarter of 2023, we collected $2.8 million in full satisfaction of a commercial loan relationship in nonaccrual status and classified as Substandard at March 31, 2023.

(3) In the fourth quarter of 2022, the Company changed its charge-off policy for unsecured consumer loans from 120 to 90 days past due. This change resulted in an additional $3.4 million in charge-offs for unsecured consumer loans in the fourth quarter of 2022.

(4) 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, 2023								March 31, 2023								December 31, 2022
																	(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	$	8,301	$	1,753	$	—	$	10,054	$	8,335	$	—	$	—	$	8,335	$	8,378	$	20,113	$	—	$	28,491
Multi-family residential	—		24,306		—		24,306		24,348		—		—		24,348		—		—		—		—
Land development and construction loans	6,497		—		—		6,497		—		—		—		—		—		—		—		—
	14,798		26,059		—		40,857		32,683		—		—		32,683		8,378		20,113		—		28,491
Single-family residential	—		2,154		—		2,154		—		1,514		—		1,514		—		1,930		—		1,930
Owner occupied	2,236		6,972		—		9,208		—		7,202		—		7,202		—		6,356		—		6,356
	17,034		35,185		—		52,219		32,683		8,716		—		41,399		8,378		28,399		—		36,777
Commercial loans (2)	13,029		13,312		3		26,344		3,240		14,891		3		18,134		1,749		10,446		3		12,198

Consumer loans and overdrafts	—		70		—		70		—		1		—		1		—		230		—		230
Totals	$	30,063	$	48,567	$	3	$	78,633	$	35,923	$	23,608	$	3	$	59,534	$	10,127	$	39,075	$	3	$	49,205

__________

(1) There were no loans categorized as “loss” as of the dates presented.

(2) In the second quarter of 2023, we collected $2.8 million in full satisfaction of a commercial loan relationship in nonaccrual status and classified as Substandard at March 31, 2023.

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, 2023		March 31, 2023		December 31, 2022

					(audited)
Domestic	$	5,113,604	$	4,891,873	$	4,620,906
Foreign:
Venezuela	1,912,994		1,897,199		1,911,551
Others	552,973		497,654		511,742
Total foreign	2,465,967		2,394,853		2,423,293
Total deposits	$	7,579,571	$	7,286,726	$	7,044,199

Earnings Call July 21, 2023 Second Quarter 2023

2 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. 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, 2022 filed on March 1, 2023 (the "Form 10-K"), our quarterly report on Form 10-Q for the quarter ended March 31, 2023 filed on May 2, 2023, 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 June 30, 2023, March 31, 2023, December 31, 2022, June 30, 2022 and March 31, 2022, may not reflect our results of operations for our fiscal year ending, or financial condition as of December 31, 2023, or any other period of time or date. As previously disclosed in the Form 10-K, the Company adopted the new guidance on accounting for current expected credit losses on financial instruments (“CECL”) effective as of January 1, 2022. Quarterly amounts previously reported on our quarterly reports on Form 10-Q for the periods ended March 31, 2022, June 30, 2022 and September 30, 2022 do not reflect the adoption of CECL. In the fourth quarter of 2022, the Company recorded a provision for credit losses totaling $20.9 million, including $11.1 million related to the retroactive effect of adopting CECL for all previous quarterly periods in the year ended December 31, 2022, including loan growth and changes to macro-economic conditions during the period. Recast amounts included in the earnings release and accompanying presentation reflect the impacts of the adoption of CECL on each interim period of 2022. See the Form 10-K for more details on the adoption of CECL and related effects to quarterly results for each quarter in the year ended December 31, 2022. 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”, and "tangible stockholders' book value per common share, adjusted for unrealized losses on 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 2023, including 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, impairment of investments, early repayment of FHLB advances, and other non-recurring 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 reported results. Important Notices and Disclaimers

3Performance Highlights 2Q23 Business • Net income attributable to the Company was $7.3 million in 2Q23 compared to $20.2 million in 1Q23 • Core pre-provision net revenue (Core PPNR)(1) was $39.2 million in 2Q23 compared to $37.1 million in 1Q23 • Diluted earnings per share (EPS) was $0.22 in 2Q23 compared to $0.60 in 1Q23 • Core diluted EPS(2) was $0.24 for 2Q23 compared to $0.59 for 1Q23 • Net Interest Margin (“NIM”) was 3.83% in 2Q23 compared to 3.90% in 1Q23 • Total assets increased $24.2 million, or 0.3%, to $9.5 billion compared to 1Q23 • Total gross loans increased $101.9 million, or 1.4%, to $7.22 billion compared to $7.12 billion in 1Q23 • Average yield on loans increased to 6.79% in 2Q23 compared to 6.38% in 1Q23 • Total deposits increased $292.8 million, or 4.0%, to $7.58 billion compared to $7.29 billion in 1Q23. 2Q23 growth is net of reductions in institutional deposits of $136 million and brokered deposits of $52 million • Average cost of total deposits increased to 2.40% in 2Q23 compared to 1.91% in 1Q23 • Core deposits were $5.50 billion, up $140.6 million, or 2.6%, compared to $5.36 billion as of 1Q23 • Loan to deposit ratio improved to 95.22% compared to 97.64% in 1Q23 • Assets under management totaled $2.15 billion, up $39.9 million, or 1.9%, compared to $2.11 billion in 1Q23 Earnings Capital • All capital ratios continue to be substantially above "well-capitalized" levels • Quarterly cash dividend of $0.09 per share of Amerant common stock paid out on May 31, 2023 (1) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP.

4Core PPNR(1) - 2Q23 (1) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP. (in 2Q23 1Q23 Net income attributable to Amerant Bancorp Inc. $ 7,308 $ 20,186 Plus: provision for credit losses 29,077 11,700 Plus: provision for income tax expense 1,873 5,301 Pre-provision net revenue (PPNR) (1) $ 38,258 $ 37,187 Plus: non-routine noninterest expense items 13,383 3,372 Less: non-routine noninterest income items (12,445) (3,456) Core pre-provision net revenue (Core PPNR)(1) $ 39,196 $ 37,103 (in thousands) Non routine items impacting 2Q23: • FIS statement of work for core conversion • Other contract termination charges related to core conversion • Decline in valuation of a specific fintech investment given current investment round • Sale of select corporate debt security to reduce single point exposure • Loss on sale of repossessed equipment (related to 1Q 2023 credit event) • Severance expense related to organizational rationalization/ includes 2 executive positions that are not being replaced • Branch closure related charges (Edgewater location in Miami, FL) by end of 4Q 2023 • Charge related to disposition of fixed assets (write off of in-development software) • Gains from early repayment in advances from the FHLB - Net impact of ($1 million) - Total non-routine noninterest expense items of $13.4 million mostly offset by total non-routine noninterest income items of $12.4 million

5Key Actions of Note Loans: • Growth YTD of $297 million, or 4.30%, and QoQ of $102 million or 1.43% for the quarter ended June 30, 2023 • Increase primarily in commercial loans, partially offset by continued reduction in indirect consumer loans outstanding given termination of program last year Deposits: • Growth YTD of $535 million, or 7.60%, and QoQ of $293 million or 4.02% for the quarter ended June 30, 2023 • Loan to deposit ratio is now 95.2% compared to 97.6% for 1Q23 and 98.2% for 4Q22 • Focused on organic deposit growth and improving deposit mix Banking Center Rationalization continues: • Additions: – Key Biscayne, FL opened on June 26, 2023 – Downtown Miami, Tampa and Ft. Lauderdale, FL locations still planned by 4Q23 – New in 2Q23 - San Felipe/River Oaks location in Houston, TX under agreement; OCC approval in place • Consolidations: – FM 1960 location in Houston, TX – completed on June 2, 2023. Merged with Champions banking center. – New in 2Q23 – Edgewater, FL location – expected in 4Q 2023 to coincide with Downtown Miami opening Stock Repurchase - $25 million Class A common stock share repurchase program in place; 22 million available as of 2Q23 • 1Q23 (pre mid-March): Repurchased 22,403 shares for $0.6 million • 2Q23 (May and June): Repurchased 95,262 shares for $1.7 million in 2Q23 (average price of $17.42 per share or 0.8X Price to Book Value) People – Finalized all expected executive team moves and further optimized structure • New Head of Commercial Banking and Houston market president onboarded in April and May 2023, respectively • New Chief Financial Officer announced in May 2023 and started in role June 1, 2023. This completes all expected executive level changes as former CFO has now assumed new COO role • Merged retail and business banking into one unit to gain synergies between the two lines of business under one leader • Rationalized organization in several other support areas; will result in future period efficiency and personnel expense savings, improved ratio of customer facing vs. support positions • Continuing to selectively add key business development personnel in all three markets we serve, including the hire of the private banking leader in Houston, TX who starts in 3Q23. Other key additions in commercial banking in south FL start in late July 2023

6 ($ in millions, except %) Change QoQ Change YTD 4Q22 1Q23 2Q23 $ % $ % Commercial Real Estate 211 263 255 (8) (3) 44 21 Commercial & Industrial 819 918 1,028 110 12 209 26 Specialty Finance 123 123 176 53 43 53 43 Florida Government and Municipalities 283 279 275 (4) (1) (8) (3) Retail and Business Banking 1,514 1,459 1,637 178 12 123 8 Private Banking 285 347 428 81 23 143 50 International Banking 2,423 2,395 2,466 71 3 43 2 Institutional Deposits 757 765 629 (136) (18) (128) (17) Brokered Deposits 629 738 686 (52) (7) 57 9 Total Deposits 7,044 7,287 7,580 293 4 536 8 Total Gross Loans (1) 6,920 7,115 7,217 102 1 297 4 Loan to Deposit Ratio 98.2 % 97.6 % 95.2 % Brokered Deposits/Total Deposits 8.9 % 10.1 % 9.0 % Noninterest Bearing Deposits/Total Deposits 19.4 % 18.7 % 17.1 % Strong organic deposit inflows with reductions of institutional and brokered deposits Deposits Details (1) Includes loans held for investments and mortgage loans held for sale carried at fair value

7 $6,203 $6,588 $7,044 $7,287 $7,580 $3,601 $3,839 $3,927 $3,984 $4,149 $937 $926 $1,120 $1,204 $1,451 $366 $504 $629 $738 $686$1,299 $1,319 $1,368 $1,361 $1,294 0.48% 0.83% 1.38% 1.91% 2.40% 2Q22 3Q22 4Q22 1Q23 2Q23 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 $2,529 $2,494 $2,423 $2,466 2020 2021 2022 2Q23 $3,203 $3,137 $4,621 $5,114 2020 2021 2022 2Q23 Domestic Deposits ($ in millions) Well Diversified and Stable Deposit Mix Deposit Composition International Deposits ($ in millions) Mix by Country of Domicile Transaction Deposits Customer CDs Brokered Deposits (1) Cost of total Deposits (2) ($ in millions, except for percentages) (1) 2Q23, 1Q23, 4Q22, 3Q22 and 2Q22 include brokered transaction deposits of $55 million, $13 million, $21 million, $44 million and $48 million respectively, and brokered time deposits of $631 million, $725 million, $609 million, $460 million and $318 million respectively. (2) Annualized and calculated based upon the average daily balance of total deposits. Noninterest Bearing Demand Deposits 33% of Total Deposits 57,665 Accounts 67% of Total Deposits 50,507 Accounts

8Deposits: Insured vs. Uninsured Dollars $ (in thousands) Insured ($) % Uninsured ($)(1) % Number of Customers Total Insured & Uninsured ($) <=250 (2) $ 4,243 56 % $ — — % 98,752 $ 4,243 250-1,000 $ 959 13 % $ 662 9 % 7,969 $ 1,621 1,000-10,000 $ 147 2 % $ 1,071 14 % 1,386 $ 1,218 10,000-20,000 $ 4 — % $ 242 3 % 61 $ 246 >20,000 (3) $ 1 — % $ 251 3 % 4 $ 252 Total Deposits $ 5,354 71 % $ 2,226 29 % 108,172 $ 7,580 As of June 30, 2023 (1) Uninsured deposits are estimated based on instructions for the preparation of Bank regulatory reporting, and excludes primarily intercompany balances eliminated in consolidation. (2) Includes all brokered deposits, which are individually in denominations of less than $250,000. Also includes balances from LFP insured under ICS/IntraFi (3) Includes qualified public deposits of $252 million, which are subject to collateral maintenance requirements by the State of Florida. $1.2 million of these deposits are FDIC insured. Additional Remarks: • Reciprocal deposits, which are 100% insured by the FDIC through deposit networks, were $1.0 billion and over 200 accounts as of 2Q23, compared to $540.8 million and 79 accounts as of 1Q23 • Large fund providers ("LFP"), which we consider to be those customers with aggregated balances above $20 million, were approximately 15% of total funding as of 2Q23 ($ in millions, except for number of customers and percentages)

9Liquidity Risk Management Our standard liquidity management practices include: • Regular testing of lines of credit; satisfactory results have been obtained as of June 30, 2023 • Daily monitoring of Federal Reserve Bank account balances as well as large fund providers • Daily analysis of lending pipeline and deposit gathering opportunities and their impact on cash flow projections • Targets associated with liquidity stress test scenarios • Targets for deposit concentration • Limits on liquidity ratios • Active collateral management of both loan and investment portfolios with lending facilities at FHLB and FRB • 79% of the $1.0 billion available for sale ("AFS") investment portfolio’s holdings have direct or indirect US government guarantee Available line of credit with FHLB as of 2Q23: • Total advances were $770.0 million • An additional $2.1 billion of remaining credit availability with the FHLB • Borrowing capacity with the FHLB is approximately $1.34 billion, including both securities and loans Additional actions that strengthen liquidity position: • Strong level of cash on hand: $381 million at the Federal Reserve Bank ("FRB") account • Continued efforts to increase FDIC insurance through Insured Cash Sweep ("ICS") • Instituted deposit covenants with minimum balance requirements for any new credit relationship • Prudently utilizing our $25 million share repurchase program with a focus on liquidity management and capital preservation Additional Remarks: • No need to use liquidity facilities with FRB • Liquidity available at the holding company level is $61 million, more than 4x coverage for annual OPEX and debt service

10Shares Outstanding (1) Shares were bought back under the "2023 Class A Common Stock Repurchase Program" approved on December 19, 2022. (2) Net issuances of shares that includes grants and the impact of forfeitures and surrendered shares to cover tax obligations under the equity incentive plan as well as issuances under the employee stock purchase plan. Changes in shares outstanding: Class A balance at March 31, 2023 33,814,260 Class A repurchase program (1) (95,262) Net Issuances (2) 17,161 Balance at June 30, 2023 33,736,159

11Well Capitalized Position (1) Includes $86.9 million accumulated unrealized losses net of taxes primarily related to the fair value of debt securities available for sale, which are carried at fair values. (2) Includes $18.5 million in accumulated unrealized losses net of taxes related to the fair value of debt securities held to maturity, which are carried at amortized cost. (3) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP. As of June 30, 2023 Total Capital Ratio 12.41% TCE Ratio (1)(3) TCE adj. for HTM Valuation(2)(3) TBV/Share adj. for HTM Valuation (3) 7.34% 10.02% 7.16% $20.11 Regulatory Minimum: 10.00% Common Equity Tier 1 Capital (CET1) Ratio Regulatory Minimum: 6.50%

12 63.67% 65.61% 1Q23 2Q23 18.7% 17.1% 1Q23 2Q23 10.88% 10.79% 1Q23 2Q23 3.90% 3.83% 1Q23 2Q23 Key Performance Metrics NIB Deposits/ Total Deposits Tier 1 Capital Ratio Net Interest Margin Efficiency Ratio (1) Calculated based upon the average daily balance of total assets (2) Calculated based upon the average daily balance of stockholders' equity (3) Excludes loans held for sale carried at fair value (4) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP measures. 1.20% 1.48% 1Q23 2Q23 ACL / Total Loans held for investment (3) 0.88% 0.31% 1Q23 2Q23 ROA (1) 11.15% 3.92% 1Q23 2Q23 Excluding non-routine items ($13.4 million in non-routine expenses and $12.4 million in non-routine noninterest income items in 2Q23), the core metrics were as follows during 2Q23: • Core Efficiency Ratio(4) was 60.29% compared to 62.47% in 1Q23 • Core ROA(4) was 0.34% compared to 0.88% in 1Q23 • Core ROE(4) was 4.32% compared to 11.11% in 1Q23 ROE (2)

13 84.6% 15.4% U.S. Gov't sponsored enterprises 40.3% U.S. Gov't agency 32.7% Collateralized loan obligations 0.5% Corporate debt 24.5% Other 2.0% $1,124.8 $1,045.9 $1,027.7 $238.6 $239.3 $234.4 $10.8 $2.5 2.64% 3.82% 3.89% 2Q22 1Q23 2Q23 1,500 85.3% 14.7% Investment Portfolio Balances and Yields (1) Available for Sale (AFS) Held to Maturity (HTM) Highlights Fixed vs. Floating (3) March 2023 June 2023 Floating rate Fixed rate Available for Sale Securities by Type June 30, 2023 4.9 yrs Effective Duration ($ in millions) Marketable Equity Securities (2) (1) Excludes Federal Reserve Bank and FHLB stock (2) During 1Q23, the Company sold all of its marketable equity securities with a total fair value of $11.2 million at the time of sale, and recognized a net loss of 0.2 million in connection with this transaction. Therefore, there were no marketable equity securities at the close of 1Q23. In 2Q23, the Company purchased a mutual fund investment with an original cost of $2.5 million. (3) Hybrid investments are classified based on current rate (fixed or floating) (4) Includes $120.8 million in subordinated debt securities issued by financial institutions Yield 5.1 yrs Effective Duration • Effective duration increased to 5.1 years as the model anticipates longer duration due to recent higher mortgage rates and therefore slower prepayments • Valuation of AFS debt securities decreased $13.5 million after-tax in 2Q23 compared to an increase of $6.1 million in 1Q23. The change quarter-over-quarter was driven by rising rates during 2Q23. • The percentage of government guaranteed securities in the AFS portfolio remained stable at 79%. Most of the remaining securities are rated investment grade • HTM securities represented 17.8% of total investment portfolio. Unrealized losses in this portfolio were $18.5 million after-tax in 2Q23 compared to $15.5 million in 1Q23 (4)

14 41.4% 41.3% 39.3% 38.6% 37.8% 19.4% 18.7% 20.2% 21.3% 22.0% 16.3% 15.3% 15.1% 15.0% 14.7% 13.3% 15.8% 16.7% 17.4% 18.5% 9.6% 8.9% 8.7% 7.7% 7.0% 4.38% 5.06% 5.85% 6.38% 6.79% 2Q22 3Q22 4Q22 1Q23 2Q23 69.2% 67.8% 68.1% 69.7% 70.3% 19.3% 20.6% 20.8% 20.0% 19.6% 6.1% 5.3% 4.8% 4.4% 4.1% 2.9% 2.5% 2.3% 2.1% 2.1% 2.5% 3.8% 4.0% 3.8% 3.9% 2Q22 3Q22 4Q22 1Q23 2Q23 Consumer CRE Commercial and FI & Acceptances Owner Occupied Single Family Residential Loan Portfolio Highlights Loan Composition (1)(2) Geographic Mix (Domestic) • Commercial loans include $625.4 million in specialty finance loans compared to $557.2 million in 1Q23. • Single family residential portfolio increased $93.3 million to $1.3 billion in 2Q23. This includes $94.3 million of loans originated and purchased through AMTM during the quarter • Consumer loans include approximately $312.3 million in loans purchased under indirect lending programs in 2Q23 compared to $372.2 million in 1Q23 • Loans held for sale (4) in 2Q23 comprised of $49.9 million in mortgage loans carried at fair value (AMTM) compared to $65.3 million in 1Q23 (1) South Florida Texas New York Average Loan Yield Other (3) (1) Includes loans held for investment which are carried at amortized cost, and loans held for sale which are carried at fair value (2) As of June 30, 2022, includes NYC real estate loans held for sale. In 3Q22, the NYC real estate loans held for sale were transferred to the loans held for investment category. As of June 30, 2022, includes a valuation allowance of $0.2 million as a result of fair value adjustments. (3) Consists of international loans (4) Loans held for sale in 4Q22, 3Q22 and 2Q22 comprised of $62.4 million, $57.6 million, and $54.9 million, respectively. in mortgage loans carried at fair value (AMTM). Tampa

15 0.31% 0.21% 0.41% 0.23% 0.50% 0.39% 0.29% 0.41% 0.51% 0.71% 2Q22 3Q22 4Q22 1Q23 2Q23 2.8x 4.1x 2.2x 3.8x 2.2x 2Q22 3Q22 4Q22 1Q23 2Q23 $70.5 $76.5 $83.5 $84.4 $106.0 1.23% 1.19% 1.22% 1.20% 1.48% 2Q22 3Q22 4Q22 1Q23 2Q23 0.29% 0.09% 0.59% 0.64% 0.42% 2Q22 3Q22 4Q22 1Q23 2Q23 • Recorded provision for credit losses of $29.1 million in 2Q23, includes $15.7 million in additional reserve requirements for credit quality and charge-offs, $1.4 million to account for the loan growth, and $12.0 million to reflect updated economic factors • Net charge-offs totaled $7.5 million in 2Q23 primarily related to multiple purchased indirect consumer loans ($7.6 million) and multiple commercial loans ( $1.5 million) Net Charge-Offs / Average Total Loans held for investment (3)(4)(5) Credit Quality Allowance for Credit Losses (2) ($ in millions)NPLs (1) and NPAs(1) / Total Assets Allowance for Credit Losses / Total NPL (2) Allowance for credit Losses (2) ACL as a % of Total Loans held for investment (2) (1) 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, OREO properties acquired through or in lieu of foreclosure and other repossessed assets. (2) As previously disclosed, the Company adopted CECL in the fourth quarter of 2022, effective as of January 1, 2022. See Form 10-K for more details on the CECL adoption and related effects to quarterly results for each quarter in the year ended December 31, 2022. (3) 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. (4) Total loans exclude loans held for sale carried at fair value (5) In the fourth quarter of 2022, the Company changed its charge-off policy for consumer unsecured loans from 120 to 90 days past due. This change resulted in an additional $3.4 million in charge-offs for consumer loans. NPLs / Total Assets NPAs / Total Assets

16Commercial Real Estate (CRE) Held For Investment-Detail CRE Type FL TX NY Other Total % Total CRE % Total Loans Income Producing (1) Land and Construction Retail $ 461 $ 163 $ 83 $ 2 $ 709 26.0 % 9.9 % $ 701 $ 8 Multifamily 341 490 107 — $ 938 34.4 % 13.1 % 765 173 Office 272 46 38 — $ 356 13.1 % 5.0 % 352 3 Hotels 250 — 49 18 $ 317 11.7 % 4.4 % 318 — Industrial 60 60 15 4 $ 139 5.1 % 1.9 % 133 6 Specialty 165 — — 7 $ 172 6.3 % 2.4 % 141 31 Land 74 — — 19 $ 93 3.4 % 1.3 % — 93 Total CRE $ 1,623 $ 759 $ 292 $ 50 $ 2,724 100.0 % 38.0 % $ 2,410 $ 314 • Conservative weighted average loan-to-value (LTV) 59% and debt service coverage (DSC) 1.4x • Strong sponsorship profile: 31% top-tier borrowers (top-tier borrowers represent 26% in multifamily, 39% in retail, 38% in office and 59% in hotel, respectively within each sub-portfolio) • No significant tenant concentration in CRE retail loan portfolio, where the top 15 tenants represent 22% of the total. Major tenants include recognized national and regional grocery, pharmacy, food and clothing retailers and banks • Over 45% of CRE loans have interest rate protection in the form of interest rate caps or swaps Highlights Outstanding as of June 30, 2023 ($ in millions, except %) (1) Income producing properties include non-owner occupied and multi-family residential loans

17 $58.9 $69.9 $82.2 $82.3 $83.9 3.28% 3.61% 3.96% 3.90% 3.83% Net Interest Income NIM 2Q22 3Q22 4Q22 1Q23 2Q23 0 10 20 30 40 50 60 70 80 NII was up in 2Q23 driven by: • higher rates on total interest earnings assets, mainly loans and interest earning deposits with banks. These results include the effect of a 25bps increase in the FED’s benchmark interest rate in 2Q23 • increases in the average balance of loans, mainly commercial and single-family residential, and to a lesser extent, CRE and owner occupied loans • decrease in the average balance of advances from the FHLB and savings and money market deposits. Net Interest Income and NIM Net Interest Income (NII) and NIM (%) Total Deposits Beta Evolution ($ in millions, except for percentages) Commentary 2Q22 3Q22 4Q22 1Q23 2Q23 Cost of Deposits (Domestic) (1) 0.76 % 1.25 % 1.97 % 2.62 % 3.19 % Cost of Deposits (International) (1) 0.09 % 0.16 % 0.34 % 0.53 % 0.74 % Cost of FHLB Advances 1.54 % 1.82 % 2.86 % 2.86 % 3.69 % Cost of Funds (2) 0.72 % 1.04 % 1.57 % 2.11 % 2.59 % Cost of Funds 0.14 0.14 0.44 1.06 1.96 0.14 0.14 0.23 0.32 0.40 2Q22 3Q22 4Q22 1Q23 2Q23 0 0.32 0.64 0 1.2 2.4 (1) Calculated based upon the average balance of total noninterest bearing and interest bearing deposits. (2) Calculated based upon the average balance of total financial liabilities which include total interest bearing liabilities and noninterest bearing demand depositsQuarterly BetaCumulative Beta

18 <1 year; 54% 1-3 years; 6% 4-5 years; 5% 5+ years; 35% 323 336 343 348 363 371 382 -200 bps -100 bps -50 bps BASE +50 bps +100 bps +200 bps 250 300 350 400 As of June 30, 2023 Fixed 49% Adjustable 51% Interest Rate Sensitivity 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. Loan Portfolio Details Impact on NII from Interest Rate Change (1) AFSChange from base ($ in M ill io ns ) Swap 2% Fixed 49% Libor 5% Prime 14% SOFR 30% As of June 30, 2023 Impact on AFS from Interest Rate Change (1) -7.3% -3.5% 0% 6.4% 4.2% -1.6% 9.8% No Floor; 49% 0.5-2%; 1% 2-3.5%; 18% 3.5-5%; 24% 5-6.75%; 8% By Floors 1,119 1,073 1,050 1,026 1,003 981 939 -200 bps -100 bps -50 bps MV +50 bps +100 bps +200 bps ($ in M ill io ns ) 9.6% 4.6% 2.3% 0% -2.2% -4.4% -8.5% Expected AOCI Accretion Change from MVNet Interest Income (120) (108) 2Q23 4Q23 (estimated) (110) (100) approx.9.6% drop in AOCI

19 $12.9 $16.0 $24.4 $19.3 $26.6 $4.6 $4.6 $4.8 $5.0 $4.9 $4.3 $4.6 $4.1 $4.2 $4.3 $(2.6) $1.5 $(3.4) $(9.7) $(1.2) $4.7 $2.6 $3.1 $4.5 $4.5 $1.0 $2.8 $3.4 $2.1 $0.5 $0.9 $1.0 $11.4 $13.2 $13.4 2Q22 3Q22 4Q22 1Q23 2Q23 0 10 20 30 11% 89% 20% 80% Noninterest Income Mix Noninterest Income Mix Commentary Assets Under Management/Custody Deposits and service fees Brokerage, advisory and fiduciary activities Other noninterest income $2.1B Domestic International 2Q232Q22 $1.9B ($ in millions) Securities gains (losses), net (1) Income from interest rate swaps and other derivative transactions with customers. In 2Q23 , 1Q23, 4Q22, 3Q22 and 2Q22, the Company incurred expenses related to derivative transactions with customers of $0.1 million, $1.6 million, $3.3 million, $1.8 million and $2.0 million, respectively. (2) Unrealized gains (losses) related to the valuation of uncovered interest rate swaps with clients. In 2Q23, we had derivative gains of $0.2 million compared to $14 thousand in 1Q23. (3) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP. Loan-related derivative income (1) Derivative (losses) gains, net (2) $62.4 Gain on early extinguishment of FHLB advances, net • Noninterest income was up by $7.3 million in 2Q23, primarily due to lower losses on the sale of AFS securities • Core noninterest income(3), which excludes $12.4 million in non-routine items, was $14.2 million in 2Q23 compared to $15.9 million in 1Q23 $(0.1) $0.2

20 • Noninterest expense increased in 2Q23 primarily due to: – $2.6 million loss on sale of repossessed assets in connection with our equipment-financing activities – $2.0 million impairment charge related to an investment carried at cost – $2.0 million in higher expenses related to organizational rationalization – $1.7 million of additional advertising expenses primarily in connection with partnership with professional sports teams – $1.6 million of additional expenses in connection with the termination of contracts with a third-party vendor resulting from our upcoming engagement with FIS – $1.4 million of additional telecommunication and data processing expenses due to disposition of fixed assets – $1.1 million of additional branch closure expenses and related charges, in connection with decision to close the Edgewater location in Miami, FL • Core noninterest expense(1), which excludes $13.4 million in non-routine items, was $59.1 million in 2Q23 $62.2 $56.1 $62.2 $64.7 $72.5 $30.2 $30.1 $32.8 $34.9 $34.2 $32.0 $26.0 $29.4 $29.8 $38.3 2Q22 3Q22 4Q22 1Q23 2Q23 50 Noninterest Expense Noninterest Expense Mix Commentary Other operating expensesSalaries and employee benefits FTE ($ in millions, except for FTEs) FTEs by company 2Q22 3Q22 4Q22 1Q23 2Q23 Amerant Bank and other subsidiaries 613 614 624 628 617 Amerant Mortgage 67 67 68 94 93 TOTAL 680 681 692 722 710 (1) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP. Non-routine Noninterest Expenses $8.0 $2.0 $2.4 $3.4 $13.4 Non-routine noninterest expense items 2Q22 3Q22 4Q22 1Q23 2Q23 0 20 ($ in millions)

21Amerant Mortgage ("AMTM") 2Q23 1Q23 (in thousands, except for FTEs) AMTB (1) AMTM, net (2) Consolidated (3)(6) AMTB (1) AMTM, net (2) Consolidated (3)(6) FTEs 617 93 710 628 94 722 Total revenue (4) $ 107,500 $ 2,996 $ 110,496 $ 98,864 $ 2,812 $ 101,676 Expenses Personnel (5) 30,974 3,273 34,247 32,011 2,865 34,876 Other operational (5) 37,510 743 38,253 28,834 1,023 29,857 Total Expenses $ 68,484 $ 4,016 $ 72,500 $ 60,845 $ 3,888 $ 64,733 PPNR (6)(7) $ 39,016 $ (1,020) $ 38,258 $ 38,019 $ (1,076) $ 37,187 Efficiency ratio 63.71 % 65.61 % 61.54 % 63.67 % (1) Consolidated balances of Amerant Bancorp Inc. and non-mortgage banking subsidiaries; excludes intercompany balances which are eliminated in consolidation. (2) Stand-alone balances of AMTM; excludes intercompany balances which are eliminated in consolidation. (3) Consolidated balances of Amerant Bancorp Inc. and its subsidiaries. (4) Consists of net interest income plus non-interest income (5) 1Q23 was revised for comparative purposes. (6) Non-GAAP Financial Measure. See Appendix 1 for a reconciliation to GAAP. (7) PPNR excludes a loss of $0.3 million and $0.2 million in 2Q23 and 1Q23, respectively, related to the minority interest share in AMTM. (in millions except for no. of applications) 2Q23 1Q23 AMTM sold to AMTB $ 113.0 $ 87.4 Pipeline $94.9 million or 294 applications (as of July 07, 2023) $117.2 million or 281 applications (as of April 11, 2023) Current locked pipeline $ 121.0 $ 111.0 Interest income recognized by AMTB on loans added through AMTM $ 8.1 $ 5.5 • Loans sold from AMTM to AMTB are from Amerant Bank customers, primarily private banking customers • Increase in rates locks reflects sales to third parties

Closing Remarks

Supplemental Loan Portfolio Information

24Loans Held for Investment Portfolio by Industry • Diversified portfolio - highest sector concentration, other than real estate, at 12.3% of total loans • 71% of total loans secured by real estate • Main concentrations: – CRE or Commercial Real Estate – Wholesale - Food – Retail - Gas stations – Services – Healthcare, Repair and Maintenance 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 (8) Not all unfunded commitments are unilaterally available to borrowers. For example, certain revolving loans and asset based lending loans require borrowers to provide additional collateral to access the full amount of the commitment ($ in millions) Real Estate Non-Real Estate Total % Total Loans Unfunded Commitments(8) Financial Sector (1) $ 6 $ 200 $ 206 2.9 % $ 30 Construction and Real Estate & Leasing: Commercial real estate loans 2,724 — 2,724 38.0 % 214 Other real estate related services and equipment leasing (2) 114 120 234 3.3 % 86 Total construction and real estate & leasing 2,838 120 2,958 41.3 % 300 Manufacturing: Foodstuffs, Apparel 66 51 117 1.6 % 3 Metals, Computer, Transportation and Other 22 56 78 1.1 % 28 Chemicals, Oil, Plastics, Cement and Wood/Paper 11 32 43 0.6 % 7 Total Manufacturing 99 139 238 3.3 % 38 Wholesale (3) 141 411 552 7.7 % 224 Retail Trade (4) 280 156 436 6.1 % 50 Services: Communication, Transportation, Health and Other (5) 302 274 576 8.0 % 91 Accommodation, Restaurants, Entertainment and other services (6) 111 162 273 3.8 % 31 Electricity, Gas, Water, Supply and Sewage Services 8 26 34 0.5 % 65 Total Services 421 462 883 12.3 % 187 Primary Products: Agriculture, Livestock, Fishing and Forestry 2 3 5 0.1 % 3 Mining — 16 16 0.2 % — Total Primary Products 2 19 21 0.3 % 3 Other Loans (7) 1,286 587 1,873 26.1 % 360 Total Loans $ 5,073 $ 2,094 $ 7,167 100.0 % $ 1,192 As of June 30, 2023

25 16% 30% 35% 18% 1% 50% or less 50- 60% 60- 70% 70- 80% 80% or more 0% 10% 20% 30% 40% 50% 60% CRE Retail -Detail As of 06/30/2023 • 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 2 loans located in the Fulton Mall corridor in Brooklyn, New York, 1 loan located in the Miami Beach retail corridor, 1 loan located in the retail beach corridor in Hollywood, FL, and 1 loan located in Tampa, FL Highlights CRE Retail (1) Retail - LTV Food and Health Retail; 23% Clothing; 34%Car Wash; 12% Tobacco & CBD; 31% CRE Retail - Single Tenant (1) (1) CRE retail loans above $5 million Total: $709 million Loan Portfolio Percentage: 9.9% Total: $36 million Loan Portfolio Percentage: 0.5% Neighborhood Center; 43% Single Tenant; 8% Strip/ Convenience; 14% Community Center; 22% Theme/ Festival Center; 13%

26 New York; 12% Texas; 13% South Florida; 75% 12% 37% 42% 9% —% 50% or less 50-60% 60-70% 70-80% 80% or more 0% 10% 20% 30% 40% 50% 60% CRE Office -Detail As of 06/30/2023 • CRE office above $5 million represent 17 loans totaling $306 million, or 86% of total CRE office with avg. debt-service coverage (DSCR) 1.6x and LTV 58% ◦ South Florida: 12 loans totaling $229 million with avg. DSCR 1.7x and LTV 58% (55% Miami-Dade, 33% Broward and 12% Palm Beach) ◦ New York: 3 loans totaling $38 million with avg. DSCR 1.1x and LTV 53% (51% Westchester, 27% Kings and 22% Manhattan) ◦ Texas: 2 loans totaling $39 million with avg. DSCR 1.3x and LTV 50% (100% Dallas) Highlights CRE Office (1) Office - LTV (1) CRE office loans above $5 million Total: $356 million Loan Portfolio Percentage: 5.0%

27Appendix 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 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, 2023 March 31, 2023 December 31, 2022 Net income attributable to Amerant Bancorp Inc. (1) $ 7,308 $ 20,186 $ 21,973 Plus: provision for credit losses (1) 29,077 11,700 16,857 Plus: provision for income tax expense (1) 1,873 5,301 5,627 Pre-provision net revenue (PPNR) 38,258 37,187 44,457 Plus: non-routine noninterest expense items 13,383 3,372 2,447 Less: non-routine noninterest income items (12,445) (3,456) (9,066) Core pre-provision net revenue (Core PPNR) $ 39,196 $ 37,103 $ 37,838 Total noninterest income $ 26,619 $ 19,343 $ 24,365 Less: Non-routine noninterest income items: Derivatives gains, net 242 14 1,040 Securities losses, net (1,237) (9,731) (3,364) Gains on early extinguishment of FHLB advances, net 13,440 13,173 11,390 Total non-routine noninterest income items $ 12,445 $ 3,456 $ 9,066 Core noninterest income $ 14,174 $ 15,887 $ 15,299

28 Three Months Ended, ($ in thousands) June 30, 2023 March 31, 2023 December 31, 2022 Total noninterest expenses $ 72,500 $ 64,733 $ 62,241 Less: non-routine noninterest expense items Restructuring costs (2): Staff reduction costs (3) 2,184 213 1,221 Contract termination costs (4) 1,550 — — Consulting and other professional fees (5) 2,060 2,690 1,226 Disposition of fixed assets (6) 1,419 — — Branch closure expenses and related charges (7) 1,558 469 — Total restructuring costs $ 8,771 $ 3,372 $ 2,447 Other non-routine noninterest expense items: Loss of sale of repossessed assets (8) 2,649 — — Impairment charge on investment carried at cost 1,963 — — Total non-routine noninterest expense items $ 13,383 $ 3,372 $ 2,447 Core noninterest expenses $ 59,117 $ 61,361 $ 59,794 Appendix 1 Non-GAAP Financial Measures Reconciliations (cont’d)

29Appendix 1 Non-GAAP Financial Measures Reconciliations (cont’d) Three Months Ended, (in thousands, except percentages and per share amounts) June 30, 2023 March 31, 2023 December 31, 2022 Net income attributable to Amerant Bancorp Inc. (1) $ 7,308 $ 20,186 $ 21,973 Plus after-tax non-routine items in noninterest expense: Non-routine items in noninterest expense before income tax effect 13,383 3,372 2,447 Income tax effect (9) (2,811) (708) (460) Total after-tax non-routine items in noninterest expense 10,572 2,664 1,987 Less after-tax non-routine items in noninterest income: Non-routine items in noninterest income before income tax effect (12,445) (3,456) (9,066) Income tax effect (9) 2,613 726 1,923 Total after-tax non-routine items in noninterest income (9,832) (2,730) (7,143) Core net income (1) $ 8,048 $ 20,120 $ 16,817 Basic earnings per share (1) $ 0.22 $ 0.60 $ 0.66 Plus: after tax impact of non-routine items in noninterest expense 0.31 0.08 0.06 Less: after tax impact of non-routine items in noninterest income (0.29) (0.08) (0.22) Total core basic earnings per common share (1) $ 0.24 $ 0.60 $ 0.50 Diluted earnings per share (1) (10) $ 0.22 $ 0.60 $ 0.65 Plus: after tax impact of non-routine items in noninterest expense 0.31 0.08 0.06 Less: after tax impact of non-routine items in noninterest income (0.29) (0.09) (0.21) Total core diluted earnings per common share (1) $ 0.24 $ 0.59 $ 0.50 Net income / Average total assets (ROA) (1) 0.31 % 0.88 % 0.97 % Plus: after tax impact of non-routine items in noninterest expense 0.45 % 0.12 % 0.09 % Less: after tax impact of non-routine items in noninterest income (0.42) % (0.12) % (0.32) % Core net income / Average total assets (Core ROA) (1) 0.34 % 0.88 % 0.74 %

30Appendix 1 Non-GAAP Financial Measures Reconciliations (cont’d) Three Months Ended, (in thousands, except percentages, share data and per share amounts) June 30, 2023 March 31, 2023 December 31, 2022 Net income / Average stockholders' equity (ROE) (1) 3.92 % 11.15 % 12.10 % Plus: after tax impact of non-routine items in noninterest expense 5.68 % 1.47 % 1.09 % Less: after tax impact of non-routine items in noninterest income (5.28) % (1.51) % (3.93) % Core net income / Average stockholders' equity (Core ROE) (1) 4.32 % 11.11 % 9.26 % Efficiency ratio 65.61 % 63.67 % 58.42 % Less: impact of non-routine items in noninterest expense (12.11) % (3.32) % (2.30) % Plus: impact of non-routine items in noninterest income 6.79 % 2.12 % 5.22 % Core efficiency ratio 60.29 % 62.47 % 61.34 % Stockholders' equity $ 720,956 $ 729,056 $ 705,726 Less: goodwill and other intangibles (11) (24,124) (24,292) (23,161) Tangible common stockholders' equity $ 696,832 $ 704,764 $ 682,565 Total assets 9,519,526 9,495,302 9,127,804 Less: goodwill and other intangibles (11) (24,124) (24,292) (23,161) Tangible assets $ 9,495,402 $ 9,471,010 $ 9,104,643 Common shares outstanding 33,736,159 33,814,260 33,815,161 Tangible common equity ratio 7.34 % 7.44 % 7.50 % Stockholders' book value per common share $ 21.37 $ 21.56 $ 20.87 Tangible stockholders' equity book value per common share $ 20.66 $ 20.84 $ 20.19

31Appendix 1 Non-GAAP Financial Measures Reconciliations (cont’d) Three Months Ended, (in thousands, except percentages, share data and per share amounts) June 30, 2023 March 31, 2023 December 31, 2022 Tangible common stockholders' equity $ 696,832 $ 704,764 $ 682,565 Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (12) (18,503) (15,542) (18,234) Tangible common stockholders' equity, adjusted for net unrealized accumulated losses on debt securities held to maturity 678,329 689,222 664,331 Tangible assets $ 9,495,402 $ 9,471,010 $ 9,104,643 Less: Net unrealized accumulated losses on debt securities held to maturity, net of tax (12) (18,503) (15,542) (18,234) Tangible assets, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 9,476,899 $ 9,455,468 $ 9,086,409 Common shares outstanding 33,736,159 33,814,260 33,815,161 Tangible common equity ratio, adjusted for net unrealized accumulated losses on debt securities held to maturity 7.16 % 7.29 % 7.31 % Tangible stockholders' book value per common share, adjusted for net unrealized accumulated losses on debt securities held to maturity $ 20.11 $ 20.38 $ 19.65

32Appendix 1 Non-GAAP Financial Measures Reconciliations (cont’d) (1) As previously disclosed, the Company adopted CECL in the fourth quarter of 2022, effective as of January 1, 2022. See Form 10-K for more details of the CECL adoption and related effects to quarterly results for each quarter in the year ended December 31, 2022. (2) 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. (3) Staff reduction costs in the three months ended June 30, 2023, March 31, 2023 and December 31, 2022 consist of severance expenses related to organizational rationalization. (4) Contract termination and related costs associated with third party vendors resulting from the Company’s engagement of FIS. (5) Includes expenses in connection with the engagement of FIS of $2.0 million, $2.6 million and $1.1 million in the three months ended June 30, 2023, March 31, 2023 and December 31, 2022, respectively. (6) Include 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. (7) In the three months ended June 30, 2023, consists of expenses associated with the decision to close of a branch in Miami, Florida in 2023, including $0.9 million of accelerated amortization of leasehold improvements and $0.6 million of right-of-use, or ROU asset impairment. In the three months ended March 31, 2023, includes $0.5 million of ROU asset impairment associated with the closure of a branch in Houston, Texas in 2023. (8) In the three months ended June 30, 2023, amount represents the loss on sale of repossessed assets in connection with our equipment-financing activities. (9) In the three months ended March 31, 2023, amounts were calculated based upon the effective tax rate for the period of 21.00%. For all of the other periods shown, amounts represent the difference between the prior and current period year-to-date tax effect. (10) In the three months ended June 30, 2023, March 31, 2023 and December 31, 2022, potential dilutive instruments consisted of unvested shares of restricted stock, restricted stock units and performance stock units. In all the periods presented, potential dilutive instruments were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share in those periods, fewer shares would have been purchased than restricted shares assumed issued. Therefore, in those periods, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect on per share earnings. (11) Other intangible assets primarily consist of mortgage servicing rights (“MSRs”) of $1.3 million, $1.4 million and $1.3 million at June 30, 2023, March 31, 2023 and December 31, 2022, respectively, and are included in other assets in the Company’s consolidated balance sheets. (12) In the three months ended June 30, 2023, March 31, 2023 and December 31, 2022, amounts were calculated based upon the fair value on debt securities held to maturity, and assuming a tax rate of 25.46%, 25.53% and 25.55%, respectively.

Thank you Investor Relations InvestorRelations@amerantbank.com


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

						Media
						Victoria Verdeja
						MediaRelations@amerantbank.com
						(305) 441-8414

AMERANT BANCORP INC. DECLARES DIVIDEND

CORAL GABLES, FLORIDA, July 20, 2023. Amerant Bancorp Inc. (NASDAQ: AMTB) (the “Company” or “Amerant”) today announced that, on July 19, 2023, 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 31, 2023, to shareholders of record at the close of business on August 15, 2023.

About Amerant Bancorp Inc. (NASDAQ: AMTB)

Cover Page	Jul. 20, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 20, 2023
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	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001734342
Amendment Flag	false